- **Revenue Growth**: Q3 revenue up 14% YoY to $155M, driven by AI-powered originations and risk-based pricing.
- **Profit Expansion**: Adjusted net income surges 41% to $41M, with expenses optimized to 30% of revenue.
- **Strategic Moves**: Renewed credit facility, share buybacks, and Bitty investment diversify growth engines.
- **AI Leadership**: Model 6.1 refit enhances risk pricing, while Connected TV tests 2026 growth channels.
- **Guidance Raise**: Full-year adj. net income raised to $137M-$142M, reflecting double-digit growth confidence.

**【CEO Summary Section】**
- **Record Q3 Performance**: Revenue of $155M (+14% YoY), adjusted net income $41M (+41% YoY), and 12.5% growth in net originations.
- **AI-Driven Growth**: Auto approval rates at 79%, with Model 6.1 refit improving risk segmentation and pricing accuracy.
- **Strategic Renewals**: Credit agreement with Castlelake enhanced operating leverage and capacity.
- **Bitty Investment**: $1.4M equity income from SMB lending platform, targeting underserved markets.
- **Guidance Update**: Full-year revenue raised to $590M-$605M, adjusted net income to $137M-$142M.

**【CFO Financial Commentary】**
- **Revenue & Profitability**: $155M revenue (+14% YoY), 30% expense-to-revenue ratio (down from 33%), and $76M GAAP net income.
- **Cost Management**: Interest expense reduced to 6% of revenue via debt refinancing and $150M credit facility.
- **Share Buybacks**: Repurchased 1.03M shares ($10.6M) in Q3, reflecting confidence in undervaluation.
- **Balance Sheet Strength**: $75M cash, $600M funding capacity, and $277M stockholders' equity.

**【Q&A Highlights】**
- **Credit Dynamics**: Charge-offs stable at 35% of revenue, with risk-based pricing mitigating macro risks.
- **Marketing Innovation**: Testing Connected TV and direct mail for 2026 growth, with direct mail at 4.2% of originations.
- **Scalability**: LOLA migration to reduce cycle times and enable AI tool integration.
- **Capital Allocation**: Prioritizing share buybacks and M&A, with $321M debt and $204M unused capacity.

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