BTRS Holdings Inc.

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to BuildTrust's first quarter 2021 earnings conference call. At this time, all lines have been placed on mute to prevent any background noise. Following the speaker's remarks, we will open the lines for your questions. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Dara Dirks to begin.

Thank you. Before we begin, I'd like to remind you that today's call may contain forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including those set forth in our filings with the SEC and available in the investor relations section of our website. Actual results may differ materially from any forward-looking statements we make today. These forward-looking statements speak only as of today, and the company does not assume any obligation or intend to update them except as required by law. In addition, today's call may include non-GAAP measures. These measures should be considered as a supplement to and not a substitute for GAAP financial measures. Reconciliations to the nearest GAAP measure can be found in today's earnings release, which is available on the company's website. Hosting the call today are Flint Lane, Biltress founder and chief executive officer, and Mark Schiffke, Biltress chief financial officer. With that, I'd like to turn the call over to Flint to begin.

Thanks, Dara, and thank you, everyone, for joining the call today. The digital transformation of accounts receivable and B2B payments continues to accelerate. The events of the last year have permanently changed the landscape of how corporations around the world conduct business. CFOs have a heightened awareness about the need to automate and digitize the order to cash process. Work from home policies are affecting how our customers and their buyers operate. Finance departments are increasingly implementing solutions to take advantage of efficient and cost-effective ways to streamline invoicing, lower DSO, improve customer satisfaction, and reduce cost. Our industry-leading platform offers customers an end-to-end solution spanning the entire order to cash process. including credit decisioning, e-commerce, invoicing, payments, cash application, and collections. These mission-critical solutions are integrated with a number of ecosystem players, including financial institutions, ERPs, and accounts payable software platforms to help our customers accelerate cash flow and more quickly and efficiently generate sales. Equally important to the solutions we provide are the teams we have focused on helping our customers drive the business outcomes they desire from our solutions. For instance, our eSolutions team helps our supplier customers run marketing campaigns to convince their small business customers to switch from paper checks to electronic payments. The switch from analog to digital can be accelerated greatly with our proven best practices. Our business payments network, or BPN, continues to scale, reaping the benefit of strong network effects. Taken together, we're incredibly well positioned to capture more than our fair share of this enormous and growing market. Our 2020 momentum has carried over into 2021 for a strong start to the year. We're very pleased with our first quarter results, which exceeded our expectations. We finished the quarter with over 33 million in net revenue, representing approximately 35% year over year growth. As we noted on our last earnings call, we had some deferred revenue that was going to be accelerated to the first quarter rather than spread across the year, making the first quarter larger than normal. We think a more fair way to look at this is to exclude the accelerated deferred revenue. If you do so, our net revenue in the quarter grew 25% year over year, which is a big step up from Q1 of 2020. Our software and payment segment growth, excluding the accelerated deferred revenue, was up 27% compared to 18% growth in Q4 2020, another big step up. As a private company, we always operate the business in a transparent fashion with our board and our investors. Our plan is to continue with the same philosophy as a public company. Excluding this accelerated deferred revenue will allow investors to do a more apples to apples comparison of our financial performance. While the acceleration of this deferred revenue helped us in the first quarter, it will make for a tough comp in 12 months, so don't be surprised if we remind you of that. On the basis of our outperformance, we are raising guidance for the full year, which Mark will discuss later. During the quarter, we made progress against a number of growth strategies. We continue to be aggressive on the sales and marketing front. Many of the new salespeople that we've hired over the last six months have started to put wins on the board. Our pipeline remains strong, which will have a small impact on this year's results, but should support our next year's growth objectives. Channel partners are particularly meaningful to BPM's expansion, and we are seeing more volumes and more supplier leads from our BPM partners. We're also excited to announce earlier today that Bottom Line Technologies, one of the early pioneers in accounts payable automation, had joined BPN to help expand their supplier payment strategy. BPN continues to have incredible momentum and is the fastest growing part of our business. BPN's first quarter card volume was up 117% year over year, and total payment volume was up 146% year over year when including ACH and wire payments. You may recall that we added these new payment modalities in August 2020 as part of BPN 3.0. I've spent a fair amount of time in the past discussing difficulties that suppliers have processing virtual credit cards. ACH and wire payments can actually be more difficult to handle because the remittance information isn't delivered with the payment. ACH and wire payments hit a customer's bank account and remittance information most often comes via email. So the first step is to make sure you've got a match between the two. If you get thousands of ACH payments per month, this is no easy task. The remittance information also comes in many different formats. It could be in the body of the email, it could be in a PDF attachment, or it actually could be stored at a website that a customer has to log into to retrieve. Our BPN ACH solution automates this process, and customers are responding incredibly well to this new capability. In fact, one customer shared her story that the ACH process now is so seamless that they've begun campaigns to convince their other customers to pay this way, which they never would have done before BPN. Before I turn the call over to Mark, I'd like to invite you all to attend our Bill Trust Summit, which is being held virtually next week. The event, which is the accounts receivable and B2B payment industry's largest conference, will feature impactful keynote addresses from Shift7 CEO and former U.S. CTO Megan Smith and former NFL quarterback Steve Young, as well as an impressive roster of fintech industry experts, including the CEOs of Avid Exchange and Bottom Line, as well as the head of payments from J.P. Morgan. BillTrust Summit is a great way to learn more about our solutions. We've also been known to make some big announcements at Summit. More information and registration details can be found on our website. I really hope you can join us. With that, I'll turn the call over to Mark to review our first quarter results in detail, as well as provide our updated financial outlook. Mark?