Earnings beat expectations, primarily driven by stable credit quality, strong capital market financing capacity, and efficiency improvements from AI development.

Active merchant count grew 44% , card users reached 4.4 million, and funding costs declined 125 basis points year-over-year. Pay in X became the fastest-growing segment, driven by large projects shifting toward 0% installment plans and the Shopify channel. AI development is "clearly beneficial to profits," costing only a few million dollars per quarter with no need for layoffs. International expansion investments are limited, with minimal near-term drag on RLTC.

Management is more optimistic about Q4 growth, though a high comparison base creates a few percentage points of headwinds; they expect growth to become easier to achieve entering FY27.

Management's tone is positive, emphasizing no signs of credit deterioration, strong capital market depth, and that AI deployment will not result in layoffs, highlighting operational discipline.