International Money Express, Inc. (IMXI) Earnings Call Transcript & Summary

Okay. Good afternoon. This is Ashwin Shirvaikar, Citi's payments processors and IT services analyst. And next up, we have International Money Express. It's a company that perhaps many investors don't know, but maybe they should get to know. And from IMXI, we have CEO, Bob Lisy. Bob, welcome, and thank you for joining our conference.

Thank you, Ashwin.

Yes. Yes. So just kind of given my initial comments since the audience or I think some members of the audience might be a bit less familiar with International Money Express, could you maybe spend 3 or 4 minutes describing at a high level who you are, what you do? And we'll get into a lot of the details shortly.

Okay. Great. Thank you. First of all, thank you very much for having us as part of your conference. We appreciate this opportunity to connect with some of the potential investors out there. So thank you all for sharing your time with us today. Intermex, as we call it, IMXI, International Money Express, is a company that's focused on the remittance industry. We came into existence in 1994, and for many years, was kind of a smaller private company. In 2009, I joined the company as a CEO and later, Chairman. And as a result of that, the company, we've kind of built it into something that's been on quite a bit of a growth spurt. Back in 2009, the company was about a $50 million revenue company. Coming up next year, will be a $400 million revenue company. We were about $1 million in EBITDA. Today, we're pushing close to $70 million. We were a small regional provider of money transfer services, primarily to Latin America, but heavily focused in Mexico and Guatemala. Over the years, we've expanded into all of Latin America, including Portuguese-speaking Brazil and as well as now into Africa, and we're also processing for companies that deliver wires to the Asia continent as well. So we continue to expand. Today, we're currently the largest company in the world sending money to Guatemala, which is the second largest market in Latin America. We have about a 27% share to Guatemala. In Mexico, our share is about 18%, and we think we're neck and neck with the Western Union suite of companies, Western Union, Vigo and Orlandi, in terms of being one of the largest companies sending money to Mexico. And by the way, Mexico is the largest single country getting money from the U.S., so U.S. to Mexico's largest single corridor. There are countries that get more money than Mexico, but no country gets more money from a single country. So it's the single largest corridor in which we're right there with Western Union as one of the largest. Today, we've grown our market share to the 4 most important countries in Latin America, which would be El Salvador, Honduras, Mexico and Guatemala to 20% share, one of every 5 wires going to that area goes through the West Coast through Intermex. And that business is about 75% of the overall business that goes to Latin America overall in terms of dollars. And we have very, very strong growth in the other areas of Latin America, particularly the Dominican Republic, Peru, Ecuador and Colombia. Our business is primarily for immigrants that are working in the U.S. and trying to support their families back home. The industry has much been thought of in the past as a commodity business. I think we've proven that it is, and we tend to be a value-added provider. And we've been able to grow our market share and continue to grow faster than the market, extremely faster than the market in many years, while sustaining price and not having price compression. And we've done that with a very rifle-shot approach to the marketplace, picking the very best retail locations with a very strategic approach to the market in recruiting. And so what we operate through is third-party retail locations. And unlike, say, Western Union, that would be in the big-box stores, our retailers are smaller mom-and-pop retail locations that exist within specific ZIP codes where we know our customers live. And we have a very good handle on our market share right on down to the ZIP code level, which then produces our recruitment and everything we do. So we have both a brick-and-mortar solution, which is the core of our business today and certainly the core of the business overall, particularly in Latin America. But we also have an online solution, which is growing very quickly, but it's a smaller share of our business. And we also have a payroll card and, soon to come, a stored value card that we'll be launching at retail. Our payroll card, we're doing payroll for people who are paying our customers. So I think that's a sort of a brief opening, and I'll turn it back to you for questions.

Yes. Yes. I think as you were describing how you have grown, it sort of lends itself to maybe natural questions about -- and then when I think of remittance businesses, I think of the send side and the receive side. So let's maybe talk about the send side and how it has grown geographically within the U.S. My belief is that you're currently strongest in the Southeast and Northeast, basically of the U.S. There still leaves a lot of ground to cover. Can you walk through the process of how you decide where you want to focus next? How do you pick an agent? Or why does an agent pick you instead of taking the Western Union?

Okay. Sure. Happy to do that. So we are strongest in the Southeastern states. So if you thought about the United States and you looked sort of from Kentucky and over across to the ocean and to the Mississippi River and down to Florida and down to Mississippi, that quadrant of the country is where we're extremely strong. Our market shares in some of those areas exceed 30% to Mexico and even higher to Guatemala. So we've got great penetration there. We've got great agent relationships. But the interesting thing is we continue to grow in those areas still equally as faster, faster than the market. So whereas we have a large share there, we continue to gain share. The Northeast is a strong area for us, not as strong as the Southeast, it's more diverse. And so money isn't always going to Mexico, Guatemala, there's more wires going to South America and even the Caribbean because New York and some of the areas are much more diverse. But the big opportunity for the company is really west of the Mississippi. And although California is now our biggest state by far, and we produce 6 million transactions a year out of California, which is bigger than our company was in 2010 or '11, there's still a huge opportunity in California. And the way we look at it is we generally track about 4,000 ZIP codes to 5,000 ZIP codes that we know have significant shares of population for Mexico, Guatemala, El Salvador, Honduras, Colombia, all the key countries, Dominican Republic. And then also a separate group because our consumers that might send wires to Africa are typically not in the same ZIP codes, certainly not at the same retailers. And when we look at those population demographics, we want to have a certain level of penetration in market share. So we might look at a brand-new state for us. First of all, we're in all states really with the exception of Alaska and Hawaii. Those states were in on our Internet side because people can do digital wires, but we don't -- we're not there on the ground with brick-and-mortar. But we're in all 48 contiguous states, but some of them are in earlier stages of penetration. And what that means is where maybe a state might have 300 or 400 key ZIP codes in it, some states maybe only 50 key ZIP codes, but we're working against building our distribution out ZIP code by ZIP code, and some are earlier stages than others. So where you might look at the Tennessee, and we might have a 30% share to Mexico and a 40% share to Guatemala, we look at a state like Colorado and maybe we only have a 10% share to Mexico and only a 15% share to Guatemala because it's an earlier state that we've only been in for a few years. And we're working against those ZIP codes with a field sales rep that every day is basically getting up and targeting vacant ZIP codes, that we're very clear where we're going and what the plan is based on the demographics, based on the information that we get from Claritas data, Census data, the consulates of the various countries and also the banks in the various countries that are receiving the money. And so we're building out related to not just where we think business is but a very calculated metrical approach. So we want to manage our ZIP code and our targets. Our target market share is right down to the ZIP code level, and that's how we build out. There are states like California that are a big opportunity, but even other states in the West: Colorado, Utah, Nevada, Arizona, that we've been in but not nearly the amount of time that we've been in the Southeast. So they represent a lot of greenfield for us still. And in some cases, many of those states have as many ZIP codes with large population targets that would work for us that we're not in as has many targets that we're in. So there's just as much work to still do has been done, which means there's a great deal of opportunity still in those states.

Got it. Got it. So that -- you addressed there what the, let's say, the greenfield opportunity is as it relates to new states and building out your distribution network. But equally important, I mean, as you talk of some of these higher shares in markets that you've been in, how do you -- because when I go to a densely populated or a ZIP code that might have a denser population of an ethnic community, very often, I see a Intermex and Western Union, a Ria right next to each other, right? So why does that person walk then into the Intermex?

Sure. Well, not only right next to each other, you hit upon something typically not Western Union because they're targeted to generally a different set of retailers, the big-box stores. So sometimes, they'll be at those retailers, but they'd usually be at those retailers with the Vigo brand, which is one of their other brands besides Western Union. But we're typically not only alongside of someone, we're in the same retail location with someone. When we got out of a retailer, we're almost always going to a new retailer that has at least one other service, but sometimes as many as 2 or 3 other services. Now we're not happy to come in and be the third or fourth guy, so we're qualifying that retailer. And what we do is a solution sell and which I think is very different in the industry. Most of the competitors essentially will put up any retailer that will have them. In our case, we want to identify unmet needs for that consumer that goes to that retailer or that retailer that our service and product will fulfill. So that if we go in and they have 1,000 remittances a month, we know from the very start, we're going to get 300 or 400 of those, or else, we're not going to put the retailer up and activate them. And those could be a lot of things. One could be just from a technological perspective. Our technology operates faster than anyone else's because we're an off-line technology and it's proprietarily built. We process a transaction in about 20 seconds. The competition, most of the competition will be 60 seconds or more. It doesn't sound like a lot when you're talking about 40 seconds, but on a Friday or Saturday in a busy store that could have 50 people in line or at least 15 or 20 people in line, that's a big difference for them as you're trying to typically sell other items. Maybe they're a carryout food store or a bodega, and they're trying to get through that group of customers quickly and give them the best service possible. That 20 seconds versus 60 seconds is a big, big positive. Additionally, our technology is very easy to use. The retailers will comment how much quicker they can get acclimated to our system, not only how quickly it works after you're up and going with it. We have a product that we call Check Direct. And a lot of the small retailers where we don't take checks for remittances, a lot of those same retailers cash checks for their customers who may come in and be shopping at their store for other things and cash the check, and they need a place to be able to deposit those. We're not the check casher, but we process those checks through Check 21 process that's pretty unique to us where we create an electronic check from Check 21 and give the agent retail immediate credit for that check and process it through the banking system. It eliminates the need for that retailer to deposit the check into their account and wait for the bank to clear it. Sometimes they can't -- the banks don't want to take the check at all. So it's a great convenience that it brings for the retail. If there's an issue or a problem, our customer service line is going to pick up in 5 seconds or less, much faster than anyone else. And if you start getting to the most bureaucratic players like Western Union, it could take you minutes to get the right person on the phone. So customer service is really an important ingredient of everything we do. A few years ago, the World Bank had a study that they did on the quality of service and remittances. We were rated #1, Ria was #2. And it was done by secret shoppers and also focus groups, and we were #1 in each side and then #1 overall. We're very proud of the level of service. We have a very low cancellation rate, which is also indicative of someone putting a wire through and it doesn't happen the way they want and they cancel it. Our rate is the lowest in the industry. As we talk to our payers, we'll reflect on that. So I think all those things are really key. But the guys we can compete with a lot of retail are people that most people are not aware of. Western Union, MoneyGram, us and Ria together are about somewhere around 60% to 65% of the market. But that other 35% to 37%, 40% is comprised of a lot of small guys that typically lead with price, but their quality of service is very poor. They don't have great banking relationships. They don't always deliver the wires on time. They typically don't have the funding to be able to pre-fund the wire. So when the customer comes in to send her on a Friday and sends his $400 and his wife goes to pick it up on Saturday, it's not available. And then she may go on Sunday and it's not available, and then he's going to come back into the retailer on Monday. And then the retailer has to call the money transfer company and get in the whole cycle of being online. That's a huge differentiator for both the retailer and the consumer. We talk about these wires being a commodity, but they're sent for food, shelter, medicine and schooling back home. And when the money doesn't get there for several days, it puts an incredible hardship on the receiver and ultimately, a lot of stress on the sender and finally stress on their agent retailer that it has to be received. So it's a big differentiator for us versus the small guys, that quality of service and ability to pay on time is not always present.

Got it. Got it. Now you made a point of saying you're not in those large grocery chains to banks, so on. You're working with local merchants, bodegas and so on. Does it make a difference?

Oh, it makes a big difference. I mean the quality of service, if you were to go here in Florida, we have the Publix stores. And not to take a shot at them, but they're not equipped and you're going to stand in line with someone that wants a lottery ticket and is returning a frozen food that was bad or whatever the case may be. And the quality of service, it's seen as a distraction. Whereas typically, we're in a store where the entrepreneur values the revenue stream. It might be the largest revenue stream, or if not, a significant revenue stream from store. And they take really great care, and those are the kind of agent retailers we recruit. But not only that, they're in the right locations. I mean most of the large supermarket chains or Walgreens, which Western Union works with, are not going to be necessarily in the ZIP codes where our consumers live. And these transactions are placed through convenience. They're also placed with someone they trust. The retailer types that we have almost function as a consulate in the neighborhood. There's someone that the new immigrant that comes in town trust with their money and believes that they speak their language, they understand their culture, they're local and close in terms of geography to them. So all those factors matter a great deal, along with the quality of service and the inertia that the retailer puts behind it because it's a really important service for them because they make a lot of money off of relative to their stream of revenue in that store.

Got it. Okay. Okay. What about digital? I mean your competitors have rolled out and spent a lot of time talking about digital. What's your strategy there?

Well, you need to be on both sides, and you need to build both sides strong. And if I were some of our -- my competitors, I would talk a lot about digital because it would be really embarrassing to talk about brick-and-mortar. So if you look at the growth of their digital business and you subtract that out from their overall growth, you'd find that a couple of the leaders, not Ria, because they have a strong -- I think they have a great strong brick-and-mortar business, but a couple of the leaders are really losing transactions or negative year-over-year at brick-and-mortar. Let me comment on brick-and-mortar first, but I want to start out by saying, please, no one thinks that I'm anti-digital and don't think digital is an important component or will be more important as we go along. But the facts of where we are today is that 3 years ago when we went public, people would say to us, "Well, what are you doing? The whole business is going digital. " And here we are, 3 years later, in the middle of a pandemic. And in October, we grew our brick-and-mortar transactions over 19% year-over-year in the middle of a pandemic. So we believe there's a lot more legs in the brick-and-mortar, and we believe it's the cash cow for us that delivers, our EBITDA that delivers and we convert about 55% of our EBITDA, by the way, to free cash to the tune of $10 million in free cash in third quarter. So that's going to drive our ability to invest in digital and other products. There's going to be a faster growth trajectory in digital than there is at brick-and-mortar, that's undoubtedly true. It's going to be bigger in certain countries. If you are big to India or the Philippines, then digital is going to be more important much more quickly because the consumer base tends to be a different group of consumers that are usually more educated that are coming to the U.S., usually working in jobs that are more professional and more likely to be banked. If you're working with target markets that are Mexico and Central America, people that are coming across to work in agriculture, construction and service industries, typically, those people were not banked in their home country, let alone in the U.S. And so remember, the piece with digital, the obstacle for someone to do a transaction without going to an agent is not the technology. Almost all of our customers walk around with a smartphone. They can do that in a second. They download apps, they all do WhatsApp to communicate with their families away. They do FaceTime. This is how they stay close because when they're away for months and years, the problem is the banking component. You can do the digital information really easy, but they don't have a card or a checking account or a debit card to be able to put in and complete the transaction. So that's the obstacle. That's the physical obstacle. Then there's a culture obstacle where they're really comfortable. They're getting paid in cash. Many times they're getting paid in a check. I'm going to go to this -- the bank doesn't really want to cash my check, so I got to go to the bank. I'm going to go to my retailer that cashes a check for me, and I turn it into cash. And right then, I'd go ahead and send my wire or I go to the retailer with cash. So there's a lot of reasons and obstacles for people moving to online. Today, the customer acquisition cost for an online wire, if you're doing really great and you built momentum, is probably $50 a customer. If you're starting out, it could be as high as $100 a customer or more. Now imagine that the gross margin in each of those transactions is less than $5 and about 50% of the people that you acquire in that customer acquisition drop off after 1 wire. And you can see that the pure plays today that are only online are all private equity because no one's really found a way yet. And it will come as there gets to be a more directed consumer that wants to do digital, but today, there's not one single pure play on the online side that's really doing great financial. They're growing revenue, but the EBITDA part has been really difficult. And I think that's, from our perspective, we'll spend a lot of money on online this year relative to us, we'll invest millions in it in 2021, but we'll invest millions in it within the context of our own financial situation because we know that it can be a big loser and really detract from the bottom line in the early stages of that. So it's important for us to begin to build our online because we do believe that as time goes on, it could be 3 years, 5 years online, we'll be more profitable and as a simple line item will be profitable by itself. And you can't start out and jump in 5 years from now. So you got to start building the business. But the key is, is not to take too many losses along the way in a way that's costly and not to degrade your brick-and-mortar business, which today is extremely profitable for us. The customer acquisition cost there is fractionally smaller because we're acquiring a retailer where we typically are acquiring 150 transactions a month at a minimum. So it's -- you need to be in it. You need to be balanced, but it's going to take some time, particularly in our core markets for that to be the predominant way to send money. It's important to keep brick-and-mortar growing in the meantime because that's going to be the leader and the one that drives the cash.

Got it. Thank you for that explanation. Let's talk a bit about the receive side. Building out the receive side, I have to believe that there is probably less information from a demographic distribution, census and so on perspective in many of these countries. So how do you grow your receive side?

Well, there's 2 things that happen again on the receive side. I'll take the 2 top markets. Guatemala, for instance, has 2 banks. They really dominate. They're probably almost 90% of the payout, which is Banco Industrial and Banrural . And so you know if you have those 2, which are the 2 keys, you really have the marketplace there along with a couple of others. The same thing with Mexico. Elektra is about 45% of the market, and you have BanCoppel, which is another retailer with a sub bank with it, and then Banorte and Bancomer which are banks, that group together is 80% or more of the payout from that side. And then there's other smaller retailers that you join in. So in both countries, those 2 countries, to start, we would paint with a broad brush of the retailers that are everywhere, that we know have large market shares, and we're not really sitting and looking at where is this retailer, where is this bank branch? We know that by having that group of retailers, that we're covering the country. But we have a second aspect in both Mexico and Guatemala for us. We have our own distribution network, which is really literally thousands of retailers. And we do -- more than 10% of our wires we pay out in Mexico through our own retail network, where we have small moms-and-pops, just like we have on the capture side in Mexico in these small villages and where there may be not a retail. And how we've come about that is we understand from talking to our customers at retail, talking to the banks, talking to the consulates and understanding the empty spots, if you would, in distribution in Mexico, in Guatemala. And then we'll go to a town and set up a small bodega in that town, a small taqueria in that town, that will become our payout location and it will be separate from the large box stores. So you've got the broad brush of those 5 or 6 in Mexico, a couple in Guatemala, and each country has them. And then with that, we built in into that specific targeted retailers which, for us, in Mexico, is more than 10% of our payouts go through our own retail locations. And just one more thing on that. I mean I went to Mexico several years ago, and I saw that primarily, women were driving in what they call buses but were like these trucks, and they rode in the back of it from a tiny village to go to a town to pick up their money. And it could be 2 hours each way, and it was a treacherous trip. And that's when we realized that, gosh, if we could put a retailer in that town, we could add great convenience to the consumer, wouldn't have to hop on the bus and have a leg up on our competition. And as we built that, it's now, like as I said, about 10% of our termination of wires in Mexico are paid through our own private network that are primarily small retailers. And that would differentiate us greatly from Western Union, MoneyGram, Ria and most of the competition there.

Understood. So let's talk about Africa. And I guess the first question becomes why Africa instead of Asia, considering Asia has Philippines, India, China, which have been the receive markets? So why Africa?

I think the first piece is that Africa, and it's not fair to name it, for us to name it monolithically. There's a number of different countries, right? But I think Africa is very concentrated populations in the U.S., that were bite-sized, particularly as we started with Nigeria and Ghana, that we knew that there are 6 or 8 markets in the U.S. where Africans primarily live. And those were markets where we could basically put 1 or 2 people nationally that would go to those markets to recruit to augment the recruitment efforts of our overall sales team. And we could really attack and try to get a decent market share to those countries without being ubiquitous. So I think that was one of the first pieces. The second piece is that the Philippines market today is very much driven towards digital, where the African market still has a strong component of brick-and-mortar. And if we're leading still with our brick-and-mortar business, not to say that we're not going to do wires to Africa digitally, but if we're leading with it, Africa makes more sense there as well. China is a difficult market. China has been a market that's caused a lot of compliance issues for some of the big players. And that's a lot to bite off. It's a huge opportunity, but we think there's other better opportunities to grab a hold of. First, lots of business in Africa. We are processing, by the way, in Asia. As I said, we process for a third-party provider online for a company going to the Philippines and another company that sends wires to Vietnam. So we are ultimately touching Asia, but it's with -- as a third-party processor, someone else's marketing company. We're the engine behind them.

Got it. Got it. So a, you mentioned a bit before, you mentioned it in the context of how fast you are growing your brick-and-mortar. I want to ask about the impact of COVID. And in terms of what -- how you have adapted, how you need it to maybe change how you do things. And I want to combine it with more of a demographic/political-type question where, obviously, the remittance business does depend in the end on immigration and immigration trends. And those have not necessarily been as supportive as they used to be. So what's your view on that longer term? So 2 questions. One is the nearer-term impact to COVID and then the impact on the...

Let me deal with the first one first because I think it's an easier answer. We don't see as big a disruption that's talked about in immigration. If you look at the numbers, there has been lots of months and years and quarters where there was just as much interdiction under the Obama administration as Trump. So there's been a lot more saber-rattling, but in terms of actually turning people back to the border, I don't feel like there's been a great increase in that. It depends on who's throwing the statistics out because nobody knows for sure. And if someone's trying to take credit for interdiction of people coming in illegally or if someone wants to talk about how bad it's gotten or whatever, I think there's contradictory numbers. One of the things that the administration here has done well is that there's been, I think, more of the visas, the farm visas and stuff, which we've -- give you an example, this weekend, Randy Nilsen, who's our Chief Revenue Officer, was out at a farm in Florida where there were 500 workers brought in legally in buses from Mexico. And we have sold them the farm on doing their payroll on our payroll card. And so here you are, you've got 500 people at a shot. You're selling them, and they're going to load up, their guys coming here. We're primarily coming to send money back home on their payroll card. It says Intermex on them, it's a Mastercard. So we think that whether they go to retail which we accept debit cards in retail or whether they now are empowered to go online, it's going to be a great way for us to grow our business with them. But the point I was making is we're seeing more and more of organized recruitment of people legally with visas bringing them in on the buses that are cleared. And the reason I state that is, I think there's always going to be a need for this labor in certain segments of our economy. You can pull up on the Internet anyone that's in the sound of the voice here could pull up, and there's been many towns that over the last several years started to crack down on immigration. And then they found themselves at harvest time begging people to pick the crops, and they couldn't get people where literally tomatoes or grapes or whatever rotten in the fields because they couldn't get locals, Americans willing to pick the crops even for a premium price over the immigrant. So it's labor that's needed, and I think there's been perseverance over the last couple of years to do more of the work visas, particularly in the farm industry, and we see that flow continuing. I think that agriculture, if you go out, and I've been out in the farms between Bakersfield and Salinas or almost, really just north of L.A. to just south of San Francisco. And so much -- I think it's 30% or 40% of our fruits and nuts are grown in that area. And you will not find a person that's not Mexican, Guatemalan or El Salvadorian and Honduran, maybe a Nicaraguan here or there, but mainly Mexicans and Central Americans. And I'll bet that not everybody there is legal. But if you didn't have that group of people picking those crops, we'd be in trouble. And so I think that there's always going to be that economic pull no matter what administration is in power and no matter how they might look at the border, then there'll have to be things like more visas given like we've seen in the last few years with the Trump administration. If now a Biden administration loosens the borders, then that would be less needed. But the work is needed by the people in Mexico, and the workers are needed by the U.S., and it's almost osmosis that's going to happen across that border. So I see that continuing. And I don't see any real change in that. Now the second part of your question was, I think, COVID. And we've been able to do quite well. If you look at our numbers, I mean, I think our 3 public company competitors were hit pretty hard already in the first quarter when they reported, and their troubles went on even harder in the second quarter. And just for the record, we had strong EBITDA growth in first quarter, 20%, I believe. Second quarter, we're actually positive in EBITDA, even though we had a couple of months there where the world was kind of shut down and then came back with 16% EBITDA growth in third quarter with strong transaction and revenue growth. There's a lot we did during COVID. There's a lot we did before COVID. Part of the reason we were able to be as strong as we were during COVID is a lot of the things we built prior to that. We built a company that was built on sustainable, profitable transaction growth. We didn't have a lot of retailers that didn't do wires. We talked about earlier about our recruitment process in the high-performance retailers we recruit. Our average retail location does 400 wires per month. So we didn't have a lot of retailers that didn't do a lot of wires, so they dropped down. They were doing almost 0. Our retailers with a little drop-off were still much more productive than the competition. So all of those factors, not being a discounter, being a value-added provider, really kept us really strong. But then we moved quickly. Remember, we sat in our conference here with my senior team somewhere around the middle of March there and said, "Okay, let's get everybody armed." We have people running out. We're small and nimble enough that we've got laptops, whatever we needed to fully mobilize all of our personnel from their homes. And we had people working from their homes almost exclusively from March until recently here in Florida, we started to call people back on a rotation basis. Our salespeople who are out in the field, we pulled them out in the early days of the COVID crisis, and they were out of the market for about 2 months. But unlike MoneyGram who cut salaries and laid people off and other people who did those things, we said, "Hey, you know what, this is our opportunity to really take share." And so what we did is we said, "You know what, guys, instead of you calling on 8 or 10 retailers in person, we want you to call 40 or 50 retailers on the phone." So our reach actually expanded. The in-person calls were obviously down because they're working out of their homes. But instead of calling and talking to, in a given day, 400 or 500 retailers, we might be talking to 2,000 retailers in a day because we're calling them. And we started to see our volumes stay really strong, and we experienced much more of a V-shaped downturn. We had late March where things started to fall off. April was a tough month, but May, we were already coming back. May, we were over year-over-year growth in transactions. June, we were over by quite a bit. And now we've been trending at a middle to high teens transaction growth and middle teens revenue growth and close to 20% EBITDA growth. So all of those things came in to how we covered it. Today, we're back at work, but we do contact tracing, if we have a case where someone we think has been sick. We have a cleaning crew that walks around and sanitizes all day. And we have social distancing where we are rotating people in so they stay connected and they're productive, but only about 1/3 of our staff at headquarters here. Headquarter is about 150 people. So any given day, there'll only be about 40 or 50 people as opposed to 150, which then allows us to keep social distancing. We have rules set for conference rooms, the lunch room, whatever. But one thing we haven't done that a lot of companies have done it's kind of thrown in the top and said, "Oh, we're not coming back till January. We're not coming back till March." We said, "No, look, in our state in Florida, you're able to work, and we're going to do that while providing a safe atmosphere for our employees, a safe atmosphere for our sales guys that are out in the field, and we want to try to make people as productive as we possibly can while remaining and keeping them safe. And it's been really, really very good result for us.

That's good to hear. Well, unfortunately, we're out of time. As it often happens, I have not gone through all my questions, but it just means we have to do it again.

Thank you so much.

So I really appreciate your insight.

I appreciate your time. Thank you so much. Thank you, everybody.