Paya Holdings Inc.

Good morning, ladies and gentlemen, and welcome to the Pyle Holdings, Inc. Second Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. If anyone should require operator assistance, please press the star, then the zero key on your telephone. A question and answer session will follow the form of presentation. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Mr. Matt Humphreys, Head of Investor Relations, At PIA, you may begin.

Good morning, and welcome to the PIA second quarter 2021 earnings conference call. Before we begin, let me remind everyone that today's discussion will contain forward-looking statements based on our current assumptions, expectations, and beliefs, including financial guidance, the growth of PIA's business, our objectives and business strategies, as well as other forward-looking statements. Please refer to the disclosure at the end of the company's earnings press release and form a case file with the SEC today for information about forward-looking statements that will be made or discussed on this call. All statements made today reflect our current expectations only, and we undertake no obligation to update any statements to reflect the events that will occur after this call. You can learn more about the specific risk factors that could cause our actual results to differ materially from today's discussion in the risk factors section of the company's form 10-K filed with the SEC on March 8, 2021, and in subsequent periodic reports that the company files with the SEC. Also during this call, we'll discuss certain non-GAAP measures of our performance. GAAP's non-GAAP financial reconciliations and supplemental financial information are provided in the earnings press release and the 8K filed with the SEC. This call is also available via webcast. You can find all the information I've just described on the Investor Relations section of PIA's website. Please note, we also posted a supplemental second quarter 2021 presentation to the Investor Relations section of the PIA website. Now, joining us on the call today are PIA CEO Jeff Hack, and CFO Glenn Renzulli. Following their prepared remarks, we will open the call to your questions.

With that, let me turn the call over to Jeff. Thank you, Matt, and good morning, everyone. Thank you for joining us today as we review our solid second quarter 2021 financial results and discuss key highlights from the quarter. Payment volume grew 37% in the second quarter to a record $10.7 billion. with card volume growing 24% and ACH volume growing 64%. Revenue grew over 25% to 64 million, led by growth in both card and ACH, as well as incremental contribution from our Paragon acquisition in late April. On an organic basis, revenue grew 17% year over year. Adjusted EBITDA grew over 18% to 16.8 million. Compared to the same period in 2019, Revenue grew 24% and adjusted EBITDA grew over 31%, which highlights the differentiated strength of Paya's business model through varied economic cycles. Glenn will cover more of the financial details shortly, including our updated financial guidance. As mentioned, in late April, we closed our acquisition of Paragon Payment Solutions. Since closing, we've been busy executing our integration plan And I'm pleased to report that efforts are on track and we're confident we will realize our expected synergies. The underwriting we conducted prior to the acquisition was very much in line with the results we are seeing and we're excited about the opportunities ahead to accelerate growth in the business. The integration and migration of key talent and functions has largely been completed. We've also consolidated our physical office footprint within Northern Virginia while maintaining Paragon's strong presence in the Phoenix area. Furthermore, our go-forward sales and partner development strategy is almost complete, and we're making solid progress on our combined sales efforts. Finally, we're working diligently on platform and technology consolidation as we take the best of both worlds to enhance and strengthen our integrated commerce solutions. Speaking of partner development and sales, Paya had some new wins in the quarter with partners such as Infor, Life Storage, and more recently, Recur360, a cloud-based software and automation solutions provider that focuses primarily on the B2B vertical. Through the strategic partnership with Recur360, we are able to offer our value-added and market-leading integrated payment solutions to additional B2B clients across the United States, improving the efficiency of back office processes while dramatically improving the overall user experience. In our government vertical, we saw some nice recent wins within one of our key partners' customers and look forward to integrating these over the coming quarters. The ability to penetrate existing partners' base book of customers is a key pillar of our growth strategy, and these results give us confidence in our ability to continue to drive penetration rates higher. And finally, I'd be remiss not to mention that with our recent Paragon acquisition, we've been able to add some experienced sales talent in key verticals while also adding a healthy set of ISV opportunities to our existing pipeline for us to pursue. All told, our efforts to drive further growth through new and existing partners is progressing well and is another key component of our medium-term growth. Turning to products and solutions, we're delivering enhancements to our Paya Connect solution through new tools, features, and functionality across the stack, resulting in better user experiences, additional features, and improved efficiencies for our partners and their customers. Specifically, we're scaling our ability to support new and large partners who convert their existing book of business to Paya through additional hosted API and digital tools. Not only do we differentiate ourselves on our ability to do this with little to no end customer impact, but we and our partners benefit from rapid time to market, bringing revenue to our partners and Paya faster. We also delivered new attended and unattended card presence solutions for cloud-based payments in key channels, while also providing updated solutions and tools into our ERP integrations. Leveraging our position as SAGE's preferred payments provider in the U.S., we continue to differentiate Paya's offerings in the market through new and innovative critical back office functionality, such as enhanced e-invoicing. Developing and delivering product innovation to the market and being relentlessly focused on supporting our partners is a hallmark of our approach and a competitive differentiator for Paya in the markets we serve. As Glenn will mention shortly, we're seeing opportunities to make targeted investments in key parts of our business to support our growth over the next few years. And finally, we continue to see a healthy pipeline of acquisition opportunities in front of us. The deals we're currently evaluating are of varying sizes and types across our existing verticals or in adjacent and complementary verticals. With our current balance sheet, which was further strengthened by our recent debt refinancing, we have the financial capacity to pursue significant strategic and accretive M&A. We will pursue these opportunities provided they make strategic and financial sense and can be integrated into the broader PIA business as M&A is a powerful complement to our attractive organic growth profile. With that, I'll turn it over to Glenn to walk you through the financials. Glenn?