Pagaya Technologies (PGY) 9 Aug 242024 Q2 Earnings call transcript

Greetings, and welcome to Pagaya's Second Quarter 2021 Earnings Conference Call. [Operator instructions]. It is now my pleasure to introduce your host, Ms. Jency John, Head of Investor Relations. Thank you, Ms. John.

begin. may You

welcome Call. and Second XXXX Quarter Thank to Conference Earnings you, Pagaya's

Joining business Das, about Gal talk me to today our Perros, Financial Executive of Evangelos Krubiner, Officer and Pagaya; and Sanjiv President; Chief Officer. Chief are results

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

and statements expectations risks forward-looking conditions year today XXXX. that and are and These current will and financial and our full business certain involve include advantages statements and performance, but services limited and remarks and of not and outlook including Our on forecasts competitive quarter products are to, our include, uncertainties. the based for financial future outlook, our future macroeconomic strategy, third

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

commentary which press supplement Relations furnished available adjusted detailed are efforts PC which our release. X-K directly revenue other measures call. our that, earnings net let and letter, the me unreasonable in conjunction company will Additionally, non-GAAP GAAP percentage the the to you discussed materials, earnings expenses over business and fee financial operating FRP, on the available adjusted turn to to most our the review measures, core with our be today performance income, including Reconciliations with SEC the Gal. margin, for shareholder production on EBITDA extent are Form and financial and without call website. costs We on adjusted was Investor less in to release EBITDA, or comparable encourage FRL With posted on

$X Jency, you, strong the to you guidance were line We network shareholder on on beat our FRLPC million on annual volume. in revenues, of letter. chance another our read $XXX of an and I EBITDA. everyone. $XXX at delivered had good both and hope approximately We guidance We're Thank record adjusted quarter. billion EBITDA another adjusted revenue morning, metrics quarter with and run rate very our now in with and of million

a target to in in and third financial the milestone outlook we for I the With that half, for will are our momentum speak revenues have now EP achieved another spend percentage more we have quarter. raising we to XXXX our minute a full range first EBITDA. delivered year in the and want on FRLCC moment. critical

this With than the growth. a flow. volume progress and important very our to increasing now now making making getting incremental shortly, achieves, ever with we more sheet, future balance step self-fund I'm contribution total very the profitability efficient growth that we confident positive With on can are is cash

we priorities short, on our were In me strategic we Let said deliver, them. and did. to we to now how turn everything going execute we

the near cash be profitable industry, to getting term. deliver being laser-focused consumer the business in the to while We on and long-term GAAP U.S. extended for credit managing lending platform the our net are ambition to flow income on

improving sheet; use number of number our and priorities: the key network limits three, X unit Number lenders. top to have funding one, capacity that expanding more two, additional balance economics. We adding the

X met our partners with more a the the X to of with start largest schedule. months country. of network lenders our in X how we me year, ahead We of Let adding are growing target

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in Pagaya network In with onboarding to signed partnering efficiency. to point is in accelerating addition, point Flow be agreement sale. top first with top will second $X remain we X very of X months improving This [ have view, On point ] ago. two, join banks for bank for sale. I'm we to process my the X of our in excited Pagaya a that of the Foward have on compared capital point personal billion loans. number Casole share From

leading one. investor with one to and the partnership this be partner expect of a credit long-term to pleased and are beneficial country's We mutual

our are reducing got Both to volume. initiatives of AAA lowering and on personal these our our also first program. cost rating capital of fund ever use ABS We capital the of loan

our In funding of investors last serum sources. to give Capital, addition to we week, that, diversify access and our upcoming network investment announced will acquisition which opportunities via Pagaya Serum the new

With revenue business, by to and flow action business. third GAAP fee Finally, production long-term positive our operational actions us team these and are of pass proud our priorities that, expenses record have our level growth on all with the value In performance reduce the of [Indiscernible], of led pleased our summary, our streamline to to another we product our longer-term let fulfill unit economics, and plan our on the Sanjiv, it execution. reached and higher took operational point, year. program. our I'm will trajectory and to with net putting on profitability we get me next and cash increasing us who track cost delivered to income speak the

we want on and are our eye our the our vision. reorganizing and how will with Gal, in. growth we Gal as the on environment about. spoke morning, some minutes executing just a long-term few spend are map providing on I'll we provide the future on I good how on context start everyone. product color I priorities we our strategic for close our to are success keep business consumer operating funding Thanks, some and strategy, with road

our organization. businesses single are expand where across targeting growth by We accelerating enterprise a Solution consumer can in Pagaya we strategy lenders the credit

some started of clearly personal the and have point with auto of demonstrating enterprise lenders sale. loans, We in largest this

just enterprise sale our point their U.S. example, our expanding from extending loans quarter. relationship program that secondary loans For easier and relationship in enterprise of Elavon, With in their beyond to becomes within this to a business program of year, enterprise flagship significantly hard OneMain, enterprise which businesses the are new relationship Bank will is loans onboarding which our order. to starting to short an other faster. personal with now auto literally begin signed this we work personal just expanded we move business Once personal X LendingClub, and we with with And a it is quarter. done, business purchase relatively

We we strategy other this board. bring all to on with enterprise top expect the X with bank replicate and partners POS being currently in onboarded

key point-of-sale already the Pagaya for had enabler. about product. in point of think list. months sale top we go-to-market a the of every the our can big As last the conversation POS markets with We've growth, XX bank we've is built foundation help at that a has future how and as to Almost of turned

with expected partnership to already As rapidly fourth expand. know, go growing Elavon, are quarter. live you We to have that the in Klarna mentioned a we we by talks

continued partner. program POS. join potential credit We we're MasterCard's and over Pagaya has major our is been also lenders strong are in the on selected building getting POS. demand improving, And few apparent. as scale in network in to efficiency are funding are onboarding in conditions blocks market pipeline Engage meaningfully are growth bank auto Mastercard to quarters. The POS next driving with more yet conversations structures. in is another already we and And to place partner and the more our up auto only Auto bank growing. on fintech is the auto The initial The and

mutually in actions and multiyear These and We which saw same have you value we our arrangements. streamline June, for announced time, operational our with to already are the partners, we our protects agreements and side, are delivering faster extends signed as more partners. significant savings, the cost actions exclusivity beneficial executing At fee on our creating organization. several

environment. turning to the funding Now

funding Forward a rating insurance XX loan vintages to down nearly is are performance loans, new first demand assets. increasing AAA in delivered accelerating Private XXXX to peak vintages Gal Consumer funding continues in second added funds The mentioned, in We our Personal early XXXX with partners peak this signing XX% delinquencies trend with trends. XXXX. plus our show XX% levels. delinquencies levels credit, program. As stable XXXX versus and including we of personal for ABS some down are half from agreement getting our and loan strategy, positive XX% to our improving strengthening XX-day on consumer Flow wins pension in major year deployment

levels. on first XX-day in plus On of keep with performance, see are to XX% we half health. XXXX close peak of XX% the auto vintages the Despite XXXX half continue consumer from nearly further down delinquencies the peak We vintages second XXXX auto side, levels. XXXX down this improvement improving for delinquencies from a eye

Finally, for One of partners will product serve product. road lending that growth, our stage as millions map are future we example our customers. set is the we prescreen new a building

are consumers. of extremely with offers their will now of our and Early deepen products high of in firm process response that the credit are encouraging in partners of with behalf terms these the provide rates. on results prescreen We existing tests testing our relationships of partners

the We is portion to a what pipeline strength holds. our and a close, to future for future business given our excited business, in of the results. momentum of very I'm are Pagaya in expect significant we strong great new in the position products To deliver be developing our quarters.

Let results. over to hand EP discuss me our it financial to now

a personal everyone. on EBITDA pleased record economics, on grew key improving operating say rating our We the of we FRLPC signed first We capital and efficiency. operating loan about you, to forward program. agreement core increasing flow the enhancing priorities our levels, ABS of them. every I'm Thank at year, start reduced single AAA expenses, unit and got delivered our adjusted morning, to and one Sanjiv, good leverage spoke financial and

cash of us closer to reaching XXXX. actions positive flow in All these get

As to point We new the on is this The cash-generating network milestone most volume fees use in to path. more than mentioned, that for become quarter. Gal third a reached achieved earn business we we on a it. fund the capital step Pagaya to important

scale flow we the cost generate the securities remember, cash will positive. our important flows us back mature. to to use it's we as As to total retention operating capital And as the get will future cash risk incremental offset volume, for we come cash

history FRLPC as far as We FRLPC The our for outpacing to above X.X% a Total Turning percent now levels. FRLPC to grew revenue, the volume volume XQ EBITDA XXXX. of X% be a of network adjusted FRLPC XX%. first X.X% hit remainder of for growth and was company. results. XX%, expect public to time record the of now volume in network

fluctuate and leverage. Core expansion the expenses may time. quarter-to-quarter to is focused the over partner second discipline range XX% prior number drive bottom total this compared stay we sustainable this XX% in operating mix, to funding is translating product revenue While in to cost line FRLPC of on directly with growth operating were quarter as year.

positive of public. savings to further impact went income year annual now adjustments. million million EBITDA $XX and in items, loss of first to with we above on EBITDA efficiencies, $XX $XXX share-based million, higher impairments whole expense with We to of on loan cost $XX income, spend. our first drivers: portfolio. both excludes fair We is be since for risk flow our Net even margin flow. of both vintages room primarily in Interest losses especially quarter. borrowings addition impact drive in the comp quarter, was We assets million by expense reported run Adjusted adjusted secured quarters. recognized basis, consultant facility in X cash of Operating was million. see the to the impacted million million. attributable consecutive in fourth adjustment deals, credit and Share-based $XX reflects coming of quarter. from interest third-party also which in We these Adjusted $X was the our of the operating in older retention were amounted an $XX vendor our XXXX. past loans opportunities XX% value expense fair cash related and $XX to at to term full the compensation net million executed see quarter Pagaya $X on the reflects operating million a value lower and rating time Net initiatives

million. I'm capital cash operating loan have efficiency. our approximately been G&A, Excluding of proud improve the losses accomplishments especially impact recognized of to flow in whole $XX would our

forward annual of to Our is loan expected XX% new our fund over personal volumes. $X billion flow agreement

optimizing over structural account structures led program, like our ABS for flow delivering and cost In deal loan personal well portion consistent first investors both That to strong, our risk our scale meaningful AAA flagship of program, to the a our pass-throughs and programs our more of been We capital we've increasing scale. for performance, requirements. which on rating as forward expect retention time. funding total to lowers ABS as

Now let me third financial with outlook. year our and full quarter close

Our key outlook reflects assumptions. a few

We expect our conversion SFR to rate remain our expand prudent to while platform. with continuing

to range volume X.X% portfolio our to to the will half our We channels. X.X% is manage network in most expected the of to capital continue FRLPC lending direct second year. profitable of between and

core expenses drive leverage will the continue actions in with year. expected operating the of lower savings recent Our to cost half second operating

outlook stand $XX today. $X.X and volume where to Total million. $XXX the the quarter EBITDA $X.X adjusted billion between no between expect expected to assumes and income million million XXXX, in $XX material environment we third and range we our range $XXX Finally, and other to is and range change million billion. In of from macroeconomic network between revenue

For range XXXX, outlook we full network to narrowing are our billion. $XX.X $X.XX and billion year volume between

let by by end of in close, the second income between the June, XXXX. We we the million our $XXX our in to low million $XX After in to strong on are on to position To proud GAAP $XX us high in total million. Q&A. $X.XX to a $XX for are and delivered range $XXX to the are positive end operator range million end our other outlook million back performance and it low as on our EBITDA we we range that, billion. adjusted turn raising $XXX the range strategy, net by revenue cash income raising of achieve another raising and flow quarter With financial net and the me putting million

Thank you.

We [Operator will a conducting question-and-answer session. now be instructions].

line Sanjay KBW. of The Sakhrani first the comes from with question

the from Do you the to congratulations So more of feel like you might milestone time to to growth. this you front do in being a terms just on how it all like takes care Can feel need you of of expect getting utilize of in little self-fund able markets you opportunities tap still or time? you that? elaborate to to important bit your

the what is volume cash Sanjay, we're milestone higher currently to than are we're work. right that Yes, simple flow. where In earn basically EP. now means our fees Thanks, excited just we about capital this all putting very hit, the terms, is that is incremental that that the to contributing positively we very

need all total discipline ours. we effectively And So a of positive. to core what on expenses us get basically is from competency to demonstrated cost to we now cover flow cash that have operating do is

the get to the is past total everything cash point, be We [Indiscernible], that's positive. volume reasonable we as from continue to get expense will to all -- to that Once forward And maintain flow to growth self-funded. going discipline. focus very grows going on us

it's here. Sanjay, And Gal

the yes, Just taking we things one think is in. that we this And point need consideration to all of to invest add. into the

new -- we heavily. will we So building need markets more are lay other to that places or are that

makes level, a sense. is number So the this on that full see company that if you total

[Indiscernible] it Yes, just wanted does. I on And get relationship. color to the more then

mean, Just and and sense pipeline thinking it's expectations? incremental just the to trying funding for sort is it is think Maybe what get to of a the your I you additional a you partner. factors the what were could into sort of or supplemental? that about commitment of this talk partnerships strategic good how are. specific pipeline I

sure. Yes,

this flow no agreements path well capital is -- set require to from X% deals as think is needs I the And drive this have structural our Sanjay, to to. and of which like get to we we is of upfront to capital have us and -- other or efficiency. we're committed strategy this we get out, And to this positive. parties or scale see We said, over about pillars relationship this, going So the could program, And our that have basically time we have other gives this effectively transactions us or by to opportunity into cash executing demand significant minimal step if flow the pass-throughs, we as ability track to that are on get that like forward. the to X% very obviously successfully excited agreement. also to as capital key expand One forward we back, financial

so Can it. I'm I ask Got question, one more sorry.

Just we're state macro about to backdrop consumer. the lot choppiness in seeing? views the your get on and curious the you're of just a what hearing the I'm

this is Sanjiv Sanjay, Das.

our would that experience consumer in performance say been it's the has I terms been So of stable. that -- quite

with quite it's environment. be It consistent. closed fintech all seeing to consistent loan very across think we I the seems what are

own the improved We of the of stabilized done auto recent and case are significantly fact, the They've quite vintages. with well, of quite obviously our in pleased loans. in personal performance quite case in

performance, Our saw ability last much track. to some in consumer broad And we is been is both repay and as while said, back auto softening thesis, the -- pretty the quarter, as which be there has relatively spend, that I seems on our their on strong. to validated our PL in credit is

to on we across will tailwind. all that In classes reducing that that partners. watching trends, on level moment, depth adapt I watching asset all very carefully believe very XX we our broadly be our just and it vintages for macro that, in XXXX. or get data across our rates a based quickly Having lowest said of know auto the the and We delinquencies are we recent its the consumer come down fact, has since will rates the

So read we act consumer pretty have quickly. pretty a and the can good on

Thank you.

line Vafi Genuity. of Next question Canaccord with from comes the Joseph

here in Congratulations. progress business quarter. the this Great Everyone.

Just wanted to forward flow on agreement your maybe drill announcement. down a little

Just in figure ABS versus forward idea trying coming FRLPC positives to flow? orchestrate how that then up via differences, negatives how maybe And funding that a on kind different just of all follow-up. got loan you've in place. get margin or agreements from funding you you out which vehicles have first I kind quick which volumes, to And an now of funding of are traffic trying

Great.

we optimize So obviously, to minimal drive in our way that capital forward reflects and reflected to Overall, with place of basically forward arrangements mechanism requirements going aligned And volume. flow diversify the requires those our capital pay scale to pricing we to basically ways there we positive. current agreement cover our or well it's put can agreement we about FRLPC of increasingly One, going funding goal are become forward. program cash the to The is because capital or we X.X% forward X.X% ABS also that efficient. market said FRLPC no in form that's that that this percent based of for be X And efficiency. getting we're as sort program. would direction as very current and the standards. new will going our current much that very excited of on to about already this flow of basically and expect path we this agreement more funding in have achieve you our before, is funding as have, When other XX only the basically, think so And that.

still broad lending Or it it's on small agreement ABS Got specific your vehicles. based relatively then categories specific I is it kind I your Is loan the guess it. just lending of forward our to volume? flow compared is across mean, or partners? focused funding just -- And

our said, is well. I classes Yes. across we opportunities asset to within personal loan do this grow, expect chase program of some current agreement as the personal and portfolio, the also The but all other for as loan

type the see do -- of We I that of assets. maybe a from market. demand word for a think lot

EP credit it for a mentioned. be can shops a and while seeing format that stabilized to for or very is forward post of it 'XX flow and lot direction discussion. that stabilizing a 'XX, going But So pass-through the in actually performance the reality demand year, very bringing and the major is as the over a much in be right can

and you see sale same have to is Obviously, the that with amount on We many. right loans personal are the on interest But the conversations for lot. programs from want that. this partners obviously and of market of land we auto suit right a growing a we point that that loans,

much So gives it fund a way upfront ABS, and the others. another forward capital of need flow flexibility with that about lower us few business to as in the between think world

of Next from the line with question comes Pete Citi. Christiansen

here. be the Nice Thanks to for the on stuff having -- glad of part partner roster expansion.

the things the attention One that was caught tool. of prescreening my

curious us other you that of how dig a into bit. could Just if sense a use expanding partners? case give you little potentially And if can that see to you

of take essentially existing Sanjiv. on product Pete, firm it. partners is offer that a credit this The the programmatic works a basis. offer customers our is I'll to way prescreen we it's

So partners consumers flagship you the for we expand base be customers. come And that to effectively their -- our about existing we provider partners. massive that and to to is our able is what into have. provide that product, basically, that existing offer them new think if Prescreen to really it the do today, offer Pagaya's to to customer model

So that important. distinction between new extremely existing is and

to of part As existing results acquisition all partners' our and of demonstrated of very portfolios. very cost. allows partners. has work low customers our we've of know, some in offer large us terms response early the That done to That rates the an extended huge from strong that basically product you in

would programmatic very I these will we to grows now turning relationships, have relationships partners we and how with in the promising say, significant our and testing take pretty Pagaya our one is of XX the phase to And all look businesses things with the forward next is been to ability a to all in much deepen about so basis. of this relatively it our out partner as so of most and our we partners across it. be X straightforward board And

issuance That's co-investment you're to then that's AAA risk issuance required. of trying this interesting. get quality on had ABS about the you that rating, how should we retention level you at where the when the achieved think and And

that pleased continue Yes, as we structure. to we're our as obviously get positive. to optimize a outcome us with very ABS to Again, flow for cash path

very think what of lowers in result, that lowers does I as capital investors the it cost our and these AAA have for we deals. simply, to a the the into risk retention requirements put

you other low the about now very think combined ABS and with [Indiscernible] capital to requirement side, over pass-throughs. way time. an get structures percent it that structure for is, on a for So X% we X% X That's path the the one risk to of on or retention, other to have optimized calls less

Next John line comes Hecht the question of from with Jefferies.

for? the I on of all the Congratulations the what's does rating? rating AAA cost how in question. capital prior spread a positive amount on follow-up guess or account the follow-up difference AAA versus the -- quick much developments. the guess a And stack AAA I of

Gal will it's it. take I so here, Joe,

basically AA to reality, -- AAA. have moved from stack to as in we So cap of XX% now is used what has a the

AAAR hovering spreads could to of be the depending structure the You can , XXX the from about XX XX, situation. additional around basis because a XX and savings of doubly usually it around think XXX, perspective points on

interesting to that more points is I et in XX% The meaningful piece, of AAA. XX many that of least now that of with the we're the category do think, originators that XXX could capital, cost that. is a at the a perspective, cetera. above There that the et from basis our fact will from kind are So XXX in originate FICO, not U.S. people assets cetera, that have will very

cost what over asset. should very can making obviously, that's the -- funding point could on that benefit large reduced make we time. about therefore, that [Indiscernible] will be competitive leading context And of will percentage expand the think is the able us to So of producer loan to originate. better in into we to now have additional last a and capital personal cost that of benefit The price of that, grow side, strong, I the capital

you on know, it's based As that. multipliers the of

So started these but shelf us on we capital stack XX%, to of next with such. AAA, over expect XX% are do milestone around time the the page we XX%, become and the as XX%, therefore, from

helpful color. than target And hit very we very, second year is in question add the you've your partner earlier much That's expected. Okay.

maybe talk of So the what of partner pipeline for about changes in kind looking and you're point any this characteristics at time? to

John, Sanjiv, take I'll this.

So right. you're

are announced completely our board, across that would I I pipeline pretty in to has on. has, been pretty we seeing strong, be early partner TL, extremely have that strong. in We pipeline the fact, emphasize say But that and off of there. in the been auto POS POS, that check will terms the demand

discussion will lending, really, now very duration, of It or which seeing improvement the form one size retail team. mentioned of with in People consistent fact, almost business start a is that BNPL the a generally ticket starts bank banks. size, around so entry with our ticket into really is that's longer on personal script loans home is really, and essentially As traction point education, of or with has strategy large medical earlier, part the evolved sale. every my in our in purpose-driven, which are large high -- I business, other taking

that The business our second I'll driven. mention has become thing enterprise very is

-- and intentional. it's So

and expand into and into PL in do expand enter the enter into and So either auto or then we POS POS side through into auto. is we we into what then then PL or

important. piece is enterprise that So very

was So you've we'll time, enterprises integration some in Once were the quarter. case long in, see heading can almost X in on once seeing are just we of a time like Bank gotten the moving so the saw forth take of and some It of get it's but this happened X in onboarding a very can And about that system once and know, so well. banks right? time. the with We you're you integrated, as enterprise. top direction that important. OneMain technology absolutely -- Elavon the literally in announced we now months. LendingClub, As example, you into that XX is these you that's But moat, are take and in U.S. for it part takes with we of in

started both expect next it year, the PL we the to launch we Auto end the So by now, of own of with year. middle by

So it's a these classes asset moving way very all across systematic enterprises. in through

to the then And -- I versus on POS anything the quick on just consumer assume just follow-up Okay. note loans? there a is on that. FRLPC margin the

Yes.

POS obviously, be So loan to an us FRLPC. on the to for mature know, highest asset that you as expect one, asset investment with personal more continues a we Pizza class that obviously, Ultimately, grow. is just area and

continue have is the higher and goal to we Our are asset grow map to and auto POS consistent have the classes and like what road drive personal done we with margin asset to get there. with loans

of final Dagastino The with B. the comes line question Tim from Riley.

solve At what with share level, you could the a does OneMain? you perspective Pagaya? high problems assets bring for Also, Theorem to resources your and

I Gal. take It's will it. Sure.

short come the few last We've the asset and on to the them for team management for managed about the joining purchase hands we that conclusion just an Pagaya now do to off. on us to the and they In combination little a means Pagaya on recently, of it, very And to for and is years transaction the big focusing are team we network, and is the their of rationale a research going way of and everyone. a you if the committee with main touch Theorem bring completely right actually forcing their way that describing consumer So access will it will. to for both credit. that are Pagaya, while very and independent, that work They very, bit fees. to very been excited a value in part is of Theorem. investment have Theorem is the Theorem

their expect wider with the it's on here go-forward going from take should we on perspective, utilizing team the actually on major building from just the are the we expectations to assets going could business have have a Sanjiv the the that side, of that that very to you hopes so much the perspective, hence, ability interest From diversification will just lead in about the to -- select across new OneMain see high us the to. and very last on the obviously OneMain the we the and that point going that I and interesting that to other make LP stay on some So in possibilities network and billions and And and to LPs that to forward partners are Pagaya dollars management additional Pagaya, assets producing is basis. spoke partner the network. bigger now is asset get funding a Theorem our a a would of U.S. a building capital have could opportunities,

we're on the and the their we As integration too they concept said, able order auto approve loan customers this. build that have already that now. what and Sanjiv in loan, ramp even platform, work side thinking on too. PL part starting to which that trying to the future them bigger enterprise we to we them, them the with approach And more and is auto to needed are right be We holds that of are on are part started help on side, to with as of getting the from up and about

what like OneMain supplement I'd in pointed out rightly to that of just customers terms has. the Gal

their Pagaya's. consistent I think is it's that customer well with segment known very

more given them OneMain, solve for a the as integral helping even enable volume ours of for we'll them that And much segment Foresight, consistent so with a -- will acquisition partner very that's one a their doubles that in pretty so. thing their with is to which big and scale. OneMain, see allow us this they acquisition is very OneMain serious scale obviously,

The more at business, second scaling level, extended your more extremely would is that get is the to with you thing the approvals scale than at when I dealer powerful. add that box credit Pagaya's ability

point say on the of extremely [PL]. the our value proposition as for auto them approval at with the And do just for solve of our today with outer that partners, eventually so important. of I are same those the dealer things OneMain is thing significantly the And and some we many on and sale Ally we very -- with we principal would enhance very,

turn Thank the now and over to floor the have to reached you. for Gal I Ladies would question-and-answer gentlemen, session. we like end closing Krubiner of comments.

that To say accomplished. have team Everything quarter. execution this the of to the we're out, I'm to year want I going of proud the close, very we set do at we start

us and forward I today, stronger continued partnership. Our for all proposition to. to you value network than is lending look and to joining U.S. Thank ecosystem our the

conference. concludes This study today's our you. Thank

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