Tyler Crowe

Top line numbers look good.

But one thing that can't make 38% revenue growth look good is when transaction costs rise by 53%.

For the full year, it ended up posting a $0.79 per share loss after a profit in 2024.

The thing that popped out to me was the rising reserves for credit losses.

I'm going to see if there was anything else from you guys in a second here.

But just to keep that in perspective, this is not credit losses on its revenue.

This is on its gross merchandise volumes, which is considerably higher than total revenue.

So it can actually take out a pretty big bite.

Aside from that, was there anything else that popped out to you guys that might be contributing to the sell-off?

Yeah.

The idea of...

flooding the zone with a slightly less profitable product so everybody adopts it, and then turn on the profitability through changes in fee structures.

It is a compelling idea.

Certainly, you look at companies like DoorDash, like Uber, and things like that, and it has worked out so far.

Certainly, an interesting way to think about this buy now, pay later space as we go on.

Hopefully, they just don't become banks eventually over time.

That is all the time we have for today.

Matt, John, thanks for sharing your thoughts.

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