MoneyMe Limited (MME) Earnings Call Transcript & Summary

Thank you for standing by, and welcome to the MONEYME 1h '25 Results. [Operator Instructions] I would now like to hand the conference over to Mr. Clayton Howes, Managing Director and Chief Executive Officer. Please go ahead.

Good morning. Thank you for joining. I would like to begin by acknowledging the traditional custodians of country throughout Australia and their connections to land, sea and community. We pay our respect to their elders past and present, and extend that respect to all our original and Torrest Strait Islander peoples here today. Welcome to the presentation of MONEYME Limited's interim results for the first half of financial year 2025. I'm Clayton Howes, Managing Director and Chief Executive Officer. And joining me on the call today is David Wright, our Chief Financial Officer. We're both very pleased to be presenting to you today and look forward to taking any questions you may have at the end of our presentation. Starting with a quick introduction to MONEYME. MONEYME is a founder-led digital lender and Certified B Corporation, delivering digital first financial products to customers who want fast, flexible and seamless access to finance. Our core products include car loans, personal loans and credit cards, and our main point of difference is our proprietary technology. It allows us to quickly roll out new innovation, deliver customer experiences that meet the needs of modern consumers and more importantly, save our customers' time. We also hold ourselves accountable to high ESG standards, serving as a key differentiator and helping us attract talent, socially conscious consumers and funding in an increasingly ESG-driven market. If you may please join me on Slide 2 now. MONEYME has come a long way since its inception in 2013, and our continuous innovation has allowed us to stay ahead and in a competitive landscape from being the first Australian lender to launch a fully digital credit card to disrupting the car finance market with secured car loans that settle in minutes. Closing the first half of financial year '25, we have reached over $4.5 billion in originations as a group in our history and served nearly 0.5 million Australian customers to date. I will now run through the key highlights of our performance during the half, followed by a deep dive into the operational highlights before handing over to Dave to run you through the financials in more detail. I will then cover our strategy and outlook. Moving to Slide 4. I'm very pleased with the performance of the business and our results in the first half of the financial year as MONEYME delivered a return to growth with our AutoPay product as a key growth driver New loan originations increased by 47% to $454 million, closing the half with a loan book of $1.4 billion. That's up from $1.2 billion in financial year '24. Alongside this growth, we delivered an operating cash profit of $15 million, reflecting strong underlying performance of the business. We also achieved several key funding milestones in the half increasing funding capacity to $2.2 billion. With operating cash profit and optimized funding structure, MONEYME is positioned for significant future growth. Moving to the highlights on Slide 5. MONEYME delivered gross revenue of $100 million and a net interest margin of 7.6%, both down on the prior comparative period from an increased contribution from secured assets and the shift to a higher credit quality book. More favorable funding terms from stronger credit performance, operating cash generation and scale advantages have reduced our cost of funds to 7.4%, down from 8.3% in the prior comparative period. Our strategic shift to secured lending and high credit quality is delivering tangible benefits, including stable, longer-term income and lower credit losses. Secured assets rose to 60% in the half and the average Equifax credit score of our loan book increased to 778, reducing net credit losses to 3.7%. I will now cover our operational highlights. Moving to Slide 7. We continue to invest in technology and AI to drive operating efficiencies, deliver market-leading customer experiences and further differentiate MONEYME in the market. During the half, our proprietary AI, AIDEN was enhanced to automate aspects of customer communications. AIDEN leverages generative AI and real-time data to draft highly personalized and customer responses in seconds. AIDEN automates repetitive task for our customer service agents, significantly improving response time and service quality while streamlining operational workflows. Moving to Slide 8. MONEYME's products are designed to save our customers and our channel partners' most valuable resource, time. Our fully digital products near real-time loan approval and settlement capability, and fast customer support with 75% of calls answered in under 10 seconds, continue to drive strong customer satisfaction, loyalty and advocacy. Our Net Promoter Score remained strong at 68 and our Google review ratings was 4.6 out of 5, above industry benchmarks and well above the average of the big 4 banks. Moving to Slide 9. Our originations growth in the half was primarily driven by secured car loan product, AutoPay. Our order pay book increased to $778 million. and now represents 57% of our total portfolio. AutoPay is attracting high credit quality borrowers with an average credit score of 826. The average loan term is 6 years driving long-term income. With the fully automated application process, Autopay loans can settle in under 5 minutes, far exceeding the industry standard. While AutoPay is currently distributed through our growing network of dealers and brokers, we're exploring direct-to-customer distribution as a new avenue for growth. Moving to Slide 10. Our personal loan and credit card book remained relatively stable at $589 million, accounting for 43% of our total portfolio. We expanded our personal loan broker network by 40% in the half. While we will continue to leverage Autopay's strengths, personal loans and credit cards are integral to our product strategy going forward. anticipated growth in personal loans and a new credit card product set to launch in calendar year 2025 will support our yield and net interest margin. Now on Slide 11. We our diversified portfolio with a strong consumer credit profile mitigates risk and provides a buffer against macroeconomic factors while driving stable long-term income. Our average customer age is 40 with credit ambitions that align to greater loan amounts and longer loan terms. The credit quality of our loan book continues to increase, as you can see, consistent with our focus on secured lending and higher credit quality borrowers. I will now hand over to Dave, who will run you through the key financial highlights.

Thank you, Clay, and good morning, everyone. It's a pleasure to present MONEYME's financial highlights for the half. Moving to Slide 13. MONEYME delivered an operating cash profit of $15 million, up from a $7 million loss in the second half of FY '24. The operating cash profit represents the net impact of the cash inflows and outflows resulting from our core business activities and does not include cash movements relating to the principal repayment received or loan disbursement. It demonstrates our underlying performance, ability to cover expenses and generate returns independent of accounting estimates. Moving to Slide 14. The $39 million statutory net loss after tax in the half reflects loan book growth, provision for future credit losses and other noncash accounting items. ACL and noncash losses of $20 million reflect the growth in the loan book, while the provision rate reduced to 4.3%, reflecting improved credit performance. During the half, the group consolidated effective interest rate models into a single platform following the migration of legacy SocietyOne lines to Horizon, remeasuring our amortized cost with a $14.3 million noncash adjustment. Moving to Slide 15. New loan originations increased by 47% to $454 million, growing the loan book by 13% to $1.4 billion. A significant proportion of this growth was driven by the Autopay product with secured assets increasing to 60% of the loan book up from 55% in the second half of FY '24. The cost-to-income ratio increased to 26%, up from 22% in the second half of FY '24, reflecting the lower income yield of a higher credit quality book. However, loan book growth relative to operating costs is creating operating leverage. Growth is expected to continue in FY '25. Moving to Slide 16. Our ongoing focus on high credit quality borrowers and growing the Autopay product have significantly improved the credit profile of our loan book. During the half, secured assets increased to 60%, and our loan book now has an average credit score of 778, with an increased proportion of homeowners now representing 35% of the portfolio. While the lower income yields of low-risk assets have driven a reduction in net interest margin, this shift has resulted in a longer-term, more stable income stream. Moving to Slide 17. Net credit losses have reduced to 3.7% in the half in line, with higher credit quality across all products and the shift towards secured assets. Further, 30- and 90-day arrears have improved to 3.2% and 1.5%, respectively. Both credit losses and arrears continue to trend downward, reducing expected credit losses and provisioning to 4.3%, while still maintaining a conservative management overlay. Our strong credit performance is a result of a shift in our loan book composition and effective underwriting and collection processes. Moving to Slide 18. MONEYME has a diversified funding platform supporting capital efficient growth with 8 funding structures in place, we have funding capacity of $2.2 billion. During the half, we completed 2 asset-backed securitization transactions, providing increased funding capacity and pricing advantages. We also secured a new $125 million corporate facility, $60 million of which is undrawn, replacing our previous corporate facility on improved terms. Additionally, planned warehouse extensions were executed successfully. Looking ahead, cash generation from our operations and existing funding structures provide significant growth runway, while funding optimizations completed in the first half will drive a reduction in our cost of funds. With that, I'm pleased to hand over to Clay, who will provide more insights into MONEYME's strategy and outlook.

Thank you, Dave. I will now take you through our strategy and outlook. I'm on Slide 20. MONEYME has established a strong platform for growth. with state-of-the-art proprietary technology, a robust loan book and significant funding capacity. Evolving market dynamics provide further tailwinds and shifting bank priorities are creating opportunities for market share gains in auto and personal loan lending. With a competitive agent delivering seamless customer experiences, driving operational efficiency and scaling quickly, MONEYME will continue to leverage Autopay's growth potential. This will be complemented by the introduction of a new credit card product and growth in personal loans. Our high-quality book is delivering strong credit outcomes, funding advantages and operating cash profit. Falling interest rates are expected to further reduce funding costs while driving increased consumer credit demand. Strong operating cash profit and significant working capital provides substantial runway for growth high domestic and international investor demand for Australian loan assets provides access to ongoing scale through ABS issuances. Now on Page 21. $97 million of cash and cash equivalents reflects liquidity from positive net operating cash profit. A $60 million undrawn balance on our working capital facility provides additional growth runway. With $2.2 billion of available warehouse funding capacity, including $792 million in undrawn funding, our funding structures enable immediate and ongoing growth. MONEYME will continue to leverage warehouse and asset-backed securitization transactions to support growth beyond $2.2 billion. Funding optimizations executed during the half will drive reduced cost of funds going forward with expected annualized funding cost savings of $11.5 million starting from the second half of financial year '25. Moving to Slide 22. Our strategy remains focused on 5 key pillars. The first, extending our technology advantage through further investments in automation and artificial intelligence to enhance customer experience and operating efficiencies. Second, continuing to focus on high credit quality and secured assets, supported by strong demand for our Autopay product and expanded funding capacity. Third, lowering our funding costs by leveraging ABS market efficiencies and scaling our funding programs. Fourth, expanding our product offering by exploring direct-to-consumer distribution for auto pay and advancing our new credit card product. And finally, the fifth, leading with ESG. As a certified B corporation, we will continue to model strong ESG practices, resonating with socially conscious customers and investors. I'm on Slide 24. I will walk through our medium-term targets and the strategies driving them. We will continue to leverage Autopay for growth complemented by a new credit card and growth in personal loans. We will aim to maintain our revenue margin by balancing our product mix over the medium term. And leveraging term deal funding programs and increasing capital efficiencies to keep our cost of funds low. With operating cash profit at 1.2% of the loan book in the first half, we are targeting 1.3% to 2.5% in the medium term driven by scale, funding cost efficiencies and a balanced approach to risk-adjusted returns. Thank you. We will now open the lines for questions.

[Operator Instructions] Our first question comes from Steven Sassine with Morgans Financial.

Just a few from me. Obviously, a pretty tough share price reaction for the result this morning. Well, I wonder if you can maybe just unpack what you feel the market didn't quite like in the result, and it's obviously a hard one to point to, right, but maybe if I can help focus that a little bit. Look, you've obviously given us medium-term targets on Slide 24, which is quite helpful to help us think about how you're thinking about the business sort of longer term but look, obviously, $15 million cash impact this half. Maybe can you help map out FY '26 for us a little bit? I mean not asking for numbers or anything like that but maybe just your confidence about sort of hitting another positive cash NPAT number in '26? So I mean, maybe just also as you're doing that, I guess, reiterate the difference between the stat NPAT and cash NPAT for us?

Steve, thanks for the question. I'll cover the first part. Share price reaction, it's a good question, like these are strong set of results. When you think about the book that we're unpacking here, it's a function of stronger credit, higher secured assets, loss rates very clearly representative of that coming down. You've got longer duration with these loan assets being put on the book that have now got stronger borrower demographics, including homeowner advantages. So the strength of the book in the last 6 months has grown quite significantly. The second one is we're in a return to growth stage of our business, which is very good, right? The part about this last half was enabling the capabilities for us to establish the capital structures to enable us to grow. We replaced very expensive working capital with a larger, cheaper, more flexible structure. We launched our inaugural ABS deal with Autopay that gave us capital cost advantages. And these capital cost advantages in absence of any RBA rate movements gives us a significant change in our cost of funds in the larger loan book. And we've quantified that very clearly by saying there's at least $11 million of interest cost savings from the back of the initiatives that I've just described. So in response to the share price reaction, I find it difficult to see through why that may be. Other than the statutory profit loss that we present in these accounts, they're a function of growth a function of growth on an accounting standard that doesn't necessarily reflect the true underlying capabilities, cash workings of this business. And I'll pass to Dave, who's able to unpack some of those differences more easily.

Thanks, Clay. Look, I think it fundamentally comes down when we look at the statutory profit or the statutory loss for the period, it fundamentally comes down to noncash impacts between the prior periods and where we are now. So if you think about in the prior period, we did see benefits through ECL unwind as the continuation of the improvement in credit quality in the book took us from roughly a 6.6% provision down to 4.7% and then consequently down to 4.3%. So we did see that benefit come through last year, which as Clay said, we're returning to growth now. We see a swing around to the other way and the provisioning increase. So that's obviously had a substantial impact on the result. The other piece to point out is in the prior period from a stat P&L perspective, we had recognized a tax gain, which is a realization of a DTA. And we're not proposing to do that we aren't doing that in this period. I'm not suggesting that it doesn't mean we're not returning to profit. It's just in a loss situation, it's a higher bar to recognize that from an accounting perspective. And then that's sort of coming back to that whole accounting estimates point. I think the final one then is around the loss on the financial asset that we've got in there, which is the noncash one-off adjustment relating to the remeasurement of our AAR post the migration and consolidation to the one platform on Horizon. And so that's obviously had an impact on the statutory profit. But again, it's noncash. So really, when you look at it and work through it, the $15 million truly represents our operating cash profit in the period.

That makes perfect sense. Maybe just on those provisioning levels. Obviously, we're in a different macro environment now, this is where we were 12 months ago, and we've obviously had another rate -- we've had one rate cut. And so maybe can you just talk to us about your comfort around the current provisioning given the rapid growth in the book and just to the asset quality overall?

Yes. Thanks, Steve. Yes. Good question. So MONEYME has always had a history of being conservative around its ECL provisioning and its rate. Back in the past, we had 6.6%. Obviously, that's coming off the back of an uncertain period. of time, but we've maintained that conservatism, and we do have a fairly substantial management overlay that we keep. And we're conscious of the macro environment and sometimes there's the uncertainty out there. But we've maintained that conservatism. Ultimately, if you look at our loss rates and the loss rates coming down, that will ultimately reflect through that provision rate. But I guess at this stage, we are still treating it as being quite conservative.

And probably just one final one for me, just more of a high-level question, I suppose. I mean, I guess today in recent updates, Clay, you've talked to sort of product innovation and the likelihood of a new credit card offering. Are you able to sort of unpack that for us a little bit?

Yes. Thanks, Steve. Innovation is at the core of our business model here. We've launched generative AI capabilities that enables us to be efficient as we scale with customer services and responses to customers being really efficient. And we're extending that to our product-led advantages. We saw the success with Autopay when we launched a really contemporary product in the market that was being structurally shifted from the bank's grasp of distributing car finance in Australia to nonbanks. We see credit cards in the similar way of structural shifts where it's left to the NBFIs to pick up some of the credit card distribution opportunities. And our innovation that we are intending to launch this year, we're pretty excited about what that looks like. It serves a purpose on a few levels. One is it takes advantage of the structural shifts, as I said. The second one is it creates a NIM advantage that we like to have, where we balance secured assets and credit card and personal loan assets where we get some strong NIM advantages. We're also well capitalized to be able to capture now a larger book growth opportunity, and we think the credit card market is ripe for disruption. So hopefully, that gives you enough of context without me being able to describe too much about our distribution strategy and our opportunities in front of us. But certainly, we're pretty excited about this credit card opportunity in front.

Sorry, I might sneak in one more, if that's okay. Probably if I can just circle back to the cash NPAT question I asked earlier. Obviously, as I said, $15 million was a pretty decent result, actually, a good result from what I had. Maybe for those of us on the line that are trying to model this out, can you maybe help us into the second half '25? What sort of movements can we expect at a cash line? Are we able to sort of annualize that number, use that $15 million as a baseline to help us get to that FY '25 number? And maybe how -- I mean obviously, you try to unpack FY '26 a little bit for us. But can you just maybe talk to, I guess, what growth you're thinking about FY '26, like are you hoping to ramp this book up further into FY '26? And we know that's going to impact the stat line, but maybe just some additional movements on the cash impact just to sort of clear the air a little bit, that would be great.

Yes. I think, Steve, I think the main point really is around the expectation around growth. And we definitely see that continuing. And Clay alluded to some of the product changes on the horizon. But even in the medium term, we're continuing to see that growth. And we point out that we expect that continuation of growth at similar rates to what we're seeing at the moment. So I think from -- turning to your question on a modeling perspective, if you're assuming around that continuation of growth with existing sort of economics, you'd get there.

And the next question comes from Andrew Johnston with MST Access.

Good to see the continued improvement in credit quality across the book. It's pretty impressive delivery on a strategy that you've been pursuing for some time now. So well done on that. Just if I can focus first on the growth in the operating costs. And I suppose one of the key leverages for value creation is the leverage in leverage delivered by the operating costs growing more slowly than your income there. Clearly, and you've identified why the cost-to-income ratio went a long way in this half. But can you talk about how you see that emerging over the next couple of years, particularly as you get towards $3 billion? And as you head towards that $3 billion loan book mark, how should we be thinking about the leverage in the business as a result of that, the difference in growth in the loan book and growth in operating costs?

Thanks, Andrew. And yes, we are absolutely executing on our strategy. It's always interesting in a business like ours, which generates income over time, right? And when you look at our loan book, we're increasing that duration of an interest-bearing balance. So when we originate in this last half, quite successfully a 13% growth rate with secured assets, you don't get the benefit of that income in the half because you're originating and but you get the cost, right? So you set up costs in this business with ahead of where you realize revenue benefits. And then there's a catch-up. So when I see this business having grown its loan book by 13% in the half, but its operating base costs of only 10%. And there's a significant opportunity that's creating operating leverage in the future. Now so hopefully, that will, of course, show up as we now have a starting point in the next half of this financial year with the larger book balance, generating revenue with the cost base that's reflective of the first half, setting up those costs to grow the loan book balance. And as we see over time, there's a few other elements that are important. Our technology advantage enables us to scale really, really efficiently, right? Human interactions are disproportionate to the scale of what we see in the business because of the complementary artificial intelligence and the rise in automation. Now if you put that aside, is also a really strong influence in our cost of capital. Those initiatives that we put in place in the first half, you only get those benefits in the second half and ongoing our cheaper working capital account, our ABS transaction that gives us a clear cost of fund benefits. We don't get the benefit of that in the first half, but you start seeing that in the second half. So as we go through time and scaling our loan book, you're absolutely correct, costs are disproportionate to the income. We don't get the benefit of the income in this first half, as I said, but we start very quickly to start seeing the benefit of that income increasing. Now in reflection to the future, if you had to model out very clearly, which we've tried to give a bit of a perspective around how we should think about revenue being a function of yield, how we think about the secured assets on our book balance, our cost of funds, we can quite easily see that when you have a $3 billion book balance, there's a significant operating leverage advantage that comes through this business.

Okay. Great. And one more question, if I can just look at back on Slide 5 at the start. The net interest margin is falling more quickly than your net credit losses. And I get I get one of the accounting challenges here is that one of them is the back book versus front book impact on that. But where do we see that those -- the decline in net interest margin being matched by the decline in net credit losses. Where do we see those start to balance out? And I suppose as part of that, could you comment on the -- I can't remember the slide number, apologies, but you talked about the target for secured assets? Or is it auto loans running at about 55% to 60%, and you're actually at 60%. So do you see that -- you see the credit loss -- the credit quality of your portfolio sort of stabilizing around where it is? And I mean, in some extent, those 2 questions are interrelated, obviously.

A big question there, Andrew. Thank you. So from a net interest margin perspective relative to losses you're spot on. Obviously, if we think about the business and the products that we're in, we're originating more Autopay, which is great. It's obviously secured. It naturally has a better credit outcome but lower yield. And so -- and that's a longer-term asset relative to, say, personal loans, which have a shorter behavioral outcome. So we do see the natural impact on our net interest yield and then ultimately, net interest margin happening more quickly than we could realize the benefit on our losses from the back book, as you say. I guess the way we think about it from a timing perspective, there is that impact. It's not medium term even, it's shorter than that. we won't sort of assume anything or provide any guidance around that. But I think to your question around the secured piece, you're spot on. It's the right question. When we think long term, our expectation is around the lower end of that range. Obviously, having Autopay provides a lot on secured products, it provides a lot of benefits from losses and overall funding which can then be utilized across the remaining book. But we do see the sort of the sweet spot being at the lower end of that And that's where you get the benefit of a more balanced yield from the share in products. Obviously, you're talking about sort of a 5% increase on yield from personal loans. And then obviously, when we move to a credit card, it's even more significant. And just touching on that one is from a credit card perspective, we do see that the rate higher, and it's less impacted by rate reductions in the market, but we obviously are also getting that benefit through our cost of funds. So I think to answer the question, sure, yes, that's sort of that 55%, we think, is around the sweet spot.

Okay. So you'll still continue to -- so auto loans will continue to grow in line with the book, but the introduction of credit cards will tend to pull that ratio back from the 65% to 55%, okay.

I'll also add some context to that, Andrew. It's a fascinating question because this business runs really interestingly where it's tethered to the market. We were 100% unsecured, right, and NIMs were significantly higher. We saw the macro backdrop causing potential challenges for consumers. And we established where structural shifts enabled us to create an opportunity for growth, Autopay. We grew from a standstill of having 0% of the book as secured with car finance, all the way through to 60% in a very short time frame. And that's off the back of successful execution on our business plan, enabling capital to support growth, getting our cost of finance and scale advantages in the portfolio. So we're going to continue with the strength of Autopay. It's absolutely a driving force out in market. We see the same in the credit card market where the structural shifts are creating opportunities for us. So timing is going to be interesting for us. We're not going to slow winning product for the sake of balancing these particular metrics. And what we're providing in terms of guidance is that credit card and personal loan book that we've been successful with in the past, is going to probably catch up, and it's just a matter of time in our perspective where these are a balanced portfolio of secured and unsecured. And of course, that NIM then rebalances to a pretty healthy NIM.

Okay. That's great. It's a shame as investors that we have to battle against accounting standards, which is supposed to be there for our edification, but clearly not. But thanks for that explanation. That helps a lot. Great.

Thank you. I think one of the things just to touch on is when we don't have book growth that we've seen in the past, the accounting standards work fairly well in representation of these types of businesses. But as soon as you're into greater than systems growth and you're growing at plus 20% annualized growth, they start getting really out of whack with the representation of the true underlying performance of the business. And we've had this challenge consistently. So hopefully, we'll be able to see through this and the market understands the way that we're trying to present our the underlying performance of this business that gives a bit more clarity, and it's generating cash. It's growing, it's creating operating leverage. And with -- in a downward interest rate cycle, there's further leverage to be gained. So I think, hopefully, with the course of time, we'll see through some of the noise in these accounting measures.

And the next question comes from [ Daniel Brady ], private investor.

I was wondering, could you explain the benefit of the transition to the secured loans when it seems to be leading to a decrease in revenue and net interest margin?

Yes. Dan, thanks for the question. It is -- there's 2 factors in it that's really important for us. So the one is it generates a much longer income stream for us. Now the second part of that is our cost of capital on secured assets, as you'd expect, is significantly cheaper. We haven't realized those full benefits. We've only just established our first international and domestic-backed ABS transaction that gives us those capital advantages. But what it ends up looking like for us is when you originate a car finance loan, you have a longer stream income right? Your NIM is lower, for sure, but your customer lifetime value is significantly higher. So that's how we think about the value of car finance. It might look on -- particularly with these accounting standards that you take these provisions upfront, et cetera, et cetera. that you end up having a particularly challenged starting point of originating a higher loan asset, but it's got a much longer income stream. And certainly, particularly in Australia, car finance has been well supported with major banks and NBFIs establishing strong unit of economics on cars. The loss rates in cars in market, they're staggeringly low. They are sub 1% on an annualized basis, and that's really, really healthy for us. So when we look at this balanced portfolio, we're capturing 2 parts: the stable longer-term income stream that creates a robust loan book. And the second part is where we get the access to larger NIM with these structural shifts particularly happening in credit cards that gives us that balance. And we think it's a perfect balanced environment to have both the secured and unsecured representation in our forward loan books. To complement that is, of course, a shorter-dated loan generates faster forms of income, right? But when we look at our business, we look at it on the aspect of long-term generation of income and profits. And the scalable opportunity for us, both as a segment in car finance, and the ones we've been talking about really gives us that obvious scale advantages with having a borrower at the heart. Now what we're seeing is we're creating products that creates more than a single product for our customers. Some of our customers here, homeowner advantages, they're crossing over where they've got a car finance product and a personal loan product. Now we're desperately excited to provide a credit card to that customer. And then very quickly recapturing more of this customer's wallet, we're creating more advantages by having a single customer acquisition and more diversified products in the portfolio. So it leads to a few things that I've mentioned. It's patients for longer-dated income stream for sure, but it gives us complementary advantages of cost of capital more penetration of products to our existing customer base and create a larger book size with operating leverage advantages.

There are no further questions at this time. That does conclude our conference for today. Thank you for participating. You may now disconnect.