Good afternoon. Welcome to Quisitive's Second Quarter 2021 Earnings Conference Call. Joining us for today's call are Quisitive's Chief Executive Officer, Mike Reinhart, and Chief Financial Officer, Michael Murphy. Following the remarks, we'll open the call for your questions. Before we begin today, I'd like to remind everyone that during the conference call, management will be making statements that contain forward-looking statements within the meaning of the applicable plain securities legislation. Please refer to the company's forward-looking information disclaimer statement, which can be found on the notice for this call, our website, and the second quarter 2021 earnings release. I will turn the call over to Mike Reinhart. Sir, please proceed. Thank you, operator. Good afternoon, everyone. We appreciate you taking the time to join our Q2 2021 earnings call. We had another record quarter with strong revenue growth, including the activation of our payment solutions business, significant progress on major milestones for our LedgerPay solution, and integration of two key acquisitions. Our payment solutions business had processing volumes for Q2 of approximately $551 million for the May 8th to June 30 period, with average daily volume of over $10 million, resulting in $6 million of revenue for the abbreviated period. We continue to gain momentum in the second quarter as we invest in the future of our business by fueling growth initiatives and accomplishing key milestones within our payments solutions business. Our current and long-term goal is to consistently grow revenues, which we achieved again this quarter, in addition to prudently investing our time and resources into motions that produce the greatest ROI for our business. We have been and will continue realizing our strategic vision from both organic and inorganic actions for both our cloud solutions and payment solutions segments. We continue to make progress toward the full commercialization of our groundbreaking LedgerPay payment solution, and our team remains laser-focused in successfully doing so. I'll dive deeper into this in just a second. Concurrently, we have also been encouraged by the continued execution within the cloud solution space as we experience strong organic growth from net new customer wins, combined with public recognition as a leader in the Microsoft ecosystem for our growing business application group. Finally, I am pleased to share that our inorganic strategy is as active as ever, with a number of high-quality acquisition targets on both the cloud solutions and payments front. Before I provide any additional color on the cloud and M&A end, I would like to first talk about our payment solutions organization and the progress of LedgerPay. In alignment with our commitments and continuing the trends of milestone achievements from the prior quarters, we have once again made encouraging progress and are at the very final stages toward full commercialization. The current rate we've been on is unprecedented in the payments industry due to the number of simultaneous moving parts that must fall in place and have been successfully executed. The expertise of our team has allowed us to not just talk the talk, but truly walk the walk as an innovation leader in the payments industry. Before I begin to elaborate further, I want to take a step back and recognize some key events which occurred for us to get to where we are today. One of the recent milestones that took place was the transformational acquisition of BankCard USA, our now established all-in-one merchant services provider with over 7,000 merchants. In addition to our BankCard acquisition, we have onboarded payments industry leaders to the team, developed a comprehensive risk management program, achieved Microsoft co-sell ready status of LedgerPay, and of course, executed the vital bank sponsorship with the well-respected and highly accredited The Bancorp in late June. As a reminder, this accomplishment is a vital component that provides LedgerPay with direct payment processing capabilities with the major credit and debit card brands, allowing us to begin the Visa and Mastercard endpoint certification processes. Subsequent to our receipt of the bank sponsorship, our team has installed and configured Azure and cloud environments and has just today announced the attainment of PCI Level 1 certification of our LedgerPay platform from a PCI DSS qualified security assessor. For those that are not familiar with the importance of this event, PCI certification is a key marker of payment services providers' information security protocols and is an industry standard for compliance with major credit card brand security standards. Additionally, it is a critical prerequisite to complete the Visa and Mastercard certification processes. As we have described previously, this PCI certification is one of the last major milestones needed to move into the final stage with the card brands for certification. I want to reiterate what an extraordinary accomplishment this is in achieving the PCI certification as a full payment processor and how proud I am of our team who make this happen in such a short period of time. We have been working hand-in-hand with the implementation teams at Visa, Mastercard, and Discover to coordinate the process and steps necessary for the final stage of certification. This process includes implementation of the dedicated network services, the installation of secure hardware appliances, and then testing processes to confirm performance and full redundancy in the solution. This process is separate across each of the card brands, but once we have the first one, we are able to process across all four card brands. There are many moving parts, many of which we don't control. Nevertheless, we remain confident that the LedgerPay platform will be certified to support all four card brands in production in the coming months. In addition, we are focused on many other critical elements of the business to be prepared for commercialization. More specifically, a crucial area of focus for our LedgerPay team is to expand the sales pipeline, which directly flows into our broader corporate goal of growing the top line. Thanks to the efforts of our experienced sales division and marketing leadership, I'm pleased to report that we have a growing pipeline of opportunities in the ISO/ISV sales channel and expect to sign and announce our first contracts very soon. We have also established and received validating feedback from our ISO Customer Partner Council, which is comprised of five key prospects with deep industry experience. This group has met with the LedgerPay team and provided enthusiastic responses to our product roadmap, specifically the ability to perform automated paperless merchant sign-up and onboarding, as well as automated chargeback responses. This council and their companies will both be early-stage customers of the platform as well as advisors for the future. In parallel, we have been gaining encouraging traction on the direct sales front with retail customers for our payments intelligence solution. Our team has had productive conversations and has advanced discussions for payments intelligence pilots, including opportunities that have been co-developed by our cloud solution and payment solution teams, along with our partner dunnhumby, and includes the Quisitive On-Ramp to Azure data solution to enable dunnhumby's flagship services, which in turn can utilize LedgerPay payments intelligence. In addition to the promising leads within grocery segment, we also have been very productive conversations with fuel stations, multi-chain restaurant franchises, and convenience store chains. We have a growing pipeline that we can begin to activate once the product commercialization is complete. There are several other significant LedgerPay motions to note that demonstrate our progress towards full commercialization. Sponsorship agreements are underway with BankCard's primary BIN sponsor and also a key clearing bank for payment processing in Canada. Sourcing and integration discussions are underway with leading terminal device manufacturers, as well as with specialty consulting organizations that perform custom software integrations and EMV certifications with payment processing platforms. This will accelerate the deployment of our payment solutions for brick-and-mortar retailers. The enhanced staffing and process plans for supporting the onboarding and underwriting of new merchants are also being finalized, both from existing sales efforts through BankCard customers and from the new ISO and ISV customers. We have made noteworthy progress in obtaining a patent for our payment security solution, AgeChecker. As a reminder, AgeChecker is a solution that significantly increases compliance and security for merchants who offer age-restricted products and services by providing independent, real-time online consumer age verification. The software leverages high-quality data sources and intelligent matching technology that allow it to verify the identity of more than 90% of the U.S. population within seconds, utilizing a minimum amount of information from the consumer. This helps ensure that merchants can best comply with local and federal guidelines and regulations while preserving the online shopping experience and protecting the merchants' businesses. As we take a step back and look at the scope of this win, AgeChecker gets our foot in the door in tackling one of the biggest issues within e-commerce, which is identity management and cybersecurity. Ultimately, this patent adds another layer to Quisitive Payment Solutions' value proposition as it further differentiates our offerings from competitors and, from a unit economics perspective, drives incremental fees and revenues for Quisitive with every transaction processed using this solution. As you can see, our payment solutions team is tackling a multitude of items across sales and marketing, engineering, certifications, and operations in tandem, and we remain extremely confident in the trajectory we're headed towards. Next, I'd like to shift gears to cloud solutions, where we've made significant headway across several facets of the business. Our team has continued to execute within this segment and as a result, have experienced a 48% year-over-year growth. I am pleased to share that we are continuing to see an increase in the number of net new customer wins we're gaining and are confident that the current investments we are making will only continue to help maintain this trend. Secondly, we have been encouraged by the awards we've been granted, the most notable being the 2021 Microsoft Global Healthcare Partner of the Year award, where Quisitive was honored among a global field of top Microsoft partners for demonstrating excellence in innovation and implementation of customer solutions based on Microsoft technology. In particular, being recognized within a sector that directly improves the population health in our communities is especially meaningful. This recognition was a direct result of the immense impact of the MazikCare Vaccine Flow solution, which has been instrumental in distributing millions of COVID-19 vaccines to communities. It is certainly an honor to be recognized for this impactful work executed by our team. We look forward to making continued strides in the healthcare industry through both our cloud services and MazikCare application and using this success as a blueprint for our industry focus in cloud solutions. Moreover, we are also proud to receive the prestigious Microsoft Business Applications Inner Circle award, which accepts members based on sales achievements. This recognition ranks Quisitive in the top echelon of the Microsoft Business Applications global network of partners and further validates that our efforts are creating an impact within the Microsoft ecosystem and for our customers. Before I dive a bit deeper into M&A, I wanted to provide a brief update on our acquisition of Mazik Global. Our goal following a successful acquisition is to integrate them into the Quisitive umbrella as quickly and seamlessly as possible. I'm pleased to share that we have fully integrated Mazik into our corporate work stream and have appointed Lane Sorgen, a former senior executive at Microsoft, as SVP of Business Applications to spearhead this team and continue building synergies within business applications. Next, I'll spend a little time talking about M&A. As we've historically proven, we have an extremely active inorganic strategy to find companies that are accretive to either our cloud solution or payment solutions business, and we intend to continue our momentum and pace. One very encouraging update I wanted to provide was with respect to the extraordinarily active pipeline we currently have because of the influx in inbound requests we've received from potential targets. It has been exciting to see the interest in our strategic vision from prospective acquisition targets. They have delivered the message that our growth trajectory and robust position as a Microsoft Cloud leader has energized them to approach us. This also goes to show that all the Microsoft awards we've received have added to our brand equity over time and have further increased Quisitive's value proposition. On the payment solution side, we're seeing great interest in our unique cloud payment solution and how it disrupts the industry and the value of our payments intelligence capabilities. We have several acquisition targets who have reached out to us to explore how they could become part of our exciting journey. These include large-scale ISOs, PayFacs, and ISVs with industry payment solutions. We see great potential in building scale as well as extending our platform to better serve payments needs in key industry areas. I want to reiterate, I continue to follow the one Quisitive mantra for our post and future acquisitions. We plan to continue this from a branding perspective and from a functional perspective as we want our customers and partners to be able to leverage the vast number of capabilities that we have to offer in a rich, cohesive experience. Next, I want to touch on some of the synergies that we've begun to see in both the cloud and payment side of the business. There have been a healthy number of collaborative opportunities for us to cross-sell and leverage the capabilities of one segment of our business for the other, including the payments intelligence pilot I touched on earlier. This is the value of working with Quisitive, where customers have the benefit of easily leveraging the plethora of capabilities we offer for their business solutions needs. Not only do we have a vast array of prominent IP, but we pair that with our catalog of cloud services and industry expertise to generate transformational value. On brand with the financial growth, we have also experienced physical growth regarding headcount at our company. As an investment towards future revenues and making sure that we have enough human capital to support our growing pipeline, we have hired 66 employees year- to- date, which does not account for the transition of employees who came as part of the Mazik and BankCard acquisitions. This includes the addition of six new sales team members in our merchant services team, bringing that group to 30. This investment will help drive revenue growth as we move into 2022 and beyond. I would also like to take a moment and welcome Laurie Goldberg to our board of directors. Laurie brings a great perspective to our board as a CEO, has public market experience alongside capital market, and extensive data insight. Looking ahead, I'd like to share a brief outlook for the company. With the continued path of excellence within our cloud solutions business and the momentum being generated with payment solutions, supplemented by an active M&A strategy, we are confident about our outlook. I wanted to reiterate that over the next three to five years, we envision Quisitive as a $250 million revenue business with CAD 100 million in EBITDA. I am very proud of the progress we've made so far, but this is just the beginning. I am truly appreciative of all the hard work and dedication of our employees, the collaboration from partners and customers, and of course, the support from our investors. I would like to now turn the call over to Michael Murphy, our CFO, to discuss our financial results for the second quarter of 2021. Michael? Thanks, Mike, and thank you to all who are joining us for today's call. As Mike mentioned, we completed two acquisitions during the quarter. The first, Mazik, on April 1st, and their healthcare industry expertise, as well as consulting and app development skill sets that fit well into our cloud solutions business segment. The second acquisition was BankCard USA, which we closed on May 7th. This is a transformational M&A transaction for our payment processing segment. Overall, Q2 2021 is an exciting reporting quarter for us as we now get to tell you about the impact that these acquisitions have had on our results. On a consolidated basis, the company has seen an increase of 75% in revenues from the second quarter to CAD 23 million, compared to CAD 13.1 million in Q2 of last year. While BankCard's revenue and EBITDA are only included from May 7th onward, on the payment solutions side, revenues for the second quarter increased to CAD 6 million for the quarter, comprised of payment processing fees from BankCard, compared to CAD 1.1 million of LedgerPay license revenues in Q2 2020. As we ramp LedgerPay into production later this year or early next, we are planning on continuing to grow payment processing revenues at pace through the investment in additional sellers across the payment processing business. Revenues for the cloud services segment increased to CAD 17 million from CAD 12 million in Q2 2020. The increase in revenue was due to additional revenues from new logo sales, organic growth, and of course, the addition of Mazik for the quarter. Overall, cost of revenue for the quarter was CAD 14.7 million, with margins of 36%, compared to costs of revenue of CAD 7.5 million and gross margin of 43% in 2020. Gross margin percent for the cloud services segment was positively impacted in 2020, comparative, as this was the first quarter post-pandemic and utilization was much higher than normal due to travel restrictions resulting in significant consultant vacation time. Additionally, in 2021, the declines in margins occurred as a result of adding cloud services revenues. The cloud services CSP provider revenues, which are accretive but at a lower margin. We also made increased investment in the payment processing sales team by adding six new salespeople as it prepares for the growth that we talked about in 2022 and beyond. Sales and marketing expenses for the second quarter were CAD 1.5 million, which was an increase from CAD 1.2 million in the second quarter of last year and G&A expenses for the second quarter increased to CAD 3.2 million compared to CAD 1.7 million in 2020. The increase in 2021 is in line with increasing revenues and is related to the addition of new businesses during the quarter and bringing on additional administrative employees and burden costs to manage the increased headcount in the corporation, along with higher legal and professional fees associated with the growth of the corporation. Below the line, interest expense for the second quarter increased to CAD 1.2 million compared to CAD 1 million in the same quarter last year. The current quarter interest expense includes over CAD 400,000 in capitalized loan arrangement costs relating to the previous credit agreement, which were written off when we entered into the new credit agreements as part of the BankCard transaction. Overall, we're paying interest at significantly lower rates under the new credit facility than we were in the second quarter of 2020. Transaction costs of CAD 3.2 million were incurred in the quarter, which is a big increase year-over-year from CAD 150,000 in 2020. That CAD 3.2 million was incurred directly in connection with the BankCard and Mazik transactions that closed in the quarter. I don't normally talk about amortization on this call, but I think it's appropriate given the large increase in expense in the quarter to CAD 2.6 million. This is due to sizable increases in intangible assets acquired in the Mazik and BankCard acquisitions, predominantly related to the fair value of customer contracts that we got. Overall net loss for the second quarter totaled CAD 2.9 million or a loss of CAD 0.01 per share, compared with a net loss of CAD 5.7 million last year and CAD 0.05 a share. Adjusted EBITDA for the quarter increased to CAD 3.6 million compared to CAD 2.8 million last year. We concluded the quarter with CAD 17.5 million in cash. We're at CAD 19.7 million as of the close of business on Friday. That concludes my prepared remarks. Thanks for your time this afternoon, and we look forward to updating you on our progress going forward. I'm now ready to open the call for questions. Operator? We will now begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. Please note that each analyst is limited to asking two questions per person on the call today. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. We'll pause for a moment as callers join the queue. The first question comes from Robert Young from Canaccord Genuity. Please go ahead. Hi, good evening. I wanted to ask my first question around the LedgerPay pipeline. You'd said that you had a growing pipeline of prospects across a bunch of different segments. Some of them you've talked about before, some of them I don't know that you have. I was wondering if you could dig into that. You've talked about maybe doing some piloting. Have you gotten to that stage? Maybe if you could talk about what this pipeline entails and how much can be accomplished prior to the full commercialization of LedgerPay once you get connection to Visa, the networks, et cetera. Yeah. Related to LedgerPay, obviously related to merchant services, we are onboarding 20-30 new accounts every month. We continue to get organic growth through the merchant services side, which is the BankCard business. Again, added sales capacity there, expect that to continue to scale and grow. That organic growth is in flight and will continue to do that and deliver that to the business. On the LedgerPay side, the pipeline we're talking about there is really kind of in a couple different forms. One, as we've described before, one of our targets are working with ISVs that facilitate payments in certain industries, and as well as then ISOs who look like a BankCard, but one of their biggest expenses and partnerships is with payment processors. We've had a growing number of discussions with ISOs who are extremely disappointed in their existing relationships with the existing processors. A lot of it having to do with very antiquated systems, which we've talked about before, that provide very little insight and visibility into reporting, don't deliver value to the merchant base, and it's a key feature that we've developed in LedgerPay. I mentioned this partner council or customer council that we've created. These guys We've shown it to them to get feedback, validate some things, and doing that stuff, and super excited about what we're bringing and saying it's very differentiated in the market with that. We have in excess of 20 very advanced discussions going on in the ISO pipeline that are all very attractive opportunities for us, and we'll see those. Those will require us to be fully commercialized before we can process a payment. Payment processing, until we're certified, you can't actually transact. We expect to have signed contracts that we share and announce long before that because we have customers who are committed and ready to sign contracts and just have done their due diligence to confirm that they feel confident that we're going to be there. You'll see us doing that. On the payments intelligence side, we've got a growing list of larger merchants that we're working with, some that again, we're in some stages where we have very interesting discussions around pilots. Pilots are tricky to do just because a production pilot is a big undertaking. What we try to do is do them in a disconnected state to give them visibility to data to start with, and then once we're commercialized, then be able to be injected into the flow and to go into a production stream. Those processes will vary depending upon customer, but we have some pilot discussions that are very advanced and are working with them to create insights and processes around demonstrating the value of the data to them, independent of being part of the payment flow and in the production of the environment. Thanks. That's a lot of color. Very helpful. Second question from me will just be on the BankCard. I think you said $6 million for the stub period? So that's about $10 million, maybe a little over $10 million pro forma, is that correct? I think you'd said that Q1 was artificially high because of the subsidy payments in the U.S. market and some other factors. Maybe just talk about the sequential volume between Q1 and Q2, then I'll pass the l ine. Yeah. I shared in my statement, so the CAD 550 million, that is for the stub period that we can take credit for because we closed the transaction on May 8th. On a total volume basis, volumes stayed up slightly, in fact, but on a quarter basis. It actually is a growth story because as you described, there was a big spike in March and a little bit in April prior to it that was all centered around the stimulus payments that had gotten. It was actually a really good overall growth story on a top line, given that we had expected it to maybe fall off a little bit just because of that big abnormality that occurred in Q1. The next question is from Kevin Krishnaratne from Desjardins. Please go ahead. Hey there, gentlemen. Good afternoon. Congrats on a good quarter. A question for you, though, on the gross margin came in a little light, 36%. To try to back things out, if I back out the BankCard USA, which I think you previously indicated 50% gross margins there, it looks like the IT segment was in low 30% range, a little lower than it was. Can you just talk about the dynamics there? Obviously, you must be seeing a higher uptick in the CSP revenue. Can you just talk about the trends there, just for modeling purposes and sort of what's driving that big amount of consumption in the CSP side of things? Yeah, a couple things. On the BankCard side, difficult to have gross margins fully. They were a little below the 50% on the stub period because there are some costs that weren't easily allocated based on the stub period and things like that. There are actually some direct expenses that based on annual. There's different kinds of annual fees and all that, kind of hard to get into in a detailed way. It's not easy to sort of partition those in a stub period like that across periods, just because of the way they flow from Visa and things like that. There was some of that that hit that we couldn't really pull out because that's the way Visa records them, and so does the bank. That was a little below the 50%, more in the mid-40s. That's part of the fact. The other piece, what you're describing is the CSP or recurring. As Mike talked about, we continue to see growth there, which is good. It's all three-year recurring revenue streams that's accretive, especially given that there's really no incremental cost or very little incremental cost for us to deliver the service over the 3 years on the monthly recurring. It's growth from existing customers who continue to consume more Azure capabilities as well as new customers. We'll continue to monitor this. The bigger that gets, the more we'll likely have to pull that out and actually discern that separately. In the meantime, those are the drivers that you've described, and it's a good thing. It's growing consumption. On a macro level, it's still positive EBITDA contribution with very little incremental marginal cost, but on a gross profit basis, it's going to pull some things down. Okay. Just to clarify on the nature of revenue, though, is it typically associated with a customer with which you're deploying an app and that app is consuming cloud? Are these customers that are strictly using you as a reseller-type model? Is it associated with your other- Could be both. different? Yeah, it's a mix of both. There are customers that we're deploying the apps into the cloud and managing their services and things like that, and others that we are just the reseller, much like a Softchoice, where increasingly customers are coming to someone like us versus the Softchoices and other ISVs or VARs of the world because they don't bring value-added services from applications and data and all those things. We're starting to see more and more of those kinds of customers that would have went to them traditionally come to us, and we'll certainly take the revenue. The cost of sales is not very high. The performance obligations on a revenue stream is very accretive. It's just that it does put some margin pressure that we'll have to make sure we keep visibility for you guys. The next question comes from Rob Goff with Echelon Wealth Partners. Please go ahead. Thank you very much, and congratulations on your quarter guide. Sure. Thanks. You're most welcome. With respect to LedgerPay, are you seeing initial traction based on its execution capabilities? Or to what extent are the data capabilities part of that initial traction? Well, as we discussed, it varies by which audience you're talking to. When you're talking to ISOs and ISVs, it's about the rich feature set from a payments perspective, less than it is about payments intelligence. In that case, it's about our ability to provide a sophisticated payments platform which they can't get elsewhere, but most importantly about the rich analytics we provide as well as feature set that we provide, for ISOs in particular, as you think about some things we've talked about, residual management, chargeback management, merchant onboarding, and automation of all those kinds of things that we have built into our product that they're not able to get from others, that that's the compelling story there. When you're talking to the larger retailers and some of the folks we're talking that have restaurant chains and convenience store chains and other kinds of things like that, then it's much more a conversation about the value of the data powered by payments. It's really two different go-to-market strategies. One is about being this modern platform, leveraging the cloud, creating some cost economics. More importantly, a rich feature set with modern reporting and analytics that they can't get elsewhere. The other is really centered around unlocking this unique insight to their customers, being able to do the personalized promotions and things like that. That's with the larger merchants. You'll see us go into market with both of those stories. It really depends upon which constituents you're talking to. Thank you. On a second question, it's very interesting to hear about the number of inbound inquiries in terms of potential acquisitions. Can you talk a little bit about that and whether I should thereby assume that they might also be looking for a structure where they take shares to participate in the leverage? Obviously, as we've talked about before, first of all, it's always fun to be the person that people want to talk to. What we're seeing is through what we're demonstrating. On the cloud solutions side, our brand and position with Microsoft continues to grow and differentiate, and that's creating value. On the payment side, as people are starting to learn about our strategy, other ISOs, PayFacs, and others who would love to be able to do what we're doing but know how difficult it is to build the product, get certified, are going, "Look, we think there's incredible value of us being part of what you're doing to go drive that because what you've built is a really unique offering." That's been really validating in one way as well as making M&A a little easier. I've been receiving calls from advisors as well as company owners themselves in that regard. The other piece of it, though, is as you think about the value proposition and how we're going to position with them, we've always felt and planned to, at least in the near term, use equity as a form of currency. As we've described before, some portion in cash, leveraging debt and cash on hand and access to capital markets as well as then using equity as currency, much like we did with BankCard, where we did an equity raise at a price point and the sellers of the business took shares at that same price point, which does two things. One is it protects the shareholders because it's consistent with the way we raise money for the transactions and do those things. Secondly, it creates highly aligned interests. Those sellers also have earn-outs typically. They're very aligned in the value creation that we can bring together because it's how they create the best value for their shares in the purchase of their company. Once again, if you have a question, please press star then one. The next question comes from Christian Sgro from Eight Capital. Please go ahead. Hi, good evening. I wanted to ask about some of the cross-sell you're seeing across the platform. Could you refresh us on some of the opportunities you're seeing in your cloud segment, customers getting pulled into the payment side and vice versa? As you move through the summer, are you seeing strong traction there in one way or the other? Yeah. There's different elements of cross-sell, right? Within the cloud solutions business, there are cross-sell opportunities and value that we're seeing where I'll give an example of Mazik strong capabilities on the Microsoft CE platform combined with their MazikCare platform. One of the big challenges as they go to activate that inside of some of the enterprises is all centered around data and data in the context of Azure. We've actually now had a couple of really nice wins, and we're creating a market offering. We've probably referenced before, we've got this Quisitive On-Ramp to Azure data capability that we take and have a prescribed approach to bring data together in the context of the enterprise in a very scripted, repeatable IP way. We're combining that together, and we're seeing really positive momentum in that case, where customers are seeing that the power of what the Mazik platform has, combined with the IP and skill and expertise that the historic Quisitive has around Azure data estate, allows them to activate much quicker and get to value quicker. We're seeing some really good success. That's an example we're seeing within it. In the case of what we're doing on the payments intelligence side between Quisitive Payment Solutions and the cloud solution side, one of the pipeline opportunities that we're in advanced discussions around pilots is centered around, it was actually a dunnhumby customer. dunnhumby is trying to activate their set of services, which are all around loyalty and brand and things. One of the blockers they had in activating the customer was centered around getting data brought together in the context of Microsoft Azure and the cloud in a form that would enable the rich services that dunnhumby had. They approached us from a Quisitive side and LedgerPay side first, but we brought the Quisitive team in as part of that and said, "Hey, we have this offer, again, on-ramp to data that really helps accelerate that motion." What ended up happening is that created this momentum for the customer that allowed them to get that ready so that dunnhumby, it was really a block. We removed a block for dunnhumby in that motion that allowed them to activate their services, which then enable us to partner with them to activate our payment intelligence services. We're doing those kinds of initiatives where there's rich capability. Especially when you start working with data, the complexity of that is really overwhelming for customers, and that's where the power of not only what we do to unlock that data through payments intelligence, having partnerships with people like dunnhumby and others, but then have this technology services and consulting capability that are experts in how to do that in the context of Microsoft Azure and bring that together in, whether it's in complex data warehousing or if it's centered around AI and machine learning and how to leverage that. That's a unique combination that both Microsoft thinks is very valuable, but more importantly, we're seeing a lot of good approval from customers, and some of those examples we're combining that set of service offerings together that allows a customer to advance through a single partner and solve problems that independently would be difficult for them. That's all I hoped we'll cover. For my second question here, I'll switch over to BankCard and the payments end market. It was good to see the sequential lift in volumes into Q2, despite the strength in Q1. Just wondering from where we're sitting now in the middle of the summer into Q3, are you seeing the payments end market performing strong into the fall here? Would you expect normal seasonal strength in the Q4 quarter? Thank you. Yeah. I described this to some investors here recently. Historic seasonal patterns in every industry are currently on hold. The pandemic and Delta variants and all those things make it really hard for me to say based on what happened the last 10 years is going to happen. Certainly didn't happen in 2020, and may or may not happen in 2021. Having said that, summer's typically a little bit softer month for some of the merchants that they're having. We expect it to be probably a little more flat than big growth in the summer months. Usually we see kind of a historically it's been a return to growth coming in the September, October, November time frames as you move into the holiday season, things like that. That's what we're expecting at the moment, but like I said, we don't have a heavy footprint in retail restaurants and things like that, where some of that volatility is much more significant. As I've talked to some of the competitors in that space, they're seeing a little bit of a pullback. They had some really good momentum, but then as the Delta variant started to flare, there's been a little bit of pullback. We don't really have too much of that, so we don't anticipate any pullback. It just will be kind of the shape of growth. Like I said, summer months, June, July, August to some degree are a little bit more flat and then starts up as kids get back to school and all those kinds of things going forward. We expect to have that pattern at the moment, but as I said, no guarantees that the historic patterns prevail. The next question comes from Gabriel Leung from Beacon Securities. Please go ahead. Good afternoon, and thanks for taking my questions. I got two questions, both on the payment side. First, Mike, you noted that you got a pretty strong pipeline in terms of ISOs who are looking to work with you on payments. I'm curious, once you do go fully commercial with LedgerPay, how should we think about, I guess volumes step functioning, or not so much step function, but how should we model volumes as you add on some of these ISOs that are in the pipeline? Do you think we'd see a step function higher in any given quarter, or do you think it's sort of a gradual increase as some of these ISOs move the business over? You'll see, I think, a couple of things. One is obviously you have the BankCard, you'll see that be a steady stream over the 12 to 18 months following, with some step functions as we do blocks on certain gateways and other kinds of things. The more that the ISO has card not present versus card present, you'll see it be more of a step function. Because you're likely integrating with gateways and doing those things to capture not only new volume, kind of the path will be step one is new volume with those ISOs. Step 2 will be step functions related to some of that card not present. The card present scenario where you got the terminal devices and stuff like that's going to be more of a steady state growth. It'll be kind of a combination of those things. Really the idea is that it and the beautiful part is as it grows, it's all recurring and multi-year contract, and you build a bigger and bigger base. For our modeling purposes, we're using more of a slow growth model in the model, but that there'll be some step function stuff based, especially on some of that card not present. Got you. Appreciate that. Just for my second question, as we think about organic growth, I guess, on the payment side, how does entering new verticals play into your growth strategy? Is that something you guys are considering at this point? Yeah. Obviously, again, got a little bit the two sides of it. From the BankCard side, they've had some strength in some various verticals, sporting goods, obviously some nutritional health things, combined with some of the vape things that they've been doing. Continuing to drive and strengthen position in those, while also looking to diversify in other areas and continuing to build on that. As we've stated, kind of our focal point, set aside the ISO motion. On the ISV side, that's a big part of it. We're looking at ISVs in particular industries that I think we can go capture and create some partnerships with that maybe have some front-end niche offerings, whether it's point-of-sale offerings, whether it's solutions that are integrated into point-of-sale solutions to help facilitate payments that we could potentially capture. On the larger payments intelligence side, as we described, quick-serve restaurants, convenience stores, and grocery are kind of the focal points for us. We'll be opportunistic outside of that, but those are our focal points as we go forward, and that's how we've aligned our sales organization to go to market. This concludes the question answer session. I'd like to turn the conference back over to Mike Reinhart for any closing remarks. Great. Thank you. Well, thanks for joining us today. Especially want to thank all of our employees, our partners, investors, and customers for their support. We appreciate your continued interest in Quisitive and look forward to updating you on our next call. Thank you. Have a great day. Concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.