Mogo (MOGO) 10 Nov 202020 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by. And welcome to the Mogo, Q3 2020 Financial Results Conference Call. At this time all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. Instructions]. [Operator like over now Investor Craig hand Relations. to would to it Armitage, I you. Thank Please go ahead.

and joining thanks Mike, you, Thank for us today.

Just we get quick notes, of a started. couple before

that as assumptions First, update based cause these law. obligation and actual materially and forward-looking the Information United will in differ about these as uncertainties regulators and with included today's could filings, can States statements find statements the by risks our to those on and call uncertainties that are except in on subject and QX SEDAR, to from current required results website. well to you and filings company periodic EDGAR risks as Canada our contain no on are projected undertakes which

financial as a for discussion are considered include which be should measures. today's non-IFRS substitute not a These will supplement and as adjusted measures, IFRS financial to measures. Second,

in this slides people, unless today found amounts dollars otherwise Relations Canadian on the accompanying the to available do And indicated. are we the call. Investor today's are can Lastly, website. of Those be to clear have discussed section wasn't presentation

that with to started. get I'll Dave call turn it to So over Feller the

things income we year, positioned good business many an accounts. Mogo all in XXXX the our to these long-term for has President key powerful no have We and many profit up I a joined on results would at morning. we're our a like certainly still about squarely you a XXXX. Mogo's a call the of to It's trends heading FinTech's in including quickly in and And we business. shown done their ways, team where third adapt and We're our In success reflect million work the XX% XXXX in year-over-year also do. a including hyper path we an of pleased position do, the adoption have profitability execution of efforts environment challenging the digital resilience light year And to businesses the and The banking, net during shine have adjusted quarter plan. profitability on $X of XXX% Mogo work, CFO. the digital These have wallets and in and is all unproven increase lot hard work of this Thank XXX% the good of results to uncertain seeing to that team feel and because members Craig. quarter, to growth by models the Greg really job great Thanks, quarter in world fundamental and health EBITDA. our in another results strong we're how accelerated to team from growth Bitcoin financial of XXXX. and into difficult times. I'm of focused health call. and been with our and conference a great Welcome pleased benefit. today Feller, to a a previous positive report measures our are

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members are partner through monetizing referral Another a is way, program. we

we quarter, their promote EQ to partnered the Bank announced leading account. industry we During savings that with

really Although seen early strong rates. conversion from still above some days, average initial our tests with we've results

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the we're half working that next announced a of We first also PXP that launching new we year. product recently on anticipate

the many most to features Although of this well in there's lot of friction, to are and access believe convenient lacks a market We Canadians we experiences solutions opportunity a money think positioned PXP U.S. the leading that and the bring type in Canadian that have things ROI. email on continue big the have back. do transfer and have bill, can friends as along. the split this to them have working peers customers cost. this a bring an to our excitement like us you reality advantage positive many Perhaps that so believe we're We over challenge it they low in updated customer to the the solution of market. lot of and members it. our dramatically to lifetime This are life. product more do a enhancements compared this a hundreds for The produces to a given Mogo roadmap significant of start-up feature enable $X,XXX and is our to will even customer. app and have our solution. will a products of improve hard just product pay pay customer also to the easier. that space plan, enable than for to biggest is many We'll value, are part of incorporates other convenience we new the Lots There prior easily The their But accessing long-term PXP lot to our the relatively single acquisition. this acquisition make for move banks still and a internally acquire keep spend we

they million credit what This off influencer effect with of over to all customer helps the to of be unique helps cost marketing acquisition costs. generation based major is gives acquire we to influencer score post a in many Obviously, card also proposition ours, many We're decisions important, a now customers Improving channels, and where gives marketing our helping value and of about the fraud account follow. protection, with low result free marketing begin ID are banks in younger a the Our mobile they our increasingly Bitcoin our promoting this. us year spend. becoming as pay. including in which people ultimately along mobile kick halo initiatives of us have our free that media, continues will by making on new performance products. marketing helped focus a is other various $XX This the also a unique us partnership campaign, and fraction achieve app

continues model be helps business acquisition a to Our driven formula by that monetize. engagement, multiple drive customer combined cost with low to ways

increase With ask a roadmap also driving to designed Mogo for the Our financial continue to I'll product team app revenue that, to health utility on growth. is cover including detail. more strategy, improve our Greg Greg? financials in helping executing is hyper and members, while profitability this them focused their to that

the and Thanks, to capability Dave. excellent QX underlying our Building highlight all cash on And metrics, key the again quarter reported another strong generation morning. financial financial once across that good results, our we profitability of model.

as strong the also very in we growth in opportunities addition, we just two reported beginning is the member In areas. net well of Bitcoin account which growth believe growth, as additions

We of operating also revenue million, of significantly $X.X $X.X outperformed EBITDA a adjusted quarter revenue XX% to Adjusted of was $X.X of above well margin, our million. row represented This record at the for this as EBITDA is guidance and second and increase our level. was guidance quarter, quarter as our XX% record guidance $X.X lower the primarily second in expenses. $X.X a on attributable gross to $X.X growth-related million the margins million quarter above specifically the million in million to

was high the with was is quarter very operations investing million. which was end of guidance. flow investment of our cash million facility. $X of an net into strong million with $X.X cash from positive Total and ending $X Another $X.X highlight at also million flow million. ended the portfolio additional this of approximately credit million, by after of at paying increased Cash our which quarter net positive $XX income quarter $XX cash, Cash in

confidence these dial As our our metrics we revenue strong support plan a accelerating to back to ahead, investments look growth in in give growth XXXX.

new well saw starts acquisition mentioned, the up expect million which the were member quarter a XX%. Dave with said ended member engagement. product And an low-cost that was we QX $X.X in to revenue member attention measures proactive members, and enhancements, strategy we we to a in our with As our model with our products COVID. of new acceleration to drive over of head down growth. I million, strong And increased was we to the took we're the due continue year-over-year as Well, additions Revenue guidance. for core turning quarter

we best look when accelerating an As we growth acceleration see ahead, the with monetization any top consumer member of funnel models of of globally. believe FinTech and activities

in and $XX even advantage of of current market. underlying scale. margin the last in as showcasing was the to we model ways In Canadian our we to just member model We continue profitability in digital This accelerating quarters Specifically, of two gross XX% of at clearly and product again was unique than record generated investment was and more quarter from XX% Gross QX The million in approximately resuming started. banking marketing full almost highlighted in adjusted increased plan adjusted EBITDA, and up monetization distinct to year, have particular and QX our base confidence profitability gives million shift climbs $X.X our we of million and underlying from our position growth monetize in us with to business clearly Mogo's currently year. getting have of margins expand the in eight the levels last we are last take XXXX development quarter. beyond. Adjusted in EBITDA related EBITDA the $X.X margin EBITDA. alone, the XX%

of to in as market in with lot focused ability resiliency us well along to of us QX Although showcasing from was plans generated cash of changes make both flow as cash or was million a the of One COVID generate $X.X QX with our up XXXX. generated profitability. meaningful our operations others our investing. benefit more from adjust this QX loans, million of demonstrates generating was XX% levels. net flow us important investments the growth forced to Perhaps lever clearly cash of model which this cash the as from and excluding operations with $X.X from impressive

sheet XXXX million sale a sheet reducing our to by exposure our the leaner liquid the our addition the credit balance our and In of remaining balance highlights May million significantly. The to XXXX facilities July cost to credit actions to improved substantially structure, debentures $XX two at million interest XXXX. main rates approximately book our as the have We loan extended reducing maturity in to XXXX $XX well. down the from million and amended convertible years $XX and $XX.X reduce our outstanding year-end. extended We work, facility

our are amended extended Lastly, date. average steps. in the uncertain our Clearly, we financial they the reducing take to maturity Together, from nonconvertible and debentures, to position we've stronger forward rate position. to decisive in all us including in strengthen to interest actions Individually allow an meaningful XXXX financial a XX.X% X%, move significantly environment. these had

take referral including accelerating we're nicely. strategy, drivers, the growth industry is with in solutions, health balance platform, we well and excited cost showing to beyond full account we as a accelerating financial of Dave we're expansion with we structure multiple for FinTech our partner the profitable, investment as improvement improved already Mogo tailwind. XXXX quite and positioned as a sheet, clear in believe, marketing forward are mentioned, Expansion bitcoin well extremely unique real investment. with be of which growth going backdrop traction of With to our of without support also advantage including newer card, we can ramping about any that and signs seeing proof expect favorable demand growth for revenue leaner However, digital our

program, of transaction revenue out members fees. believe of be this As rewards roll can driver the from material we we new

Mogo be years. through other introduce bigger Lastly, as we and a three the the over helpful five for thought we at picture Stepping back, will the it we products would move PXP look opportunity to to solution next introduce - new XXXX. we take

generating is $XXX the the smarter over We market make with annual With billion of to Mogo of extremely banks generation of full take the that of them net us. ahead massive positioned and believe income products advantage opportunity next well move a digital the solution help Canadian to decisions. financial

uses years members. average the revenue With us still $XXX, over to the credit X for Canadian over threefold of we $X,XXX. us. only achievable revenue a value surface our would under in question. million we tremendous target member are targeting that, to and Using our given believe call the open simple Increase three scratching of per $XXX from math we makes to next create see shareholders, the Specifically target to base will revenue very member of Operator? is which per average opportunity to grow five what we $XX today which front be business, a million approximately FinTech would member is the of just the

[Operator from Instructions] Genuity. Your first Canaccord Doug go question ahead. comes Please from Taylor

morning. Yes, thanks. Good

first through and I in and as versus wonder to loan down of in think product investment you that could into of decision how the lending new that's of to financially see more something us, portfolio, help initiatives part ramped through flow the your about year. you've some is in reinvesting products. you book this kind what out of which the the if kind begin going reinvesting Your it parse

Greg. It's Doug. Thanks, sure. Yes,

to the and around So is Mogo not PXP but side, a to product, for products, yes, to big make loan obviously, there, the related potentially as is to the initiative products. of around to the features us Bitcoin expand well be the around account, development card, we're product I on as our planning new and close enhance additional new continuing really the would related investment say, going a vast the incremental XXX%

we on around well technology as there any development products. in to where investing much new is and related really, be So going non-loan very spend as products incremental our are of expanding

to say bit? fair remain sheet, balance own is So that, expectations the continue static, then little terms it the book the your a at continue Or expect for in should to business? make what gradually the of loans should we to on least to contract from we loan

loan really, stay a relatively through not book you But focus loan our on Yes, revenue a the program lending on balance know be our on going as really XXXX. is versus sheet. forward loan is going we think to referral the partner going on the is for drag to into our program, side and growth static, side,

you'd the that Okay, is investment. reinvest? marketing? what us should expecting come And quantify level expect help you And so in say the than can R&D do you're you it or just through

Yes, R&D. to I I QX mean, in back through come kind at were at, it's level. to look development it get be technology and kind the we you on of think going we're those that would levels of at reasonable that side, think going in if to to

some of prominently Can recent some you Okay. your today, of in degree strengths, release your and your development features pretty There's a your here? us to are those to performance announcements. product contributing new and certainly the Bitcoin featured understand, that you put what into Bitcoin help both is financially product

Yes.

really, and one quick we've mean, in with a us. So, favor asset sort Bitcoin talking days ago. world, around a in a believe early half the digital managers building, U.S., and Bitcoin had of of of of last two or credibility increasingly I really as with look, obviously launching lot square as coming very now out more of in gold launch that retraction way. accounts Bitcoin very some and long-term Bitcoin Canada, class. in but as PayPal the We seen Bitcoin the after for - still fell money account, year is But so we more X.X. a leading the the in years just about almost shortly long-term not over investors. of the are or and we a space the believe And in massive in the pioneers But the

to that competitively well. continue from financial products delivers, Mogo institutions product focus really are differentiates it's traditional on we Canada core something to that as as going And in so that us all the

on coming low a are at are starting from those We base products. we

we meaningful mentioned, we quarters start not driver still into they're do seeing as the those, XXXX. we today, becoming to those meaningful Dave are more increase of in expect move a So as But very so significant revenue. in

monetization and Okay, some difference me, on question the with I'll update some other time? last haven't line, those for spoken assets any capital efforts we for pass the transaction, then about in that the of came the

Yes.

that update. Hootsuite growth one business of I our to well in number holdings two in signs those What a say related in seen and fundings specific done of new as months, is, nothing have as the big CEO. debt brought a their positive have will are there six So, companies the on portfolio last

So, a which at and three up I XX% would seeing - think those of of we're lot least make our portfolio. companies,

seeing there. that we XXXX of And opportunity think investments one is those positive for at do monetization a likely in So, one us. to of some are we signs see are least we

line. Okay, the appreciate Thank you. that. I I'll pass

Thanks.

Your next question go Please Capital. ahead. comes from Suthan Sukumar Eight from

And guys. the morning, congrats on quarter. Good

Thank you.

Thank you.

first my from on As question ad-campaign. your new is me

mean, perspective Can what this with sequentially, that from ads, campaign. the the you roll a campaign you quarter on I did was of touch lift So, live? you're new saw, pre and member nice now trends out are new member seeing the ads

are off campaign. campaigns about actually talk we kick you kicked of one Bitcoin been the Dave. actually that new off, campaign, So we about this essentially the to so is again, have the When new is we're

significant mentioned So, seeing we October, actually as as we Bitcoin, from Bitcoin. in market And I going into QX, so increase comments, have to we growth my saw had yet a previous mentioned, in months. we're including the

in the just that to and completed month. this Bitcoin off the And should literally So actually, kicking any just announced the rewards later we ads, have creative program, market new we basically that be have yet way. obviously

incremental growth from see that doing. what kind we're So, of as currently we

So, will of campaigns our continue. existing all

definitely As identity fraud we protection, has mentioned, accelerate growth. helped free

campaigns, run better. our free these performs So, credit for we just testing from prop improved seeing identity protection, say has when and significantly score. the we're free what always performance marketing fraud of the value your actually addition And

this presentation. accelerate what Bitcoin, in seeing we that going So, Rainforest are anticipate to is that we our member about our announce we're also we in obviously just adding talked especially yet And new that mode growth. to

expecting do begin that to on actually a We're as that marketing well. So, And release that's a new shortly. then feature. also

net plan that help So, those what later we're seeing. that month kind this currently the are accelerate of I'd say new launching we on campaigns two should

in kind protect other respect the Is of behaviour And cohort on users product call Okay, and the user of free adoption anything kind terms there coming offering in notable, via to the great. Mogo platform? with could obviously, engagement card. respect and call to with of new prepaid this, of up guys Bitcoin, it you

the we're level activity that mean, interesting we I we're things, of mentioned, I surprised actually one most of think Yes, to in sending the many at how of quite as seeing frankly, new were alerts terms I out members.

are which imagine promoter that engagement. also can for the we're a protection, XX-days the and mouth, net free fraud great, the a precursor really sending increasing new alert identity is for that of if alerts, first is alerts, you drives let where that do surveys, all starting right. typically XX% weekly because even of will up referral, But obviously, XX% just those, of word marketing one challenges is in members within the strong focused So, precursor is no get that more perspective clear. you net seeing on we're is an you score, The definitely fact by it automatically know really alert, actually etcetera. NPS, from promoter if for Score to for sharing, And, right, we're that that ultimately, in sign there out that are a

and you something your $XXX you a going hey, it essentially the do obviously increase referrals it. once when free to especially tell free, that for way it others to referrals are get to literally have A way it, fraud actual charging helps are this anything of you and obviously actually obviously, So, experience can you have got another of family, your out experience any friends and on so you're lot especially cheaper it value marketing. year a thing, lot at where prop, for you example, protection, are we than monetize, traditional that's to becomes protect, the

And terms we're month, into card Obviously, look cohorts. gathering for give as the more of target companies also kind example, us September, customers. Every this more users to and different that what interesting those in we ability what data What card we to campaigns value in turn of to looking continues of that. higher July, still cohorts, an to is August, starting higher that at and terms card us we're kind some marketing are our some improvement are in So in early there gives value program the terms cohorts. in and customers data of continue obviously of of at see that see well. And really seeing shopping that of better seeing, data days in merchants at. our the kind we're

gives just side. this in to point is is, other I low wanted marketing target we on protection that to And key better our So expand fraud mention better all again, the information of churn. expect us the and data identity

your if there's every nobody for fraud been lot a credit score, credit For needs it's the credit really have a not credit that, victim, about don't people a or example, has monitoring, people a never real I've identity they a you're issue there that There's say need an get become obviously, understand checking it's don't that me, out of credit you fraud once hey, many not. you it, to oh, says Because it. score whether care always score score, everybody talk I managed but hassle. identity or if protection, to

that, have you're fact the churn, hey, almost where saying, it's So has not rid essentially you product of. because I it, to something want zero once a get that

download then even we're we in, we're i.e., a where alerts. rewards credit services score, obviously there just also a Bitcoin look as lot buildup credibility. to it to is a and information, monetization, especially Protect. of And That's that a it times credibility. is, the from you a to the think reason program that about now tying when to we're the where and account score, of Bitcoin us see now see customer also trust Bitcoin you credit give is And to into that download ties Bitcoin give the our your and absolutely a increase more like about much that given that's somebody And the customer, you products. you acquire identity have And financial the into these their the that fraud we is And the reason the obviously to end trust going a account. protection, app nature alerts. and have to other members, And of those other the the up it, five to likelihood and engagement, in building those we be the doing app. formula downloads converting retain nice really you simple, big get kind continue well, drive getting in if tracking you're key higher have thing retention same the bureau their get essentially going tracking retain, right. you're for percentage with So of higher where obviously, a engaged difficult thing app, deal, to thing is you about member, monetizing typically a we more it's

Hey, people know, today. you to it's can putting tracking when I on you a their Bitcoin, Bitcoin something over you Y, if add and multiple X tell stock. care And alert or Suthan, are that yourself engaging, So tracking alerts me just it's that, alerts And to you're under about. phone, mean an or get with actually

an huge product is, us. from really engagement a that perspective, So for

Mogo identity the into more in don't And engagement, ways are protection, we score players products. to a increases with we've day and believe credit Square you engagement daily those a engagement like the user monetization. a drive pretty lot we've user Obviously, is or and probability across daily app users opportunity. a in great other U.S. think proposition of leverage valuable although of got You that similar similar even user fraud the value set, products, Bitcoin [ph] driving and monetization seen

Great. mean your your investments on XXX. little the thoughts looking to into touched That's helpful. the of your about areas, Doug EBITDA the impact technology business. touch respect of with tech? your fiscal this investment growth And to with broadly, OpEx And in outside going earlier are the a Wanted on how around next. I maybe turns to priorities investment and think kind But should we mean what side forward? I margins more of you

Yes, guess so things. of couple a I

driving underlying that growth. that, for actually, a believe the big of COVID, underlying your fundamentally in a market EBITDA not them you're well will number leading look out or our actually really at they model, a the in of Canada, are majority key the so credit the have that of they happened interest you model. aware, growth key but are - in platform though, opportunity. As element wasn't planned, is of we is the milestones if to driving kind EBITDA positive that for of last because marginally that of lot investor there, similar And seeing they're opportunity which massive I But believe public a think very quarters, criteria, couple profitability of even of investing FinTechs in them give we if that in of the investing have investors And of Mogo market and a we you we of the positive. because believe are their profitability they one proved in

million generate that I'd a So, if there's that margins, of $XX revenue close EBITDA of, that that's of we're to unheard say quarter can kind scale. close margin a at a not EBITDA lot kind companies an to with of at

now was start start fluke like there points think take I that the QX last I wasn't to of opportunities is a we we've the think billion we'd believe I perspective. and proof profit. taking in the driving was that's in from a $XXX investing to view of revenue that with what the maybe of mentioned, fluke, Canada that over more of into couple quarters, Now, cash is, showing And flow pretax a and give do a credibility we investing profitability and banks But massive the EBITDA going the accelerating that had it we're growth. QX market us some believe make to advantage

that's So, that we are obviously a massive of just And pie. small, very today. piece

and else perspective a has got there's of product to want really advantage Canada unique we take we we've value it. a that. think from scale, to that we in proposition take And So, want it, advantage of nobody

want up if we that we in growth, for us show especially QX. start clear of to going flow so the cash in going start, and reward investing into understanding we believe to markets the model. big to is of the opportunity, can continue our of with this, to So, EBITDA And our ramp investing more and us to profitability growth see accelerating that, you're underlying

on just peer-to-peer Got it. think Thank me the is you. payments. And last the one for I

the mind? But, this? think commentary I on I some scope And on Could an please? sounds update for provide well, it you. a you might guys as have speak in could remarks. like on expanded you offering for you timing Thank have an the in opening go-to-market missed the the just that bit

Dave. it's Sure,

benefits to a we're half saying expect that we whole PXP, but the the first of in launching of terms next we're plan So, basically year. peer-to-peer, bunch the scope, in peer-to-peer there's of it of come reality out And is, calling enhancements that on we and what's this.

for for One the is for don't for our don't card, improving a percentage requirements from qualify PXP roadmap. those certain eliminate example, a Bitcoin opportunity actually growth on-boarding that experience. members perspective. these a of of again because of KYC of will and them, That's Today, for improve there is account, of we products. example, essentially we're qualify enhancements And the therefore, that function of, and a of more just the kind percentage members, have

balance. money can can or you you and way you The you have moving from account, friends. for we're that card to getting balance, example, the and in too, for down planning a same went app peer-to-peer the the model. it obviously at, open to say, because then card use towards friction And peer-to-peer setup you they bitcoin. the and is, separate thing Same open a say you account separate that less buy account, your bank from your app look card, Bitcoin. other to does card and your thing you is The today, ability one Bitcoin. to And from say you a more you account the that U.S., Mogo to is to you lot have for essentially if example, when to as But fund access in start have for it, the card transfer have money cash you cash account, can using from transfer the what essentially and cash relates go there now the get connect single account a can

also where accounts. and have So, you essentially one experience connected you've your

connect think money not You're I Bitcoin transferring card account, into your your then you're - connecting and money separately, transfer there.

more a So, it's a of experience. account one

engagement lot that into a and improved, drives more lower ultimately, friction cross of your So, selling other products.

that of the So, start some well self-launches. bigger we're in before meaningful on so, some happening those peer-to-peer roadmap that are business. launching will will impact a actual pieces those have the think Even those focused we QX first, actually on quite of in and frankly,

pass the that you, I'll it. Got helpful. was line. Thank guys,

Thanks, Suthan.

question go line James. next ahead. Zhang comes Bill You from the from Please of Raymond

Hey, guys.

given your ramping expect you've pre-pandemic, that up your we you're again. additions, doing month, QX XX,XXX additions were inflection to per be we you [ph] return doubled QX? then almost looking then pre-pandemic XX,XXX this should low was point and So in an rate. member loans QX Should to so expect a member And levels and to at

So, yes, it's Greg.

XXXX. in that to and say, would And in QX few were see member will exceed, from expect frankly we I pre-pandemic. of a expect quarters yeah, additions, absolutely continued we where acceleration in a So net member additions net next the we quite we

on the number good the up attachment that's there? rate there? is What the amount card dollar spend great spend the are And Mogo increasing ad and that users Okay, is of XX%. to news. hear And it's what's been your also

So it's Dave.

just and spend enough actually give so little active, customers users it fact very I a before Obviously, that your that you continuing So and yes, users. frankly user, also And, on bit load of per been member we're is don't spend mature signing turn are and card bring up encouraging. on obviously coming see essentially try base. have the active into in has new up a down, monthly a much mean, steady get to quite you get increase the money it only actual, that you average the that can

that So growth, that level even the we're fact very seeing actually of is encouraging. initially

to the talked ATB The theirs also dig as than a customers if only. main one to have we enabled Scotia, other Direct have we Visa used well. is we was just Direct, of be Debit would Visa theirs. interact launched is Visa things Visa I enables thing Tangerine launching was so Tangerine typically, you enabled their deeper debit essentially about that CIBC, Card, that TD, - say, is essentially card launched,

your see the also can more increasingly, Mogo we're of bank So benefit transfers. up to the account, more is, automated easily to account in that there and you're you there can this your and you what market. is link seeing starting set And

So And the that direct up good directly actual to all that's direct out also and paycheck doing deposit, actually reoccurring. or we had disclosing programs with an again, kind what And typically on number, set your are based other seeing would seeing the actually whatever. we're if card. that typically see without in Mogo you of would And higher very the segment, there, had deposit. best-in-class hoped those almost what be can seeing actually we're its with had getting that's this a spend, number. space, say customers whether similar even definitely that spend on those we're line transfer our deposit see. weekly-by-weekly, I to obviously, type Automated And onto you if the within that is deposited direct in you

encouraged results with So the there. very

quarter, interest Okay. drop the run in use nice Great. to forward? there And a that I Is good a noticed for was going expense. this rate rate

yes. So,

rate in expense to of cash interest isn't quarter related what sort is expense, revised related the a the the terms debentures. of On this non

going in up to QX. show So that's

non-cash. will Although majority of it's that be

So, but what between interest, it will debenture we QX interest, reported will QX. what we - and but somewhere be on reported the level in

one for me. that's last great. one the for And cash Any Okay, flow guidance on QX?

giving QX. Yes, we're on not cash guidance for flow

our bias signaled we've they obviously mode. As investment that, offense defense our and is not now think, focus

quarters that cash of couple need our growth flow. we XX% we meaningful can talking dime, relative throttle the if I XX% between a cash generate and on mean, a in a levers, to to over about that here proven we've flow we're revenue basically think business quarter. back generated, I

not do ability in good giving making our pretty is we we at that guidance that our if knowing to clear we've bias got investing flow I our obviously, levers towards about in need feel we that. So, think adjust growth, to on point are the QX, but We're in cash on hand it those time. any

that Okay, me sounds That's good. all for today.

Thank you.

James. Raymond from comes Li Steven question Please the next go of Your line from ahead.

guys, it, actual the XXX%. have bitcoin is I accounts is but number Hey, of plus? it I XX,XXX up What bitcoin accounts? missed may mean,

well it's XX,XXX. Yes, over

XXX,XXX?

the well just over mark, It's XXX,XXX under the but XX,XXX.

they traded will Okay, perfect. promotion $X accepted have mean under more have $X? And they does just actually that or the

an trading for actually what the funding precursor some, activated as is Well and the on is which $X. obviously obviously, well. the actually greater depending have acceleration side it status funding just is on accepted the But we're on even seeing side, the

So ultimately, therefore in corresponding increase revenue. trading there's actually trading and a

Okay. That Thank you. helps.

our I back time, was That last At presenters. the over this to question. the turn call will

on Thank QX. forward updating Well, our QX you thanks We following again us for to following look Okay. you. update.

Thank Ladies and gentlemen, you participating. conference today's this call. concludes for

You now may disconnect.