Financial Data and Key Metrics Changes - Revenue grew by 18% year over year, reaching an annualized run rate of nearly $1,200,000,000 [7] - Fee revenue less production costs (FRLPC) increased by 26%, reaching an annualized run rate of over $460,000,000 [7] - Adjusted EBITDA doubled year over year to an annualized equivalent of approximately $320,000,000 [7] - Achieved positive GAAP net income of $8,000,000, marking the first quarter of profitability as a public company [7][27] - Operating income rose to $48,000,000, up more than five times year over year [27] Business Line Data and Key Metrics Changes - Personal loans volume grew by 17% from year-ago levels, with stable application conversion rates at approximately 1% [25] - Auto loans volumes increased nearly 50% sequentially, reaching an annualized run rate of over $1,100,000,000 [19] - Point of sale lending remains robust, with expectations for continued growth as partnerships expand [20] Market Data and Key Metrics Changes - Network volume was $2,400,000,000, slightly below guidance due to lower SFR volume, but grew by 26% year over year excluding SFR [24] - The contribution of FRLPC from lending product fees rose to 77%, compared to 63% a year ago [26] Company Strategy and Development Direction - The company emphasizes a balanced and diversified growth strategy, focusing on profitable growth and efficient operations [6][10] - A commitment to responsible credit underwriting while driving consistent revenue and profitability is central to the company's strategy [14] - The introduction of proactive prescreen products aims to enhance value for lending partners and improve customer engagement [12][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledges heightened macroeconomic uncertainty but remains focused on long-term growth and stability [10][11] - The company is well-positioned to navigate potential changes in consumer health and credit performance, with a diversified funding mechanism [11] - Future guidance reflects cautious optimism, with expectations for continued growth in personal loans and auto lending, offset by a decrease in SFR volume [34] Other Important Information - The company raised $800,000,000 in April for personal loan and auto loan ABS programs, demonstrating strong capital efficiency [13][32] - The balance sheet is robust, with $230,000,000 in cash and $760,000,000 in investments in loans and securities as of March 31 [33] Q&A Session Summary Question: How does the company position itself for economic uncertainty at the product level? - Management emphasizes building a long-term business that balances growth and profitability, with a focus on responsible credit underwriting and diversified funding [39][41] Question: What is the scaling potential of the prescreen product? - The prescreen product is expected to significantly lower acquisition costs for partners, enhancing customer growth and engagement [50][53] Question: What are the key drivers behind the addressable markets of personal loans, auto, and POS? - The company aims to enhance customer acquisition and retention through advanced data analytics and seamless lending experiences across all three markets [60][62] Question: What is the outlook for fair value adjustments moving forward? - Management indicates that fair value adjustments will reflect the ongoing performance of the portfolio, with expectations for stability in the coming quarters [72][77] Question: What is the current state of the ABS market and any changes in pricing? - The company notes that while spreads have widened recently, it remains well-positioned to manage pricing and maintain profitability [84][86]

Financial Data and Key Metrics Changes - Revenue grew by 18% year over year, reaching an annualized run rate of nearly $1,200,000,000 [6] - Fee revenue less production costs (FRLPC) increased by 26%, reaching an annualized run rate of over $460,000,000 [6] - Adjusted EBITDA grew by 100% to an annualized equivalent of approximately $320,000,000 [6] - Achieved positive GAAP net income of $8,000,000, marking the first quarter of profitability as a public company [6][26] - Operating income increased to $48,000,000, up more than five times year over year [26] Business Line Data and Key Metrics Changes - Personal loans volume grew by 17% from year-ago levels, with stable application conversion rates at approximately 1% [24] - Auto loans volumes increased nearly 50% sequentially, with an annualized run rate exceeding $1,100,000,000 [19] - Point of sale lending remains robust, with expectations for continued growth in this segment [19] Market Data and Key Metrics Changes - Network volume was $2,400,000,000, slightly below guidance due to lower SFR volume, but grew by 26% year over year excluding SFR [23] - FRLPC as a percentage of network volume rose by 100 basis points year over year to 4.8% [25] - The contribution of lending product fees increased to 77% in the quarter compared to 63% a year ago [25] Company Strategy and Development Direction - The company is focused on responsible and profitable growth, balancing growth with profitability [14][15] - Emphasis on leveraging unique data advantages and investments in products to add value to lending partners [14] - The introduction of proactive prescreen products aims to enhance the value proposition for lending partners [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledges heightened macroeconomic uncertainty but remains committed to a prudent growth strategy [10][11] - The company is well-positioned to navigate potential changes in consumer health and credit performance [11] - Full-year guidance reflects momentum and resilience, with expectations for continued growth in personal loans and auto lending [33] Other Important Information - The company raised $800,000,000 in April for personal loan and auto loan ABS programs, demonstrating strong capital efficiency [13] - The balance sheet is anchored by $230,000,000 in cash and $760,000,000 in investments in loans and securities [32] - The company does not plan to raise equity capital in the foreseeable future, indicating a self-funded business model [31][32] Q&A Session Summary Question: How does the company position itself for economic variability at the product level? - Management emphasizes building a long-term business that balances growth and profitability, with a focus on responsible credit underwriting and diversified funding mechanisms [39][40][44] Question: How should prescreening be viewed in terms of scaling and impact on volumes? - Prescreening is expected to significantly lower acquisition costs and enhance customer engagement, contributing positively to the personal loans business [51][52] Question: What are the key drivers behind the addressable markets of personal loans, auto, and POS? - The company aims to enhance customer acquisition and retention through improved marketing strategies and seamless lending experiences across all three markets [60][62]