All right. Good morning, everyone. This morning I am honored and pleased to present my good friend, Clive Kinross, CEO of Propel Holdings. Let's get down to brass tacks, address the elephant in the room. Last year, in the fall, we saw some credit issues. You saw something you didn't like in the market, your AI flagged it. You looked at it and you said, "Maybe we should pull back on loan growth." You did. You protected the house. You got credit back in line, and by this quarter, you started growing again in a meaningful way. Maybe just tell us a little bit about what was going through your head, because, as an analyst, we can look at it from 1,000 feet up. But how are you looking at credit, and how do you talk about credit and growth? Yeah. Wow, you're starting right at the top, huh? Sure. Appreciate that. First of all, good morning. Delighted to be here. Nice to have the CEO of Canaccord Genuity as well, sitting in the room. Yeah, you're absolutely right. Let's just take a look back at 2025. I think it's important to contextualize the story from there. We start off just by reminding everybody that notwithstanding the challenges in 2025, we still grew by 30% last year, had another year of growing our profits, all of which has contributed to revenue CAGRs of about 43% since 2019, and adjusted 64%. Obviously, that's all till the end of 2025. At the end of the day, another excellent year. But as the market has come to expect of us, and in fact as we have come to expect of ourselves, 2025 ought to have been even better. Sure. Behind the scenes, what was going on is we had expanded our overhead as we were investing in new initiatives that the market didn't know about in 2025, specifically investing in new lending-as-a-service initiatives, number one. Number two, we were getting ready to stand up Propel Global Bank. Our overhead was already a little bit heavier in light of those initiatives. As we moved into Q3, after a very strong Q1 and Q2, if you remember at the time, inflation started being elevated and the unemployment numbers, particularly in Q3 of last year, also started to move in the wrong direction. On the back of that, we started seeing some increases in delinquencies, some increases in our default numbers. When we start seeing movements like that, instead of powering through it, our decision always is to slow down originations. We do that through tightening our underwriting channels, and that is exactly what we did. At the end of Q3, our Combined Loans and Advances Balance, which is the receivables that generate most of our revenues, were at a lower number than it otherwise might have been, in turn, leading to slightly lower revenues in Q3 of last year. In addition to that, because of higher delinquencies, our provision for loan losses was higher than it otherwise might have been. From a financial perspective, there were two negatives: lower revenue, slightly higher provision for loan losses moving into Q4. As we moved into Q4, in the early part of Q4, we actually started seeing a turnaround in that given the tightening of our underwriting. As the government shut down, I am doing a quick history- Yeah. Recap here. As the government shutdown perpetuated, what we saw is credit deterioration didn't necessarily improve. In fact, it moved in the wrong direction. Just as we were getting ready to open things back up again, we had to retighten given the government shutdown. We probably did that for the first couple of months, October and November, which was too bad because Q4 is typically, from a seasonal perspective, our highest growth quarter, and at the end of November, our Combined Loans and Advances Balance hadn't really moved. It had really moved sideways, relative to the end of September. We started seeing credit returning in early December, late November, just as well, because that is the real peak time of the year. On the back of that, we really put our foot on the gas. We spent a lot of time leading up to that, expanding our marketing and distribution channels. As credit started to stabilize, not only was it stabilizing, but we were able to generate even more relative volume than what was otherwise the case. December, we had a record origination month by a significant margin. I think we grew our Combined Loans and Advances Balance that month by CAD 30 million, which positioned us exceptionally well heading into 2026. From a financial perspective, that growth in December was actually a negative for the business in so far as all the upfront provisioning for those loans, all the upfront marketing expenses associated with generating those loans hit our income statement. But the corresponding revenue only would kick in in 2026. Think of that as frontloading those loans and investing into 2026, which has obviously served us very well this year. The market, I think, didn't necessarily understand that nuance and that dynamic last year. All right. That's all the questions. Thank you. We look at credit today and it's obviously improved. The consumer seems to be in relatively good shape. Right? It sounds to me like even within the core business, the block-and-tackling lending business, you're seeing growth. You're seeing growth not only in CreditFresh, but MoneyKey as well. Maybe let's talk about the two different products, how they target the segments, and what you're seeing in each. I will do it. If at the same time, if you don't mind, I'm going to expand into other areas of the business. Sure. Even though you're correct in saying that that's the foundational or the legacy parts of the business, which still comprise the majority of our revenue stream today. At a high level, if we look back on 2025, the Federal Reserve just came out and said that there were more applications for unsecured credit in 2025 than there's been in the last 10 years. So exceptionally strong demand for credit. Looking back at Q2 of this year, the New York Federal Reserve just came out with their numbers recently and said that in Q2 of this year, there were more declines for credit than there've been since Q3 of 2021. So you've got this confluence of two things, very strong demand coupled with very tight underwriting, which as a rule, plays very nicely into our business because all of that volume trickles down into our segment of the market. It's been well documented in this discussion about the K-shaped economy. If anything, if you look at the subprime segment of the market, it's grown by about 7% since 2022. It used to comprise about 13.7% of the entire population. Today, it comprises 14.7%, which represents roughly 7% growth. All of that is the macroeconomic stuff that's having a positive impact on our business, notwithstanding the discrete things that we're doing at Propel. So nice tailwinds from that perspective. All of that drove growth in the core MoneyKey products, in the core CreditFresh products, without even speaking about the growth initiatives. Sure. At the same time, the growth initiatives that I alluded to a few minutes ago, standing up Propel Global Bank, which enabled us to get into additional jurisdictions and additional states, started kicking in in 2026. So we were able to expand into additional geographies, and we really put some tremendous effort into expanding our marketing and distribution channels. We've added 20 discrete new marketing channels since Q4 of last year. So that has also fueled a lot of the growth. So taking a step back, looking at MoneyKey, looking at CreditFresh as standalone, they've grown materially as a result of the dynamics that I'm speaking about. If anything, we expect the growth to accelerate on a go-forward basis, and maybe we'll touch on that in a minute or two. At the same time, the new initiatives, U.K., we acquired a U.K. company a couple of years ago. That grew by 53% in Q2 of this year, both top and bottom line. If anything, we expect that growth also to accelerate in Q3 and Q4 of this year. Our lending-as-a-service program, also a relatively new initiative. Revenues exceeded CAD 11 million in Q2, which was up about 150% year-over-year. By the same token, we expect that to accelerate on a go-forward basis as well, partially driven by the same macro dynamics that are driving the growth in our underlying business. But in addition to that, just because of all the unique, discrete things that we're doing at Propel to fuel the growth of that initiative. Right. So a lot of talk about growth there, and I always say Propel is an amazing capital compounder as long as you maintain credit. So with all these new customers coming in, how do you make sure you're taking the best customers, the customers that are going to have relatively strong performance and better performance than, in theory, what you're charging them? It's fascinating. 15 years into the business, we're about to celebrate our 15-year anniversary. Congrats. Our growth in Q2 of this year, new customer growth was 43% year-over-year, which I think is pretty fascinating. If you said to me, what's the growth in applications relative to the 43% growth in originations? The growth in applications is materially higher than that. We can achieve this growth while being very selective about who we fund and who we originate. We continue to operate with a very tight underwriting posture. I don't think there's another company in our industry, certainly of scale, that's growing at the rate that we're growing at, partially because of the tailwinds from all the macroeconomic stuff that I've already spoken to. More than that, because of the growth initiatives that we've been investing in in the last 18 months, which is really fueling that growth. Our AI-powered underwriting engine has been operational probably for about 12 of our 15 years now, and that's not a constant operating engine. It gets better and better as we get more data, number one, as we integrate to additional partners, number two. In essence, what it's allowed us to do is to operate profitably across multiple jurisdictions, the U.S., the U.K., and Canada, across all different products. I could tell you, even though we don't report at this granular level in our financials, we're profitable in every single initiative across the board. We could do that because we're fueling significant application growth, which allows us to maintain very tight underwriting posture with what I think is the most sophisticated underwriting engine in our industry. Just for everyone in this room, they've been talking about AI before it was cool. This is not just a keyword for you. It's not a buzzword. You've been really thinking about AI adjudication. Maybe just for the benefit of everyone here, what does that mean? What are you using AI for, and how does it help you beat me looking at a credit score and saying, "This person is credit worthy or not? I think that look, underwriting our customers who have all got bruised credit histories is not a straightforward endeavor. Typically, when you are giving a loan to somebody with prime or super prime credit, you look at their income level, you look at what their credit score is, and provided it is above 750, you just right-size the loan relative to their income. It is not a particularly challenging exercise. When you are underwriting subprime consumers, it gets challenging because you look at their credit profiles and they have got missed payments. They may have had a vehicle repossessed in the past and a whole bunch of other undesirable outcomes. It is not particularly challenging. But as it relates to you scanning through a credit report and underwriting the consumer, Matt, I could train you how to do that. A, you are a smart guy, and B, I could also train you and lots of people on how to underwrite that consumer, and you would probably get it right based on the training. The issue is, it will take you time and sometimes you will get it wrong. We also sometimes get it wrong, by the way. In our case, we look at in excess of 100,000 applications each and every day. This idea that you could score it manually, you could do it if it is one, but not if it is in excess of 100,000. What our machine learning does, in a nutshell, is it looks up to 5,000 variables and gets better and better all the time. And what it can do better than you could do or I could do manually is it could approve way more customers than what otherwise might be the case while maintaining risk. Right. In a nutshell, that is what our AI does. It allows us to really scale the business, enter into new geographies, and approve way more customers than would otherwise be the case. Let us talk about the geographies. I like that you touched on that because I wanted to go there. Geographical scale is one of the growth drivers you mentioned a couple of times. Just tell us about what the Propel strategy is for new states or new geographies in general. Yeah. First of all, let's start with the easy ones, the U.K. and Canada, which today collectively comprise probably about 12%-13% of our business. U.K. around 11%, Canada around 2%. Canada will be 2% this year as well. Our guidance suggests it will grow by another 30% in 2026, which means that Canada will grow by roughly the same index as the business is growing. The U.K. is going from about 8% to about 11%, suggesting that its growth is materially faster than the 30% growth. Again, we grew by 53% in Q2. As I already said, just to be a little bit repetitive over here, we expect that growth to accelerate to Q3 and Q4 of this year as we expand our marketing channels in the U.K. as well, as we make some product enhancements in the U.K., and as we really refine some of the processes over there. So that's what's going on on that side, not necessarily because of geographic expansion. We're in the geographies that we'd like to be in. The U.S. is quite different to that. In the U.S., there's a whole bunch of rules and regulations that restrict certain states from a lending perspective. What we've done through the formation of Propel Global Bank is we've created a mechanism to expand into states where we weren't otherwise either lending or servicing loans. I make that distinction for a reason. Sometimes we're earning our economic interest by purchasing the loan receivables after the loans are originated by our bank partners. In fact, the lion's share of our economics and our revenue comes from that. In other instances, largely driven by regulation, we can't be both the servicer of the loan as well as purchase the economic interest in the loan. Right. In those instances, we act as the servicer with an arm's-length third-party purchaser purchasing the loans, and that is what we call lending-as-a-service. Through the formation of Propel Global Bank, as well as the recent announcement with Column Bank, which is our fifth bank partner based out of California, we're now able to operate in states that we weren't able to operate in previously. That is driving meaningful growth in the lending-as-a-service business as we expand not only into states where we've been historically, but into new states as well. So today, we're closing in on 40 states and expect that to continue to grow as we move towards the 50-state strategy. That geographic expansion, coupled with everything else, will continue to fuel the growth of the business on a go-forward basis. Maybe let's dig in on lending-as-a-service. I think you've corrected me in the past when I say it doesn't matter about credit because it doesn't hit your income statement and your statements, but it does matter because if you have poor credit, your customers won't come back, your partners won't want to do business with you. So what are they seeing in terms of the loans that you've given them? What are the qualities and how much demand are you seeing from them the second and third time they do this partnership with you? Yeah. Look, our word means everything to us. Our relationships with our partners means everything to us as well. I guess I could say this openly. I think you could speak to any partner on the lending-as-a-service side or any other element of their business with Propel, and they would speak about us in the highest terms, in the most glowing terms. It's one of the reasons we've been able to build the business we have and will continue to is because of these partnerships that we have, as well as how we treat our team at Propel. In 15 years, we've literally never lost a single executive, and the four co-founders of the business 15 years later are active in the business today. We take that same integrity and that same thought process in how we deal with our purchasers. When we represent to them what we expect their returns to be, not only do we tell them, "This is what we expect and what you should expect your returns to be, but we're going to give you access into the performance of those loans, not on a monthly basis, but on a daily basis. Right. We educate them what the KPIs need to be to get those returns. They've modeled that out themselves, and they know exactly what the KPIs need to be, what the delinquency rates needs to be, what the cost per acquisition needs to be to get their desired returns. I could tell you not only are they getting their returns, they're getting better than their returns. On the back of that, recently, we raised $150 million from Column Bank to purchase receivables. Monroe Capital, another big debt fund in the U.S. who we've been doing business for a long time, also committed $60 million. That's to purchase loans originated by Column Bank. In addition to that, on our CreditFresh ForwardFlow, today, we cannot handle the inbound calls from purchasers who want to purchase those loans, and we have to turn around and say, "We just don't have the capacity." Why are we seeing such tremendous demand for these loans? Because these folks are getting the returns that we promised them. If anything, and I am not exaggerating, Matt, they are calling us more and more and saying, "We would like more capacity, and we would like to commit more funds to the business." Historically, as you know, and historically was not that long ago, the lending-as-a-service was not fully funded. That has now got long-term capital from very sophisticated, stable partners who are getting the desired returns, and that allows us to speak much more openly and to forecast much easier about what we expect the growth of that business to be, which is why I say the 150% lending-as-a-service growth that we experienced in Q2 will accelerate in Q3 and Q4 of this year. Those are big words. When you think about that in the context of the partnerships and the capacity, is it just a matter of finding the right loans for the portfolios? I would assume that, when you get your return, you funnel it back in to Propel, and so you are building capacity and it is a flywheel effect, more capacity, good returns. The returns go back to capacity, and so they are scaling as well now. You are referring to the le- Lending-as-a-service. Yeah. Look, our purchasers are all independent funds, and they choose to manage those funds as they deem appropriate. We have some purchasers who like to pull some of the funds out and return it to their investors in the form of a monthly or a quarterly distribution. Sure. As you can imagine, those distributions are becoming meaningful, and in that instance, they need more fresh capital to continue to grow the book. Then you have other purchasers who turn around and say, "We're happy to recycle the returns." That's a combination of the two. From our perspective, I could tell you, irrespective of what their tactics are and how they work with their investors, there's more than enough capital to continue to grow the business. Our focus is on opening up into additional states, bringing additional marketing and distribution channels to the states where the purchasers are purchasing, and at the same time, maintaining stellar credit performance. Right. Let's talk about capital for a little bit. You love your dividend, and I respect that it's important for your employees and yourself, and it's good with use of capital. Do you feel like you have enough capital right now on your balance sheet to grow the core business, the U.K. business? There's a lot of opportunities, it seems like. Yeah. I do like the dividend, personally, and I think our investors do. Some of them are part growth investors, and they don't necessarily understand the dividend, and we turn around to all of them and say, "We've got something for everybody." I've already mentioned our revenue CAGR over the last, since 2019, is about 43%. Our profit CAGR is about 64% over that period, and we've increased our dividend meaningfully since the IPO, and certainly 12 consecutive quarters. We've got a little bit for everybody, and on a combined basis, I don't think anybody could turn around and say, "We don't like the dividend," provided there's no negative drawback. Let's speak about the dividend in the context of capital allocation. Now, debt-to-equity ratio is sitting at about 1.2:1, which again, just relative to our competitors, is about as well-capitalized and as under-leveraged as you could get for a business like ours. Sure. Notwithstanding the fact that we've just had a record origination quarter and our originations year -to -date, and the growth in our CLAB year -to -date is the highest from a CAD dollar perspective that it's ever been. If you look at our debt balance, it hasn't moved CAD 1, or maybe a few CAD dollars. But literally a few CAD dollars since December of 2025. We've kept debt exactly the same, notwithstanding in excess of CAD 50 million growth in our CLAB, as well as two dividend increases year -to -date. That suggests that we have actually never been better capitalized. We have more than ample liquidity to continue to grow the business organically. The only scenario I see, Matt, where we might need additional capital is if there was an acquisition larger than the spare capacity of the spare liquidity that we have. Sure. Just in the spirit of being open and transparent about that, it's not like there's any potential M&A opportunities that are imminent, but we look all the time. Obviously, at the scale that we're getting to now, the next acquisition, we would like to be able to move the needle, which suggests that we may need some excess liquidity, but there's nothing right now that's imminent. I would like to end with this type of question, but if you look at Propel today and you think about where Propel will be in five years, right? Aside from the growth that you have just described, what else would you want it to have, either geographically, size-wise? Yeah. We look at that all the time and, as a starting point in the three jurisdictions that we operate, the U.S., the U.K., and Canada, there is a tremendous amount of organic growth left. Let me say that at the outset, and I know what those numbers look like because every couple of years, we do a five-year plan, and it starts off with, well, what does the baseline look like? Let us roll it forward and see what happens. As the business slows down, even though it could continue to expand from a dollar perspective revenue-wise every year, the law of big numbers that from a percentage standpoint, it slows down. That really means the loan book is maturing at the same time. As the loan book matures, credit quality or margins actually improve. Without getting into the nuts and bolts of how those loans perform nor our accounting treatment, that is what happens. Even though revenue growth may slow from the 30%+ that we are experiencing today over the next five years to in the 25%+ range, we do not expect the bottom-line growth to slow down from the current business. Again, we think we have got a good path and a good plan into how to execute against that. That is number one. Sure. Number two, we are a founder-led business. We have got big inside ownership at the business, and I say that really to suggest that we are a highly motivated, incredibly ambitious team. We have built this business out of Canada. We want to turn Propel into a global industry leader providing credit to consumers who cannot access credit from traditional financial institutions. In the next five years, I expect that expansion from a geographic standpoint to include additional jurisdictions. The additional jurisdictions will be added through a combination of build and buy. I do expect us to acquire companies in other jurisdictions, number one. In other instances, depending on their circumstances, I expect us to stand those up as well. All of which is to say that the compounded growth that you were referring to earlier is inherent in the underlying business model, and if anything, I expect that actually to accelerate, number one. Number two, that will be augmented further through geographic expansion. Awesome. All right, everyone. Clive Kinross, CEO of Propel. Thanks so much, Matt.