Pagaya Technologies (PGY) 10 Aug 232023 Q2 Earnings call transcript

Good day and welcome to Pagaya's Second 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.

Thank you and welcome to Pagaya's second quarter 2023 earnings conference call.

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

materials today's our Relations webcast our at the a remarks section find website of replay on investor.pagaya.com. can that prepared accompany and of You the Investor

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

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

financial EBITDA, measures, including income, net fee less non-GAAP production adjusted revenue costs. Additionally, and adjusted

GAAP call. in materials Our on will discussed website. directly are Relations posted on to are our which measures the be most the comparable earnings FRLPC release other financial available Reconciliations and our Investor

press our in review of want which that to quarter, this performance letter, accompanying website. lieu our and today earnings our encourage the note are shareholder commentary remarks, SEC our detailed to earnings release. we in was begin our letter we business available shareholder documents prepared with Before with Relations Form we published presentation. the inaugural on conjunction X-K you the usual We Investor All for furnished on supplement and on

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

Thanks, for Pagaya, we continuous At strive improvement. Jency.

future existing that comprehensive. and are As our mentioned, providing to shareholders we and communication committed transparent is

more see expect the commitments of of and future. you Our to is these reflection a letter that shareholder can in

a Network strong quarter, the second EBITDA. high our our exceeding total KPIs. end and volume, had adjusted of all We revenue, guidance across

Our the despite delivered current in rate record deliver for historical performance of $X of in billion, and low our reflects volume our ability light the conversion macro environment. investors to second network. approximately on an consistently quarter We network lenders the

Our products come own network. our lending to more boxes partners are applications Total is as their way, to demand on by tighten sending year-over-year of invest sides capital. to continue both investors million. the X% for they revenue $XXX The our to us high their and credit grew

on resulting fees as our both in platform lending grows. year-over-year fee more earning compared less demand are QX That costs, our product to We revenue and XXXX. in production growth

year grew prior Adjusted more to in and our our EBITDA $XX.X EBITDA highest than second history. period million the triple

adjusted are business, speak in to raising full outlooks we in for With the network momentum volume continued more which a year, the EBITDA our and our Mike will minute.

product offering minutes to all Now are traditional which consumer Pagaya much our shareholder discuss as our or read and problem detail. a as who more don't spend to access credit. would critical credit you in to they platform is encourage our letter denied those credit get our of for story. I let me XX% a solve like are estimated Americans systems. in of designed under An underwriting to of business few new you index, discussing

the originate lenders, is more people credit. mission who that without more and earn incremental access of those want to new all that loans, to investors, created to who connects tech-enabled this a taking gain Lenders technology integrate and to more more problem, with who address this assets. opportunity help Pagaya's originate with risk. loans, purchase any network revenues, customers, two-sided network unlock get Our to To we

diversified to other the our On side investors asset access of pools institutional at scale. and get high-yielding network,

pioneered Pagaya an gives other and this edge investor comprised have We structures. model over product. network distinct We believe product, two an lending of a products, the

We one platform. are the proud best-in-class lending asset on of capabilities organization Housing technology distribution and we've built.

experts hired and financial world-class engineers. leading Lending veterans in respective industry their market and fields. We

As a to anywhere don't offers investors result, proposition organically today replicated Pagaya will lenders a difficult else and scale. is to build believe value we that and this be at

loan seamless Once and suites half The evaluation integrated, deeply analytics network, in side in On the fully ability and of lender's embedded evaluate any credit we exchange smarter in than secured real-time price lender originated. our credit automated faster to a allows origination loan to second. funding each APIs. the debt customized product with product and our less is system, provide product technology, are for decisioning of access a loan

All network. of partners product, XX since that grown sticky by we over fact a our lender evident the to and no this results have in has inception, lending left

other of different loan We year, And dollars the raised side in most on continuous personal quarter. second that markets. half Including across once again on personal were recent the the loan first a of deal our $X.X billion and just across July. $XXX closed of of deals. the flow ABS billions the point investors loans, ABS assets of we in number seven issuer one sale. million Institutional personal to the delivers a auto, distribution of network, In multiple connect platform

our record our reputation as new issuer Our track performance investors to continue benchmark draw network. to and a

is We onto Early coupon weighted that rate. remained through better outcomes for to the which continue returns improving largest to trends continue while This The enables network, network participants. of effect recent two stage in investors stable. our flow markets by and delinquencies for of future both vintages, existing millions personal fueled hundreds points data improving translates our enabled average continued decline, and see loan performance. to by our for conversion asset low flywheel

of Pagaya. to last add that billion existing ones, if product would not confidence created finance strength the $X in my created, real new over impact The that partners, assets and our of is consumer were new reinforce attract have grow ecosystem our offering investors. The were been not ability in it year for

next With years. have few today, can we grow over pipeline significantly our believe the the we we network

grateful fellow for my to the your mission to to of incredibly our increasing Pagayans, work and country. access across consumers achieving And more commitment credit for hard I'm

With financial that, detail. it results in pass let Mike discuss to to more me our over

Thanks, Gal. We performance quarter, all of our our of exceeded target momentum on and this growth. business the the profitable reflecting focus

their a low we applications conversion us boxes, continue, headwinds more on ever control. macro to credit rate. we can to while enabling deliver own Lenders network sending our While historically remain way what we focused our tightened managing as highest are volume,

higher shoots capital of recover from improving to year. see significant liquidity green appears quarter sequential the loan investor new origination. On unsecured starting ABS fund be raise two continue supporting to the volatility side with to market the to we're consumer network, quarters, prior saw than the last we starting our to sentiment this issuances ability with some Investor to

improve and which to scale. XX% of Total up grew economics total as revenue in $XXX X% XX% quarter continue We Revenue second grew from the other unit we fees, income to made revenue million. year-over-year. year-over-year by

of X.X% by points volume revenue Our sequentially. grew remained from take to and rate defined fees as network stable year-over-year XXX basis a as percentage

'XX. amounting grew within above volume network basis by a XX% of by and and result grew X% basis points second X.X% of decline gross points volume, to costs the quarter of XX% X.X% quarter, year-over-year our measure sequentially, XX of profit second FRLPC, versus 'XX which target range to in The year-over-year is that to Production XX% amounted of XQ net XX X%. our and a network is sequentially

of letter the shareholder our page growth in our and as earning and see As as product composition you evolving mix. can of this supplement, of a our primarily fees, function well seven partner is

own partner our see both product. reliance as today's investor we As network, margin funding and environment, increased reminder, of markets. earn our more our product both challenging on a our partner lending credit standards sides we face tightened on partners and lending In product on their our

As Demonstrating we network earning resulting lower cost network. fees today's to currently growth EBITDA on deliver are of margin higher is results. driver of our two-sided helping quarter. the investor delivery ability product in offset funding This of the we're the a higher to this was lending on of The the environment. the our the FRLPC result, side consistent earning key in

expenses. to operating on Moving

research and expenses administrative were was public $XX and our one-time by impacted total compensation sales company. in to from transition a general and million significantly down marketing, the stock-based development, quarter, related which QX, expenses and approximately Our year becoming to prior

to the impact As we savings non-compensation than which $XX accelerating expectation target recent our both said in included Darwin delivered cost on to expenses. of in and this reduce our excluding this million saving, initiatives, our cost our actions acquisition. year goal annualized We earlier by QX, compensation is original deliver

strengthening million to expansion our $XX drop excluding expenses, profitability roughly and operating compared savings. expenses in and $XX long-term, sustainable The quarter in operating versus of XXXX over to by the fourth the to are delivered operating rate quarter of $X value depreciation to to by stock-based the or in embedded of million, our our business We million enabled leverage We believe, comp, to the declined leverage continue deliver our adjusted investors bottom-line. FRLPC XXXX. $XX.X model. EBITDA second add of million the on run track supported one-time resulting partners we straight the and Core

EBITDA. outlook raising the strong the our full-year first-half the momentum adjusted of of ranges network Given are business and for in year, volume we our

for and few fiscal third quarter a assumptions. the year outlook reflects Our XXXX

of First, macro we uncertainties. volume, remain conversion light ongoing rate our expect of to application in the prudent in

our FRLPC to and to our Second, both a network we strengthened volume of continue our we as X% proposition to target percentage value of partners X% network investors. and growth as

factoring economics impact execution been not the on can improving, of improvements we have markets, earn. partner markets level material our capital are in any which While fees financial we product in

range and $XX $XXX billion the $X income we focus operating of to network expect to $XXX between and revenue Total and $X.X $XX range other range on discipline driving million. billion. In million leverage. between and Finally, XXXX, and volume quarter third between cost to million to million continue we EBITDA will adjusted and

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

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

is [Operator question with first Eugene Instructions] Please from you. Simuni proceed. Our Thank MoffettNathanson.

volume Wanted guys, to Hi on quarter. congrats network strong with start trends. a

expectations. exceed it see to good So

what for So more about environment, maybe very a level across existing of can customers detail macro be helpful? the to it new as talk as little be with that your demand network volume onboarding better-than-expected higher strong would from customers better-than-expected you a was attribution allowed bit success

for Hey, Eugene. It's the Mike. question. Thanks

record with of start was, driven to You're and really really what network. volume right, demand by the see level both was this quarter a network strong a sides did hit we from that

XX% had also the that's in we the side, to the core saw driver demand that application increased flow the increase well, and and and On as volume. on side network we -- investor the partner really led on investor

with that actually and the the we ratio our actually, increased headwinds that control us macro see within Now were flow. things side that one that is conversion the still on application of of

this function very, that's prudent conversion ratio in of being macro. our us really kept very existing We very of low quarter, the a and light

create one core of right our of to our the returns and for -- returns responsibilities Our core course investors. is

And had from partners, record higher within delivered ratio though kept so, conversion even we and the we lending network that, really volume. our we tight demand

When of gives network. the we in future conversion we go ratio a the pull lot little higher. encouragement embedded that so in we that bit can us around can growth within that's where think the a And

that, Got you especially with helpful very US customers it. capture your on talk a banks? on bit success then larger about new can boarding follow-up and That's and

this So, one. is Hi This to Gal, take I'm Eugene. going

where we we feel land XX ability. like and fact the we are the about constraint can another next more are progress are in of are actually that bank for of that pipeline that little is ability is over actually many some with are seeing context top therefore that that giving industry the Part partner the therefore we XX we today. that us in we in of a are we confident banks tailwind spending very to the product offering conversations when very banking they loans So We in can something they allow that with liquidity the speaking to actually unique pipeline, think might big the lenders. our headwinds and months for in more be consumers much and bit for is the the

now that banks, if We our very work you expect is coming about and the did cloud more airline in see stage. year more about last not a and right the we through based we success feeling strongly our offering we're in had therefore product rate in we've are to for remember little a the level AAA is That little on conversions relevant we invested past. to this at the bit become moving -- bit

it. Got

Okay, thank you.

is proceed. question Kumar with UBS. next Rayna Our from Please

good evening. taking question. for Thanks Hi, my

I Just guide XQ wanted quarter third adjusted to quarter-over-quarter decline noticed basis a point implies start that XXX the guidance. of with your your margin. midpoint EBITDA in

or if drivers if there? there's other that's seasonality Just underlying curious, any

Rayna, take I'll one. for it's that Mike. Thanks question. the Hey,

last the you to maybe me, million year. And step be that a to Let this But mentioned just quarter. your full-year, times profitability million we year. now XX were question take $XX of for think $XX in when that's about that, through been we're a we're to terms put was expecting on and gains third where pleased able with back definitely second the we've our

to our bottom margin and all dropped we been able that's been that took to do FRLPC to the because -- we've We've really increase able line.

margin core is really able leverage our So to down way bottom all in line. the been that's driver operating gross that the to drop increasing

your to a question, reminder, growth as we and a are company. And still

we And trend continue invest a move we to the expect to we to really by year. continue that's so our to invest to company we're as in the expanding continue as long-term far in do seen that our this be driven forward, all going opportunities you've and to but expand product, growth on so focus see growing. to profitability and And going -- just the network,

helpful. on very question macro course, how fluid. few a immediate here another a very of is, Would lifting But be become Fed And the still begin with were conversion soft conversion just a And more That's on or manage you remains before you more an quarter there signal then be would of transition lag it. rate? rates, be it? would constructive talk to the Got would rate? this to pivot, environment conversion landing it

a and Here's Rayna. the whatever of it, us, is their their holistically returns are not impact rates indirect lender. driving terms our about And really investor direct manage a investor to hurdles. bit way Really we think returns in is to we're an job the of because

will we thresholds. So the macro investor feel conversion come that way and Obviously, those our stable. we lift is, think come about down down more we rates so it it to it comfortable return will do becomes when our the meets hurdles should when

the that And think one of And things real proud the response from what we I ‘XX improving, to expect can side, the is time. in when real to we're we we've a We started see trends deteriorating. time. consumer of responded really response around that perspective, and go other of our in time to built on environment also you late back here in is respond when behavior real we see

within going conversion of feel macro to we and improving that said, that stabilizing. in forward of record soon continued as before all ratio with rate able are to will look conversion that produce the volume said to light we with -- macro Now that maintain as and is we comfortable we've the the definitely they prudent were

you. Thank it. Got

Joseph Our proceed. next question is with Vafi Genuity. Canaccord from Please

get But you Good just see both I didn't been. all range know if growth I it more solid sides in start conversion that a and like the the there that sequentially not network. that. afternoon, network application, to that a also, to application was it also or kind also good disclosed was rate from muted. nice a flow down Maybe, you you I to know if kind was wanted of growing application was know flow volume. is or we dialed out But does wondering, demand throw feel flattish then of just of really a I'll you at on quarter might then have wanted And band what said follow-up. feel,

the Mike. sequentially Hey, Joe, prior over it's quarter. flow XX% up was application this Yes, our quarter

is see us for funnel come growth the excited healthy. of really We're through. top the So that really to

is, volume. drives network what application In you in how of ultimately, application about -- kinds this that billion saw range network Now, if roughly for our additional conversion that. volume, we our translates rate think $XXX flow see the We the quarter. into

about we in our now, we're lot is extent about conversion higher of of of the in your that grow the volume in low And Does ratio, it, below from question? terms that to ratio pretty managing we a that conversion growth produce right so, answer order a X%, and that as conversion XX% network can higher there's the in can the we ratio conversion embedded there. XX% slightly ratio. That's think think to produce we can way

sense. makes growth and to sequential of that Yes, got clearly, think you that be filter kind and prudent. with I Obviously, down that

total So that sense. makes

Just investor muted wanted your network also and volume quarter network to dig to to that FRLPC side margin back guess versus X.X% that as little fees margin the kind and here this a ago? X% of was of connect percentage or on up, a being down I year in into a commentary of

And lender I a the percentage year-over-year network a I'm and well. to gain is makes know was would -- on is side, investor and you do that that the the was for flat Thanks. get just it's if volume doing then that side lender as trying think sense? margin of you or coming year-over-year question feel FRLPC from down the say side

seen the business on application our and their is side Sure. Really for on has flow. partner gains relying very growing converting are the product actually partners their been on strong partner Demand as product. we've of really that more the more us

by FRLPC our think you about evolution overall, pleased we're when about product. that of the Now really

on -- products some growing economics the the talked economics we side. partner had of quarter our unit, initiatives new we talked for about So we to last unit remember, you

the hold. quarter of X.X%, seeing full to going you're those impact quarter This taking

Now actually said, as from contribution seeing on you investor side. FRLPC lower we're the

will think more we we where balanced back what now we're approach now, Now, a mix that our more much you balanced much a with were year right about expect really the liquidity. in But we and the about But this if was versus it, into to FRLPC you financial have today, last excited come market then over the investor ago and of break a investor partner there going can we deck. -- see slide you encourage is that side and the out supplement. and actually there so put the look, actually quarters few side between

thanks, very Awesome. Thanks, helpful, guys.

Michael is Please question Benchmark from with Legg next Company. Our The proceed.

if much decisions or those how ways of is that guys. ability Thanks. want? then limits a the And Great largest little about funds the obviously raise in that further capacity that? your that your and as the your those ask how a as have ABS you to maybe -- quarter that impacts amount Can to talk done of that Thanks. on then And relate rate? kind bit funds the then conversion you by performance And the funds current it you to impacts little the bit raise of you how can raised, investments one exposure and raises? your

Hi, Mike. It's Gal here.

So chime I will part take will the then Mike and first in.

from improvement in see an we funding So conditions. perspective, definitely a market

shelves the the strongest the clearly both seeing very close it we wells I like is a I liquidity but repeatable from in hence we smaller bottom are cetera ourselves deals. to et are the in then productivity. market, that that really capacity, not are And getting think, QX terms traction, see think managing it and like what was of in

motion. talking things and kind like to of importance the like of scale the and in believing scale these it's So

older $X orders. ABS deal, give upsized from to of July, one book we the had at million $XXX $XXX of to peak the billion we you example million Just the in an deal

that speaks into the strength deliver that a very ability to perform capabilities in that different the our So team and of funding ability strategies for to conditions. are market becoming the to material

side want the of Now Mike take it? do to you to the investment,

quite From I'll manageable explain and why. sheet actually Yes. balance a perspective,

actually our don't on loans put we know, you balance As sheet.

sheet. we the sheet the is And from mandatory comes on retention, so put have to balance the that and our only really balance ABS holdings asset the issuing on risk X% which

flows means if fact -- cash that investments prior And and X% material from quarter so the investments had the about diversify securities. perspective is from this net $XX think in every a And that X% fact able to from receiving grow prior that and we we're actually cash cash actual you the flow been the our loans the that our in private flows investments, outflow funding for million. we've to quarter, facilities X% around and range. actually That

about to in same will So distribution funding that business. us actually don't be feel actually able continue But that long balance mechanism the position other supplement in. diversify near ABS to runway and have the term, requirements. long Obviously, the we're gives grow sheet term to a the with products really we the good

on the Great. quarter. Nice Congrats job.

is from Goetsch proceed. Riley next question with B. Please Financial. Our Hal

more about, us that? maybe more Could this it for a of Thank billion of of $X you a us coming perspective of also different what process. the also this private application application ago the money. -- Only And about closed number, on Could $XXX sum and you. it selective X% on huge is much was very loans how that's auto flow. from tell tell is is and us quarter in of a year it mix about actually you and give flow billion application the staggering

Sure.

From of if or So we're collecting the flow, application share reach not, our the it's flow is parts piece of consumer is seeing of the I happening because and is data to think a importance parts. the bigger better them ability here. American that conversion Gal of to to even that part important level a and this

if you be on able advanced focus that. to on to that choosing modeling deliver actively some business because the to need We to be small population of the food and of are side both do other and

something time, that X% application can create therefore to the product as But level of connectivity value that the you when to imagine a a like end are lot dollar the almost a a in and X%. think I ability as now itself trillion the or seeing yield up from we'll over monetize of think about not network you and or perspective, we

that. As such, able to and we do be find more to and better ways

a growth years. the on side, like it's the say, over perspective again, From numbers, over last I XXX% few rough network will

point that say flow was the PL example with that partners it on and to have total of on of coming application also it we're more sale, starting I committed model. loans space our lot was will network we and from taking have seeing better you and ramp are last perspective, new through would like is that side, and exposed connected a that to partner partner we So year example up didn't are from home complications that obviously PL, for is that from a and up. majority to ago, to it bringing A we leave I and that that, around, now new time Klarna this a data was our

that macro short-term of to here network I building connectivity XX% share could The believe ability over how the and monetize to that what that's convert is out XX% piece could like extent, we're year-over-year, really by the and situations improve secret the capabilities internally AI change sauce. that and say XX%. we seeing that period. the they But last like piece To that this will we is like, that

Thank you.

with Please [Operator is Instructions] from Our proceed. Securities. next Scharf JMP David question

of on business questions for all secular thanks future and Hi, new maybe of just focus I appreciate couple questions. on backdrop sort the the good current growth. color my afternoon can in cyclical taking

of branch-based volume still bulk loan the so the Mariners, originated is I'm personal exploring like turn sort for is, forth. Landmark Obviously, personal of are of downs? services lenders. near handling like side. the I'm on The sort non-prime, companies of third curious and are by prime One using party Mains, legacy partners Acceptance, your digital lenders our legacy yours World First these any curious,

Yes, definitely.

comments of my the in earlier the Q&A. to So

with very We there of are are two -- loans. We two actually other relevant. top on we part this in compensation basis the prospects that discussions banks, personal had have and speaking XX over

the I that something the step are sale industry interested new of more around think a three and personal take that a of people is I bit really sale. products. say point in I market hands back, if definitely, and place banking would obviously in Point loan, So main the share. -- The together trying little is auto

with auto relevant than of an little just to perspective, lot maturity it's that the super-prime is subprime the from banks more getting are a a that is rather a matter in then we and going us. on And side there into customer it's base that's bit of space must for the more a that's complementary And their we the are relevant success traditional. PL offer to super-prime the usually from a PL, where on perspective product biggest banks see and

an I Okay. dabble Maybe to off maybe a that banks? so were on the or segue what loans, a with it's understanding recognizing personal non-bank that. the financials they class mean and in question, good be been there, my much in care better specifically, next to companies of asset large not sort it's afterthought because large I little just banks which get you'd historically about was products involved have here just rattled

is have based a in really the auto your lot on then good subprime already And auto who side, on of lenders, leading securitizations. subprime penetration you with

it that once something because that revolving card or So within again, Is asset the large they're kind not with banking credit you? to we exploring of sale, on interested is personal big the a relates point class a feeling card with as community. bank, real it loans of side know is

it you you'd keep the counter fine. long As by be as you, on

-- -- not to that I to think your I'm question. who sure So look like that

Through strategy different that full capabilities seamless origination the connectivity to parts to you banks, and if loan very to all on The of in lenders, bank of the divided them. really product that systems is the needs answer The in maintain becoming able integrator. API look the to becoming their be the think embedded system of a company. the I is growth two. Pagaya has

all The the ability that second piece approve the assets distribution these piece AI investor of then of to is is into data from communities. create take an and the third to to and the volumes liability more

loan, sway, auto personal comment, that that. started to card. is space, wanted versus when loan, strategy And when But to of the and when the PL capabilities. yourself. think same opportunity then we after your your you So definitely in from question about you POS the is What than growth effort cards. works smaller credit you PL and versus credit The much asking flow

you explore banks, have the the the for and opportunities by their with have very much credit And part it's high have if but second discussion, mature us the we in biggest to yet banks, biggest cards, natural is of of so because with the to books. is part. side not even card fully on we far But that capabilities the -- knowledge the continue very don't credit which that

credit on selling they'll products is Visa to would persuade is which And to be banks it become works. are into initiatives, to most have we part, interesting internal in Actually we DC the that definitely be go I connecting kind we we strategy. starting the with to bring much the motion in of and card that are to and and swipe response having the offering able as new and partnership capabilities that which speaking of merger, be POS to more to able like with the a banks,

color. So the I hope that gave you

much very you Yes, today. terrific congrats, thank results just and no,

Appreciate that.

Stephens. question Please final with Caintic Vincent is Our from proceed.

it's could -- partners. so to lending see as good rest growth, kind new if Hi, compare on fintechs -- volume EBITDA the and be as well I growth sign industry, for versus to questions. several and your far, because growth, well. the business both taking wanted this strong bank as signing good talk interesting the thanks your And ABS the your ability of good launch as in you about well fintechs, of afternoon, on versus see year as it's my to to nice

seems for the like it lenders Whereas, industry companies have being the as this talking in far that about reported their are the platform, volume other so are pulling struggling back banks well. of from conservative, some marketplace quarter

Thank was from Pagaya's So describe I wondering it's have able partnerships perspective, see if maybe succeed. and to nice you're to your growth, these how you. could you

business the little A that back comes a are very just model the question. It's partners for I of you in actually of spoke Vincent. Hey, of in position Mike. we players Thanks number are and a unique think the ecosystem. really Look, to about ours. it bit

the when we is were Our that partnering sell through and solve not consumers problem really technology we that of to lending but credit. with institutions. data, We getting through model, to formed access do business

to their And them and be with grow whether so, that underwriting grow they and them as look fintech lending helping volumes. their bank, or actually their partnering large businesses, we're a

else be than the most other those middle actually other Most then others what other very either that we're data underlying also available that publicly are seeing really side but side the all of only feel then different to not you've complementing investors the doing partners. led to side are assets on to the that one is, we've history looking the assets. have as tried we or And participants with in in from point for the all growth the comes We're with well, market. over a I our that. unique seeing, play lot that that's flow what like different way everyone exposure who the is could connecting on get the because seen, equation. in do science lending XX and vantage And application data really actually the a That's of

a that we science that the aspects of edge the terms the gives of data investors for partners are to coming only also for that running And their day. of for every and focus of other those who access in bit ability to us our Cloud, feel we to us information sorts our sides. amount like that We and has of capability do their Network but our us the business. consumer-facing to volume, business through deliver just good not core lending believe then itself model allowed opposed that's actual And see to position these put looking an grow in really a assets, of as to a we feel actually like applying

much. helpful. very very That's Thanks

session. question-and-answer to to conference closing the I our turn remarks. like of would end reached for back Gal over have We

quarter, strength our we reflects which the accomplishment Thanks, have I of of built. our I'm operator. proud this organization believe

for more with all We our Thank we all, by mission short-term partnership driven delivering growth continue continue you. people. expand to of you. you opportunity our more we building strategy advancing to our and forward financial while network. our goals, to long-term joining be Thank to exceed to Above today our look

This Thank today's you. conference. will conclude

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