Affirm (AFRM) 9 May 232023 Q3 Earnings call transcript

Good afternoon. Welcome to Affirm Holdings Third Quarter 2023 Earnings Conference Call.

Following the speakers' remarks, we will open the lines for your questions.

As a reminder, this conference call is being recorded, and a replay of the call will be available on our Investor Relations website for a reasonable period of time after the call.

I'd now like to turn the call over to Zane Keller, Director, Investor Relations. you. Thank

begin. may You

operator. you, Thank

those we Investor begin, that forward-looking remind listening are uncertainties, like are with our the SEC, website. I call may would which including and today's risks These on to to forth contain in subject filings our everyone available numerous Before set Relations forward-looking statements statements.

company any only statements today. These make or results differ as today, update as Actual of we them, may assume materially required that from does and to intent by the statements obligation any speak not forward-looking except forward-looking law.

today's include GAAP and call not In measures. measures. addition, to considered for substitute may financial These be measures should a supplement financial a as non-GAAP

can which and For supplement Officer; with our financial Linford, historical to today's available website. Levchin, is the Affirm's non-GAAP Founder Chief reconciliations found measures slide be earnings measures, deck, GAAP our are Max call most Affirm's Hosting Officer. Executive Investor on me Chief Relations Financial Michael in comparable and directly

line into to begin remarks proceeding over turn Max with call before quarters, from On Max our brief immediately we will the practice In and note, I opening answers. to that will with begin. questions prior with

beat and I summary for to you. you, Zane. credit Thanks it all offer results. very maintain while excellent quick you great the will across a continuing quarter, everyone of we for track, our information, had We a of Thank an chance quarterly lots hope joining, important read packs to as letter but metrics excellent I had

compounded from each wins shipped interface huge dozens team gains. of well really improvements. credit model user they performed We to to quarter. small, is how pricing In side of new I'm the On execution isolation, but relatively these things, to the over probably of XXX projects of this proud

a seeing delivered strong quite Debit+. major the rolling continue quarter consumer demand. Debit+ it's early, Debit+ this signal the user. we of and frequency while to for more still continued that Xx you about it regular after about this Debit+ and the We was truly effort what is app, One on give to quarters update out days in we excited significantly user project I'm transaction come. Affirm a Affirm from into intend activation fulsome team has our and in planned to main product XX

to that in that happens week by lately, Seems and a rewarded in we the event capital capacity our to partners addition we was market once rattling as for markets, a funding there is well after quarter, great deliver it century our in continue returns as but capital incremental an every closed. April

short, big So, gains. many great overall a excited company. outlook about for compounded and a into quarter, wins in small Debit+ we the as very We're we Affirm had

to Zane. Back you,

begin open will our that, now you, line our Great. question. first we the session. With please Operator, Thank for Max. question-and-answer

comes you. [Operator line proceed. the Suisse. Orenbuch Thank Instructions] Our Moshe first of from Credit question Please with

could to decisioning have and does merchants will how – impact went that strategically, back have about little impact this that the you by also, Could And of GMV? is Great. and talk basis your just the more congratulations. both your X letter, your credit that fully and on in phased XXX in how months. the GMV point increase quarter in? risen I willingness than that a your certain and time in you what Michael, much interest bit Thanks had serve bearing that saw if types you

Thanks. Yes.

our in the that we are progress initiatives. pricing We proud made of

caps. a price way, out We underneath price to think us always on step recap allowing the to us to getting caps XX. to of where way any is were how caps of APR XX% getting works, – Just for the we this in subject we first the need those number

one so, that way there potential read X is are to points. And

don't there so expect. is we reasonable a price every limit intend to amount However, that with one to

out about about got said, That we're rolled being a and halfway we've point.

think that's a ending I thumb So, a good fair and progress double today rule spot. to would of be our

that we pricing of zone. that price terms for being absolutely and in is our intent. impact on our initiatives to faster approve business have conversion the to And consumers, case the get merchant better our is approvals grow those In able drive loans partners, more that that by

approve of we've leverage part seen the moved would how the And that reason to yields of of be interaction. ahead any, since why in investors it, our to operating been still to of acceleration able we've our business protect merchant been frankly, is intent Our asset that because first more for and we've volume. sort direct-to-consumer get

Thank you.

line the Bank. from comes question next Please Bryan of Deutsche Keane with Our proceed.

will Mike, the maybe rate. just could us guys. help and just take take XQ actually net some on particular between rate guidance you thoughts XQ. walk I March, when at through you take And puts then sequentially net the look can Maybe your there just revenue that? transaction, know gross then there's us in Hi always give takes to and looking less just rate, us I

provision resulted despite had thanks. strong be was transaction ahead very revenue And in our a quarter a costs in We expectations a on markets. operating volatile less part losses. in our that in driven in really for in outperformance Yes, credit. capital of pretty by large the QX obviously That large

the that in That's we prepare things we mean we markets that to forecast to assume getting We the assume We better thoughtful but for QX say us. being very debt reliant we're intend we it aren't around capital capacity. isn't not does in do that on almost can every like what a where guidance capacity add overly that we don't as a quarter, will add do spot remain volatile.

usage from And into What QX. see QX bit of quarter. funding of growth GMV that fourth means for the or we're us you our is guidance, a pretty warehouse showing strong to more sequential mechanisms GMV a our as reliance in little

acceleration some saw perspective, I a or fact, faster push what our quarter-to-quarter, In growth saw can year, sometimes that of the as quarter and was – second sequential and why we strong And the part we volume sheet so the we that, it kind during subsequent have of when had quarters. than originating both in you from in the was strategies for economics in in seasonality quarter, the even balance last think QX's and outperformance GMV because reason of loans QX. used the

navigate of we to next think expect shape what QX this QX against in and bit going we markets the change be fund and of able continue year a to follow in the we to business, little scale of to but So, saw see the will we're earning that the kind QX versus QX, to year.

how an No, a when just modeling do and see Got helpful. that's XQ. start rollout how really modeling? the we think we probably obviously about impact as initial think But should for to follow-up, the not the we in about do it. impact that of And much Debit+, and quick the

out two Yes, today. like an big But different our just not we there's our will product like as we give we loan. XXXX, before, it haven't to that And to because direct-to-consumer anything intend we're that talked We we're providing installment look it not in you because looks really is, product. pieces any of it more One have doing more model business. tools to it's that about do not today guidance material when better yet. becoming have part broken a we

plan and or that's we structure. which would this it a Whether year installment be loan, through on to calendar later on a think paying impact very have P&L. the modeling a has margin the it volume, course monthly the everyone how a And for P&L about will other of different walking

Okay, great. the questions. Thanks taking for

proceed. next the Our question of Ramsey line from with Barclays. comes El-Assal Please

if could and question. update buy seems us for Thanks was area pay of to I growing taking be Yes. now, on reporting you so wondering interest. an later much my credit

latest you thoughts Just that on wondering if topic? your could share

encourage which said, of folks look agencies. ago. now, So, concerns build term CPB like back and ago at to have the or fancy all, this credit cards. they And see a around what to Bureau and a than better published specifically furnishing, is reporting good highlighted rather Where the year the dislike help everybody to later, the reporting first desire about pay report, performance to was Financial Protection a product headline year strong That cap just credit also hey, way Consumer buy and their credit expressed in stacking just performance under I for a concerns the really of industry is about they a really, credits reporting these out actually, figure of loans. accurate

now, buy a credit role Lansing industry excited I I'm ready, the in help fan them and to scoring consistently the later its make proud about reporting we And partnering of but intend on sense context appreciate share at a we're transparently who talk to model big lending FICO, of runs build preeminent when with broader scores decisions. there be step into of of and FICO. out loans quite are is credit to the maker Will credit Affirm his to it report to loans kind to partnership which reported borrowing. would and we're so and really to factored pay quite more agencies. into that we enable And first Actually, the be of that leadership pay buy the now,

some follow-up strategic from potential been your this cycle? on some in me. of the not the, point broader super now, view in sort house chatter this That's you'd quick that something to Thank sort buy consolidation space. Is alternatives be the you. for pay at or business? media at maybe about juncture it open helpful. of There's What is later A exploring

very I the things very building matters. as my love in baby. is complicated I'm that particular knows much product things Debit+, just strategic such speculating heads focused out which versus down as We're doing on everybody very, is on on

is think that's at. mind where my I

Fantastic. Thanks so much.

comes question Kupferberg America. Please proceed. Jason with next from of line Bank of Our the

Thanks guys.

I Jason. Operator, we think another. Lost need

Jason, in. you're back

me? hear you Can Okay.

you. lost repeat Please We that.

think Try asking can I we you again. hear now.

you Can hear guys me?

Yes.

about you it I you maybe quarters that drivers for remind in move on of about think six the in just shareholder the then what I lower QX And wanted from here? talk touched some can about higher straight It's delinquencies trend, Thanks. ask sorry that. Oh, of ratio. the declined could reserve seasonally that to drives letter? the and us

short very credit the drives real allowance the time and for duration the in performance business the of of proud Really given portfolio Affirm. of the Yes. calculation asset, our the results

we're on be principal with by the even building making little a there'll balance of forward any in of and course where there. asset over we will of estimates the our get there, not you turns year very Because flow So, economy outstanding is, the time left partners be or get balances that. time for what doing sheet too fast, the by

estimate, long-term actual that as we a continued And as near-term the performance our strong And reflection the here. think of about more however historical has and instead, you'd of expect it performance, so, out. think given have the would delinquency we allowance like, to don't from that to we about down be come credit in-line a credit really patterns measured with we rate

that The tax The return bit come bit, season. seasonal numbers it's depressed little the seasonal in is delinquency a are factors biggest a around into you inverted. see factor play little and

that, regular on and as [ph]. so, on patterns very being historical within credit past much get little right the our seasonal the up to you [bands] confident start feel a about And those expect would of shows to staying here trends, bit. normalize pretty follow We monitoring top you directly

can I quarter? That's mean, perhaps helpful. but looked a growth curious last us share directionally number if specific we you if just not like versus only with it And if Amazon. Peloton, not I'm exclude what GMV

what we that to I not can provide a growth say strong of We're out. in had is any couple But numbers going pockets. exceptionally broken

including Our like we an our business. grew acceleration saw largest with Shopify in really partners quickly, actually partnerships the where platforms

direct-to-consumer a obviously had our merchants which yet, is also growth We as well. with away Amazon from And in like business, real really Amazon. strong we showed acceleration

Okay. Thanks for the color, Michael.

Truist Jeffrey Our next the with of Andrew Please line proceed. Securities. from comes question

Because letter about, spend called you economics do the go, encouraging. model the is have present some to present today. good momentum know of how be Looks you trend in changes. should nature you to whole think success is me a changed? is question. the But present, seems [the card if the I the Debit+ about transactions still the Where talking not that? business ramp lot of steep about card taking which yet. going think you're category? card] and longer-term grocery [ph] X% that And Appreciate I Hi. a of in in out How you think are number primary it thinking this we like can Max,

grocery is to us So, happens just I maybe primary just quibble bit be said that to case. the thing never It buy lot. most little used the of the grocery points, a with a

that's if purchase The Debit+ to think I card. of become a wallet. top is necessarily of for top goal So, the common it's a wallet

you the last the If word out most tell you what will months, probably X common ask everyone of any mouth is in Affirmer my frequency.

we want are not coming consumers, accident. our transactions consumer repeat XX% what that's of Like an is, frequency. from

much continue not and to or We which behind will the probably that's The that happy I I'm ramp now. product talk putting case wood of incredibly the right of think lots something months about particular Debit+, was lots too era. premature ago. where it's X is, X

time build took we right the glad to it the really way. I'm

delivering out make the to up Debit+. roll right continue I sure company ramping overall we while goals think we it to on need it that do correctly,

little of I'm about front the the of Debit+ to it’s users said, think finally in our and probably I the shape of one a it That now that of declare putting every too quite that. excited qualify curve for adoption. early

Okay. you here the just shifts of on you some creep also not think to funding, percent that. platform discuss, watching how funding? of that life assume given then the clarify and can of back of about loan up required in we're Michael, comment sort I And equity profitability going Helpful. maybe as of XX% a capital we're sort

Yes.

don't long-term intend and respect business and goal run is number. equity near to near We anywhere with above it that nowhere the to XX%. creeping So X% of capital, our up

don't just think I'll we question repeating to run a the it We keep I want I you for it's – with that last and it's know quarter, said people's much thank business equity because on that capital. minds.

lever it with let's for low we on we feel to strategy in and firstly, do low could but have sheet, this we funding economics that the liquidity that our like advanced example, operating a because, cash on have we're us continue a Today, and to a been warehouse billion need the future and environment And pretty for available we hasn't lines, say rate securities a for actually overall. $X higher balance sale return we over pull obviously put loans in leverage, balance adequate that's today use of our if to priority us with sheet

get around this. really market were it And future that the not on if so the those two factors work too today, the in continues something worked will team up current to like operate

we In total loan it. this funding about feel good the terms environment, really of economics in

this You about. we've saw X% transaction to over the being costs revenue midpoint the of range quarter's talked X% less that little a

to confidence but or volatility, We're X% going – with away an admittedly oscillate that in none quarter-to-quarter and that of to degree of from our high X% takes range.

healthy about broadly. think offset that markets to we're a of the the amount our of experiencing you was will the that line at ability headwind If in and the call, the capital asked get question pricing very over initiatives those realize top the

you. thank Alright,

question Simuni MoffettNathanson. line the proceed. Eugene with from comes next of Please Our

Thank you. strong couple Thanks a I wanted to of Great credit guys. relatively question. to ask question. high over Hi, last the the level see performance for quarters.

it think to guys really to always kind of control I what outcomes. evidence gives credit saying ability your have you been

that's So, see. to great

of sort a that's word pool. that you So

tune to worse, the the that an perhaps but natural the needle there question credit desirable. something becomes, opportunity which would a I is little performance be bit make think growth, is to volume

maybe you opportunity dial? on to we opportunity hopefully the see gives on love there, today as of you volatile us that. especially that bit little we're are philosophy hear can the latest, exit in you I'd with So, more give that, a your turn and what your – that that if to times do we loss kind thoughts

Great question.

I will I and all, credit after we thing [indiscernible] I it, hope the very X. some for time well returns. the through quarter-after-quarter at of First until think but always world credit is of point, printing do long because number X, number people probably listening is us, same And job saying believe a good

is with responsibility thought deliver us. returns never lender, non-depository I think our they to a capital a sure have good to to our as second that make partnering partners it about

the very, matters That's us. very of at philosophically top what to

strong mission, is the consistent mission really with, performance. through products and strong We mission do a but the to honest partnerships. people's get credit only to way everything has that can financial having have lives, achieve that we that delivering by improve capital market we way having is And

So, compromise that's ultra-important, no there.

to words chip short-answer think lot question few The we'll there credit The in sort the a if is, in. coming with around, quarters. as your more pockets mouth, I is know of cash put growth, can of a I in

economy the feel is the next employed. CPI side tamping quick actually positive but if On Fed down. not is not, wood, as would or The succeeding like basically of print news inflation, in things, their and is, like, knock doing they is as fully tomorrow's whenever the negative, inflation maybe job does on the it

And that – Meanwhile, the could soft involved. that held does be labor and things if wrong. go market that may landing, would lots are of quite excellent There like that for up. be look continues, all

hit either structurally outcomes reason make because loan is sometime And want are student credit a that's the we side over frame August is consumers. are that control us lot really example, just sure news have such of of to going we equation. that time short impact July, that we prepared the really, for The For to we repayment good duration. our

must tried it said little stay. a see how to in I – change we opportunity this time the to to of we do though, slightly has around, have related credit. that highlight nothing quarter stay an The the vein, credit question of or different know we but sure make and slightly to bands growth unrelated, bit it we weather last the your enormous amount we letter as to in next to sort approvals tune So, in within that that a answer with the

A partners, this we've has Michael mentioned with the lot acceleration some in performance that credit. that business of really consumer, a successful to do nothing of with of see our you seen lot quarter, with accelerated our the Shopify

put every you credit it with of do to with every do to that forth tears bored the to like nothing we on business or the optimizing that fact, just performance. can, In has by pipeline excited bit of little would we've be either has everything possible metric projects

And short I'll can, very, loan I promise what means apply actually I'll very with – Affirm. just keep it a I of get this for as quick a but approved to walk-through and

typically That's funnel. call I screens, you selection for about apply prequalify. you this we you check-out There's then that's to is as a as, up opportunity terms. an which get So, to find think get a a, basically low of your loan, three

go – [indiscernible] payment a pay up you agree, the lending You it's then your you credentials. if for disclosure. a sign-up type to you then or you sign select Then identification, to have then one, if auto in behind see not and new treat

off one through because it's keeps about of opportunity a one it. a we're amount conversion not to steps, something rate, what get steps and – just on these every night excited kidding will more, these working the are done product at what am online, that much I why was card can and steps Every so be work. huge this simplified to card I up has these more me of and I'm we're with the of so one I can funnel. the a because actually conversion excited completely it you, that That's people there's the of of disappeared what each rattle But rate. with also be it's needs lot it product. And And steps. when tell It's a tirelessly

with. And so, that games in we'll continue relentlessly. is Credit investing for not playing

laid sounds Got it going direct-to-consumer little for are strategically? is direct-to-consumers Am top quick then merchants me Can through – of to Very of you highlighted, the the second. it I like see of shareholder engagement be And in that It merchant the kind it. Got interpreting you to way engage consumer sounded correctly? progress direct-to-consumer? about like sort and at helpful. interesting letter, Debit+. the out And in you then of bit Or this it. finding follow-up. talk sequence a a to Very the time. direct-to-consumer directly focusing great also letter be first through going who on still just merchant to

I You're the attempted to XXX% rates. in out flywheel. shareholder to letter It is exactly lay – is the what do so

since approve to buyers cost our promote of of of very no have shoppers is greatest buy. to to because turn time, One beginning help them user right hope the that Affirm, product able number the about things their into we're acquisition. shoppers we they Merchants of and the

in can the labor. a consumers their back an to to we're in real them integrated Card consumers is to we're they we these important card, everywhere whether single other That and working are merchants, As come come that new autofill, Debit+, now physical browser, Affirm or most With the one. our seeing to back products. thing it, us, fruit chance the not. wallets, introduce is of have put their electronic their possibly wallet, in so

was integration. wanted I do if all to, the out with really will Affirm even but because getting it's the any will has the that that merchant to absolutely work I edited Affirm of really, functionality card I ultimately letter the than at One worth the important highlighting, longer think nothing things work, really

where that your card, favorite you on single sign anyone, these bring functionality integration, access Affirm later the consumer point have the and any not a a gives pay card brand now which payment you device. flywheel universal pick now, So, is sale. to yet up Debit+ is to market merchant consumers, Debit+ us at repayment do the becomes both site a to available offered. of consumer But transactions, to basically to is All buy and pay to that Affirm or is store, need suddenly for to now chance

you. Thank clear. Very it. Got

Please Our Rayna from of line UBS. Kumar comes question with next proceed. the

Karan dialing my is Rayna. taking Singhania, in for Thanks This question. for Hi.

line a with markets? there? secular just any in you tell about credit the capital what's bit So, updates And going assets? can us for consumer invest in little Any the based on change

Yes.

So, when news I the in to able deal structured and the XXA and reopening capital we was XXA investor correctly the the about positive markets access really that demonstrated timed market, think, constructively. recent reopening. The we're our ABS in – exceptionally the good is our that correctly, qualitatively, sentiment

Our that team did in executing a investors job good with market. working really and in

was that to is First are ours, basis, these between order And Quantitatively, think for that first do dislocation. spreads in transaction and us really not that are going to that times broader Xx moments things but And these case peak directly widen the put the asset all all pretty macroeconomic oversubscribed. credit it We those capital Bank markets on particular Republic. in positive transaction transaction I of failure impact economic including the classes, that and signals, important a of of conditions. sale but it's Valley of context of did the Silicon in

net but funding adding adding so, expanding our volatile. do new to warehouse ecosystem, existing just execute unfortunate institutions of things existing transactions confident nonetheless, partners. are mentioned reality continue volatile. from extremely capacity events. net pretty being we did severe is that these are It an economic that I And we right now those between two That our with in it said, the world We're can and partners relationships remain will we in also new funding funding

it's we for and spreads And idea to some be capital that you done widening, we've And I expect with are to rate But the will business, that always which is excellently. obviously, leave going and nonetheless, volatile. declining a that of still team, our environment one forward. job would what able just fund the offset

a as just value the is that proposition else? Debit+ or in comment maybe follow-up. Can you what's Is consumers are uplift products it with the there resonating the just driving And something Understood. on something usage?

again they we've at built whom – in front and products their off-line us competitor that website at integrated, We've Affirm of favorite consumers lots grocery, of out they over be have would told point, that love put over Affirm. to where many great but their of a store, this prefer at might favorite really at who a use

use be very the Affirm unlock way, like and to for you Debit+ clear, The the to very anywhere by and much excited. road offline. And VX. very Debit+ It's gaining is we're spans just popularity, years. this online map is

We have a lot to build.

remotely final the movement not is this particular of thing. that even So,

from Mizuho. proceed. of question Dan the line next Our Dolev comes with Please

quarter. you're the the Hey, in X% slightly and less envision job you that of that us long-term, that quick get I transaction like guys to – – do and you're still what love How Thank to saying you lower to I think you Can guys. quarter to X%. maybe bridge to just get term? how in kind revenue long Excellent cost long-term? do to revenue sustained acceleration transaction there. less – costs. Max, a question guiding Great A you're fourth you.

February. again, confident a QX. we Yes. a next in two earn. are loans about we guidance about a And you the upfront. in as percentage think are in have sequential factors bit that In higher-end we And of saw we a similar very what means quarter run, GMV is that and that provision do originated that think provided And we to also very range use the for the the little GMV had ahead to this was I But into to forecast long feel our reduction of still again, we quarter. expectations of X% in yet, X%. We that how those that back sequential growth provide and that our in funding, when warehouse for the

then QX in balance QX. for from trend And were we'd case sheet very the a versus capital strategy play to just origination out have the a We anticipate is and we it in separately, market. that benefiting volatile QX QX. similar And

we a sensitivity is And in. there. think guidance try always lot of have high our to we assume So, ability degree have a confidence execute of we what going our to to to

to when be have, our about we're forecast, the building the guidance model, deals pretty complete quarter. in making sure able we in so, careful And think the expect about we we and that to

Great Got it. it. you. Thank Appreciate results.

Morgan line proceed. Our next Please the of with comes question James Faucette from Stanley.

Hi, lot color all everybody. today. the Thanks a for and questions

think of things that complete? roughly APR could allowing you said to I with merchants, to your there? you associated incremental convert? metrics Any increases cap Given share application two And your demand much that across expect be how you that you half that When is that. do

Yes.

we're that the first, to On don't I XXX%. get to think going ever

we I merchants we up keep at moving make amendments continuing of to don't So, going anticipate XXX% is never. a respect progress with reasons mean, and we it, variety to be for of our continue merchant do to can into. like allow to to complete expand to probably we're forward XX%. us but to to try go to go But expect ever

wood really of year. same lot a to on chop, we've between that and rest try working that profitability. it's math. left a to we're answer of keep does for complicated simple unit now what this the maintain approvals, to think When calendar and So, is, going with level of we the pretty simple you about The answer

on credit populations. a do And portfolio allows revenue it proportionately extra approve to in associated offsetting us more losses you'd we expect and the so, And the think marginal basis. about those

that rising of result. us to yield we that is that unit a And we obviously of something across offset economics also approve more some the consumers so, more maintain economic lot allows as and need. is cost funding to case portfolio create the it that need the and a It the

there go consumer avoid. can't approve, outcome approvals a is of of right? loan that not and So, seek defaulting we don't simply to a to approvals. certainly, that all bad set want – a are We don't expanded on we And to it a will

a we think recklessly never And so, improve who going we're consumer to will.

said, us to we've credit posture business the allow that being XX% tightening expansionary the current is any done given of That it do the cap. be with

Got in it. performance then changed you I Got strong you'd weaker And April that just on the although for that of discretionary. maybe know and bit of little mentioned all at few travel, through services I – worsened days discretionary quickly that kind May? in it. trends. first a of And that. seen then or appreciate Has

in movement not no, strong. either remains direction. answer Travel we're short the significant think I particularly is, very seeing

that remains our color in and largest And mentioned Yes. still real of partnerships our And fast quarter. either in other where ticketing growing a have at also accelerating strength bright we some definitely that very, strength very guidance to clips. are continuing direct-to-consumer, our spot. on We trend or travel points the

see continue We goods overall. weakness in sporting to

through get we less do we as our forward Although very have the trivial. and now used next be of partner, largest than GMV going quarter, will our X% to what becomes be

the business. to then goods GMV less obviously, some categories home so will electronics thinking of And be and comparisons. rate when sporting the an pretty impact in a the lifestyle of And their of headwind become continue suppressed and like about in growth lot a levels

year, to from you X will begin get next QX a as fiscal comps. of We you now, months that think to do lap get when easier about to we lot

continue. those the And will some by so, there, to that of we're now, there optimistic time some growth. the headwinds for we return get businesses solid But

that. for Thanks Great.

the line Autonomous Please from And our proceed. question next Research. comes of Wildhack [Operator Rob Instructions] with

they Hi, wild give guys. of the you can some the percentage in unit how on into X% have a GMV us business? X% With the in economics color fit out core additional that there? to And the RLTC now, as Debit+ you

similar giving of should on products, about the We day. for because do today. loans, within – this installment do every again, breakdown similar very that more like are have and not later economics, requirements, our looks But similar some sit plan year, a loans framework what will more investors detailed GMV, very they we today it's the think stuff funding they

pay that few swipe that out becomes that's of not Today, days the running the the card. volume The But a on economics. card, way after the have we'll volume that the as investors that will comes they those accounts about majority consumers' give closely we it material. of now think modeling watch different to call a and

the I year. And income then to adjusted positive commitment you noticed that operating Okay. exiting this reaffirmed

on of leverage If scale the the need more drop to earnings? to level some you reinvestment you of and current thinking medium-term, or versus about real generate to that what's think that look ability to operating start more to your continue of to over line and the

good a question. It's

will little are to our Sales quarter to leverage a real kind commitments be basis So, continue and to implies, volatile you some co-marketing of of in more drive adjusted a in expect saw we bit our continue non-GAAP this on in slightly and guidance G&A. episodic. marketing that as

bit. but showing area see data But to and kind enabling product the little growth that still to in us invest do acquire we around time, to enables in So, in business infrastructure you'll a the is build re-levered. number change add business that bounce of But world. hire over that of continue the more both near engineers intend tech data, product to and to the also term, managers the analytics

doing leverage to not to that but of we means are other with update the growth this the later adjusted side do business on in to we so, in on and keep going that gas parts. for trend operating showing technology bottom keep income, profitability of the given the investors line year. And We've and that, a what our of we framework intend foot terms the or intend

thank Okay, you.

gentlemen, question-and-answer I'd Ladies the Keller. this turn Zane you. to call and concludes Thank to back our session. like

Well, thank the to look joining quarter. with call today, you, and everybody, again for next forward speaking you we

conference. today's concludes This

You lines for you Thank disconnect time. your participation. your may this at