Surpassing Revenue and Earnings Expectations
The company surpassed the high end of their outlook for revenue and earnings, with non-GAAP diluted EPS of $0.90 exceeding the outlook range of $0.70 to $0.75 per share.
Strong BNPL Business Performance
The BNPL business continued strong momentum with four Technologies delivering its eighth consecutive quarter of triple-digit GMV and revenue growth. Engagement trends are strong with over 160% growth in active shoppers year-over-year.
Improvement in Write-Offs
Progressive Leasing's portfolio performance improved with write-offs of 7.4%, better both sequentially and year-over-year.
Strategic Sale of Vive Financial Portfolio
The sale of the Vive Financial credit card receivables portfolio to Atlantica Holdings Corporation is expected to improve capital efficiency and strengthen the balance sheet with proceeds of approximately $150 million.
Expansion of Retail Partnerships
The company launched or signed three recognizable new retail partners since the last earnings call, representing GMV expansion opportunities.