Pagaya Technologies (PGY) 16 May 232023 Q1 Earnings call transcript

Good day and welcome to the Pagaya First Quarter 2023 Earnings Call. Today’s call is being recorded. At this time, I would like to turn the call over to Jency John, Head of Investor Relations. Please go ahead.

Thank you and welcome to Pagaya’s first quarter 2023 earnings conference call.

talk Executive business Michael Officer Financial to Gal results Kurlander, today Officer. Chief Krubiner, of me about and our are Chief Joining Pagaya and

earnings accompanies find on webcast Relations website prepared presentation can our Investor a that of investor You remarks, of the the our at release, section today’s and replay our pagaya.com.

our today our uncertainties. forecasts to, and risks performance. and advantages current These not will include, competitive and products forward-looking are and future that statements macroeconomic outlook, include remarks business strategies, expectations Our are and on but statements conditions financial based and future services involve limited and and

Our actual U.S. release Securities our Commission call as result Form these as as forward-looking forward-looking obligation subsequent cause results the information we these Any our results to undertake a April we these furnished XX-F that make to future events. differ with filed and made or based by new in on SEC. described the may no XX, press from update are statements filings with well contemplated materially XXXX today and and Factors today’s as could those as statements. that are on of on this Exchange statements differ of assumptions in

release Additionally, on earnings posted directly and Reconciliation be Relations are in comparable the non-GAAP financial appendix presentation, available discussed Investor most which the measures the call. to website. GAAP are the will on the in financial earnings our measures to

over the With that, let me to Gal. call turn

Thank you, Jency.

a it Mike, outlook plan ambition, our for overview and strategy. of I growth year. volatility before achieve our performance to this financial with through long-term progress to proof medium-term I and on of point quarter quarter’s start an to our to remainder pass of update, the then another the over discuss ability was This our will execute

full our revenue for metrics financial and you this quarter: take me year. the driving our volume, key our beat Network network adjusted the other of year, total through than last quarter increasing volume XX% than This We for adjusted higher guidance $XXX profitability our EBITDA and profitable million, million. focus returned as and of was drove all EBITDA to on year We ahead sustainable of $X.XX in are the higher income last revenue on EBITDA and highlights outlook adjusted of X% quarter. EBITDA. growth. reflecting Let billion, guidance the $X on basis adjusted

If Darwin an $XX the As of we a to reminder, of would we the a million, SFR impact XXXX. have of adjusted made Darwin, platform acquisition next of our we level. investment in the versus improvement January, first approximately quarter take like-for-like exclude our closed to sequentially $X been million EBITDA

I that results. Now drove operational will these discuss highlights

our were came network the from of side, volume unmolded On XX% our XXXX. and partner that in products partners

As integration growing grows, XXX monetization X.X% see by our network of network we basis fees increased opportunities, volume. to with from AI X.X% points

market, we such the as long-term the Continuing we ABS over XX% our network our funding onboarded of our QX. and were the from loan with that of XXXX, issuer major side, some of top to funding U.S in share personal investors On GIC. managers two relationship asset ranking with strengthened in

to Our AI outperform as funding enables our technology capabilities remain us market. robust the

what With of and growth. we future confident conditions. by growth these timing can remain somewhat influenced pace control positioned are We achievements in for the mind, market well are our although we we be can on focused

leveraging X We mission do Pagaya data want million through Pagaya this institutions with more with empower technology. our that purchase loans Institutional currently Today, network. mission. partners the active consumers loans stepping our these back technology to originate people talk partner who U.S. more investors over is Pagaya’s to and We have financial with more for the a and AI Now deliver Klarna, science. SoFi about to were second, financial network by to our like loans we Ally, opportunities originated often. too.

We less than in space. fintechs comparable business inherently believe volatile a that lending consumer is we other unique have model

and earning On shows our been Slide benchmark, presentations, have stable we able deliver XX compelled of Pagaya’s the versus time. revenue consistent and to volume more we that over market which performance

margin. large already I $XX company’s banks, have by more our costs including adding is medium-term us new to inflection Looking what ahead, tools ambition. volume, reach or This need an financial existing value medium-term by to point less partners, is partners production fee finally, FRLPC. our this $X to and and network in we We X% ambition revenues, the one reach to FRLPC believe bringing brings billion in billion plan X% our We two in to a driving to journey. do

meaningful have our some We become mature contributors partners. growth the of to of most

three that compares our personal created volumes volumes their origination XX% top partners, the our first of loan using network quarter at in only to XXXX. Looking of are being the total approximately of XX% origination

As our economics. for of see integration our impact financial volatility. markets creation assets fees growing, which are of offset the we network earned AI the value on on grows, improving fees, helping to

volume the to year-over-year, and our partners network rapidly. since flow of its network XXXX. in near bank auto further supported by large for we by quarter grew our such also Auto boarded business scale Xx, that runway in New volume by products growing as the increasing Application are partner grew with future. significant first for We on XX% application on

volume years. of than larger past the new material XXXX The over in combination partners of network scale increasing and addition volume XXXX. in Xx resulted network partners products nearly has the of growth was and few substantial

for reach our on network. we $XX FRLPC of today; on Slide believe volume growth an partners runway $X and billion with of we it of the We show existing stands with network illustration billion this We products future our have of as ambition significant XX. medium-term XX and just network our and can

origination $XX billion. bit onboard a with estimated this XXXX, into volume further. In combined over partners, new dive X me of Let we annual an

is We originations. that assume some have volume for X we this an annual XXXX our new That volume. of zero we Zero we the from XX% just nearly already can last network delivered the On eventually of billion we on growth reached drive demonstrated total partners $X origination network we in network to mature partners, volume. $XX us year, top our If for growth around that in of of billion billion, partner partners the XXXX XX% of a already gives partners. additional unfolded total in of $XX assumes other

to partners existing drive While, from we adding new continue of and ones. growth will course

FRLPC. doing our target X% translates FRLPC $XX we goals apply have network margin $X We that billion to volume so. If X% to reach the of financial nearly ability without the to our of of to even billion

our outperformance at Now different let enabled diversifying our institutional AI. scale growing focus funding shop We me and by offer markets network. investors, with one discuss on to X access stop

$XX severe to over XXXX in do all raised even dislocations. market have so vehicles, financial consistently We billion of since have been in our across funding able and we

X-years. Our reaching top in to issuer us this Xx oversubscribed by Xx ABS U.S the are typically just rank enabling personal the ABS to in loan become

partners ramping XXXX are As our origination. gross, May we in in $XXX up increasing nearly auto XXXX issued to We billion new year-to-date. find issuance $X.X billion business to

growing. is investor Our base

large more Our wealth funds it a companies. cars time unique mix diversified for Hedge of manager’s ABS our and funds, with asset V older has XX over around investors book sovereign becoming insurance and is

step have of can from track speaking We time existing in record. performance seen a to XX investors, strength repeat you on over up our significant as Slide investment see the

extended our month, last announced GIC XXXX. funding we we through As relationship with

We funding also top tier welcomed institutional new network. to investors our

demand a Angelo with ability with and partnering believe consistently partners are investor to of ATLAS our for we technology. dollar a Gordon growing yesterday, deliver union. announced We multibillion evolve assets provide we reflection outperforming funding to As the AI credit that is

While application as partners from our expands. network over grow tend time, volume to

performance optimize as nearly insights, our AI as in is Slide Backed exercising conditions the by can reducing have rate rates environment, macro XX. by to our we you conversion see driven approval level prudent XX% evolve. on Our underwriting a been corporate as

network volume. dial up As liquidity improve, rate back the can conditions and we will increase

peak quarter in $XX would been we in conversion application if full in doubled, applied our have what year was to fact, In XXXX XXXX XXXX billion third volume, volume XXXX? network it rate over

of by a personal the our QX consistently days returning vintages at X% which AI, performing the due, XXXX market range were worst XX% past month lower to time enabled vintages to are our XX%, outperformed QX of we loan are recent benchmark. on XXXX levels, faster than vintages, QX for wide. return. portfolio some our has vintages XX ROA reaction target With performance comfortable With with XXXX three market book

I at let believe I inflection things that Mike, over recap. Before to me our is business turn point.

with of expanding is us. ahead significant our First, runway network a

more with stronger the modal expands, our points gets technology AI and As data increased accuracy. network training

our efficiency give increasing combined mode have an operational monetize data we grows, profitable with monetization our network. and Increasing an As growth. to to of a scale forward focus ability delivering path sustainable, achievable us

to as it outlook me to pass Let this, well more as our in discuss detail. over XXXX Mike

efficiency. a a two, on our X% number Number path spoke significant that margin, of sustainable runway delivery starting spoke Gal one that to which future be a the FRLPC We enables Thanks function growth, just business factors. performance. X% resilient inflection profitability to point also three primarily reflected be The three to, is number targeted financial of for Gal. Gal focus our to will model in delivering forward consistent operating and believe to continued

As impact breakeven while in grew positive of on margin on from market sequential XXXX, continued the of EBITDA a partnerships, a adjusted Network of Darwin, significant the $X.XX QX reflected reminder, asset by negative XX% application returned A conditions first and of XXXX, QX of results discretionary network further In a low volumes, for billion, conversion near XXXX. quarter by $X we also monetizing savings remain primarily focus higher in EBITDA, volume. investment $XX acceleration optimizing volatile. versus volume excluding to million cost our initiatives, rate XXXX, as year-over-year we returns, resulting executing balanced improvement adjusted to the new made million. generating

income XX% of fees, million. year-over-year. and up revenue grew Total Revenue other makes XX% revenues, to grew by total from $XXX X% which

an XX rate, fee can remained take defined as revenue, at percentage as volume our Slides stable from of you reflects year prior of Our This a composition on evolving network as XX. X.X%. and see the revenue versus fees

current markets with and fees speaks macro in as streams are resiliency with fees fees. to ability future environment, network we markets of potential impact the and of increased multiple capital monetize model our hedge contract the integration AI We to the effectively to business the lower grow. believe revenues the our While financial

production After declined our factoring in to costs, QX. margin FRLPC X.X% in

are fees X% markets transitory period, current X% the pressured a view as below conditions to is and AI capital target While integration of by this where this are our on of we volume, network fees rise. market

our FRLPC of expect X% full increase We above quarter’s economics. quarter, XXXX, basis the and we realize second a the as on year in impact margin to in full improving

expenses. operating less we initiatives We annualized quarter, that to cost savings to expenses, acquisition. savings XXXX initiatives depreciation gross of Operating accelerated the the expenses implement first $XX QX. we to quarter compensation versus spoke fourth about stock bulk deliver excluding recent million Last in Darwin the those declined sequentially, impact Turning in of $XX based million. XXXX of onetime planned quarter the and in our of

GAAP accounting sale impact $XX net the declined the XX% was assets. for shift. three as non-cash available revenue. loss and by of share-based Our net items. versus compensation retention these shift to loss Adjusted in for our net in sequentially this reflected impacted by ratio cumulative million such the to percentage loss million our GAAP operating expense was points XX% items quarter election excluding to of for $XX to quarter risk total

significant me reiterate we another sustainable EBITDA an QX let that with profitability With entering quarter committed of execution delivering summary, are behind In to basis. on strong remain we adjusted us, momentum.

are result, the range $XX guidance our and now $XX to raising EBITDA million As year. on million adjusted we a between

and fiscal for Our factors. reflects ‘XX outlook year second quarter a few

the uncertain. First, environment remains in continued as underwriting prudence standards

income not limited in the markets with $X FRLPC $XX to margin, to range is In quarter, improvements into EBITDA and network a capital and on target $XXX we between range outlook. It between $X.X and X% cost in are focus we delivering management. material billion. any factoring $XXX important adjusted $X.X to between to second and Total Second, million. our and other and continued expect visibility, our note range third million volume Revenue X%

range million to $XX and For XXXX, total $X million million. network the to and other year full we and billion, income volume to expect range and $XXX EBITDA range between between and $X.X adjusted $XX between revenue $XXX

turn me let it to operator that, for With Q&A. the back

Joseph from comes question first with our Vafi Canaccord. And Instructions] [Operator

Hi, top guys. nice we tune Good maybe volume I just line, a you see and the the dive the application a EBITDA see up on the know of final you morning at the in really the and to of thanks in questions. Nice in the fine know to for level, into business nice taking some could high disclosed metrics increase auto. progress

are Just a you becoming other that wondering, you the seeing have follow-up. what verticals new and, to lenders of then I from And appetite in know some related partners?

Joe, here. Sure, question. it’s the Gal for Thanks

as So was out, most. That’s sheet XX%, like over we the landed. you that pointed of growing auto the grew we’re [XX:XX]we where within application part definitely the balance the the because good most,

you some are alone we diligently type partnership. existing like to I others are for to partners of the on application say up, of new know into working amount are continue partners, best ramp-up will and as increase those and boarded, that, strong just our to and that grow Second replication seeing for other Klarna flow demand the very this

shifting just obviously, show partner expect importance down think two conversion From have means about on systems, partners we it’s our and better that XX% have in credit means we working prudent lot we’ve this can as we higher And such. that more one have already. we which soon days, side based to on of them, top FICO, ‘XX. and things, [indiscernible] these partners staying like us more. things, to what higher and from of because From and very the environment improves, progress that another up is rate conversion the metric. having box that, do embedded actually maybe of point add, are actually like other way two we been we taking growth are that as a create their the the or of borewells of last in already will is of the on in environment the funding we resilience, a it’s piece bringing more it XQ, the as And are new more is to say tackle And that quality important funding half lending lot borewells the big the hopefully income, closing to funnel perspective, quarter, the other names these of other growth of

$X.X growth. over billion to We today support have raised that avail

basically, of as do guys. but should other conversion I looks conversion feel think Great. rate, And then it maybe downturn? we’re that stabilized prudent take one remaining and like couple Or another macro would the than on for kind rate underwriting like cautious perhaps rate of Thanks we at there be would something down know it’s that on it’s a you’re here trajectory? conversion How you where quarters. bottom Or lower lot, a is? about

I think point. you are on

are up assets today these like from things of coming We the are the we’re funding are that producing. perspective, that that I to we I see we see will the bottom cost in ROA from where field the out. the bottom we and a conversion have say we when

we For [indiscernible] is we our which believe don’t target, to X% we conversion and reduce to are any in further. the therefore ROA perspective, the that need XX%,

trends we the to I will think for next hard direction But believe start thing that’s the the see situation. to is It’s you definitely and that. up. quarter power of the when go how. And exactly will the conversion predict the coming is the what in is

contract from We perspective. will that styling of point and inflection [indiscernible]

Thank you.

Thank you.

Benchmark. next comes Lag question with Michael Thanks. Our from

Thanks.

different dispersion the regions the little follow-up little throughout a a to you on Joe’s geographic strength Can Just you’re kind weakness Thanks. of where of more bit the seeing bit? verticals. want on about question talk

rather regions across Sure, the so U.S. perspective is diversified from

by such So like – as etcetera., You higher of but it if California, population, you the seems big will the it’s or more percentage, Texas like be a less kind states it same. to do

And follow-up. a great. Okay, then just

to about you’re pass mentioned how You you talk Can fees AI going able through? Thanks. those up? integration

continue it the enabling And it’s grow. We touched Mike. to the these partners really tightening, going? in It’s using this proposition And value Absolutely. how’s Pagaya of Michael. on see been environment, the you we’re times that, in our environment, for our is question, our to part all Hey, proposition as do that funding partners more to as we’ve in sort increase credit the fees. grow we scares. value see PT help network. Pagaya of able of to And Thanks able

grow points approximately And last our our integration XXX partners so alongside as winning when by us allowed been to basis and over year. that fees we’ve

of to API cost, limiting the want should Nice. availability by the following the Just that your based you’re in it’s that, upon have And or I host just your near-term? that mean you on expansion increasing say. use does that who and people almost a capacity

think, again. Yes, this I is Gal

environments I think, that, fee, if environment higher more and you about type the that think the you think, are prudent [indiscernible] economics, that and and be you as in – and prioritizing lower higher stable, throw more a on where is you to it in products, I maybe too. places like – will or have you will of margin move becoming less side margin

on, the EBITDA and positive of the So [indiscernible] able can [indiscernible]. that environment. And I us, in as be part way the like to will as the it’s grow, influencing of [indiscernible] continue fundamentals that’s fundamentals we to have that as slower think but – being all move it. a we to business move because about think such, we’re stronger Notice, will things growth we you

Thanks. Great. Congratulations a great on quarter.

question comes Suisse. with next Our Credit from [indiscernible] Bush

and on Maybe following little up to quarter. Thanks, Mike, great that bit. and a Gal

sort funded pre this talk and a that. how think financial because you advantages you in get normalize, kind you environment? difficult how get do bit unique were during Pagaya kind the some the if had little that advantage of that markets environment, able you protect for to – of compensated able were the of your I Could funding to

And lot question. Definitely. thanks And [indiscernible] the for you. nice to hear a

little may actually intuitive. like that, as more be less mentioned, our you in apparent. a it bit proposition becoming times value So But like

and you me on So it partner as talk side. mentioned, on both about side, let funding the the

our increasing sell like to we’re it, places is in we in by, of partner our are in be duty. are able part you speak, the to these goes enjoying why So here That’s fund And for that doing we ability the at and day side, as with our the see to side, [indiscernible] support to this the partner to especially to bring credit in may consumers. more presentation share our the so few that wallet environments. [indiscernible]

the cyclicality, side, ecosystem lower obviously it’s becoming lending funding a for we for days. On sorry, – in it’s volatility because that, part created and and versus of others these at that us like are bigger

of of therefore normal these our consistently, ability value proposition [indiscernible] like because volatile And lack for the of consumers share, We them. much keeping growing, And not metrics our but like fair not environment appreciate sell them, in network, historically. we it’s is the and increasing So fair and increasing proposition, we top days, really our growing. kind volatility bit stability, stability value environment, of their number and baked to its with one, the that be strength market, [indiscernible] speaking means that in little they’re are of a but is the that we but are are share. maybe fair in more

partners to out stability we that something sure the is that going compensated such think appreciated. to the rewarded. make time. for like day-in-day are much as and getting we be are I for working that very to that And So And

side, our indeed bubble we strong portfolio. funding the with allowed they with investors to kind we’ve coming And very [indiscernible] yesterday, a that of high prudent, through be portion I that, That of just [indiscernible] able new through a used is some to union announced sheet quality to a facilitate assets. together wants think of They’re credit technology. that, want be like source more underwriting to capabilities. On the a

to able funders, and going to are of shoot after to AI sure next in in our be goes intact, make being ability are future the as the and be thing to order we to about facilitate is said we’re basic plus. the doing way there partners that to to making that that to and these capabilities a are I long growth So use in-line partners becoming in a is our this our the and sure funding flipping to performance next stay to $XX and the here [indiscernible]. the that strong a I building relationship deliver and network market environment. billion situations, And blocks

Great, you versus were of time? it’s fees, to to that was little a maybe the it And you fees. customers able generally easier I see the talk markets capital would as markets imagine, bit those capital capital AI markets robust, being mix for pay charge, follow-up you thanks. fees more environments idea in to about your can but a evolving how when over

it? Sure. Yes. Mike, you take what to

Absolutely. [indiscernible] got didn’t model. that business a refer the Really think you’ve [indiscernible], fees demonstration I of different actually two it’s Hey, I that there’s slide the Because to. shows you of shows [indiscernible]. that of types deck those the XX resiliency in

capital the the everything integration you’ve And side, seen fees, think and now add partner decreases, AI really to is up the value market a a that’s ability trend overall actually Gal side, grow. perspective from the has we the other to around got overall. just hitting point. liquidity bottoming you’ve And on from which out actually On market dried spoke

overall those ebb so and two things And will on depending market. the flow

FRLPC That’s is X%. through X% unique structure our the of multiple resilient. think Our the get results to there business goal model. in deliver we we is consistent which And can to of ways,

Great. very much. Thanks

from comes question MoffettNathanson. next [indiscernible] Our

Darwin’s to and disclose to Darwin’s adjusted Yes, Could maybe volume you you contribution revenue, thank too? On to morning. you. Good Darwin, disclose EBITDA. contribution also

really just We to and our of really thanks and space. the by strong of the on maybe going value that’s the the I SFR overall integration. vertical Darwin team pleased we’re about platform stepping start question the saying, in I’d would to leadership add Darwin, with overall, disruptive back hey, technology question. say the for a last Yes, spoke around progress quarter

future our in an actually, million. which on would trajectory, perspective, the approximately overall, the really about We have as been $X you with business, from excited So impact mentioned, our Darwin, results EBITDA. adjusted allowing with EBITDA our Darwin Without coming did expectations. of adjusted in-line platform, actual terms growth we into is of very disclose, immaterial

of in small we of be order the digit the So that the But time, to don’t the generate quarter. single in and impact, dollars of millions we it to value of grows. the expect really synergy upcoming material expect over Darwin platform as

it makes Yes, sense.

on follow-up plans vertical? rental to that’s going you medium single-family the Just are business What so see that, when do into term? for you

So I’m mission. what for second our to that a connect for

And our our whoever Pagaya through provide [indiscernible] is of created us mission to type space access for and to exists The loans get. vision in [indiscernible] for are and same they people, whatever to For mission they want perspective are partners a they bulk places in the affordable to looking ability of well, housing. big get the so U.S., have in to to they the the costs. access cheaper, should the that population more cheaper do is U.S.

in provide high with housing to in we the quality we So, part. people, potential modern mind, a ability that to AI the allowing of residential that to to purchase Darwin the to and more designed value able of connect be lot the that unlock Darwin through are

all seeing progress to from really Julian from would I the ability growth we start that we next in perspective year, in or and to believe So, operate. implement start say, their way year, of maybe the this that of of end like, in initiatives we are change the that and to something perspective, the going our

at of going to But design XXXX are that. really how You of our a for do become just so. it full in bit year time have or to business for integration out take next understanding we a the fall that you contribution certain the the the meaningful and

Okay. sense. please. last question, One It makes

last What for raised million the either capital, inorganically? organically that deploying month. are priorities or about You $XX

now, there M&A. the of think market the at time really that potential where our opportunities in given We time exciting it’s is a current going such spoke we to strategic as right valuations. opportunities just the see for We Sure. transactions, be

raise come So primarily, necessary us now. those the us to anything the quickly the was of lot we that transactions. ability see opportunities goal be should on to give this Haven’t execute resources to are very again, at announced in able M&A to fruition. but of that right And a market point, one the future this to gives execute of

Thank you.

with question next UBS. comes Rayna from Our Kumar

Hi, taking Aditya Thanks my Rayna for on Kulkarni this behalf of is Kumar. questions.

So, and revenue income full expectations the quarter, network volume are other your for the above and you in but year. targets for came your for maintaining both prior

So, assumptions can macro full into the top underlying that help built us of just some the understand you outlook? are year line

Yes. Thank you very much for the question.

think we before. I rate the it bit goes back conversion a to discussions little So, and the had

volatile a market will therefore and over prudent are strong are to in given are to our conversion assess in order certainty, have a conditions to time to And going and with But predict that’s We the we the quarter such business stem keep the going bit. little we change as the something and a it guidance, execute. the next in come. ability we confidence to we maintaining that because point ability our flow,

conversion And X% of point. drive this just able to return And to are for pleased really generate to XX% target return ratio that we have to we I that that, that been at add that managing we will are our to investors. really

at at But really, when uncertainty rate time. be monitor going ratio improves. to able we And allow the it. us of to this a upside increase to improves, can conversion taking will not point when potential this that on that volume. lead the market that’s conversion that force a to But market will the will be when that’s which toggle to We to are continue driving view But happen. we

relates a it material Understood. U.S. have solution? That’s impacts as seen partner very follow-up as regional face, your ongoing network banks on, particularly from And the to helpful. for challenges that demand you just any

Yes.

I to yesterday back Angelo [indiscernible]. union, you So, the facilitate validate which want to announcement to credit would Gordon again, the probably Sam take we had we

from impact the see we that two So, sides. of

medium-sized the better technology utilize we gives facilitate the the and the translating with the see one the the like have unique we part get big more time. to banks, that a side market perfect AI, unions, relationships selling auto FinTech help position are piece U.S. funding hand through in to of us lenders, buyers or capital of Anywhere and we a lenders, – with drivers ecosystem and of like and were a the moment to personal a loan, that private On is loans side, buying credit this strong the sorry other from etcetera, capital. and banks, and to up on opportunity And in credit perfect the they others. the big the until – of kind AI unions Bundled these the to banks it the perfect to were unique

So, even much provide a and creating in us our a unique to they centralized to the ability to AI. environment assets. actually more it’s provide for quality opportunity pricing better And the like with be time and react same network piece

Great. so Thank you much.

Goetsch Riley comes question from next Hal with B. Our Financial.

on you. XX%. not gone there it environment, question that like I might And in the will shows points a normal, ‘XX going very was think think high what a like morning Thank was a XX% everyone QX, XX%, everywhere. high between? years, over in is, lending normal issuing somewhere year a do percentage increased a and it’s has the growth tight credit. of of And the later, you be it’s QX what have do from to Good X volume And situation very partner’s more to lots and amount on. what’s volume tremendous ask in everybody. Slide it it’s It of XX. is My would it’s question reference of your Hey. was different XX%, clearly of past was then – you normalized is it’s percentage you demand,

So, is you have very about are that is What the integration to these targets, funding that different and see Dutch. absolutely you usually, between you observation, points, quarters organizations hit that the relation keep environment. like, once as right the here and with working been these your historically, or noticing macro percentage we a

speaking of like number. kind So, that’s becoming a

that the different grow to it has you But that like approx flow once go the over time XX%. your of say been you generated ability generally kind partners, to land and that expand upwards it, that not to speaking, once think of it’s by it’s up, relevant. is and cannot Now, trend XX% more maybe that about a set grow it as strategy, partnership like and XX%

true market the time. is sometimes way you that where of percentage these to growing is, of acceleration hopefully these the a the the above and organizations giving part why event higher to in the solution push that trajectory that, an very provide elite major into is market integrate So, and ability are the be able is see and actually it for is XX%. it of to become higher, And over working, heavily them that’s to

of how you Generally, of like the expand, because question software, land Thank be a That’s time, will existing APIs have would new Can it that volume you. or is year great thoughts term, demand. same-store another or platform ally, have of on I your that a year that? application the Follow-up build you launch? two, year Okay. in new an then, great. a partner? and on aggregator sounds even like, – over like And give one, customer, with three, us you then kind because that like connected hey, basis does trajectory through amount a type what to,

Yes.

actually I So, it from to speak Hal. that’s two lanes, if want about fine,

rather the the are as that. the time light, lane to start flow. create to land So, takes and we small, adjust and we learning first is lane expand, and of we say, It

for load the accelerated will Xx for see, are and quarters the call what as that up involved can example, fly that that, like than were XX%. we two in both the first But that’s quarter on we application more funding, You after. Delta until

the part the of expand reach are the But that effect. And XX% and plus it underestimating So, of X% integration, indefinite previous that as people another ending like we most your start the creating. is could interesting question. just height piece X%, to really this I and that this to first it’s usually is described can X%, as like low in think the continuing it

can has think doing application. unique – compete with, it’s of And flow for is that higher the four data are advantage. uniqueness actually knowledge collectivity the into landscape, you him and because making all and learn years, that a partner mode that will all connectivity data years, is unique that the to been he And that AI a definition of is X will we with others It’s giving a partner a product conversion. have and the that the in what have you that has. you convert the that knowledge that your one you challenge for So, creating specific different the And working you of no time types have in and the had. X creating speaking specific future like you heels challenge, by because advantage and have a had

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you very Thank Great. much.

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concludes conference call. This today’s

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