{"meta":{"as_of":"2026-09-19","revision":5,"skeleton":false,"compiled_at":"2026-09-19T23:25:52.453311+00:00","extract_url":null,"extract_form":null,"authored_hash":"82c7a1088c5afa223f27f6e4b791637a","extract_filed":null,"extract_source":"authored","generated_hash":"dc361ed74d67a8c47be4eeb1217e6ebd","research_stage":"operating_scenarios","business_authored":true,"extract_accession":null,"research_reviewed_at":"2026-09-19"},"model":{"entity":"Enova International, Inc.","source":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","quarters":[{"cfo":{"value":398551000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2025-10-24","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001193125-25-249986","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"fcf":null,"cash":{"value":67500000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-10-24","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001193125-25-249986","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"capex":null,"revenue":{"value":689924000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-10-24","concept":"Revenues","accession":"0001193125-25-249986","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"net_income":{"value":43414000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-10-24","concept":"NetIncomeLoss","accession":"0001193125-25-249986","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"period_end":"2024-09-30","eps_diluted":{"value":1.57,"provenance":{"form":"10-Q","class":"reported","filed":"2025-10-24","concept":"EarningsPerShareDiluted","accession":"0001193125-25-249986","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"fiscal_label":"2024Q3","gross_profit":{"value":400356000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-10-24","concept":"GrossProfit","accession":"0001193125-25-249986","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"debt_long_term":{"value":3293735000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-10-24","concept":"LongTermDebt","accession":"0001193125-25-249986","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"shares_diluted":{"value":27711000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-10-24","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001193125-25-249986","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"operating_income":{"value":153714000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-10-24","concept":"OperatingIncomeLoss","accession":"0001193125-25-249986","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}}},{"cfo":{"value":430520000.0,"provenance":{"form":"10-K","class":"derived","filed":"2026-02-20","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001193125-26-060461","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"fcf":null,"cash":{"value":73910000.0,"provenance":{"form":"10-K","class":"reported","filed":"2026-02-20","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001193125-26-060461","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"capex":null,"revenue":{"value":729551000.0,"provenance":{"form":"10-K","class":"derived","filed":"2026-02-20","concept":"Revenues","accession":"0001193125-26-060461","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"net_income":{"value":63695000.0,"provenance":{"form":"10-K","class":"derived","filed":"2026-02-20","concept":"NetIncomeLoss","accession":"0001193125-26-060461","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"period_end":"2024-12-31","eps_diluted":null,"fiscal_label":"2024Q4","gross_profit":{"value":413036000.0,"provenance":{"form":"10-K","class":"derived","filed":"2026-02-20","concept":"GrossProfit","accession":"0001193125-26-060461","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"debt_long_term":{"value":3563482000.0,"provenance":{"form":"10-K","class":"reported","filed":"2026-02-20","concept":"LongTermDebt","accession":"0001193125-26-060461","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"shares_diluted":null,"operating_income":{"value":155196000.0,"provenance":{"form":"10-K","class":"derived","filed":"2026-02-20","concept":"OperatingIncomeLoss","accession":"0001193125-26-060461","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}}},{"cfo":{"value":391144000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-04-23","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001193125-26-174021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"fcf":null,"cash":{"value":55514000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-04-23","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001193125-26-174021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"capex":null,"revenue":{"value":745541000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-04-23","concept":"Revenues","accession":"0001193125-26-174021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"net_income":{"value":72945000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-04-23","concept":"NetIncomeLoss","accession":"0001193125-26-174021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"period_end":"2025-03-31","eps_diluted":{"value":2.69,"provenance":{"form":"10-Q","class":"reported","filed":"2026-04-23","concept":"EarningsPerShareDiluted","accession":"0001193125-26-174021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"fiscal_label":"2025Q1","gross_profit":{"value":426182000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-04-23","concept":"GrossProfit","accession":"0001193125-26-174021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"debt_long_term":{"value":3757351000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-04-23","concept":"LongTermDebt","accession":"0001193125-26-174021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"shares_diluted":{"value":27104000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-04-23","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001193125-26-174021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"operating_income":{"value":171904000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-04-23","concept":"OperatingIncomeLoss","accession":"0001193125-26-174021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}}},{"cfo":{"value":447364000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2026-07-23","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"fcf":null,"cash":{"value":55560000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-07-23","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"capex":null,"revenue":{"value":764043000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-07-23","concept":"Revenues","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"net_income":{"value":76149000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-07-23","concept":"NetIncomeLoss","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"period_end":"2025-06-30","eps_diluted":{"value":2.86,"provenance":{"form":"10-Q","class":"reported","filed":"2026-07-23","concept":"EarningsPerShareDiluted","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"fiscal_label":"2025Q2","gross_profit":{"value":441458000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-07-23","concept":"GrossProfit","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"debt_long_term":{"value":3963514000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-07-23","concept":"LongTermDebt","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"shares_diluted":{"value":26646000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-07-23","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"operating_income":{"value":184106000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-07-23","concept":"OperatingIncomeLoss","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}}},{"cfo":{"value":481802000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2025-10-24","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001193125-25-249986","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"fcf":null,"cash":{"value":53600000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-10-24","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001193125-25-249986","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"capex":null,"revenue":{"value":802678000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-10-24","concept":"Revenues","accession":"0001193125-25-249986","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"net_income":{"value":80314000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-10-24","concept":"NetIncomeLoss","accession":"0001193125-25-249986","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"period_end":"2025-09-30","eps_diluted":{"value":3.03,"provenance":{"form":"10-Q","class":"reported","filed":"2025-10-24","concept":"EarningsPerShareDiluted","accession":"0001193125-25-249986","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"fiscal_label":"2025Q3","gross_profit":{"value":460707000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-10-24","concept":"GrossProfit","accession":"0001193125-25-249986","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"debt_long_term":{"value":4106471000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-10-24","concept":"LongTermDebt","accession":"0001193125-25-249986","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"shares_diluted":{"value":26472000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-10-24","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001193125-25-249986","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"operating_income":{"value":196775000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2025-10-24","concept":"OperatingIncomeLoss","accession":"0001193125-25-249986","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}}},{"cfo":{"value":498811000.0,"provenance":{"form":"10-K","class":"derived","filed":"2026-02-20","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001193125-26-060461","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"fcf":null,"cash":{"value":71709000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-07-23","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"capex":null,"revenue":{"value":839391000.0,"provenance":{"form":"10-K","class":"derived","filed":"2026-02-20","concept":"Revenues","accession":"0001193125-26-060461","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"net_income":{"value":78981000.0,"provenance":{"form":"10-K","class":"derived","filed":"2026-02-20","concept":"NetIncomeLoss","accession":"0001193125-26-060461","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"period_end":"2025-12-31","eps_diluted":null,"fiscal_label":"2025Q4","gross_profit":{"value":501894000.0,"provenance":{"form":"10-K","class":"derived","filed":"2026-02-20","concept":"GrossProfit","accession":"0001193125-26-060461","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"debt_long_term":{"value":4498381000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-07-23","concept":"LongTermDebt","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"shares_diluted":null,"operating_income":{"value":186647000.0,"provenance":{"form":"10-K","class":"derived","filed":"2026-02-20","concept":"OperatingIncomeLoss","accession":"0001193125-26-060461","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}}},{"cfo":{"value":474540000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-04-23","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001193125-26-174021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"fcf":null,"cash":{"value":96130000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-04-23","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001193125-26-174021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"capex":null,"revenue":{"value":875142000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-04-23","concept":"Revenues","accession":"0001193125-26-174021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"net_income":{"value":91099000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-04-23","concept":"NetIncomeLoss","accession":"0001193125-26-174021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"period_end":"2026-03-31","eps_diluted":{"value":3.46,"provenance":{"form":"10-Q","class":"reported","filed":"2026-04-23","concept":"EarningsPerShareDiluted","accession":"0001193125-26-174021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"fiscal_label":"2026Q1","gross_profit":{"value":528959000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-04-23","concept":"GrossProfit","accession":"0001193125-26-174021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"debt_long_term":{"value":4832542000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-04-23","concept":"LongTermDebt","accession":"0001193125-26-174021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"shares_diluted":{"value":26349000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-04-23","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001193125-26-174021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"operating_income":{"value":207106000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-04-23","concept":"OperatingIncomeLoss","accession":"0001193125-26-174021","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}}},{"cfo":{"value":544034000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2026-07-23","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"fcf":null,"cash":{"value":122226000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-07-23","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"capex":null,"revenue":{"value":928927000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-07-23","concept":"Revenues","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"net_income":{"value":105058000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-07-23","concept":"NetIncomeLoss","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"period_end":"2026-06-30","eps_diluted":{"value":4.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-07-23","concept":"EarningsPerShareDiluted","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"fiscal_label":"2026Q2","gross_profit":{"value":568066000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-07-23","concept":"GrossProfit","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"debt_long_term":{"value":5013901000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-07-23","concept":"LongTermDebt","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"shares_diluted":{"value":26274000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-07-23","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}},"operating_income":{"value":237147000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-07-23","concept":"OperatingIncomeLoss","accession":"0001193125-26-314590","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json","retrieved_at":"2026-09-19T23:25:52+00:00","reviewed_through":null}}}],"retrieved_at":"2026-09-19T23:25:52+00:00"},"notes":[{"url":"https://chartlibrary.io/research/views/enva-charter-withdrawal-expectations-20260915","slug":"enva-charter-withdrawal-expectations-20260915","title":"Enova: The Bank Charter Is Gone, the Guidance Is Not, and the Stock Reprices","session":"2026-09-15"}],"memory":{"as_of":"2026-09-18","bands":{"1d":{"p10":-1.644,"p50":0.222,"p90":2.157,"p_up":0.583},"5d":{"p10":-4.015,"p50":0.345,"p90":5.066,"p_up":0.553},"10d":{"p10":-6.158,"p50":0.438,"p90":7.958,"p_up":0.537}},"state":"up/below/off/stuck/ordinary/weak/some","reason":null,"coverage":"ok","analogs_n":300,"disclaimer":"Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"Growth and credit margins must be evaluated alongside the cash required to replenish and expand the loan book. The bank acquisition is excluded after September regulatory-application withdrawals.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Compare credit-cost ratios and collections with funded debt, cash loan investment and covenant headroom; rising CFO alone is not owner cash generation."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","title":"Q2 financials, cash loans, debt and covenant capacity","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314134/enva-ex99_1.htm","title":"Q2 results and product metrics","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526390599/enva-ex99_1.htm","title":"September 14 application withdrawal and reaffirmed outlook","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526394356/enva-20260917.htm","title":"September 17 HWCR facility amendment","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526392151/enva-20260915.htm","title":"September 15 planned OnDeck financing","retrieved":"2026-09-19"}],"business":{"drivers":["Consumer and small-business earning assets and revenue yields","Credit/fair-value expense, acquisition costs and debt funding rates","Cash loan investment, covenants and repurchases"],"description":"Enova originates consumer and small-business credit. It earns interest and fees, absorbs credit and fair-value changes, and finances loan assets with securitizations, facilities and corporate debt. Loan growth requires cash principal funding beyond ordinary software and fixed-asset investment."},"earnings":{"source":"Undated in the latest note (https://chartlibrary.io/research/views/enva-charter-withdrawal-expectations-20260915): Record today's actual completed session (September 15) and then September 22 as the five-session window, counting today as session one; preserve the September 14 close and the","next_report_date":null},"identity":{"cik":1529864,"sic":"6141","name":"Enova International, Inc.","symbol":"ENVA","cluster":"Financials & fintech","exchange":"NYSE"},"research":{"risks":["Consumer and small-business defaults can worsen at different speeds.","Fair-value estimates can change before realized charge-offs.","Funding costs, advance rates and collateral covenants constrain growth.","Repurchases compete with loan funding and debt obligations.","Planned securitizations may close on different terms or timing."],"title":"Credit earnings versus cash committed to the loan book","question":"Can lending growth earn an adequate spread after credit costs while funding its own portfolio expansion?","economics":"H1 revenue was $1.804B; $707.0M fair-value expense left $1.097B net revenue. Operating income was $444.3M and net interest expense $191.9M. CFO of $1.019B preceded $1.388B net cash loan investment and $23.4M capex/software, leaving negative $392.8M before repurchases and financing. June cash was $122.2M plus separately restricted cash $343.0M. Loans had $5.351B principal and $6.173B fair value. On September 14 Enova withdrew Grasshopper-related regulatory applications while reaffirming revenue growth outlook of roughly 25% for Q3 and 20-25% for 2026. September facilities and a planned OnDeck securitization concern collateral funding, not operating revenue. Buyback authorization and covenant availability are separate constraints.","change_note":"Added product credit scenarios and cash loan-funding bridge; incorporated September bank-application withdrawal and funding updates.","checkpoints":[{"event":"Credit and collections","watch":"Reconcile product credit margins with cash principal receipts and noncash renewals.","timing":"Next quarterly filing","date_status":"estimated"},{"event":"Planned OnDeck financing","watch":"Confirm actual closing and collateral/funding terms; no proceeds assumed today.","timing":"Anticipated September 25, 2026","date_status":"estimated"},{"event":"Capital allocation","watch":"Check covenant availability, actual repurchases and funded debt after application withdrawal.","timing":"Each subsequent filing","date_status":"estimated"}],"countercase":"Credit marks and marketing can absorb growth while principal collections lag cash originations. More borrowing and restricted collateral may be needed even when reported earnings and CFO are positive.","limitations":["Enova withdrew the OCC/Federal Reserve applications for the proposed Grasshopper transaction in September. No closing, deposit funding or acquisition synergy is assumed. Withdrawal is not modeled as a completed acquisition.","Fair-value expense includes credit economics and changes in valuation assumptions; it is not interchangeable with charge-offs or a cash payment. Consumer and small-business loss sensitivities are not forecasts of specific loan cohorts.","Loan-roll-forward repayments include interest and noncash renewals. Cash investing uses cash originations and principal repayments from the cash-flow statement, not those incompatible roll-forward totals.","Cash after lending excludes new borrowing, refinancing, asset transfers and collateral reserve changes. It is a funding need/surplus before financing, not a parent liquidity or distributable cash forecast.","September facility amendments and the anticipated September 25 OnDeck securitization are funding capacity/plans, not cash earned. No proceeds from the planned transaction are assumed received as of September 19.","The June $349M board buyback authorization exceeded the $218M then available under senior-note covenants. Desk H2 buybacks total $100M; availability and covenant tests must be checked again before an actual repurchase.","The model does not forecast adjusted EPS or buyback-driven share counts. Management reaffirmed adjusted-EPS growth outlook separately; revenue calibration does not imply a full reconciliation to that earnings guide.","September OnDeck performance data covers a defined serviced subset including owned and sold assets. It is not applied as the credit curve for all consolidated loans. No complete loan-vintage, capital or debt-amortization waterfall is provided."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":1003347499.9999999},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":1053358425.0000008},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":1090000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":1145000000.0}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Total revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":1,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 revenue","value":1804.069,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"h1_credit_cost","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 credit cost","value":707.044,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"h1_net_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 net revenue","value":1097.025,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"h1_operating_income","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 operating income","value":444.253,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"h1_interest","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 interest","value":191.864,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"h1_pretax","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 pretax","value":252.972,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"h1_cfo","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 cfo","value":1018.574,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"h1_capex","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 capex","value":23.365,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"h1_buybacks","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 buybacks","value":59.37,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"h1_cash_originations","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 cash originations","value":4292.884,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"h1_principal_receipts","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 principal receipts","value":2904.911,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"h1_noncash_fv","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 noncash fv","value":703.086,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"h1_sbc","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 sbc","value":17.456,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"h1_da","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 da","value":17.327,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"h1_consumer_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 consumer revenue","value":923.226,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"h1_business_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 business revenue","value":856.77,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"h1_other_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 other revenue","value":24.073,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"h1_noncash_renewals","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 noncash renewals","value":262.926,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"h1_rollforward_repayments","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 rollforward repayments","value":4934.907,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"h1_loan_investment","case":"shared","kind":"derived","unit":"USD_millions","basis":"Cash originations exclude noncash renewals; principal receipts exclude interest collections.","label":"H1 net cash loan investment","value":1387.973,"period":"H1 2026","formula":{"op":"subtract","refs":["h1_cash_originations","h1_principal_receipts"]},"source_url":null,"source_date":null},{"id":"h1_investment","case":"shared","kind":"derived","unit":"USD_millions","basis":"Investment cash uses beyond reported CFO.","label":"Cash asset and loan investment","value":1411.338,"period":"H1 2026","formula":{"op":"sum","refs":["h1_capex","h1_loan_investment"]},"source_url":null,"source_date":null},{"id":"h1_cash_after_lending","case":"shared","kind":"derived","unit":"USD_millions","basis":"Not CFO less only industrial capex.","label":"H1 cash after capex and loan investment","value":-392.764,"period":"H1 2026","formula":{"op":"subtract","refs":["h1_cfo","h1_investment"]},"source_url":null,"source_date":null},{"id":"h1_cash_after_claims","case":"shared","kind":"derived","unit":"USD_millions","basis":"Before new borrowing, debt repayment, financing fees and equity receipts.","label":"H1 cash after lending and repurchases","value":-452.134,"period":"H1 2026","formula":{"op":"subtract","refs":["h1_cash_after_lending","h1_buybacks"]},"source_url":null,"source_date":null},{"id":"q2_consumer","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"q2 consumer","value":477.419,"period":"June 2026 / comparison","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"q2_business","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"q2 business","value":439.27,"period":"June 2026 / comparison","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"q2_other","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"q2 other","value":12.238,"period":"June 2026 / comparison","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"cash","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"cash","value":122.226,"period":"June 2026 / comparison","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"restricted_cash","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"restricted cash","value":342.986,"period":"June 2026 / comparison","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"loan_principal","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"loan principal","value":5351.091,"period":"June 2026 / comparison","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"loan_fair_value","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"loan fair value","value":6172.764,"period":"June 2026 / comparison","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"funding_debt","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"funding debt","value":3556.042,"period":"June 2026 / comparison","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"corporate_debt","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"corporate debt","value":1479.0,"period":"June 2026 / comparison","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"board_buyback","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"board buyback","value":349.0,"period":"June 2026 / comparison","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"covenant_buyback","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"covenant buyback","value":218.0,"period":"June 2026 / comparison","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"q3_2025_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"q3 2025 revenue","value":802.678,"period":"June 2026 / comparison","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526314590/enva-20260630.htm","source_date":"2026-07-23"},{"id":"fy25_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Sum of four reviewed SEC-derived quarters; annual revenue baseline for management percentage guidance.","label":"FY2025 reported revenue","value":3151.6530000000002,"period":"FY2025","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526060461/enva-20251231.htm","source_date":"2026-02-20"},{"id":"fy26_growth_low","case":"shared","kind":"management_guidance","unit":"ratio","basis":"September 14 reaffirmed 20-25% year-over-year growth outlook.","label":"FY2026 revenue growth low","value":1.2,"period":"FY2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526390599/enva-ex99_1.htm","source_date":"2026-09-14"},{"id":"fy26_growth_high","case":"shared","kind":"management_guidance","unit":"ratio","basis":"September 14 reaffirmed outlook.","label":"FY2026 revenue growth high","value":1.25,"period":"FY2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1529864/000119312526390599/enva-ex99_1.htm","source_date":"2026-09-14"},{"id":"fy26_revenue_low","case":"shared","kind":"derived","unit":"USD_millions","basis":"Reported annual baseline times management growth range.","label":"FY2026 revenue range low","value":3781.9836,"period":"FY2026","formula":{"op":"multiply","refs":["fy25_revenue","fy26_growth_low"]},"source_url":null,"source_date":null},{"id":"fy26_revenue_high","case":"shared","kind":"derived","unit":"USD_millions","basis":"Reported annual baseline times management growth range.","label":"FY2026 revenue range high","value":3939.5662500000003,"period":"FY2026","formula":{"op":"multiply","refs":["fy25_revenue","fy26_growth_high"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_consumer_activity","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer average earning activity / Q2","value":1.0472980756945158,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_consumer_yield","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer revenue yield versus Q2","value":1.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_consumer_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Consumer lending revenue","value":500.00000000000006,"period":"2026Q3","formula":{"op":"multiply","refs":["q2_consumer","downside_2026q3_consumer_activity","downside_2026q3_consumer_yield"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_business_activity","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business average earning activity / Q2","value":1.0062148564664102,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_business_yield","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business revenue yield versus Q2","value":1.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_business_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Business lending revenue","value":442.0,"period":"2026Q3","formula":{"op":"multiply","refs":["q2_business","downside_2026q3_business_activity","downside_2026q3_business_yield"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_other_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other revenue","value":13.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"No bank acquisition contribution.","label":"Total revenue","value":955.0,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_consumer_revenue","downside_2026q3_business_revenue","downside_2026q3_other_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_consumer_credit_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer fair-value expense / revenue","value":0.49,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_consumer_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Consumer fair-value expense","value":245.00000000000003,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_consumer_revenue","downside_2026q3_consumer_credit_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_business_credit_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business fair-value expense / revenue","value":0.42,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_business_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Business fair-value expense","value":185.64,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_business_revenue","downside_2026q3_business_credit_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"No double counting of charge-offs below fair-value expense.","label":"Total fair-value expense","value":430.64,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_consumer_credit_cost","downside_2026q3_business_credit_cost"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_net_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Financial-company net revenue, not industrial gross profit.","label":"Revenue after fair-value expense","value":524.36,"period":"2026Q3","formula":{"op":"subtract","refs":["downside_2026q3_revenue","downside_2026q3_credit_cost"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_da","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Depreciation and amortization","value":9.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC expense","value":9.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_marketing_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Marketing / revenue","value":0.225,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_marketing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Acquisition expense retained in earnings.","label":"Marketing expense","value":214.875,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_revenue","downside_2026q3_marketing_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_operations","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operations and technology","value":84.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_ga","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"General and administrative","value":49.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_opex","case":"downside","kind":"derived","unit":"USD_millions","basis":"SBC is already within departmental expense; add back only in cash bridge.","label":"Operating expense","value":356.875,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_marketing","downside_2026q3_operations","downside_2026q3_ga","downside_2026q3_da"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"No Grasshopper synergies or one-time transaction recovery assumed.","label":"GAAP operating income proxy","value":167.485,"period":"2026Q3","formula":{"op":"subtract","refs":["downside_2026q3_net_revenue","downside_2026q3_opex"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_average_debt","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Average funded debt","value":5300.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_annual_interest_rate","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net annual debt cost including fees","value":0.085,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_quarter_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter of annual rate","value":0.25,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_interest","case":"downside","kind":"derived","unit":"USD_millions","basis":"Blended cost for corporate and funding debt; commitments are not treated as draws.","label":"Net funding and corporate interest","value":112.62500000000001,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_average_debt","downside_2026q3_annual_interest_rate","downside_2026q3_quarter_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_pretax","case":"downside","kind":"derived","unit":"USD_millions","basis":"No speculative nonoperating gains.","label":"Pretax earnings proxy","value":54.86,"period":"2026Q3","formula":{"op":"subtract","refs":["downside_2026q3_operating_income","downside_2026q3_interest"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_tax_rate","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Cash taxes / modeled pretax income","value":0.24,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_tax","case":"downside","kind":"derived","unit":"USD_millions","basis":"All configured pretax cases are positive; negative stress would require a cash-tax floor.","label":"Cash tax allowance","value":13.1664,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_pretax","downside_2026q3_cash_tax_rate"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_noncash_bridge","case":"downside","kind":"derived","unit":"USD_millions","basis":"Fair-value expense assumed noncash here; loan receipts are modeled separately.","label":"Pretax earnings plus noncash expenses","value":503.5,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_pretax","downside_2026q3_credit_cost","downside_2026q3_da","downside_2026q3_sbc"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_working_capital_use","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Net other cash use","value":15.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_operating_cash_uses","case":"downside","kind":"derived","unit":"USD_millions","basis":"Covers fee amortization, tax timing and other operating balances, not cash loan originations.","label":"Cash tax and other operating timing","value":28.1664,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_cash_tax","downside_2026q3_working_capital_use"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense.","label":"Operating cash before loan investment","value":475.3336,"period":"2026Q3","formula":{"op":"subtract","refs":["downside_2026q3_noncash_bridge","downside_2026q3_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_capex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash fixed assets and software","value":13.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_originations","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash loan originations","value":2300.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_principal_receipts","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash principal collections","value":1580.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_loan_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Excludes interest collections already in operating cash and noncash renewals.","label":"Net cash loan investment","value":720.0,"period":"2026Q3","formula":{"op":"subtract","refs":["downside_2026q3_cash_originations","downside_2026q3_principal_receipts"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Loan growth can consume more than reported CFO.","label":"Cash capital and net loan investment","value":733.0,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_capex","downside_2026q3_loan_investment"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_after_lending","case":"downside","kind":"derived","unit":"USD_millions","basis":"No new debt proceeds included.","label":"Cash after capex and loan investment","value":-257.6664,"period":"2026Q3","formula":{"op":"subtract","refs":["downside_2026q3_cfo","downside_2026q3_cash_investment"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_buybacks","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.","label":"Share repurchases","value":50.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_after_claims","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash.","label":"Cash after lending and repurchases","value":-307.6664,"period":"2026Q3","formula":{"op":"subtract","refs":["downside_2026q3_cash_after_lending","downside_2026q3_buybacks"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_consumer_activity","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer average earning activity / Q2","value":1.0577710564514609,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_consumer_yield","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer revenue yield versus Q2","value":1.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_consumer_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Consumer lending revenue","value":505.0,"period":"2026Q4","formula":{"op":"multiply","refs":["q2_consumer","downside_2026q4_consumer_activity","downside_2026q4_consumer_yield"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_business_activity","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business average earning activity / Q2","value":1.0608509572700162,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_business_yield","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business revenue yield versus Q2","value":1.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_business_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Business lending revenue","value":466.0,"period":"2026Q4","formula":{"op":"multiply","refs":["q2_business","downside_2026q4_business_activity","downside_2026q4_business_yield"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_other_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other revenue","value":14.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"No bank acquisition contribution.","label":"Total revenue","value":985.0,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_consumer_revenue","downside_2026q4_business_revenue","downside_2026q4_other_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_consumer_credit_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer fair-value expense / revenue","value":0.49,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_consumer_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Consumer fair-value expense","value":247.45,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_consumer_revenue","downside_2026q4_consumer_credit_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_business_credit_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business fair-value expense / revenue","value":0.42,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_business_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Business fair-value expense","value":195.72,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_business_revenue","downside_2026q4_business_credit_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"No double counting of charge-offs below fair-value expense.","label":"Total fair-value expense","value":443.16999999999996,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_consumer_credit_cost","downside_2026q4_business_credit_cost"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_net_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Financial-company net revenue, not industrial gross profit.","label":"Revenue after fair-value expense","value":541.83,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_revenue","downside_2026q4_credit_cost"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_da","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Depreciation and amortization","value":9.3,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC expense","value":9.4,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_marketing_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Marketing / revenue","value":0.225,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_marketing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Acquisition expense retained in earnings.","label":"Marketing expense","value":221.625,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_revenue","downside_2026q4_marketing_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_operations","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operations and technology","value":89.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_ga","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"General and administrative","value":51.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_opex","case":"downside","kind":"derived","unit":"USD_millions","basis":"SBC is already within departmental expense; add back only in cash bridge.","label":"Operating expense","value":370.925,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_marketing","downside_2026q4_operations","downside_2026q4_ga","downside_2026q4_da"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"No Grasshopper synergies or one-time transaction recovery assumed.","label":"GAAP operating income proxy","value":170.90500000000003,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_net_revenue","downside_2026q4_opex"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_average_debt","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Average funded debt","value":5450.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_annual_interest_rate","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net annual debt cost including fees","value":0.085,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_quarter_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter of annual rate","value":0.25,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_interest","case":"downside","kind":"derived","unit":"USD_millions","basis":"Blended cost for corporate and funding debt; commitments are not treated as draws.","label":"Net funding and corporate interest","value":115.81250000000001,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_average_debt","downside_2026q4_annual_interest_rate","downside_2026q4_quarter_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_pretax","case":"downside","kind":"derived","unit":"USD_millions","basis":"No speculative nonoperating gains.","label":"Pretax earnings proxy","value":55.092500000000015,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_operating_income","downside_2026q4_interest"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_tax_rate","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Cash taxes / modeled pretax income","value":0.24,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_tax","case":"downside","kind":"derived","unit":"USD_millions","basis":"All configured pretax cases are positive; negative stress would require a cash-tax floor.","label":"Cash tax allowance","value":13.222200000000003,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_pretax","downside_2026q4_cash_tax_rate"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_noncash_bridge","case":"downside","kind":"derived","unit":"USD_millions","basis":"Fair-value expense assumed noncash here; loan receipts are modeled separately.","label":"Pretax earnings plus noncash expenses","value":516.9625,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_pretax","downside_2026q4_credit_cost","downside_2026q4_da","downside_2026q4_sbc"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_working_capital_use","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Net other cash use","value":17.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_operating_cash_uses","case":"downside","kind":"derived","unit":"USD_millions","basis":"Covers fee amortization, tax timing and other operating balances, not cash loan originations.","label":"Cash tax and other operating timing","value":30.2222,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_cash_tax","downside_2026q4_working_capital_use"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense.","label":"Operating cash before loan investment","value":486.7403,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_noncash_bridge","downside_2026q4_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_capex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash fixed assets and software","value":14.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_originations","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash loan originations","value":2350.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_principal_receipts","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash principal collections","value":1650.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_loan_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Excludes interest collections already in operating cash and noncash renewals.","label":"Net cash loan investment","value":700.0,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_cash_originations","downside_2026q4_principal_receipts"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Loan growth can consume more than reported CFO.","label":"Cash capital and net loan investment","value":714.0,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_capex","downside_2026q4_loan_investment"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_after_lending","case":"downside","kind":"derived","unit":"USD_millions","basis":"No new debt proceeds included.","label":"Cash after capex and loan investment","value":-227.2597,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_cfo","downside_2026q4_cash_investment"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_buybacks","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.","label":"Share repurchases","value":50.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_after_claims","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash.","label":"Cash after lending and repurchases","value":-277.2597,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_cash_after_lending","downside_2026q4_buybacks"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_consumer_activity","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer average earning activity / Q2","value":1.0368250949375706,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_consumer_yield","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer revenue yield versus Q2","value":1.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_consumer_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Consumer lending revenue","value":495.0,"period":"2027Q1","formula":{"op":"multiply","refs":["q2_consumer","downside_2027q1_consumer_activity","downside_2027q1_consumer_yield"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_business_activity","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business average earning activity / Q2","value":1.0699569740706172,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_business_yield","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business revenue yield versus Q2","value":1.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_business_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Business lending revenue","value":470.0,"period":"2027Q1","formula":{"op":"multiply","refs":["q2_business","downside_2027q1_business_activity","downside_2027q1_business_yield"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_other_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other revenue","value":15.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"No bank acquisition contribution.","label":"Total revenue","value":980.0,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_consumer_revenue","downside_2027q1_business_revenue","downside_2027q1_other_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_consumer_credit_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer fair-value expense / revenue","value":0.49,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_consumer_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Consumer fair-value expense","value":242.54999999999998,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_consumer_revenue","downside_2027q1_consumer_credit_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_business_credit_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business fair-value expense / revenue","value":0.42,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_business_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Business fair-value expense","value":197.4,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_business_revenue","downside_2027q1_business_credit_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"No double counting of charge-offs below fair-value expense.","label":"Total fair-value expense","value":439.95,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_consumer_credit_cost","downside_2027q1_business_credit_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_net_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Financial-company net revenue, not industrial gross profit.","label":"Revenue after fair-value expense","value":540.05,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_revenue","downside_2027q1_credit_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_da","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Depreciation and amortization","value":9.6,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC expense","value":9.8,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_marketing_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Marketing / revenue","value":0.225,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_marketing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Acquisition expense retained in earnings.","label":"Marketing expense","value":220.5,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_revenue","downside_2027q1_marketing_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_operations","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operations and technology","value":94.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_ga","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"General and administrative","value":53.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_opex","case":"downside","kind":"derived","unit":"USD_millions","basis":"SBC is already within departmental expense; add back only in cash bridge.","label":"Operating expense","value":377.1,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_marketing","downside_2027q1_operations","downside_2027q1_ga","downside_2027q1_da"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"No Grasshopper synergies or one-time transaction recovery assumed.","label":"GAAP operating income proxy","value":162.94999999999993,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_net_revenue","downside_2027q1_opex"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_average_debt","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Average funded debt","value":5550.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_annual_interest_rate","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net annual debt cost including fees","value":0.085,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_quarter_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter of annual rate","value":0.25,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_interest","case":"downside","kind":"derived","unit":"USD_millions","basis":"Blended cost for corporate and funding debt; commitments are not treated as draws.","label":"Net funding and corporate interest","value":117.93750000000001,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_average_debt","downside_2027q1_annual_interest_rate","downside_2027q1_quarter_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_pretax","case":"downside","kind":"derived","unit":"USD_millions","basis":"No speculative nonoperating gains.","label":"Pretax earnings proxy","value":45.01249999999992,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_operating_income","downside_2027q1_interest"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_tax_rate","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Cash taxes / modeled pretax income","value":0.24,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_tax","case":"downside","kind":"derived","unit":"USD_millions","basis":"All configured pretax cases are positive; negative stress would require a cash-tax floor.","label":"Cash tax allowance","value":10.80299999999998,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_pretax","downside_2027q1_cash_tax_rate"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_noncash_bridge","case":"downside","kind":"derived","unit":"USD_millions","basis":"Fair-value expense assumed noncash here; loan receipts are modeled separately.","label":"Pretax earnings plus noncash expenses","value":504.36249999999995,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_pretax","downside_2027q1_credit_cost","downside_2027q1_da","downside_2027q1_sbc"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_working_capital_use","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Net other cash use","value":19.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_operating_cash_uses","case":"downside","kind":"derived","unit":"USD_millions","basis":"Covers fee amortization, tax timing and other operating balances, not cash loan originations.","label":"Cash tax and other operating timing","value":29.80299999999998,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_cash_tax","downside_2027q1_working_capital_use"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense.","label":"Operating cash before loan investment","value":474.55949999999996,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_noncash_bridge","downside_2027q1_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_capex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash fixed assets and software","value":15.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_originations","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash loan originations","value":2300.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_principal_receipts","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash principal collections","value":1710.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_loan_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Excludes interest collections already in operating cash and noncash renewals.","label":"Net cash loan investment","value":590.0,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_cash_originations","downside_2027q1_principal_receipts"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Loan growth can consume more than reported CFO.","label":"Cash capital and net loan investment","value":605.0,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_capex","downside_2027q1_loan_investment"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_after_lending","case":"downside","kind":"derived","unit":"USD_millions","basis":"No new debt proceeds included.","label":"Cash after capex and loan investment","value":-130.44050000000004,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_cfo","downside_2027q1_cash_investment"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_buybacks","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.","label":"Share repurchases","value":35.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_after_claims","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash.","label":"Cash after lending and repurchases","value":-165.44050000000004,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_cash_after_lending","downside_2027q1_buybacks"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_consumer_activity","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer average earning activity / Q2","value":1.068244037208406,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_consumer_yield","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer revenue yield versus Q2","value":1.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_consumer_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Consumer lending revenue","value":510.0,"period":"2027Q2","formula":{"op":"multiply","refs":["q2_consumer","downside_2027q2_consumer_activity","downside_2027q2_consumer_yield"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_business_activity","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business average earning activity / Q2","value":1.1245930748742232,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_business_yield","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business revenue yield versus Q2","value":1.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_business_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Business lending revenue","value":494.0,"period":"2027Q2","formula":{"op":"multiply","refs":["q2_business","downside_2027q2_business_activity","downside_2027q2_business_yield"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_other_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other revenue","value":16.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"No bank acquisition contribution.","label":"Total revenue","value":1020.0,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_consumer_revenue","downside_2027q2_business_revenue","downside_2027q2_other_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_consumer_credit_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer fair-value expense / revenue","value":0.49,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_consumer_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Consumer fair-value expense","value":249.9,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_consumer_revenue","downside_2027q2_consumer_credit_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_business_credit_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business fair-value expense / revenue","value":0.42,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_business_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Business fair-value expense","value":207.48,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_business_revenue","downside_2027q2_business_credit_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"No double counting of charge-offs below fair-value expense.","label":"Total fair-value expense","value":457.38,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_consumer_credit_cost","downside_2027q2_business_credit_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_net_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Financial-company net revenue, not industrial gross profit.","label":"Revenue after fair-value expense","value":562.62,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_revenue","downside_2027q2_credit_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_da","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Depreciation and amortization","value":9.9,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC expense","value":10.2,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_marketing_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Marketing / revenue","value":0.225,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_marketing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Acquisition expense retained in earnings.","label":"Marketing expense","value":229.5,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_revenue","downside_2027q2_marketing_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_operations","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operations and technology","value":99.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_ga","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"General and administrative","value":55.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_opex","case":"downside","kind":"derived","unit":"USD_millions","basis":"SBC is already within departmental expense; add back only in cash bridge.","label":"Operating expense","value":393.4,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_marketing","downside_2027q2_operations","downside_2027q2_ga","downside_2027q2_da"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"No Grasshopper synergies or one-time transaction recovery assumed.","label":"GAAP operating income proxy","value":169.22000000000003,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_net_revenue","downside_2027q2_opex"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_average_debt","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Average funded debt","value":5700.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_annual_interest_rate","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net annual debt cost including fees","value":0.085,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_quarter_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter of annual rate","value":0.25,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_interest","case":"downside","kind":"derived","unit":"USD_millions","basis":"Blended cost for corporate and funding debt; commitments are not treated as draws.","label":"Net funding and corporate interest","value":121.12500000000001,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_average_debt","downside_2027q2_annual_interest_rate","downside_2027q2_quarter_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_pretax","case":"downside","kind":"derived","unit":"USD_millions","basis":"No speculative nonoperating gains.","label":"Pretax earnings proxy","value":48.09500000000001,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_operating_income","downside_2027q2_interest"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_tax_rate","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Cash taxes / modeled pretax income","value":0.24,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_tax","case":"downside","kind":"derived","unit":"USD_millions","basis":"All configured pretax cases are positive; negative stress would require a cash-tax floor.","label":"Cash tax allowance","value":11.542800000000003,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_pretax","downside_2027q2_cash_tax_rate"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_noncash_bridge","case":"downside","kind":"derived","unit":"USD_millions","basis":"Fair-value expense assumed noncash here; loan receipts are modeled separately.","label":"Pretax earnings plus noncash expenses","value":525.575,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_pretax","downside_2027q2_credit_cost","downside_2027q2_da","downside_2027q2_sbc"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_working_capital_use","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Net other cash use","value":21.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_operating_cash_uses","case":"downside","kind":"derived","unit":"USD_millions","basis":"Covers fee amortization, tax timing and other operating balances, not cash loan originations.","label":"Cash tax and other operating timing","value":32.5428,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_cash_tax","downside_2027q2_working_capital_use"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense.","label":"Operating cash before loan investment","value":493.03220000000005,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_noncash_bridge","downside_2027q2_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_capex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash fixed assets and software","value":16.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_originations","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash loan originations","value":2400.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_principal_receipts","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash principal collections","value":1750.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_loan_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Excludes interest collections already in operating cash and noncash renewals.","label":"Net cash loan investment","value":650.0,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_cash_originations","downside_2027q2_principal_receipts"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Loan growth can consume more than reported CFO.","label":"Cash capital and net loan investment","value":666.0,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_capex","downside_2027q2_loan_investment"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_after_lending","case":"downside","kind":"derived","unit":"USD_millions","basis":"No new debt proceeds included.","label":"Cash after capex and loan investment","value":-172.96779999999995,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_cfo","downside_2027q2_cash_investment"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_buybacks","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.","label":"Share repurchases","value":35.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_after_claims","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash.","label":"Cash after lending and repurchases","value":-207.96779999999995,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_cash_after_lending","downside_2027q2_buybacks"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_consumer_activity","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer average earning activity / Q2","value":1.131081921750077,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_consumer_yield","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer revenue yield versus Q2","value":1.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_consumer_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Consumer lending revenue","value":540.0,"period":"2027Q3","formula":{"op":"multiply","refs":["q2_consumer","downside_2027q3_consumer_activity","downside_2027q3_consumer_yield"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_business_activity","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business average earning activity / Q2","value":1.1678466546770778,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_business_yield","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business revenue yield versus Q2","value":1.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_business_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Business lending revenue","value":513.0,"period":"2027Q3","formula":{"op":"multiply","refs":["q2_business","downside_2027q3_business_activity","downside_2027q3_business_yield"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_other_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other revenue","value":17.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"No bank acquisition contribution.","label":"Total revenue","value":1070.0,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_consumer_revenue","downside_2027q3_business_revenue","downside_2027q3_other_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_consumer_credit_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer fair-value expense / revenue","value":0.49,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_consumer_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Consumer fair-value expense","value":264.6,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_consumer_revenue","downside_2027q3_consumer_credit_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_business_credit_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business fair-value expense / revenue","value":0.42,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_business_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Business fair-value expense","value":215.45999999999998,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_business_revenue","downside_2027q3_business_credit_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"No double counting of charge-offs below fair-value expense.","label":"Total fair-value expense","value":480.06,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_consumer_credit_cost","downside_2027q3_business_credit_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_net_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Financial-company net revenue, not industrial gross profit.","label":"Revenue after fair-value expense","value":589.94,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_revenue","downside_2027q3_credit_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_da","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Depreciation and amortization","value":10.2,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC expense","value":10.6,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_marketing_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Marketing / revenue","value":0.225,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_marketing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Acquisition expense retained in earnings.","label":"Marketing expense","value":240.75,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_revenue","downside_2027q3_marketing_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_operations","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operations and technology","value":104.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_ga","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"General and administrative","value":57.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_opex","case":"downside","kind":"derived","unit":"USD_millions","basis":"SBC is already within departmental expense; add back only in cash bridge.","label":"Operating expense","value":411.95,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_marketing","downside_2027q3_operations","downside_2027q3_ga","downside_2027q3_da"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"No Grasshopper synergies or one-time transaction recovery assumed.","label":"GAAP operating income proxy","value":177.99000000000007,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_net_revenue","downside_2027q3_opex"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_average_debt","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Average funded debt","value":5900.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_annual_interest_rate","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net annual debt cost including fees","value":0.085,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_quarter_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter of annual rate","value":0.25,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_interest","case":"downside","kind":"derived","unit":"USD_millions","basis":"Blended cost for corporate and funding debt; commitments are not treated as draws.","label":"Net funding and corporate interest","value":125.37500000000001,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_average_debt","downside_2027q3_annual_interest_rate","downside_2027q3_quarter_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_pretax","case":"downside","kind":"derived","unit":"USD_millions","basis":"No speculative nonoperating gains.","label":"Pretax earnings proxy","value":52.61500000000005,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_operating_income","downside_2027q3_interest"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_tax_rate","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Cash taxes / modeled pretax income","value":0.24,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_tax","case":"downside","kind":"derived","unit":"USD_millions","basis":"All configured pretax cases are positive; negative stress would require a cash-tax floor.","label":"Cash tax allowance","value":12.627600000000012,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_pretax","downside_2027q3_cash_tax_rate"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_noncash_bridge","case":"downside","kind":"derived","unit":"USD_millions","basis":"Fair-value expense assumed noncash here; loan receipts are modeled separately.","label":"Pretax earnings plus noncash expenses","value":553.4750000000001,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_pretax","downside_2027q3_credit_cost","downside_2027q3_da","downside_2027q3_sbc"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_working_capital_use","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Net other cash use","value":23.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_operating_cash_uses","case":"downside","kind":"derived","unit":"USD_millions","basis":"Covers fee amortization, tax timing and other operating balances, not cash loan originations.","label":"Cash tax and other operating timing","value":35.627600000000015,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_cash_tax","downside_2027q3_working_capital_use"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense.","label":"Operating cash before loan investment","value":517.8474000000001,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_noncash_bridge","downside_2027q3_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_capex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash fixed assets and software","value":17.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_originations","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash loan originations","value":2600.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_principal_receipts","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash principal collections","value":1810.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_loan_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Excludes interest collections already in operating cash and noncash renewals.","label":"Net cash loan investment","value":790.0,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_cash_originations","downside_2027q3_principal_receipts"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Loan growth can consume more than reported CFO.","label":"Cash capital and net loan investment","value":807.0,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_capex","downside_2027q3_loan_investment"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_after_lending","case":"downside","kind":"derived","unit":"USD_millions","basis":"No new debt proceeds included.","label":"Cash after capex and loan investment","value":-289.1525999999999,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_cfo","downside_2027q3_cash_investment"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_buybacks","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.","label":"Share repurchases","value":35.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_after_claims","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash.","label":"Cash after lending and repurchases","value":-324.1525999999999,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_cash_after_lending","downside_2027q3_buybacks"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_consumer_activity","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer average earning activity / Q2","value":1.1415549025070222,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_consumer_yield","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer revenue yield versus Q2","value":1.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_consumer_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Consumer lending revenue","value":545.0,"period":"2027Q4","formula":{"op":"multiply","refs":["q2_consumer","downside_2027q4_consumer_activity","downside_2027q4_consumer_yield"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_business_activity","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business average earning activity / Q2","value":1.2224827554806839,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_business_yield","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business revenue yield versus Q2","value":1.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_business_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Business lending revenue","value":537.0,"period":"2027Q4","formula":{"op":"multiply","refs":["q2_business","downside_2027q4_business_activity","downside_2027q4_business_yield"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_other_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other revenue","value":18.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"No bank acquisition contribution.","label":"Total revenue","value":1100.0,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_consumer_revenue","downside_2027q4_business_revenue","downside_2027q4_other_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_consumer_credit_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer fair-value expense / revenue","value":0.49,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_consumer_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Consumer fair-value expense","value":267.05,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_consumer_revenue","downside_2027q4_consumer_credit_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_business_credit_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business fair-value expense / revenue","value":0.42,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_business_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Business fair-value expense","value":225.54,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_business_revenue","downside_2027q4_business_credit_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"No double counting of charge-offs below fair-value expense.","label":"Total fair-value expense","value":492.59000000000003,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_consumer_credit_cost","downside_2027q4_business_credit_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_net_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Financial-company net revenue, not industrial gross profit.","label":"Revenue after fair-value expense","value":607.41,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_revenue","downside_2027q4_credit_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_da","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Depreciation and amortization","value":10.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC expense","value":11.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_marketing_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Marketing / revenue","value":0.225,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_marketing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Acquisition expense retained in earnings.","label":"Marketing expense","value":247.5,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_revenue","downside_2027q4_marketing_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_operations","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operations and technology","value":109.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_ga","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"General and administrative","value":59.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_opex","case":"downside","kind":"derived","unit":"USD_millions","basis":"SBC is already within departmental expense; add back only in cash bridge.","label":"Operating expense","value":426.0,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_marketing","downside_2027q4_operations","downside_2027q4_ga","downside_2027q4_da"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"No Grasshopper synergies or one-time transaction recovery assumed.","label":"GAAP operating income proxy","value":181.40999999999997,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_net_revenue","downside_2027q4_opex"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_average_debt","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Average funded debt","value":6050.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_annual_interest_rate","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net annual debt cost including fees","value":0.085,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_quarter_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter of annual rate","value":0.25,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_interest","case":"downside","kind":"derived","unit":"USD_millions","basis":"Blended cost for corporate and funding debt; commitments are not treated as draws.","label":"Net funding and corporate interest","value":128.5625,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_average_debt","downside_2027q4_annual_interest_rate","downside_2027q4_quarter_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_pretax","case":"downside","kind":"derived","unit":"USD_millions","basis":"No speculative nonoperating gains.","label":"Pretax earnings proxy","value":52.84749999999997,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_operating_income","downside_2027q4_interest"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_tax_rate","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Cash taxes / modeled pretax income","value":0.24,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_tax","case":"downside","kind":"derived","unit":"USD_millions","basis":"All configured pretax cases are positive; negative stress would require a cash-tax floor.","label":"Cash tax allowance","value":12.683399999999992,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_pretax","downside_2027q4_cash_tax_rate"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_noncash_bridge","case":"downside","kind":"derived","unit":"USD_millions","basis":"Fair-value expense assumed noncash here; loan receipts are modeled separately.","label":"Pretax earnings plus noncash expenses","value":566.9375,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_pretax","downside_2027q4_credit_cost","downside_2027q4_da","downside_2027q4_sbc"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_working_capital_use","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Net other cash use","value":25.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_operating_cash_uses","case":"downside","kind":"derived","unit":"USD_millions","basis":"Covers fee amortization, tax timing and other operating balances, not cash loan originations.","label":"Cash tax and other operating timing","value":37.68339999999999,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_cash_tax","downside_2027q4_working_capital_use"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense.","label":"Operating cash before loan investment","value":529.2541,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_noncash_bridge","downside_2027q4_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_capex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash fixed assets and software","value":18.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_originations","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash loan originations","value":2650.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_principal_receipts","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash principal collections","value":1880.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_loan_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Excludes interest collections already in operating cash and noncash renewals.","label":"Net cash loan investment","value":770.0,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_cash_originations","downside_2027q4_principal_receipts"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Loan growth can consume more than reported CFO.","label":"Cash capital and net loan investment","value":788.0,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_capex","downside_2027q4_loan_investment"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_after_lending","case":"downside","kind":"derived","unit":"USD_millions","basis":"No new debt proceeds included.","label":"Cash after capex and loan investment","value":-258.7459,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_cfo","downside_2027q4_cash_investment"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_buybacks","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.","label":"Share repurchases","value":35.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_after_claims","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash.","label":"Cash after lending and repurchases","value":-293.7459,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_cash_after_lending","downside_2027q4_buybacks"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Total revenue ($M)","value":3744.069,"period":"FY2026","formula":{"op":"sum","refs":["h1_revenue","downside_2026q3_revenue","downside_2026q4_revenue"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Fair-value expense ($M)","value":1580.8539999999998,"period":"FY2026","formula":{"op":"sum","refs":["h1_credit_cost","downside_2026q3_credit_cost","downside_2026q4_credit_cost"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_net_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Revenue after fair-value expense ($M)","value":2163.215,"period":"FY2026","formula":{"op":"sum","refs":["h1_net_revenue","downside_2026q3_net_revenue","downside_2026q4_net_revenue"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"GAAP operating income proxy ($M)","value":782.643,"period":"FY2026","formula":{"op":"sum","refs":["h1_operating_income","downside_2026q3_operating_income","downside_2026q4_operating_income"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_interest","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Net funding/corporate interest ($M)","value":420.30150000000003,"period":"FY2026","formula":{"op":"sum","refs":["h1_interest","downside_2026q3_interest","downside_2026q4_interest"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_pretax","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Pretax earnings proxy ($M)","value":362.9245,"period":"FY2026","formula":{"op":"sum","refs":["h1_pretax","downside_2026q3_pretax","downside_2026q4_pretax"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating cash before loan investment ($M)","value":1980.6479,"period":"FY2026","formula":{"op":"sum","refs":["h1_cfo","downside_2026q3_cfo","downside_2026q4_cfo"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_capex","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash fixed assets and software ($M)","value":50.364999999999995,"period":"FY2026","formula":{"op":"sum","refs":["h1_capex","downside_2026q3_capex","downside_2026q4_capex"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_loan_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash loan originations less principal receipts ($M)","value":2807.973,"period":"FY2026","formula":{"op":"sum","refs":["h1_loan_investment","downside_2026q3_loan_investment","downside_2026q4_loan_investment"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_cash_after_lending","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after capex and loan investment ($M)","value":-877.6901,"period":"FY2026","formula":{"op":"sum","refs":["h1_cash_after_lending","downside_2026q3_cash_after_lending","downside_2026q4_cash_after_lending"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_buybacks","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Share repurchase cash ($M)","value":159.37,"period":"FY2026","formula":{"op":"sum","refs":["h1_buybacks","downside_2026q3_buybacks","downside_2026q4_buybacks"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_cash_after_claims","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after lending and repurchases ($M)","value":-1037.0601000000001,"period":"FY2026","formula":{"op":"sum","refs":["h1_cash_after_claims","downside_2026q3_cash_after_claims","downside_2026q4_cash_after_claims"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Total revenue ($M)","value":4170.0,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_revenue","downside_2027q2_revenue","downside_2027q3_revenue","downside_2027q4_revenue"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_credit_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Fair-value expense ($M)","value":1869.98,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_credit_cost","downside_2027q2_credit_cost","downside_2027q3_credit_cost","downside_2027q4_credit_cost"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_net_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Revenue after fair-value expense ($M)","value":2300.02,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_net_revenue","downside_2027q2_net_revenue","downside_2027q3_net_revenue","downside_2027q4_net_revenue"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"GAAP operating income proxy ($M)","value":691.5699999999999,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_operating_income","downside_2027q2_operating_income","downside_2027q3_operating_income","downside_2027q4_operating_income"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_interest","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Net funding/corporate interest ($M)","value":493.00000000000006,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_interest","downside_2027q2_interest","downside_2027q3_interest","downside_2027q4_interest"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_pretax","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Pretax earnings proxy ($M)","value":198.56999999999994,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_pretax","downside_2027q2_pretax","downside_2027q3_pretax","downside_2027q4_pretax"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating cash before loan investment ($M)","value":2014.6932000000002,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_cfo","downside_2027q2_cfo","downside_2027q3_cfo","downside_2027q4_cfo"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_capex","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash fixed assets and software ($M)","value":66.0,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_capex","downside_2027q2_capex","downside_2027q3_capex","downside_2027q4_capex"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_loan_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash loan originations less principal receipts ($M)","value":2800.0,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_loan_investment","downside_2027q2_loan_investment","downside_2027q3_loan_investment","downside_2027q4_loan_investment"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_cash_after_lending","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after capex and loan investment ($M)","value":-851.3068,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_cash_after_lending","downside_2027q2_cash_after_lending","downside_2027q3_cash_after_lending","downside_2027q4_cash_after_lending"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_buybacks","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Share repurchase cash ($M)","value":140.0,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_buybacks","downside_2027q2_buybacks","downside_2027q3_buybacks","downside_2027q4_buybacks"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_cash_after_claims","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after lending and repurchases ($M)","value":-991.3068,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_cash_after_claims","downside_2027q2_cash_after_claims","downside_2027q3_cash_after_claims","downside_2027q4_cash_after_claims"]},"source_url":null,"source_date":null},{"id":"base_2026q3_consumer_activity","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer average earning activity / Q2","value":1.0891899987222964,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_consumer_yield","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer revenue yield versus Q2","value":1.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_consumer_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Consumer lending revenue","value":520.0,"period":"2026Q3","formula":{"op":"multiply","refs":["q2_consumer","base_2026q3_consumer_activity","base_2026q3_consumer_yield"]},"source_url":null,"source_date":null},{"id":"base_2026q3_business_activity","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business average earning activity / Q2","value":1.0707480592801693,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_business_yield","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business revenue yield versus Q2","value":1.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_business_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Business lending revenue","value":470.3474999999999,"period":"2026Q3","formula":{"op":"multiply","refs":["q2_business","base_2026q3_business_activity","base_2026q3_business_yield"]},"source_url":null,"source_date":null},{"id":"base_2026q3_other_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other revenue","value":13.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"No bank acquisition contribution.","label":"Total revenue","value":1003.3474999999999,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_consumer_revenue","base_2026q3_business_revenue","base_2026q3_other_revenue"]},"source_url":null,"source_date":null},{"id":"base_2026q3_consumer_credit_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer fair-value expense / revenue","value":0.435,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_consumer_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Consumer fair-value expense","value":226.2,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_consumer_revenue","base_2026q3_consumer_credit_ratio"]},"source_url":null,"source_date":null},{"id":"base_2026q3_business_credit_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business fair-value expense / revenue","value":0.365,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_business_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Business fair-value expense","value":171.67683749999998,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_business_revenue","base_2026q3_business_credit_ratio"]},"source_url":null,"source_date":null},{"id":"base_2026q3_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"No double counting of charge-offs below fair-value expense.","label":"Total fair-value expense","value":397.87683749999997,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_consumer_credit_cost","base_2026q3_business_credit_cost"]},"source_url":null,"source_date":null},{"id":"base_2026q3_net_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Financial-company net revenue, not industrial gross profit.","label":"Revenue after fair-value expense","value":605.4706624999999,"period":"2026Q3","formula":{"op":"subtract","refs":["base_2026q3_revenue","base_2026q3_credit_cost"]},"source_url":null,"source_date":null},{"id":"base_2026q3_da","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Depreciation and amortization","value":9.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC expense","value":9.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_marketing_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Marketing / revenue","value":0.22,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_marketing","case":"base","kind":"derived","unit":"USD_millions","basis":"Acquisition expense retained in earnings.","label":"Marketing expense","value":220.73644999999996,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_revenue","base_2026q3_marketing_ratio"]},"source_url":null,"source_date":null},{"id":"base_2026q3_operations","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operations and technology","value":82.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_ga","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"General and administrative","value":47.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_opex","case":"base","kind":"derived","unit":"USD_millions","basis":"SBC is already within departmental expense; add back only in cash bridge.","label":"Operating expense","value":358.73645,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_marketing","base_2026q3_operations","base_2026q3_ga","base_2026q3_da"]},"source_url":null,"source_date":null},{"id":"base_2026q3_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"No Grasshopper synergies or one-time transaction recovery assumed.","label":"GAAP operating income proxy","value":246.7342124999999,"period":"2026Q3","formula":{"op":"subtract","refs":["base_2026q3_net_revenue","base_2026q3_opex"]},"source_url":null,"source_date":null},{"id":"base_2026q3_average_debt","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Average funded debt","value":5300.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_annual_interest_rate","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net annual debt cost including fees","value":0.078,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_quarter_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter of annual rate","value":0.25,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_interest","case":"base","kind":"derived","unit":"USD_millions","basis":"Blended cost for corporate and funding debt; commitments are not treated as draws.","label":"Net funding and corporate interest","value":103.35,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_average_debt","base_2026q3_annual_interest_rate","base_2026q3_quarter_fraction"]},"source_url":null,"source_date":null},{"id":"base_2026q3_pretax","case":"base","kind":"derived","unit":"USD_millions","basis":"No speculative nonoperating gains.","label":"Pretax earnings proxy","value":143.3842124999999,"period":"2026Q3","formula":{"op":"subtract","refs":["base_2026q3_operating_income","base_2026q3_interest"]},"source_url":null,"source_date":null},{"id":"base_2026q3_cash_tax_rate","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Cash taxes / modeled pretax income","value":0.24,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_cash_tax","case":"base","kind":"derived","unit":"USD_millions","basis":"All configured pretax cases are positive; negative stress would require a cash-tax floor.","label":"Cash tax allowance","value":34.41221099999998,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_pretax","base_2026q3_cash_tax_rate"]},"source_url":null,"source_date":null},{"id":"base_2026q3_noncash_bridge","case":"base","kind":"derived","unit":"USD_millions","basis":"Fair-value expense assumed noncash here; loan receipts are modeled separately.","label":"Pretax earnings plus noncash expenses","value":559.2610499999998,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_pretax","base_2026q3_credit_cost","base_2026q3_da","base_2026q3_sbc"]},"source_url":null,"source_date":null},{"id":"base_2026q3_working_capital_use","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Net other cash use","value":15.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_operating_cash_uses","case":"base","kind":"derived","unit":"USD_millions","basis":"Covers fee amortization, tax timing and other operating balances, not cash loan originations.","label":"Cash tax and other operating timing","value":49.41221099999998,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_cash_tax","base_2026q3_working_capital_use"]},"source_url":null,"source_date":null},{"id":"base_2026q3_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense.","label":"Operating cash before loan investment","value":509.8488389999999,"period":"2026Q3","formula":{"op":"subtract","refs":["base_2026q3_noncash_bridge","base_2026q3_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"base_2026q3_capex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash fixed assets and software","value":13.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_cash_originations","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash loan originations","value":2400.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_principal_receipts","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash principal collections","value":1700.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_loan_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"Excludes interest collections already in operating cash and noncash renewals.","label":"Net cash loan investment","value":700.0,"period":"2026Q3","formula":{"op":"subtract","refs":["base_2026q3_cash_originations","base_2026q3_principal_receipts"]},"source_url":null,"source_date":null},{"id":"base_2026q3_cash_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"Loan growth can consume more than reported CFO.","label":"Cash capital and net loan investment","value":713.0,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_capex","base_2026q3_loan_investment"]},"source_url":null,"source_date":null},{"id":"base_2026q3_cash_after_lending","case":"base","kind":"derived","unit":"USD_millions","basis":"No new debt proceeds included.","label":"Cash after capex and loan investment","value":-203.15116100000012,"period":"2026Q3","formula":{"op":"subtract","refs":["base_2026q3_cfo","base_2026q3_cash_investment"]},"source_url":null,"source_date":null},{"id":"base_2026q3_buybacks","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.","label":"Share repurchases","value":50.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_cash_after_claims","case":"base","kind":"derived","unit":"USD_millions","basis":"Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash.","label":"Cash after lending and repurchases","value":-253.15116100000012,"period":"2026Q3","formula":{"op":"subtract","refs":["base_2026q3_cash_after_lending","base_2026q3_buybacks"]},"source_url":null,"source_date":null},{"id":"base_2026q4_consumer_activity","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer average earning activity / Q2","value":1.1415549025070222,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_consumer_yield","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer revenue yield versus Q2","value":1.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_consumer_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Consumer lending revenue","value":545.0,"period":"2026Q4","formula":{"op":"multiply","refs":["q2_consumer","base_2026q4_consumer_activity","base_2026q4_consumer_yield"]},"source_url":null,"source_date":null},{"id":"base_2026q4_business_activity","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business average earning activity / Q2","value":1.1254090308921638,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_business_yield","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business revenue yield versus Q2","value":1.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_business_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Business lending revenue","value":494.3584250000008,"period":"2026Q4","formula":{"op":"multiply","refs":["q2_business","base_2026q4_business_activity","base_2026q4_business_yield"]},"source_url":null,"source_date":null},{"id":"base_2026q4_other_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other revenue","value":14.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"No bank acquisition contribution.","label":"Total revenue","value":1053.3584250000008,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_consumer_revenue","base_2026q4_business_revenue","base_2026q4_other_revenue"]},"source_url":null,"source_date":null},{"id":"base_2026q4_consumer_credit_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer fair-value expense / revenue","value":0.435,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_consumer_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Consumer fair-value expense","value":237.075,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_consumer_revenue","base_2026q4_consumer_credit_ratio"]},"source_url":null,"source_date":null},{"id":"base_2026q4_business_credit_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business fair-value expense / revenue","value":0.365,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_business_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Business fair-value expense","value":180.4408251250003,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_business_revenue","base_2026q4_business_credit_ratio"]},"source_url":null,"source_date":null},{"id":"base_2026q4_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"No double counting of charge-offs below fair-value expense.","label":"Total fair-value expense","value":417.5158251250003,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_consumer_credit_cost","base_2026q4_business_credit_cost"]},"source_url":null,"source_date":null},{"id":"base_2026q4_net_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Financial-company net revenue, not industrial gross profit.","label":"Revenue after fair-value expense","value":635.8425998750006,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_revenue","base_2026q4_credit_cost"]},"source_url":null,"source_date":null},{"id":"base_2026q4_da","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Depreciation and amortization","value":9.3,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC expense","value":9.4,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_marketing_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Marketing / revenue","value":0.22,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_marketing","case":"base","kind":"derived","unit":"USD_millions","basis":"Acquisition expense retained in earnings.","label":"Marketing expense","value":231.73885350000018,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_revenue","base_2026q4_marketing_ratio"]},"source_url":null,"source_date":null},{"id":"base_2026q4_operations","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operations and technology","value":87.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_ga","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"General and administrative","value":49.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_opex","case":"base","kind":"derived","unit":"USD_millions","basis":"SBC is already within departmental expense; add back only in cash bridge.","label":"Operating expense","value":377.0388535000002,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_marketing","base_2026q4_operations","base_2026q4_ga","base_2026q4_da"]},"source_url":null,"source_date":null},{"id":"base_2026q4_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"No Grasshopper synergies or one-time transaction recovery assumed.","label":"GAAP operating income proxy","value":258.8037463750004,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_net_revenue","base_2026q4_opex"]},"source_url":null,"source_date":null},{"id":"base_2026q4_average_debt","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Average funded debt","value":5525.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_annual_interest_rate","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net annual debt cost including fees","value":0.078,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_quarter_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter of annual rate","value":0.25,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_interest","case":"base","kind":"derived","unit":"USD_millions","basis":"Blended cost for corporate and funding debt; commitments are not treated as draws.","label":"Net funding and corporate interest","value":107.7375,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_average_debt","base_2026q4_annual_interest_rate","base_2026q4_quarter_fraction"]},"source_url":null,"source_date":null},{"id":"base_2026q4_pretax","case":"base","kind":"derived","unit":"USD_millions","basis":"No speculative nonoperating gains.","label":"Pretax earnings proxy","value":151.0662463750004,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_operating_income","base_2026q4_interest"]},"source_url":null,"source_date":null},{"id":"base_2026q4_cash_tax_rate","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Cash taxes / modeled pretax income","value":0.24,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_cash_tax","case":"base","kind":"derived","unit":"USD_millions","basis":"All configured pretax cases are positive; negative stress would require a cash-tax floor.","label":"Cash tax allowance","value":36.255899130000095,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_pretax","base_2026q4_cash_tax_rate"]},"source_url":null,"source_date":null},{"id":"base_2026q4_noncash_bridge","case":"base","kind":"derived","unit":"USD_millions","basis":"Fair-value expense assumed noncash here; loan receipts are modeled separately.","label":"Pretax earnings plus noncash expenses","value":587.2820715000006,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_pretax","base_2026q4_credit_cost","base_2026q4_da","base_2026q4_sbc"]},"source_url":null,"source_date":null},{"id":"base_2026q4_working_capital_use","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Net other cash use","value":17.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_operating_cash_uses","case":"base","kind":"derived","unit":"USD_millions","basis":"Covers fee amortization, tax timing and other operating balances, not cash loan originations.","label":"Cash tax and other operating timing","value":53.255899130000095,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_cash_tax","base_2026q4_working_capital_use"]},"source_url":null,"source_date":null},{"id":"base_2026q4_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense.","label":"Operating cash before loan investment","value":534.0261723700005,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_noncash_bridge","base_2026q4_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"base_2026q4_capex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash fixed assets and software","value":14.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_cash_originations","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash loan originations","value":2600.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_principal_receipts","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash principal collections","value":1840.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_loan_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"Excludes interest collections already in operating cash and noncash renewals.","label":"Net cash loan investment","value":760.0,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_cash_originations","base_2026q4_principal_receipts"]},"source_url":null,"source_date":null},{"id":"base_2026q4_cash_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"Loan growth can consume more than reported CFO.","label":"Cash capital and net loan investment","value":774.0,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_capex","base_2026q4_loan_investment"]},"source_url":null,"source_date":null},{"id":"base_2026q4_cash_after_lending","case":"base","kind":"derived","unit":"USD_millions","basis":"No new debt proceeds included.","label":"Cash after capex and loan investment","value":-239.9738276299995,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_cfo","base_2026q4_cash_investment"]},"source_url":null,"source_date":null},{"id":"base_2026q4_buybacks","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.","label":"Share repurchases","value":50.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_cash_after_claims","case":"base","kind":"derived","unit":"USD_millions","basis":"Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash.","label":"Cash after lending and repurchases","value":-289.9738276299995,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_cash_after_lending","base_2026q4_buybacks"]},"source_url":null,"source_date":null},{"id":"base_2027q1_consumer_activity","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer average earning activity / Q2","value":1.1625008640209125,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_consumer_yield","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer revenue yield versus Q2","value":1.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_consumer_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Consumer lending revenue","value":555.0,"period":"2027Q1","formula":{"op":"multiply","refs":["q2_consumer","base_2027q1_consumer_activity","base_2027q1_consumer_yield"]},"source_url":null,"source_date":null},{"id":"base_2027q1_business_activity","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business average earning activity / Q2","value":1.1837821840781297,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_business_yield","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business revenue yield versus Q2","value":1.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_business_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Business lending revenue","value":520.0,"period":"2027Q1","formula":{"op":"multiply","refs":["q2_business","base_2027q1_business_activity","base_2027q1_business_yield"]},"source_url":null,"source_date":null},{"id":"base_2027q1_other_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other revenue","value":15.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"No bank acquisition contribution.","label":"Total revenue","value":1090.0,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_consumer_revenue","base_2027q1_business_revenue","base_2027q1_other_revenue"]},"source_url":null,"source_date":null},{"id":"base_2027q1_consumer_credit_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer fair-value expense / revenue","value":0.435,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_consumer_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Consumer fair-value expense","value":241.425,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_consumer_revenue","base_2027q1_consumer_credit_ratio"]},"source_url":null,"source_date":null},{"id":"base_2027q1_business_credit_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business fair-value expense / revenue","value":0.365,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_business_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Business fair-value expense","value":189.79999999999998,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_business_revenue","base_2027q1_business_credit_ratio"]},"source_url":null,"source_date":null},{"id":"base_2027q1_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"No double counting of charge-offs below fair-value expense.","label":"Total fair-value expense","value":431.225,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_consumer_credit_cost","base_2027q1_business_credit_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q1_net_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Financial-company net revenue, not industrial gross profit.","label":"Revenue after fair-value expense","value":658.775,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_revenue","base_2027q1_credit_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q1_da","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Depreciation and amortization","value":9.6,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC expense","value":9.8,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_marketing_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Marketing / revenue","value":0.22,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_marketing","case":"base","kind":"derived","unit":"USD_millions","basis":"Acquisition expense retained in earnings.","label":"Marketing expense","value":239.8,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_revenue","base_2027q1_marketing_ratio"]},"source_url":null,"source_date":null},{"id":"base_2027q1_operations","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operations and technology","value":92.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_ga","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"General and administrative","value":51.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_opex","case":"base","kind":"derived","unit":"USD_millions","basis":"SBC is already within departmental expense; add back only in cash bridge.","label":"Operating expense","value":392.40000000000003,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_marketing","base_2027q1_operations","base_2027q1_ga","base_2027q1_da"]},"source_url":null,"source_date":null},{"id":"base_2027q1_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"No Grasshopper synergies or one-time transaction recovery assumed.","label":"GAAP operating income proxy","value":266.37499999999994,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_net_revenue","base_2027q1_opex"]},"source_url":null,"source_date":null},{"id":"base_2027q1_average_debt","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Average funded debt","value":5750.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_annual_interest_rate","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net annual debt cost including fees","value":0.078,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_quarter_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter of annual rate","value":0.25,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_interest","case":"base","kind":"derived","unit":"USD_millions","basis":"Blended cost for corporate and funding debt; commitments are not treated as draws.","label":"Net funding and corporate interest","value":112.125,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_average_debt","base_2027q1_annual_interest_rate","base_2027q1_quarter_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q1_pretax","case":"base","kind":"derived","unit":"USD_millions","basis":"No speculative nonoperating gains.","label":"Pretax earnings proxy","value":154.24999999999994,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_operating_income","base_2027q1_interest"]},"source_url":null,"source_date":null},{"id":"base_2027q1_cash_tax_rate","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Cash taxes / modeled pretax income","value":0.24,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_cash_tax","case":"base","kind":"derived","unit":"USD_millions","basis":"All configured pretax cases are positive; negative stress would require a cash-tax floor.","label":"Cash tax allowance","value":37.01999999999998,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_pretax","base_2027q1_cash_tax_rate"]},"source_url":null,"source_date":null},{"id":"base_2027q1_noncash_bridge","case":"base","kind":"derived","unit":"USD_millions","basis":"Fair-value expense assumed noncash here; loan receipts are modeled separately.","label":"Pretax earnings plus noncash expenses","value":604.8749999999999,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_pretax","base_2027q1_credit_cost","base_2027q1_da","base_2027q1_sbc"]},"source_url":null,"source_date":null},{"id":"base_2027q1_working_capital_use","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Net other cash use","value":19.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_operating_cash_uses","case":"base","kind":"derived","unit":"USD_millions","basis":"Covers fee amortization, tax timing and other operating balances, not cash loan originations.","label":"Cash tax and other operating timing","value":56.01999999999998,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_cash_tax","base_2027q1_working_capital_use"]},"source_url":null,"source_date":null},{"id":"base_2027q1_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense.","label":"Operating cash before loan investment","value":548.8549999999999,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_noncash_bridge","base_2027q1_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"base_2027q1_capex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash fixed assets and software","value":15.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_cash_originations","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash loan originations","value":2650.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_principal_receipts","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash principal collections","value":1950.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_loan_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"Excludes interest collections already in operating cash and noncash renewals.","label":"Net cash loan investment","value":700.0,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_cash_originations","base_2027q1_principal_receipts"]},"source_url":null,"source_date":null},{"id":"base_2027q1_cash_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"Loan growth can consume more than reported CFO.","label":"Cash capital and net loan investment","value":715.0,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_capex","base_2027q1_loan_investment"]},"source_url":null,"source_date":null},{"id":"base_2027q1_cash_after_lending","case":"base","kind":"derived","unit":"USD_millions","basis":"No new debt proceeds included.","label":"Cash after capex and loan investment","value":-166.1450000000001,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_cfo","base_2027q1_cash_investment"]},"source_url":null,"source_date":null},{"id":"base_2027q1_buybacks","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.","label":"Share repurchases","value":35.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_cash_after_claims","case":"base","kind":"derived","unit":"USD_millions","basis":"Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash.","label":"Cash after lending and repurchases","value":-201.1450000000001,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_cash_after_lending","base_2027q1_buybacks"]},"source_url":null,"source_date":null},{"id":"base_2027q2_consumer_activity","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer average earning activity / Q2","value":1.2148657678056383,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_consumer_yield","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer revenue yield versus Q2","value":1.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_consumer_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Consumer lending revenue","value":580.0,"period":"2027Q2","formula":{"op":"multiply","refs":["q2_consumer","base_2027q2_consumer_activity","base_2027q2_consumer_yield"]},"source_url":null,"source_date":null},{"id":"base_2027q2_business_activity","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business average earning activity / Q2","value":1.249800805882487,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_business_yield","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business revenue yield versus Q2","value":1.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_business_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Business lending revenue","value":549.0,"period":"2027Q2","formula":{"op":"multiply","refs":["q2_business","base_2027q2_business_activity","base_2027q2_business_yield"]},"source_url":null,"source_date":null},{"id":"base_2027q2_other_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other revenue","value":16.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"No bank acquisition contribution.","label":"Total revenue","value":1145.0,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_consumer_revenue","base_2027q2_business_revenue","base_2027q2_other_revenue"]},"source_url":null,"source_date":null},{"id":"base_2027q2_consumer_credit_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer fair-value expense / revenue","value":0.435,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_consumer_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Consumer fair-value expense","value":252.3,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_consumer_revenue","base_2027q2_consumer_credit_ratio"]},"source_url":null,"source_date":null},{"id":"base_2027q2_business_credit_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business fair-value expense / revenue","value":0.365,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_business_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Business fair-value expense","value":200.385,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_business_revenue","base_2027q2_business_credit_ratio"]},"source_url":null,"source_date":null},{"id":"base_2027q2_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"No double counting of charge-offs below fair-value expense.","label":"Total fair-value expense","value":452.685,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_consumer_credit_cost","base_2027q2_business_credit_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q2_net_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Financial-company net revenue, not industrial gross profit.","label":"Revenue after fair-value expense","value":692.315,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_revenue","base_2027q2_credit_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q2_da","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Depreciation and amortization","value":9.9,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC expense","value":10.2,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_marketing_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Marketing / revenue","value":0.22,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_marketing","case":"base","kind":"derived","unit":"USD_millions","basis":"Acquisition expense retained in earnings.","label":"Marketing expense","value":251.9,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_revenue","base_2027q2_marketing_ratio"]},"source_url":null,"source_date":null},{"id":"base_2027q2_operations","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operations and technology","value":97.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_ga","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"General and administrative","value":53.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_opex","case":"base","kind":"derived","unit":"USD_millions","basis":"SBC is already within departmental expense; add back only in cash bridge.","label":"Operating expense","value":411.79999999999995,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_marketing","base_2027q2_operations","base_2027q2_ga","base_2027q2_da"]},"source_url":null,"source_date":null},{"id":"base_2027q2_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"No Grasshopper synergies or one-time transaction recovery assumed.","label":"GAAP operating income proxy","value":280.5150000000001,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_net_revenue","base_2027q2_opex"]},"source_url":null,"source_date":null},{"id":"base_2027q2_average_debt","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Average funded debt","value":6000.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_annual_interest_rate","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net annual debt cost including fees","value":0.078,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_quarter_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter of annual rate","value":0.25,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_interest","case":"base","kind":"derived","unit":"USD_millions","basis":"Blended cost for corporate and funding debt; commitments are not treated as draws.","label":"Net funding and corporate interest","value":117.0,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_average_debt","base_2027q2_annual_interest_rate","base_2027q2_quarter_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q2_pretax","case":"base","kind":"derived","unit":"USD_millions","basis":"No speculative nonoperating gains.","label":"Pretax earnings proxy","value":163.5150000000001,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_operating_income","base_2027q2_interest"]},"source_url":null,"source_date":null},{"id":"base_2027q2_cash_tax_rate","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Cash taxes / modeled pretax income","value":0.24,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_cash_tax","case":"base","kind":"derived","unit":"USD_millions","basis":"All configured pretax cases are positive; negative stress would require a cash-tax floor.","label":"Cash tax allowance","value":39.24360000000002,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_pretax","base_2027q2_cash_tax_rate"]},"source_url":null,"source_date":null},{"id":"base_2027q2_noncash_bridge","case":"base","kind":"derived","unit":"USD_millions","basis":"Fair-value expense assumed noncash here; loan receipts are modeled separately.","label":"Pretax earnings plus noncash expenses","value":636.3000000000001,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_pretax","base_2027q2_credit_cost","base_2027q2_da","base_2027q2_sbc"]},"source_url":null,"source_date":null},{"id":"base_2027q2_working_capital_use","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Net other cash use","value":21.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_operating_cash_uses","case":"base","kind":"derived","unit":"USD_millions","basis":"Covers fee amortization, tax timing and other operating balances, not cash loan originations.","label":"Cash tax and other operating timing","value":60.24360000000002,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_cash_tax","base_2027q2_working_capital_use"]},"source_url":null,"source_date":null},{"id":"base_2027q2_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense.","label":"Operating cash before loan investment","value":576.0564,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_noncash_bridge","base_2027q2_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"base_2027q2_capex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash fixed assets and software","value":16.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_cash_originations","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash loan originations","value":2850.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_principal_receipts","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash principal collections","value":2100.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_loan_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"Excludes interest collections already in operating cash and noncash renewals.","label":"Net cash loan investment","value":750.0,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_cash_originations","base_2027q2_principal_receipts"]},"source_url":null,"source_date":null},{"id":"base_2027q2_cash_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"Loan growth can consume more than reported CFO.","label":"Cash capital and net loan investment","value":766.0,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_capex","base_2027q2_loan_investment"]},"source_url":null,"source_date":null},{"id":"base_2027q2_cash_after_lending","case":"base","kind":"derived","unit":"USD_millions","basis":"No new debt proceeds included.","label":"Cash after capex and loan investment","value":-189.94359999999995,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_cfo","base_2027q2_cash_investment"]},"source_url":null,"source_date":null},{"id":"base_2027q2_buybacks","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.","label":"Share repurchases","value":35.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_cash_after_claims","case":"base","kind":"derived","unit":"USD_millions","basis":"Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash.","label":"Cash after lending and repurchases","value":-224.94359999999995,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_cash_after_lending","base_2027q2_buybacks"]},"source_url":null,"source_date":null},{"id":"base_2027q3_consumer_activity","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer average earning activity / Q2","value":1.2881766331042543,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_consumer_yield","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer revenue yield versus Q2","value":1.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_consumer_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Consumer lending revenue","value":615.0,"period":"2027Q3","formula":{"op":"multiply","refs":["q2_consumer","base_2027q3_consumer_activity","base_2027q3_consumer_yield"]},"source_url":null,"source_date":null},{"id":"base_2027q3_business_activity","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business average earning activity / Q2","value":1.361349511689849,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_business_yield","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business revenue yield versus Q2","value":1.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_business_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Business lending revenue","value":598.0,"period":"2027Q3","formula":{"op":"multiply","refs":["q2_business","base_2027q3_business_activity","base_2027q3_business_yield"]},"source_url":null,"source_date":null},{"id":"base_2027q3_other_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other revenue","value":17.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"No bank acquisition contribution.","label":"Total revenue","value":1230.0,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_consumer_revenue","base_2027q3_business_revenue","base_2027q3_other_revenue"]},"source_url":null,"source_date":null},{"id":"base_2027q3_consumer_credit_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer fair-value expense / revenue","value":0.435,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_consumer_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Consumer fair-value expense","value":267.525,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_consumer_revenue","base_2027q3_consumer_credit_ratio"]},"source_url":null,"source_date":null},{"id":"base_2027q3_business_credit_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business fair-value expense / revenue","value":0.365,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_business_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Business fair-value expense","value":218.26999999999998,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_business_revenue","base_2027q3_business_credit_ratio"]},"source_url":null,"source_date":null},{"id":"base_2027q3_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"No double counting of charge-offs below fair-value expense.","label":"Total fair-value expense","value":485.79499999999996,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_consumer_credit_cost","base_2027q3_business_credit_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q3_net_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Financial-company net revenue, not industrial gross profit.","label":"Revenue after fair-value expense","value":744.205,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_revenue","base_2027q3_credit_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q3_da","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Depreciation and amortization","value":10.2,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC expense","value":10.6,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_marketing_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Marketing / revenue","value":0.22,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_marketing","case":"base","kind":"derived","unit":"USD_millions","basis":"Acquisition expense retained in earnings.","label":"Marketing expense","value":270.6,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_revenue","base_2027q3_marketing_ratio"]},"source_url":null,"source_date":null},{"id":"base_2027q3_operations","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operations and technology","value":102.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_ga","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"General and administrative","value":55.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_opex","case":"base","kind":"derived","unit":"USD_millions","basis":"SBC is already within departmental expense; add back only in cash bridge.","label":"Operating expense","value":437.8,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_marketing","base_2027q3_operations","base_2027q3_ga","base_2027q3_da"]},"source_url":null,"source_date":null},{"id":"base_2027q3_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"No Grasshopper synergies or one-time transaction recovery assumed.","label":"GAAP operating income proxy","value":306.40500000000003,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_net_revenue","base_2027q3_opex"]},"source_url":null,"source_date":null},{"id":"base_2027q3_average_debt","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Average funded debt","value":6300.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_annual_interest_rate","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net annual debt cost including fees","value":0.078,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_quarter_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter of annual rate","value":0.25,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_interest","case":"base","kind":"derived","unit":"USD_millions","basis":"Blended cost for corporate and funding debt; commitments are not treated as draws.","label":"Net funding and corporate interest","value":122.85,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_average_debt","base_2027q3_annual_interest_rate","base_2027q3_quarter_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q3_pretax","case":"base","kind":"derived","unit":"USD_millions","basis":"No speculative nonoperating gains.","label":"Pretax earnings proxy","value":183.55500000000004,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_operating_income","base_2027q3_interest"]},"source_url":null,"source_date":null},{"id":"base_2027q3_cash_tax_rate","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Cash taxes / modeled pretax income","value":0.24,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_cash_tax","case":"base","kind":"derived","unit":"USD_millions","basis":"All configured pretax cases are positive; negative stress would require a cash-tax floor.","label":"Cash tax allowance","value":44.053200000000004,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_pretax","base_2027q3_cash_tax_rate"]},"source_url":null,"source_date":null},{"id":"base_2027q3_noncash_bridge","case":"base","kind":"derived","unit":"USD_millions","basis":"Fair-value expense assumed noncash here; loan receipts are modeled separately.","label":"Pretax earnings plus noncash expenses","value":690.1500000000001,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_pretax","base_2027q3_credit_cost","base_2027q3_da","base_2027q3_sbc"]},"source_url":null,"source_date":null},{"id":"base_2027q3_working_capital_use","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Net other cash use","value":23.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_operating_cash_uses","case":"base","kind":"derived","unit":"USD_millions","basis":"Covers fee amortization, tax timing and other operating balances, not cash loan originations.","label":"Cash tax and other operating timing","value":67.0532,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_cash_tax","base_2027q3_working_capital_use"]},"source_url":null,"source_date":null},{"id":"base_2027q3_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense.","label":"Operating cash before loan investment","value":623.0968,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_noncash_bridge","base_2027q3_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"base_2027q3_capex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash fixed assets and software","value":17.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_cash_originations","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash loan originations","value":3050.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_principal_receipts","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash principal collections","value":2260.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_loan_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"Excludes interest collections already in operating cash and noncash renewals.","label":"Net cash loan investment","value":790.0,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_cash_originations","base_2027q3_principal_receipts"]},"source_url":null,"source_date":null},{"id":"base_2027q3_cash_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"Loan growth can consume more than reported CFO.","label":"Cash capital and net loan investment","value":807.0,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_capex","base_2027q3_loan_investment"]},"source_url":null,"source_date":null},{"id":"base_2027q3_cash_after_lending","case":"base","kind":"derived","unit":"USD_millions","basis":"No new debt proceeds included.","label":"Cash after capex and loan investment","value":-183.90319999999997,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_cfo","base_2027q3_cash_investment"]},"source_url":null,"source_date":null},{"id":"base_2027q3_buybacks","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.","label":"Share repurchases","value":35.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_cash_after_claims","case":"base","kind":"derived","unit":"USD_millions","basis":"Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash.","label":"Cash after lending and repurchases","value":-218.90319999999997,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_cash_after_lending","base_2027q3_buybacks"]},"source_url":null,"source_date":null},{"id":"base_2027q4_consumer_activity","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer average earning activity / Q2","value":1.3405415368889801,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_consumer_yield","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer revenue yield versus Q2","value":1.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_consumer_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Consumer lending revenue","value":640.0,"period":"2027Q4","formula":{"op":"multiply","refs":["q2_consumer","base_2027q4_consumer_activity","base_2027q4_consumer_yield"]},"source_url":null,"source_date":null},{"id":"base_2027q4_business_activity","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business average earning activity / Q2","value":1.4387506544949575,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_business_yield","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business revenue yield versus Q2","value":1.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_business_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Business lending revenue","value":632.0,"period":"2027Q4","formula":{"op":"multiply","refs":["q2_business","base_2027q4_business_activity","base_2027q4_business_yield"]},"source_url":null,"source_date":null},{"id":"base_2027q4_other_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other revenue","value":18.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"No bank acquisition contribution.","label":"Total revenue","value":1290.0,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_consumer_revenue","base_2027q4_business_revenue","base_2027q4_other_revenue"]},"source_url":null,"source_date":null},{"id":"base_2027q4_consumer_credit_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer fair-value expense / revenue","value":0.435,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_consumer_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Consumer fair-value expense","value":278.4,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_consumer_revenue","base_2027q4_consumer_credit_ratio"]},"source_url":null,"source_date":null},{"id":"base_2027q4_business_credit_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business fair-value expense / revenue","value":0.365,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_business_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Business fair-value expense","value":230.68,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_business_revenue","base_2027q4_business_credit_ratio"]},"source_url":null,"source_date":null},{"id":"base_2027q4_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"No double counting of charge-offs below fair-value expense.","label":"Total fair-value expense","value":509.08,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_consumer_credit_cost","base_2027q4_business_credit_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q4_net_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Financial-company net revenue, not industrial gross profit.","label":"Revenue after fair-value expense","value":780.9200000000001,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_revenue","base_2027q4_credit_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q4_da","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Depreciation and amortization","value":10.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC expense","value":11.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_marketing_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Marketing / revenue","value":0.22,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_marketing","case":"base","kind":"derived","unit":"USD_millions","basis":"Acquisition expense retained in earnings.","label":"Marketing expense","value":283.8,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_revenue","base_2027q4_marketing_ratio"]},"source_url":null,"source_date":null},{"id":"base_2027q4_operations","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operations and technology","value":107.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_ga","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"General and administrative","value":57.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_opex","case":"base","kind":"derived","unit":"USD_millions","basis":"SBC is already within departmental expense; add back only in cash bridge.","label":"Operating expense","value":458.3,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_marketing","base_2027q4_operations","base_2027q4_ga","base_2027q4_da"]},"source_url":null,"source_date":null},{"id":"base_2027q4_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"No Grasshopper synergies or one-time transaction recovery assumed.","label":"GAAP operating income proxy","value":322.62000000000006,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_net_revenue","base_2027q4_opex"]},"source_url":null,"source_date":null},{"id":"base_2027q4_average_debt","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Average funded debt","value":6625.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_annual_interest_rate","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net annual debt cost including fees","value":0.078,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_quarter_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter of annual rate","value":0.25,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_interest","case":"base","kind":"derived","unit":"USD_millions","basis":"Blended cost for corporate and funding debt; commitments are not treated as draws.","label":"Net funding and corporate interest","value":129.1875,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_average_debt","base_2027q4_annual_interest_rate","base_2027q4_quarter_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q4_pretax","case":"base","kind":"derived","unit":"USD_millions","basis":"No speculative nonoperating gains.","label":"Pretax earnings proxy","value":193.43250000000006,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_operating_income","base_2027q4_interest"]},"source_url":null,"source_date":null},{"id":"base_2027q4_cash_tax_rate","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Cash taxes / modeled pretax income","value":0.24,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_cash_tax","case":"base","kind":"derived","unit":"USD_millions","basis":"All configured pretax cases are positive; negative stress would require a cash-tax floor.","label":"Cash tax allowance","value":46.423800000000014,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_pretax","base_2027q4_cash_tax_rate"]},"source_url":null,"source_date":null},{"id":"base_2027q4_noncash_bridge","case":"base","kind":"derived","unit":"USD_millions","basis":"Fair-value expense assumed noncash here; loan receipts are modeled separately.","label":"Pretax earnings plus noncash expenses","value":724.0125,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_pretax","base_2027q4_credit_cost","base_2027q4_da","base_2027q4_sbc"]},"source_url":null,"source_date":null},{"id":"base_2027q4_working_capital_use","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Net other cash use","value":25.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_operating_cash_uses","case":"base","kind":"derived","unit":"USD_millions","basis":"Covers fee amortization, tax timing and other operating balances, not cash loan originations.","label":"Cash tax and other operating timing","value":71.42380000000001,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_cash_tax","base_2027q4_working_capital_use"]},"source_url":null,"source_date":null},{"id":"base_2027q4_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense.","label":"Operating cash before loan investment","value":652.5887,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_noncash_bridge","base_2027q4_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"base_2027q4_capex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash fixed assets and software","value":18.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_cash_originations","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash loan originations","value":3250.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_principal_receipts","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash principal collections","value":2400.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_loan_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"Excludes interest collections already in operating cash and noncash renewals.","label":"Net cash loan investment","value":850.0,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_cash_originations","base_2027q4_principal_receipts"]},"source_url":null,"source_date":null},{"id":"base_2027q4_cash_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"Loan growth can consume more than reported CFO.","label":"Cash capital and net loan investment","value":868.0,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_capex","base_2027q4_loan_investment"]},"source_url":null,"source_date":null},{"id":"base_2027q4_cash_after_lending","case":"base","kind":"derived","unit":"USD_millions","basis":"No new debt proceeds included.","label":"Cash after capex and loan investment","value":-215.41129999999998,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_cfo","base_2027q4_cash_investment"]},"source_url":null,"source_date":null},{"id":"base_2027q4_buybacks","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.","label":"Share repurchases","value":35.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_cash_after_claims","case":"base","kind":"derived","unit":"USD_millions","basis":"Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash.","label":"Cash after lending and repurchases","value":-250.41129999999998,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_cash_after_lending","base_2027q4_buybacks"]},"source_url":null,"source_date":null},{"id":"base_fy2026_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Total revenue ($M)","value":3860.7749250000006,"period":"FY2026","formula":{"op":"sum","refs":["h1_revenue","base_2026q3_revenue","base_2026q4_revenue"]},"source_url":null,"source_date":null},{"id":"base_fy2026_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Fair-value expense ($M)","value":1522.436662625,"period":"FY2026","formula":{"op":"sum","refs":["h1_credit_cost","base_2026q3_credit_cost","base_2026q4_credit_cost"]},"source_url":null,"source_date":null},{"id":"base_fy2026_net_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Revenue after fair-value expense ($M)","value":2338.3382623750003,"period":"FY2026","formula":{"op":"sum","refs":["h1_net_revenue","base_2026q3_net_revenue","base_2026q4_net_revenue"]},"source_url":null,"source_date":null},{"id":"base_fy2026_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"GAAP operating income proxy ($M)","value":949.7909588750003,"period":"FY2026","formula":{"op":"sum","refs":["h1_operating_income","base_2026q3_operating_income","base_2026q4_operating_income"]},"source_url":null,"source_date":null},{"id":"base_fy2026_interest","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Net funding/corporate interest ($M)","value":402.9515,"period":"FY2026","formula":{"op":"sum","refs":["h1_interest","base_2026q3_interest","base_2026q4_interest"]},"source_url":null,"source_date":null},{"id":"base_fy2026_pretax","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Pretax earnings proxy ($M)","value":547.4224588750003,"period":"FY2026","formula":{"op":"sum","refs":["h1_pretax","base_2026q3_pretax","base_2026q4_pretax"]},"source_url":null,"source_date":null},{"id":"base_fy2026_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating cash before loan investment ($M)","value":2062.4490113700003,"period":"FY2026","formula":{"op":"sum","refs":["h1_cfo","base_2026q3_cfo","base_2026q4_cfo"]},"source_url":null,"source_date":null},{"id":"base_fy2026_capex","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash fixed assets and software ($M)","value":50.364999999999995,"period":"FY2026","formula":{"op":"sum","refs":["h1_capex","base_2026q3_capex","base_2026q4_capex"]},"source_url":null,"source_date":null},{"id":"base_fy2026_loan_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash loan originations less principal receipts ($M)","value":2847.973,"period":"FY2026","formula":{"op":"sum","refs":["h1_loan_investment","base_2026q3_loan_investment","base_2026q4_loan_investment"]},"source_url":null,"source_date":null},{"id":"base_fy2026_cash_after_lending","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after capex and loan investment ($M)","value":-835.8889886299996,"period":"FY2026","formula":{"op":"sum","refs":["h1_cash_after_lending","base_2026q3_cash_after_lending","base_2026q4_cash_after_lending"]},"source_url":null,"source_date":null},{"id":"base_fy2026_buybacks","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Share repurchase cash ($M)","value":159.37,"period":"FY2026","formula":{"op":"sum","refs":["h1_buybacks","base_2026q3_buybacks","base_2026q4_buybacks"]},"source_url":null,"source_date":null},{"id":"base_fy2026_cash_after_claims","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after lending and repurchases ($M)","value":-995.2589886299996,"period":"FY2026","formula":{"op":"sum","refs":["h1_cash_after_claims","base_2026q3_cash_after_claims","base_2026q4_cash_after_claims"]},"source_url":null,"source_date":null},{"id":"base_fy2027_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Total revenue ($M)","value":4755.0,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_revenue","base_2027q2_revenue","base_2027q3_revenue","base_2027q4_revenue"]},"source_url":null,"source_date":null},{"id":"base_fy2027_credit_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Fair-value expense ($M)","value":1878.7849999999999,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_credit_cost","base_2027q2_credit_cost","base_2027q3_credit_cost","base_2027q4_credit_cost"]},"source_url":null,"source_date":null},{"id":"base_fy2027_net_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Revenue after fair-value expense ($M)","value":2876.215,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_net_revenue","base_2027q2_net_revenue","base_2027q3_net_revenue","base_2027q4_net_revenue"]},"source_url":null,"source_date":null},{"id":"base_fy2027_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"GAAP operating income proxy ($M)","value":1175.9150000000002,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_operating_income","base_2027q2_operating_income","base_2027q3_operating_income","base_2027q4_operating_income"]},"source_url":null,"source_date":null},{"id":"base_fy2027_interest","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Net funding/corporate interest ($M)","value":481.1625,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_interest","base_2027q2_interest","base_2027q3_interest","base_2027q4_interest"]},"source_url":null,"source_date":null},{"id":"base_fy2027_pretax","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Pretax earnings proxy ($M)","value":694.7525,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_pretax","base_2027q2_pretax","base_2027q3_pretax","base_2027q4_pretax"]},"source_url":null,"source_date":null},{"id":"base_fy2027_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating cash before loan investment ($M)","value":2400.5969,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_cfo","base_2027q2_cfo","base_2027q3_cfo","base_2027q4_cfo"]},"source_url":null,"source_date":null},{"id":"base_fy2027_capex","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash fixed assets and software ($M)","value":66.0,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_capex","base_2027q2_capex","base_2027q3_capex","base_2027q4_capex"]},"source_url":null,"source_date":null},{"id":"base_fy2027_loan_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash loan originations less principal receipts ($M)","value":3090.0,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_loan_investment","base_2027q2_loan_investment","base_2027q3_loan_investment","base_2027q4_loan_investment"]},"source_url":null,"source_date":null},{"id":"base_fy2027_cash_after_lending","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after capex and loan investment ($M)","value":-755.4031,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_cash_after_lending","base_2027q2_cash_after_lending","base_2027q3_cash_after_lending","base_2027q4_cash_after_lending"]},"source_url":null,"source_date":null},{"id":"base_fy2027_buybacks","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Share repurchase cash ($M)","value":140.0,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_buybacks","base_2027q2_buybacks","base_2027q3_buybacks","base_2027q4_buybacks"]},"source_url":null,"source_date":null},{"id":"base_fy2027_cash_after_claims","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after lending and repurchases ($M)","value":-895.4031,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_cash_after_claims","base_2027q2_cash_after_claims","base_2027q3_cash_after_claims","base_2027q4_cash_after_claims"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_consumer_activity","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer average earning activity / Q2","value":1.1101359602361867,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_consumer_yield","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer revenue yield versus Q2","value":1.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_consumer_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Consumer lending revenue","value":530.0,"period":"2026Q3","formula":{"op":"multiply","refs":["q2_consumer","upside_2026q3_consumer_activity","upside_2026q3_consumer_yield"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_business_activity","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business average earning activity / Q2","value":1.131422587474674,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_business_yield","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business revenue yield versus Q2","value":1.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_business_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Business lending revenue","value":497.0,"period":"2026Q3","formula":{"op":"multiply","refs":["q2_business","upside_2026q3_business_activity","upside_2026q3_business_yield"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_other_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other revenue","value":13.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"No bank acquisition contribution.","label":"Total revenue","value":1040.0,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_consumer_revenue","upside_2026q3_business_revenue","upside_2026q3_other_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_consumer_credit_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer fair-value expense / revenue","value":0.41,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_consumer_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Consumer fair-value expense","value":217.29999999999998,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_consumer_revenue","upside_2026q3_consumer_credit_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_business_credit_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business fair-value expense / revenue","value":0.335,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_business_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Business fair-value expense","value":166.495,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_business_revenue","upside_2026q3_business_credit_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"No double counting of charge-offs below fair-value expense.","label":"Total fair-value expense","value":383.79499999999996,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_consumer_credit_cost","upside_2026q3_business_credit_cost"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_net_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Financial-company net revenue, not industrial gross profit.","label":"Revenue after fair-value expense","value":656.205,"period":"2026Q3","formula":{"op":"subtract","refs":["upside_2026q3_revenue","upside_2026q3_credit_cost"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_da","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Depreciation and amortization","value":9.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC expense","value":9.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_marketing_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Marketing / revenue","value":0.215,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_marketing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Acquisition expense retained in earnings.","label":"Marketing expense","value":223.6,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_revenue","upside_2026q3_marketing_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_operations","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operations and technology","value":83.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_ga","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"General and administrative","value":47.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_opex","case":"upside","kind":"derived","unit":"USD_millions","basis":"SBC is already within departmental expense; add back only in cash bridge.","label":"Operating expense","value":362.6,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_marketing","upside_2026q3_operations","upside_2026q3_ga","upside_2026q3_da"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"No Grasshopper synergies or one-time transaction recovery assumed.","label":"GAAP operating income proxy","value":293.605,"period":"2026Q3","formula":{"op":"subtract","refs":["upside_2026q3_net_revenue","upside_2026q3_opex"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_average_debt","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Average funded debt","value":5400.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_annual_interest_rate","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net annual debt cost including fees","value":0.073,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_quarter_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter of annual rate","value":0.25,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_interest","case":"upside","kind":"derived","unit":"USD_millions","basis":"Blended cost for corporate and funding debt; commitments are not treated as draws.","label":"Net funding and corporate interest","value":98.55,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_average_debt","upside_2026q3_annual_interest_rate","upside_2026q3_quarter_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_pretax","case":"upside","kind":"derived","unit":"USD_millions","basis":"No speculative nonoperating gains.","label":"Pretax earnings proxy","value":195.055,"period":"2026Q3","formula":{"op":"subtract","refs":["upside_2026q3_operating_income","upside_2026q3_interest"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_tax_rate","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Cash taxes / modeled pretax income","value":0.24,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_tax","case":"upside","kind":"derived","unit":"USD_millions","basis":"All configured pretax cases are positive; negative stress would require a cash-tax floor.","label":"Cash tax allowance","value":46.8132,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_pretax","upside_2026q3_cash_tax_rate"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_noncash_bridge","case":"upside","kind":"derived","unit":"USD_millions","basis":"Fair-value expense assumed noncash here; loan receipts are modeled separately.","label":"Pretax earnings plus noncash expenses","value":596.8499999999999,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_pretax","upside_2026q3_credit_cost","upside_2026q3_da","upside_2026q3_sbc"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_working_capital_use","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Net other cash use","value":15.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_operating_cash_uses","case":"upside","kind":"derived","unit":"USD_millions","basis":"Covers fee amortization, tax timing and other operating balances, not cash loan originations.","label":"Cash tax and other operating timing","value":61.8132,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_cash_tax","upside_2026q3_working_capital_use"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense.","label":"Operating cash before loan investment","value":535.0367999999999,"period":"2026Q3","formula":{"op":"subtract","refs":["upside_2026q3_noncash_bridge","upside_2026q3_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_capex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash fixed assets and software","value":13.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_originations","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash loan originations","value":2500.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_principal_receipts","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash principal collections","value":1780.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_loan_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Excludes interest collections already in operating cash and noncash renewals.","label":"Net cash loan investment","value":720.0,"period":"2026Q3","formula":{"op":"subtract","refs":["upside_2026q3_cash_originations","upside_2026q3_principal_receipts"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Loan growth can consume more than reported CFO.","label":"Cash capital and net loan investment","value":733.0,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_capex","upside_2026q3_loan_investment"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_after_lending","case":"upside","kind":"derived","unit":"USD_millions","basis":"No new debt proceeds included.","label":"Cash after capex and loan investment","value":-197.96320000000014,"period":"2026Q3","formula":{"op":"subtract","refs":["upside_2026q3_cfo","upside_2026q3_cash_investment"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_buybacks","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.","label":"Share repurchases","value":50.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_after_claims","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash.","label":"Cash after lending and repurchases","value":-247.96320000000014,"period":"2026Q3","formula":{"op":"subtract","refs":["upside_2026q3_cash_after_lending","upside_2026q3_buybacks"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_consumer_activity","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer average earning activity / Q2","value":1.1834468255348027,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_consumer_yield","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer revenue yield versus Q2","value":1.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_consumer_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Consumer lending revenue","value":565.0,"period":"2026Q4","formula":{"op":"multiply","refs":["q2_consumer","upside_2026q4_consumer_activity","upside_2026q4_consumer_yield"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_business_activity","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business average earning activity / Q2","value":1.2088237302797824,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_business_yield","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business revenue yield versus Q2","value":1.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_business_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Business lending revenue","value":531.0,"period":"2026Q4","formula":{"op":"multiply","refs":["q2_business","upside_2026q4_business_activity","upside_2026q4_business_yield"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_other_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other revenue","value":14.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"No bank acquisition contribution.","label":"Total revenue","value":1110.0,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_consumer_revenue","upside_2026q4_business_revenue","upside_2026q4_other_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_consumer_credit_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer fair-value expense / revenue","value":0.41,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_consumer_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Consumer fair-value expense","value":231.64999999999998,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_consumer_revenue","upside_2026q4_consumer_credit_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_business_credit_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business fair-value expense / revenue","value":0.335,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_business_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Business fair-value expense","value":177.88500000000002,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_business_revenue","upside_2026q4_business_credit_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"No double counting of charge-offs below fair-value expense.","label":"Total fair-value expense","value":409.53499999999997,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_consumer_credit_cost","upside_2026q4_business_credit_cost"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_net_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Financial-company net revenue, not industrial gross profit.","label":"Revenue after fair-value expense","value":700.465,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_revenue","upside_2026q4_credit_cost"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_da","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Depreciation and amortization","value":9.3,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC expense","value":9.4,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_marketing_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Marketing / revenue","value":0.215,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_marketing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Acquisition expense retained in earnings.","label":"Marketing expense","value":238.65,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_revenue","upside_2026q4_marketing_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_operations","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operations and technology","value":88.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_ga","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"General and administrative","value":49.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_opex","case":"upside","kind":"derived","unit":"USD_millions","basis":"SBC is already within departmental expense; add back only in cash bridge.","label":"Operating expense","value":384.95,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_marketing","upside_2026q4_operations","upside_2026q4_ga","upside_2026q4_da"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"No Grasshopper synergies or one-time transaction recovery assumed.","label":"GAAP operating income proxy","value":315.51500000000004,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_net_revenue","upside_2026q4_opex"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_average_debt","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Average funded debt","value":5725.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_annual_interest_rate","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net annual debt cost including fees","value":0.073,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_quarter_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter of annual rate","value":0.25,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_interest","case":"upside","kind":"derived","unit":"USD_millions","basis":"Blended cost for corporate and funding debt; commitments are not treated as draws.","label":"Net funding and corporate interest","value":104.48124999999999,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_average_debt","upside_2026q4_annual_interest_rate","upside_2026q4_quarter_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_pretax","case":"upside","kind":"derived","unit":"USD_millions","basis":"No speculative nonoperating gains.","label":"Pretax earnings proxy","value":211.03375000000005,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_operating_income","upside_2026q4_interest"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_tax_rate","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Cash taxes / modeled pretax income","value":0.24,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_tax","case":"upside","kind":"derived","unit":"USD_millions","basis":"All configured pretax cases are positive; negative stress would require a cash-tax floor.","label":"Cash tax allowance","value":50.648100000000014,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_pretax","upside_2026q4_cash_tax_rate"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_noncash_bridge","case":"upside","kind":"derived","unit":"USD_millions","basis":"Fair-value expense assumed noncash here; loan receipts are modeled separately.","label":"Pretax earnings plus noncash expenses","value":639.26875,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_pretax","upside_2026q4_credit_cost","upside_2026q4_da","upside_2026q4_sbc"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_working_capital_use","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Net other cash use","value":17.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_operating_cash_uses","case":"upside","kind":"derived","unit":"USD_millions","basis":"Covers fee amortization, tax timing and other operating balances, not cash loan originations.","label":"Cash tax and other operating timing","value":67.64810000000001,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_cash_tax","upside_2026q4_working_capital_use"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense.","label":"Operating cash before loan investment","value":571.62065,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_noncash_bridge","upside_2026q4_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_capex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash fixed assets and software","value":14.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_originations","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash loan originations","value":2770.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_principal_receipts","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash principal collections","value":1990.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_loan_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Excludes interest collections already in operating cash and noncash renewals.","label":"Net cash loan investment","value":780.0,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_cash_originations","upside_2026q4_principal_receipts"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Loan growth can consume more than reported CFO.","label":"Cash capital and net loan investment","value":794.0,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_capex","upside_2026q4_loan_investment"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_after_lending","case":"upside","kind":"derived","unit":"USD_millions","basis":"No new debt proceeds included.","label":"Cash after capex and loan investment","value":-222.37935000000004,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_cfo","upside_2026q4_cash_investment"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_buybacks","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.","label":"Share repurchases","value":50.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_after_claims","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash.","label":"Cash after lending and repurchases","value":-272.37935000000004,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_cash_after_lending","upside_2026q4_buybacks"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_consumer_activity","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer average earning activity / Q2","value":1.2358117293195285,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_consumer_yield","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer revenue yield versus Q2","value":1.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_consumer_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Consumer lending revenue","value":590.0,"period":"2027Q1","formula":{"op":"multiply","refs":["q2_consumer","upside_2027q1_consumer_activity","upside_2027q1_consumer_yield"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_business_activity","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business average earning activity / Q2","value":1.331754957087896,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_business_yield","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business revenue yield versus Q2","value":1.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_business_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Business lending revenue","value":585.0,"period":"2027Q1","formula":{"op":"multiply","refs":["q2_business","upside_2027q1_business_activity","upside_2027q1_business_yield"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_other_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other revenue","value":15.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"No bank acquisition contribution.","label":"Total revenue","value":1190.0,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_consumer_revenue","upside_2027q1_business_revenue","upside_2027q1_other_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_consumer_credit_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer fair-value expense / revenue","value":0.41,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_consumer_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Consumer fair-value expense","value":241.89999999999998,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_consumer_revenue","upside_2027q1_consumer_credit_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_business_credit_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business fair-value expense / revenue","value":0.335,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_business_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Business fair-value expense","value":195.97500000000002,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_business_revenue","upside_2027q1_business_credit_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"No double counting of charge-offs below fair-value expense.","label":"Total fair-value expense","value":437.875,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_consumer_credit_cost","upside_2027q1_business_credit_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_net_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Financial-company net revenue, not industrial gross profit.","label":"Revenue after fair-value expense","value":752.125,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_revenue","upside_2027q1_credit_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_da","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Depreciation and amortization","value":9.6,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC expense","value":9.8,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_marketing_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Marketing / revenue","value":0.215,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_marketing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Acquisition expense retained in earnings.","label":"Marketing expense","value":255.85,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_revenue","upside_2027q1_marketing_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_operations","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operations and technology","value":93.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_ga","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"General and administrative","value":51.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_opex","case":"upside","kind":"derived","unit":"USD_millions","basis":"SBC is already within departmental expense; add back only in cash bridge.","label":"Operating expense","value":409.45000000000005,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_marketing","upside_2027q1_operations","upside_2027q1_ga","upside_2027q1_da"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"No Grasshopper synergies or one-time transaction recovery assumed.","label":"GAAP operating income proxy","value":342.67499999999995,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_net_revenue","upside_2027q1_opex"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_average_debt","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Average funded debt","value":6100.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_annual_interest_rate","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net annual debt cost including fees","value":0.073,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_quarter_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter of annual rate","value":0.25,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_interest","case":"upside","kind":"derived","unit":"USD_millions","basis":"Blended cost for corporate and funding debt; commitments are not treated as draws.","label":"Net funding and corporate interest","value":111.32499999999999,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_average_debt","upside_2027q1_annual_interest_rate","upside_2027q1_quarter_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_pretax","case":"upside","kind":"derived","unit":"USD_millions","basis":"No speculative nonoperating gains.","label":"Pretax earnings proxy","value":231.34999999999997,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_operating_income","upside_2027q1_interest"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_tax_rate","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Cash taxes / modeled pretax income","value":0.24,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_tax","case":"upside","kind":"derived","unit":"USD_millions","basis":"All configured pretax cases are positive; negative stress would require a cash-tax floor.","label":"Cash tax allowance","value":55.52399999999999,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_pretax","upside_2027q1_cash_tax_rate"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_noncash_bridge","case":"upside","kind":"derived","unit":"USD_millions","basis":"Fair-value expense assumed noncash here; loan receipts are modeled separately.","label":"Pretax earnings plus noncash expenses","value":688.6249999999999,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_pretax","upside_2027q1_credit_cost","upside_2027q1_da","upside_2027q1_sbc"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_working_capital_use","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Net other cash use","value":19.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_operating_cash_uses","case":"upside","kind":"derived","unit":"USD_millions","basis":"Covers fee amortization, tax timing and other operating balances, not cash loan originations.","label":"Cash tax and other operating timing","value":74.52399999999999,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_cash_tax","upside_2027q1_working_capital_use"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense.","label":"Operating cash before loan investment","value":614.1009999999999,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_noncash_bridge","upside_2027q1_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_capex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash fixed assets and software","value":15.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_originations","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash loan originations","value":2950.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_principal_receipts","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash principal collections","value":2180.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_loan_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Excludes interest collections already in operating cash and noncash renewals.","label":"Net cash loan investment","value":770.0,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_cash_originations","upside_2027q1_principal_receipts"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Loan growth can consume more than reported CFO.","label":"Cash capital and net loan investment","value":785.0,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_capex","upside_2027q1_loan_investment"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_after_lending","case":"upside","kind":"derived","unit":"USD_millions","basis":"No new debt proceeds included.","label":"Cash after capex and loan investment","value":-170.89900000000011,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_cfo","upside_2027q1_cash_investment"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_buybacks","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.","label":"Share repurchases","value":35.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_after_claims","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash.","label":"Cash after lending and repurchases","value":-205.89900000000011,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_cash_after_lending","upside_2027q1_buybacks"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_consumer_activity","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer average earning activity / Q2","value":1.3091225946181446,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_consumer_yield","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer revenue yield versus Q2","value":1.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_consumer_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Consumer lending revenue","value":625.0,"period":"2027Q2","formula":{"op":"multiply","refs":["q2_consumer","upside_2027q2_consumer_activity","upside_2027q2_consumer_yield"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_business_activity","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business average earning activity / Q2","value":1.4546861838960095,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_business_yield","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business revenue yield versus Q2","value":1.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_business_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Business lending revenue","value":639.0,"period":"2027Q2","formula":{"op":"multiply","refs":["q2_business","upside_2027q2_business_activity","upside_2027q2_business_yield"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_other_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other revenue","value":16.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"No bank acquisition contribution.","label":"Total revenue","value":1280.0,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_consumer_revenue","upside_2027q2_business_revenue","upside_2027q2_other_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_consumer_credit_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer fair-value expense / revenue","value":0.41,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_consumer_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Consumer fair-value expense","value":256.25,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_consumer_revenue","upside_2027q2_consumer_credit_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_business_credit_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business fair-value expense / revenue","value":0.335,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_business_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Business fair-value expense","value":214.06500000000003,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_business_revenue","upside_2027q2_business_credit_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"No double counting of charge-offs below fair-value expense.","label":"Total fair-value expense","value":470.31500000000005,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_consumer_credit_cost","upside_2027q2_business_credit_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_net_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Financial-company net revenue, not industrial gross profit.","label":"Revenue after fair-value expense","value":809.685,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_revenue","upside_2027q2_credit_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_da","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Depreciation and amortization","value":9.9,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC expense","value":10.2,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_marketing_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Marketing / revenue","value":0.215,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_marketing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Acquisition expense retained in earnings.","label":"Marketing expense","value":275.2,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_revenue","upside_2027q2_marketing_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_operations","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operations and technology","value":98.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_ga","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"General and administrative","value":53.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_opex","case":"upside","kind":"derived","unit":"USD_millions","basis":"SBC is already within departmental expense; add back only in cash bridge.","label":"Operating expense","value":436.09999999999997,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_marketing","upside_2027q2_operations","upside_2027q2_ga","upside_2027q2_da"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"No Grasshopper synergies or one-time transaction recovery assumed.","label":"GAAP operating income proxy","value":373.585,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_net_revenue","upside_2027q2_opex"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_average_debt","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Average funded debt","value":6525.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_annual_interest_rate","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net annual debt cost including fees","value":0.073,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_quarter_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter of annual rate","value":0.25,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_interest","case":"upside","kind":"derived","unit":"USD_millions","basis":"Blended cost for corporate and funding debt; commitments are not treated as draws.","label":"Net funding and corporate interest","value":119.08125,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_average_debt","upside_2027q2_annual_interest_rate","upside_2027q2_quarter_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_pretax","case":"upside","kind":"derived","unit":"USD_millions","basis":"No speculative nonoperating gains.","label":"Pretax earnings proxy","value":254.50374999999997,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_operating_income","upside_2027q2_interest"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_tax_rate","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Cash taxes / modeled pretax income","value":0.24,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_tax","case":"upside","kind":"derived","unit":"USD_millions","basis":"All configured pretax cases are positive; negative stress would require a cash-tax floor.","label":"Cash tax allowance","value":61.08089999999999,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_pretax","upside_2027q2_cash_tax_rate"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_noncash_bridge","case":"upside","kind":"derived","unit":"USD_millions","basis":"Fair-value expense assumed noncash here; loan receipts are modeled separately.","label":"Pretax earnings plus noncash expenses","value":744.91875,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_pretax","upside_2027q2_credit_cost","upside_2027q2_da","upside_2027q2_sbc"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_working_capital_use","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Net other cash use","value":21.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_operating_cash_uses","case":"upside","kind":"derived","unit":"USD_millions","basis":"Covers fee amortization, tax timing and other operating balances, not cash loan originations.","label":"Cash tax and other operating timing","value":82.08089999999999,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_cash_tax","upside_2027q2_working_capital_use"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense.","label":"Operating cash before loan investment","value":662.8378500000001,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_noncash_bridge","upside_2027q2_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_capex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash fixed assets and software","value":16.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_originations","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash loan originations","value":3250.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_principal_receipts","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash principal collections","value":2410.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_loan_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Excludes interest collections already in operating cash and noncash renewals.","label":"Net cash loan investment","value":840.0,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_cash_originations","upside_2027q2_principal_receipts"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Loan growth can consume more than reported CFO.","label":"Cash capital and net loan investment","value":856.0,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_capex","upside_2027q2_loan_investment"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_after_lending","case":"upside","kind":"derived","unit":"USD_millions","basis":"No new debt proceeds included.","label":"Cash after capex and loan investment","value":-193.16214999999988,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_cfo","upside_2027q2_cash_investment"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_buybacks","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.","label":"Share repurchases","value":35.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_after_claims","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash.","label":"Cash after lending and repurchases","value":-228.16214999999988,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_cash_after_lending","upside_2027q2_buybacks"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_consumer_activity","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer average earning activity / Q2","value":1.4033794214306512,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_consumer_yield","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer revenue yield versus Q2","value":1.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_consumer_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Consumer lending revenue","value":670.0,"period":"2027Q3","formula":{"op":"multiply","refs":["q2_consumer","upside_2027q3_consumer_activity","upside_2027q3_consumer_yield"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_business_activity","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business average earning activity / Q2","value":1.6231474947071278,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_business_yield","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business revenue yield versus Q2","value":1.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_business_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Business lending revenue","value":713.0,"period":"2027Q3","formula":{"op":"multiply","refs":["q2_business","upside_2027q3_business_activity","upside_2027q3_business_yield"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_other_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other revenue","value":17.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"No bank acquisition contribution.","label":"Total revenue","value":1400.0,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_consumer_revenue","upside_2027q3_business_revenue","upside_2027q3_other_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_consumer_credit_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer fair-value expense / revenue","value":0.41,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_consumer_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Consumer fair-value expense","value":274.7,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_consumer_revenue","upside_2027q3_consumer_credit_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_business_credit_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business fair-value expense / revenue","value":0.335,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_business_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Business fair-value expense","value":238.85500000000002,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_business_revenue","upside_2027q3_business_credit_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"No double counting of charge-offs below fair-value expense.","label":"Total fair-value expense","value":513.5550000000001,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_consumer_credit_cost","upside_2027q3_business_credit_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_net_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Financial-company net revenue, not industrial gross profit.","label":"Revenue after fair-value expense","value":886.4449999999999,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_revenue","upside_2027q3_credit_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_da","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Depreciation and amortization","value":10.2,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC expense","value":10.6,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_marketing_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Marketing / revenue","value":0.215,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_marketing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Acquisition expense retained in earnings.","label":"Marketing expense","value":301.0,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_revenue","upside_2027q3_marketing_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_operations","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operations and technology","value":103.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_ga","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"General and administrative","value":55.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_opex","case":"upside","kind":"derived","unit":"USD_millions","basis":"SBC is already within departmental expense; add back only in cash bridge.","label":"Operating expense","value":469.2,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_marketing","upside_2027q3_operations","upside_2027q3_ga","upside_2027q3_da"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"No Grasshopper synergies or one-time transaction recovery assumed.","label":"GAAP operating income proxy","value":417.24499999999995,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_net_revenue","upside_2027q3_opex"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_average_debt","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Average funded debt","value":7000.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_annual_interest_rate","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net annual debt cost including fees","value":0.073,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_quarter_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter of annual rate","value":0.25,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_interest","case":"upside","kind":"derived","unit":"USD_millions","basis":"Blended cost for corporate and funding debt; commitments are not treated as draws.","label":"Net funding and corporate interest","value":127.74999999999999,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_average_debt","upside_2027q3_annual_interest_rate","upside_2027q3_quarter_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_pretax","case":"upside","kind":"derived","unit":"USD_millions","basis":"No speculative nonoperating gains.","label":"Pretax earnings proxy","value":289.49499999999995,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_operating_income","upside_2027q3_interest"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_tax_rate","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Cash taxes / modeled pretax income","value":0.24,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_tax","case":"upside","kind":"derived","unit":"USD_millions","basis":"All configured pretax cases are positive; negative stress would require a cash-tax floor.","label":"Cash tax allowance","value":69.47879999999998,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_pretax","upside_2027q3_cash_tax_rate"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_noncash_bridge","case":"upside","kind":"derived","unit":"USD_millions","basis":"Fair-value expense assumed noncash here; loan receipts are modeled separately.","label":"Pretax earnings plus noncash expenses","value":823.85,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_pretax","upside_2027q3_credit_cost","upside_2027q3_da","upside_2027q3_sbc"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_working_capital_use","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Net other cash use","value":23.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_operating_cash_uses","case":"upside","kind":"derived","unit":"USD_millions","basis":"Covers fee amortization, tax timing and other operating balances, not cash loan originations.","label":"Cash tax and other operating timing","value":92.47879999999998,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_cash_tax","upside_2027q3_working_capital_use"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense.","label":"Operating cash before loan investment","value":731.3712,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_noncash_bridge","upside_2027q3_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_capex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash fixed assets and software","value":17.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_originations","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash loan originations","value":3590.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_principal_receipts","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash principal collections","value":2680.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_loan_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Excludes interest collections already in operating cash and noncash renewals.","label":"Net cash loan investment","value":910.0,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_cash_originations","upside_2027q3_principal_receipts"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Loan growth can consume more than reported CFO.","label":"Cash capital and net loan investment","value":927.0,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_capex","upside_2027q3_loan_investment"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_after_lending","case":"upside","kind":"derived","unit":"USD_millions","basis":"No new debt proceeds included.","label":"Cash after capex and loan investment","value":-195.62879999999996,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_cfo","upside_2027q3_cash_investment"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_buybacks","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.","label":"Share repurchases","value":35.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_after_claims","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash.","label":"Cash after lending and repurchases","value":-230.62879999999996,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_cash_after_lending","upside_2027q3_buybacks"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_consumer_activity","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer average earning activity / Q2","value":1.4871632674862123,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_consumer_yield","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer revenue yield versus Q2","value":1.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_consumer_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Consumer lending revenue","value":710.0,"period":"2027Q4","formula":{"op":"multiply","refs":["q2_consumer","upside_2027q4_consumer_activity","upside_2027q4_consumer_yield"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_business_activity","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business average earning activity / Q2","value":1.780226284517495,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_business_yield","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business revenue yield versus Q2","value":1.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_business_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Activity calibration and revenue yield can vary independently; includes interest and contractual fees.","label":"Business lending revenue","value":782.0,"period":"2027Q4","formula":{"op":"multiply","refs":["q2_business","upside_2027q4_business_activity","upside_2027q4_business_yield"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_other_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other revenue","value":18.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"No bank acquisition contribution.","label":"Total revenue","value":1510.0,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_consumer_revenue","upside_2027q4_business_revenue","upside_2027q4_other_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_consumer_credit_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Consumer fair-value expense / revenue","value":0.41,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_consumer_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Consumer fair-value expense","value":291.09999999999997,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_consumer_revenue","upside_2027q4_consumer_credit_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_business_credit_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Business fair-value expense / revenue","value":0.335,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_business_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Credit and valuation sensitivity, not a cohort charge-off forecast.","label":"Business fair-value expense","value":261.97,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_business_revenue","upside_2027q4_business_credit_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"No double counting of charge-offs below fair-value expense.","label":"Total fair-value expense","value":553.0699999999999,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_consumer_credit_cost","upside_2027q4_business_credit_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_net_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Financial-company net revenue, not industrial gross profit.","label":"Revenue after fair-value expense","value":956.9300000000001,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_revenue","upside_2027q4_credit_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_da","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Depreciation and amortization","value":10.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC expense","value":11.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_marketing_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Marketing / revenue","value":0.215,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_marketing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Acquisition expense retained in earnings.","label":"Marketing expense","value":324.65,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_revenue","upside_2027q4_marketing_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_operations","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operations and technology","value":108.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_ga","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"General and administrative","value":57.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_opex","case":"upside","kind":"derived","unit":"USD_millions","basis":"SBC is already within departmental expense; add back only in cash bridge.","label":"Operating expense","value":500.15,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_marketing","upside_2027q4_operations","upside_2027q4_ga","upside_2027q4_da"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"No Grasshopper synergies or one-time transaction recovery assumed.","label":"GAAP operating income proxy","value":456.7800000000001,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_net_revenue","upside_2027q4_opex"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_average_debt","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Average funded debt","value":7450.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_annual_interest_rate","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net annual debt cost including fees","value":0.073,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_quarter_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter of annual rate","value":0.25,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_interest","case":"upside","kind":"derived","unit":"USD_millions","basis":"Blended cost for corporate and funding debt; commitments are not treated as draws.","label":"Net funding and corporate interest","value":135.9625,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_average_debt","upside_2027q4_annual_interest_rate","upside_2027q4_quarter_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_pretax","case":"upside","kind":"derived","unit":"USD_millions","basis":"No speculative nonoperating gains.","label":"Pretax earnings proxy","value":320.8175000000001,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_operating_income","upside_2027q4_interest"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_tax_rate","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Cash taxes / modeled pretax income","value":0.24,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_tax","case":"upside","kind":"derived","unit":"USD_millions","basis":"All configured pretax cases are positive; negative stress would require a cash-tax floor.","label":"Cash tax allowance","value":76.99620000000003,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_pretax","upside_2027q4_cash_tax_rate"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_noncash_bridge","case":"upside","kind":"derived","unit":"USD_millions","basis":"Fair-value expense assumed noncash here; loan receipts are modeled separately.","label":"Pretax earnings plus noncash expenses","value":895.3875,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_pretax","upside_2027q4_credit_cost","upside_2027q4_da","upside_2027q4_sbc"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_working_capital_use","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Net other cash use","value":25.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_operating_cash_uses","case":"upside","kind":"derived","unit":"USD_millions","basis":"Covers fee amortization, tax timing and other operating balances, not cash loan originations.","label":"Cash tax and other operating timing","value":101.99620000000003,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_cash_tax","upside_2027q4_working_capital_use"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense.","label":"Operating cash before loan investment","value":793.3913,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_noncash_bridge","upside_2027q4_operating_cash_uses"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_capex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash fixed assets and software","value":18.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_originations","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash loan originations","value":3900.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_principal_receipts","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash principal collections","value":2920.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_loan_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Excludes interest collections already in operating cash and noncash renewals.","label":"Net cash loan investment","value":980.0,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_cash_originations","upside_2027q4_principal_receipts"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Loan growth can consume more than reported CFO.","label":"Cash capital and net loan investment","value":998.0,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_capex","upside_2027q4_loan_investment"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_after_lending","case":"upside","kind":"derived","unit":"USD_millions","basis":"No new debt proceeds included.","label":"Cash after capex and loan investment","value":-204.6087,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_cfo","upside_2027q4_cash_investment"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_buybacks","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.","label":"Share repurchases","value":35.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_after_claims","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash.","label":"Cash after lending and repurchases","value":-239.6087,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_cash_after_lending","upside_2027q4_buybacks"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Total revenue ($M)","value":3954.069,"period":"FY2026","formula":{"op":"sum","refs":["h1_revenue","upside_2026q3_revenue","upside_2026q4_revenue"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Fair-value expense ($M)","value":1500.3739999999998,"period":"FY2026","formula":{"op":"sum","refs":["h1_credit_cost","upside_2026q3_credit_cost","upside_2026q4_credit_cost"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_net_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Revenue after fair-value expense ($M)","value":2453.695,"period":"FY2026","formula":{"op":"sum","refs":["h1_net_revenue","upside_2026q3_net_revenue","upside_2026q4_net_revenue"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"GAAP operating income proxy ($M)","value":1053.373,"period":"FY2026","formula":{"op":"sum","refs":["h1_operating_income","upside_2026q3_operating_income","upside_2026q4_operating_income"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_interest","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Net funding/corporate interest ($M)","value":394.89525,"period":"FY2026","formula":{"op":"sum","refs":["h1_interest","upside_2026q3_interest","upside_2026q4_interest"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_pretax","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Pretax earnings proxy ($M)","value":659.0607500000001,"period":"FY2026","formula":{"op":"sum","refs":["h1_pretax","upside_2026q3_pretax","upside_2026q4_pretax"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating cash before loan investment ($M)","value":2125.2314499999998,"period":"FY2026","formula":{"op":"sum","refs":["h1_cfo","upside_2026q3_cfo","upside_2026q4_cfo"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_capex","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash fixed assets and software ($M)","value":50.364999999999995,"period":"FY2026","formula":{"op":"sum","refs":["h1_capex","upside_2026q3_capex","upside_2026q4_capex"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_loan_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash loan originations less principal receipts ($M)","value":2887.973,"period":"FY2026","formula":{"op":"sum","refs":["h1_loan_investment","upside_2026q3_loan_investment","upside_2026q4_loan_investment"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_cash_after_lending","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after capex and loan investment ($M)","value":-813.1065500000002,"period":"FY2026","formula":{"op":"sum","refs":["h1_cash_after_lending","upside_2026q3_cash_after_lending","upside_2026q4_cash_after_lending"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_buybacks","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Share repurchase cash ($M)","value":159.37,"period":"FY2026","formula":{"op":"sum","refs":["h1_buybacks","upside_2026q3_buybacks","upside_2026q4_buybacks"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_cash_after_claims","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after lending and repurchases ($M)","value":-972.4765500000002,"period":"FY2026","formula":{"op":"sum","refs":["h1_cash_after_claims","upside_2026q3_cash_after_claims","upside_2026q4_cash_after_claims"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Total revenue ($M)","value":5380.0,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_revenue","upside_2027q2_revenue","upside_2027q3_revenue","upside_2027q4_revenue"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_credit_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Fair-value expense ($M)","value":1974.815,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_credit_cost","upside_2027q2_credit_cost","upside_2027q3_credit_cost","upside_2027q4_credit_cost"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_net_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Revenue after fair-value expense ($M)","value":3405.1850000000004,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_net_revenue","upside_2027q2_net_revenue","upside_2027q3_net_revenue","upside_2027q4_net_revenue"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"GAAP operating income proxy ($M)","value":1590.2849999999999,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_operating_income","upside_2027q2_operating_income","upside_2027q3_operating_income","upside_2027q4_operating_income"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_interest","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Net funding/corporate interest ($M)","value":494.11875,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_interest","upside_2027q2_interest","upside_2027q3_interest","upside_2027q4_interest"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_pretax","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Pretax earnings proxy ($M)","value":1096.16625,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_pretax","upside_2027q2_pretax","upside_2027q3_pretax","upside_2027q4_pretax"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating cash before loan investment ($M)","value":2801.7013500000003,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_cfo","upside_2027q2_cfo","upside_2027q3_cfo","upside_2027q4_cfo"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_capex","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash fixed assets and software ($M)","value":66.0,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_capex","upside_2027q2_capex","upside_2027q3_capex","upside_2027q4_capex"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_loan_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash loan originations less principal receipts ($M)","value":3500.0,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_loan_investment","upside_2027q2_loan_investment","upside_2027q3_loan_investment","upside_2027q4_loan_investment"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_cash_after_lending","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after capex and loan investment ($M)","value":-764.29865,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_cash_after_lending","upside_2027q2_cash_after_lending","upside_2027q3_cash_after_lending","upside_2027q4_cash_after_lending"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_buybacks","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Share repurchase cash ($M)","value":140.0,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_buybacks","upside_2027q2_buybacks","upside_2027q3_buybacks","upside_2027q4_buybacks"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_cash_after_claims","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after lending and repurchases ($M)","value":-904.29865,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_cash_after_claims","upside_2027q2_cash_after_claims","upside_2027q3_cash_after_claims","upside_2027q4_cash_after_claims"]},"source_url":null,"source_date":null}],"title":"Credit revenue and fair-value margins versus portfolio cash funding","method":"Drive consumer and small-business revenue from Q2 activity indices and revenue-yield factors. Deduct product-specific fair-value expense, marketing and operating costs, then corporate and funding interest. Cash flow adds noncash credit/fair-value expense back before separately subtracting cash loan originations less principal repayments. This avoids treating the reported lending-company CFO as cash available to owners. Base FY2026 revenue matches the midpoint of September-reaffirmed 20-25% growth guidance and Q3 matches approximately 25% growth; earnings, cash and FY2027 are desk sensitivities.","metrics":{"cfo":"Operating cash before loan investment ($M)","capex":"Cash fixed assets and software ($M)","pretax":"Pretax earnings proxy ($M)","revenue":"Total revenue ($M)","buybacks":"Share repurchase cash ($M)","interest":"Net funding/corporate interest ($M)","credit_cost":"Fair-value expense ($M)","net_revenue":"Revenue after fair-value expense ($M)","loan_investment":"Cash loan originations less principal receipts ($M)","operating_income":"GAAP operating income proxy ($M)","cash_after_claims":"Cash after lending and repurchases ($M)","cash_after_lending":"Cash after capex and loan investment ($M)"},"outputs":[{"case":"downside","period":"2026Q3","values":{"cfo":475.3336,"capex":13.0,"pretax":54.86,"revenue":955.0,"buybacks":50.0,"interest":112.62500000000001,"credit_cost":430.64,"net_revenue":524.36,"loan_investment":720.0,"operating_income":167.485,"cash_after_claims":-307.6664,"cash_after_lending":-257.6664},"metrics":{"cfo":"downside_2026q3_cfo","capex":"downside_2026q3_capex","pretax":"downside_2026q3_pretax","revenue":"downside_2026q3_revenue","buybacks":"downside_2026q3_buybacks","interest":"downside_2026q3_interest","credit_cost":"downside_2026q3_credit_cost","net_revenue":"downside_2026q3_net_revenue","loan_investment":"downside_2026q3_loan_investment","operating_income":"downside_2026q3_operating_income","cash_after_claims":"downside_2026q3_cash_after_claims","cash_after_lending":"downside_2026q3_cash_after_lending"},"frequency":"quarter","period_end":"2026-09-30"},{"case":"downside","period":"2026Q4","values":{"cfo":486.7403,"capex":14.0,"pretax":55.092500000000015,"revenue":985.0,"buybacks":50.0,"interest":115.81250000000001,"credit_cost":443.16999999999996,"net_revenue":541.83,"loan_investment":700.0,"operating_income":170.90500000000003,"cash_after_claims":-277.2597,"cash_after_lending":-227.2597},"metrics":{"cfo":"downside_2026q4_cfo","capex":"downside_2026q4_capex","pretax":"downside_2026q4_pretax","revenue":"downside_2026q4_revenue","buybacks":"downside_2026q4_buybacks","interest":"downside_2026q4_interest","credit_cost":"downside_2026q4_credit_cost","net_revenue":"downside_2026q4_net_revenue","loan_investment":"downside_2026q4_loan_investment","operating_income":"downside_2026q4_operating_income","cash_after_claims":"downside_2026q4_cash_after_claims","cash_after_lending":"downside_2026q4_cash_after_lending"},"frequency":"quarter","period_end":"2026-12-31"},{"case":"downside","period":"2027Q1","values":{"cfo":474.55949999999996,"capex":15.0,"pretax":45.01249999999992,"revenue":980.0,"buybacks":35.0,"interest":117.93750000000001,"credit_cost":439.95,"net_revenue":540.05,"loan_investment":590.0,"operating_income":162.94999999999993,"cash_after_claims":-165.44050000000004,"cash_after_lending":-130.44050000000004},"metrics":{"cfo":"downside_2027q1_cfo","capex":"downside_2027q1_capex","pretax":"downside_2027q1_pretax","revenue":"downside_2027q1_revenue","buybacks":"downside_2027q1_buybacks","interest":"downside_2027q1_interest","credit_cost":"downside_2027q1_credit_cost","net_revenue":"downside_2027q1_net_revenue","loan_investment":"downside_2027q1_loan_investment","operating_income":"downside_2027q1_operating_income","cash_after_claims":"downside_2027q1_cash_after_claims","cash_after_lending":"downside_2027q1_cash_after_lending"},"frequency":"quarter","period_end":"2027-03-31"},{"case":"downside","period":"2027Q2","values":{"cfo":493.03220000000005,"capex":16.0,"pretax":48.09500000000001,"revenue":1020.0,"buybacks":35.0,"interest":121.12500000000001,"credit_cost":457.38,"net_revenue":562.62,"loan_investment":650.0,"operating_income":169.22000000000003,"cash_after_claims":-207.96779999999995,"cash_after_lending":-172.96779999999995},"metrics":{"cfo":"downside_2027q2_cfo","capex":"downside_2027q2_capex","pretax":"downside_2027q2_pretax","revenue":"downside_2027q2_revenue","buybacks":"downside_2027q2_buybacks","interest":"downside_2027q2_interest","credit_cost":"downside_2027q2_credit_cost","net_revenue":"downside_2027q2_net_revenue","loan_investment":"downside_2027q2_loan_investment","operating_income":"downside_2027q2_operating_income","cash_after_claims":"downside_2027q2_cash_after_claims","cash_after_lending":"downside_2027q2_cash_after_lending"},"frequency":"quarter","period_end":"2027-06-30"},{"case":"downside","period":"FY2026","values":{"cfo":1980.6479,"capex":50.364999999999995,"pretax":362.9245,"revenue":3744.069,"buybacks":159.37,"interest":420.30150000000003,"credit_cost":1580.8539999999998,"net_revenue":2163.215,"loan_investment":2807.973,"operating_income":782.643,"cash_after_claims":-1037.0601000000001,"cash_after_lending":-877.6901},"metrics":{"cfo":"downside_fy2026_cfo","capex":"downside_fy2026_capex","pretax":"downside_fy2026_pretax","revenue":"downside_fy2026_revenue","buybacks":"downside_fy2026_buybacks","interest":"downside_fy2026_interest","credit_cost":"downside_fy2026_credit_cost","net_revenue":"downside_fy2026_net_revenue","loan_investment":"downside_fy2026_loan_investment","operating_income":"downside_fy2026_operating_income","cash_after_claims":"downside_fy2026_cash_after_claims","cash_after_lending":"downside_fy2026_cash_after_lending"},"frequency":"year","period_end":"2026-12-31"},{"case":"downside","period":"FY2027","values":{"cfo":2014.6932000000002,"capex":66.0,"pretax":198.56999999999994,"revenue":4170.0,"buybacks":140.0,"interest":493.00000000000006,"credit_cost":1869.98,"net_revenue":2300.02,"loan_investment":2800.0,"operating_income":691.5699999999999,"cash_after_claims":-991.3068,"cash_after_lending":-851.3068},"metrics":{"cfo":"downside_fy2027_cfo","capex":"downside_fy2027_capex","pretax":"downside_fy2027_pretax","revenue":"downside_fy2027_revenue","buybacks":"downside_fy2027_buybacks","interest":"downside_fy2027_interest","credit_cost":"downside_fy2027_credit_cost","net_revenue":"downside_fy2027_net_revenue","loan_investment":"downside_fy2027_loan_investment","operating_income":"downside_fy2027_operating_income","cash_after_claims":"downside_fy2027_cash_after_claims","cash_after_lending":"downside_fy2027_cash_after_lending"},"frequency":"year","period_end":"2027-12-31"},{"case":"base","period":"2026Q3","values":{"cfo":509.8488389999999,"capex":13.0,"pretax":143.3842124999999,"revenue":1003.3474999999999,"buybacks":50.0,"interest":103.35,"credit_cost":397.87683749999997,"net_revenue":605.4706624999999,"loan_investment":700.0,"operating_income":246.7342124999999,"cash_after_claims":-253.15116100000012,"cash_after_lending":-203.15116100000012},"metrics":{"cfo":"base_2026q3_cfo","capex":"base_2026q3_capex","pretax":"base_2026q3_pretax","revenue":"base_2026q3_revenue","buybacks":"base_2026q3_buybacks","interest":"base_2026q3_interest","credit_cost":"base_2026q3_credit_cost","net_revenue":"base_2026q3_net_revenue","loan_investment":"base_2026q3_loan_investment","operating_income":"base_2026q3_operating_income","cash_after_claims":"base_2026q3_cash_after_claims","cash_after_lending":"base_2026q3_cash_after_lending"},"frequency":"quarter","period_end":"2026-09-30"},{"case":"base","period":"2026Q4","values":{"cfo":534.0261723700005,"capex":14.0,"pretax":151.0662463750004,"revenue":1053.3584250000008,"buybacks":50.0,"interest":107.7375,"credit_cost":417.5158251250003,"net_revenue":635.8425998750006,"loan_investment":760.0,"operating_income":258.8037463750004,"cash_after_claims":-289.9738276299995,"cash_after_lending":-239.9738276299995},"metrics":{"cfo":"base_2026q4_cfo","capex":"base_2026q4_capex","pretax":"base_2026q4_pretax","revenue":"base_2026q4_revenue","buybacks":"base_2026q4_buybacks","interest":"base_2026q4_interest","credit_cost":"base_2026q4_credit_cost","net_revenue":"base_2026q4_net_revenue","loan_investment":"base_2026q4_loan_investment","operating_income":"base_2026q4_operating_income","cash_after_claims":"base_2026q4_cash_after_claims","cash_after_lending":"base_2026q4_cash_after_lending"},"frequency":"quarter","period_end":"2026-12-31"},{"case":"base","period":"2027Q1","values":{"cfo":548.8549999999999,"capex":15.0,"pretax":154.24999999999994,"revenue":1090.0,"buybacks":35.0,"interest":112.125,"credit_cost":431.225,"net_revenue":658.775,"loan_investment":700.0,"operating_income":266.37499999999994,"cash_after_claims":-201.1450000000001,"cash_after_lending":-166.1450000000001},"metrics":{"cfo":"base_2027q1_cfo","capex":"base_2027q1_capex","pretax":"base_2027q1_pretax","revenue":"base_2027q1_revenue","buybacks":"base_2027q1_buybacks","interest":"base_2027q1_interest","credit_cost":"base_2027q1_credit_cost","net_revenue":"base_2027q1_net_revenue","loan_investment":"base_2027q1_loan_investment","operating_income":"base_2027q1_operating_income","cash_after_claims":"base_2027q1_cash_after_claims","cash_after_lending":"base_2027q1_cash_after_lending"},"frequency":"quarter","period_end":"2027-03-31"},{"case":"base","period":"2027Q2","values":{"cfo":576.0564,"capex":16.0,"pretax":163.5150000000001,"revenue":1145.0,"buybacks":35.0,"interest":117.0,"credit_cost":452.685,"net_revenue":692.315,"loan_investment":750.0,"operating_income":280.5150000000001,"cash_after_claims":-224.94359999999995,"cash_after_lending":-189.94359999999995},"metrics":{"cfo":"base_2027q2_cfo","capex":"base_2027q2_capex","pretax":"base_2027q2_pretax","revenue":"base_2027q2_revenue","buybacks":"base_2027q2_buybacks","interest":"base_2027q2_interest","credit_cost":"base_2027q2_credit_cost","net_revenue":"base_2027q2_net_revenue","loan_investment":"base_2027q2_loan_investment","operating_income":"base_2027q2_operating_income","cash_after_claims":"base_2027q2_cash_after_claims","cash_after_lending":"base_2027q2_cash_after_lending"},"frequency":"quarter","period_end":"2027-06-30"},{"case":"base","period":"FY2026","values":{"cfo":2062.4490113700003,"capex":50.364999999999995,"pretax":547.4224588750003,"revenue":3860.7749250000006,"buybacks":159.37,"interest":402.9515,"credit_cost":1522.436662625,"net_revenue":2338.3382623750003,"loan_investment":2847.973,"operating_income":949.7909588750003,"cash_after_claims":-995.2589886299996,"cash_after_lending":-835.8889886299996},"metrics":{"cfo":"base_fy2026_cfo","capex":"base_fy2026_capex","pretax":"base_fy2026_pretax","revenue":"base_fy2026_revenue","buybacks":"base_fy2026_buybacks","interest":"base_fy2026_interest","credit_cost":"base_fy2026_credit_cost","net_revenue":"base_fy2026_net_revenue","loan_investment":"base_fy2026_loan_investment","operating_income":"base_fy2026_operating_income","cash_after_claims":"base_fy2026_cash_after_claims","cash_after_lending":"base_fy2026_cash_after_lending"},"frequency":"year","period_end":"2026-12-31"},{"case":"base","period":"FY2027","values":{"cfo":2400.5969,"capex":66.0,"pretax":694.7525,"revenue":4755.0,"buybacks":140.0,"interest":481.1625,"credit_cost":1878.7849999999999,"net_revenue":2876.215,"loan_investment":3090.0,"operating_income":1175.9150000000002,"cash_after_claims":-895.4031,"cash_after_lending":-755.4031},"metrics":{"cfo":"base_fy2027_cfo","capex":"base_fy2027_capex","pretax":"base_fy2027_pretax","revenue":"base_fy2027_revenue","buybacks":"base_fy2027_buybacks","interest":"base_fy2027_interest","credit_cost":"base_fy2027_credit_cost","net_revenue":"base_fy2027_net_revenue","loan_investment":"base_fy2027_loan_investment","operating_income":"base_fy2027_operating_income","cash_after_claims":"base_fy2027_cash_after_claims","cash_after_lending":"base_fy2027_cash_after_lending"},"frequency":"year","period_end":"2027-12-31"},{"case":"upside","period":"2026Q3","values":{"cfo":535.0367999999999,"capex":13.0,"pretax":195.055,"revenue":1040.0,"buybacks":50.0,"interest":98.55,"credit_cost":383.79499999999996,"net_revenue":656.205,"loan_investment":720.0,"operating_income":293.605,"cash_after_claims":-247.96320000000014,"cash_after_lending":-197.96320000000014},"metrics":{"cfo":"upside_2026q3_cfo","capex":"upside_2026q3_capex","pretax":"upside_2026q3_pretax","revenue":"upside_2026q3_revenue","buybacks":"upside_2026q3_buybacks","interest":"upside_2026q3_interest","credit_cost":"upside_2026q3_credit_cost","net_revenue":"upside_2026q3_net_revenue","loan_investment":"upside_2026q3_loan_investment","operating_income":"upside_2026q3_operating_income","cash_after_claims":"upside_2026q3_cash_after_claims","cash_after_lending":"upside_2026q3_cash_after_lending"},"frequency":"quarter","period_end":"2026-09-30"},{"case":"upside","period":"2026Q4","values":{"cfo":571.62065,"capex":14.0,"pretax":211.03375000000005,"revenue":1110.0,"buybacks":50.0,"interest":104.48124999999999,"credit_cost":409.53499999999997,"net_revenue":700.465,"loan_investment":780.0,"operating_income":315.51500000000004,"cash_after_claims":-272.37935000000004,"cash_after_lending":-222.37935000000004},"metrics":{"cfo":"upside_2026q4_cfo","capex":"upside_2026q4_capex","pretax":"upside_2026q4_pretax","revenue":"upside_2026q4_revenue","buybacks":"upside_2026q4_buybacks","interest":"upside_2026q4_interest","credit_cost":"upside_2026q4_credit_cost","net_revenue":"upside_2026q4_net_revenue","loan_investment":"upside_2026q4_loan_investment","operating_income":"upside_2026q4_operating_income","cash_after_claims":"upside_2026q4_cash_after_claims","cash_after_lending":"upside_2026q4_cash_after_lending"},"frequency":"quarter","period_end":"2026-12-31"},{"case":"upside","period":"2027Q1","values":{"cfo":614.1009999999999,"capex":15.0,"pretax":231.34999999999997,"revenue":1190.0,"buybacks":35.0,"interest":111.32499999999999,"credit_cost":437.875,"net_revenue":752.125,"loan_investment":770.0,"operating_income":342.67499999999995,"cash_after_claims":-205.89900000000011,"cash_after_lending":-170.89900000000011},"metrics":{"cfo":"upside_2027q1_cfo","capex":"upside_2027q1_capex","pretax":"upside_2027q1_pretax","revenue":"upside_2027q1_revenue","buybacks":"upside_2027q1_buybacks","interest":"upside_2027q1_interest","credit_cost":"upside_2027q1_credit_cost","net_revenue":"upside_2027q1_net_revenue","loan_investment":"upside_2027q1_loan_investment","operating_income":"upside_2027q1_operating_income","cash_after_claims":"upside_2027q1_cash_after_claims","cash_after_lending":"upside_2027q1_cash_after_lending"},"frequency":"quarter","period_end":"2027-03-31"},{"case":"upside","period":"2027Q2","values":{"cfo":662.8378500000001,"capex":16.0,"pretax":254.50374999999997,"revenue":1280.0,"buybacks":35.0,"interest":119.08125,"credit_cost":470.31500000000005,"net_revenue":809.685,"loan_investment":840.0,"operating_income":373.585,"cash_after_claims":-228.16214999999988,"cash_after_lending":-193.16214999999988},"metrics":{"cfo":"upside_2027q2_cfo","capex":"upside_2027q2_capex","pretax":"upside_2027q2_pretax","revenue":"upside_2027q2_revenue","buybacks":"upside_2027q2_buybacks","interest":"upside_2027q2_interest","credit_cost":"upside_2027q2_credit_cost","net_revenue":"upside_2027q2_net_revenue","loan_investment":"upside_2027q2_loan_investment","operating_income":"upside_2027q2_operating_income","cash_after_claims":"upside_2027q2_cash_after_claims","cash_after_lending":"upside_2027q2_cash_after_lending"},"frequency":"quarter","period_end":"2027-06-30"},{"case":"upside","period":"FY2026","values":{"cfo":2125.2314499999998,"capex":50.364999999999995,"pretax":659.0607500000001,"revenue":3954.069,"buybacks":159.37,"interest":394.89525,"credit_cost":1500.3739999999998,"net_revenue":2453.695,"loan_investment":2887.973,"operating_income":1053.373,"cash_after_claims":-972.4765500000002,"cash_after_lending":-813.1065500000002},"metrics":{"cfo":"upside_fy2026_cfo","capex":"upside_fy2026_capex","pretax":"upside_fy2026_pretax","revenue":"upside_fy2026_revenue","buybacks":"upside_fy2026_buybacks","interest":"upside_fy2026_interest","credit_cost":"upside_fy2026_credit_cost","net_revenue":"upside_fy2026_net_revenue","loan_investment":"upside_fy2026_loan_investment","operating_income":"upside_fy2026_operating_income","cash_after_claims":"upside_fy2026_cash_after_claims","cash_after_lending":"upside_fy2026_cash_after_lending"},"frequency":"year","period_end":"2026-12-31"},{"case":"upside","period":"FY2027","values":{"cfo":2801.7013500000003,"capex":66.0,"pretax":1096.16625,"revenue":5380.0,"buybacks":140.0,"interest":494.11875,"credit_cost":1974.815,"net_revenue":3405.1850000000004,"loan_investment":3500.0,"operating_income":1590.2849999999999,"cash_after_claims":-904.29865,"cash_after_lending":-764.29865},"metrics":{"cfo":"upside_fy2027_cfo","capex":"upside_fy2027_capex","pretax":"upside_fy2027_pretax","revenue":"upside_fy2027_revenue","buybacks":"upside_fy2027_buybacks","interest":"upside_fy2027_interest","credit_cost":"upside_fy2027_credit_cost","net_revenue":"upside_fy2027_net_revenue","loan_investment":"upside_fy2027_loan_investment","operating_income":"upside_fy2027_operating_income","cash_after_claims":"upside_fy2027_cash_after_claims","cash_after_lending":"upside_fy2027_cash_after_lending"},"frequency":"year","period_end":"2027-12-31"}],"highlights":["fy25_revenue","fy26_revenue_low","fy26_revenue_high","h1_net_revenue","h1_cfo","h1_cash_originations","h1_principal_receipts","h1_loan_investment","h1_cash_after_lending","h1_cash_after_claims","cash","restricted_cash","loan_principal","loan_fair_value","funding_debt","corporate_debt","board_buyback","covenant_buyback"],"limitations":["Enova withdrew the OCC/Federal Reserve applications for the proposed Grasshopper transaction in September. No closing, deposit funding or acquisition synergy is assumed. Withdrawal is not modeled as a completed acquisition.","Fair-value expense includes credit economics and changes in valuation assumptions; it is not interchangeable with charge-offs or a cash payment. Consumer and small-business loss sensitivities are not forecasts of specific loan cohorts.","Loan-roll-forward repayments include interest and noncash renewals. Cash investing uses cash originations and principal repayments from the cash-flow statement, not those incompatible roll-forward totals.","Cash after lending excludes new borrowing, refinancing, asset transfers and collateral reserve changes. It is a funding need/surplus before financing, not a parent liquidity or distributable cash forecast.","September facility amendments and the anticipated September 25 OnDeck securitization are funding capacity/plans, not cash earned. No proceeds from the planned transaction are assumed received as of September 19.","The June $349M board buyback authorization exceeded the $218M then available under senior-note covenants. Desk H2 buybacks total $100M; availability and covenant tests must be checked again before an actual repurchase.","The model does not forecast adjusted EPS or buyback-driven share counts. Management reaffirmed adjusted-EPS growth outlook separately; revenue calibration does not imply a full reconciliation to that earnings guide.","September OnDeck performance data covers a defined serviced subset including owned and sold assets. It is not applied as the credit curve for all consolidated loans. No complete loan-vintage, capital or debt-amortization waterfall is provided."],"reviewed_at":"2026-09-19","schema_version":"operating_model.v1"}}