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CTO Nazar Khan explained that FluidStack is a premier AI cloud platform that diversifies TerraWolf's customer base. CSO Carrie Langlais added that the exclusivity for an additional building (CB5) is on a tight timeline with identical terms, including the Google guarantee. CFO Patrick Fleury clarified the $1.8 billion backstop represents approximately 50% of the total lease payments over the 10-year term.

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CEO Paul Prager emphasized that the biggest lesson was the importance of selecting the right partner, which enabled a collaborative and cooperative design evolution rather than a confrontational one. Executive Nazar Khan added that the process involved refining every design component, leading to a 'perfected' data center design and underscoring the value of a true partner in navigating technical trade-offs for a new and evolving technology.

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CEO Paul Prager clarified that the first 150 megawatts at the Cayuga site are expected to be energy-available in 2026, with the data center build-out timeline dependent on customer requirements. Regarding Lake Mariner, he stated that while not being broadly marketed, the company is in 'deep discussions' with potential long-term counterparties for the remaining capacity.

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CEO Paul Prager stated that pricing per kilowatt-hour has increased and that potential customers are showing greater interest in securing large blocks of megawatts at single sites. CFO Patrick Fleury reaffirmed the company's plan to use a one-year customer prepayment and project financing, noting this market is becoming more developed. He emphasized TeraWulf's positive EBITDA this quarter, contrasting it with peers who incurred losses.

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CEO Ben Gagnon explained T5 was chosen via a competitive process for its quality, reputation, and full-service capabilities. He disclosed the land purchase is for 178 acres at ~$3.5 million, closing this quarter. He clarified the ~$18 million from the Argentina shutdown includes ~$13 million from miner sales (expected in 2-3 months) and a ~$3.5 million electricity prepayment to be recovered over 18 months.

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CEO Ben Gagnon detailed the unique attributes of each site, positioning Panther Creek as the flagship, followed by the similar but less advanced Scrubgrass. He noted Sharon is attractive for its scale, while Washington offers the lowest power cost, suiting different clients. CFO Jeff Lucas clarified the non-HPC CapEx is approximately $75 million, allocated to miner logistics and electrical infrastructure development at the Pennsylvania sites.

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CEO Ben Gagnon confirmed that 142 MW of data center capacity is active across Panther Creek and Scrubgrass, which can be powered by either on-site plants or the grid. He clarified the regulatory process is for future expansion and redundancy. He also stated the Q2 feasibility studies will be comprehensive, covering all North American sites, including Pennsylvania, Washington, and Quebec.

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CEO Ben Gagnon responded that Bitfarms needs to hire talent for HPC-specific data center engineering and management, and is actively recruiting. While discussions with hyperscalers are ongoing, he believes the Q4 2025/Q1 2026 timeline is ample for execution. Regarding U.S. expansion, Gagnon emphasized that the goal is to rebalance the portfolio with a greater U.S. presence, but the focus is on acquiring sites with a competitive, long-term energy profile rather than targeting a specific megawatt number.

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Executive Chairman & CEO Charlie Youakim confirmed the investment was the $8.8 million in marketing. He explained that 'Anywhere' is the most profitable product due to high usage, followed by the high-margin 'Premium' product, with 'On-demand' being the least profitable but serving as a key entry point for new users. He noted that most recent subscriber growth came from on-demand, which has impacted the 'Premium' product's growth, but 'Anywhere' also continued to grow.

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CEO Charles Youakim addressed the questions, suggesting the WebBank partnership's benefit is best seen in the year-over-year improvement in revenue yield as a percentage of GMV. He attributed subscriber stickiness to the ease of use and peace of mind from having a single, go-to BNPL solution. On credit, Youakim explained that stronger overall profitability allows for a higher provision for credit losses while maintaining target gross margins, and noted that Q1's strong credit performance was also due to better-than-expected repayments and seasonal factors. He described 'Pay in 5' as a customer-driven product offering more payment flexibility and 'auto couponing' as a feature designed to add value and enhance customer loyalty.

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CEO and Executive Chairman Charles Youakim attributed the 100% year-over-year revenue growth to two main factors: the WebBank partnership, which enabled a unified fee structure, and the successful launch of the On-Demand product. He explained the strategy is to use the lower-friction On-Demand product as a bridge to convert users to subscriptions over time. He also noted that continuous improvements to the app's shopping features are driving higher engagement and retention.

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CEO Charles Youakim explained that Sezzle is currently prioritizing the enhancement of its shopping features to drive user acquisition and stickiness. While he anticipates launching one or two financial services products in 2025, he offered no firm commitment on the timeline, stating the near-term focus is on the shopping side of the business.

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CEO Jason Les outlined two parallel top priorities for Jonathan Gibbs: first, building out the data center team with more veteran talent to create a platform that meets hyperscaler expectations, and second, completing the 'basis of design' for the Corsicana site to facilitate more substantive discussions with potential tenants.

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CEO Jason Les shared that feedback from tenants and advisors prompted Riot to proactively enhance the site by adding more land, water access, and fiber connectivity to make the offering more compelling. He stated that the entire hyperscaler landscape and beyond are potential tenants due to the site's prime location near Dallas, and did not single out any front-runners, emphasizing the broad interest.

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CEO Jason Les clarified that inquiries from hyperscalers have been broad, focused on securing power quickly rather than being specific to any particular block of capacity. For 2025, he stated Riot's goal is to increase its Bitcoin mining hash rate by approximately 22% to 38.4 exahash, primarily through expansion at its Kentucky facilities.

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CEO Jason Les explained that Riot's strategy involves curtailing when spot prices are high and monetizing hedges during periods of volatility. He noted that power credit revenue was lower year-over-year because the summer of 2024 saw significantly less price volatility than the summer of 2023. However, this lack of volatility also resulted in lower spot power costs for the Corsicana facility, contributing to a low overall cost of power.

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CEO Tyler Page explained that Barber Lake is being marketed for a single large tenant, while Black Pearl Phase 2, Stingray, and Reveille are being marketed to a broader range of tenants. He noted Stingray is attracting a 'middle tier' of the market, such as HFT firms, who value its remote location and low latency to Dallas.

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CEO Tyler Page stated that the next major milestone for Barber Lake is signing a lease with a tenant, noting they are in advanced discussions with multiple parties. For the 100 MW Stingray site, he mentioned recent interest from a different category of enterprise clients. For the 70 MW Reveille site, he sees future flexibility, including potentially working with smaller clients or managing a colocation facility.

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CEO Tyler Page explained that the decision for Black Pearl Phase 2 involves weighing the immediate revenue opportunity from bitcoin mining against the long-term strategic and financing benefits of securing an HPC tenant. He expects a decision by the next earnings call. Regarding Barber Lake, Page highlighted the recent acquisition of 337 additional acres and an MOU for an adjacent 500-megawatt site, creating a potential 800-megawatt campus. This expanded scope is favorably evolving discussions with potential tenants and financing partners.

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CEO Tyler Page explained that capital allocation is driven by shareholder returns. He contrasted the cyclical nature of Bitcoin mining with the stable, long-term cash flows of HPC hosting, which can be heavily debt-financed. Page noted that the HPC business is complementary and leverages Cipher's expertise in site origination. He confirmed that discussions with potential HPC tenants are "pretty advanced," with interest driven by the scarcity of large-scale sites available in 2025, and described the typical lease structure as a long-term agreement with payments as a percentage of the total build cost.

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President & CEO Ashish Masih attributed the strong collections growth to three factors: high levels of recent portfolio purchases, a stable U.S. consumer, and significant operational performance improvements within the MCM business. He clarified that of the $55.6 million in total 'changes in recoveries', approximately $45 million was attributable to the U.S. MCM business, with 95% of the total representing cash collected above forecast.

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President and CEO Ashish Masih calculated a direct EPS impact of approximately $0.73 from the change in recoveries but cautioned against simply excluding it as it reflects real performance. Regarding buybacks, he stated that future activity depends on market conditions, balance sheet strength, and purchasing opportunities, without committing to a specific pace. Masih described the U.S. market as highly favorable, with record lending and a 10-year high charge-off rate providing ample supply at strong returns, leading to an expectation of record U.S. purchasing in 2025.

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President and CEO Ashish Masih clarified the $200M in Q4 Cabot purchases were opportunistic spot buys and not indicative of future levels, which he expects to be lower in 2025. He stated the ERC reductions were concentrated in pre-2019 vintages. Regarding capital returns, he confirmed the company expects to resume share repurchases in 2025 as leverage is nearing the midpoint of its target range, but did not specify a quarter.

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President and CEO Ashish Masih provided the collections figures: 105% of expectations for the U.S. (MCM) and 97% for Cabot, for a consolidated 103%. He reiterated that portfolio purchasing is the first priority and that repurchases would resume as leverage nears the midpoint of the target range, as the company can delever while still buying portfolios. He also confirmed a $92 million remaining buyback authorization. EVP and CFO Jonathan Clark noted that while the company was 99% fixed-rate as of Q3, it would return to a 20-25% floating-rate debt mix by year-end after redeeming certain notes.

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CEO Jerome Grant explained that lifting the restrictions accelerates their five-year plan by a year, enabling more program launches in 2026 and a couple of additional campuses over the life of the plan. Regarding future margins, he noted that while formal guidance has not been issued, increased investment in new campuses and programs could result in 2026 EBITDA not matching 2025 levels, as these strategic costs are no longer adjusted out of EBITDA.

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CEO Jerome Grant explained that the primary tailwinds are the growing preference for trade schools over traditional 4-year degrees and the national focus on onshoring and infrastructure. He highlighted that new student start strength was driven by increased marketing investment in Concorde's healthcare programs and higher-than-modeled demand for UTI's skilled trades programs, such as welding and HVAC.

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CEO Jerome Grant explained that the company is continuously investing in marketing for Concorde to reach more students in local markets until they see diminishing returns or hit enrollment caps. On the macro front, Grant described the current environment as 'very healthy,' with subsided friction and strong lead flow for skilled-collar careers.

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CEO Jerome Grant detailed the market's evolution, contrasting the difficult post-inflation environment of fall 2022 with the strong recovery and growing student interest in skilled trades seen in 2024. He confirmed that leads and conversions are up, attributing the success, particularly at the Concorde division, to accelerated marketing investments that tested market elasticity and delivered results beyond initial expectations.

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CFO Pamela Johnson stated that average loan sizes would likely see an incremental increase as larger loans are still being integrated into the portfolio. Founder, CEO & Executive Chairman Todd Schwartz explained that while they monitor macro data like jobs reports, they rely more on their own early repayment data, which remains strong. On capital allocation, he mentioned exploring M&A in adjacent spaces, while both he and Johnson highlighted that stock repurchases are a key consideration due to a perceived disconnect between the stock price and the company's value. Johnson also provided specific recovery figures: $10.7 million in Q2 2025, up from $8.4 million in Q2 2024.

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CEO Todd Schwartz expressed strong confidence in their underwriting model's ability to target high-quality customers, allowing for growth. He highlighted that improved auto-approval rates enhance the customer experience, justifying increased marketing spend and testing new channels. For capital use, Schwartz described a 'menu of options,' including funding growth, high-ROI internal projects, share buybacks, dividends, and potential inorganic acquisitions, all aimed at the highest and best use of capital.

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Global CIO Jeremy Schwartz identified the RIA channel as the primary initial target for the Cerus products, particularly through WisdomTree's model portfolios, which can effectively deliver the diversifying asset class to advisors. Regarding digital assets, President & COO R. Jarrett Lilien highlighted the validation of their regulated-first approach and the fundamental appeal of tokenized yield products. CEO Jonathan Steinberg emphasized the strategic advantage gained from their early entry into tokenization, which he believes is now paying off as the market matures.

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Jeremy Campbell, executive, detailed the crypto strategy, highlighting a Bitcoin focus in the U.S. and broader, basket-based leadership in Europe, which has seen over $100 million in crypto inflows this year. He noted the restrictive U.S. regulatory environment but pointed to new thematic funds launching in Europe. William Peck, executive, added that there is a robust client pipeline for WisdomTree Connect and that the company is well-positioned to benefit from potential stablecoin legislation in the U.S.

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CIO Jeremy Schwartz detailed the broad suite of European crypto products, including those for Bitcoin, Ethereum, Solana, and others. CEO Jonathan Steinberg added that he expects a similar product rollout in the U.S. under the new administration in 2025. Executive William Peck explained that staking yields from these products are shared between investors and WisdomTree.

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Executive Jeremy Schwartz highlighted the success of the QGRW quality growth ETF, which has gathered nearly $0.5 billion in AUM and outperformed the NASDAQ since its late 2022 launch. CFO Bryan Edmiston stated that 2025 priorities will be a continuation of the current strategy: investing in global products, portfolio solutions, and digital assets while seeking operational efficiencies, summarizing it as 'more of the same.'

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Chairman & CEO Chad Abraham stated that healthcare advisory has been 'quite strong' this year, rebounding significantly after being down last year. He explained that debt advisory has been one of the firm's fastest-growing areas, driven by the proliferation of private credit funds. A typical transaction involves arranging financing for a sponsor's acquisition or recap by navigating the complex landscape of alternative lenders.

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Chairman and CEO Chad Abraham responded that the primary issue is general uncertainty impacting CEO confidence, which is crucial for M&A. He specified that the key question for clients is how global trade issues will impact a company's P&L. He acknowledged that the market can change quickly with sentiment, citing the recent market bounce, some successful muni deals, and a couple of IPOs on the road as positive signs that demonstrate how fast things can turn.

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Chairman and CEO Chad Abraham highlighted three key priorities: 1) expanding investment banking industry teams, with a major focus on doubling the talent in technology; 2) leveraging product expertise like restructuring and capital advisory across the MD platform; and 3) emphasizing growth in the fixed income business. President Debbra Schoneman added that for fixed income, the priority is a 'slow and steady build' of talent, while for equity brokerage, the focus is on product build-out in electronic trading and geographic expansion in the UK/EU.

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President Debbra Schoneman expects Q4 fixed income results to be similar to Q3, supported by depository client activity, and noted a normalized yield curve would be a positive catalyst for 2025. CEO Chad Abraham confirmed confidence in matching Q4 2023's strong performance, citing a robust start to October in ECM and Advisory, assuming stable market conditions.

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EVP & CFO Rick Weller noted that a few epay promotions are scheduled for late Q3 and early Q4, but described the outlook as 'business as usual' without any expected dramatic changes. He confirmed that the Money Transfer segment did benefit from FX volatility during the quarter, which helped improve margins and supported the 33% year-over-year operating income growth, also noting a higher average transaction value.

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CEO Michael Brown reported that early April travel trends are tracking to plan, with more travelers expected this summer. CFO Rick Weller explained that the guidance assumes flat FX rates, meaning a stronger Euro could provide a tailwind. Weller emphasized that the core 18% growth in operating income, driven by business diversification, is the primary factor supporting their confidence in the full-year earnings guidance.

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CEO Michael Brown declined to quantify the specific impact but confirmed that fee increases occurred throughout 2024, which will provide a full-year benefit in 2025. CFO Rick Weller added that the regulatory environment has shifted favorably, with governments now supporting measures to ensure cash access, creating a 'wind at our back' for the ATM business, which now constitutes 19% of total revenue.

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CFO Saidal Mohmand detailed that financing terms for an investment-grade tenant are coming in as expected, around SOFR plus the low 400s, with loan-to-cost ratios in the 70% range. CEO Wes Cummins provided the go-live schedule: the first 100 MW building in calendar Q4 2024, the second 150 MW building in mid-2026, and the third 150 MW building in 2027.

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Executive Wesley Cummins stated that data center pricing is up year-over-year but stable recently, and discussions continue with multiple hyperscalers. He acknowledged external pressure was a factor in the cloud business sale decision but noted it aligns with their strategy and market timing. He affirmed the cloud business should return to a $110-$120 million annual revenue run-rate.

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CFO Mohammad Saidal Mohmand clarified that over $700 million has been invested in Ellendale, and the company expects to recover over $300 million in cash proceeds. Executive Wesley Cummins added that the pipeline includes 1.6 gigawatts of capacity for 2026/2027 and that the pricing environment remains strong, reflecting high demand.

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Executive Wesley Cummins highlighted a significant increase in inbound interest from three additional hyperscalers seeking 2025 and 2026 capacity. He indicated the company is actively working to secure another LOI for a different site, likely in the Dakotas, and suggested it could be achieved by the end of calendar year 2024.

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CEO Nangeng Zhang stated that current machine lead times are about 6-8 weeks due to inventory buildup, an improvement from previous quarters. CFO Jin James Cheng addressed CapEx, explaining it is primarily for wafer supply and managed via a rolling forecast. While not providing a fixed number, he estimated full-year 2025 wafer-related spending would be higher than $400 million, contingent on market demand.

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CFO James Cheng clarified that A14 series miners were the primary revenue driver in Q3, with A15 deliveries being minimal. He expects A14 to remain the major component in Q4, though A15 mass production is ramping up for key clients. Cheng stated that A13 models represent about 20% of the inventory value. He confirmed the Q3-end cash balance was $72 million and that the new $30 million financing was in process, which would be additive before accounting for operational investments.

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CEO Samir Tabar and CFO Erke Huang explained that the customer exercised their contractual right to delay to the latest possible date due to an internal product development schedule change on their end. They clarified that the GPUs are already deployed in Iceland and are not sitting idle; they are currently generating revenue through on-demand services with Shadeform and are also being marketed for other multiyear contracts.

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CEO Samir Tabar stated that recently signed term sheets and the Enovum acquisition get the company about 90% of the way to its $100 million run rate target. CFO Erke Huang and executive William Schnier clarified Enovum's contribution is a $7 million ARR. Regarding mining, Tabar explained the plan is to reach 3 exahash by H1 2025 by replacing inefficient miners. He also confirmed the issuance of 38 million shares via the ATM to fund CapEx while the company thoroughly evaluates less dilutive debt financing options.

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CEO Samir Tabar explained that the Boosteroid contract is designed to scale in tandem with the customer's growth, with a baseline goal of 30% deployment in 2025. He affirmed confidence in hitting the $100 million run-rate target by year-end due to a strong pipeline, noting the new head of sales has already started. Regarding acquisitions, he confirmed the company is exploring owning its own sites to offer more services. CFO Erke Huang and CEO Samir Tabar added that while they are cautious with the ATM, it's crucial for funding large procurements, and they are evaluating debt financing options but have not yet found terms exciting enough to accept.

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CEO Jay Jackson and CFO Bill McCauley clarified the AUM figures. Mr. Jackson confirmed that private/longevity funds brought in nearly $123 million in new assets, while ETFs saw net inflows, highlighted by a $44 million increase in the real assets ETF, contributing to a total of nearly $160 million in net inflows for the quarter. Mr. McCauley noted that the consolidated AUM balance would be available in the forthcoming financial supplement. Mr. Jackson added that the Abacus Wealth Advisors division is expected to realize significant opportunities in Q3 or Q4 2025, becoming a meaningful revenue contributor in 2026.

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CEO Jay Jackson could not provide non-public Q1 AUM data but expressed bullishness on capital raising for both entities, citing positive investor sentiment. He noted the FCF integration is underway, with plans to evolve the brand toward lifespan-based funds. He clarified that lead integration has not happened yet but is part of a broader strategy for the ABL Wealth division.

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CEO Jay Jackson outlined two key priorities for 2025: expanding marketing to increase education and awareness, and pursuing horizontal growth through acquisitions in adjacent industries like servicing, valuation, and technology. Regarding competition, Jackson stated that Abacus holds a significant advantage as the sole publicly traded company in its space, which aids in capital access and market positioning.

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CEO Robert Lisy confirmed it is "full systems go" for digital investment, calling it the right long-term strategy and noting the "wires as a service" pipeline represents potential upside not fully factored into guidance. CFO Andras Bende quantified the impact of the transaction shift, estimating that with normalized send amounts, Q1 revenue would have been $7M-$10M higher and adjusted EBITDA would have been $2M-$3M higher.

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CEO Robert Lisy clarified that the company is not underperforming in retail but is facing a flat market. He stated the response involves strategic pricing to gain wire share at specific retailers and leveraging a now fully-staffed sales team of 50 people, rather than waiting for the market to recover. Regarding digital, Lisy and Head of Digital Marcelo Theodoro confirmed a significant investment is planned to capitalize on the now-favorable unit economics and best-in-class app. They declined to specify the investment amount or the exact CAC, but Theodoro confirmed Grondahl's estimate of $40-$60 was 'reasonable'. Lisy added that the strategy also includes a 'wires-as-a-service' model with partners, which dramatically lowers CAC.

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CEO Robert Lisy confirmed that future digital investment will be focused on marketing to drive customer acquisition, as the core application is already built and performing with strong unit economics. He reiterated that the challenges in the retail sector are overwhelmingly due to macro conditions causing the market to contract, rather than pressure from competitors. Lisy emphasized that Intermex's strong free cash flow allows it to fund this digital growth without incurring losses.

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Scott Peyree, COO, explained that the home equity surge was driven by both strong client demand, as lenders reoriented their focus from mortgage refinances, and robust consumer demand to tap into rising home equity. Douglas Lebda, CEO, addressed the consent ruling, stating it averted significant short-term revenue disruption that would have occurred while the market adjusted to new lead dynamics, ultimately preventing a period of financial pain.

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CFO Jason Bengel explained that the high AR balance is primarily related to the significant growth in the Insurance business. He noted that the change in AR is roughly offset by the change in Accounts Payable, as the company has worked to manage working capital by aligning inflows and outflows. To calculate free cash flow from adjusted EBITDA, he advised subtracting capital expenditures (roughly $3M/quarter) and interest paid, noting that working capital changes should not be dramatic going forward.

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Chief Strategy Officer Haris Basit explained that HPC/AI allocation is considered on a site-by-site basis, with the Clarington, Ohio site (initially 266 MW) being a primary candidate. Regarding future miner batches, he expressed optimism for additional allocations that could increase the year-end hashrate beyond the guided 40 exahash, but stated the company does not preannounce allocations until they are secured.

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Chief Strategy Officer Haris Basit explained that HPC/AI development is being considered on a full-site basis, with the 266 MW Clarington, Ohio site being a primary candidate. Regarding future ASIC supply, he expressed optimism for additional wafer allocations in 2025 that could increase the year-end hashrate target, but stated the company does not pre-announce these allocations.

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Haris Basit stated that a small internal team is focused on HPC business development, supported by external consultants. Jeff LaBerge added that financing terms are not disclosable but could involve project-level equity/debt or a development partner. Jihan Wu revealed strong early interest for the ASICs, with customers paying fees to 'lock-in' capacity for about a third of the initial 18 exahash production run.

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CEO Edward West acknowledged Mitek's dominant market share in mobile deposit and stated that pricing will remain aligned with the value delivered. For CFD, West reiterated the $10 million ACV and projected growth, while CFO David Lyle noted a strategic shift to reporting ACV over GAAP revenue. West quantified the CFD investment as a low-to-mid-single-digit percentage impact on EBITDA margins. Lyle projected a mid-single-digit million dollar increase in total OpEx for fiscal 2025, primarily for CFD.

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CEO Ed West described the sales cycle for the large bank as long, over a year, due to extensive validation, but noted other deals can be shorter. He declined to specify revenue potential but called the deal 'compelling' and 'very attractive.' CFO David Lyle confirmed that mobile deposit reorders were in line with expectations for the quarter.

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CFO Bea Ordonez described pricing as a long-term driver with future opportunities from new products like the 'Pro' account. CEO John Caplan detailed a dual cross-sell strategy: a 'high-touch' motion with dedicated CSMs driving adoption of products like cards, and a product-led motion using bundles to surface relevant features to customers at scale.

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Executive Anthony Cutrone attributed strong Q3 originations to typical seasonality, cautioning that the portfolio may stay flat or contract slightly in Q4. He quantified the taxi collection benefit at approximately $0.08 per share for the quarter, above the typical $0.04 run rate due to a large settlement. He estimated the core provision is likely between $20 million and $22 million. Regarding the net interest margin, Mr. Cutrone believes it is very close to its bottom. Executive Andrew Murstein explained the fintech partnership model, where Medallion earns a fee (e.g., 50 bps) plus float for briefly funding loans with no credit risk.

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President and CEO Aydin Kilic stated that the 20-megawatt project is in the infrastructure phase and that larger customers typically engage once projects are underway. He outlined three key priorities for H2 2024: achieving a $20 million annualized revenue run rate for the AI business, and breaking ground on both the Paraguay Bitcoin mining expansion and the 20-megawatt HPC conversion. Executive Chairman Frank Holmes added color on the complexity of HPC build-outs, emphasizing the significant engineering challenges but also the much higher revenue potential.

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