INS - Earnings call transcript Q2 2019

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Operator

Good day and thank you for standing by. My name is Selene, I will be your conference operator today. At this time, I would like to welcome everyone to the Earnings Release and Investor Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks there will be a question-and-answer session. you. Thank Instructions] [Operator

may conference. you begin Strange, your Leland

James Strange

posted Good quarter filed investor Welcome comments. to and our results with Systems second the Intelligent also results earnings quarter this with morning, press and morning release summary everyone. XX-Q second a conference call. We

statements Petit either those filed also looking have to typical during call, review P. or Please apply this company note director. forward the resignation morning, will the We a reporting I filings. this the X-K of an followings as in hope you the call.

of today will about XX call of The minutes for company minutes and consist to about up to leave XX questions. commentary XX

are to or you can monitoring like questions taking fax@intelsys.com. callers, from email to the addition question ask if fax, by comment question to f-a-x. you'd we real In a That's time, directly which email,

on We website call version this have call the immediately an now. And the Q the edited and be posting of the following X-K we'll ending.

added of Q&A to The the be later. transcript to

Our don't plan Again, website I the identify in center the any that to necessarily equation, come same we of talked questions address to questions we'll to fax@intelsys.com. consider as is but intelsys.com. second this view the during answered directors year, the competitive quarter remainder call We'll level cover landscape, on high be legal a results, and update. on a quarter and third call. of comment

the the I comments. over and Systems Intelligent White, CFO few CoreCard, will second Matt next result turn to for quarter minutes

Matt White

Leland. Thanks,

factors, and a from everyone affect like business the risk results Factors Intelligent that are actual its certain in we future remind our XX-K Systems the uncertainties our expectations. subsequent of understand may involve with risk other and and I'd statements filings. that factors cause including number Form These be start, filings you to included forward-looking XXXX to statements environment. I help Before operations that SEC, making differ could materially during will to call and

decisions. and So investment consider making your those

second of processing an the for quarter quarter $XXX,XXX, was $X,XXX,XXX, $X,XXX,XXX compared Revenue revenue of the $X,XXX,XXX, quarter revenue components $X,XXX,XXX consisted the to The $XXX,XXX. And now quarter second maintenance to license increase and of revenue XX%. results. services of third-party revenue second for professional of of of and revenue of on second revenue XXXX the of our for XXXX of

we’ve primarily of in But license As our license level, statements, to do Once account mentioned up previous each our We new customers will second the revenue XXXX. perpetual Inactive accounts license when from achieves do count in not customer the half in significant license a license vary that tiers. active of the revenue number increase revenue active receive achieve quarter-to-quarter. anticipate receive accounts. a tier they tier. towards we

our customers, new revenue line. charge tiers achieved. which when We maintenance annual are license for increases in is and Maintenance revenue processing our maintenance reflected license

license customer, for an would expect five They currently more additional large our that single several license hit to are if level, ever We the level. receives it tier accounts software apply, tier institutions institution, number accounts. For the the fees use the than customer allows multiple a a very added. be to unlimited number to utilize for maximum if years, license software largest perpetual them active maximum at of any a of years

of the you first portion of As can the overall half a revenue our see and professional XXXX. significant second from quarter comprises detail for provided, revenue services revenue

revenue active as which revenue their developed accounts percentage to and our that a of processing ultimately reflected revenue and add features system, However, lines. overtime utilize we to expect in as new to the customers decrease is maintenance our we've total license

in for our our reflected processing also and line. services that in fees Additionally, new we maintenance to result charge is functionality customer, professional maintenance annual which

or licensed services professional any are not customers. processing We do perform generally not third for that parties

into significant So license expect while and and XXXX, to our portion services professional is translate revenue. XXXX half processing revenue, in that in growth of first a future the of maintenance QX

services And customers finally, a charge for or revenue, that our behalf represents margin accounting we and We purposes. very slightly we this our of growth on provide clearly revenue third-party at recognized has above low cost. for revenue

compared some to QX and now, on margin XXXX. G&A XXXX. for rest margin some and QX the for bonuses of for an higher to XX% board of XXXX operating resulted and experienced expenses XXXX for QX for And XXXX, revenue income statement. recorded QX QX lower of operations research for highlights $X,XXX,XXX related and initiatives, QX income This XX% QX XXXX the We our for to in from compared in to strategic higher $X,XXX,XXX bit XXXX. revenue QX erosion employee mix, related XXXX XX% compared a expenses development XXXX due license compared to We little to QX accrued to

due carry QX -- loss operating per tax to utilization year-to-date comparable XXXX. quarter to Our compared period was compared net XXXX. year-to-date to rate forwards for the of XXXX XXXX XX.X% X.X% for diluted $X.XX Earnings share the in $X.XX the tax was in

turn to now back it Leland. I’ll And

James Strange

Matt. Thanks,

Let in you, the revenue sources. payment me our five remind comes generally as of the landscape, issuer a segment from play pure

is the Software which First, always. current margin. very there's used, number costs, fees, CoreCard not of license so for Usually little active being to but high equates accounts

and maximum other have the not reached contract, the may times in tier. have I accounts the Sometimes met minimums

have the and We reached today none to don't the expect foreseeable reach future. in that that tier anyone maximum

service Recurring we that support maintenance license to and we licensees. software features as work revenues add Second, professional certain increased the fees. as with additional and for get

sixth parties. that a guess, much should with revenue we running that licensee. we repeating. certainly other assist technically per to services. the in and party There temporary prevalent software our generally Fifth for account sometimes as a since Not services. Recurring of situations pretty is monitor professional managed revenue services. passed what is processing Third, our managed permanent on I both month. immediately call but real say or and per third is there's services, dismissed And are forth, I recurring,

want and customers. new as transparent to regarding we mindful constantly revenue these possible streams, for be most of we’re rates each as negotiating that we're While fees

how would competitors dissect not We in interest our precise. more like be exactly shareholders' we believe best Our to it to to be price.

now explain would made similar our with FIS. who a Global at comment TSYS some to analyst the small those capitalization cap with revenues trying reaching in said, we that $XX he also has an I Data help to not and model week, $XX to I First We're still me TSYS develop against which billion, Global Let big Payments Fiserv modeled against be being company, Fiserv histories. the with we're a at yet is the not payments the scalable largest at an analyst three, First, capitalization billion, model combined and last of for FIS companies The up, approximate a are nightmare. million. Why? of but midcaps, category $XX next combined universe. Payments,

my average issuing If market heavily Look we our and at math their And press correct, in are. pushing over is are they're those into releases, times XXX category. pure POS caps Systems. of as none Intelligent the competing

in time, which the for never. this is acquiring For disrespectful, of business, payments That’s participate we not business, not of do those acronym and to Point not being I'm probably at segment desire of Sales. an as the POS you into

they And licensed. a except TSYS, with combining Payments, for Global none system have

they different, a it's not the not the focus your We're in for on processing U.S. use depending better system and it's and or investment for TSYS product philosophy. For worse,

sources. our We similarities I revenue the That's a want by with segments in emphasize reason issuing category albeit the to are ourselves, of the to bigger processors.

size, I average that revenues $XX billion. times year. the for approximately mentioned earlier the the revenue is XXX capitalization projected times is this the of That's XXX in big are three our big average three over XXXX $XX billion our approximately

company distort short and reports. we our as privileged the It money the has the and to now little and already deal legal I'm a about a second in to big say with is going will in gears defend but company to actions impact future claims. more posted because earnings the on vigorously going quarter by legal. in two three shareholders' these I'll switch The minute, quarters continue from the

were of clients participate jumped on a an Today, money. in soliciting with our law in hope up firms XX good action and in renewal approximately policy D&O course went to renewing class We the of sell getting bandwagon, insurance the have that the [indiscernible] effort process a of bit. some

as to not pay some observation. the our I'll interest our dam [ph] did short company recovered XX% lawyers personally to a ever have in be to of expect or the the float my stock one plus That's Finra report. point. was at last I high was level at to note, will that from personal settle. It there

morning this profitable if see check highly your detrimental For is your out short I you but so to current charging price. to brokers are also to assure lend to could XX% may lend investors, it shareholders with shares shares. allowing broker you lend, sales. want stock lending APR for large not to Interactive the they're the broker approximately to your be

technology. that realize than we board. I R&D discuss and years, members due out, during certainly to said maybe company's sooner business of play XX to board Petit anticipated will the independent P his of how the announced adding that the been be governments We're through I might reflects believe several for resignation working capitalization. proper to continued ago board continuing want as from the and service current calls CoreCard years the but P. and potential in of thank we'd that his to those invested we

future I revenues concluding the current and the major is the validated being times revenue. I mentioned XXX my space would CoreCard of corporations the big to believe remarks, have CoreCard. I three that in In earlier, continue payment of just reiterate

size from big everyone we’re goes record that with of credit markets of to not revenue and not going is system to to all the I of is the huge believe want segment, issuing it the the have they’re serving, their three. While

a market. innovative products and are great with We our to speed alternative

our with quarter-to-quarter. the emphasize as translate accounting business We're now and always In Buffett, we where where thing very are same the progress we're previous treatments when headed. I call, referenced actual the says don't we Warren that to he pleased of

Our lumpy. to be quarters are going

some we to one started has revenue big it two and Although bucks to-date since get from as another. be appeared not we license ago customer at saying not first it years big as But point and it I and from transition that or is will does true.

has market is big look I'll that The going a close to of big which picture mine as forward. details with don't belief been keep by is is the moving shared we're obsess that recently on and another quarter-to-quarter. you Buffett, conservatively

I'll can to Remember, send fax@intelsys.com and you wish. questions. you them stop take now if

Operator, please. the questions line open for

Operator

[ph]. [Operator from question Your Certainly, is sir. Jonathan Instructions] Ang first

is open. Your line now

Unidentified Analyst

O'clock XX Hi, good the But Malaysia. story It's am opposite understand come an investor at you're to my to talk of of the here. going I morning, Mr. congratulate that you. call inspiring, in night easily from to excited I strong Strange. I'm the as part from so had And grandfather, just so leader. to that… still you strong. you and I I CoreCard mean, I be was world. a can

James Strange

much. very you Thank

Unidentified Analyst

client. as currently be licensing business. in. project I expect along anytime you to Yes. millions we that about working of INS. I a understand that we're speed especially And And -- understand with big growing, for are it soon. There your seems companies coming going very materialize that scale you're may to way the the expect for bumps that is transactions

if any operational gaps bumps, color, or some add the business. you risks any or might experience in potential speed Could we

transactions? transact able of a example, INS material will For can’t smoothly? search there And these in be transactions data the to handle millions will if any be backlash, centers

James Strange

be Sure. to that. glad come on I’d

tell our big sure to complete make very make combination we client of product. hundreds can It's hours can of that a that that there partners always software the have of many many, I you can it. handle First, testing load been handle a

help For a is on somebody only you're system. are our issuing That's card, That application example, on credit a usually not to if going system. you third-party apply.

that have decide data happens, issued you that's when to still whether software. have have you the where company going issues, the you're will reward other And third-party people holder. they approved, assuming, the is card credit may have it's they get card have rules to to to The after vendors, records for approve you might need to and connections the

going I'm XX probably parties involved -- the there's issuance of So there's different in software. say to

complex answers in the important the which It's most most can which are is to nothing do of be thing. most thing. of up same course, system of that Now others to possible a the all say system record. we're those -- say that us. of the that there new We the have with the important, like might some But we’re keep problems with we'd and

For example, it send we best take we someone they party it. may Meaning times be as sending and the can other to can't responses out.

to large it, partners numbers clients we’ve working at second, test that we can a handle it, per of do able it, we're are of other transaction large than Now accept time. with test and couple test in this any actually larger really point with,

don't I one though big first, I always expect bumps, don't think we're back guess even at everybody I expect has expect really CoreCard. goes but presents with problem big So, record. be cautious and problem. as have be places to any some We I opposed this looks a going I problems. And to any since really of little the don't CoreCard could to anticipate system The problems, other

Unidentified Analyst

follow-up for Thank question. Thank so have with you your generous you for just time. your being clarification. one I

talking in larger per guys per color could second, on neighborhood can you you the second, give XX,XXX we about that? second, per are say, when us So handle some you XX,XXX of transactions

James Strange

Let's and second. specific -- I say be between per don't to X,XXX between talking want about we're XXX

Now, the set that’s of that's hardware and based particular software currently up. on stood

year You per for we that, and can add in X,XXX for sufficient think we to is more the much the two. second go think probably next it’s to scalable anything higher. no higher, We there's but see much reason XXX hardware or

Unidentified Analyst

thank Strange. you, right, All Mr.

answer thankful really and for time. I'm You have your my questions,

James Strange

you. Thank welcome. You're

Operator

from Best next Nickleo question is Your [ph].

is line now Your open.

Unidentified Analyst

have progress to processing on on million Hi, a I Strange. this accounts. question XX the the follow-up

and bottleneck. have one that you the the You and challenges? us now call in architecture of overcome last mentioned status the hardware have you the update the was Can

James Strange

now. target We're to not where would really have now, up and and getting a head deal focus there, a up even not we big going we've our we're on license I gave other of and with trying big right where that have but got that's we we to customer a to right couple things. head that you

even working So looking right at we're something that's now. or not on

Unidentified Analyst

two Okay. quarter is quarter why there XXXX, or last was one the big And million, quarter the with G&A share you heard that but us, Can $XXX,XXX. the -- $X.X I a the was jump? with

Matt White

This is Matt.

my costs, As legal that causing that due to increase. in and board I mentioned that’s initiatives additional are remarks, some some

Unidentified Analyst

people. more cost this more includes hiring Is also --

James Strange

some No, other more board it's costs due third-party to and the to things legal do. decided

Unidentified Analyst

Okay. been most and -- ISYS, last on takes how how with resources. very long this on question and your are has you And sitting taken Is this will other busy up large customer is the to has start INS going is going very on of with with this this working long customers who hold?

James Strange

taking not me exactly Okay, hours. for to hard simply to first, most of whole it's how resources, many, It'd be resources a resources. not are half but us project of our the let on say taking assigned our that lot on it's working say of

revenue that have as We from obviously to other have and other you we dedicated -- report, people see lot other can the of revenue. a

on as what as depending this Now some revenue doing. that even he's may in be not cases other profitable

even at So resources. close, our point. Not say it's this of not half I taking would on

Unidentified Analyst

much. from year all very That's you thank side. Okay,

Operator

is Fitch question next from Your [ph]. Calvin

Your now open. line is

Unidentified Analyst

here. Calvin this Hello,

that So processing international on XX it CoreCard April expanded services. shared its

it? release, So win investors like figuring apart from why should press ability out it our would release how from reading it and Because warrant businesses how client? actually was to I press enhance does other a more the interpret just

James Strange

many and customer of or lot a press customer related related. potential of them are reason in releases there put Kevin are

get to that. don't certainly to details want So I into more

Unidentified Analyst

Okay, thank you.

Operator

is Chan. from question Next Audrey

now line Your is open.

Unidentified Analyst

how services meet ensure over while professional company fast hinder multi-clients. cost, Just does a question, quality expanding our to

allow leave? share the many so any you stay of on many you is to And employee so see terms company that employees key do culture what years? In can unique

James Strange

what culture be I’m that. great that would to try like because I it both of little it's all that dedicated respect the thing management treat time, long of the stay like see employees we a say as well, We say would the we it’s understand to and company I to to I self-selection, select we to be want is a No, find part -- try this but try smiling they’re I folks mission and that of to to We bit a employees. makes have that important ultra-successful. work. that to we this

to else practically that, them long-term lot what see don’t of, know been with particular don't I you, is know but, well other and company But a even We more point, employees, are we I do yes, we have employees any Do rewarding know problems tell that nobody close. than internationally any we see of that. certainly any this leave. think any key we don't and at other

Unidentified Analyst

you. Thank

and expecting is are key the how reduce we in visa then more coming question, another any ourselves also people hire positioning quarters? are there to employee if we two to Just

James Strange

hiring new can week, not people, usually there's offer in we and so have employees starting in India always openings up they employees XX masses, We're an come. you start today, always job end it’s new before every days had we’ll making and

clearly they Sometimes do between I can hire we’ll offer because openings we a of up we’re in as time, always getting and time far they but continue for got show continuing and that plenty -- as don't we've end tell. employees better job to lot a to of are

Unidentified Analyst

Okay.

like -- question, do last them? employees do approaching one Just your says other face companies you

James Strange

I didn’t understand.

Unidentified Analyst

other your like… companies pushing employees like face Do them under

James Strange

very they you you experienced as are and much as pretty let consistently They when time. approach have occasionally them, they’re employees successful all gets we and to the the calling them are of got trying in base, constantly you’ve know constantly, that Yes, when us up. payment are recruiters

I've XX years' like are lose X we experience, those experience one's with lose those not our years' approach three employees. But, yes, being they’re and or to years to they are usually that able all or hoped trying companies we not keep. experience it's any, were stay been never only five over these two those So -- big to named with has our XX we who

Unidentified Analyst

much. you thank Okay, very

Operator

next is Matthew from Your question Schroder.

Your line open. is now

Unidentified Analyst

you my much taking call, and quarter. congratulations on excellent hi and Hi, Leland for Matt, very thank a

in discussion interest Could bit Just which or strategy investment? the an XX-Q, reviewing a in another bit what little that of has dollar XX% company equity your give color there on is more a the one for and were about investment question you us million loan. little some now extended vision

James Strange

think it the the a we actually in connected it’s guarantee CoreCard It’s and I investment in CoreCard, believe the where that first people even some continued I in in good really it it’s way some we in made there could company, ago space. point. us the years space company and slight and the just be with And FinTech was several give that a connection exit not might at a nice with believe but it's

be up that had it a the done wouldn't And everything. Even and ahead it. a way with Alexa to identity investment as side. probably it's but need But successful. lot FinTech a And Alexa space. the stand of for for a it So we new They space. conferences the side, let's know it's little in They that since go in identity needs or to VC we've little to consulting talking the decided identity we do the in of one have it a bit while, run very can who's with in stage Amazon, brand investment.

traction. as that's probably more next more And of highlight it give it it. it so that the -- becomes year -- on But more as as color we'll has sometime makes

Unidentified Analyst

revenue, your customer you on revenue of Excellent. to I for and that's licensing about time U.S. outlook? us on coming the versus first In quite broken Could is up. idea and give my that you've of I view nicely. is know big one revenue XX% think is just European then and surprise growing perhaps XX-Q, focused And an out everyone the small question,

James Strange

Matt let I'll talk Yes, about that.

James Strange

in starting usually for believe European something break including for the the But been years. XX-K. that in XX-Q in ours QX. been several we've that's we Union that's our customer We’ve operating of Yes, started out in -- I a

us. a for new space So it's not

expect So we grow. to that continue to

James Strange

where that probably licensed have some major customers expect international. would But increased. others. we one end that's primarily with have that license We from will -- we up revenue are customer licensed I

Unidentified Analyst

thank very Okay, you much.

Operator

from is question Sam next Your Rebotsky.

now is line Your open.

Unidentified Analyst

Good an on previously Yes. of additional were you Matt. morning, Good. when have you take large be large Leland Good Do indicated customer? and a large, quarter, you idea able customers. to to take unable another on you had expect to

James Strange

And Well, time. at a you to little on at we're a talking several folks possibilities take point. this

You very they potential year, but customer, fairly may large have first may a small. the be

if an end I it's year. not large getting end of that toward like off. it of revenues a doesn't you're means the going a of the had it just to but you're year, quite But So to answer off, mean with It's It more on again the I'm customer. the volume on more say the lot of towards transition. starting

Unidentified Analyst

of as is Have the number the presently my -- of like Okay. number employees was you you that And recollection employees quarter? is number XXX increased as far employees, have? of this the it your in

James Strange

XXX closer It's to now.

Unidentified Analyst

XXX. very good. That's good. That's

James Strange

It that over, but a little it's may be in range. actually

Unidentified Analyst

-- Okay. the that of the of with have to you customer -- that’s at Very okay. good point your you the you're I when major luck good. I some customers. allowed unfortunately. speculation stock And And more talk look, lawsuit. feeds And precisely guess, -- talk about the guess Leland, Well, with

And all you and and of wrong. decreased didn't has decreased. the risen who ago. done years it's know Unfortunately, these risen and You've a stock nothing couple basically, speculators

Intelligent Keep Systems. good work. up Just discovered the

James Strange

Okay, you thanks. Sam. Thank

said up Can you’ve cash talk generated came Let One please working capital. me questions, last in me about you you the flow couple by largest operator, free of other any that since intend while plus cash? that, in -- email. how to is million approximately let cash component lines that answer use $XX a year,

no we've is that specific can made Only thing I plans. say about

potential are at looking always We acquisitions.

criteria cash, partially cash But than use we anything We're now. part not rather company holding going invest it. way it to we we dividends the doing for it use priced we this a not find the with found fits that’s a haven't like keep I'm that at say But it completely. of that to going could as would we're good current take that's in strategic the on to We would. not never on a right point, plan, planning

question, The even profitable a not hold though a lumpy, you basis? I don't on yes, about quarterly expect we're think talking I'm about of sense lose as licensing, do from transition other going the to lumpy was, you I can Well, talked on to, remain to money. processes part minute the of, in us you

Now as all quarterly we remain bumps And opposed the up, the a should very on be profitable do basis. anything to license should other way.

So hope that about earlier. not I'm we’re about clarifies about next... about that serious talking -- repeated am I'm have really next in real talking downside, might anything some the I to talking nice have I quarter the really transition, get revenue might not not any When well, I'm or going bumps, talking I'm

on in email that came question to expand the lending. on comments was, Another on

that in You that's lot make a that thing people understand, do that that's way telling that's we do. people know, I'm big of do to the that sure can't And the other sauce, hard the thing can. same secret people the we

it lending, customers credit it So around doing be very whether point are lending companies of for be types lending, of cards, the have world. that we big other whether other sale,

for also. people would also all kinds and gift just other reason slowly, So that of the the and to prepaid lending, shuffle us us to butter. do lending rewards, And say do the but stuff, kinds the because things is prepaid, people also of generally come and we bread come we we’ll

there any operator? questions, All other are right,

Operator

Yes, sir.

from Jonathan [ph] is a Your Ang question is question follow-up next now Your line open.

Unidentified Analyst

software realize complex some to starting you I'm are further. Leland. your [ph] Mr. to able even differentiate transactions, which Hi, do

given pertaining So typical revenue a licensing to scenario, model, you've XXXX. QX mean, the which I in in

X you a -- million million, about X about mentioned hypothetical example. million as You for mentioned customers sorry, $X

clients per requiring is price your feel about the how you for considered it what cheap greater at complexity, And, about that in are license, pricing how the industry. do in $X configurations So you licenses?

want about just So understand to the more industry. I

James Strange

$XX that I Well, price said right earlier, quite tiers try smaller we $X I it it, how a a I with say could I numbers, $X. be said how be going it didn't order as with XX million could licensee to $X licensee, small numbers, smaller am that we for for price work, had used I at the accounts. hypothetically, licensing $X.XX And explain word about might talk smaller not it to in to for be

pricing into be number accounts. And So get interest based current there's of any a also discussing of wide what on customers. going for I'm details would to with future in that's exactly in because complexity, and which our the not it range best or the not

Unidentified Analyst

thank right, Mr. All Strange. you,

Operator

Your Calvin Sol from next question is [ph].

is open. line Your now

Unidentified Analyst

great FinTech Strange already lower that up And and of to WeChat and more disruption Matt, quarter. of with my processing is some look congratulations at doing coming Basically are FinTech charge Pay and When is on and the too. they Mr. the even Libra. China, right Facebook to gateway a now. processor together they Alipay, pertaining fees, able and question we the the in were space have we likes

or structure comparison structure, long-term, about up? So our any coming in in market with pricing you given our how the feel pricing do destruction potential the

James Strange

three. about market, big the size talked about the earlier of given the I

be else billions dollars price do be we they are some paying now may with go of we to but the things, we are to in things it We're revenue chain, have ones for there sure will in for dealing customers about the and probably, not to more could is that of talking out Alipay end it, money Can of revenue. have we not going complex will we looking do we the till for fine. do We’re But Alipay where that it, is low let going that's somebody do say Alipay. I make the it.

destruction the worried of So not about at I'm pricing all.

Unidentified Analyst

good Thank you. clear, is question. Right my that that’s and all

James Strange

getting we're end time. anymore, Have our to closer of

Operator

Yes, sir.

Nuclear question [ph]. a, question Best follow-up Your is from

Your open. now line is

Unidentified Analyst

the complex, also that you industry. My you. a about more you with payment help this real path? And can thank key in is features on share advantage processing talking this processing Hi, having how question about processing time are real us the of

James Strange

is environment do real which doing can a simply do things. talk what a way probably you're you That’s in people with do that's everybody time you systems, about too real what really still want what can you to legacy is wants, Q&A. real-time time, mean it only certain can’t much I but

I think complex are one shop all the other the -- or call at last one scripts that, the before back two best example part either credits credit. of one about the very our of There of re-day the with complex kinds or explained question an where pro go in last a for from I complex credits.

anymore helpful a that the it to So question. you would for But dissect not try I Q&A. be thank on to think

Operator questions because cut any do to new we off are other follow-up you have here any not that it shortly. need questionnaires

Operator

There this further at are questions time. no

may continue. You

James Strange

for thanks day in looks It us. Okay, everyone the joining a market. rough like

conclude So back :XX:XX go assets. we you everyone. and Thanks will your and

Operator

This Thank conference call. everyone today's for participating. you concludes

now disconnect. may You

CoreCard (CCRD) 5 Aug 192019 Q2 Earnings call transcript