ALPHAFORGE RESEARCH · COMPANY FILE · FINANCIALS & FINTECH

$ENVA

Enova International, Inc. · NYSE · SIC 6141 · CIK 1529864 · revision 5 as of 2026-09-19

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Business

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.

Three 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

Thesis

Our 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.

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.

Scenario ranges

Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2024Q3 2024-09-30	2024Q4 2024-12-31	2025Q1 2025-03-31	2025Q2 2025-06-30	2025Q3 2025-09-30	2025Q4 2025-12-31	2026Q1 2026-03-31	2026Q2 2026-06-30
Revenue ($M)	689.9¹	729.6†²	745.5³	764.0⁴	802.7¹	839.4†²	875.1³	928.9⁴
Gross profit ($M)	400.4⁵	413.0†⁶	426.2⁷	441.5⁸	460.7⁵	501.9†⁶	529.0⁷	568.1⁸
Operating income ($M)	153.7⁹	155.2†¹⁰	171.9¹¹	184.1¹²	196.8⁹	186.6†¹⁰	207.1¹¹	237.1¹²
Net income ($M)	43.4¹³	63.7†¹⁴	72.9¹⁵	76.1¹⁶	80.3¹³	79.0†¹⁴	91.1¹⁵	105.1¹⁶
EPS, diluted ($)	1.57¹⁷	—	2.69¹⁸	2.86¹⁹	3.03¹⁷	—	3.46¹⁸	4.00¹⁹
Diluted shares (M)	27.7²⁰	—	27.1²¹	26.6²²	26.5²⁰	—	26.3²¹	26.3²²
Cash ($M)	67.5²³	73.9²⁴	55.5²⁵	55.6²⁶	53.6²³	71.7²⁶	96.1²⁵	122.2²⁶
Long-term debt ($M)	3,293.7²⁷	3,563.5²⁸	3,757.4²⁹	3,963.5³⁰	4,106.5²⁷	4,498.4³⁰	4,832.5²⁹	5,013.9³⁰
Cash from operations ($M)	398.6†³¹	430.5†³²	391.1³³	447.4†³⁴	481.8†³¹	498.8†³²	474.5³³	544.0†³⁴
Capex ($M)	—	—	—	—	—	—	—	—
Free cash flow ($M)	—	—	—	—	—	—	—	—

† derived (Q4 = fiscal year minus the first three quarters; year-to-date cash flows differenced; FCF = CFO − capex). Superscripts are the provenance notes below.

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2026Q3	1,003.3	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2026Q4	1,053.4	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	1,090.0	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	1,145.0	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Credit revenue and fair-value margins versus portfolio cash funding

Operating scenarios · reviewed 2026-09-19 · USD millions unless labeled otherwise · our assumptions, not consensus

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.

Reported anchors and guidance

Measure	Period	Value	Basis
FY2025 reported revenue	FY2025	3,151.65	reported. Sum of four reviewed SEC-derived quarters; annual revenue baseline for management percentage guidance. Source · 2026-02-20
FY2026 revenue range low	FY2026	3,781.98	derived. Reported annual baseline times management growth range.
FY2026 revenue range high	FY2026	3,939.57	derived. Reported annual baseline times management growth range.
H1 net revenue	H1 2026	1,097.03	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-23
H1 cfo	H1 2026	1,018.57	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-23
H1 cash originations	H1 2026	4,292.88	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-23
H1 principal receipts	H1 2026	2,904.91	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-23
H1 net cash loan investment	H1 2026	1,387.97	derived. Cash originations exclude noncash renewals; principal receipts exclude interest collections.
H1 cash after capex and loan investment	H1 2026	-392.76	derived. Not CFO less only industrial capex.
H1 cash after lending and repurchases	H1 2026	-452.13	derived. Before new borrowing, debt repayment, financing fees and equity receipts.
cash	June 2026 / comparison	122.23	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-23
restricted cash	June 2026 / comparison	342.99	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-23
loan principal	June 2026 / comparison	5,351.09	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-23
loan fair value	June 2026 / comparison	6,172.76	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-23
funding debt	June 2026 / comparison	3,556.04	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-23
corporate debt	June 2026 / comparison	1,479.00	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-23
board buyback	June 2026 / comparison	349.00	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-23
covenant buyback	June 2026 / comparison	218.00	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-23

Downside scenario

Period	Operating cash before loan investment ($M)	Cash fixed assets and software ($M)	Pretax earnings proxy ($M)	Total revenue ($M)	Share repurchase cash ($M)	Net funding/corporate interest ($M)	Fair-value expense ($M)	Revenue after fair-value expense ($M)	Cash loan originations less principal receipts ($M)	GAAP operating income proxy ($M)	Cash after lending and repurchases ($M)	Cash after capex and loan investment ($M)
2026Q3	475.33	13.00	54.86	955.00	50.00	112.63	430.64	524.36	720.00	167.49	-307.67	-257.67
2026Q4	486.74	14.00	55.09	985.00	50.00	115.81	443.17	541.83	700.00	170.91	-277.26	-227.26
2027Q1	474.56	15.00	45.01	980.00	35.00	117.94	439.95	540.05	590.00	162.95	-165.44	-130.44
2027Q2	493.03	16.00	48.10	1,020.00	35.00	121.13	457.38	562.62	650.00	169.22	-207.97	-172.97
FY2026	1,980.65	50.36	362.92	3,744.07	159.37	420.30	1,580.85	2,163.22	2,807.97	782.64	-1,037.06	-877.69
FY2027	2,014.69	66.00	198.57	4,170.00	140.00	493.00	1,869.98	2,300.02	2,800.00	691.57	-991.31	-851.31

Base scenario

Period	Operating cash before loan investment ($M)	Cash fixed assets and software ($M)	Pretax earnings proxy ($M)	Total revenue ($M)	Share repurchase cash ($M)	Net funding/corporate interest ($M)	Fair-value expense ($M)	Revenue after fair-value expense ($M)	Cash loan originations less principal receipts ($M)	GAAP operating income proxy ($M)	Cash after lending and repurchases ($M)	Cash after capex and loan investment ($M)
2026Q3	509.85	13.00	143.38	1,003.35	50.00	103.35	397.88	605.47	700.00	246.73	-253.15	-203.15
2026Q4	534.03	14.00	151.07	1,053.36	50.00	107.74	417.52	635.84	760.00	258.80	-289.97	-239.97
2027Q1	548.85	15.00	154.25	1,090.00	35.00	112.12	431.23	658.77	700.00	266.37	-201.15	-166.15
2027Q2	576.06	16.00	163.52	1,145.00	35.00	117.00	452.69	692.32	750.00	280.52	-224.94	-189.94
FY2026	2,062.45	50.36	547.42	3,860.77	159.37	402.95	1,522.44	2,338.34	2,847.97	949.79	-995.26	-835.89
FY2027	2,400.60	66.00	694.75	4,755.00	140.00	481.16	1,878.78	2,876.22	3,090.00	1,175.92	-895.40	-755.40

Upside scenario

Period	Operating cash before loan investment ($M)	Cash fixed assets and software ($M)	Pretax earnings proxy ($M)	Total revenue ($M)	Share repurchase cash ($M)	Net funding/corporate interest ($M)	Fair-value expense ($M)	Revenue after fair-value expense ($M)	Cash loan originations less principal receipts ($M)	GAAP operating income proxy ($M)	Cash after lending and repurchases ($M)	Cash after capex and loan investment ($M)
2026Q3	535.04	13.00	195.06	1,040.00	50.00	98.55	383.79	656.21	720.00	293.61	-247.96	-197.96
2026Q4	571.62	14.00	211.03	1,110.00	50.00	104.48	409.53	700.47	780.00	315.52	-272.38	-222.38
2027Q1	614.10	15.00	231.35	1,190.00	35.00	111.32	437.88	752.12	770.00	342.67	-205.90	-170.90
2027Q2	662.84	16.00	254.50	1,280.00	35.00	119.08	470.32	809.68	840.00	373.58	-228.16	-193.16
FY2026	2,125.23	50.36	659.06	3,954.07	159.37	394.90	1,500.37	2,453.70	2,887.97	1,053.37	-972.48	-813.11
FY2027	2,801.70	66.00	1,096.17	5,380.00	140.00	494.12	1,974.82	3,405.19	3,500.00	1,590.28	-904.30	-764.30

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
H1 revenue h1_revenue	H1 2026 / shared	1,804.07 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
H1 credit cost h1_credit_cost	H1 2026 / shared	707.04 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
H1 net revenue h1_net_revenue	H1 2026 / shared	1,097.03 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
H1 operating income h1_operating_income	H1 2026 / shared	444.25 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
H1 interest h1_interest	H1 2026 / shared	191.86 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
H1 pretax h1_pretax	H1 2026 / shared	252.97 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
H1 cfo h1_cfo	H1 2026 / shared	1,018.57 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
H1 capex h1_capex	H1 2026 / shared	23.36 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
H1 buybacks h1_buybacks	H1 2026 / shared	59.37 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
H1 cash originations h1_cash_originations	H1 2026 / shared	4,292.88 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
H1 principal receipts h1_principal_receipts	H1 2026 / shared	2,904.91 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
H1 noncash fv h1_noncash_fv	H1 2026 / shared	703.09 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
H1 sbc h1_sbc	H1 2026 / shared	17.46 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
H1 da h1_da	H1 2026 / shared	17.33 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
H1 consumer revenue h1_consumer_revenue	H1 2026 / shared	923.23 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
H1 business revenue h1_business_revenue	H1 2026 / shared	856.77 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
H1 other revenue h1_other_revenue	H1 2026 / shared	24.07 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
H1 noncash renewals h1_noncash_renewals	H1 2026 / shared	262.93 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
H1 rollforward repayments h1_rollforward_repayments	H1 2026 / shared	4,934.91 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
H1 net cash loan investment h1_loan_investment	H1 2026 / shared	1,387.97 USD_millions	derived: Cash originations exclude noncash renewals; principal receipts exclude interest collections. Formula: subtract(h1_cash_originations, h1_principal_receipts).
Cash asset and loan investment h1_investment	H1 2026 / shared	1,411.34 USD_millions	derived: Investment cash uses beyond reported CFO. Formula: sum(h1_capex, h1_loan_investment).
H1 cash after capex and loan investment h1_cash_after_lending	H1 2026 / shared	-392.76 USD_millions	derived: Not CFO less only industrial capex. Formula: subtract(h1_cfo, h1_investment).
H1 cash after lending and repurchases h1_cash_after_claims	H1 2026 / shared	-452.13 USD_millions	derived: Before new borrowing, debt repayment, financing fees and equity receipts. Formula: subtract(h1_cash_after_lending, h1_buybacks).
q2 consumer q2_consumer	June 2026 / comparison / shared	477.42 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
q2 business q2_business	June 2026 / comparison / shared	439.27 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
q2 other q2_other	June 2026 / comparison / shared	12.24 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
cash cash	June 2026 / comparison / shared	122.23 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
restricted cash restricted_cash	June 2026 / comparison / shared	342.99 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
loan principal loan_principal	June 2026 / comparison / shared	5,351.09 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
loan fair value loan_fair_value	June 2026 / comparison / shared	6,172.76 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
funding debt funding_debt	June 2026 / comparison / shared	3,556.04 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
corporate debt corporate_debt	June 2026 / comparison / shared	1,479.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
board buyback board_buyback	June 2026 / comparison / shared	349.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
covenant buyback covenant_buyback	June 2026 / comparison / shared	218.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
q3 2025 revenue q3_2025_revenue	June 2026 / comparison / shared	802.68 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-23
FY2025 reported revenue fy25_revenue	FY2025 / shared	3,151.65 USD_millions	reported: Sum of four reviewed SEC-derived quarters; annual revenue baseline for management percentage guidance. Primary source · 2026-02-20
FY2026 revenue growth low fy26_growth_low	FY2026 / shared	120.0% ratio	management guidance: September 14 reaffirmed 20-25% year-over-year growth outlook. Primary source · 2026-09-14
FY2026 revenue growth high fy26_growth_high	FY2026 / shared	125.0% ratio	management guidance: September 14 reaffirmed outlook. Primary source · 2026-09-14
FY2026 revenue range low fy26_revenue_low	FY2026 / shared	3,781.98 USD_millions	derived: Reported annual baseline times management growth range. Formula: multiply(fy25_revenue, fy26_growth_low).
FY2026 revenue range high fy26_revenue_high	FY2026 / shared	3,939.57 USD_millions	derived: Reported annual baseline times management growth range. Formula: multiply(fy25_revenue, fy26_growth_high).
Consumer average earning activity / Q2 downside_2026q3_consumer_activity	2026Q3 / downside	104.7% ratio	assumption: Desk assumption; not company guidance.
Consumer revenue yield versus Q2 downside_2026q3_consumer_yield	2026Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Consumer lending revenue downside_2026q3_consumer_revenue	2026Q3 / downside	500.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_consumer, downside_2026q3_consumer_activity, downside_2026q3_consumer_yield).
Business average earning activity / Q2 downside_2026q3_business_activity	2026Q3 / downside	100.6% ratio	assumption: Desk assumption; not company guidance.
Business revenue yield versus Q2 downside_2026q3_business_yield	2026Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Business lending revenue downside_2026q3_business_revenue	2026Q3 / downside	442.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_business, downside_2026q3_business_activity, downside_2026q3_business_yield).
Other revenue downside_2026q3_other_revenue	2026Q3 / downside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2026q3_revenue	2026Q3 / downside	955.00 USD_millions	derived: No bank acquisition contribution. Formula: sum(downside_2026q3_consumer_revenue, downside_2026q3_business_revenue, downside_2026q3_other_revenue).
Consumer fair-value expense / revenue downside_2026q3_consumer_credit_ratio	2026Q3 / downside	49.0% ratio	assumption: Desk assumption; not company guidance.
Consumer fair-value expense downside_2026q3_consumer_credit_cost	2026Q3 / downside	245.00 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(downside_2026q3_consumer_revenue, downside_2026q3_consumer_credit_ratio).
Business fair-value expense / revenue downside_2026q3_business_credit_ratio	2026Q3 / downside	42.0% ratio	assumption: Desk assumption; not company guidance.
Business fair-value expense downside_2026q3_business_credit_cost	2026Q3 / downside	185.64 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(downside_2026q3_business_revenue, downside_2026q3_business_credit_ratio).
Total fair-value expense downside_2026q3_credit_cost	2026Q3 / downside	430.64 USD_millions	derived: No double counting of charge-offs below fair-value expense. Formula: sum(downside_2026q3_consumer_credit_cost, downside_2026q3_business_credit_cost).
Revenue after fair-value expense downside_2026q3_net_revenue	2026Q3 / downside	524.36 USD_millions	derived: Financial-company net revenue, not industrial gross profit. Formula: subtract(downside_2026q3_revenue, downside_2026q3_credit_cost).
Depreciation and amortization downside_2026q3_da	2026Q3 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC expense downside_2026q3_sbc	2026Q3 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing / revenue downside_2026q3_marketing_ratio	2026Q3 / downside	22.5% ratio	assumption: Desk assumption; not company guidance.
Marketing expense downside_2026q3_marketing	2026Q3 / downside	214.88 USD_millions	derived: Acquisition expense retained in earnings. Formula: multiply(downside_2026q3_revenue, downside_2026q3_marketing_ratio).
Operations and technology downside_2026q3_operations	2026Q3 / downside	84.00 USD_millions	assumption: Desk assumption; not company guidance.
General and administrative downside_2026q3_ga	2026Q3 / downside	49.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating expense downside_2026q3_opex	2026Q3 / downside	356.88 USD_millions	derived: SBC is already within departmental expense; add back only in cash bridge. Formula: sum(downside_2026q3_marketing, downside_2026q3_operations, downside_2026q3_ga, downside_2026q3_da).
GAAP operating income proxy downside_2026q3_operating_income	2026Q3 / downside	167.49 USD_millions	derived: No Grasshopper synergies or one-time transaction recovery assumed. Formula: subtract(downside_2026q3_net_revenue, downside_2026q3_opex).
Average funded debt downside_2026q3_average_debt	2026Q3 / downside	5,300.00 USD_millions	assumption: Desk assumption; not company guidance.
Net annual debt cost including fees downside_2026q3_annual_interest_rate	2026Q3 / downside	8.5% ratio	assumption: Desk assumption; not company guidance.
Quarter of annual rate downside_2026q3_quarter_fraction	2026Q3 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Net funding and corporate interest downside_2026q3_interest	2026Q3 / downside	112.63 USD_millions	derived: Blended cost for corporate and funding debt; commitments are not treated as draws. Formula: multiply(downside_2026q3_average_debt, downside_2026q3_annual_interest_rate, downside_2026q3_quarter_fraction).
Pretax earnings proxy downside_2026q3_pretax	2026Q3 / downside	54.86 USD_millions	derived: No speculative nonoperating gains. Formula: subtract(downside_2026q3_operating_income, downside_2026q3_interest).
Cash taxes / modeled pretax income downside_2026q3_cash_tax_rate	2026Q3 / downside	24.0% ratio	assumption: Desk assumption; not company guidance.
Cash tax allowance downside_2026q3_cash_tax	2026Q3 / downside	13.17 USD_millions	derived: All configured pretax cases are positive; negative stress would require a cash-tax floor. Formula: multiply(downside_2026q3_pretax, downside_2026q3_cash_tax_rate).
Pretax earnings plus noncash expenses downside_2026q3_noncash_bridge	2026Q3 / downside	503.50 USD_millions	derived: Fair-value expense assumed noncash here; loan receipts are modeled separately. Formula: sum(downside_2026q3_pretax, downside_2026q3_credit_cost, downside_2026q3_da, downside_2026q3_sbc).
Net other cash use downside_2026q3_working_capital_use	2026Q3 / downside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax and other operating timing downside_2026q3_operating_cash_uses	2026Q3 / downside	28.17 USD_millions	derived: Covers fee amortization, tax timing and other operating balances, not cash loan originations. Formula: sum(downside_2026q3_cash_tax, downside_2026q3_working_capital_use).
Operating cash before loan investment downside_2026q3_cfo	2026Q3 / downside	475.33 USD_millions	derived: Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense. Formula: subtract(downside_2026q3_noncash_bridge, downside_2026q3_operating_cash_uses).
Cash fixed assets and software downside_2026q3_capex	2026Q3 / downside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash loan originations downside_2026q3_cash_originations	2026Q3 / downside	2,300.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash principal collections downside_2026q3_principal_receipts	2026Q3 / downside	1,580.00 USD_millions	assumption: Desk assumption; not company guidance.
Net cash loan investment downside_2026q3_loan_investment	2026Q3 / downside	720.00 USD_millions	derived: Excludes interest collections already in operating cash and noncash renewals. Formula: subtract(downside_2026q3_cash_originations, downside_2026q3_principal_receipts).
Cash capital and net loan investment downside_2026q3_cash_investment	2026Q3 / downside	733.00 USD_millions	derived: Loan growth can consume more than reported CFO. Formula: sum(downside_2026q3_capex, downside_2026q3_loan_investment).
Cash after capex and loan investment downside_2026q3_cash_after_lending	2026Q3 / downside	-257.67 USD_millions	derived: No new debt proceeds included. Formula: subtract(downside_2026q3_cfo, downside_2026q3_cash_investment).
Share repurchases downside_2026q3_buybacks	2026Q3 / downside	50.00 USD_millions	assumption: Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.
Cash after lending and repurchases downside_2026q3_cash_after_claims	2026Q3 / downside	-307.67 USD_millions	derived: Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash. Formula: subtract(downside_2026q3_cash_after_lending, downside_2026q3_buybacks).
Consumer average earning activity / Q2 downside_2026q4_consumer_activity	2026Q4 / downside	105.8% ratio	assumption: Desk assumption; not company guidance.
Consumer revenue yield versus Q2 downside_2026q4_consumer_yield	2026Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Consumer lending revenue downside_2026q4_consumer_revenue	2026Q4 / downside	505.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_consumer, downside_2026q4_consumer_activity, downside_2026q4_consumer_yield).
Business average earning activity / Q2 downside_2026q4_business_activity	2026Q4 / downside	106.1% ratio	assumption: Desk assumption; not company guidance.
Business revenue yield versus Q2 downside_2026q4_business_yield	2026Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Business lending revenue downside_2026q4_business_revenue	2026Q4 / downside	466.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_business, downside_2026q4_business_activity, downside_2026q4_business_yield).
Other revenue downside_2026q4_other_revenue	2026Q4 / downside	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2026q4_revenue	2026Q4 / downside	985.00 USD_millions	derived: No bank acquisition contribution. Formula: sum(downside_2026q4_consumer_revenue, downside_2026q4_business_revenue, downside_2026q4_other_revenue).
Consumer fair-value expense / revenue downside_2026q4_consumer_credit_ratio	2026Q4 / downside	49.0% ratio	assumption: Desk assumption; not company guidance.
Consumer fair-value expense downside_2026q4_consumer_credit_cost	2026Q4 / downside	247.45 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(downside_2026q4_consumer_revenue, downside_2026q4_consumer_credit_ratio).
Business fair-value expense / revenue downside_2026q4_business_credit_ratio	2026Q4 / downside	42.0% ratio	assumption: Desk assumption; not company guidance.
Business fair-value expense downside_2026q4_business_credit_cost	2026Q4 / downside	195.72 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(downside_2026q4_business_revenue, downside_2026q4_business_credit_ratio).
Total fair-value expense downside_2026q4_credit_cost	2026Q4 / downside	443.17 USD_millions	derived: No double counting of charge-offs below fair-value expense. Formula: sum(downside_2026q4_consumer_credit_cost, downside_2026q4_business_credit_cost).
Revenue after fair-value expense downside_2026q4_net_revenue	2026Q4 / downside	541.83 USD_millions	derived: Financial-company net revenue, not industrial gross profit. Formula: subtract(downside_2026q4_revenue, downside_2026q4_credit_cost).
Depreciation and amortization downside_2026q4_da	2026Q4 / downside	9.30 USD_millions	assumption: Desk assumption; not company guidance.
SBC expense downside_2026q4_sbc	2026Q4 / downside	9.40 USD_millions	assumption: Desk assumption; not company guidance.
Marketing / revenue downside_2026q4_marketing_ratio	2026Q4 / downside	22.5% ratio	assumption: Desk assumption; not company guidance.
Marketing expense downside_2026q4_marketing	2026Q4 / downside	221.62 USD_millions	derived: Acquisition expense retained in earnings. Formula: multiply(downside_2026q4_revenue, downside_2026q4_marketing_ratio).
Operations and technology downside_2026q4_operations	2026Q4 / downside	89.00 USD_millions	assumption: Desk assumption; not company guidance.
General and administrative downside_2026q4_ga	2026Q4 / downside	51.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating expense downside_2026q4_opex	2026Q4 / downside	370.93 USD_millions	derived: SBC is already within departmental expense; add back only in cash bridge. Formula: sum(downside_2026q4_marketing, downside_2026q4_operations, downside_2026q4_ga, downside_2026q4_da).
GAAP operating income proxy downside_2026q4_operating_income	2026Q4 / downside	170.91 USD_millions	derived: No Grasshopper synergies or one-time transaction recovery assumed. Formula: subtract(downside_2026q4_net_revenue, downside_2026q4_opex).
Average funded debt downside_2026q4_average_debt	2026Q4 / downside	5,450.00 USD_millions	assumption: Desk assumption; not company guidance.
Net annual debt cost including fees downside_2026q4_annual_interest_rate	2026Q4 / downside	8.5% ratio	assumption: Desk assumption; not company guidance.
Quarter of annual rate downside_2026q4_quarter_fraction	2026Q4 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Net funding and corporate interest downside_2026q4_interest	2026Q4 / downside	115.81 USD_millions	derived: Blended cost for corporate and funding debt; commitments are not treated as draws. Formula: multiply(downside_2026q4_average_debt, downside_2026q4_annual_interest_rate, downside_2026q4_quarter_fraction).
Pretax earnings proxy downside_2026q4_pretax	2026Q4 / downside	55.09 USD_millions	derived: No speculative nonoperating gains. Formula: subtract(downside_2026q4_operating_income, downside_2026q4_interest).
Cash taxes / modeled pretax income downside_2026q4_cash_tax_rate	2026Q4 / downside	24.0% ratio	assumption: Desk assumption; not company guidance.
Cash tax allowance downside_2026q4_cash_tax	2026Q4 / downside	13.22 USD_millions	derived: All configured pretax cases are positive; negative stress would require a cash-tax floor. Formula: multiply(downside_2026q4_pretax, downside_2026q4_cash_tax_rate).
Pretax earnings plus noncash expenses downside_2026q4_noncash_bridge	2026Q4 / downside	516.96 USD_millions	derived: Fair-value expense assumed noncash here; loan receipts are modeled separately. Formula: sum(downside_2026q4_pretax, downside_2026q4_credit_cost, downside_2026q4_da, downside_2026q4_sbc).
Net other cash use downside_2026q4_working_capital_use	2026Q4 / downside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax and other operating timing downside_2026q4_operating_cash_uses	2026Q4 / downside	30.22 USD_millions	derived: Covers fee amortization, tax timing and other operating balances, not cash loan originations. Formula: sum(downside_2026q4_cash_tax, downside_2026q4_working_capital_use).
Operating cash before loan investment downside_2026q4_cfo	2026Q4 / downside	486.74 USD_millions	derived: Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense. Formula: subtract(downside_2026q4_noncash_bridge, downside_2026q4_operating_cash_uses).
Cash fixed assets and software downside_2026q4_capex	2026Q4 / downside	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash loan originations downside_2026q4_cash_originations	2026Q4 / downside	2,350.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash principal collections downside_2026q4_principal_receipts	2026Q4 / downside	1,650.00 USD_millions	assumption: Desk assumption; not company guidance.
Net cash loan investment downside_2026q4_loan_investment	2026Q4 / downside	700.00 USD_millions	derived: Excludes interest collections already in operating cash and noncash renewals. Formula: subtract(downside_2026q4_cash_originations, downside_2026q4_principal_receipts).
Cash capital and net loan investment downside_2026q4_cash_investment	2026Q4 / downside	714.00 USD_millions	derived: Loan growth can consume more than reported CFO. Formula: sum(downside_2026q4_capex, downside_2026q4_loan_investment).
Cash after capex and loan investment downside_2026q4_cash_after_lending	2026Q4 / downside	-227.26 USD_millions	derived: No new debt proceeds included. Formula: subtract(downside_2026q4_cfo, downside_2026q4_cash_investment).
Share repurchases downside_2026q4_buybacks	2026Q4 / downside	50.00 USD_millions	assumption: Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.
Cash after lending and repurchases downside_2026q4_cash_after_claims	2026Q4 / downside	-277.26 USD_millions	derived: Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash. Formula: subtract(downside_2026q4_cash_after_lending, downside_2026q4_buybacks).
Consumer average earning activity / Q2 downside_2027q1_consumer_activity	2027Q1 / downside	103.7% ratio	assumption: Desk assumption; not company guidance.
Consumer revenue yield versus Q2 downside_2027q1_consumer_yield	2027Q1 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Consumer lending revenue downside_2027q1_consumer_revenue	2027Q1 / downside	495.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_consumer, downside_2027q1_consumer_activity, downside_2027q1_consumer_yield).
Business average earning activity / Q2 downside_2027q1_business_activity	2027Q1 / downside	107.0% ratio	assumption: Desk assumption; not company guidance.
Business revenue yield versus Q2 downside_2027q1_business_yield	2027Q1 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Business lending revenue downside_2027q1_business_revenue	2027Q1 / downside	470.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_business, downside_2027q1_business_activity, downside_2027q1_business_yield).
Other revenue downside_2027q1_other_revenue	2027Q1 / downside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2027q1_revenue	2027Q1 / downside	980.00 USD_millions	derived: No bank acquisition contribution. Formula: sum(downside_2027q1_consumer_revenue, downside_2027q1_business_revenue, downside_2027q1_other_revenue).
Consumer fair-value expense / revenue downside_2027q1_consumer_credit_ratio	2027Q1 / downside	49.0% ratio	assumption: Desk assumption; not company guidance.
Consumer fair-value expense downside_2027q1_consumer_credit_cost	2027Q1 / downside	242.55 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(downside_2027q1_consumer_revenue, downside_2027q1_consumer_credit_ratio).
Business fair-value expense / revenue downside_2027q1_business_credit_ratio	2027Q1 / downside	42.0% ratio	assumption: Desk assumption; not company guidance.
Business fair-value expense downside_2027q1_business_credit_cost	2027Q1 / downside	197.40 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(downside_2027q1_business_revenue, downside_2027q1_business_credit_ratio).
Total fair-value expense downside_2027q1_credit_cost	2027Q1 / downside	439.95 USD_millions	derived: No double counting of charge-offs below fair-value expense. Formula: sum(downside_2027q1_consumer_credit_cost, downside_2027q1_business_credit_cost).
Revenue after fair-value expense downside_2027q1_net_revenue	2027Q1 / downside	540.05 USD_millions	derived: Financial-company net revenue, not industrial gross profit. Formula: subtract(downside_2027q1_revenue, downside_2027q1_credit_cost).
Depreciation and amortization downside_2027q1_da	2027Q1 / downside	9.60 USD_millions	assumption: Desk assumption; not company guidance.
SBC expense downside_2027q1_sbc	2027Q1 / downside	9.80 USD_millions	assumption: Desk assumption; not company guidance.
Marketing / revenue downside_2027q1_marketing_ratio	2027Q1 / downside	22.5% ratio	assumption: Desk assumption; not company guidance.
Marketing expense downside_2027q1_marketing	2027Q1 / downside	220.50 USD_millions	derived: Acquisition expense retained in earnings. Formula: multiply(downside_2027q1_revenue, downside_2027q1_marketing_ratio).
Operations and technology downside_2027q1_operations	2027Q1 / downside	94.00 USD_millions	assumption: Desk assumption; not company guidance.
General and administrative downside_2027q1_ga	2027Q1 / downside	53.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating expense downside_2027q1_opex	2027Q1 / downside	377.10 USD_millions	derived: SBC is already within departmental expense; add back only in cash bridge. Formula: sum(downside_2027q1_marketing, downside_2027q1_operations, downside_2027q1_ga, downside_2027q1_da).
GAAP operating income proxy downside_2027q1_operating_income	2027Q1 / downside	162.95 USD_millions	derived: No Grasshopper synergies or one-time transaction recovery assumed. Formula: subtract(downside_2027q1_net_revenue, downside_2027q1_opex).
Average funded debt downside_2027q1_average_debt	2027Q1 / downside	5,550.00 USD_millions	assumption: Desk assumption; not company guidance.
Net annual debt cost including fees downside_2027q1_annual_interest_rate	2027Q1 / downside	8.5% ratio	assumption: Desk assumption; not company guidance.
Quarter of annual rate downside_2027q1_quarter_fraction	2027Q1 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Net funding and corporate interest downside_2027q1_interest	2027Q1 / downside	117.94 USD_millions	derived: Blended cost for corporate and funding debt; commitments are not treated as draws. Formula: multiply(downside_2027q1_average_debt, downside_2027q1_annual_interest_rate, downside_2027q1_quarter_fraction).
Pretax earnings proxy downside_2027q1_pretax	2027Q1 / downside	45.01 USD_millions	derived: No speculative nonoperating gains. Formula: subtract(downside_2027q1_operating_income, downside_2027q1_interest).
Cash taxes / modeled pretax income downside_2027q1_cash_tax_rate	2027Q1 / downside	24.0% ratio	assumption: Desk assumption; not company guidance.
Cash tax allowance downside_2027q1_cash_tax	2027Q1 / downside	10.80 USD_millions	derived: All configured pretax cases are positive; negative stress would require a cash-tax floor. Formula: multiply(downside_2027q1_pretax, downside_2027q1_cash_tax_rate).
Pretax earnings plus noncash expenses downside_2027q1_noncash_bridge	2027Q1 / downside	504.36 USD_millions	derived: Fair-value expense assumed noncash here; loan receipts are modeled separately. Formula: sum(downside_2027q1_pretax, downside_2027q1_credit_cost, downside_2027q1_da, downside_2027q1_sbc).
Net other cash use downside_2027q1_working_capital_use	2027Q1 / downside	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax and other operating timing downside_2027q1_operating_cash_uses	2027Q1 / downside	29.80 USD_millions	derived: Covers fee amortization, tax timing and other operating balances, not cash loan originations. Formula: sum(downside_2027q1_cash_tax, downside_2027q1_working_capital_use).
Operating cash before loan investment downside_2027q1_cfo	2027Q1 / downside	474.56 USD_millions	derived: Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense. Formula: subtract(downside_2027q1_noncash_bridge, downside_2027q1_operating_cash_uses).
Cash fixed assets and software downside_2027q1_capex	2027Q1 / downside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash loan originations downside_2027q1_cash_originations	2027Q1 / downside	2,300.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash principal collections downside_2027q1_principal_receipts	2027Q1 / downside	1,710.00 USD_millions	assumption: Desk assumption; not company guidance.
Net cash loan investment downside_2027q1_loan_investment	2027Q1 / downside	590.00 USD_millions	derived: Excludes interest collections already in operating cash and noncash renewals. Formula: subtract(downside_2027q1_cash_originations, downside_2027q1_principal_receipts).
Cash capital and net loan investment downside_2027q1_cash_investment	2027Q1 / downside	605.00 USD_millions	derived: Loan growth can consume more than reported CFO. Formula: sum(downside_2027q1_capex, downside_2027q1_loan_investment).
Cash after capex and loan investment downside_2027q1_cash_after_lending	2027Q1 / downside	-130.44 USD_millions	derived: No new debt proceeds included. Formula: subtract(downside_2027q1_cfo, downside_2027q1_cash_investment).
Share repurchases downside_2027q1_buybacks	2027Q1 / downside	35.00 USD_millions	assumption: Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.
Cash after lending and repurchases downside_2027q1_cash_after_claims	2027Q1 / downside	-165.44 USD_millions	derived: Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash. Formula: subtract(downside_2027q1_cash_after_lending, downside_2027q1_buybacks).
Consumer average earning activity / Q2 downside_2027q2_consumer_activity	2027Q2 / downside	106.8% ratio	assumption: Desk assumption; not company guidance.
Consumer revenue yield versus Q2 downside_2027q2_consumer_yield	2027Q2 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Consumer lending revenue downside_2027q2_consumer_revenue	2027Q2 / downside	510.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_consumer, downside_2027q2_consumer_activity, downside_2027q2_consumer_yield).
Business average earning activity / Q2 downside_2027q2_business_activity	2027Q2 / downside	112.5% ratio	assumption: Desk assumption; not company guidance.
Business revenue yield versus Q2 downside_2027q2_business_yield	2027Q2 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Business lending revenue downside_2027q2_business_revenue	2027Q2 / downside	494.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_business, downside_2027q2_business_activity, downside_2027q2_business_yield).
Other revenue downside_2027q2_other_revenue	2027Q2 / downside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2027q2_revenue	2027Q2 / downside	1,020.00 USD_millions	derived: No bank acquisition contribution. Formula: sum(downside_2027q2_consumer_revenue, downside_2027q2_business_revenue, downside_2027q2_other_revenue).
Consumer fair-value expense / revenue downside_2027q2_consumer_credit_ratio	2027Q2 / downside	49.0% ratio	assumption: Desk assumption; not company guidance.
Consumer fair-value expense downside_2027q2_consumer_credit_cost	2027Q2 / downside	249.90 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(downside_2027q2_consumer_revenue, downside_2027q2_consumer_credit_ratio).
Business fair-value expense / revenue downside_2027q2_business_credit_ratio	2027Q2 / downside	42.0% ratio	assumption: Desk assumption; not company guidance.
Business fair-value expense downside_2027q2_business_credit_cost	2027Q2 / downside	207.48 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(downside_2027q2_business_revenue, downside_2027q2_business_credit_ratio).
Total fair-value expense downside_2027q2_credit_cost	2027Q2 / downside	457.38 USD_millions	derived: No double counting of charge-offs below fair-value expense. Formula: sum(downside_2027q2_consumer_credit_cost, downside_2027q2_business_credit_cost).
Revenue after fair-value expense downside_2027q2_net_revenue	2027Q2 / downside	562.62 USD_millions	derived: Financial-company net revenue, not industrial gross profit. Formula: subtract(downside_2027q2_revenue, downside_2027q2_credit_cost).
Depreciation and amortization downside_2027q2_da	2027Q2 / downside	9.90 USD_millions	assumption: Desk assumption; not company guidance.
SBC expense downside_2027q2_sbc	2027Q2 / downside	10.20 USD_millions	assumption: Desk assumption; not company guidance.
Marketing / revenue downside_2027q2_marketing_ratio	2027Q2 / downside	22.5% ratio	assumption: Desk assumption; not company guidance.
Marketing expense downside_2027q2_marketing	2027Q2 / downside	229.50 USD_millions	derived: Acquisition expense retained in earnings. Formula: multiply(downside_2027q2_revenue, downside_2027q2_marketing_ratio).
Operations and technology downside_2027q2_operations	2027Q2 / downside	99.00 USD_millions	assumption: Desk assumption; not company guidance.
General and administrative downside_2027q2_ga	2027Q2 / downside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating expense downside_2027q2_opex	2027Q2 / downside	393.40 USD_millions	derived: SBC is already within departmental expense; add back only in cash bridge. Formula: sum(downside_2027q2_marketing, downside_2027q2_operations, downside_2027q2_ga, downside_2027q2_da).
GAAP operating income proxy downside_2027q2_operating_income	2027Q2 / downside	169.22 USD_millions	derived: No Grasshopper synergies or one-time transaction recovery assumed. Formula: subtract(downside_2027q2_net_revenue, downside_2027q2_opex).
Average funded debt downside_2027q2_average_debt	2027Q2 / downside	5,700.00 USD_millions	assumption: Desk assumption; not company guidance.
Net annual debt cost including fees downside_2027q2_annual_interest_rate	2027Q2 / downside	8.5% ratio	assumption: Desk assumption; not company guidance.
Quarter of annual rate downside_2027q2_quarter_fraction	2027Q2 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Net funding and corporate interest downside_2027q2_interest	2027Q2 / downside	121.13 USD_millions	derived: Blended cost for corporate and funding debt; commitments are not treated as draws. Formula: multiply(downside_2027q2_average_debt, downside_2027q2_annual_interest_rate, downside_2027q2_quarter_fraction).
Pretax earnings proxy downside_2027q2_pretax	2027Q2 / downside	48.10 USD_millions	derived: No speculative nonoperating gains. Formula: subtract(downside_2027q2_operating_income, downside_2027q2_interest).
Cash taxes / modeled pretax income downside_2027q2_cash_tax_rate	2027Q2 / downside	24.0% ratio	assumption: Desk assumption; not company guidance.
Cash tax allowance downside_2027q2_cash_tax	2027Q2 / downside	11.54 USD_millions	derived: All configured pretax cases are positive; negative stress would require a cash-tax floor. Formula: multiply(downside_2027q2_pretax, downside_2027q2_cash_tax_rate).
Pretax earnings plus noncash expenses downside_2027q2_noncash_bridge	2027Q2 / downside	525.58 USD_millions	derived: Fair-value expense assumed noncash here; loan receipts are modeled separately. Formula: sum(downside_2027q2_pretax, downside_2027q2_credit_cost, downside_2027q2_da, downside_2027q2_sbc).
Net other cash use downside_2027q2_working_capital_use	2027Q2 / downside	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax and other operating timing downside_2027q2_operating_cash_uses	2027Q2 / downside	32.54 USD_millions	derived: Covers fee amortization, tax timing and other operating balances, not cash loan originations. Formula: sum(downside_2027q2_cash_tax, downside_2027q2_working_capital_use).
Operating cash before loan investment downside_2027q2_cfo	2027Q2 / downside	493.03 USD_millions	derived: Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense. Formula: subtract(downside_2027q2_noncash_bridge, downside_2027q2_operating_cash_uses).
Cash fixed assets and software downside_2027q2_capex	2027Q2 / downside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash loan originations downside_2027q2_cash_originations	2027Q2 / downside	2,400.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash principal collections downside_2027q2_principal_receipts	2027Q2 / downside	1,750.00 USD_millions	assumption: Desk assumption; not company guidance.
Net cash loan investment downside_2027q2_loan_investment	2027Q2 / downside	650.00 USD_millions	derived: Excludes interest collections already in operating cash and noncash renewals. Formula: subtract(downside_2027q2_cash_originations, downside_2027q2_principal_receipts).
Cash capital and net loan investment downside_2027q2_cash_investment	2027Q2 / downside	666.00 USD_millions	derived: Loan growth can consume more than reported CFO. Formula: sum(downside_2027q2_capex, downside_2027q2_loan_investment).
Cash after capex and loan investment downside_2027q2_cash_after_lending	2027Q2 / downside	-172.97 USD_millions	derived: No new debt proceeds included. Formula: subtract(downside_2027q2_cfo, downside_2027q2_cash_investment).
Share repurchases downside_2027q2_buybacks	2027Q2 / downside	35.00 USD_millions	assumption: Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.
Cash after lending and repurchases downside_2027q2_cash_after_claims	2027Q2 / downside	-207.97 USD_millions	derived: Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash. Formula: subtract(downside_2027q2_cash_after_lending, downside_2027q2_buybacks).
Consumer average earning activity / Q2 downside_2027q3_consumer_activity	2027Q3 / downside	113.1% ratio	assumption: Desk assumption; not company guidance.
Consumer revenue yield versus Q2 downside_2027q3_consumer_yield	2027Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Consumer lending revenue downside_2027q3_consumer_revenue	2027Q3 / downside	540.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_consumer, downside_2027q3_consumer_activity, downside_2027q3_consumer_yield).
Business average earning activity / Q2 downside_2027q3_business_activity	2027Q3 / downside	116.8% ratio	assumption: Desk assumption; not company guidance.
Business revenue yield versus Q2 downside_2027q3_business_yield	2027Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Business lending revenue downside_2027q3_business_revenue	2027Q3 / downside	513.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_business, downside_2027q3_business_activity, downside_2027q3_business_yield).
Other revenue downside_2027q3_other_revenue	2027Q3 / downside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2027q3_revenue	2027Q3 / downside	1,070.00 USD_millions	derived: No bank acquisition contribution. Formula: sum(downside_2027q3_consumer_revenue, downside_2027q3_business_revenue, downside_2027q3_other_revenue).
Consumer fair-value expense / revenue downside_2027q3_consumer_credit_ratio	2027Q3 / downside	49.0% ratio	assumption: Desk assumption; not company guidance.
Consumer fair-value expense downside_2027q3_consumer_credit_cost	2027Q3 / downside	264.60 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(downside_2027q3_consumer_revenue, downside_2027q3_consumer_credit_ratio).
Business fair-value expense / revenue downside_2027q3_business_credit_ratio	2027Q3 / downside	42.0% ratio	assumption: Desk assumption; not company guidance.
Business fair-value expense downside_2027q3_business_credit_cost	2027Q3 / downside	215.46 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(downside_2027q3_business_revenue, downside_2027q3_business_credit_ratio).
Total fair-value expense downside_2027q3_credit_cost	2027Q3 / downside	480.06 USD_millions	derived: No double counting of charge-offs below fair-value expense. Formula: sum(downside_2027q3_consumer_credit_cost, downside_2027q3_business_credit_cost).
Revenue after fair-value expense downside_2027q3_net_revenue	2027Q3 / downside	589.94 USD_millions	derived: Financial-company net revenue, not industrial gross profit. Formula: subtract(downside_2027q3_revenue, downside_2027q3_credit_cost).
Depreciation and amortization downside_2027q3_da	2027Q3 / downside	10.20 USD_millions	assumption: Desk assumption; not company guidance.
SBC expense downside_2027q3_sbc	2027Q3 / downside	10.60 USD_millions	assumption: Desk assumption; not company guidance.
Marketing / revenue downside_2027q3_marketing_ratio	2027Q3 / downside	22.5% ratio	assumption: Desk assumption; not company guidance.
Marketing expense downside_2027q3_marketing	2027Q3 / downside	240.75 USD_millions	derived: Acquisition expense retained in earnings. Formula: multiply(downside_2027q3_revenue, downside_2027q3_marketing_ratio).
Operations and technology downside_2027q3_operations	2027Q3 / downside	104.00 USD_millions	assumption: Desk assumption; not company guidance.
General and administrative downside_2027q3_ga	2027Q3 / downside	57.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating expense downside_2027q3_opex	2027Q3 / downside	411.95 USD_millions	derived: SBC is already within departmental expense; add back only in cash bridge. Formula: sum(downside_2027q3_marketing, downside_2027q3_operations, downside_2027q3_ga, downside_2027q3_da).
GAAP operating income proxy downside_2027q3_operating_income	2027Q3 / downside	177.99 USD_millions	derived: No Grasshopper synergies or one-time transaction recovery assumed. Formula: subtract(downside_2027q3_net_revenue, downside_2027q3_opex).
Average funded debt downside_2027q3_average_debt	2027Q3 / downside	5,900.00 USD_millions	assumption: Desk assumption; not company guidance.
Net annual debt cost including fees downside_2027q3_annual_interest_rate	2027Q3 / downside	8.5% ratio	assumption: Desk assumption; not company guidance.
Quarter of annual rate downside_2027q3_quarter_fraction	2027Q3 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Net funding and corporate interest downside_2027q3_interest	2027Q3 / downside	125.38 USD_millions	derived: Blended cost for corporate and funding debt; commitments are not treated as draws. Formula: multiply(downside_2027q3_average_debt, downside_2027q3_annual_interest_rate, downside_2027q3_quarter_fraction).
Pretax earnings proxy downside_2027q3_pretax	2027Q3 / downside	52.62 USD_millions	derived: No speculative nonoperating gains. Formula: subtract(downside_2027q3_operating_income, downside_2027q3_interest).
Cash taxes / modeled pretax income downside_2027q3_cash_tax_rate	2027Q3 / downside	24.0% ratio	assumption: Desk assumption; not company guidance.
Cash tax allowance downside_2027q3_cash_tax	2027Q3 / downside	12.63 USD_millions	derived: All configured pretax cases are positive; negative stress would require a cash-tax floor. Formula: multiply(downside_2027q3_pretax, downside_2027q3_cash_tax_rate).
Pretax earnings plus noncash expenses downside_2027q3_noncash_bridge	2027Q3 / downside	553.48 USD_millions	derived: Fair-value expense assumed noncash here; loan receipts are modeled separately. Formula: sum(downside_2027q3_pretax, downside_2027q3_credit_cost, downside_2027q3_da, downside_2027q3_sbc).
Net other cash use downside_2027q3_working_capital_use	2027Q3 / downside	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax and other operating timing downside_2027q3_operating_cash_uses	2027Q3 / downside	35.63 USD_millions	derived: Covers fee amortization, tax timing and other operating balances, not cash loan originations. Formula: sum(downside_2027q3_cash_tax, downside_2027q3_working_capital_use).
Operating cash before loan investment downside_2027q3_cfo	2027Q3 / downside	517.85 USD_millions	derived: Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense. Formula: subtract(downside_2027q3_noncash_bridge, downside_2027q3_operating_cash_uses).
Cash fixed assets and software downside_2027q3_capex	2027Q3 / downside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash loan originations downside_2027q3_cash_originations	2027Q3 / downside	2,600.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash principal collections downside_2027q3_principal_receipts	2027Q3 / downside	1,810.00 USD_millions	assumption: Desk assumption; not company guidance.
Net cash loan investment downside_2027q3_loan_investment	2027Q3 / downside	790.00 USD_millions	derived: Excludes interest collections already in operating cash and noncash renewals. Formula: subtract(downside_2027q3_cash_originations, downside_2027q3_principal_receipts).
Cash capital and net loan investment downside_2027q3_cash_investment	2027Q3 / downside	807.00 USD_millions	derived: Loan growth can consume more than reported CFO. Formula: sum(downside_2027q3_capex, downside_2027q3_loan_investment).
Cash after capex and loan investment downside_2027q3_cash_after_lending	2027Q3 / downside	-289.15 USD_millions	derived: No new debt proceeds included. Formula: subtract(downside_2027q3_cfo, downside_2027q3_cash_investment).
Share repurchases downside_2027q3_buybacks	2027Q3 / downside	35.00 USD_millions	assumption: Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.
Cash after lending and repurchases downside_2027q3_cash_after_claims	2027Q3 / downside	-324.15 USD_millions	derived: Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash. Formula: subtract(downside_2027q3_cash_after_lending, downside_2027q3_buybacks).
Consumer average earning activity / Q2 downside_2027q4_consumer_activity	2027Q4 / downside	114.2% ratio	assumption: Desk assumption; not company guidance.
Consumer revenue yield versus Q2 downside_2027q4_consumer_yield	2027Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Consumer lending revenue downside_2027q4_consumer_revenue	2027Q4 / downside	545.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_consumer, downside_2027q4_consumer_activity, downside_2027q4_consumer_yield).
Business average earning activity / Q2 downside_2027q4_business_activity	2027Q4 / downside	122.2% ratio	assumption: Desk assumption; not company guidance.
Business revenue yield versus Q2 downside_2027q4_business_yield	2027Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Business lending revenue downside_2027q4_business_revenue	2027Q4 / downside	537.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_business, downside_2027q4_business_activity, downside_2027q4_business_yield).
Other revenue downside_2027q4_other_revenue	2027Q4 / downside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2027q4_revenue	2027Q4 / downside	1,100.00 USD_millions	derived: No bank acquisition contribution. Formula: sum(downside_2027q4_consumer_revenue, downside_2027q4_business_revenue, downside_2027q4_other_revenue).
Consumer fair-value expense / revenue downside_2027q4_consumer_credit_ratio	2027Q4 / downside	49.0% ratio	assumption: Desk assumption; not company guidance.
Consumer fair-value expense downside_2027q4_consumer_credit_cost	2027Q4 / downside	267.05 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(downside_2027q4_consumer_revenue, downside_2027q4_consumer_credit_ratio).
Business fair-value expense / revenue downside_2027q4_business_credit_ratio	2027Q4 / downside	42.0% ratio	assumption: Desk assumption; not company guidance.
Business fair-value expense downside_2027q4_business_credit_cost	2027Q4 / downside	225.54 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(downside_2027q4_business_revenue, downside_2027q4_business_credit_ratio).
Total fair-value expense downside_2027q4_credit_cost	2027Q4 / downside	492.59 USD_millions	derived: No double counting of charge-offs below fair-value expense. Formula: sum(downside_2027q4_consumer_credit_cost, downside_2027q4_business_credit_cost).
Revenue after fair-value expense downside_2027q4_net_revenue	2027Q4 / downside	607.41 USD_millions	derived: Financial-company net revenue, not industrial gross profit. Formula: subtract(downside_2027q4_revenue, downside_2027q4_credit_cost).
Depreciation and amortization downside_2027q4_da	2027Q4 / downside	10.50 USD_millions	assumption: Desk assumption; not company guidance.
SBC expense downside_2027q4_sbc	2027Q4 / downside	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing / revenue downside_2027q4_marketing_ratio	2027Q4 / downside	22.5% ratio	assumption: Desk assumption; not company guidance.
Marketing expense downside_2027q4_marketing	2027Q4 / downside	247.50 USD_millions	derived: Acquisition expense retained in earnings. Formula: multiply(downside_2027q4_revenue, downside_2027q4_marketing_ratio).
Operations and technology downside_2027q4_operations	2027Q4 / downside	109.00 USD_millions	assumption: Desk assumption; not company guidance.
General and administrative downside_2027q4_ga	2027Q4 / downside	59.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating expense downside_2027q4_opex	2027Q4 / downside	426.00 USD_millions	derived: SBC is already within departmental expense; add back only in cash bridge. Formula: sum(downside_2027q4_marketing, downside_2027q4_operations, downside_2027q4_ga, downside_2027q4_da).
GAAP operating income proxy downside_2027q4_operating_income	2027Q4 / downside	181.41 USD_millions	derived: No Grasshopper synergies or one-time transaction recovery assumed. Formula: subtract(downside_2027q4_net_revenue, downside_2027q4_opex).
Average funded debt downside_2027q4_average_debt	2027Q4 / downside	6,050.00 USD_millions	assumption: Desk assumption; not company guidance.
Net annual debt cost including fees downside_2027q4_annual_interest_rate	2027Q4 / downside	8.5% ratio	assumption: Desk assumption; not company guidance.
Quarter of annual rate downside_2027q4_quarter_fraction	2027Q4 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Net funding and corporate interest downside_2027q4_interest	2027Q4 / downside	128.56 USD_millions	derived: Blended cost for corporate and funding debt; commitments are not treated as draws. Formula: multiply(downside_2027q4_average_debt, downside_2027q4_annual_interest_rate, downside_2027q4_quarter_fraction).
Pretax earnings proxy downside_2027q4_pretax	2027Q4 / downside	52.85 USD_millions	derived: No speculative nonoperating gains. Formula: subtract(downside_2027q4_operating_income, downside_2027q4_interest).
Cash taxes / modeled pretax income downside_2027q4_cash_tax_rate	2027Q4 / downside	24.0% ratio	assumption: Desk assumption; not company guidance.
Cash tax allowance downside_2027q4_cash_tax	2027Q4 / downside	12.68 USD_millions	derived: All configured pretax cases are positive; negative stress would require a cash-tax floor. Formula: multiply(downside_2027q4_pretax, downside_2027q4_cash_tax_rate).
Pretax earnings plus noncash expenses downside_2027q4_noncash_bridge	2027Q4 / downside	566.94 USD_millions	derived: Fair-value expense assumed noncash here; loan receipts are modeled separately. Formula: sum(downside_2027q4_pretax, downside_2027q4_credit_cost, downside_2027q4_da, downside_2027q4_sbc).
Net other cash use downside_2027q4_working_capital_use	2027Q4 / downside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax and other operating timing downside_2027q4_operating_cash_uses	2027Q4 / downside	37.68 USD_millions	derived: Covers fee amortization, tax timing and other operating balances, not cash loan originations. Formula: sum(downside_2027q4_cash_tax, downside_2027q4_working_capital_use).
Operating cash before loan investment downside_2027q4_cfo	2027Q4 / downside	529.25 USD_millions	derived: Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense. Formula: subtract(downside_2027q4_noncash_bridge, downside_2027q4_operating_cash_uses).
Cash fixed assets and software downside_2027q4_capex	2027Q4 / downside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash loan originations downside_2027q4_cash_originations	2027Q4 / downside	2,650.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash principal collections downside_2027q4_principal_receipts	2027Q4 / downside	1,880.00 USD_millions	assumption: Desk assumption; not company guidance.
Net cash loan investment downside_2027q4_loan_investment	2027Q4 / downside	770.00 USD_millions	derived: Excludes interest collections already in operating cash and noncash renewals. Formula: subtract(downside_2027q4_cash_originations, downside_2027q4_principal_receipts).
Cash capital and net loan investment downside_2027q4_cash_investment	2027Q4 / downside	788.00 USD_millions	derived: Loan growth can consume more than reported CFO. Formula: sum(downside_2027q4_capex, downside_2027q4_loan_investment).
Cash after capex and loan investment downside_2027q4_cash_after_lending	2027Q4 / downside	-258.75 USD_millions	derived: No new debt proceeds included. Formula: subtract(downside_2027q4_cfo, downside_2027q4_cash_investment).
Share repurchases downside_2027q4_buybacks	2027Q4 / downside	35.00 USD_millions	assumption: Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.
Cash after lending and repurchases downside_2027q4_cash_after_claims	2027Q4 / downside	-293.75 USD_millions	derived: Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash. Formula: subtract(downside_2027q4_cash_after_lending, downside_2027q4_buybacks).
Total revenue ($M) downside_fy2026_revenue	FY2026 / downside	3,744.07 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue).
Fair-value expense ($M) downside_fy2026_credit_cost	FY2026 / downside	1,580.85 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_credit_cost, downside_2026q3_credit_cost, downside_2026q4_credit_cost).
Revenue after fair-value expense ($M) downside_fy2026_net_revenue	FY2026 / downside	2,163.22 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_net_revenue, downside_2026q3_net_revenue, downside_2026q4_net_revenue).
GAAP operating income proxy ($M) downside_fy2026_operating_income	FY2026 / downside	782.64 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income).
Net funding/corporate interest ($M) downside_fy2026_interest	FY2026 / downside	420.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_interest, downside_2026q3_interest, downside_2026q4_interest).
Pretax earnings proxy ($M) downside_fy2026_pretax	FY2026 / downside	362.92 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_pretax, downside_2026q3_pretax, downside_2026q4_pretax).
Operating cash before loan investment ($M) downside_fy2026_cfo	FY2026 / downside	1,980.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo).
Cash fixed assets and software ($M) downside_fy2026_capex	FY2026 / downside	50.36 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
Cash loan originations less principal receipts ($M) downside_fy2026_loan_investment	FY2026 / downside	2,807.97 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_loan_investment, downside_2026q3_loan_investment, downside_2026q4_loan_investment).
Cash after capex and loan investment ($M) downside_fy2026_cash_after_lending	FY2026 / downside	-877.69 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_lending, downside_2026q3_cash_after_lending, downside_2026q4_cash_after_lending).
Share repurchase cash ($M) downside_fy2026_buybacks	FY2026 / downside	159.37 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_buybacks, downside_2026q3_buybacks, downside_2026q4_buybacks).
Cash after lending and repurchases ($M) downside_fy2026_cash_after_claims	FY2026 / downside	-1,037.06 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, downside_2026q3_cash_after_claims, downside_2026q4_cash_after_claims).
Total revenue ($M) downside_fy2027_revenue	FY2027 / downside	4,170.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
Fair-value expense ($M) downside_fy2027_credit_cost	FY2027 / downside	1,869.98 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_credit_cost, downside_2027q2_credit_cost, downside_2027q3_credit_cost, downside_2027q4_credit_cost).
Revenue after fair-value expense ($M) downside_fy2027_net_revenue	FY2027 / downside	2,300.02 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_net_revenue, downside_2027q2_net_revenue, downside_2027q3_net_revenue, downside_2027q4_net_revenue).
GAAP operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	691.57 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Net funding/corporate interest ($M) downside_fy2027_interest	FY2027 / downside	493.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_interest, downside_2027q2_interest, downside_2027q3_interest, downside_2027q4_interest).
Pretax earnings proxy ($M) downside_fy2027_pretax	FY2027 / downside	198.57 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_pretax, downside_2027q2_pretax, downside_2027q3_pretax, downside_2027q4_pretax).
Operating cash before loan investment ($M) downside_fy2027_cfo	FY2027 / downside	2,014.69 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
Cash fixed assets and software ($M) downside_fy2027_capex	FY2027 / downside	66.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
Cash loan originations less principal receipts ($M) downside_fy2027_loan_investment	FY2027 / downside	2,800.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_loan_investment, downside_2027q2_loan_investment, downside_2027q3_loan_investment, downside_2027q4_loan_investment).
Cash after capex and loan investment ($M) downside_fy2027_cash_after_lending	FY2027 / downside	-851.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_lending, downside_2027q2_cash_after_lending, downside_2027q3_cash_after_lending, downside_2027q4_cash_after_lending).
Share repurchase cash ($M) downside_fy2027_buybacks	FY2027 / downside	140.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_buybacks, downside_2027q2_buybacks, downside_2027q3_buybacks, downside_2027q4_buybacks).
Cash after lending and repurchases ($M) downside_fy2027_cash_after_claims	FY2027 / downside	-991.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_claims, downside_2027q2_cash_after_claims, downside_2027q3_cash_after_claims, downside_2027q4_cash_after_claims).
Consumer average earning activity / Q2 base_2026q3_consumer_activity	2026Q3 / base	108.9% ratio	assumption: Desk assumption; not company guidance.
Consumer revenue yield versus Q2 base_2026q3_consumer_yield	2026Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Consumer lending revenue base_2026q3_consumer_revenue	2026Q3 / base	520.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_consumer, base_2026q3_consumer_activity, base_2026q3_consumer_yield).
Business average earning activity / Q2 base_2026q3_business_activity	2026Q3 / base	107.1% ratio	assumption: Desk assumption; not company guidance.
Business revenue yield versus Q2 base_2026q3_business_yield	2026Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Business lending revenue base_2026q3_business_revenue	2026Q3 / base	470.35 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_business, base_2026q3_business_activity, base_2026q3_business_yield).
Other revenue base_2026q3_other_revenue	2026Q3 / base	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2026q3_revenue	2026Q3 / base	1,003.35 USD_millions	derived: No bank acquisition contribution. Formula: sum(base_2026q3_consumer_revenue, base_2026q3_business_revenue, base_2026q3_other_revenue).
Consumer fair-value expense / revenue base_2026q3_consumer_credit_ratio	2026Q3 / base	43.5% ratio	assumption: Desk assumption; not company guidance.
Consumer fair-value expense base_2026q3_consumer_credit_cost	2026Q3 / base	226.20 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(base_2026q3_consumer_revenue, base_2026q3_consumer_credit_ratio).
Business fair-value expense / revenue base_2026q3_business_credit_ratio	2026Q3 / base	36.5% ratio	assumption: Desk assumption; not company guidance.
Business fair-value expense base_2026q3_business_credit_cost	2026Q3 / base	171.68 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(base_2026q3_business_revenue, base_2026q3_business_credit_ratio).
Total fair-value expense base_2026q3_credit_cost	2026Q3 / base	397.88 USD_millions	derived: No double counting of charge-offs below fair-value expense. Formula: sum(base_2026q3_consumer_credit_cost, base_2026q3_business_credit_cost).
Revenue after fair-value expense base_2026q3_net_revenue	2026Q3 / base	605.47 USD_millions	derived: Financial-company net revenue, not industrial gross profit. Formula: subtract(base_2026q3_revenue, base_2026q3_credit_cost).
Depreciation and amortization base_2026q3_da	2026Q3 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC expense base_2026q3_sbc	2026Q3 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing / revenue base_2026q3_marketing_ratio	2026Q3 / base	22.0% ratio	assumption: Desk assumption; not company guidance.
Marketing expense base_2026q3_marketing	2026Q3 / base	220.74 USD_millions	derived: Acquisition expense retained in earnings. Formula: multiply(base_2026q3_revenue, base_2026q3_marketing_ratio).
Operations and technology base_2026q3_operations	2026Q3 / base	82.00 USD_millions	assumption: Desk assumption; not company guidance.
General and administrative base_2026q3_ga	2026Q3 / base	47.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating expense base_2026q3_opex	2026Q3 / base	358.74 USD_millions	derived: SBC is already within departmental expense; add back only in cash bridge. Formula: sum(base_2026q3_marketing, base_2026q3_operations, base_2026q3_ga, base_2026q3_da).
GAAP operating income proxy base_2026q3_operating_income	2026Q3 / base	246.73 USD_millions	derived: No Grasshopper synergies or one-time transaction recovery assumed. Formula: subtract(base_2026q3_net_revenue, base_2026q3_opex).
Average funded debt base_2026q3_average_debt	2026Q3 / base	5,300.00 USD_millions	assumption: Desk assumption; not company guidance.
Net annual debt cost including fees base_2026q3_annual_interest_rate	2026Q3 / base	7.8% ratio	assumption: Desk assumption; not company guidance.
Quarter of annual rate base_2026q3_quarter_fraction	2026Q3 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
Net funding and corporate interest base_2026q3_interest	2026Q3 / base	103.35 USD_millions	derived: Blended cost for corporate and funding debt; commitments are not treated as draws. Formula: multiply(base_2026q3_average_debt, base_2026q3_annual_interest_rate, base_2026q3_quarter_fraction).
Pretax earnings proxy base_2026q3_pretax	2026Q3 / base	143.38 USD_millions	derived: No speculative nonoperating gains. Formula: subtract(base_2026q3_operating_income, base_2026q3_interest).
Cash taxes / modeled pretax income base_2026q3_cash_tax_rate	2026Q3 / base	24.0% ratio	assumption: Desk assumption; not company guidance.
Cash tax allowance base_2026q3_cash_tax	2026Q3 / base	34.41 USD_millions	derived: All configured pretax cases are positive; negative stress would require a cash-tax floor. Formula: multiply(base_2026q3_pretax, base_2026q3_cash_tax_rate).
Pretax earnings plus noncash expenses base_2026q3_noncash_bridge	2026Q3 / base	559.26 USD_millions	derived: Fair-value expense assumed noncash here; loan receipts are modeled separately. Formula: sum(base_2026q3_pretax, base_2026q3_credit_cost, base_2026q3_da, base_2026q3_sbc).
Net other cash use base_2026q3_working_capital_use	2026Q3 / base	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax and other operating timing base_2026q3_operating_cash_uses	2026Q3 / base	49.41 USD_millions	derived: Covers fee amortization, tax timing and other operating balances, not cash loan originations. Formula: sum(base_2026q3_cash_tax, base_2026q3_working_capital_use).
Operating cash before loan investment base_2026q3_cfo	2026Q3 / base	509.85 USD_millions	derived: Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense. Formula: subtract(base_2026q3_noncash_bridge, base_2026q3_operating_cash_uses).
Cash fixed assets and software base_2026q3_capex	2026Q3 / base	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash loan originations base_2026q3_cash_originations	2026Q3 / base	2,400.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash principal collections base_2026q3_principal_receipts	2026Q3 / base	1,700.00 USD_millions	assumption: Desk assumption; not company guidance.
Net cash loan investment base_2026q3_loan_investment	2026Q3 / base	700.00 USD_millions	derived: Excludes interest collections already in operating cash and noncash renewals. Formula: subtract(base_2026q3_cash_originations, base_2026q3_principal_receipts).
Cash capital and net loan investment base_2026q3_cash_investment	2026Q3 / base	713.00 USD_millions	derived: Loan growth can consume more than reported CFO. Formula: sum(base_2026q3_capex, base_2026q3_loan_investment).
Cash after capex and loan investment base_2026q3_cash_after_lending	2026Q3 / base	-203.15 USD_millions	derived: No new debt proceeds included. Formula: subtract(base_2026q3_cfo, base_2026q3_cash_investment).
Share repurchases base_2026q3_buybacks	2026Q3 / base	50.00 USD_millions	assumption: Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.
Cash after lending and repurchases base_2026q3_cash_after_claims	2026Q3 / base	-253.15 USD_millions	derived: Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash. Formula: subtract(base_2026q3_cash_after_lending, base_2026q3_buybacks).
Consumer average earning activity / Q2 base_2026q4_consumer_activity	2026Q4 / base	114.2% ratio	assumption: Desk assumption; not company guidance.
Consumer revenue yield versus Q2 base_2026q4_consumer_yield	2026Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Consumer lending revenue base_2026q4_consumer_revenue	2026Q4 / base	545.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_consumer, base_2026q4_consumer_activity, base_2026q4_consumer_yield).
Business average earning activity / Q2 base_2026q4_business_activity	2026Q4 / base	112.5% ratio	assumption: Desk assumption; not company guidance.
Business revenue yield versus Q2 base_2026q4_business_yield	2026Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Business lending revenue base_2026q4_business_revenue	2026Q4 / base	494.36 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_business, base_2026q4_business_activity, base_2026q4_business_yield).
Other revenue base_2026q4_other_revenue	2026Q4 / base	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2026q4_revenue	2026Q4 / base	1,053.36 USD_millions	derived: No bank acquisition contribution. Formula: sum(base_2026q4_consumer_revenue, base_2026q4_business_revenue, base_2026q4_other_revenue).
Consumer fair-value expense / revenue base_2026q4_consumer_credit_ratio	2026Q4 / base	43.5% ratio	assumption: Desk assumption; not company guidance.
Consumer fair-value expense base_2026q4_consumer_credit_cost	2026Q4 / base	237.07 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(base_2026q4_consumer_revenue, base_2026q4_consumer_credit_ratio).
Business fair-value expense / revenue base_2026q4_business_credit_ratio	2026Q4 / base	36.5% ratio	assumption: Desk assumption; not company guidance.
Business fair-value expense base_2026q4_business_credit_cost	2026Q4 / base	180.44 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(base_2026q4_business_revenue, base_2026q4_business_credit_ratio).
Total fair-value expense base_2026q4_credit_cost	2026Q4 / base	417.52 USD_millions	derived: No double counting of charge-offs below fair-value expense. Formula: sum(base_2026q4_consumer_credit_cost, base_2026q4_business_credit_cost).
Revenue after fair-value expense base_2026q4_net_revenue	2026Q4 / base	635.84 USD_millions	derived: Financial-company net revenue, not industrial gross profit. Formula: subtract(base_2026q4_revenue, base_2026q4_credit_cost).
Depreciation and amortization base_2026q4_da	2026Q4 / base	9.30 USD_millions	assumption: Desk assumption; not company guidance.
SBC expense base_2026q4_sbc	2026Q4 / base	9.40 USD_millions	assumption: Desk assumption; not company guidance.
Marketing / revenue base_2026q4_marketing_ratio	2026Q4 / base	22.0% ratio	assumption: Desk assumption; not company guidance.
Marketing expense base_2026q4_marketing	2026Q4 / base	231.74 USD_millions	derived: Acquisition expense retained in earnings. Formula: multiply(base_2026q4_revenue, base_2026q4_marketing_ratio).
Operations and technology base_2026q4_operations	2026Q4 / base	87.00 USD_millions	assumption: Desk assumption; not company guidance.
General and administrative base_2026q4_ga	2026Q4 / base	49.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating expense base_2026q4_opex	2026Q4 / base	377.04 USD_millions	derived: SBC is already within departmental expense; add back only in cash bridge. Formula: sum(base_2026q4_marketing, base_2026q4_operations, base_2026q4_ga, base_2026q4_da).
GAAP operating income proxy base_2026q4_operating_income	2026Q4 / base	258.80 USD_millions	derived: No Grasshopper synergies or one-time transaction recovery assumed. Formula: subtract(base_2026q4_net_revenue, base_2026q4_opex).
Average funded debt base_2026q4_average_debt	2026Q4 / base	5,525.00 USD_millions	assumption: Desk assumption; not company guidance.
Net annual debt cost including fees base_2026q4_annual_interest_rate	2026Q4 / base	7.8% ratio	assumption: Desk assumption; not company guidance.
Quarter of annual rate base_2026q4_quarter_fraction	2026Q4 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
Net funding and corporate interest base_2026q4_interest	2026Q4 / base	107.74 USD_millions	derived: Blended cost for corporate and funding debt; commitments are not treated as draws. Formula: multiply(base_2026q4_average_debt, base_2026q4_annual_interest_rate, base_2026q4_quarter_fraction).
Pretax earnings proxy base_2026q4_pretax	2026Q4 / base	151.07 USD_millions	derived: No speculative nonoperating gains. Formula: subtract(base_2026q4_operating_income, base_2026q4_interest).
Cash taxes / modeled pretax income base_2026q4_cash_tax_rate	2026Q4 / base	24.0% ratio	assumption: Desk assumption; not company guidance.
Cash tax allowance base_2026q4_cash_tax	2026Q4 / base	36.26 USD_millions	derived: All configured pretax cases are positive; negative stress would require a cash-tax floor. Formula: multiply(base_2026q4_pretax, base_2026q4_cash_tax_rate).
Pretax earnings plus noncash expenses base_2026q4_noncash_bridge	2026Q4 / base	587.28 USD_millions	derived: Fair-value expense assumed noncash here; loan receipts are modeled separately. Formula: sum(base_2026q4_pretax, base_2026q4_credit_cost, base_2026q4_da, base_2026q4_sbc).
Net other cash use base_2026q4_working_capital_use	2026Q4 / base	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax and other operating timing base_2026q4_operating_cash_uses	2026Q4 / base	53.26 USD_millions	derived: Covers fee amortization, tax timing and other operating balances, not cash loan originations. Formula: sum(base_2026q4_cash_tax, base_2026q4_working_capital_use).
Operating cash before loan investment base_2026q4_cfo	2026Q4 / base	534.03 USD_millions	derived: Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense. Formula: subtract(base_2026q4_noncash_bridge, base_2026q4_operating_cash_uses).
Cash fixed assets and software base_2026q4_capex	2026Q4 / base	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash loan originations base_2026q4_cash_originations	2026Q4 / base	2,600.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash principal collections base_2026q4_principal_receipts	2026Q4 / base	1,840.00 USD_millions	assumption: Desk assumption; not company guidance.
Net cash loan investment base_2026q4_loan_investment	2026Q4 / base	760.00 USD_millions	derived: Excludes interest collections already in operating cash and noncash renewals. Formula: subtract(base_2026q4_cash_originations, base_2026q4_principal_receipts).
Cash capital and net loan investment base_2026q4_cash_investment	2026Q4 / base	774.00 USD_millions	derived: Loan growth can consume more than reported CFO. Formula: sum(base_2026q4_capex, base_2026q4_loan_investment).
Cash after capex and loan investment base_2026q4_cash_after_lending	2026Q4 / base	-239.97 USD_millions	derived: No new debt proceeds included. Formula: subtract(base_2026q4_cfo, base_2026q4_cash_investment).
Share repurchases base_2026q4_buybacks	2026Q4 / base	50.00 USD_millions	assumption: Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.
Cash after lending and repurchases base_2026q4_cash_after_claims	2026Q4 / base	-289.97 USD_millions	derived: Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash. Formula: subtract(base_2026q4_cash_after_lending, base_2026q4_buybacks).
Consumer average earning activity / Q2 base_2027q1_consumer_activity	2027Q1 / base	116.3% ratio	assumption: Desk assumption; not company guidance.
Consumer revenue yield versus Q2 base_2027q1_consumer_yield	2027Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Consumer lending revenue base_2027q1_consumer_revenue	2027Q1 / base	555.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_consumer, base_2027q1_consumer_activity, base_2027q1_consumer_yield).
Business average earning activity / Q2 base_2027q1_business_activity	2027Q1 / base	118.4% ratio	assumption: Desk assumption; not company guidance.
Business revenue yield versus Q2 base_2027q1_business_yield	2027Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Business lending revenue base_2027q1_business_revenue	2027Q1 / base	520.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_business, base_2027q1_business_activity, base_2027q1_business_yield).
Other revenue base_2027q1_other_revenue	2027Q1 / base	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2027q1_revenue	2027Q1 / base	1,090.00 USD_millions	derived: No bank acquisition contribution. Formula: sum(base_2027q1_consumer_revenue, base_2027q1_business_revenue, base_2027q1_other_revenue).
Consumer fair-value expense / revenue base_2027q1_consumer_credit_ratio	2027Q1 / base	43.5% ratio	assumption: Desk assumption; not company guidance.
Consumer fair-value expense base_2027q1_consumer_credit_cost	2027Q1 / base	241.43 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(base_2027q1_consumer_revenue, base_2027q1_consumer_credit_ratio).
Business fair-value expense / revenue base_2027q1_business_credit_ratio	2027Q1 / base	36.5% ratio	assumption: Desk assumption; not company guidance.
Business fair-value expense base_2027q1_business_credit_cost	2027Q1 / base	189.80 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(base_2027q1_business_revenue, base_2027q1_business_credit_ratio).
Total fair-value expense base_2027q1_credit_cost	2027Q1 / base	431.23 USD_millions	derived: No double counting of charge-offs below fair-value expense. Formula: sum(base_2027q1_consumer_credit_cost, base_2027q1_business_credit_cost).
Revenue after fair-value expense base_2027q1_net_revenue	2027Q1 / base	658.77 USD_millions	derived: Financial-company net revenue, not industrial gross profit. Formula: subtract(base_2027q1_revenue, base_2027q1_credit_cost).
Depreciation and amortization base_2027q1_da	2027Q1 / base	9.60 USD_millions	assumption: Desk assumption; not company guidance.
SBC expense base_2027q1_sbc	2027Q1 / base	9.80 USD_millions	assumption: Desk assumption; not company guidance.
Marketing / revenue base_2027q1_marketing_ratio	2027Q1 / base	22.0% ratio	assumption: Desk assumption; not company guidance.
Marketing expense base_2027q1_marketing	2027Q1 / base	239.80 USD_millions	derived: Acquisition expense retained in earnings. Formula: multiply(base_2027q1_revenue, base_2027q1_marketing_ratio).
Operations and technology base_2027q1_operations	2027Q1 / base	92.00 USD_millions	assumption: Desk assumption; not company guidance.
General and administrative base_2027q1_ga	2027Q1 / base	51.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating expense base_2027q1_opex	2027Q1 / base	392.40 USD_millions	derived: SBC is already within departmental expense; add back only in cash bridge. Formula: sum(base_2027q1_marketing, base_2027q1_operations, base_2027q1_ga, base_2027q1_da).
GAAP operating income proxy base_2027q1_operating_income	2027Q1 / base	266.37 USD_millions	derived: No Grasshopper synergies or one-time transaction recovery assumed. Formula: subtract(base_2027q1_net_revenue, base_2027q1_opex).
Average funded debt base_2027q1_average_debt	2027Q1 / base	5,750.00 USD_millions	assumption: Desk assumption; not company guidance.
Net annual debt cost including fees base_2027q1_annual_interest_rate	2027Q1 / base	7.8% ratio	assumption: Desk assumption; not company guidance.
Quarter of annual rate base_2027q1_quarter_fraction	2027Q1 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
Net funding and corporate interest base_2027q1_interest	2027Q1 / base	112.12 USD_millions	derived: Blended cost for corporate and funding debt; commitments are not treated as draws. Formula: multiply(base_2027q1_average_debt, base_2027q1_annual_interest_rate, base_2027q1_quarter_fraction).
Pretax earnings proxy base_2027q1_pretax	2027Q1 / base	154.25 USD_millions	derived: No speculative nonoperating gains. Formula: subtract(base_2027q1_operating_income, base_2027q1_interest).
Cash taxes / modeled pretax income base_2027q1_cash_tax_rate	2027Q1 / base	24.0% ratio	assumption: Desk assumption; not company guidance.
Cash tax allowance base_2027q1_cash_tax	2027Q1 / base	37.02 USD_millions	derived: All configured pretax cases are positive; negative stress would require a cash-tax floor. Formula: multiply(base_2027q1_pretax, base_2027q1_cash_tax_rate).
Pretax earnings plus noncash expenses base_2027q1_noncash_bridge	2027Q1 / base	604.87 USD_millions	derived: Fair-value expense assumed noncash here; loan receipts are modeled separately. Formula: sum(base_2027q1_pretax, base_2027q1_credit_cost, base_2027q1_da, base_2027q1_sbc).
Net other cash use base_2027q1_working_capital_use	2027Q1 / base	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax and other operating timing base_2027q1_operating_cash_uses	2027Q1 / base	56.02 USD_millions	derived: Covers fee amortization, tax timing and other operating balances, not cash loan originations. Formula: sum(base_2027q1_cash_tax, base_2027q1_working_capital_use).
Operating cash before loan investment base_2027q1_cfo	2027Q1 / base	548.85 USD_millions	derived: Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense. Formula: subtract(base_2027q1_noncash_bridge, base_2027q1_operating_cash_uses).
Cash fixed assets and software base_2027q1_capex	2027Q1 / base	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash loan originations base_2027q1_cash_originations	2027Q1 / base	2,650.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash principal collections base_2027q1_principal_receipts	2027Q1 / base	1,950.00 USD_millions	assumption: Desk assumption; not company guidance.
Net cash loan investment base_2027q1_loan_investment	2027Q1 / base	700.00 USD_millions	derived: Excludes interest collections already in operating cash and noncash renewals. Formula: subtract(base_2027q1_cash_originations, base_2027q1_principal_receipts).
Cash capital and net loan investment base_2027q1_cash_investment	2027Q1 / base	715.00 USD_millions	derived: Loan growth can consume more than reported CFO. Formula: sum(base_2027q1_capex, base_2027q1_loan_investment).
Cash after capex and loan investment base_2027q1_cash_after_lending	2027Q1 / base	-166.15 USD_millions	derived: No new debt proceeds included. Formula: subtract(base_2027q1_cfo, base_2027q1_cash_investment).
Share repurchases base_2027q1_buybacks	2027Q1 / base	35.00 USD_millions	assumption: Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.
Cash after lending and repurchases base_2027q1_cash_after_claims	2027Q1 / base	-201.15 USD_millions	derived: Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash. Formula: subtract(base_2027q1_cash_after_lending, base_2027q1_buybacks).
Consumer average earning activity / Q2 base_2027q2_consumer_activity	2027Q2 / base	121.5% ratio	assumption: Desk assumption; not company guidance.
Consumer revenue yield versus Q2 base_2027q2_consumer_yield	2027Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Consumer lending revenue base_2027q2_consumer_revenue	2027Q2 / base	580.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_consumer, base_2027q2_consumer_activity, base_2027q2_consumer_yield).
Business average earning activity / Q2 base_2027q2_business_activity	2027Q2 / base	125.0% ratio	assumption: Desk assumption; not company guidance.
Business revenue yield versus Q2 base_2027q2_business_yield	2027Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Business lending revenue base_2027q2_business_revenue	2027Q2 / base	549.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_business, base_2027q2_business_activity, base_2027q2_business_yield).
Other revenue base_2027q2_other_revenue	2027Q2 / base	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2027q2_revenue	2027Q2 / base	1,145.00 USD_millions	derived: No bank acquisition contribution. Formula: sum(base_2027q2_consumer_revenue, base_2027q2_business_revenue, base_2027q2_other_revenue).
Consumer fair-value expense / revenue base_2027q2_consumer_credit_ratio	2027Q2 / base	43.5% ratio	assumption: Desk assumption; not company guidance.
Consumer fair-value expense base_2027q2_consumer_credit_cost	2027Q2 / base	252.30 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(base_2027q2_consumer_revenue, base_2027q2_consumer_credit_ratio).
Business fair-value expense / revenue base_2027q2_business_credit_ratio	2027Q2 / base	36.5% ratio	assumption: Desk assumption; not company guidance.
Business fair-value expense base_2027q2_business_credit_cost	2027Q2 / base	200.38 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(base_2027q2_business_revenue, base_2027q2_business_credit_ratio).
Total fair-value expense base_2027q2_credit_cost	2027Q2 / base	452.69 USD_millions	derived: No double counting of charge-offs below fair-value expense. Formula: sum(base_2027q2_consumer_credit_cost, base_2027q2_business_credit_cost).
Revenue after fair-value expense base_2027q2_net_revenue	2027Q2 / base	692.32 USD_millions	derived: Financial-company net revenue, not industrial gross profit. Formula: subtract(base_2027q2_revenue, base_2027q2_credit_cost).
Depreciation and amortization base_2027q2_da	2027Q2 / base	9.90 USD_millions	assumption: Desk assumption; not company guidance.
SBC expense base_2027q2_sbc	2027Q2 / base	10.20 USD_millions	assumption: Desk assumption; not company guidance.
Marketing / revenue base_2027q2_marketing_ratio	2027Q2 / base	22.0% ratio	assumption: Desk assumption; not company guidance.
Marketing expense base_2027q2_marketing	2027Q2 / base	251.90 USD_millions	derived: Acquisition expense retained in earnings. Formula: multiply(base_2027q2_revenue, base_2027q2_marketing_ratio).
Operations and technology base_2027q2_operations	2027Q2 / base	97.00 USD_millions	assumption: Desk assumption; not company guidance.
General and administrative base_2027q2_ga	2027Q2 / base	53.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating expense base_2027q2_opex	2027Q2 / base	411.80 USD_millions	derived: SBC is already within departmental expense; add back only in cash bridge. Formula: sum(base_2027q2_marketing, base_2027q2_operations, base_2027q2_ga, base_2027q2_da).
GAAP operating income proxy base_2027q2_operating_income	2027Q2 / base	280.52 USD_millions	derived: No Grasshopper synergies or one-time transaction recovery assumed. Formula: subtract(base_2027q2_net_revenue, base_2027q2_opex).
Average funded debt base_2027q2_average_debt	2027Q2 / base	6,000.00 USD_millions	assumption: Desk assumption; not company guidance.
Net annual debt cost including fees base_2027q2_annual_interest_rate	2027Q2 / base	7.8% ratio	assumption: Desk assumption; not company guidance.
Quarter of annual rate base_2027q2_quarter_fraction	2027Q2 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
Net funding and corporate interest base_2027q2_interest	2027Q2 / base	117.00 USD_millions	derived: Blended cost for corporate and funding debt; commitments are not treated as draws. Formula: multiply(base_2027q2_average_debt, base_2027q2_annual_interest_rate, base_2027q2_quarter_fraction).
Pretax earnings proxy base_2027q2_pretax	2027Q2 / base	163.52 USD_millions	derived: No speculative nonoperating gains. Formula: subtract(base_2027q2_operating_income, base_2027q2_interest).
Cash taxes / modeled pretax income base_2027q2_cash_tax_rate	2027Q2 / base	24.0% ratio	assumption: Desk assumption; not company guidance.
Cash tax allowance base_2027q2_cash_tax	2027Q2 / base	39.24 USD_millions	derived: All configured pretax cases are positive; negative stress would require a cash-tax floor. Formula: multiply(base_2027q2_pretax, base_2027q2_cash_tax_rate).
Pretax earnings plus noncash expenses base_2027q2_noncash_bridge	2027Q2 / base	636.30 USD_millions	derived: Fair-value expense assumed noncash here; loan receipts are modeled separately. Formula: sum(base_2027q2_pretax, base_2027q2_credit_cost, base_2027q2_da, base_2027q2_sbc).
Net other cash use base_2027q2_working_capital_use	2027Q2 / base	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax and other operating timing base_2027q2_operating_cash_uses	2027Q2 / base	60.24 USD_millions	derived: Covers fee amortization, tax timing and other operating balances, not cash loan originations. Formula: sum(base_2027q2_cash_tax, base_2027q2_working_capital_use).
Operating cash before loan investment base_2027q2_cfo	2027Q2 / base	576.06 USD_millions	derived: Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense. Formula: subtract(base_2027q2_noncash_bridge, base_2027q2_operating_cash_uses).
Cash fixed assets and software base_2027q2_capex	2027Q2 / base	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash loan originations base_2027q2_cash_originations	2027Q2 / base	2,850.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash principal collections base_2027q2_principal_receipts	2027Q2 / base	2,100.00 USD_millions	assumption: Desk assumption; not company guidance.
Net cash loan investment base_2027q2_loan_investment	2027Q2 / base	750.00 USD_millions	derived: Excludes interest collections already in operating cash and noncash renewals. Formula: subtract(base_2027q2_cash_originations, base_2027q2_principal_receipts).
Cash capital and net loan investment base_2027q2_cash_investment	2027Q2 / base	766.00 USD_millions	derived: Loan growth can consume more than reported CFO. Formula: sum(base_2027q2_capex, base_2027q2_loan_investment).
Cash after capex and loan investment base_2027q2_cash_after_lending	2027Q2 / base	-189.94 USD_millions	derived: No new debt proceeds included. Formula: subtract(base_2027q2_cfo, base_2027q2_cash_investment).
Share repurchases base_2027q2_buybacks	2027Q2 / base	35.00 USD_millions	assumption: Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.
Cash after lending and repurchases base_2027q2_cash_after_claims	2027Q2 / base	-224.94 USD_millions	derived: Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash. Formula: subtract(base_2027q2_cash_after_lending, base_2027q2_buybacks).
Consumer average earning activity / Q2 base_2027q3_consumer_activity	2027Q3 / base	128.8% ratio	assumption: Desk assumption; not company guidance.
Consumer revenue yield versus Q2 base_2027q3_consumer_yield	2027Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Consumer lending revenue base_2027q3_consumer_revenue	2027Q3 / base	615.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_consumer, base_2027q3_consumer_activity, base_2027q3_consumer_yield).
Business average earning activity / Q2 base_2027q3_business_activity	2027Q3 / base	136.1% ratio	assumption: Desk assumption; not company guidance.
Business revenue yield versus Q2 base_2027q3_business_yield	2027Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Business lending revenue base_2027q3_business_revenue	2027Q3 / base	598.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_business, base_2027q3_business_activity, base_2027q3_business_yield).
Other revenue base_2027q3_other_revenue	2027Q3 / base	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2027q3_revenue	2027Q3 / base	1,230.00 USD_millions	derived: No bank acquisition contribution. Formula: sum(base_2027q3_consumer_revenue, base_2027q3_business_revenue, base_2027q3_other_revenue).
Consumer fair-value expense / revenue base_2027q3_consumer_credit_ratio	2027Q3 / base	43.5% ratio	assumption: Desk assumption; not company guidance.
Consumer fair-value expense base_2027q3_consumer_credit_cost	2027Q3 / base	267.52 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(base_2027q3_consumer_revenue, base_2027q3_consumer_credit_ratio).
Business fair-value expense / revenue base_2027q3_business_credit_ratio	2027Q3 / base	36.5% ratio	assumption: Desk assumption; not company guidance.
Business fair-value expense base_2027q3_business_credit_cost	2027Q3 / base	218.27 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(base_2027q3_business_revenue, base_2027q3_business_credit_ratio).
Total fair-value expense base_2027q3_credit_cost	2027Q3 / base	485.79 USD_millions	derived: No double counting of charge-offs below fair-value expense. Formula: sum(base_2027q3_consumer_credit_cost, base_2027q3_business_credit_cost).
Revenue after fair-value expense base_2027q3_net_revenue	2027Q3 / base	744.21 USD_millions	derived: Financial-company net revenue, not industrial gross profit. Formula: subtract(base_2027q3_revenue, base_2027q3_credit_cost).
Depreciation and amortization base_2027q3_da	2027Q3 / base	10.20 USD_millions	assumption: Desk assumption; not company guidance.
SBC expense base_2027q3_sbc	2027Q3 / base	10.60 USD_millions	assumption: Desk assumption; not company guidance.
Marketing / revenue base_2027q3_marketing_ratio	2027Q3 / base	22.0% ratio	assumption: Desk assumption; not company guidance.
Marketing expense base_2027q3_marketing	2027Q3 / base	270.60 USD_millions	derived: Acquisition expense retained in earnings. Formula: multiply(base_2027q3_revenue, base_2027q3_marketing_ratio).
Operations and technology base_2027q3_operations	2027Q3 / base	102.00 USD_millions	assumption: Desk assumption; not company guidance.
General and administrative base_2027q3_ga	2027Q3 / base	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating expense base_2027q3_opex	2027Q3 / base	437.80 USD_millions	derived: SBC is already within departmental expense; add back only in cash bridge. Formula: sum(base_2027q3_marketing, base_2027q3_operations, base_2027q3_ga, base_2027q3_da).
GAAP operating income proxy base_2027q3_operating_income	2027Q3 / base	306.41 USD_millions	derived: No Grasshopper synergies or one-time transaction recovery assumed. Formula: subtract(base_2027q3_net_revenue, base_2027q3_opex).
Average funded debt base_2027q3_average_debt	2027Q3 / base	6,300.00 USD_millions	assumption: Desk assumption; not company guidance.
Net annual debt cost including fees base_2027q3_annual_interest_rate	2027Q3 / base	7.8% ratio	assumption: Desk assumption; not company guidance.
Quarter of annual rate base_2027q3_quarter_fraction	2027Q3 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
Net funding and corporate interest base_2027q3_interest	2027Q3 / base	122.85 USD_millions	derived: Blended cost for corporate and funding debt; commitments are not treated as draws. Formula: multiply(base_2027q3_average_debt, base_2027q3_annual_interest_rate, base_2027q3_quarter_fraction).
Pretax earnings proxy base_2027q3_pretax	2027Q3 / base	183.56 USD_millions	derived: No speculative nonoperating gains. Formula: subtract(base_2027q3_operating_income, base_2027q3_interest).
Cash taxes / modeled pretax income base_2027q3_cash_tax_rate	2027Q3 / base	24.0% ratio	assumption: Desk assumption; not company guidance.
Cash tax allowance base_2027q3_cash_tax	2027Q3 / base	44.05 USD_millions	derived: All configured pretax cases are positive; negative stress would require a cash-tax floor. Formula: multiply(base_2027q3_pretax, base_2027q3_cash_tax_rate).
Pretax earnings plus noncash expenses base_2027q3_noncash_bridge	2027Q3 / base	690.15 USD_millions	derived: Fair-value expense assumed noncash here; loan receipts are modeled separately. Formula: sum(base_2027q3_pretax, base_2027q3_credit_cost, base_2027q3_da, base_2027q3_sbc).
Net other cash use base_2027q3_working_capital_use	2027Q3 / base	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax and other operating timing base_2027q3_operating_cash_uses	2027Q3 / base	67.05 USD_millions	derived: Covers fee amortization, tax timing and other operating balances, not cash loan originations. Formula: sum(base_2027q3_cash_tax, base_2027q3_working_capital_use).
Operating cash before loan investment base_2027q3_cfo	2027Q3 / base	623.10 USD_millions	derived: Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense. Formula: subtract(base_2027q3_noncash_bridge, base_2027q3_operating_cash_uses).
Cash fixed assets and software base_2027q3_capex	2027Q3 / base	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash loan originations base_2027q3_cash_originations	2027Q3 / base	3,050.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash principal collections base_2027q3_principal_receipts	2027Q3 / base	2,260.00 USD_millions	assumption: Desk assumption; not company guidance.
Net cash loan investment base_2027q3_loan_investment	2027Q3 / base	790.00 USD_millions	derived: Excludes interest collections already in operating cash and noncash renewals. Formula: subtract(base_2027q3_cash_originations, base_2027q3_principal_receipts).
Cash capital and net loan investment base_2027q3_cash_investment	2027Q3 / base	807.00 USD_millions	derived: Loan growth can consume more than reported CFO. Formula: sum(base_2027q3_capex, base_2027q3_loan_investment).
Cash after capex and loan investment base_2027q3_cash_after_lending	2027Q3 / base	-183.90 USD_millions	derived: No new debt proceeds included. Formula: subtract(base_2027q3_cfo, base_2027q3_cash_investment).
Share repurchases base_2027q3_buybacks	2027Q3 / base	35.00 USD_millions	assumption: Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.
Cash after lending and repurchases base_2027q3_cash_after_claims	2027Q3 / base	-218.90 USD_millions	derived: Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash. Formula: subtract(base_2027q3_cash_after_lending, base_2027q3_buybacks).
Consumer average earning activity / Q2 base_2027q4_consumer_activity	2027Q4 / base	134.1% ratio	assumption: Desk assumption; not company guidance.
Consumer revenue yield versus Q2 base_2027q4_consumer_yield	2027Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Consumer lending revenue base_2027q4_consumer_revenue	2027Q4 / base	640.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_consumer, base_2027q4_consumer_activity, base_2027q4_consumer_yield).
Business average earning activity / Q2 base_2027q4_business_activity	2027Q4 / base	143.9% ratio	assumption: Desk assumption; not company guidance.
Business revenue yield versus Q2 base_2027q4_business_yield	2027Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Business lending revenue base_2027q4_business_revenue	2027Q4 / base	632.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_business, base_2027q4_business_activity, base_2027q4_business_yield).
Other revenue base_2027q4_other_revenue	2027Q4 / base	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2027q4_revenue	2027Q4 / base	1,290.00 USD_millions	derived: No bank acquisition contribution. Formula: sum(base_2027q4_consumer_revenue, base_2027q4_business_revenue, base_2027q4_other_revenue).
Consumer fair-value expense / revenue base_2027q4_consumer_credit_ratio	2027Q4 / base	43.5% ratio	assumption: Desk assumption; not company guidance.
Consumer fair-value expense base_2027q4_consumer_credit_cost	2027Q4 / base	278.40 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(base_2027q4_consumer_revenue, base_2027q4_consumer_credit_ratio).
Business fair-value expense / revenue base_2027q4_business_credit_ratio	2027Q4 / base	36.5% ratio	assumption: Desk assumption; not company guidance.
Business fair-value expense base_2027q4_business_credit_cost	2027Q4 / base	230.68 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(base_2027q4_business_revenue, base_2027q4_business_credit_ratio).
Total fair-value expense base_2027q4_credit_cost	2027Q4 / base	509.08 USD_millions	derived: No double counting of charge-offs below fair-value expense. Formula: sum(base_2027q4_consumer_credit_cost, base_2027q4_business_credit_cost).
Revenue after fair-value expense base_2027q4_net_revenue	2027Q4 / base	780.92 USD_millions	derived: Financial-company net revenue, not industrial gross profit. Formula: subtract(base_2027q4_revenue, base_2027q4_credit_cost).
Depreciation and amortization base_2027q4_da	2027Q4 / base	10.50 USD_millions	assumption: Desk assumption; not company guidance.
SBC expense base_2027q4_sbc	2027Q4 / base	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing / revenue base_2027q4_marketing_ratio	2027Q4 / base	22.0% ratio	assumption: Desk assumption; not company guidance.
Marketing expense base_2027q4_marketing	2027Q4 / base	283.80 USD_millions	derived: Acquisition expense retained in earnings. Formula: multiply(base_2027q4_revenue, base_2027q4_marketing_ratio).
Operations and technology base_2027q4_operations	2027Q4 / base	107.00 USD_millions	assumption: Desk assumption; not company guidance.
General and administrative base_2027q4_ga	2027Q4 / base	57.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating expense base_2027q4_opex	2027Q4 / base	458.30 USD_millions	derived: SBC is already within departmental expense; add back only in cash bridge. Formula: sum(base_2027q4_marketing, base_2027q4_operations, base_2027q4_ga, base_2027q4_da).
GAAP operating income proxy base_2027q4_operating_income	2027Q4 / base	322.62 USD_millions	derived: No Grasshopper synergies or one-time transaction recovery assumed. Formula: subtract(base_2027q4_net_revenue, base_2027q4_opex).
Average funded debt base_2027q4_average_debt	2027Q4 / base	6,625.00 USD_millions	assumption: Desk assumption; not company guidance.
Net annual debt cost including fees base_2027q4_annual_interest_rate	2027Q4 / base	7.8% ratio	assumption: Desk assumption; not company guidance.
Quarter of annual rate base_2027q4_quarter_fraction	2027Q4 / base	25.0% ratio	assumption: Desk assumption; not company guidance.
Net funding and corporate interest base_2027q4_interest	2027Q4 / base	129.19 USD_millions	derived: Blended cost for corporate and funding debt; commitments are not treated as draws. Formula: multiply(base_2027q4_average_debt, base_2027q4_annual_interest_rate, base_2027q4_quarter_fraction).
Pretax earnings proxy base_2027q4_pretax	2027Q4 / base	193.43 USD_millions	derived: No speculative nonoperating gains. Formula: subtract(base_2027q4_operating_income, base_2027q4_interest).
Cash taxes / modeled pretax income base_2027q4_cash_tax_rate	2027Q4 / base	24.0% ratio	assumption: Desk assumption; not company guidance.
Cash tax allowance base_2027q4_cash_tax	2027Q4 / base	46.42 USD_millions	derived: All configured pretax cases are positive; negative stress would require a cash-tax floor. Formula: multiply(base_2027q4_pretax, base_2027q4_cash_tax_rate).
Pretax earnings plus noncash expenses base_2027q4_noncash_bridge	2027Q4 / base	724.01 USD_millions	derived: Fair-value expense assumed noncash here; loan receipts are modeled separately. Formula: sum(base_2027q4_pretax, base_2027q4_credit_cost, base_2027q4_da, base_2027q4_sbc).
Net other cash use base_2027q4_working_capital_use	2027Q4 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax and other operating timing base_2027q4_operating_cash_uses	2027Q4 / base	71.42 USD_millions	derived: Covers fee amortization, tax timing and other operating balances, not cash loan originations. Formula: sum(base_2027q4_cash_tax, base_2027q4_working_capital_use).
Operating cash before loan investment base_2027q4_cfo	2027Q4 / base	652.59 USD_millions	derived: Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense. Formula: subtract(base_2027q4_noncash_bridge, base_2027q4_operating_cash_uses).
Cash fixed assets and software base_2027q4_capex	2027Q4 / base	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash loan originations base_2027q4_cash_originations	2027Q4 / base	3,250.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash principal collections base_2027q4_principal_receipts	2027Q4 / base	2,400.00 USD_millions	assumption: Desk assumption; not company guidance.
Net cash loan investment base_2027q4_loan_investment	2027Q4 / base	850.00 USD_millions	derived: Excludes interest collections already in operating cash and noncash renewals. Formula: subtract(base_2027q4_cash_originations, base_2027q4_principal_receipts).
Cash capital and net loan investment base_2027q4_cash_investment	2027Q4 / base	868.00 USD_millions	derived: Loan growth can consume more than reported CFO. Formula: sum(base_2027q4_capex, base_2027q4_loan_investment).
Cash after capex and loan investment base_2027q4_cash_after_lending	2027Q4 / base	-215.41 USD_millions	derived: No new debt proceeds included. Formula: subtract(base_2027q4_cfo, base_2027q4_cash_investment).
Share repurchases base_2027q4_buybacks	2027Q4 / base	35.00 USD_millions	assumption: Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.
Cash after lending and repurchases base_2027q4_cash_after_claims	2027Q4 / base	-250.41 USD_millions	derived: Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash. Formula: subtract(base_2027q4_cash_after_lending, base_2027q4_buybacks).
Total revenue ($M) base_fy2026_revenue	FY2026 / base	3,860.77 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue).
Fair-value expense ($M) base_fy2026_credit_cost	FY2026 / base	1,522.44 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_credit_cost, base_2026q3_credit_cost, base_2026q4_credit_cost).
Revenue after fair-value expense ($M) base_fy2026_net_revenue	FY2026 / base	2,338.34 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_net_revenue, base_2026q3_net_revenue, base_2026q4_net_revenue).
GAAP operating income proxy ($M) base_fy2026_operating_income	FY2026 / base	949.79 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income).
Net funding/corporate interest ($M) base_fy2026_interest	FY2026 / base	402.95 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_interest, base_2026q3_interest, base_2026q4_interest).
Pretax earnings proxy ($M) base_fy2026_pretax	FY2026 / base	547.42 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_pretax, base_2026q3_pretax, base_2026q4_pretax).
Operating cash before loan investment ($M) base_fy2026_cfo	FY2026 / base	2,062.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo).
Cash fixed assets and software ($M) base_fy2026_capex	FY2026 / base	50.36 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
Cash loan originations less principal receipts ($M) base_fy2026_loan_investment	FY2026 / base	2,847.97 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_loan_investment, base_2026q3_loan_investment, base_2026q4_loan_investment).
Cash after capex and loan investment ($M) base_fy2026_cash_after_lending	FY2026 / base	-835.89 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_lending, base_2026q3_cash_after_lending, base_2026q4_cash_after_lending).
Share repurchase cash ($M) base_fy2026_buybacks	FY2026 / base	159.37 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_buybacks, base_2026q3_buybacks, base_2026q4_buybacks).
Cash after lending and repurchases ($M) base_fy2026_cash_after_claims	FY2026 / base	-995.26 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, base_2026q3_cash_after_claims, base_2026q4_cash_after_claims).
Total revenue ($M) base_fy2027_revenue	FY2027 / base	4,755.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
Fair-value expense ($M) base_fy2027_credit_cost	FY2027 / base	1,878.78 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_credit_cost, base_2027q2_credit_cost, base_2027q3_credit_cost, base_2027q4_credit_cost).
Revenue after fair-value expense ($M) base_fy2027_net_revenue	FY2027 / base	2,876.22 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_net_revenue, base_2027q2_net_revenue, base_2027q3_net_revenue, base_2027q4_net_revenue).
GAAP operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	1,175.92 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Net funding/corporate interest ($M) base_fy2027_interest	FY2027 / base	481.16 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_interest, base_2027q2_interest, base_2027q3_interest, base_2027q4_interest).
Pretax earnings proxy ($M) base_fy2027_pretax	FY2027 / base	694.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_pretax, base_2027q2_pretax, base_2027q3_pretax, base_2027q4_pretax).
Operating cash before loan investment ($M) base_fy2027_cfo	FY2027 / base	2,400.60 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
Cash fixed assets and software ($M) base_fy2027_capex	FY2027 / base	66.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
Cash loan originations less principal receipts ($M) base_fy2027_loan_investment	FY2027 / base	3,090.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_loan_investment, base_2027q2_loan_investment, base_2027q3_loan_investment, base_2027q4_loan_investment).
Cash after capex and loan investment ($M) base_fy2027_cash_after_lending	FY2027 / base	-755.40 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_lending, base_2027q2_cash_after_lending, base_2027q3_cash_after_lending, base_2027q4_cash_after_lending).
Share repurchase cash ($M) base_fy2027_buybacks	FY2027 / base	140.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_buybacks, base_2027q2_buybacks, base_2027q3_buybacks, base_2027q4_buybacks).
Cash after lending and repurchases ($M) base_fy2027_cash_after_claims	FY2027 / base	-895.40 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_claims, base_2027q2_cash_after_claims, base_2027q3_cash_after_claims, base_2027q4_cash_after_claims).
Consumer average earning activity / Q2 upside_2026q3_consumer_activity	2026Q3 / upside	111.0% ratio	assumption: Desk assumption; not company guidance.
Consumer revenue yield versus Q2 upside_2026q3_consumer_yield	2026Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Consumer lending revenue upside_2026q3_consumer_revenue	2026Q3 / upside	530.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_consumer, upside_2026q3_consumer_activity, upside_2026q3_consumer_yield).
Business average earning activity / Q2 upside_2026q3_business_activity	2026Q3 / upside	113.1% ratio	assumption: Desk assumption; not company guidance.
Business revenue yield versus Q2 upside_2026q3_business_yield	2026Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Business lending revenue upside_2026q3_business_revenue	2026Q3 / upside	497.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_business, upside_2026q3_business_activity, upside_2026q3_business_yield).
Other revenue upside_2026q3_other_revenue	2026Q3 / upside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2026q3_revenue	2026Q3 / upside	1,040.00 USD_millions	derived: No bank acquisition contribution. Formula: sum(upside_2026q3_consumer_revenue, upside_2026q3_business_revenue, upside_2026q3_other_revenue).
Consumer fair-value expense / revenue upside_2026q3_consumer_credit_ratio	2026Q3 / upside	41.0% ratio	assumption: Desk assumption; not company guidance.
Consumer fair-value expense upside_2026q3_consumer_credit_cost	2026Q3 / upside	217.30 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(upside_2026q3_consumer_revenue, upside_2026q3_consumer_credit_ratio).
Business fair-value expense / revenue upside_2026q3_business_credit_ratio	2026Q3 / upside	33.5% ratio	assumption: Desk assumption; not company guidance.
Business fair-value expense upside_2026q3_business_credit_cost	2026Q3 / upside	166.50 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(upside_2026q3_business_revenue, upside_2026q3_business_credit_ratio).
Total fair-value expense upside_2026q3_credit_cost	2026Q3 / upside	383.79 USD_millions	derived: No double counting of charge-offs below fair-value expense. Formula: sum(upside_2026q3_consumer_credit_cost, upside_2026q3_business_credit_cost).
Revenue after fair-value expense upside_2026q3_net_revenue	2026Q3 / upside	656.21 USD_millions	derived: Financial-company net revenue, not industrial gross profit. Formula: subtract(upside_2026q3_revenue, upside_2026q3_credit_cost).
Depreciation and amortization upside_2026q3_da	2026Q3 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC expense upside_2026q3_sbc	2026Q3 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing / revenue upside_2026q3_marketing_ratio	2026Q3 / upside	21.5% ratio	assumption: Desk assumption; not company guidance.
Marketing expense upside_2026q3_marketing	2026Q3 / upside	223.60 USD_millions	derived: Acquisition expense retained in earnings. Formula: multiply(upside_2026q3_revenue, upside_2026q3_marketing_ratio).
Operations and technology upside_2026q3_operations	2026Q3 / upside	83.00 USD_millions	assumption: Desk assumption; not company guidance.
General and administrative upside_2026q3_ga	2026Q3 / upside	47.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating expense upside_2026q3_opex	2026Q3 / upside	362.60 USD_millions	derived: SBC is already within departmental expense; add back only in cash bridge. Formula: sum(upside_2026q3_marketing, upside_2026q3_operations, upside_2026q3_ga, upside_2026q3_da).
GAAP operating income proxy upside_2026q3_operating_income	2026Q3 / upside	293.61 USD_millions	derived: No Grasshopper synergies or one-time transaction recovery assumed. Formula: subtract(upside_2026q3_net_revenue, upside_2026q3_opex).
Average funded debt upside_2026q3_average_debt	2026Q3 / upside	5,400.00 USD_millions	assumption: Desk assumption; not company guidance.
Net annual debt cost including fees upside_2026q3_annual_interest_rate	2026Q3 / upside	7.3% ratio	assumption: Desk assumption; not company guidance.
Quarter of annual rate upside_2026q3_quarter_fraction	2026Q3 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
Net funding and corporate interest upside_2026q3_interest	2026Q3 / upside	98.55 USD_millions	derived: Blended cost for corporate and funding debt; commitments are not treated as draws. Formula: multiply(upside_2026q3_average_debt, upside_2026q3_annual_interest_rate, upside_2026q3_quarter_fraction).
Pretax earnings proxy upside_2026q3_pretax	2026Q3 / upside	195.06 USD_millions	derived: No speculative nonoperating gains. Formula: subtract(upside_2026q3_operating_income, upside_2026q3_interest).
Cash taxes / modeled pretax income upside_2026q3_cash_tax_rate	2026Q3 / upside	24.0% ratio	assumption: Desk assumption; not company guidance.
Cash tax allowance upside_2026q3_cash_tax	2026Q3 / upside	46.81 USD_millions	derived: All configured pretax cases are positive; negative stress would require a cash-tax floor. Formula: multiply(upside_2026q3_pretax, upside_2026q3_cash_tax_rate).
Pretax earnings plus noncash expenses upside_2026q3_noncash_bridge	2026Q3 / upside	596.85 USD_millions	derived: Fair-value expense assumed noncash here; loan receipts are modeled separately. Formula: sum(upside_2026q3_pretax, upside_2026q3_credit_cost, upside_2026q3_da, upside_2026q3_sbc).
Net other cash use upside_2026q3_working_capital_use	2026Q3 / upside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax and other operating timing upside_2026q3_operating_cash_uses	2026Q3 / upside	61.81 USD_millions	derived: Covers fee amortization, tax timing and other operating balances, not cash loan originations. Formula: sum(upside_2026q3_cash_tax, upside_2026q3_working_capital_use).
Operating cash before loan investment upside_2026q3_cfo	2026Q3 / upside	535.04 USD_millions	derived: Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense. Formula: subtract(upside_2026q3_noncash_bridge, upside_2026q3_operating_cash_uses).
Cash fixed assets and software upside_2026q3_capex	2026Q3 / upside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash loan originations upside_2026q3_cash_originations	2026Q3 / upside	2,500.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash principal collections upside_2026q3_principal_receipts	2026Q3 / upside	1,780.00 USD_millions	assumption: Desk assumption; not company guidance.
Net cash loan investment upside_2026q3_loan_investment	2026Q3 / upside	720.00 USD_millions	derived: Excludes interest collections already in operating cash and noncash renewals. Formula: subtract(upside_2026q3_cash_originations, upside_2026q3_principal_receipts).
Cash capital and net loan investment upside_2026q3_cash_investment	2026Q3 / upside	733.00 USD_millions	derived: Loan growth can consume more than reported CFO. Formula: sum(upside_2026q3_capex, upside_2026q3_loan_investment).
Cash after capex and loan investment upside_2026q3_cash_after_lending	2026Q3 / upside	-197.96 USD_millions	derived: No new debt proceeds included. Formula: subtract(upside_2026q3_cfo, upside_2026q3_cash_investment).
Share repurchases upside_2026q3_buybacks	2026Q3 / upside	50.00 USD_millions	assumption: Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.
Cash after lending and repurchases upside_2026q3_cash_after_claims	2026Q3 / upside	-247.96 USD_millions	derived: Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash. Formula: subtract(upside_2026q3_cash_after_lending, upside_2026q3_buybacks).
Consumer average earning activity / Q2 upside_2026q4_consumer_activity	2026Q4 / upside	118.3% ratio	assumption: Desk assumption; not company guidance.
Consumer revenue yield versus Q2 upside_2026q4_consumer_yield	2026Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Consumer lending revenue upside_2026q4_consumer_revenue	2026Q4 / upside	565.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_consumer, upside_2026q4_consumer_activity, upside_2026q4_consumer_yield).
Business average earning activity / Q2 upside_2026q4_business_activity	2026Q4 / upside	120.9% ratio	assumption: Desk assumption; not company guidance.
Business revenue yield versus Q2 upside_2026q4_business_yield	2026Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Business lending revenue upside_2026q4_business_revenue	2026Q4 / upside	531.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_business, upside_2026q4_business_activity, upside_2026q4_business_yield).
Other revenue upside_2026q4_other_revenue	2026Q4 / upside	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2026q4_revenue	2026Q4 / upside	1,110.00 USD_millions	derived: No bank acquisition contribution. Formula: sum(upside_2026q4_consumer_revenue, upside_2026q4_business_revenue, upside_2026q4_other_revenue).
Consumer fair-value expense / revenue upside_2026q4_consumer_credit_ratio	2026Q4 / upside	41.0% ratio	assumption: Desk assumption; not company guidance.
Consumer fair-value expense upside_2026q4_consumer_credit_cost	2026Q4 / upside	231.65 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(upside_2026q4_consumer_revenue, upside_2026q4_consumer_credit_ratio).
Business fair-value expense / revenue upside_2026q4_business_credit_ratio	2026Q4 / upside	33.5% ratio	assumption: Desk assumption; not company guidance.
Business fair-value expense upside_2026q4_business_credit_cost	2026Q4 / upside	177.89 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(upside_2026q4_business_revenue, upside_2026q4_business_credit_ratio).
Total fair-value expense upside_2026q4_credit_cost	2026Q4 / upside	409.53 USD_millions	derived: No double counting of charge-offs below fair-value expense. Formula: sum(upside_2026q4_consumer_credit_cost, upside_2026q4_business_credit_cost).
Revenue after fair-value expense upside_2026q4_net_revenue	2026Q4 / upside	700.47 USD_millions	derived: Financial-company net revenue, not industrial gross profit. Formula: subtract(upside_2026q4_revenue, upside_2026q4_credit_cost).
Depreciation and amortization upside_2026q4_da	2026Q4 / upside	9.30 USD_millions	assumption: Desk assumption; not company guidance.
SBC expense upside_2026q4_sbc	2026Q4 / upside	9.40 USD_millions	assumption: Desk assumption; not company guidance.
Marketing / revenue upside_2026q4_marketing_ratio	2026Q4 / upside	21.5% ratio	assumption: Desk assumption; not company guidance.
Marketing expense upside_2026q4_marketing	2026Q4 / upside	238.65 USD_millions	derived: Acquisition expense retained in earnings. Formula: multiply(upside_2026q4_revenue, upside_2026q4_marketing_ratio).
Operations and technology upside_2026q4_operations	2026Q4 / upside	88.00 USD_millions	assumption: Desk assumption; not company guidance.
General and administrative upside_2026q4_ga	2026Q4 / upside	49.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating expense upside_2026q4_opex	2026Q4 / upside	384.95 USD_millions	derived: SBC is already within departmental expense; add back only in cash bridge. Formula: sum(upside_2026q4_marketing, upside_2026q4_operations, upside_2026q4_ga, upside_2026q4_da).
GAAP operating income proxy upside_2026q4_operating_income	2026Q4 / upside	315.52 USD_millions	derived: No Grasshopper synergies or one-time transaction recovery assumed. Formula: subtract(upside_2026q4_net_revenue, upside_2026q4_opex).
Average funded debt upside_2026q4_average_debt	2026Q4 / upside	5,725.00 USD_millions	assumption: Desk assumption; not company guidance.
Net annual debt cost including fees upside_2026q4_annual_interest_rate	2026Q4 / upside	7.3% ratio	assumption: Desk assumption; not company guidance.
Quarter of annual rate upside_2026q4_quarter_fraction	2026Q4 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
Net funding and corporate interest upside_2026q4_interest	2026Q4 / upside	104.48 USD_millions	derived: Blended cost for corporate and funding debt; commitments are not treated as draws. Formula: multiply(upside_2026q4_average_debt, upside_2026q4_annual_interest_rate, upside_2026q4_quarter_fraction).
Pretax earnings proxy upside_2026q4_pretax	2026Q4 / upside	211.03 USD_millions	derived: No speculative nonoperating gains. Formula: subtract(upside_2026q4_operating_income, upside_2026q4_interest).
Cash taxes / modeled pretax income upside_2026q4_cash_tax_rate	2026Q4 / upside	24.0% ratio	assumption: Desk assumption; not company guidance.
Cash tax allowance upside_2026q4_cash_tax	2026Q4 / upside	50.65 USD_millions	derived: All configured pretax cases are positive; negative stress would require a cash-tax floor. Formula: multiply(upside_2026q4_pretax, upside_2026q4_cash_tax_rate).
Pretax earnings plus noncash expenses upside_2026q4_noncash_bridge	2026Q4 / upside	639.27 USD_millions	derived: Fair-value expense assumed noncash here; loan receipts are modeled separately. Formula: sum(upside_2026q4_pretax, upside_2026q4_credit_cost, upside_2026q4_da, upside_2026q4_sbc).
Net other cash use upside_2026q4_working_capital_use	2026Q4 / upside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax and other operating timing upside_2026q4_operating_cash_uses	2026Q4 / upside	67.65 USD_millions	derived: Covers fee amortization, tax timing and other operating balances, not cash loan originations. Formula: sum(upside_2026q4_cash_tax, upside_2026q4_working_capital_use).
Operating cash before loan investment upside_2026q4_cfo	2026Q4 / upside	571.62 USD_millions	derived: Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense. Formula: subtract(upside_2026q4_noncash_bridge, upside_2026q4_operating_cash_uses).
Cash fixed assets and software upside_2026q4_capex	2026Q4 / upside	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash loan originations upside_2026q4_cash_originations	2026Q4 / upside	2,770.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash principal collections upside_2026q4_principal_receipts	2026Q4 / upside	1,990.00 USD_millions	assumption: Desk assumption; not company guidance.
Net cash loan investment upside_2026q4_loan_investment	2026Q4 / upside	780.00 USD_millions	derived: Excludes interest collections already in operating cash and noncash renewals. Formula: subtract(upside_2026q4_cash_originations, upside_2026q4_principal_receipts).
Cash capital and net loan investment upside_2026q4_cash_investment	2026Q4 / upside	794.00 USD_millions	derived: Loan growth can consume more than reported CFO. Formula: sum(upside_2026q4_capex, upside_2026q4_loan_investment).
Cash after capex and loan investment upside_2026q4_cash_after_lending	2026Q4 / upside	-222.38 USD_millions	derived: No new debt proceeds included. Formula: subtract(upside_2026q4_cfo, upside_2026q4_cash_investment).
Share repurchases upside_2026q4_buybacks	2026Q4 / upside	50.00 USD_millions	assumption: Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.
Cash after lending and repurchases upside_2026q4_cash_after_claims	2026Q4 / upside	-272.38 USD_millions	derived: Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash. Formula: subtract(upside_2026q4_cash_after_lending, upside_2026q4_buybacks).
Consumer average earning activity / Q2 upside_2027q1_consumer_activity	2027Q1 / upside	123.6% ratio	assumption: Desk assumption; not company guidance.
Consumer revenue yield versus Q2 upside_2027q1_consumer_yield	2027Q1 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Consumer lending revenue upside_2027q1_consumer_revenue	2027Q1 / upside	590.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_consumer, upside_2027q1_consumer_activity, upside_2027q1_consumer_yield).
Business average earning activity / Q2 upside_2027q1_business_activity	2027Q1 / upside	133.2% ratio	assumption: Desk assumption; not company guidance.
Business revenue yield versus Q2 upside_2027q1_business_yield	2027Q1 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Business lending revenue upside_2027q1_business_revenue	2027Q1 / upside	585.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_business, upside_2027q1_business_activity, upside_2027q1_business_yield).
Other revenue upside_2027q1_other_revenue	2027Q1 / upside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2027q1_revenue	2027Q1 / upside	1,190.00 USD_millions	derived: No bank acquisition contribution. Formula: sum(upside_2027q1_consumer_revenue, upside_2027q1_business_revenue, upside_2027q1_other_revenue).
Consumer fair-value expense / revenue upside_2027q1_consumer_credit_ratio	2027Q1 / upside	41.0% ratio	assumption: Desk assumption; not company guidance.
Consumer fair-value expense upside_2027q1_consumer_credit_cost	2027Q1 / upside	241.90 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(upside_2027q1_consumer_revenue, upside_2027q1_consumer_credit_ratio).
Business fair-value expense / revenue upside_2027q1_business_credit_ratio	2027Q1 / upside	33.5% ratio	assumption: Desk assumption; not company guidance.
Business fair-value expense upside_2027q1_business_credit_cost	2027Q1 / upside	195.98 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(upside_2027q1_business_revenue, upside_2027q1_business_credit_ratio).
Total fair-value expense upside_2027q1_credit_cost	2027Q1 / upside	437.88 USD_millions	derived: No double counting of charge-offs below fair-value expense. Formula: sum(upside_2027q1_consumer_credit_cost, upside_2027q1_business_credit_cost).
Revenue after fair-value expense upside_2027q1_net_revenue	2027Q1 / upside	752.12 USD_millions	derived: Financial-company net revenue, not industrial gross profit. Formula: subtract(upside_2027q1_revenue, upside_2027q1_credit_cost).
Depreciation and amortization upside_2027q1_da	2027Q1 / upside	9.60 USD_millions	assumption: Desk assumption; not company guidance.
SBC expense upside_2027q1_sbc	2027Q1 / upside	9.80 USD_millions	assumption: Desk assumption; not company guidance.
Marketing / revenue upside_2027q1_marketing_ratio	2027Q1 / upside	21.5% ratio	assumption: Desk assumption; not company guidance.
Marketing expense upside_2027q1_marketing	2027Q1 / upside	255.85 USD_millions	derived: Acquisition expense retained in earnings. Formula: multiply(upside_2027q1_revenue, upside_2027q1_marketing_ratio).
Operations and technology upside_2027q1_operations	2027Q1 / upside	93.00 USD_millions	assumption: Desk assumption; not company guidance.
General and administrative upside_2027q1_ga	2027Q1 / upside	51.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating expense upside_2027q1_opex	2027Q1 / upside	409.45 USD_millions	derived: SBC is already within departmental expense; add back only in cash bridge. Formula: sum(upside_2027q1_marketing, upside_2027q1_operations, upside_2027q1_ga, upside_2027q1_da).
GAAP operating income proxy upside_2027q1_operating_income	2027Q1 / upside	342.67 USD_millions	derived: No Grasshopper synergies or one-time transaction recovery assumed. Formula: subtract(upside_2027q1_net_revenue, upside_2027q1_opex).
Average funded debt upside_2027q1_average_debt	2027Q1 / upside	6,100.00 USD_millions	assumption: Desk assumption; not company guidance.
Net annual debt cost including fees upside_2027q1_annual_interest_rate	2027Q1 / upside	7.3% ratio	assumption: Desk assumption; not company guidance.
Quarter of annual rate upside_2027q1_quarter_fraction	2027Q1 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
Net funding and corporate interest upside_2027q1_interest	2027Q1 / upside	111.32 USD_millions	derived: Blended cost for corporate and funding debt; commitments are not treated as draws. Formula: multiply(upside_2027q1_average_debt, upside_2027q1_annual_interest_rate, upside_2027q1_quarter_fraction).
Pretax earnings proxy upside_2027q1_pretax	2027Q1 / upside	231.35 USD_millions	derived: No speculative nonoperating gains. Formula: subtract(upside_2027q1_operating_income, upside_2027q1_interest).
Cash taxes / modeled pretax income upside_2027q1_cash_tax_rate	2027Q1 / upside	24.0% ratio	assumption: Desk assumption; not company guidance.
Cash tax allowance upside_2027q1_cash_tax	2027Q1 / upside	55.52 USD_millions	derived: All configured pretax cases are positive; negative stress would require a cash-tax floor. Formula: multiply(upside_2027q1_pretax, upside_2027q1_cash_tax_rate).
Pretax earnings plus noncash expenses upside_2027q1_noncash_bridge	2027Q1 / upside	688.62 USD_millions	derived: Fair-value expense assumed noncash here; loan receipts are modeled separately. Formula: sum(upside_2027q1_pretax, upside_2027q1_credit_cost, upside_2027q1_da, upside_2027q1_sbc).
Net other cash use upside_2027q1_working_capital_use	2027Q1 / upside	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax and other operating timing upside_2027q1_operating_cash_uses	2027Q1 / upside	74.52 USD_millions	derived: Covers fee amortization, tax timing and other operating balances, not cash loan originations. Formula: sum(upside_2027q1_cash_tax, upside_2027q1_working_capital_use).
Operating cash before loan investment upside_2027q1_cfo	2027Q1 / upside	614.10 USD_millions	derived: Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense. Formula: subtract(upside_2027q1_noncash_bridge, upside_2027q1_operating_cash_uses).
Cash fixed assets and software upside_2027q1_capex	2027Q1 / upside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash loan originations upside_2027q1_cash_originations	2027Q1 / upside	2,950.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash principal collections upside_2027q1_principal_receipts	2027Q1 / upside	2,180.00 USD_millions	assumption: Desk assumption; not company guidance.
Net cash loan investment upside_2027q1_loan_investment	2027Q1 / upside	770.00 USD_millions	derived: Excludes interest collections already in operating cash and noncash renewals. Formula: subtract(upside_2027q1_cash_originations, upside_2027q1_principal_receipts).
Cash capital and net loan investment upside_2027q1_cash_investment	2027Q1 / upside	785.00 USD_millions	derived: Loan growth can consume more than reported CFO. Formula: sum(upside_2027q1_capex, upside_2027q1_loan_investment).
Cash after capex and loan investment upside_2027q1_cash_after_lending	2027Q1 / upside	-170.90 USD_millions	derived: No new debt proceeds included. Formula: subtract(upside_2027q1_cfo, upside_2027q1_cash_investment).
Share repurchases upside_2027q1_buybacks	2027Q1 / upside	35.00 USD_millions	assumption: Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.
Cash after lending and repurchases upside_2027q1_cash_after_claims	2027Q1 / upside	-205.90 USD_millions	derived: Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash. Formula: subtract(upside_2027q1_cash_after_lending, upside_2027q1_buybacks).
Consumer average earning activity / Q2 upside_2027q2_consumer_activity	2027Q2 / upside	130.9% ratio	assumption: Desk assumption; not company guidance.
Consumer revenue yield versus Q2 upside_2027q2_consumer_yield	2027Q2 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Consumer lending revenue upside_2027q2_consumer_revenue	2027Q2 / upside	625.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_consumer, upside_2027q2_consumer_activity, upside_2027q2_consumer_yield).
Business average earning activity / Q2 upside_2027q2_business_activity	2027Q2 / upside	145.5% ratio	assumption: Desk assumption; not company guidance.
Business revenue yield versus Q2 upside_2027q2_business_yield	2027Q2 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Business lending revenue upside_2027q2_business_revenue	2027Q2 / upside	639.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_business, upside_2027q2_business_activity, upside_2027q2_business_yield).
Other revenue upside_2027q2_other_revenue	2027Q2 / upside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2027q2_revenue	2027Q2 / upside	1,280.00 USD_millions	derived: No bank acquisition contribution. Formula: sum(upside_2027q2_consumer_revenue, upside_2027q2_business_revenue, upside_2027q2_other_revenue).
Consumer fair-value expense / revenue upside_2027q2_consumer_credit_ratio	2027Q2 / upside	41.0% ratio	assumption: Desk assumption; not company guidance.
Consumer fair-value expense upside_2027q2_consumer_credit_cost	2027Q2 / upside	256.25 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(upside_2027q2_consumer_revenue, upside_2027q2_consumer_credit_ratio).
Business fair-value expense / revenue upside_2027q2_business_credit_ratio	2027Q2 / upside	33.5% ratio	assumption: Desk assumption; not company guidance.
Business fair-value expense upside_2027q2_business_credit_cost	2027Q2 / upside	214.07 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(upside_2027q2_business_revenue, upside_2027q2_business_credit_ratio).
Total fair-value expense upside_2027q2_credit_cost	2027Q2 / upside	470.32 USD_millions	derived: No double counting of charge-offs below fair-value expense. Formula: sum(upside_2027q2_consumer_credit_cost, upside_2027q2_business_credit_cost).
Revenue after fair-value expense upside_2027q2_net_revenue	2027Q2 / upside	809.68 USD_millions	derived: Financial-company net revenue, not industrial gross profit. Formula: subtract(upside_2027q2_revenue, upside_2027q2_credit_cost).
Depreciation and amortization upside_2027q2_da	2027Q2 / upside	9.90 USD_millions	assumption: Desk assumption; not company guidance.
SBC expense upside_2027q2_sbc	2027Q2 / upside	10.20 USD_millions	assumption: Desk assumption; not company guidance.
Marketing / revenue upside_2027q2_marketing_ratio	2027Q2 / upside	21.5% ratio	assumption: Desk assumption; not company guidance.
Marketing expense upside_2027q2_marketing	2027Q2 / upside	275.20 USD_millions	derived: Acquisition expense retained in earnings. Formula: multiply(upside_2027q2_revenue, upside_2027q2_marketing_ratio).
Operations and technology upside_2027q2_operations	2027Q2 / upside	98.00 USD_millions	assumption: Desk assumption; not company guidance.
General and administrative upside_2027q2_ga	2027Q2 / upside	53.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating expense upside_2027q2_opex	2027Q2 / upside	436.10 USD_millions	derived: SBC is already within departmental expense; add back only in cash bridge. Formula: sum(upside_2027q2_marketing, upside_2027q2_operations, upside_2027q2_ga, upside_2027q2_da).
GAAP operating income proxy upside_2027q2_operating_income	2027Q2 / upside	373.58 USD_millions	derived: No Grasshopper synergies or one-time transaction recovery assumed. Formula: subtract(upside_2027q2_net_revenue, upside_2027q2_opex).
Average funded debt upside_2027q2_average_debt	2027Q2 / upside	6,525.00 USD_millions	assumption: Desk assumption; not company guidance.
Net annual debt cost including fees upside_2027q2_annual_interest_rate	2027Q2 / upside	7.3% ratio	assumption: Desk assumption; not company guidance.
Quarter of annual rate upside_2027q2_quarter_fraction	2027Q2 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
Net funding and corporate interest upside_2027q2_interest	2027Q2 / upside	119.08 USD_millions	derived: Blended cost for corporate and funding debt; commitments are not treated as draws. Formula: multiply(upside_2027q2_average_debt, upside_2027q2_annual_interest_rate, upside_2027q2_quarter_fraction).
Pretax earnings proxy upside_2027q2_pretax	2027Q2 / upside	254.50 USD_millions	derived: No speculative nonoperating gains. Formula: subtract(upside_2027q2_operating_income, upside_2027q2_interest).
Cash taxes / modeled pretax income upside_2027q2_cash_tax_rate	2027Q2 / upside	24.0% ratio	assumption: Desk assumption; not company guidance.
Cash tax allowance upside_2027q2_cash_tax	2027Q2 / upside	61.08 USD_millions	derived: All configured pretax cases are positive; negative stress would require a cash-tax floor. Formula: multiply(upside_2027q2_pretax, upside_2027q2_cash_tax_rate).
Pretax earnings plus noncash expenses upside_2027q2_noncash_bridge	2027Q2 / upside	744.92 USD_millions	derived: Fair-value expense assumed noncash here; loan receipts are modeled separately. Formula: sum(upside_2027q2_pretax, upside_2027q2_credit_cost, upside_2027q2_da, upside_2027q2_sbc).
Net other cash use upside_2027q2_working_capital_use	2027Q2 / upside	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax and other operating timing upside_2027q2_operating_cash_uses	2027Q2 / upside	82.08 USD_millions	derived: Covers fee amortization, tax timing and other operating balances, not cash loan originations. Formula: sum(upside_2027q2_cash_tax, upside_2027q2_working_capital_use).
Operating cash before loan investment upside_2027q2_cfo	2027Q2 / upside	662.84 USD_millions	derived: Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense. Formula: subtract(upside_2027q2_noncash_bridge, upside_2027q2_operating_cash_uses).
Cash fixed assets and software upside_2027q2_capex	2027Q2 / upside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash loan originations upside_2027q2_cash_originations	2027Q2 / upside	3,250.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash principal collections upside_2027q2_principal_receipts	2027Q2 / upside	2,410.00 USD_millions	assumption: Desk assumption; not company guidance.
Net cash loan investment upside_2027q2_loan_investment	2027Q2 / upside	840.00 USD_millions	derived: Excludes interest collections already in operating cash and noncash renewals. Formula: subtract(upside_2027q2_cash_originations, upside_2027q2_principal_receipts).
Cash capital and net loan investment upside_2027q2_cash_investment	2027Q2 / upside	856.00 USD_millions	derived: Loan growth can consume more than reported CFO. Formula: sum(upside_2027q2_capex, upside_2027q2_loan_investment).
Cash after capex and loan investment upside_2027q2_cash_after_lending	2027Q2 / upside	-193.16 USD_millions	derived: No new debt proceeds included. Formula: subtract(upside_2027q2_cfo, upside_2027q2_cash_investment).
Share repurchases upside_2027q2_buybacks	2027Q2 / upside	35.00 USD_millions	assumption: Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.
Cash after lending and repurchases upside_2027q2_cash_after_claims	2027Q2 / upside	-228.16 USD_millions	derived: Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash. Formula: subtract(upside_2027q2_cash_after_lending, upside_2027q2_buybacks).
Consumer average earning activity / Q2 upside_2027q3_consumer_activity	2027Q3 / upside	140.3% ratio	assumption: Desk assumption; not company guidance.
Consumer revenue yield versus Q2 upside_2027q3_consumer_yield	2027Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Consumer lending revenue upside_2027q3_consumer_revenue	2027Q3 / upside	670.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_consumer, upside_2027q3_consumer_activity, upside_2027q3_consumer_yield).
Business average earning activity / Q2 upside_2027q3_business_activity	2027Q3 / upside	162.3% ratio	assumption: Desk assumption; not company guidance.
Business revenue yield versus Q2 upside_2027q3_business_yield	2027Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Business lending revenue upside_2027q3_business_revenue	2027Q3 / upside	713.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_business, upside_2027q3_business_activity, upside_2027q3_business_yield).
Other revenue upside_2027q3_other_revenue	2027Q3 / upside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2027q3_revenue	2027Q3 / upside	1,400.00 USD_millions	derived: No bank acquisition contribution. Formula: sum(upside_2027q3_consumer_revenue, upside_2027q3_business_revenue, upside_2027q3_other_revenue).
Consumer fair-value expense / revenue upside_2027q3_consumer_credit_ratio	2027Q3 / upside	41.0% ratio	assumption: Desk assumption; not company guidance.
Consumer fair-value expense upside_2027q3_consumer_credit_cost	2027Q3 / upside	274.70 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(upside_2027q3_consumer_revenue, upside_2027q3_consumer_credit_ratio).
Business fair-value expense / revenue upside_2027q3_business_credit_ratio	2027Q3 / upside	33.5% ratio	assumption: Desk assumption; not company guidance.
Business fair-value expense upside_2027q3_business_credit_cost	2027Q3 / upside	238.86 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(upside_2027q3_business_revenue, upside_2027q3_business_credit_ratio).
Total fair-value expense upside_2027q3_credit_cost	2027Q3 / upside	513.56 USD_millions	derived: No double counting of charge-offs below fair-value expense. Formula: sum(upside_2027q3_consumer_credit_cost, upside_2027q3_business_credit_cost).
Revenue after fair-value expense upside_2027q3_net_revenue	2027Q3 / upside	886.44 USD_millions	derived: Financial-company net revenue, not industrial gross profit. Formula: subtract(upside_2027q3_revenue, upside_2027q3_credit_cost).
Depreciation and amortization upside_2027q3_da	2027Q3 / upside	10.20 USD_millions	assumption: Desk assumption; not company guidance.
SBC expense upside_2027q3_sbc	2027Q3 / upside	10.60 USD_millions	assumption: Desk assumption; not company guidance.
Marketing / revenue upside_2027q3_marketing_ratio	2027Q3 / upside	21.5% ratio	assumption: Desk assumption; not company guidance.
Marketing expense upside_2027q3_marketing	2027Q3 / upside	301.00 USD_millions	derived: Acquisition expense retained in earnings. Formula: multiply(upside_2027q3_revenue, upside_2027q3_marketing_ratio).
Operations and technology upside_2027q3_operations	2027Q3 / upside	103.00 USD_millions	assumption: Desk assumption; not company guidance.
General and administrative upside_2027q3_ga	2027Q3 / upside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating expense upside_2027q3_opex	2027Q3 / upside	469.20 USD_millions	derived: SBC is already within departmental expense; add back only in cash bridge. Formula: sum(upside_2027q3_marketing, upside_2027q3_operations, upside_2027q3_ga, upside_2027q3_da).
GAAP operating income proxy upside_2027q3_operating_income	2027Q3 / upside	417.24 USD_millions	derived: No Grasshopper synergies or one-time transaction recovery assumed. Formula: subtract(upside_2027q3_net_revenue, upside_2027q3_opex).
Average funded debt upside_2027q3_average_debt	2027Q3 / upside	7,000.00 USD_millions	assumption: Desk assumption; not company guidance.
Net annual debt cost including fees upside_2027q3_annual_interest_rate	2027Q3 / upside	7.3% ratio	assumption: Desk assumption; not company guidance.
Quarter of annual rate upside_2027q3_quarter_fraction	2027Q3 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
Net funding and corporate interest upside_2027q3_interest	2027Q3 / upside	127.75 USD_millions	derived: Blended cost for corporate and funding debt; commitments are not treated as draws. Formula: multiply(upside_2027q3_average_debt, upside_2027q3_annual_interest_rate, upside_2027q3_quarter_fraction).
Pretax earnings proxy upside_2027q3_pretax	2027Q3 / upside	289.49 USD_millions	derived: No speculative nonoperating gains. Formula: subtract(upside_2027q3_operating_income, upside_2027q3_interest).
Cash taxes / modeled pretax income upside_2027q3_cash_tax_rate	2027Q3 / upside	24.0% ratio	assumption: Desk assumption; not company guidance.
Cash tax allowance upside_2027q3_cash_tax	2027Q3 / upside	69.48 USD_millions	derived: All configured pretax cases are positive; negative stress would require a cash-tax floor. Formula: multiply(upside_2027q3_pretax, upside_2027q3_cash_tax_rate).
Pretax earnings plus noncash expenses upside_2027q3_noncash_bridge	2027Q3 / upside	823.85 USD_millions	derived: Fair-value expense assumed noncash here; loan receipts are modeled separately. Formula: sum(upside_2027q3_pretax, upside_2027q3_credit_cost, upside_2027q3_da, upside_2027q3_sbc).
Net other cash use upside_2027q3_working_capital_use	2027Q3 / upside	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax and other operating timing upside_2027q3_operating_cash_uses	2027Q3 / upside	92.48 USD_millions	derived: Covers fee amortization, tax timing and other operating balances, not cash loan originations. Formula: sum(upside_2027q3_cash_tax, upside_2027q3_working_capital_use).
Operating cash before loan investment upside_2027q3_cfo	2027Q3 / upside	731.37 USD_millions	derived: Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense. Formula: subtract(upside_2027q3_noncash_bridge, upside_2027q3_operating_cash_uses).
Cash fixed assets and software upside_2027q3_capex	2027Q3 / upside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash loan originations upside_2027q3_cash_originations	2027Q3 / upside	3,590.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash principal collections upside_2027q3_principal_receipts	2027Q3 / upside	2,680.00 USD_millions	assumption: Desk assumption; not company guidance.
Net cash loan investment upside_2027q3_loan_investment	2027Q3 / upside	910.00 USD_millions	derived: Excludes interest collections already in operating cash and noncash renewals. Formula: subtract(upside_2027q3_cash_originations, upside_2027q3_principal_receipts).
Cash capital and net loan investment upside_2027q3_cash_investment	2027Q3 / upside	927.00 USD_millions	derived: Loan growth can consume more than reported CFO. Formula: sum(upside_2027q3_capex, upside_2027q3_loan_investment).
Cash after capex and loan investment upside_2027q3_cash_after_lending	2027Q3 / upside	-195.63 USD_millions	derived: No new debt proceeds included. Formula: subtract(upside_2027q3_cfo, upside_2027q3_cash_investment).
Share repurchases upside_2027q3_buybacks	2027Q3 / upside	35.00 USD_millions	assumption: Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.
Cash after lending and repurchases upside_2027q3_cash_after_claims	2027Q3 / upside	-230.63 USD_millions	derived: Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash. Formula: subtract(upside_2027q3_cash_after_lending, upside_2027q3_buybacks).
Consumer average earning activity / Q2 upside_2027q4_consumer_activity	2027Q4 / upside	148.7% ratio	assumption: Desk assumption; not company guidance.
Consumer revenue yield versus Q2 upside_2027q4_consumer_yield	2027Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Consumer lending revenue upside_2027q4_consumer_revenue	2027Q4 / upside	710.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_consumer, upside_2027q4_consumer_activity, upside_2027q4_consumer_yield).
Business average earning activity / Q2 upside_2027q4_business_activity	2027Q4 / upside	178.0% ratio	assumption: Desk assumption; not company guidance.
Business revenue yield versus Q2 upside_2027q4_business_yield	2027Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Business lending revenue upside_2027q4_business_revenue	2027Q4 / upside	782.00 USD_millions	derived: Activity calibration and revenue yield can vary independently; includes interest and contractual fees. Formula: multiply(q2_business, upside_2027q4_business_activity, upside_2027q4_business_yield).
Other revenue upside_2027q4_other_revenue	2027Q4 / upside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2027q4_revenue	2027Q4 / upside	1,510.00 USD_millions	derived: No bank acquisition contribution. Formula: sum(upside_2027q4_consumer_revenue, upside_2027q4_business_revenue, upside_2027q4_other_revenue).
Consumer fair-value expense / revenue upside_2027q4_consumer_credit_ratio	2027Q4 / upside	41.0% ratio	assumption: Desk assumption; not company guidance.
Consumer fair-value expense upside_2027q4_consumer_credit_cost	2027Q4 / upside	291.10 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(upside_2027q4_consumer_revenue, upside_2027q4_consumer_credit_ratio).
Business fair-value expense / revenue upside_2027q4_business_credit_ratio	2027Q4 / upside	33.5% ratio	assumption: Desk assumption; not company guidance.
Business fair-value expense upside_2027q4_business_credit_cost	2027Q4 / upside	261.97 USD_millions	derived: Credit and valuation sensitivity, not a cohort charge-off forecast. Formula: multiply(upside_2027q4_business_revenue, upside_2027q4_business_credit_ratio).
Total fair-value expense upside_2027q4_credit_cost	2027Q4 / upside	553.07 USD_millions	derived: No double counting of charge-offs below fair-value expense. Formula: sum(upside_2027q4_consumer_credit_cost, upside_2027q4_business_credit_cost).
Revenue after fair-value expense upside_2027q4_net_revenue	2027Q4 / upside	956.93 USD_millions	derived: Financial-company net revenue, not industrial gross profit. Formula: subtract(upside_2027q4_revenue, upside_2027q4_credit_cost).
Depreciation and amortization upside_2027q4_da	2027Q4 / upside	10.50 USD_millions	assumption: Desk assumption; not company guidance.
SBC expense upside_2027q4_sbc	2027Q4 / upside	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing / revenue upside_2027q4_marketing_ratio	2027Q4 / upside	21.5% ratio	assumption: Desk assumption; not company guidance.
Marketing expense upside_2027q4_marketing	2027Q4 / upside	324.65 USD_millions	derived: Acquisition expense retained in earnings. Formula: multiply(upside_2027q4_revenue, upside_2027q4_marketing_ratio).
Operations and technology upside_2027q4_operations	2027Q4 / upside	108.00 USD_millions	assumption: Desk assumption; not company guidance.
General and administrative upside_2027q4_ga	2027Q4 / upside	57.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating expense upside_2027q4_opex	2027Q4 / upside	500.15 USD_millions	derived: SBC is already within departmental expense; add back only in cash bridge. Formula: sum(upside_2027q4_marketing, upside_2027q4_operations, upside_2027q4_ga, upside_2027q4_da).
GAAP operating income proxy upside_2027q4_operating_income	2027Q4 / upside	456.78 USD_millions	derived: No Grasshopper synergies or one-time transaction recovery assumed. Formula: subtract(upside_2027q4_net_revenue, upside_2027q4_opex).
Average funded debt upside_2027q4_average_debt	2027Q4 / upside	7,450.00 USD_millions	assumption: Desk assumption; not company guidance.
Net annual debt cost including fees upside_2027q4_annual_interest_rate	2027Q4 / upside	7.3% ratio	assumption: Desk assumption; not company guidance.
Quarter of annual rate upside_2027q4_quarter_fraction	2027Q4 / upside	25.0% ratio	assumption: Desk assumption; not company guidance.
Net funding and corporate interest upside_2027q4_interest	2027Q4 / upside	135.96 USD_millions	derived: Blended cost for corporate and funding debt; commitments are not treated as draws. Formula: multiply(upside_2027q4_average_debt, upside_2027q4_annual_interest_rate, upside_2027q4_quarter_fraction).
Pretax earnings proxy upside_2027q4_pretax	2027Q4 / upside	320.82 USD_millions	derived: No speculative nonoperating gains. Formula: subtract(upside_2027q4_operating_income, upside_2027q4_interest).
Cash taxes / modeled pretax income upside_2027q4_cash_tax_rate	2027Q4 / upside	24.0% ratio	assumption: Desk assumption; not company guidance.
Cash tax allowance upside_2027q4_cash_tax	2027Q4 / upside	77.00 USD_millions	derived: All configured pretax cases are positive; negative stress would require a cash-tax floor. Formula: multiply(upside_2027q4_pretax, upside_2027q4_cash_tax_rate).
Pretax earnings plus noncash expenses upside_2027q4_noncash_bridge	2027Q4 / upside	895.39 USD_millions	derived: Fair-value expense assumed noncash here; loan receipts are modeled separately. Formula: sum(upside_2027q4_pretax, upside_2027q4_credit_cost, upside_2027q4_da, upside_2027q4_sbc).
Net other cash use upside_2027q4_working_capital_use	2027Q4 / upside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax and other operating timing upside_2027q4_operating_cash_uses	2027Q4 / upside	102.00 USD_millions	derived: Covers fee amortization, tax timing and other operating balances, not cash loan originations. Formula: sum(upside_2027q4_cash_tax, upside_2027q4_working_capital_use).
Operating cash before loan investment upside_2027q4_cfo	2027Q4 / upside	793.39 USD_millions	derived: Analytical CFO proxy; credit losses affect earnings and principal collections, not an extra cash expense. Formula: subtract(upside_2027q4_noncash_bridge, upside_2027q4_operating_cash_uses).
Cash fixed assets and software upside_2027q4_capex	2027Q4 / upside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash loan originations upside_2027q4_cash_originations	2027Q4 / upside	3,900.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash principal collections upside_2027q4_principal_receipts	2027Q4 / upside	2,920.00 USD_millions	assumption: Desk assumption; not company guidance.
Net cash loan investment upside_2027q4_loan_investment	2027Q4 / upside	980.00 USD_millions	derived: Excludes interest collections already in operating cash and noncash renewals. Formula: subtract(upside_2027q4_cash_originations, upside_2027q4_principal_receipts).
Cash capital and net loan investment upside_2027q4_cash_investment	2027Q4 / upside	998.00 USD_millions	derived: Loan growth can consume more than reported CFO. Formula: sum(upside_2027q4_capex, upside_2027q4_loan_investment).
Cash after capex and loan investment upside_2027q4_cash_after_lending	2027Q4 / upside	-204.61 USD_millions	derived: No new debt proceeds included. Formula: subtract(upside_2027q4_cfo, upside_2027q4_cash_investment).
Share repurchases upside_2027q4_buybacks	2027Q4 / upside	35.00 USD_millions	assumption: Desk capital allocation; H2 $100M below June $218M covenant availability. Later authorization and covenant capacity remain conditions.
Cash after lending and repurchases upside_2027q4_cash_after_claims	2027Q4 / upside	-239.61 USD_millions	derived: Before debt amortization, refinancing, fees and reserve transfers; not equity distributable cash. Formula: subtract(upside_2027q4_cash_after_lending, upside_2027q4_buybacks).
Total revenue ($M) upside_fy2026_revenue	FY2026 / upside	3,954.07 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue).
Fair-value expense ($M) upside_fy2026_credit_cost	FY2026 / upside	1,500.37 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_credit_cost, upside_2026q3_credit_cost, upside_2026q4_credit_cost).
Revenue after fair-value expense ($M) upside_fy2026_net_revenue	FY2026 / upside	2,453.70 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_net_revenue, upside_2026q3_net_revenue, upside_2026q4_net_revenue).
GAAP operating income proxy ($M) upside_fy2026_operating_income	FY2026 / upside	1,053.37 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income).
Net funding/corporate interest ($M) upside_fy2026_interest	FY2026 / upside	394.90 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_interest, upside_2026q3_interest, upside_2026q4_interest).
Pretax earnings proxy ($M) upside_fy2026_pretax	FY2026 / upside	659.06 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_pretax, upside_2026q3_pretax, upside_2026q4_pretax).
Operating cash before loan investment ($M) upside_fy2026_cfo	FY2026 / upside	2,125.23 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo).
Cash fixed assets and software ($M) upside_fy2026_capex	FY2026 / upside	50.36 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
Cash loan originations less principal receipts ($M) upside_fy2026_loan_investment	FY2026 / upside	2,887.97 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_loan_investment, upside_2026q3_loan_investment, upside_2026q4_loan_investment).
Cash after capex and loan investment ($M) upside_fy2026_cash_after_lending	FY2026 / upside	-813.11 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_lending, upside_2026q3_cash_after_lending, upside_2026q4_cash_after_lending).
Share repurchase cash ($M) upside_fy2026_buybacks	FY2026 / upside	159.37 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_buybacks, upside_2026q3_buybacks, upside_2026q4_buybacks).
Cash after lending and repurchases ($M) upside_fy2026_cash_after_claims	FY2026 / upside	-972.48 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, upside_2026q3_cash_after_claims, upside_2026q4_cash_after_claims).
Total revenue ($M) upside_fy2027_revenue	FY2027 / upside	5,380.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
Fair-value expense ($M) upside_fy2027_credit_cost	FY2027 / upside	1,974.82 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_credit_cost, upside_2027q2_credit_cost, upside_2027q3_credit_cost, upside_2027q4_credit_cost).
Revenue after fair-value expense ($M) upside_fy2027_net_revenue	FY2027 / upside	3,405.19 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_net_revenue, upside_2027q2_net_revenue, upside_2027q3_net_revenue, upside_2027q4_net_revenue).
GAAP operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	1,590.28 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Net funding/corporate interest ($M) upside_fy2027_interest	FY2027 / upside	494.12 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_interest, upside_2027q2_interest, upside_2027q3_interest, upside_2027q4_interest).
Pretax earnings proxy ($M) upside_fy2027_pretax	FY2027 / upside	1,096.17 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_pretax, upside_2027q2_pretax, upside_2027q3_pretax, upside_2027q4_pretax).
Operating cash before loan investment ($M) upside_fy2027_cfo	FY2027 / upside	2,801.70 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
Cash fixed assets and software ($M) upside_fy2027_capex	FY2027 / upside	66.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
Cash loan originations less principal receipts ($M) upside_fy2027_loan_investment	FY2027 / upside	3,500.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_loan_investment, upside_2027q2_loan_investment, upside_2027q3_loan_investment, upside_2027q4_loan_investment).
Cash after capex and loan investment ($M) upside_fy2027_cash_after_lending	FY2027 / upside	-764.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_lending, upside_2027q2_cash_after_lending, upside_2027q3_cash_after_lending, upside_2027q4_cash_after_lending).
Share repurchase cash ($M) upside_fy2027_buybacks	FY2027 / upside	140.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_buybacks, upside_2027q2_buybacks, upside_2027q3_buybacks, upside_2027q4_buybacks).
Cash after lending and repurchases ($M) upside_fy2027_cash_after_claims	FY2027 / upside	-904.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_claims, upside_2027q2_cash_after_claims, upside_2027q3_cash_after_claims, upside_2027q4_cash_after_claims).

Model boundaries

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.

Credit earnings versus cash committed to the loan book

Research reviewed 2026-09-19

Can lending growth earn an adequate spread after credit costs while funding its own portfolio expansion?

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.

The competing explanation

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.

Risks to track

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.

Next checkpoints

Credit and collections · Next quarterly filing (estimated). Reconcile product credit margins with cash principal receipts and noncash renewals.
Planned OnDeck financing · Anticipated September 25, 2026 (estimated). Confirm actual closing and collateral/funding terms; no proceeds assumed today.
Capital allocation · Each subsequent filing (estimated). Check covenant availability, actual repurchases and funded debt after application withdrawal.

Data coverage and open work

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.

This review: Added product credit scenarios and cash loan-funding bridge; incorporated September bank-application withdrawal and funding updates.

What the memory says

State as of the 2026-09-18 close: in a 120-day uptrend, below its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed weak, and some peers moving

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-1.6	+0.2	+2.2	58%
5 sessions	-4.0	+0.3	+5.1	55%
10 sessions	-6.2	+0.4	+8.0	54%

Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.

Notes on this name

Enova: The Bank Charter Is Gone, the Guidance Is Not, and the Stock Reprices · 2026-09-15

Scorecard: 1 note scored

Next report date: not dated. 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

Provenance

[1] reported: Revenues, accession 0001193125-25-249986, 10-Q filed 2025-10-24; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[2] derived: Revenues, accession 0001193125-26-060461, 10-K filed 2026-02-20; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[3] reported: Revenues, accession 0001193125-26-174021, 10-Q filed 2026-04-23; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[4] reported: Revenues, accession 0001193125-26-314590, 10-Q filed 2026-07-23; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[5] reported: GrossProfit, accession 0001193125-25-249986, 10-Q filed 2025-10-24; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[6] derived: GrossProfit, accession 0001193125-26-060461, 10-K filed 2026-02-20; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[7] reported: GrossProfit, accession 0001193125-26-174021, 10-Q filed 2026-04-23; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[8] reported: GrossProfit, accession 0001193125-26-314590, 10-Q filed 2026-07-23; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[9] reported: OperatingIncomeLoss, accession 0001193125-25-249986, 10-Q filed 2025-10-24; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[10] derived: OperatingIncomeLoss, accession 0001193125-26-060461, 10-K filed 2026-02-20; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[11] reported: OperatingIncomeLoss, accession 0001193125-26-174021, 10-Q filed 2026-04-23; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[12] reported: OperatingIncomeLoss, accession 0001193125-26-314590, 10-Q filed 2026-07-23; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[13] reported: NetIncomeLoss, accession 0001193125-25-249986, 10-Q filed 2025-10-24; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[14] derived: NetIncomeLoss, accession 0001193125-26-060461, 10-K filed 2026-02-20; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[15] reported: NetIncomeLoss, accession 0001193125-26-174021, 10-Q filed 2026-04-23; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[16] reported: NetIncomeLoss, accession 0001193125-26-314590, 10-Q filed 2026-07-23; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[17] reported: EarningsPerShareDiluted, accession 0001193125-25-249986, 10-Q filed 2025-10-24; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[18] reported: EarningsPerShareDiluted, accession 0001193125-26-174021, 10-Q filed 2026-04-23; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[19] reported: EarningsPerShareDiluted, accession 0001193125-26-314590, 10-Q filed 2026-07-23; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[20] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001193125-25-249986, 10-Q filed 2025-10-24; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[21] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001193125-26-174021, 10-Q filed 2026-04-23; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[22] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001193125-26-314590, 10-Q filed 2026-07-23; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[23] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001193125-25-249986, 10-Q filed 2025-10-24; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[24] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001193125-26-060461, 10-K filed 2026-02-20; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[25] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001193125-26-174021, 10-Q filed 2026-04-23; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[26] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001193125-26-314590, 10-Q filed 2026-07-23; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[27] reported: LongTermDebt, accession 0001193125-25-249986, 10-Q filed 2025-10-24; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[28] reported: LongTermDebt, accession 0001193125-26-060461, 10-K filed 2026-02-20; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[29] reported: LongTermDebt, accession 0001193125-26-174021, 10-Q filed 2026-04-23; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[30] reported: LongTermDebt, accession 0001193125-26-314590, 10-Q filed 2026-07-23; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[31] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001193125-25-249986, 10-Q filed 2025-10-24; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[32] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001193125-26-060461, 10-K filed 2026-02-20; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[33] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001193125-26-174021, 10-Q filed 2026-04-23; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json
[34] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001193125-26-314590, 10-Q filed 2026-07-23; retrieved 2026-09-19T23:25:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001529864.json

What the author read

Q2 financials, cash loans, debt and covenant capacity · retrieved 2026-09-19
Q2 results and product metrics · retrieved 2026-09-19
September 14 application withdrawal and reaffirmed outlook · retrieved 2026-09-19
September 17 HWCR facility amendment · retrieved 2026-09-19
September 15 planned OnDeck financing · retrieved 2026-09-19

Compiled 2026-09-19T23:25:52.453311+00:00 · authored 82c7a1088c5a · generated dc361ed74d67 · JSON

Daily notes · Scorecard