Earnings call transcript Q2 2023

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Operator

Good day, everyone, and welcome to the i3 Verticals Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Today’s call is being recorded, and a replay will be available starting today through May 17. The number for the replay is 877-344-7529, and the code is 1617435. The replay may also be accessed for 30 days at the company’s website.

At this time, for opening remarks, I would like to turn the call over to Geoff Smith, SVP of Finance. sir. ahead, go Please

Geoff Smith

welcome Verticals. second and call XXXX for iX to morning quarter the conference Good

on call Stanford, me Clay Paul Joining this our Whitson, and our Christians, our CEO; Chairman CFO; Rick COO. our and are President; Greg Daily,

information. company’s discussed reviewing any also you It yesterday’s reconciliation the earnings measures a GAAP comparable the today’s most This call, release. To of the addition to directly financial provide of financial its to intent considered statements. be financial in understanding extent to non-GAAP financial will to find financial instead measure in financial is by non-GAAP consolidated non-GAAP by information enhance not the individual should GAAP information GAAP each but

Reform the call among forward-looking This may Act expected meaning company’s statements XXXX, contain of including and others, the statements, operating Securities performance. regarding conference within of financial Litigation the Private

during statements to be that For statements. made not purpose, forward-looking may be this this fact of deemed statements call historical any are

may among those You affected release are hereby Consequently, be from filed company’s reports set in and the results important others, or statements. the in earnings forward-looking the and differ that may by the cautioned actual to in SEC. that are materially forth these forward-looking discussed furnished statements operations factors,

law. is Finally, to company applicable today’s undertakes be the update may valid no it, this information shared date, on under call required obligation of as and the except as

turn to and over the Greg call I’ll Daily. the Chairman now company’s CEO,

Greg Daily

on everyone call. to morning good the and Geoff, Thanks,

results our present to second of year excited the We’re quarter fiscal for ‘XX.

reflected for the margins. quarter were XX% over up another improving same set which record which and year, we revenue and quarter, EBITDA, adjusted This last XX% our

optimize improved great that the growth. to recurring businesses uses transformation we our payments market vertical highlighting unlocking been software have revenue acquire, business the to We

and revenue. other related revenue This total more for and sources than quarter’s XX% of all accounted overtook software services

grew SaaS, by Annualized payments period over year, maintenance the same software to growth. XX% strong last revenue compared and recurring driven revenue

opportunities our of Their excited for the to rest into seamless, and we they been results continue integration of the public includes first the sector operation unlock. quarter be cross-sell AccuFund. has This about

our last years of when tremendously, Since that has have been senior new achieve to are interesting group secured bank that from refreshed quality credit and pleased a the the The credit in announce say the May Thanks backdrop, of we we that able the that was were grown markets been to time, never secured in credit It our we facility. better. X to But of we XXXX. closing fantastic our and excellent time facility service to the against has ago times least. our credit senior result.

table credit the we million, our future First, next which $XXX over of sets upsized revolving X years. the for to line capacity M&A

in bank finally, financial and pricing rate covenants our Next, And we by interest spread our added in about group. from confidence our on flexibility execution point. our credit our X.XX improved

We America. James, are Bank, JPMorgan facilities, Bank in and Chase, grateful of to Raymond Horizon Fifth TD First Bank, including all of the Regions, Pinnacle, First our banks KeyBanc, who Third, participated

financial to performance. Now he more our quarter Clay, on you the provide I’ll and details turn second over will call

and and Rick update an M&A open Clay’s items questions. then comments, Following some will call business-related the provide on up we’ll for address

Clay Whitson

reference XX, information on to Good ended supplemental fiscal website titled refer with year quarter XXXX, pertains presentation discussion. our XXXX. second slide is morning. of quarter this the the the The following to March our which for Please

and organic for record increased great QX $XX.X EBITDA. from revenues second and acquisitions. Revenues million the reflecting to XX% growth another million had ‘XX, with quarter adjusted We for quarter $XX.X

a for approximately which this benefiting software improved $X.X Our Organic XX%, totaled revenue for points to sales from ‘XX. quarter strong million. basis licenses, yield for for quarter the quarter from XXX XXX QX points basis was growth of

our highlighting revenue ‘XX compared otherwise for this the the QX total of totaled quarter in of organic and small for revenues rate many percentage variations from million growth. Organic outlier between growth explains we keep revenues Annual few million continued revenue from highly quarters. $XXX.X scheme Over ‘XX, because recurring runs predictable an things, our Although line to of the $XXX.X our of QX a to in sources. XX%. ARR XX% above generally come recurring points growth a it’s

XX.X% QX Services and for to from and adjusted revenues representing X%. margin the refer for ‘XX, XX%, improvement QX for portion $XX.X and QX. in $X.XX largest share for reflecting continued to to related QX XX%, Software momentum revenues, $XX.X increased diluted as QX ‘XX our ‘XX. increased forma of for full represented Software for description other in revenues for a $X.XX from QX percentage services per ‘XX, please million our segment. Again, to reconciliation. outpacing Pro EBITDA Software reflecting QX from XX% a release Adjusted Services press EBITDA remains ‘XX increased of the Adjusted XX% our for Payments ‘XX earnings & segment. million

our in & to principally Services growth consolidated Revenues $XX lunch at education our performance. sector school state districts ‘XX and business. sector Public significantly our Federal half for QX since to vertical increased the lunch decreased in existing public rebound, have the higher pandemic. Segment flagship mention. deserves subsidies which our fees $XX.X in districts. of organic vertical, activity and segment XX% includes sub special sales sub-vertical, to for continued ‘XX, which a and over million from education QX reflecting Revenues Software thanks million strong represents new

effective our as for as return reflecting principally revenues. revenues and high-margin segment improved QX margins sales, education. X for and for $XX.X the software from ‘XX, QX license to past ‘XX, Revenues QX such and $XX.X Adjusted EBITDA was BXB for for Celtic reflecting for XX.X% high Benefiting ‘XX growth strong from as XX% acquisitions EBITDA million from million services ISO, channels. improved $XX.X XX% from XX.X% QX acquisition our ‘XX ‘XX of to segment’s to Services a year adjusted percentage margin QX January QX for ‘XX, ISV to high in The well. million Merchant AccuFund increased traditional million a in over the outpacing $XX.X

increased for EBITDA IPO, Services offset QX and $X.X traditional Merchant payments. our $X.X into ‘XX, growth since million partially have steadily higher keeping integrated margin revenues higher our internal the higher Services, from segment for X% strategy million QX residual Adjusted acquisition Software with ‘XX for coupled from by resources expenses. with Merchant higher we to In redirected and Services with and

mentioned Greg the of aspects we agreement. the to new revolving of I credit improve just The that our balance several sheet, able to reiterate want facility. completion were

been last year. to on October of million upsized First, $XXX we from X million $XXX that expanded $XXX million had

secured covenant, a in went the next spread, which X improvement covenant us achieved point X greater leverage, basis we think the and leverage to leverage we as Second, covenants XX dropping total structure we our from senior flexibility gives about years. X our over for capital

execute net of has to continue to of March million. acquisition face we are our cash. allowed sheet The million balance On strong our us convertible XX, notes, value Our $XXX.X $XXX our had under strategy. revolver, borrowed

minus the interest As convert March X.X%. acquisitions, used roughly notes expect for of cash while repayment, interest time, two-thirds X%, around XX, be CapEx, cash capitalized into taxes. remained for free of rate The define ratio which adjusted and EBITDA to interest leverage the cash cash earn-outs. is approximately Over we is internally can for currently revolver rate our We and adjusted convertible the total Xx. debt free flow software, flow, EBITDA as

Outlook.

$XXX yet us that’s million the and amortization, that which to $X transaction-related acquisitions no Depreciation increase change to fiscal EBITDA, forward, at the for a gives developed and excludes our million, fiscal closed half $XX Looking ‘XX, million. following not have first $X strong million year $X revenues confidence internally guidance costs, $XXX in million to $XXX year million, there, the million to midpoint. adjusted software

represents million We Cash expense million. on midpoint given a increase not $XX specific include main the AccuFund from have that guidance given drivers previous last $X The million $XX interest purchase. to net November. the This number.

to higher due with adjusted higher to Pro From million associated to $XXX standpoint, new EBITDA streams. based up credit software back-to-school pretty seasonal though expense. new larger the step of $X.XX $X.XX. vary expect upon EPS, our revolving currently revenues revenue That’s similar customary a QX might with we trend interest facility QX, Quarters the the even fees activity. sales, Fees with acquisitions, recurring with and and license absence coinciding QX in more unused to lower $X.XX is look in toward limit. the forma generally diluted a creditability

for I’ll updates now call over turn to the pipeline. and Rick company

Rick Stanford

you, morning, everyone. Thank Good Clay.

new have want roles comment promotions Chris Officer; within I Public to sector. exceeding developments A a Laisure couple amazing to on been Paul far Before announced discuss an the in ago, quarters and few our of expectations. job these Operating They Chief we Christians M&A, of doing the and President of are to I business.

enterprise has share. important of now promotion DeBord, veteran His promoted iX to him broader job. history payment Solutions the for a implements financial for iX CEO our long Tom formerly business, iX. Verticals space making to contributions We the another his this division natural and the by Infintech, for and and market. technology payment to and of in Solutions, significant Merchant is successful been of a Solutions Tom is and have of respected success the highly companies develops the his President family fit peers. The like I’d Merchant Merchant technology iX BXB

many successes enterprise with across forward Solutions. looking Tom’s We are Merchant to the seeing

includes members. across comprised unified include offering the teams in of this similar market and expertise. success and quality, level are One organization to command the enhanced product processes at across sensitivity of a finance, unified RFP prowess sector, of example of As replicating team, Benefits enterprise which team are iX. all and a response and the public technical team These product and is response domain process. technology verticals primary maintain personnel, industry result writers, we time, structure cloud individuals of RFP the management, RFP structure new improved

sub-companies is by in infrastructure development and being implementations three security, bolstered on and teams from next education of within sales, services, development, project market product public healthcare enhanced generation are focused operations, being deployment. strengthen and with UPO vertical resources deployed The our These services cloud development level pulled enterprise the infrastructure, being customer-facing sectors to management. internal discipline and

primary or Justice Tech, utilities, The focuses sector justice four technology including and on ERP evolution next sub-verticals, public transportation. of

evidence and state is with management CMS for data clients modernizing customer attendant digital e-filing, engagement digital and and IVR, systems. reporting utility Tech online sub-vertical serves unmatched full-scope large digital Justice including integrated The solutions. local court and systems delivery, utility CIS fully with solutions, utilities court

vehicle, sub-vertical business transportation GFA, driver tax solutions; records, motor permits, solutions. does The motor includes sub-vertical and land service the ERP and licensing carrier and

seamless a post-pandemic reaching a activities with education continues user the school experience to to we high. sector As deliver fully expand, our clients integrated

and solution Celtic iX three Our delivers solution focus recognizes Events transportation new depth and Ticketing the is of market. on sub-vertical a primary prove Nutrition needed The Transportation demands Services, breadth suites. the the and transportation of and & our of combination meet and market sub-verticals: contracts Payments. to Two the state BIS

In AccuFund Solutions Healthcare be executes addition, UPO the the application and the advancing sector addition. product well-received payments are subsidiaries sales, Verticals software of revenue the platforms portals. engineering across its and with the family portfolio, iX iX unified a connect teams, has monetize marketing, spectrum. with sector payment very to through text-to-pay, proved strategy And e-statements to accelerating their in-app to its strategy public payments, and technology is patients Throughout across the

cycle a services, and iX a platforms as clinic leader continues targeted iX at technology of recognized state-level award the to evidenced by the see disciplines revenue a Solutions synergies Solutions results of levels. as through of for our services EHR recognize agency, recent expansion. RCM the management Additionally, the UPO provide and laboratory delivering management practice continues to geographic – been market Healthcare contract and Healthcare to

allow the the mentioned Demonstrating to just many healthcare U.S. without a deliver the services our healthcare software X investment of to healthcare will opportunities. but saying that these breadth also payers. result of to changes us iX and also prioritize solutions additional I’ve top sector’s across an contract consulting secured It product of goes ecosystem, structural one

I’ll now speak M&A. to

continue a we at opportunities closing number with to changed. The have quarter, didn’t this of multiple targets. past While quarter has we have we discussions not each look

a very have by in new three targets As states competition are geographies all the and driven and three, of take been lower has out know, we potential many deals than is in and one, for new we current valuations with acquisition market; those searching can historically. in environment trickle down realized to dealing looking by fragmented we you not prospects. tend the pipeline Two, are reorienting for be larger are our timing to are dynamics: looking and lumpy. This

We opportunities remain still sector able disciplined pipeline to X year, we We will And healthcare. acquisition complete continue to continue with deals healthy in X when per acquisitions our to it believe for comes as usual, to be we multiples. our targets. to remains and and public self-source

This this will we concludes At comments, call operator. for open please. time, Q&A, my the

Operator

Thank comes you. Davis with from [Operator John Instructions] Raymond first question Our James.

John Davis

Hey, wanted I in if did good just to apologies morning, I organic missed I but growth you quarter? disclose second start Clay, guys. off. it, the

Clay Whitson

XX%. that. the software That’s sales Yes, or million the factor to of whether XX% And $X.X it the above every quarter, was mark. sort license we’re of contributed below x

John Davis

XXx. been hear. deals. Rick, last follow-up I million historically, mean to wanted $X then, comment paying kind Okay. guys just And the That’s under larger on I EBITDA to pursuing your of have you to of great Xx about

kind a we would million what thinking you’re plus curious define there. larger you what Just And could see deals? curious deal? $XXX just of So as guys

Rick Stanford

Yes.

$X historically, million as $XX million, looking EBITDA. $X we’re and high $X or between $X as $XX and maybe So or million JD, there, been at the million here million in but million we’ve deals

So But we’re pipeline the have talking I or a that is think to. term got healthy. a there this and can year lot sheet a we this possible. businesses get getting deal. Whether know It’s of quarter, don’t to just we where that place I them yet. We’ve generate that’s

John Davis

EBITDA Clay. XQ XQ, Okay. quick up but last confirm. a similar I out said revenue Then follow-ups is XX just assuming to raise you basis, And Anything points there? to One basis year-over-year. just specific in on you Clay. yield two improvement, to meant wanted I’m then clarification, call one dollar for When the

Clay Whitson

the have come dollar yield, particularly and a On Yes. EBITDA QX revenue similar basis, looked both the on now. to education revenues back, very payments But in right area.

helped our greater Software with that’s share improves yield. yield so XX%, the of every quarter. and then gradually lot just Services And going above And a that and the

John Davis

Okay. Appreciate all the Thanks, guys. color.

Greg Daily

Thanks, Davis.

Operator

with Stanley. go Please next Morgan ahead. The question comes James from Faucette

James Faucette

much. pretty mix on a in be your But very the aren’t perspective, component, you’re I and that needs you’re rate about sounds I you to Thank optimistic kind around deals. Great. in realm valuation domain if question to able about etcetera. acquisitions, the you wondering there But should or seeing as and privates. the typically be like kind what know from is being interest VC-funded follow-up a just mean, I it same want targets of of valuation larger how impacting? environment How change etcetera? funding or think equity do to where bigger

Clay Whitson

acquisition higher interest to obviously more it Well, on rates, the makes us sensitive multiples.

so COVID, were paying for And XXx generally businesses. during we

pay We’re handle want Rick, for other now the businesses. trying do to to you closer to part? Xx

Rick Stanford

Yes.

as As we’re our self-sourcing deals. far valuations,

them to and any valuations did into trickle guys them the These prospects At deals. what companies’ the how $XX are. seen them longer million they had change. paid ears exactly those kind not hate done to we’re in changed recognize running valuable we there’s these don’t party make somebody market, to – has that in and smaller But have that the tell takes But telling valuable we time, lot That’s of haven’t they valuation value disciplined. same EBITDA, going affect. again, be down to are. under a the do, the So has in they into some how run happy done were we’re that and third the they

to and us to over not going Xx pay the pay seller. fair XXx deal hopefully, million, closer a and for We’re do

Greg Daily

agreed join at our would years self-source never to We and what story They’re guys building, They’ve worked it company. their about XX sell and XX tell this old. They These fine We the we’re they them thought walk built years. they have line. baby. business.

like is so Timing story. everything. that And they

that deals we’ve last part lap had So, the a our some X in DNA. of over our – fall years were is M&A

So you’ll see a lot it. more of

Rick Stanford

that’s XX that to add they all hard these the they’ve to I’ll paying them over put thing years. all last pay last for want in And The we’re for. is the guys, what work not you

value go We’re into potential combined paying the our enterprise being strategic forward. for

the dichotomy we have that address there’s So time. to all

James Faucette

the That’s to in etcetera, kind different software mentioned subsidized been you’re this And extended wanted great We’ve normalization follow-up period expire starting that side. like on I states. of the to as see things back the education just you through of color. of from And portion payment come business. lunch the during on then this quarter COVID,

we I basis? So how that about thinking Is perhaps software on more should guess M&A, a the how should we organic be business? it more or the payments pace about of growing piece software portion? of faster of least than the durably think at outside transition

Clay Whitson

– of growth been a And payments. and grows above is through Software we Payments ARR come Services our now. few rate. normalization percentage from more points do from organic our a to that expect than that Well, has

it so And steady. be will pretty

in more started And sector. healthcare meaningful to maybe software we But vertical we way payments adding and of XX% XX% However, years. do continue our from public grow will to and over couple we to services yet. percentage the haven’t expect penetrate a to next XX% over the time, the of

James Faucette

Got really it. Thanks it. helpful. you. Thank Got

Operator

comes Stephens. question Please Charles Nabhan next ahead. with go from The

Charles Nabhan

morning, taking around internal on Good initiatives thank wanted and process. the you of RFP question. to a I you follow-up – guys comments for had the to Rick’s pertaining have get some my I

or should think sort we forward, anticipate impact ongoing? either of you of a going have those about projects As CapEx result we OpEx some any that as on of

Clay Whitson

meaningfully. not No,

make we’re responses uniform are investing. We’re mainly our tailor-made efficiencies that to always resources do consistent. time a and into some from but We team also so reshuffling internal all of time,

expect So wouldn’t now. so I

Rick Stanford

point sharing wells. biggest The Yes. the is

a going centralized. to system decentralized more We’re from

assist will plucking all enterprise-level to our people of enterprise-wide. out that companies we’re companies So form teams sub

Charles Nabhan

in rebounds, should anticipate step ‘XX to tailwind rebound new provide a in continue education of of next the sounds on some that has it should an about lapping of those quarters, down quick in over so sort comps? think is could follow-up. the like. as just Or that know – in the any of the of Got bit wins going provided to of lapping post-COVID it. growth fair some – those and as business? it think business and we But a result forward that post-COVID do a as a rebound I offset the And few we a

Clay Whitson

education fully Well, payments products. return always out we will consider piece a of services to software we’ve I the level adding the sort do But what think and in we because normal had are group.

we’re in. year as the hand really ahead experienced works. the business how planning and the old well. in education, of that to always ideas cycle that opposed So always full selling year got understands product we’re That’s We’ve an the who’s

And expect more but and it from from I so, services. payments and less a slowdown, do expect shift no, don’t I to software

Greg Daily

like feel sell got Xx Xx. of I our we We’ll XX,XXX existing some customers. or schools.

into next product Another year.

Clay Whitson

their Yes. add we’ve product, our buy When for year a first that’s more one point. on every they Greg average, been the module. us in software first generally makes historically good product. then lunch customers one studied year, and And

And is so expense. cross-selling lot to of there a

Charles Nabhan

Got that correct? in. more one AccuFund. at If you correctly, bottom that said attributable comments I the I Largely which $X the million was is sneak If attributable the your AccuFund? caught to you it. to EBITDA Is could roughly And correctly, end. if I heard guide, to increase

Clay Whitson

general $X don’t and want quarter, So added attributable mainly And little if that is to attributable added to last you in year. seeing, million bit. elaborate public another $X a and environment was demand we’re added million million this I We that quarter, to we’ve AccuFund. this on that the know Paul, sector. $X we more

Paul Christians

Sure, Clay.

positive indicated, still as sector. tax seeing believe tied bit. and our trends for we plan it’s American revenue budget in deployment increased sales had a revenue with delayed look generally, tax at that, really property demand levels rescue Clay some client and that we’re been public And to As we

healthcare shortages on addition infrastructure is those with – and industry, In drivers, awareness and like the staffing also aging we’re sector staffing increased to also in seeing, struggling and security. public

and are result as that positive So RFPs, is product – point, to upgrades line Greg’s expansions. given board we’re that, a the seeing module product with across activity all RFIs, that

Charles Nabhan

you for Thank Appreciate it. color. it. the Got

Operator

Our Matt, you. go mute? line I comes on with question Matt on [Operator We’re from Please to able line next not on him. BTIG. to reminder, Instructions] a Can is hear VanVliet question? is your the I your as mute? move can’t next ahead. hear Matt,

Clay Whitson

Yes.

Operator

Alright.

with from Please comes Our ahead. Peter next D.A. Davidson. question go Heckmann

Peter Heckmann

morning Hey, everybody. good

revenue talk other with those what diligence competing that of can size due of about of you deal you customer. payer. that? capabilities little – with this move on of periodically, winning of it’s have of And terms five software do is management, a In that you’re of relationships? of appears the the the has in How care X? companies those consulting relationship does top are one win sub that bit something fragmented and winning and amount fairly about to I Or a part you health Or of of the niche. type that a terms significant in it and contract? a mean, like go kind And there? of cycle It industry, cycles off terms there type maybe represent

Clay Whitson

know don’t if want I to... you Well

Paul Christians

Sure. touch that. on I can

to increased our primary We are the we better. point monetization can for do of demand the that clients. And RCM, augment seeing and it’s more on

that who finding Louisiana trends adoption has are process it’s and outpacing in scale. our that that ability space, software of those base. healthcare companies the with are all have client fabulous exceptional ACS, operations, facility on our an in had and by Medicare we we And the given in Now expertise RCM the in our Medicaid who team to

the market. So the bring it technology invest additional invest acceptance and to us in team our that that activities, in do allows there to brings – in and focus

that going see us spot So as forward. bright for we a

Clay Whitson

selling – they to they have Internet. bigger helps I RFPs. on – that’s a to you it to the in to going of into a company, bigger And reason balance do up balance was your diligence, to a sheet the question us one was I sheet a were had have amenable be diligence. public part think readily On can think be look

Rick Stanford

names iX formal subcompany gradually going from Solutions. away We’re names in healthcare, for Healthcare and example,

and looking organization on like a our and we’re parts. are bigger acting So based feeling than we

Clay Whitson

that answer were you for what on Did healthcare? looking

Peter Heckmann

Yes, to look forma regards one That – you you, but bit like your I a question was had of last at I also housekeeping little I the in Clay. seemed don’t a mentioned for there And helpful. maybe see little look some thanks. to it, little bit higher the pro rate I’m just year. talk and want the more But I’ll at two sorry. tax is that website. dig and as quarters, a little maybe expectations it for full the about that and capabilities. the

Clay Whitson

XX% our in always the used since have continue that. to rate. that diluted And Well, EPS calculation, pro IPO, use tax forma we we and a

If public, taxes about believe and you little have you’re is going taxes a different since this don’t paid quarter. paid, talking Geoff, on? very do I anything we comment

Geoff Smith

income, as next cash So situation change years. moves will company for going slightly the a very time. structure. we couple have more we low But pretax And would have really expect tax efficient of a efficient to we’re tax that the to still over

of structure assets. talking X more tax all. and FC a the The if have that’s will a point, years more We lot coming become maybe deferred over

Peter Heckmann

a guidance would the be Okay. facility and cost – attributable the of expense due I’m the to bit higher other level EPS higher unused at it. and look – little fees. almost non-GAAP so modeling change that have to on the entirely in But I’ll then refresh to how then interest

Clay Whitson

the midpoint. $X at about It’s million right. That’s

Peter Heckmann

helpful. Thanks. that’s Okay,

Operator

next go question Matt The ahead. with Please from comes VanVliet BTIG.

Matt VanVliet

Alright. hear issues. you I’ve the figured out Hopefully, Can me alright? technical

Clay Whitson

Yes. Yes, can. we

Matt VanVliet

Alright.

Sorry about that.

first Thanks factors do importantly, and And questions. But few put that solutions one, budgets. maybe the only stronger sector that win in a more that. forward? a the is payment other? integrated deals is going feel you is, subverticals around wanted you’ve maybe to number helping important answer competitors Sorry over one now how there, the sustainable or of how for about public taking to there. I on guess, Obviously, I that follow-up the like part offer together software

Rick Stanford

So I’ll chime part, let then second take and Paul the the in first I’ll on part.

– strive for Staffing for to continuing We’re local products. see is digitization and of monetization issue. governments an more modernization

plan to ways used they’re or better they their by I for them. end rescue think at out be the technology looking American XXXX The dollars, So to they of have constituents. run serve

But So may of then see governments an knows. – we’re definitely get local technology jobs influx striving But because an it’s positive. to kind a upbeat that, of false We for in after resources. done and arms seeing it’s who the more legs. those versus

you do about... want to talk Paul,

Paul Christians

across departments. Yes, agree I I is – on the I thing up demand And the other think that’s is component basis a which all that. see regular with universally all

and component – So always speak there’s a remote augmenting are component which like that’s remote need move we for e-filing of more of that the there do. movement to. are with of and And But licensing our a to for access there permits a workers do upgrade augment with to part there’s GFA and actively court elements that sectors becomes we all and of that demand and what customer in transportation stand business. that government do and the with certain today, to and to of expand systems, statewide activities, we’re qualified

Rick Stanford

The was level the BIS that has. deal When acquisition, we at contact did that is for the a contact they have good state that the us. same Celtic

level. those state complete having two allowed has under a more solution to one at offer So the umbrella companies us

can or So of suite and RFPs as solutions better. we’re full combine always individual of a the subs, these plug we products for more coming with up respond out them

Paul Christians

their interface. seamless systems for recognize to a is embedded appreciation software into Well, and the seamless to – revenue efforts the into distinct and and there working that’s reconcile. And is payment facilitate that delivery

Greg Daily

the Matt, this times. far vertical is so behind

to underpenetrated the I every call day. wanted the get it done. inning. story, knows, maybe with local you how we much to in of government, It’s like day. gets and the But second we’re see original our bigger is It’s behind, As – as on more verticals be were me, it every everyone dealing just your into feel there bottom that to

Matt VanVliet

putting you’re expect to new finding quickly follow-up And in structural often new translate are how inside And jurisdiction. could there. into a or then team wins overlap missed maybe workflow very you do revenue? and like given into How company. helpful then RFP kind Very local easily even in unified you your or there a you maybe a on the maybe bringing feel won the that an out of of that have the you about team fact maybe more your just RFP product that kind set secondarily, that after maybe bookings

what how the only is – I maybe not big opportunity So but guess sort soon opportunity how come, of can the immediately?

Paul Christians

potential occasions had the where ahead use for also get sources us, be we We that that. disappointing the facilitate those budgets RFP a always of RFPs, of and do that’s to approved in sense to past as ahead much RFP an to sources software craft curves. surface we day. them an like have has surprised use being and as coming solutions and with possible And to what to makes of We

so a the and process. X-month process In and statewide of and motor much then is the X a be the carrier could of terms ERP a to time time could nature longer an question a delivery RFP an that, X timing to divergent, because be related tougher to program the program XX-month that’s

Greg Daily

the So one we’ve of it’s the decisions most got I made. the – it’s create going And value. powerful think it’s to most most

think very powerful. I it’s

Rick Stanford

the RFP, will at let’s responding that level. be to About the enterprise Everybody their done. section, say to work own just taking an Us we’re iX template now had and There’s and represent for it

our to had is companies technical be there some of done. and work writers We not sub another. So in

do to that So RFPs. forward. was technical writers want the CEO We to going responding work

can that response appreciated. one And many resources what use the not our across are think we time, verticals, these way we respond, just vertical. we So we

Paul Christians

the this we started The been demand high. company has from since

understand trying a been to take is everybody we’ve to already. and out, it’s having So respond impact it, build it and but to more able will time little

Matt VanVliet

the Alright. sounds Thanks development. for your It like good taking questions.

Greg Daily

you. Thank

Operator

would for to our Daily concludes turn question-and-answer any closing the to conference I back This Greg like over remarks. session.

Greg Daily

have us. to Well, behind it’s quarter nice another

We’re of and into excited ‘XX half about the second ‘XX.

call morning. Thank on I appreciate being the everybody So this you.

Operator

concluded. has conference attending for The presentation. now you Thank today’s

disconnect. all may You

i3 Verticals (IIIV) 10 May 232023 Q2 Earnings call transcript