CURO Group Holdings Corp.

Hello and thank you for standing by. My name is Tiffany and I will be your conference operator today. At this time, I would like to welcome everyone to the Catapult Holdings first quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press one again. Thank you. I would now like to turn the call over to Jennifer Cole, Head of Investor Relations. Please go ahead.

Welcome to Catapult's first quarter 2025 conference call. On the call with me today are Orlando Zayas, Chief Executive Officer, Nancy Walsh, Chief Financial Officer, and Derek Medlin, President and Chief Growth Officer. For your reference, we have posted materials related to today's call on the investor relations section of the Catapult website, which can be found at ir.catapultholdings.com. Please keep in mind that our remarks today include forward-looking statements related to our financial guidance, our business, and our operating results as noted in the earnings release and slide deck posted to our website for your reference. Our actual results may differ materially. Forward-looking statements involve risks and uncertainties, some of which are described in today's earnings release and our most recent form 10-K, and which will be updated in future periodic reports that we file with the SEC. Any forward-looking statements that we make on the call are based on our beliefs and assumptions today, and we disclaim any obligation to update them. Also during the call, we'll present both GAAP and non-GAAP financial measures. Non-GAAP financial measures should be considered supplemental to and not replaced since for or superior to our GAAP results. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures is included with today's earnings relief and is available on the investor relations section of the company's website. Finally, all comparisons are year over year unless stated otherwise. With that, I will turn the call over to Orlando.

Thank you, Jennifer, and thanks to everyone joining us today. We're excited to give you an update on our first quarter financial results and the operating progress we've made towards achieving our 2025 plan. To start, I'll provide you with a little context for our strong Q1 results before turning it over to Derek, who will walk you through a more detailed summary of the quarter. After that, Nancy will provide an update on our financial results. We had another strong quarter that illustrated the momentum we have in the business. Q1 gross originations grew 15.4% year over year, beating our outlook for 11% growth. And first quarter revenue came in slightly above our expectation at 10.6%. These great results spring from our successful execution against our marketplace strategy. As we discussed last quarter on the launch of our app at the end of 2022, we have worked hard to build our two-sided app marketplace. We are a destination where consumers can visit and shop for all of their durable goods needs, as well as a growth partner to merchants, opening up new avenues for expansion. In addition to our continued growth, we see other indications that we have built a healthy and thriving ecosystem. On the consumer side, shoppers continue to love the Catapult brand. Our NPS score was 66 as of March 31st, and our repeat customer rate was 57.4%, both up year over year. These two positive data points are contributing to our growing lifetime value, which was up nearly 6% in Q1 25. And as we continue to build our product offering to cover even more of the everyday needs our customers have, we believe we can take LTV even higher. We believe these data points really illustrate that we are doing a good job of delivering the product and service our customers want and deserve. For our merchant and waterfall partners, we are continuing to innovate new marketing and pricing strategies as we collaborate to drive sales higher. As a result, we're seeing our overall gross originations growth being fueled by activity across our marketplace. During the first quarter, K-PAY originations were $22.8 million, which was up approximately 57%. And total app originations, which are originations that started in our app, grew 42% to $37.9 million. This means that approximately 59% of our gross originations started in our app marketplace, a testament to our ability to drive results for both our partners and Catapult. We are pleased at our progress towards making the Catapult app marketplace a shopping destination. Our marketplace is allowing Catapult to connect consumers and merchants seamlessly, enabling commerce whenever and however the consumer wants to shop. Though macro headwinds are ebbing and flowing, 2025 was off to a great start, and we are confident that we are well positioned to achieve our full year goals. We remain focused on our top initiatives, which are one, consumer engagement, Two, merchant engagement. Three, referral partnerships. And four, improving our unit economics and capital structure over time so that we can improve profitability and sustainably generate cash. With that, I'll turn the call over to Derek to discuss our operating progress in more depth, and then Nancy will give you a recap of our Q1 financial results and our outlook for Q2. We'll then open it up for your questions. Derek?