1 00:00:02.640 --> 00:00:05.190 Sean Murray: Hi, Sean Murray here at deBanked TV. 2 00:00:05.460 --> 00:00:07.230 Johny Fernandez: And I'm Johny Fernandez, and it's so good to 3 00:00:07.230 --> 00:00:10.770 see you guys. Sorry, there's a little bit of a delay there. So, 4 00:00:10.800 --> 00:00:11.280 Sean. 5 00:00:11.280 --> 00:00:12.480 Sean Murray: I think the Cat got your tongue. 6 00:00:12.840 --> 00:00:14.070 Johny Fernandez: The cat got my tongue? 7 00:00:16.440 --> 00:00:18.300 Sean Murray: I don't know what that's abou. I don't know what 8 00:00:18.300 --> 00:00:19.680 that I don't know what that's about. But okay. 9 00:00:19.710 --> 00:00:24.450 Johny Fernandez: All right. So we're gonna get straight to it, 10 00:00:24.450 --> 00:00:27.300 we're gonna do things a little differently. But first, for 11 00:00:27.300 --> 00:00:29.850 today, we're gonna go ahead and talk about a little bit of 12 00:00:29.880 --> 00:00:32.910 industry news. So Sean, let's talk about that really quick 13 00:00:32.910 --> 00:00:36.120 before we give our audience a surprise of a lifetime. 14 00:00:36.110 --> 00:00:38.856 Sean Murray: I don't know about surprise of a lifetime coming 15 00:00:38.856 --> 00:00:38.913 Johny Fernandez: Yeah, it definitely is. And it's also a 16 00:00:38.913 --> 00:00:42.290 up. But the recent industry news is that there's additional 17 00:00:42.347 --> 00:00:45.838 capital raising that continues to play out. We've just seen a 18 00:00:45.895 --> 00:00:49.157 big line of credit that was raised by Idea financial. And 19 00:00:49.214 --> 00:00:52.247 then we also saw that The FundWorks out in California 20 00:00:52.304 --> 00:00:55.795 raised $70 million. Yeah. So here's a company one based in in 21 00:00:55.852 --> 00:00:59.400 Miami, that's Idea financial, and then one based outside of LA 22 00:00:59.457 --> 00:01:02.776 and California, The FundWorks. Both raise enormous sums of 23 00:01:02.833 --> 00:01:06.210 money. So that's a pretty optimistic sign for the industry. 24 00:01:07.770 --> 00:01:11.220 sign that number one, we've never we haven't slowed down 25 00:01:11.220 --> 00:01:13.440 since the pandemic, and we're just moving forward. 26 00:01:13.470 --> 00:01:16.140 Sean Murray: Yeah. I mean, I would just say it seems like 27 00:01:16.140 --> 00:01:18.450 small business finance in general is like getting hot. 28 00:01:18.510 --> 00:01:19.320 Yeah. Again. 29 00:01:19.380 --> 00:01:21.120 Johny Fernandez: Yeah, it definitely is. And obviously, 30 00:01:21.120 --> 00:01:23.370 not only with this example, but we have we've seen other 31 00:01:23.370 --> 00:01:26.160 examples in the past. And it's exciting to see just what's 32 00:01:26.160 --> 00:01:29.070 gonna happen in the future, you know, in the next couple of 33 00:01:29.070 --> 00:01:32.250 months of how this just continues to grow. So is there 34 00:01:32.250 --> 00:01:34.980 anything else you'd like to say before we start our surprise of 35 00:01:34.980 --> 00:01:35.580 a lifetime? 36 00:01:35.840 --> 00:01:37.880 Sean Murray: I don't know. I don't know if it's gonna be a 37 00:01:38.000 --> 00:01:41.120 surprise of a lifetime. But I am looking forward to what's next, 38 00:01:41.150 --> 00:01:42.260 next segment will be. 39 00:01:42.470 --> 00:01:45.500 Johny Fernandez: All right. So, for this next segment, here's 40 00:01:45.500 --> 00:01:47.840 what we have. We're gonna have a lightning round, we have a 41 00:01:47.840 --> 00:01:51.200 couple of questions that I'm gonna ask Sean, and it's about 42 00:01:51.200 --> 00:01:57.080 the industry. And Sean forgot most of these questions. But 43 00:01:57.080 --> 00:01:59.000 it's, it's gonna be fun. It's gonna be fun. 44 00:01:59.030 --> 00:02:00.560 Sean Murray: Well, hopefully I didn't forget the answers. 45 00:02:00.590 --> 00:02:00.980 Johny Fernandez: Correct. 46 00:02:00.980 --> 00:02:02.870 Sean Murray: Yeah, actually, I don't know what what the answers 47 00:02:02.870 --> 00:02:05.300 are. Until, I guess until I guess, until you ask the 48 00:02:05.300 --> 00:02:07.160 question, then we'll see if I know the answer. 49 00:02:07.310 --> 00:02:07.700 Johny Fernandez: All right. 50 00:02:07.970 --> 00:02:08.990 Sean Murray: How many questions is it? 51 00:02:09.020 --> 00:02:11.840 Johny Fernandez: So we have, a good amount? 52 00:02:12.200 --> 00:02:14.030 Sean Murray: A good amount? Okay. Okay. 53 00:02:14.090 --> 00:02:14.780 Johny Fernandez: A good amount. 54 00:02:14.870 --> 00:02:15.320 Sean Murray: All right. 55 00:02:15.710 --> 00:02:16.580 Johny Fernandez: Cue the music. 56 00:02:16.610 --> 00:02:17.810 Let's see if you tripped me up here. 57 00:02:17.840 --> 00:02:21.980 No, no. But anyways, we'll start. Allbright, so these are 58 00:02:22.010 --> 00:02:27.290 basic questions from from the industry. Alright, so, Sean, 59 00:02:27.290 --> 00:02:28.940 what does A paper mean? 60 00:02:29.710 --> 00:02:32.620 Sean Murray: A paper. Okay. So if we're talking about small 61 00:02:32.620 --> 00:02:35.500 business finance, and you hear the term, A paper thrown out 62 00:02:35.500 --> 00:02:39.400 there, A paper essentially stands for the best quality 63 00:02:39.400 --> 00:02:39.790 merchant. 64 00:02:40.240 --> 00:02:40.690 Johny Fernandez: Okay. 65 00:02:41.020 --> 00:02:44.290 Sean Murray: People tend to grade the merchants that they 66 00:02:44.290 --> 00:02:46.420 have, the applicants that they have, and they do it like A 67 00:02:46.420 --> 00:02:51.520 paper, B paper, C, D, kind of like a credit grade. But A would 68 00:02:51.520 --> 00:02:53.590 be considered the best. So if someone is telling you that they 69 00:02:53.590 --> 00:02:56.650 only specialize in A paper, or they have an A paper merchant, 70 00:02:56.650 --> 00:02:59.860 they're talking about the best possible merchant, credit wise, 71 00:03:00.070 --> 00:03:04.630 possibly background wise, financially, etc. So A paper 72 00:03:04.630 --> 00:03:05.800 means the best type of merchant. 73 00:03:06.130 --> 00:03:09.670 Johny Fernandez: Gotcha. So what does it mean that merchant R08? 74 00:03:10.690 --> 00:03:15.100 Sean Murray: If a merchant has R08, so, this term comes from 75 00:03:15.130 --> 00:03:21.880 ACH processing, R08 or R08 is a return code from ACH processing 76 00:03:21.880 --> 00:03:25.240 that indicates that the merchant blocked or stopped the payment. 77 00:03:25.570 --> 00:03:29.320 So if you go to debit a merchant, and you don't actually 78 00:03:29.320 --> 00:03:32.320 get the money, you will get a return code saying, here's why 79 00:03:32.320 --> 00:03:35.470 you didn't get it, it was R08, the merchant actually told the 80 00:03:35.470 --> 00:03:39.520 bank to block or stop the payment to you. And so I think, 81 00:03:39.670 --> 00:03:42.880 you know, the lingo of the day is the merchant R08 is because 82 00:03:42.880 --> 00:03:45.220 they gotta return code of RO8, meaning that the merchant 83 00:03:45.220 --> 00:03:45.910 blocked the payment. 84 00:03:46.780 --> 00:03:48.760 Johny Fernandez: What does it mean for an online lender to 85 00:03:48.760 --> 00:03:50.500 have a bank partnership? 86 00:03:52.040 --> 00:03:54.230 Sean Murray: These are pretty broad questions. Okay. So what 87 00:03:54.230 --> 00:03:56.360 does it mean for an online lender to have a bank 88 00:03:56.390 --> 00:04:00.440 partnership? It means typically, when we're talking about in the 89 00:04:00.440 --> 00:04:07.850 context of the Fintech industry, that the bank is the one making 90 00:04:07.850 --> 00:04:11.540 the loans for the quote, unquote, online lender, the 91 00:04:11.540 --> 00:04:15.140 online lender is really the the marketing and the tech piece of 92 00:04:15.140 --> 00:04:19.910 it, and the servicing aspect of it. And so you may be working 93 00:04:19.910 --> 00:04:23.330 with an online lender, and then you find that the money comes 94 00:04:23.330 --> 00:04:27.830 from an actual bank. And that's because the bank is the one 95 00:04:27.830 --> 00:04:30.230 that's compliant with all the state laws and able to make the 96 00:04:30.230 --> 00:04:33.740 loan so the bank makes the loan, and then they work. They have a 97 00:04:33.740 --> 00:04:36.170 relationship with the online lender to do the rest of it, 98 00:04:36.200 --> 00:04:42.320 service it or, you know, handle the customer relations and so 99 00:04:42.320 --> 00:04:44.540 forth. And so, that's what they usually mean. 100 00:04:45.620 --> 00:04:46.850 Johny Fernandez: What does Fintech mean? 101 00:04:48.380 --> 00:04:51.860 Sean Murray: What does Fintech mean? Fintech just stands for 102 00:04:51.860 --> 00:04:56.450 financial technology. In today's world, Fintech we're usually 103 00:04:56.450 --> 00:05:00.290 talking about innovation and financial technology. But 104 00:05:00.410 --> 00:05:03.200 Fintech can really, it can really include anything if you 105 00:05:03.200 --> 00:05:06.440 really want it to. But in today's world Fintech means all 106 00:05:06.440 --> 00:05:09.080 the innovation that's happening in financial technology. 107 00:05:10.220 --> 00:05:12.350 Johny Fernandez: What does the purchase amount mean in a 108 00:05:12.350 --> 00:05:14.480 merchant cash advance contract? 109 00:05:15.350 --> 00:05:17.390 Sean Murray: The purchased amount in a merchant cash 110 00:05:17.390 --> 00:05:21.440 advance contract is the amount that the funder is buying from 111 00:05:21.440 --> 00:05:24.440 the merchant. So if they're giving the merchant say, 112 00:05:24.620 --> 00:05:28.310 $10,000, that's the purchase price, but they gotta get 113 00:05:28.310 --> 00:05:31.820 something in return. And the purchase amount is the amount of 114 00:05:31.820 --> 00:05:34.790 future receivables that they're buying from the merchant. That's 115 00:05:34.790 --> 00:05:36.020 how much they expect to get. 116 00:05:36.590 --> 00:05:38.330 Johny Fernandez: Are payments fixed in a merchant cash 117 00:05:38.330 --> 00:05:39.020 advance? 118 00:05:39.720 --> 00:05:42.360 Sean Murray: Payments are not fixed in a merchant cash 119 00:05:42.360 --> 00:05:45.990 advance, you may see contracts where there is a fixed daily 120 00:05:45.990 --> 00:05:50.250 payment. But that's just an estimate. Oftentimes, merchant 121 00:05:50.250 --> 00:05:54.870 cash advance companies will use an estimated fixed daily amount, 122 00:05:55.140 --> 00:05:59.220 but that amount can be adjusted at the end of every month by a 123 00:05:59.220 --> 00:06:03.600 merchant choosing to reconcile the payments because a merchant 124 00:06:03.600 --> 00:06:07.590 cash advance is supposed to be tied to your actual revenue. And 125 00:06:07.590 --> 00:06:10.680 so a fixed amount might be coming out daily. But at the end 126 00:06:10.680 --> 00:06:12.990 of the month, they could say, here's where my sales were, they 127 00:06:12.990 --> 00:06:15.420 were higher than you estimated, or they were lower than you 128 00:06:15.420 --> 00:06:20.220 estimated so we need to go back now and adjust the payments and 129 00:06:20.430 --> 00:06:24.210 reconcile one way or the other, give money back or pull money 130 00:06:24.210 --> 00:06:27.180 from. And so that's what, when we're talking about fixed 131 00:06:27.180 --> 00:06:31.710 payments in MCA, you might see that term there on a contract, 132 00:06:31.710 --> 00:06:34.350 but it's just an estimated amount. And there's no actual 133 00:06:34.350 --> 00:06:36.000 fixed payments in the deal itself. 134 00:06:36.720 --> 00:06:39.450 Johny Fernandez: So what does a purchase percentage or specific 135 00:06:39.450 --> 00:06:42.570 percentage mean in a merchant cashed advance contract? 136 00:06:42.570 --> 00:06:46.200 Sean Murray: Okay, so this feeds into what I just said, the 137 00:06:46.230 --> 00:06:49.140 specified percentage or the purchase percentage in a 138 00:06:49.140 --> 00:06:53.910 merchant cash advance contract is the percentage of revenue 139 00:06:53.910 --> 00:06:57.420 deposited in the merchant's account that the funder is 140 00:06:57.420 --> 00:07:00.690 supposed to collect. So if the specified percentage or purchase 141 00:07:00.690 --> 00:07:04.410 percentage is 20%, and the business that got funded 142 00:07:04.440 --> 00:07:08.640 deposits $1,000 in the bank account, well then the funder is 143 00:07:08.640 --> 00:07:12.720 technically entitled to 20% of it, or $200, cause they bought 144 00:07:12.720 --> 00:07:15.900 the future revenue. And that percent is dictates what 145 00:07:15.900 --> 00:07:18.780 percentage they're supposed to collect up until they get the 146 00:07:18.780 --> 00:07:19.980 purchased amount back. 147 00:07:20.700 --> 00:07:22.770 Johny Fernandez: So what does the purchased price mean, in a 148 00:07:22.800 --> 00:07:24.540 merchant cash advance contract? 149 00:07:24.870 --> 00:07:27.390 Sean Murray: The purchase price is the amount that the merchant 150 00:07:27.390 --> 00:07:30.750 gets. So that's the amount that the merchant is getting funded. 151 00:07:30.750 --> 00:07:33.930 So that's the that's the amount that the merchant is getting in 152 00:07:33.930 --> 00:07:36.000 return for selling their future revenues. 153 00:07:36.690 --> 00:07:38.820 Johny Fernandez: How do I calculate the factor rate in 154 00:07:38.820 --> 00:07:40.470 merchant cash advance deal? 155 00:07:41.400 --> 00:07:44.700 Sean Murray: The factor rate is calculated by dividing the 156 00:07:44.880 --> 00:07:48.030 purchased amount by the purchased price. So if the 157 00:07:48.030 --> 00:07:53.130 purchase purchased amount is 14,900, and the purchase price 158 00:07:53.160 --> 00:07:58.980 is 10,000, you divide 14,900 by 10,000, you will get 149. That's 159 00:07:58.980 --> 00:07:59.700 the factor rate. 160 00:08:00.110 --> 00:08:01.130 Johny Fernandez: What is stacking? 161 00:08:02.150 --> 00:08:05.510 Sean Murray: Stacking is when you have multiple business loans 162 00:08:05.510 --> 00:08:09.080 or merchant cash advances, at the same time, you've 163 00:08:09.140 --> 00:08:10.730 essentially stacked them up. 164 00:08:11.300 --> 00:08:13.640 Johny Fernandez: So what do brokers need to know about 165 00:08:13.640 --> 00:08:14.300 stacking? 166 00:08:16.370 --> 00:08:18.320 Sean Murray: Brokers need to know a lot about stacks. So this 167 00:08:18.320 --> 00:08:21.680 is this is a kind of a little bit of a longer answer. 168 00:08:21.710 --> 00:08:23.720 Hopefully, you're gonna give me you're gonna give me the time. 169 00:08:23.750 --> 00:08:23.990 Johny Fernandez: Yeah. 170 00:08:24.020 --> 00:08:24.410 Sean Murray: Okay. 171 00:08:24.710 --> 00:08:27.110 Johny Fernandez: This is a surprise of a lifetime. So yes. 172 00:08:27.840 --> 00:08:30.150 Sean Murray: So what do brokers need to know about stacking? 173 00:08:31.170 --> 00:08:35.430 It's very important for brokers to be aware that in commercial 174 00:08:35.430 --> 00:08:37.710 finance, there are different terms and conditions that come 175 00:08:37.710 --> 00:08:41.220 with every contract, whether it's a loan, factoring, merchant 176 00:08:41.220 --> 00:08:45.090 cash advance, equipment, leasing, or whatever. And so if 177 00:08:45.090 --> 00:08:48.660 a, if a merchant already has one product, and they need 178 00:08:48.660 --> 00:08:52.800 additional capital, it's not as easy as as being like, okay, 179 00:08:52.890 --> 00:08:55.170 great, I'll find you an additional capital source. And 180 00:08:55.170 --> 00:08:59.460 you'll just get it, you need to be aware that a merchant getting 181 00:08:59.460 --> 00:09:02.310 additional capital from somewhere else could conflict 182 00:09:02.340 --> 00:09:08.580 with the existing contract they already have in place. And so if 183 00:09:08.580 --> 00:09:11.100 you're offering something to a merchant, you don't want to put 184 00:09:11.100 --> 00:09:14.790 them in conflict with original funding sorts, cause that 185 00:09:14.790 --> 00:09:17.610 actually could end up hurting them. Right. It couls put them 186 00:09:17.610 --> 00:09:20.040 in a breach of the agreement, some funding companies do not 187 00:09:20.040 --> 00:09:24.900 allow merchants to stack. They say you can only use this or if 188 00:09:24.900 --> 00:09:26.640 you're gonna go out and get additional funds from somewhere 189 00:09:26.640 --> 00:09:29.610 else, you need to give us some type of prior written notice and 190 00:09:29.640 --> 00:09:33.300 get our permission and so forth. Sometimes it has to do with 191 00:09:33.300 --> 00:09:36.480 depending on the product with with the collateral, you can't 192 00:09:36.750 --> 00:09:40.920 use the same collateral for for two different loans. Right. And 193 00:09:40.920 --> 00:09:43.470 so if you're a lender and you say, I want to use this 194 00:09:43.470 --> 00:09:46.800 merchant's equipment as their collateral, but they've already 195 00:09:46.800 --> 00:09:49.770 pledged that collateral to somebody else. Well you as the 196 00:09:49.770 --> 00:09:52.590 broker need to make sure you're navigating that properly cause 197 00:09:52.590 --> 00:09:55.170 you don't want to put the merchant in some type of 198 00:09:55.260 --> 00:09:57.630 conflict or breach of the agreement so they need to, 199 00:09:57.870 --> 00:10:00.570 brokers out there need to be very careful about stacking, 200 00:10:01.110 --> 00:10:03.420 because it's not as simple as just going out and getting 201 00:10:03.450 --> 00:10:05.910 getting more money, you need to think about what are the 202 00:10:05.910 --> 00:10:08.460 consequences of getting money from more than one source? 203 00:10:09.000 --> 00:10:11.490 Johny Fernandez: Last question, what is a second position? 204 00:10:12.660 --> 00:10:14.790 Sean Murray: So a second position, this feeds into 205 00:10:14.790 --> 00:10:19.260 stacking, a second position is essentially a second loan or 206 00:10:19.260 --> 00:10:22.710 advance. So this would suggest that you already have a loan or 207 00:10:22.710 --> 00:10:25.890 advance with some type of product in place. And you now 208 00:10:25.890 --> 00:10:29.550 want a second one. So that would also suggest that you could have 209 00:10:29.550 --> 00:10:33.330 a third, fourth or fifth fifth position. But again, it goes 210 00:10:33.330 --> 00:10:38.610 back into whether or not a second position makes sense in 211 00:10:38.610 --> 00:10:40.980 the context of what the terms and conditions are with the 212 00:10:40.980 --> 00:10:44.130 first deal, because the original deal might dictate what the 213 00:10:44.130 --> 00:10:46.110 merchant can do with a second position. 214 00:10:46.990 --> 00:10:48.550 Johny Fernandez: All right, that's all the questions. 215 00:10:51.160 --> 00:10:55.960 Thanks, this guys knowledgeable. You are a legend. We're make 216 00:10:55.960 --> 00:10:57.220 your head a little big, you're a legend Sean. 217 00:10:57.220 --> 00:10:57.970 Sean Murray: Okay, thanks. 218 00:10:57.970 --> 00:11:00.700 Johny Fernandez: So no, I think these are questions that, you 219 00:11:00.700 --> 00:11:04.060 know, they're gonna help people watching us, because everyone 220 00:11:04.060 --> 00:11:08.470 needs to know the basics. And if you guys did not watch the video 221 00:11:08.470 --> 00:11:11.620 that we did earlier in the week, we also went through other basic 222 00:11:11.620 --> 00:11:15.040 questions about the industry, that is very helpful for either 223 00:11:15.040 --> 00:11:18.190 people that are getting into the industry, or that maybe need a 224 00:11:18.190 --> 00:11:21.880 refresher of certain definitions in order to pretty much make 225 00:11:21.910 --> 00:11:23.710 their business move forward. 226 00:11:23.750 --> 00:11:25.310 Sean Murray: Yeah, I mean, there's a lot of lingo out 227 00:11:25.310 --> 00:11:28.250 there, I think sometimes, for those who have been in it for a 228 00:11:28.250 --> 00:11:31.940 while they take it for granted, you know, and some of it is kind 229 00:11:31.940 --> 00:11:32.630 of made up. 230 00:11:32.780 --> 00:11:33.080 Johny Fernandez: Yeah. 231 00:11:33.080 --> 00:11:36.840 Sean Murray: Like, it doesn't exist out elsewhere, in other 232 00:11:36.930 --> 00:11:40.110 financial industries. And so when you come here, and you talk 233 00:11:40.110 --> 00:11:43.740 about it's like, you know, what, exactly what exactly are people 234 00:11:43.740 --> 00:11:47.490 talking about? And so I think these type of lightning rounds. 235 00:11:47.520 --> 00:11:48.000 Johny Fernandez: Yeah. 236 00:11:48.150 --> 00:11:49.080 Sean Murray: Can be useful. 237 00:11:49.110 --> 00:11:52.920 Yeah, no, for sure. And if you didn't check out the video that 238 00:11:52.920 --> 00:11:54.840 we did earlier in the week, you can go on our website, 239 00:11:54.870 --> 00:11:58.080 debanked.com. Or you can go to google.com, and type in 240 00:11:58.080 --> 00:12:01.470 deBanked, and our website will pop up there. Yeah. And also our 241 00:12:01.470 --> 00:12:04.440 social media platforms, we post some of those things there, and 242 00:12:04.440 --> 00:12:07.320 it leads you back into our website, you can follow us on 243 00:12:07.320 --> 00:12:11.010 Instagram, Facebook, Twitter, and LinkedIn. And also for the 244 00:12:11.010 --> 00:12:14.490 people that have not received their tickets or haven't 245 00:12:14.490 --> 00:12:16.950 purchased your tickets for Broker Fair, that's gonna be on 246 00:12:16.950 --> 00:12:21.210 December 6, it's gonna be sold out. So we know that for a fact. 247 00:12:21.750 --> 00:12:24.090 But it's not sold out yet. So you have a chance to get your 248 00:12:24.090 --> 00:12:26.550 tickets don't wait till last minute you get to hang out with 249 00:12:26.550 --> 00:12:29.310 us and also get to meet and network and this is probably 250 00:12:29.310 --> 00:12:32.700 gonna be the best event of, ever. Yeah. So it's gonna be 251 00:12:33.240 --> 00:12:36.240 after a year of lockdown. So. 252 00:12:36.510 --> 00:12:39.780 And and Johny will have you meowing like a cat. 253 00:12:39.780 --> 00:12:42.180 Johny Fernandez: Cause the cat will not get my tongue that day. 254 00:12:42.510 --> 00:12:43.980 That's an inside joke. Meow. 255 00:12:44.010 --> 00:12:45.720 Sean Murray: I don't I don't know what he's talking about. 256 00:12:45.720 --> 00:12:47.370 Johny Fernandez: When people say the cat got your tongue. 257 00:12:47.430 --> 00:12:47.640 Sean Murray: Okay. 258 00:12:47.640 --> 00:12:50.280 Johny Fernandez: When you mess up when you're saying something. 259 00:12:50.460 --> 00:12:52.890 So, you know the cat got my tongue. 260 00:12:52.920 --> 00:12:53.190 Sean Murray: Yeah. 261 00:12:53.220 --> 00:12:54.570 Johny Fernandez: Meow, meow. 262 00:12:55.590 --> 00:12:55.980 Sean Murray: All right. 263 00:12:56.640 --> 00:12:59.130 Johny Fernandez: Oh, it's great. I crack myself up. But that's 264 00:12:59.130 --> 00:13:04.260 all. That's all the time we have for today. We'll see you guys 265 00:13:04.260 --> 00:13:05.490 next time. Have a good day. 266 00:13:05.700 --> 00:13:06.150 Sean Murray: Bye Bye.