Priority Tech Holdings (NASDAQ:PRTH) held its second-quarter earnings conference call on Thursday. Below is the complete transcript from the call.
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Full Transcript
OPERATOR
Good morning and welcome to the Priority Tech Holdings second quarter 2026 earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's remarks, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star then two. Please note this event is being recorded.
I would now like to turn the conference over to Megan Mayra. Please go ahead.
Megan Mayra, Investor Relations
Good morning and thank you for joining us. With me today are Thomas Priore, Chairman and Chief Executive Officer of Priority Tech Holdings, and Tim O'Leary, Chief Financial Officer. Before giving our prepared remarks, I would like to remind all participants that our comments today will include forward-looking statements, which involve a number of risks and uncertainties that may cause actual results to differ materially from our forward-looking statements.
The company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise. We provide a detailed discussion of the various risk factors in our SEC filings, and we encourage you to review these filings. Additionally, we may refer to non-GAAP measures, including but not limited to EBITDA and adjusted EBITDA during the call. Reconciliations of our non-GAAP performance and liquidity measures to the appropriate GAAP measures can be found in our press release and SEC filings available in the investor section of our website.
Before I turn the call over to Tom, I would like to say that on today's call we will only be discussing Priority Tech Holdings' financial and operating results. In our case, we will not be commenting on or answering questions related to the Special Committee's ongoing evaluation of the take-private proposal. Please continue to refer to the company's prior press releases for the latest on that topic. With that, I would like to turn the call over to our Chairman and CEO, Thomas Priore.
Thomas Priore — Executive Chairman & Chief Executive Officer
Thank you, Megan, and thanks to everyone for joining us this morning for our second quarter 2026 earnings call. I'll begin today's call by highlighting our aggregate second quarter performance and outlook before handing the call over to Tim, who will provide segment-level performance, key trends, and developments across our business segments and Priority Tech Holdings overall. This morning we reported solid growth in both revenue and profits for the second quarter, as summarized on slide 3.
Priority Tech Holdings had a strong Q2 by every key financial metric, growing net revenue by over 9%, generating adjusted gross profit and adjusted EBITDA growth of 8% and 6% respectively, and increasing adjusted EPS by 12% year over year to $0.29. We ended the quarter with 1.8 million total customer accounts operating on our platform, which is up almost 13% from Q2 last year. Annual transaction volume of $151 billion increased by 8%, and average account balances under administration grew by 26% to $1.8 billion compared to last year's second quarter.
Tim will provide more context on the full-year outlook later in the call, but I can reflect that the value of our diverse partners and customer experience with our unified platform provides continued confidence that we will sustain the momentum in our Merchant Solutions, Payables, and Treasury Solutions segments. Based on this momentum, we are maintaining our full-year financial guidance but expect to be at the higher end of our revenue range and lower end of our gross profit and adjusted EBITDA ranges, reflecting continued investment and mix-related margin pressure that Tim will detail.
Turning our attention to aggregate Q2 results on slide 4, revenue of $262.3 million increased 9% from the prior year. This led to an 8% increase in adjusted gross profit to $99.9 million and a 6% improvement in adjusted EBITDA to $59.4 million. Highlighted on slide 5, our steady Q2 performance contributed to year-to-date revenue growth of 10% to $511.8 million, fueling an 11% increase in adjusted gross profit to $198.7 million and just over a 9% improvement in adjusted EBITDA to $117.5 million.
For those of you who are new to Priority Tech Holdings, slides 6 and 7 highlight our vision for connected commerce. The platform is purpose-built to streamline collecting, storing, lending, and sending money. It delivers a flexible financial tool set for merchant acquiring, payables, and treasury solutions designed to accelerate cash flow and optimize working capital for businesses. I would encourage you to play the short one- to two-minute videos embedded in the product links on the slide to get a deeper appreciation of why customers are consistently partnering with Priority Tech Holdings to reach their commerce goals and why we're emerging as a go-to solution provider for embedded commerce and finance solutions. Slide 7 highlights a typical partner experience with our APIs and orchestration capabilities for payments and treasury solutions. They enable partners to use a commerce surface tailored to their specific needs. Customers connecting via our API can access all routes for digital payment acceptance, create traditional and virtual bank accounts, issue physical and virtual debit cards, enable lockbox for checks, configure single-vendor and advanced bulk vendor payments, and many other commerce options that create new revenue and operating efficiency.
We continue to standardize payment operations and key operational workflows across diverse industry segments where money movement and treasury tools are critical to the value chain to broaden and diversify our revenue sources while maintaining our cost discipline. Our focused execution explains why Priority Tech Holdings consistently performed across varying economic cycles. Our customers and current market conditions reinforce our belief in our mission to deliver single-point commerce solutions that provide businesses with one view and total command of their financial environment.
At this point, I'd like to hand it over to Tim, who will provide further insights into the health of our business segments along with current trends in each that factored into our second quarter results and our confidence for sustained performance in 2026.
Tim O'Leary, Chief Financial Officer
Thank you, Tom, and good morning, everyone. We had solid overall financial performance in the second quarter across each of our operating segments, which resulted in Q2 reported revenue growth of 9.4%, including organic growth of 7.2% on a consolidated basis. This growth was fueled by strong 21.6% growth in payables and 14.9% growth in treasury solutions, complemented by 7.7% growth in merchant solutions, which included 4.5% organic growth. Strong continued growth in payables and treasury solutions resulted in 66% of our total adjusted gross profit coming from those two segments when you compare to trailing twelve-month results on an organic basis.
Moving now to the segment-level results in more detail, I'll start with Merchant Solutions on slide 9. Merchant Solutions generated Q2 revenue of $175.8 million, which is $12.5 million, or 7.7%, higher than last year's second quarter. Revenue growth was a mix of 4.5% organic growth complemented by the Boom and DMS acquisitions completed in the second half of 2025. As a reminder, and as we move into the back half of the year, we'll have partial third quarter impact from Boom, which closed on August 18th last year, and Q4 will then provide a clean year-over-year comparison, as the DMS acquisition closed on October 1st of last year.
Total card volume in Merchant Solutions was $19.5 billion for the quarter, which is up 3.6% from the prior year. Within that aggregate volume, we saw overall strength in wholesale trade and retail, but it was a mixed bag within the broader retail category as convenience stores, gas stations, and food stores were up, while home furnishings and building materials were down. We also continued to see some softness in construction and restaurants, which improved from Q1 but were down on a year-over-year basis.
Adjusted gross profit for the second quarter was $39.8 million, which is up $4.4 million, or 12.4%, from Q2 of last year. Gross margins of 22.7% are over 100 basis points higher than the comparable quarter last year due to the Boom and DMS acquisitions, partially offset by the impact of higher residual expenses in the portfolio. Lastly, adjusted EBITDA was $30.9 million, which is up $3.1 million, or 11.3%, compared to last year. Moving to the Payables segment, revenue of $30.4 million was 21.6% higher than Q2 of last year.
Buyer-funded revenues grew 26.3% year over year to $25.3 million, while supplier-funded revenues grew 2.6% year over year to $5.1 million. Adjusted gross profit was $6.5 million in the quarter, which is a 10.4% decrease from the prior year. For the quarter, gross margins were 21.4%, which is down 760 basis points compared to last year's second quarter. The decline is the result of larger enterprise-level customers operating at lower overall initial margin profiles, increased card network and interchange expenses, and continued shift in revenue mix with buyer-funded revenues reported at lower gross margins.
Given GAAP requirements to recognize revenue on a gross versus net basis, the Payables segment contributed $3.1 million of adjusted EBITDA during the quarter, which is a $660,000, or 17.5%, decrease from last year. Operating expenses before D&A were down slightly in the quarter compared to last year, with the decline in adjusted EBITDA resulting from the lower gross margin in the buyer-funded business unit. Moving to the Treasury Solutions segment, Q2 revenue of $60.5 million was an increase of $7.9 million, or 14.9%, over the prior year.
Second quarter revenue growth was driven by slower but stable new enrollment trends in CFTPay and a 15% increase in the number of billed clients to over 1.1 million, combined with a 30% year-over-year increase in the number of integrated partners, along with organic growth from existing Passport program managers. Higher account balances in both CFTPay and Passport were able to more than offset the impact of lower interest rates in the quarter compared to Q2 of last year.
As a result of those factors, adjusted gross profit for the segment increased by 7.7% to $53.6 million, while adjusted gross profit margins were 88.5% for the quarter. Second quarter gross margins were approximately 590 basis points lower than the prior year due to continued mix shift resulting from over 125% revenue growth in Passport and almost 400% revenue growth in Priority Tech Ventures, both of which operate at lower gross margins than the CFTPay platform, where margins have remained very stable.
Adjusted EBITDA for the quarter was $47.5 million, an increase of $2 million, or 4.3% year over year, as high single-digit growth in CFTPay was partially offset by investments we continue to make in newer vertical software assets within Priority Tech Ventures. Moving to consolidated operating expenses, salaries and benefits of $29.1 million increased by $2.1 million, or 7.7%, compared to Q2 of last year and was up slightly on a sequential basis compared to Q1.
The year-over-year increase was primarily driven by an increase in acquisition-related headcount additions. SG&A of $16.8 million increased by $2.9 million, or 20.8%, compared to Q2 of last year, and was down sequentially compared to Q1. The year-over-year increase was because of higher cloud and software expenses, an increase in marketing spend, and certain non-recurring legal and transaction-related expenses. Depreciation and amortization was higher this quarter related to the accelerated depreciation of certain DMS assets.
Going forward, we expect quarterly D&A to return to more normalized levels. With respect to our capital structure on page 13, debt at the end of the quarter remained at $1.02 billion, and we ended the quarter with over $220 million of available liquidity, including all $100 million of borrowing capacity available under our revolving credit facility and $120.3 million of cash on the balance sheet. With respect to free cash flow, we generated $27.4 million of free cash flow in the quarter based on adjusted EBITDA of $59.4 million, less $7.1 million of capex, $21.1 million of interest expense, and $3.8 million of income taxes.
For the LTM period ended June 30, adjusted EBITDA of $235.3 million combined with net debt of $899.7 million resulted in net leverage of 3.8 times at quarter end, which is down from 4 times at the end of Q1. For further comparison, if you were to include the run-rate impact of acquisitions pro forma, net leverage would have been 3.75x at quarter end. From a capital allocation standpoint, we will focus on continued deleveraging throughout the balance of 2026, but we'll also continue to evaluate tuck-in acquisitions in attractive verticals or new markets.
The last topic I'll address before turning it back over to Tom relates to our financial guidance for the full year. Based on strong revenue trends in the first half of the year and visibility into favorable trends continuing in the second half of the year, we're maintaining our revenue guidance range of $1.01 to $1.04 billion and expect to be at the higher end of that range. As noted earlier, we are seeing some margin pressures across all three operating segments related to business mix, higher residual expenses, increased card network and interchange expenses, and continued investments in new vertical software assets in Priority Tech Ventures.
Considering these factors in tandem with strong revenue expectations, we are maintaining our forecasted gross profit range of $405 to $425 million and our adjusted EBITDA range of $230 to $245 million, and we expect to be at the lower end of those respective ranges. As we move through Q3 and have enhanced visibility into our full-year results, we will provide further guidance on our Q3 earnings call. With that, I'll now turn the call back over to Tom for his closing comments.
Thomas Priore — Executive Chairman & Chief Executive Officer
Thank you, Tim. Before concluding, I wanted to reflect on observations we shared during our Q4 2025 earnings call. During it, I noted our continued focus toward optimizing the Priority Commerce engine and API as a foundational moat, purpose-built to operate core payments and financial workflow applications in our key industry verticals. Leveraging our Commerce engine for payments and treasury solutions, we can deliver one view of a business's financial environment with total command of their cash flow.
Customers can see all modalities of payments reconciled in a single view and utilize sophisticated banking and treasury tools to optimize their working capital without the responsibilities of managing compliance, regulations, or risk. We continue to build out the surface layers for these key verticals and are seeing the success of this focus as just a few examples. Priority Commerce Sports continues to accelerate. We recently announced the Pittsburgh Steelers as our first NFL franchise and the Texas Rangers in Major League Baseball, with others across all five major sports leagues waiting in the wings to go live.
In a recent press release, Doug Stover, Vice President of Finance for the Pittsburgh Steelers, summarized how our Commerce platform is serving the changing expectations of finance teams in sports for more connected financial operations. He noted Priority Commerce offered the combination of payments technology and Passport, treasury orchestration, and collaborative approach we were looking for, making them the clear choice. As another example, Priority Commerce Automotive is now the endorsed partner by 19 state automotive dealership associations, with Florida and California recently announcing their support.
Additional enterprise wins we've gathered in areas like hospitality and healthcare reinforce our belief in the appeal of our connected payments and treasury capabilities to solve operational pain points and deliver new revenue opportunities to our customers. And needless to say, executing our vision for the future of commerce cannot be manifested without the focused execution of my colleagues at Priority, who continue to work incredibly hard to deliver results.
Your commitment and dedication to continuous improvement is providing our partners and customers with a consistent reminder that they made the right choice to partner with Priority. Last, we continue to appreciate the ongoing support of our investors and analysts, and for those in attendance who are new to Priority, for taking the time to participate in today's call. Operator, we'd like to now open the call for questions.
OPERATOR
Thank you. We'll now begin the question-and-answer session. To ask a question, you may press star then one on your touchtone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we'll pause momentarily to assemble our roster. And our first question comes from Wasu Govil from KBW. Please go ahead.
Wasu Govil, Analyst at KBW
Hi, thank you for taking my question. I guess I wanted to ask about the gross margin pressure that you talked about, particularly in the payables and treasury solutions where it seems to be a little bit more intense. If we just pull up and look out into the medium term, how should we expect those gross margins to evolve as these businesses scale more?
Tim O'Leary, Chief Financial Officer
Hi Leslie, thanks for the question. So if you think about this quarter, the payables pressure we saw was really a combination of two factors. First and foremost was mix shift, as we continue to see much higher growth from the buyer-funded revenue stream, which, as I noted, comes in at lower gross margins given the gross reporting requirement you have from a GAAP revenue standpoint. So that's going to automatically put some pressure on margins, given that reporting format.
And then we also had a number of large enterprise customers where, as we've talked about historically the last several quarters, we're seeing success going up market into larger enterprise customers. Some of those are coming on at lower initial margins. We're looking at those as opportunities where those customers have a lot of other needs. So beyond just the payables components, it's working with them on banking and treasury and adding other services into there and expanding the margins.
So that process is still ongoing. We're optimistic we'll see some margin stabilization there as we continue to see higher growth in buyer-funded revenues pushing margins down, being offset by a combination of cross-sell opportunities into some of those similar customers. On the treasury side, it's going to continue to see margin compression naturally, as the CFTPay platform has been very stable from a gross margin standpoint. It's really a growth factor, with the other treasury solutions expanding at triple-digit growth rates, and those are operating at meaningfully lower gross margins.
Those margins are more in the 30% to 40% gross margin range. So as those businesses continue to trend on a very favorable growth note, we'll see natural margin compression in the treasury business. So I think over time you'll see that business get closer to 80% gross margins. But that's going to be on the success of what we're seeing in Priority Tech Ventures and Passport.
Leslie, Analyst
Great, that's super helpful. And then if I may ask one on just the merchant acquiring business, as we think about the second half, I know you started to see some macro headwinds in the back part of last year. So as we begin to lap those, should we expect some acceleration in growth there? And then any way to quantify how much macro is still weighing on the growth, I guess in that business today?
Tim O'Leary, Chief Financial Officer
I think we saw certainly a macro slowdown last year in the back half where organic growth was down in the 3% range. This quarter we're 4.5% organic growth, so we continue to execute in that market. We'll see some natural overall pressure in Q4 as we anniversary the acquisitions from last year, but we're still very much on track towards our full-year guide there. We had mentioned 6% to 8% growth in merchants with 3% to 4% organic. We feel like we're running well on track for that on the organic side.
And even if you just took the Q2 revenue numbers and repeated that in Q3 and Q4, we'll be well within the revenue guide for Merchant Solutions.
Leslie, Analyst
Got it. Thank you very much. And I'll hop back in queue.
Thomas Priore — Executive Chairman & Chief Executive Officer
Just one other point I just want to note that we didn't speak to. I know you watch this very closely, but Mastercard and Visa did push through some price increases at the interchange level, and those just occurred last quarter. So there's some reconciliation of those, how we may treat those from a pricing standpoint, that I think will factor into the second half of the year. But that was a source of pressure on margins. Cost of goods sold just went up because of interchange increases.
Leslie, Analyst
That makes sense. Thank you for the color.
OPERATOR
And the next question comes from Hal Goetch from B. Riley. Please go ahead.
Hal Goetch, Analyst at B. Riley
Hey guys, just wanted to ask about the accounting on the buyer-funded payables. Supplier-funded payables, is that a big driver? Is that a majority of the mix shift in margins in that segment?
Tim O'Leary, Chief Financial Officer
To be clear, it's not a change in accounting. Ever since we acquired the Plastiq business, we've had to account for their revenue on a gross basis since we're the merchant of record. So we account for gross, and then our cost of sales there is interchange. So as that business becomes a more and more meaningful portion of payables on a revenue basis, it's going to run at lower margins because of that accounting aspect. If you think about the revenue mix, the buyer-funded piece grew 26% this quarter and is becoming a majority of the revenue stream within payables.
From a gross profit basis, those two businesses—buyer-funded and supplier-funded—are a little more even with each other because of the accounting nature. But the buyer-funded revenue stream is the vast majority on a revenue basis.
Thomas Priore — Executive Chairman & Chief Executive Officer
Okay, okay, Al, if you think about it, it's a little counterintuitive. We're kind of being punished, in a sense, margin-wise for the growth of that business just because of the way the accounting works. So if you kind of drill it down, when we sell more buyer-funded—which I think speaks to the agility of the solution—that customers, particularly upmarket customers, are looking to use card strategies as a source of working capital in ways that they may not have considered in the past and normally would look to a revolving credit line, and this is more efficient.
So we're seeing the success of that narrative. And then, coupled with that increase in buyer-funded utilization, Mastercard and Visa both pushed through cost increases in interchange. So there's some squeeze in the cost of goods sold as that's being utilized. And because of the accounting treatment that Tim mentioned, it's a bit of a double whammy.
Hal Goetch, Analyst at B. Riley
Yeah, interesting. Well, I'll tell you on your merchant side, I think you're—I don't know if you saw Global Payments breaking out by segment—and I think your SMB performance is very comparable, if not better. I think that's a positive sign that you've got a solid business there in the SMB, which we often forget about given the growth in payables and treasury. So well done. Thank you.
Thomas Priore — Executive Chairman & Chief Executive Officer
Thanks, Al.
OPERATOR
And the next question comes from Jacob Stephan from Lake Street Capital Markets. Please go ahead.
Jacob Stephan, Analyst at Lake Street Capital Markets
Yeah, hey guys, maybe just to start for me on the treasury margin—just 800 basis points of compression year over year—how much of that is Passport versus Tech Ventures, or just kind of lower yields on deposits? Maybe if you could help break that out for us.
Tim O'Leary, Chief Financial Officer
Sure. It's not lower rates on deposits. We outgrew the lower rates this year compared to last year in Q2 with just deposit growth, and the CFTPay margins have remained very constant. So it's really a mix shift with Passport and Priority Tech Ventures. Broadly, they may move quarter to quarter based on some of the revenue mix within those businesses, whether it's transactional revenue or float revenue. But consider those as in the 30% to 40% gross margins, and Passport grew 125% year over year in the quarter, and Priority Tech Ventures revenue grew almost 400%.
So as those businesses continue to become a more meaningful portion of the revenue in Treasury Solutions, you're going to see natural margin compression. But we actually view that as a positive thing over time because that just means we're having success with those other treasury solutions outside of just the core CFTPay platform.
Jacob Stephan, Analyst at Lake Street Capital Markets
Got it. Very helpful. Maybe just touching on CFTPay then. Average monthly enrollments were down year over year, but your average billed clients grew pretty nicely. When does that kind of enrollment trend start to ultimately show up in the treasury segment?
Tim O'Leary, Chief Financial Officer
I think it's a macro environment component now, as we think about our partners from a referral standpoint and how they see the environment and where they want to invest dollars from a marketing standpoint to capture new enrollments. So they're always going to look at their customer acquisition costs and whether they're getting a return on that marketing spend. In this macro environment, they've pulled back a little bit on the marketing spend, and they've seen a little bit slower enrollments.
So it's a combination of that macro environment, and then we continue to look at adding new partners to the platform. We already have large market share in that arena, so it's a very sticky business, as we've talked about in the past. It's tough to win new customers; it's also very difficult to lose customers. So you're not going to see a lot of shift from a partner standpoint, and it's really the macro environment that's controlling the new enrollment growth right now.
But we continue to see strong performance there—obviously billed clients continue to grow, which is a larger driver of revenue for us than the new enrollments. And then we're also managing interest rates very effectively with our strategies around that.
Jacob Stephan, Analyst at Lake Street Capital Markets
Okay, got it. I appreciate all the color.
OPERATOR
Again, if you have a question, please press star then one. And our next question comes from Brian Bergin from Cowen. Please go ahead.
Brian Bergin, Analyst at Cowen
Hey guys, good morning. Thank you. On profitability, maybe I'll ask this a different way on the margin. If you step back at a high level, are you able to bucket perhaps temporary costs versus costs that hang around in the structural run rate? I get the mix-dependent factors that are going to influence gross margin in payables and treasuries, but putting that aside, what would you say are temporary headwinds or investment step-ups? I heard things like tech marketing, the network costs that you're going to have to lap for a bit of.
But if we try to simplify all this, is there a way to summarize how those short-term versus lasting factors in total will move forward as we think about EBITDA margin?
Tim O'Leary, Chief Financial Officer
Yes, I think the EBITDA margins are probably less impacted from what we've talked about. So most of what we've discussed with the mix, some of the incremental costs we've seen from the card network and interchange changes—that's all hitting at the gross margin level. So if you look at flow-through from gross to adjusted EBITDA, it's been pretty consistent. We've managed expenses extremely well. We do have some one-time items in the first half of the year, whether it's related to the special committee or some of the increased public cloud expenses, but that was less of a factor overall.
It's really the gross margin item, which—some of those are going to be recurring items as we continue to invest. And where you're going to see change over time is using the real estate that we've collected with some of these larger enterprise customers to ultimately drive margins, with continuing to cross-sell and having those same clients be on banking and treasury, or, if they're on banking and treasury, acquiring now having payables be the cross-sell opportunity.
So it's using the platform to its fullest extent with those large enterprise customers. That's going to be the driver of margins.
Brian Bergin, Analyst at Cowen
Okay, understood. On Merchant Solutions, I know that the 8% revenue growth in 2Q benefited from roughly 350 bps from an acquisition. I know 3Q still has a partial contribution from Boom. Can you just maybe help quantify what that might be remaining? And as we think forward, is the current mid-single-digit organic growth rate a reasonable run rate for merchant?
Tim O'Leary, Chief Financial Officer
We believe it is. We're continuing to see success there. So we do think that mid-single-digit—I think we initially guided to 3% to 4% organic growth—I think that's still the appropriate level to think about longer term for that business. And from a margin standpoint, we think we're going to be relatively consistent from where we sit today through the balance of the year, as you think about the margin profile in merchant.
Brian Bergin, Analyst at Cowen
All right.
Thomas Priore — Executive Chairman & Chief Executive Officer
The other thing I would just call out, just, you know, we're pretty transparent about some of the partnerships that we're building out. Right. They're just, you know, they're larger in nature. Right. Signing up Pittsburgh Steelers, Texas Rangers. You're attaching to, you know, high-volume ticketing and other activities in stadiums. So, you know, our goal is to, is to continue with that success. You're going to see it impact our revenue growth rate organically.
So I would keep a lookout for new logos and you'll have a real good sense.
OPERATOR
This concludes our question and answer session. I would like to turn the conference back over to Thomas Priore for any closing remarks.
Thomas Priore — Executive Chairman & Chief Executive Officer
Well, on behalf of Tim and I just want to thank everyone for your participation in today's call, and hopefully the results continue to reflect sustained focus on execution, and we look forward to reporting back again in the near future.
OPERATOR
The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.
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