Charlie Youakim

And then we can also shut off new customer groups or tighten across the board and new customer groups.

What the downside might lead to, I think, is maybe lower volumes, maybe at the start.

But if you look at a downturn in the economy, I think it actually could pull higher scoring credit groups potentially or people that may not have used BNPL

into trying out BNPL.

Maybe a spouse got laid off in that time period.

Hey, maybe we should try this other credit product.

It might help us in this time period.

We might pull more users into the space, which could offset our tightening to the existing customer group and offset that.

And then I said the last thing that I think makes, I mean, I'm a big shareholder.

This is what makes me feel good about our system.

We have really strong gross margins already.

Great safety factors.

So right now our PLRs are about 2%, kind of running 2%, principal loss rates.

But our top line revenue percentage is like 11%.

And our gross margin, this is on volumes, our gross margin on volumes, 6% or so.

We can basically triple our loss rates and still come out with a profit.

I mean, I don't think we'd be high-fiving at the end of this, but we'd be profitable still.

Great safety factors.

Well, I think, you know, it's growing actually.

What's happening is it's growing.