All right. We are continuing here at the 46th Annual Canaccord Growth Conference. I'm Joe Vafi, Equity Research Analyst here at Canaccord, focused on digital assets. Up next, we're pleased to have the team from Repay with us, and that's John Morris, CEO, and Rob Houser, CFO. Repay is a payment technology and software company providing electronic payment processing solutions for businesses, lenders, and financial institutions. The platform handles consumer payments, B2B vendor payments, and loan repayments across multiple payment channels. The company recently closed on an exciting acquisition called KUBRA, which materially increases the size of the company, and we will get into that a little bit more here. We like the Repay story relative valuation, margin profile, and free cash flow generation. So with that, thanks for being with us here today, John. Thank you. And Rob. Thank you. Great. Maybe we'll just start off, maybe John, you want to introduce Repay to us in your own words, and where you are right now in the evolution of the company, and then we'll get into more detailed questions from there. Sounds great. Yeah, so thank you for joining us today. From a Repay perspective, on a post-KUBRA basis, the new Repay is we think we're one of the leading providers of consumer bill payment, bill presentment across the United States and Canada. We offer the most modern consumer experience where the modern consumer is today, and that consumer is us, and how we're operating, how we interact with a large biller. We provide services to some of the largest billers in the U.S., whether it may be on the consumer finance side, and now on the utility municipality side, and the government side. And our ability to offer that end-to-end comprehensive solution, that we can provide all those communication services, those bill presentment services, and obviously the payment services of that. And we'll share a little bit more about that as we walk through today, but our ability to offer that end-to-end enhanced consumer experience on behalf of our clients, which will be many of the large billers that you interact with as consumers. That's great. Yeah, KUBRA is a very exciting add to the company. Materially expands the business, and with cross-sell opportunities, it's great. You also just reported your Q2 results w hich showed some organic growth acceleration. You've had KUBRA now for a month, so maybe we just walk through the highlights from the quarter real fast. Sure. We delivered on our expectations for the quarter for Q2. We had 6% organic growth. 2 points of that organic growth was our political media business, which we'll talk more about in a few minutes. With the primary season going right now, we had a nice uptick from that for the first half of the year. In Q2, our consumer business organic growth was around 4%, and we're starting to ramp that as we go into the year. We gave a guide this year that we'll exit the year on organic growth of 10%-12%. If you exclude that political media number that I talked about, it's more around 7%-9%. We do expect to ramp in the back half of the year. Things are going as planned with the KUBRA integration. We had a strong free cash flow conversion at 75%, or $27.4 million of free cash flow in the second quarter. The story that I gave on the call, and the story I continue to give is this, it's a cash story. Both businesses generate a decent amount of cash, and we feel strong about our guide for the rest of the year. We expect a free cash flow conversion of around 30%. That will ramp down because of the term loan that we took to buy KUBRA. Some of the interest will start hitting on the back half of the year for that. But we're starting to expect a decent ramp for the back half of the year as we have new business coming online in our consumer space. As I said on the call, we're seeing some of that ramp come through even in the month of July. It's starting to really materialize. We're really excited about that, and we're excited about returning to double-digit reported organic growth, and then we're excited obviously to talk about KUBRA. Only owned it one month for the quarter, but plans are executing quite well. That's great, Rob. There's some good news here. Across my coverage, this may be one of the more attractive risk/reward stories right now, I think, out there. Rob, I want to talk about the industry a little bit, but I also want to maybe double-click on your comments here about this kind of visibility you have to continued acceleration in the organic story through the year, because I think that's where the rubber hits the road with your story, relative to potential multiple expansion from here. Yeah. We've made a lot of investments we've talked about over the past few quarters, in people, process, and technology. We're launching some new technology in our consumer business. We've talked about some of the voice AI, John talked about on our call, and our Dynamic Wallet where we can put actual physical bills into your iOS or Google device. New technologies coming out, and our customers are excited about it, and we're ramping some new volume. For any of us who tracked us, we had some non-competitive losses that we had ramped or lapped from 2024, of a few clients that were part of an M&A and sold and went with the parent company. But we have since lapped that, and we continue to have pretty strong growth on the back half of the year. Our B2B business, excluding the political media piece, still grew in the quarter at 19%, and we feel pretty strongly that we'll stay in the roughly mid-teens as part of our guide that we gave for the full year, for the back half of the year. That business is growing really nice. Anybody who's followed us, that's our payables business for business-to-business payments. We've brought on a lot of volume, and we've been monetizing that volume, from check volume to digitalized volume and monetizing that, and we have a large base of embedded partners that we've started to bring on volume there as well. That business continues to grow nicely. We're really excited. We're going to see that back half ramp, but all things out of the gate into Q3, we're seeing that, and we feel really confident about it. That's great. That's a lot of good news. Maybe we'll double-click a little bit on some of those new technology rollouts you were talking about. That's one new thing going on in payments. Anything else that we should be tracking at a super high level on innovations or trends relative to your business and payments that could be a catalyst for the story? Yeah, I think I'll jump in. If you look at when I was talking about that end-to-end consumer experience, I call it the modern consumer experience. Everyone in this room is a consumer. Every one of you gets billed by someone, from your power bill to your car payment to credit card, whatever it may be. That's who we service. That's our clients. You effectively are one of our clients through one of our clients. Our ability to deliver that modern experience. That modern experience I talk about, you almost could refer to it as the Amazon experience. The e-commerce world has trained us to have a very frictionless experience. I call it two clicks. With two clicks of your smart device, you expect something to happen and happen immediately, almost at times. The billering world and many facets in the verticals that we serve is catching up to that experience. Still, us as consumers, we see it when there's friction in that process that's not the same. We see it now in that process in a really great way. We have the financial technology that does that, and we actually take the payments and move the money, and we have the full technology stack and ecosystem to deliver that from the beginning of experience to the end of the experience. Now, that includes a lot more things. That includes the communication with you, not just the payment, but most of the time it comes in some form of communication. Think of all the ways you're communicated to. Deliver that in a one-stop shop, single pane of glass. Our clients don't want six vendors to do each piece of that. They know every time you bring a vendor into that experience, there's an opportunity to break that whole cycle. Our ability to deliver that end-to-end from the presentment, the creation of a bill, the actual communication about that bill, and all the ways you can communicate that, whether you're mobile, maybe text, maybe IVR, all the channels you can communicate in, consumers expect you to have it all now. How they want to see you, how they want to interact with you, they expect that to be a high-quality experience. We provide the tools that deliver that overall end-to-end experience in a one-stop shop. Competitively, we think we're the only one that can do end-to-end all of those things, and it's core to who we are, especially on a post-KUBRA acquisition basis. We think we can deliver that full suite of solutions, including some of the things Rob was just talking about, some of the AI automation we're doing, some of the AI things we've done with just voice. Voice is not going to be an IVR. It's not going to just be call this number, press a few numbers. It's going to be an interactive conversation on how you want to interact with that consumer and how they make a payment, et cetera, through that. Things that we're going to be looking at on the agentic experience of how bills are paid with possibly your own agent. As we look out in the future, how the modern consumer wants to act and interact with their biller, we can deliver that. There are, as you can imagine, very large, enormous billers that are our customers across the U.S., and how we provide that. Those are going from essential services to high-priority payments. Very large, non-discretionary marketplace. High-priority bills as we help them interact with that. Things that are people, you and I, we want to make sure it's paid every month. We're helping deliver that experience. That's great. That's an exciting time, I think, for continued expansion of your value proposition in the market. I know, Rob, you mentioned growth rates. You mentioned growth in your B2B segment. If you could just remind us your two segments on a revenue mix basis percentage, and then the growth rates there to help people understand the build to how you're looking at the overall business. Yeah. If you look at our core consumer business, ex KUBRA, it's roughly 45% of the business. KUBRA is around another 45%, and that all is reported under the consumer segment going forward. Our B2B business is about 10% of our revenues. Again, for the full-year guide, we expect our core consumer business is going to ramp into double-digit growth, but to achieve roughly mid-single digit growth this year, and we expect to exit the year really going into a high single-digit, double-digit growth rate. KUBRA, we've only owned it for one month, but if I just pro forma, i t grew 6% in Q2 in this previous earnings we just had, and it is expected to stay mid-single digit for this year. On the back half of the year, roughly 5% grower. That is in line with industry. It is also a very non-seasonal type business. It is utility bills, government bills, recurring non-discretionary bills. Our B2B business, as I said, we grew 33%, or 32% in the quarter. If you exclude the political media piece of it grew at 19%, and we expect that to continue in the mid-teens on the back half of the year. Plus, we guided $8 million-$10 million of political media, particularly with the midterm election cycle for Q3 and Q4 this year. Our organic growth is returning, and we are lapping those legacy losses and really starting to ramp up our volumes on the organic side, and then we are really excited about what KUBRA brings to the house. As John mentioned, you bring KUBRA together with Repay, we have got the entire ecosystem, from bill creation, bill presentment, whether digital or print, because in our industries we play in, particularly in utility and government, you are required to have a print bill. We are one of the major players in that space. Taking the payment on our gateway, processing the payment, and connecting with all the card brands and banks on the back end, having our own processing engine. Communication, which is if you have a power outage, and you get that notification on your phone or your email that says, "Here is a geo map, and here is the outage, and when we expect your power to be restored," that is us. That is KUBRA. The email that says, "If you buy a Nest thermostat, you get 10% off your utility bill," that is us. That is KUBRA and Repay. Everything from professional services to help some of our clients who are large enterprise clients, but they do not have a large technology infrastructure, so we do professional services to help them augment some of that staff. Imagine all of that under one vendor, which most of our competitors do one or two pieces of that. We can come in now and offer the full comprehensive suite. That's what's got us really excited as we go into the new year, and what we'll be talking a lot more about on our Investor Day, December 7th in New York. Joe, those who are new to our story, when Rob talks about our B2B, business to business, that's the 10%. Think of that as the back office of business. Think of it the office of the CFO. We're helping automate their payables. Still over half of business payments, or their payments, their invoices are paid with probably a paper check in a lot of ways. We have a TotalPay solution that helps automate the payment and facilitation of all those payments. When you hear us talk about the political media spend, when we talk about that generally revolves around a political cycle. It happens to be part of that payables business platform. We're the intermediary on when you see a TV ad on TV for a political ad, there's a 60% chance we actually moved the money on that. The reason for that, obviously, is it's a good funds world in that losing candidates can't pay. When you see something, you should know it's paid for. We facilitate that. Very good part of our business. It just happens to create some cycles to it. The margin profile on that business is outstanding and generates a lot of cash. Although it's an every other year cycle, it puts a lot of cash on the balance sheet. Yeah, it's a good business. Yeah. I know, Rob, you both talked about KUBRA a little bit. Maybe we just go through the numbers on KUBRA a little bit more, on the size of the business, the margin profile. Yeah, sure. What we're talking about in terms of balance sheet leverage and the plan for that over time. Yeah, sure. We will own KUBRA roughly seven months this year. Our guide for the year was $150 million to $154 million in revenue on a pro forma basis. Imagine it around $240 million net revenue-ish. And margin profile, it is roughly an 18%-20% EBITDA margin profile. If you listen to our call, we talked about gross profit going down from our 79% to 70%. That is not price compression or anything bad happening in the market. As I mentioned before, core Repay was pure payments processing and payment gateway, high margin profile. To bring that full ecosystem, KUBRA also has a large communications business, bill presentment business, which is a lower margin profile. But again, we are still excited about that because we can bring our payments expertise into the communications, and their existing payments piece with the professional services, and offer that comprehensive solution. We are guiding full year EBITDA at 35% for the year. What is really important here when I talk about it is a cash story, we have identified synergies and committed to synergies. We have committed to $8 million run rate synergies in the quarter. Out of the gates, we already realized $4.5 million. We feel really confident that we will continue to get up to at least $8 million in the quarter, and we have committed to $20+ million by the end of 2028. We are well on our way to achieve those synergies, which also drive to a cash portfolio and improve that margin profile. A little bit different margin profile than core Repay. Yeah. Our net leverage, when we closed the acquisition, was around 3.9x net leverage. We are at 3.7x, so we had a good cash quarter. I have committed publicly that we will get below 3x in 18 months of owning the asset. Again, cash profile is really strong, and helps us de-lever that, and our focus will be on de-levering the company, and we have a history of doing that. Historically, Repay has done a lot of acquisitions, and we have levered up this high before and de-levered pretty quickly. Our confidence level is pretty high on that. Yeah, just to reiterate, so $4.5 million identified on a run rate basis already, just basically two months of owning, and $8 million for the whole year for 2026 as we exit that. As Rob indicated, $20 million by 2028. What we see is we really like everything we are seeing about the business. I have been out visiting clients, really good business. Great. Really great client base. Our ability to really enhance that overall experience. We have several clients, we only do one piece or part of that, and our ability to do that comprehensive solution is a fantastic opportunity for us to deliver on. That would be, it is not on my list, John, but that would be a cross-sell opportunity. That's right. Right? Yeah. You think that's a decent opportunity here. That's right. Right? We talk about. Go ahead. Well, no, I was going to say, if you just look at the KUBRA communications and bill presentment piece, there's a big opportunity to cross-sell that into our core consumer business we have today because we didn't have that capability. They use partners. We've had interest from clients already inquiring about it, so the ability to cross-sell and leverage. I have experience from that business in a prior company, and our sophistication, one platform that can do either digital or print, and can also guarantee paper suppression in an industry that has a lot of paper. The economics on that paper suppression are really good. Companies have tried that before, but the two platforms don't talk to each other. We have one solution that handles both paper or the digital aspect. To be able to offer that paper suppression in our existing client base and new client base, and bundle that with the whole ecosystem is what really has us excited from a growth perspective. That's great. You kind of talked about cost synergies. Is there kind of a threshold of cost synergy where, I believe you said the deal will go accretive in, was it 2028? 2028 on a free cash flow will be accretive. Free cash flow accretive. Yeah, 25% free cash flow accretive. A lot of that's driven by the synergies that we're realizing and are deleveraging. Out of the gates, there's a lot of opportunity there on the synergy aspects. Some of the things that we've seen with the acquisition is that similar reporting platforms. That was a good synergy savings. Similar cloud layout on back office cloud for both technology platforms. Y ou have scale now, you can negotiate better rates. It's not just an overhead or a CapEx save. It's also pure contract save. The scale of bringing the two companies together has driven a lot of cost savings that we've identified pretty quickly. Joe, you haven't asked us about AI yet, which I'm sure comes up in all these conversations, but ultimately you would expect us to be using that. What we've been able to use and see with that, the ability to use that, you would expect us to be using it heavily in technology development and coding, which we do. I talked about the number of hours we're saving on our development cycle. Our ability to allow the AI technology piece, and Claude is what we specifically use a lot of, to interact with these various platforms, to be able to merge that, to be able to create the conversation [crosstalk]. Really good for integration synergies, yeah. Behind the scenes. The integration ability, the probability and the accuracy of what we've been able to achieve just in a short period of time this year, it drives our confidence level on what we are going to be able to do with the KUBRA acquisition. That's great. Just one more on KUBRA. I know you've been a strong free cash flow generator, capital intensities, pretty good generally on the business. Can you talk about capital intensity of the KUBRA core business versus core Repay? Yeah. KUBRA had, previous to us owning them, spent a lot of money on building out a new platform. That's finished pretty much, and we're leveraging MyKUBRA HQ, which is a brand new platform. We're merging the best parts of that with our Channels platform that we've invested in, and our RCS. We've just invested a lot of money to replatform a bunch of our RCS platforms. Now our gateway and our processing engine are 100% in the cloud. Both Repay and KUBRA have made substantial investments in the past. We have committed to getting our CapEx down as a percentage of revenue, compared to where we're at now, and get below 10% by the time we get into 2028. That CapEx, we're going to continue to invest in the business, but a lot of that heavy lifting, both companies have replatformed and done a lot of that work early on. Now it's about bringing the best pieces together and going out and selling a full in the cloud modernized solution. Right. That's a great opportunity that doesn't show up in the P&L. A really interesting piece of the story. We're going to run out of time. Is there any other point that we haven't talked about today? We got through some of it, but I don't think we got through all of it. If there's anything else that you want to note here before we run out of time. Yeah, so listen, we just made a major event in our. We just basically doubled our company, right? We understand that our goal is to drive shareholder value. We're confident in our ability to deliver that as we drive throughout, kind of your tagline. We're going to drive to our success is upon execution of the plans we're talking about. Our ability to use technology to help us do that. As we go through that, as we build and continue to enhance our go to market and drive our organic growth back to the high single digit, low double digit range, which we're talking about, we've made the right investments to do that, but it's about execution. We're going to continue to drive that. In that process of generating more free cash flow, we're going to delever, and we think, no question, we can deliver on that piece of it as we also deliver on our synergies that we've talked about. That's great. Do we have a little more time, guys, or where are we on time? I think we're out of time. Yep. Clock's a little wrong. Thanks, John and Rob, for being with us today. Repay, a really good risk reward story now in payments, so thanks for being with us. Thank you. Appreciate it. Thanks, everyone. Thank you. Thanks, everyone.