Voyager Therapeutics, Inc. Price & Performance (VYGR)

Thank you, operator. I'd like to welcome everyone to the Voyager Digital Limited earnings call. Today, we will be discussing our fiscal year and results, which we announced prior to the market open this morning. On the call today are Steve Ehrlich, our Chief Executive Officer and Evan Tsiropoulos, Chief Financial Officer. I would like to take a moment to direct investors to the Investor Relations section of our website atinvestorridge.com, where we have posted our investor presentation and upcoming event schedule. Before we get started, I want to remind everyone that certain statements discussed on this call are based on information as of today, May 16. It may contain forward looking statements, which are subject to risks and uncertainties. And given our limited operating history, market volatility and unprecedented industry growth, trends could materially deviate from today's level. Actual results could differ materially from our forward looking statements if any of our key assumptions discussed in today's earnings press release and the comments made during this conference call or in our latest reports and see our filings, each of which can be found on our Web at www.investmorager.com or under our profile at www.cedar.com are incorrect. The company has made assumptions that no significant events occur outside of the company's normal course of business and that current trends and adoption of crypto assets continue.

Listeners are cautioned that assets on platform, revenues and trading volumes fluctuate and may increase and decrease from time to time and that such fluctuations are beyond the company's control. We do not undertake any duty to update any forward looking statements, except where required by law. Today's release also includes references to non IFRS financial measures. You should refer to the information contained in the disclosures found in today's release, including the financial information and reconciliations of historical non IFRS measures to the comparable IFRS financial measures. This call will touch on some guidance provided in our earnings press release issued today. I would encourage each of you to review the forward looking statement, risk factor disclosure and similar disclosures in today's press release. Please note the dollar amounts referenced are in U. S. Dollars unless otherwise noted. With that, let me turn over the call over to Steve Ehrlich Forger's Co Founder and CEO. Thanks, Kevin, and thanks to everyone for joining this morning. This morning, we announced that Voyager has obtained subscription agreements for a private placement gross proceeds of approximately $60,000,000 led by Alameda Research, which was a follow on investment from their strategic investment in October.

We are excited to have them lead this round with These participants are deep industry players who partner with Voyager as we pursue our goal to deliver quality execution, This investment shows the dedication to and power in the Voyager model and how much these partners value the Voyager relationship. These funds raised through a PIPE offering add to our existing net liquidity position to give Voyager a position of over $225,000,000 of available capital. Closing of this fundraise remains subject to customary closing conditions, including approval of the Toronto Stock Exchange. Voyage's strength and liquidity position allows us to continue to grow our business and together with the changes we On our last call, I noted that we were aggressively working to turn our rewards program from a marketing cost to a profit center. I am happy to report that changes underway as we adjusted the program on May 1 to significantly improve profitability for the June quarter end moving forward. As the marketing landscape continues to change, we are using our collective years of experience to continue to develop cost effective programs and intend to make additional changes to maximize capital efficiency and continually optimize our cost per account acquisition.

The company has also begun a strategic review of all expenses and is committed to reducing expenses to keep the business streamlined and efficient in both expanding and contracting crypto markets. We think these changes will deliver profitable quarters even as we face market headwinds. The past week has been one of extreme volatility. Before I discuss our metrics and give an update on the business, I want to address a few specific related to recent events in the crypto market. First, we never listed the UST coin as we were never comfortable with the algorithmic stable coin. For coin to be listed on our platform, it goes through an intensive legal, business and operational review process. In not listing UST, we protected many customers. Not all stablecoins are created equal. We operate using the USDC for customers, which in my view is the only true stable point as it is backed by a Full reserve of U. S. Dollars and short term U. S. Treasuries with a monthly attestation performed by Grant Thornton, one of the leading public accounting firms. We also spoke to all of our counterparties on lending and verified that there were no issues. In the past, we have had questions from investors about 1 counterparty and as of today, we have no exposure to that counterparty.

All Voyager customers all Voyager customer U. S. Dollar balances are held by our banking partner, Metropolitan Commercial Bank and our FDI insured up to $250,000 We are a customer focused business and therefore concentrate on the safety and security of customer assets. And lastly, over the past week, we have seen a significant increase in trading volume and account growth. Now for our industry as a whole, The March quarter kicked off a challenging macroeconomic environment and lower trading volumes, but Voyager continued to deliver customer account and net deposit growth, build on our revenue diversification strategy and expand our coin and product offering. Despite the challenging operating conditions in the quarter, customer engagement on the Voyager platform remained healthy. We had over 1,000,000 unique users engaged with the Voyager app during the quarter, representing almost 30% of our 3,500,000 registered users. And while we saw an overall decrease in trading volumes, 25% of our nearly 1,200,000 funded accounts executed the trade in the quarter, all through our award winning mobile app as we added another 28 coins reaching over 100 coins available for trading. These key metrics are something I get very excited about as they are strong indicators of the level of engagement that Voyager customers have with our platform.

We also saw a significant growth in our USDC balances and we believe many of these customers hold USDC while they wait for trading opportunities. We had a similar pattern in 2,001 in the online brokerage industry as consumers sold their equity positions held the balances in dollars. They then redeployed those dollars later to reengage in the next bull market run. Same pattern you see right now with the significant expansion of the USDC being held by customers. I saw this in the Internet bubble burst in 2,001 and I saw it start again this past week. Back in the September quarter, I discussed Voyager's commitment to staking, which is at the forefront of our diversification model. We are now staking 12 points through our partners with plans to add more this quarter. As we continue to grow the staking program, Our average revenue per account, our ARPU, will continue to grow. The monthly ARPU for the quarter was approximately $24 per account in the lower transactional volume market, which annualizes to $2.88 delivering a return on our marketing dollars of approximately 10 months, demonstrating the effectiveness of our marketing program. Our app consistently ranks high among crypto first apps in what we believe is the most competitive category in the App Store.

And we recently won some significant awards, including top 10 most innovative personal Finance Company for 2022 from Fast Company and Top 100 Fastest Growing Online Brands in the U. S. From SimilarWeb. We believe our success in growth and engagement stems from our commitment to disciplined and data driven marketing spend. We think the best way to engage new users and to grow the crypto ecosystem is thoughtful marketing that engages and educates new customers. With that in mind, we recently launched our Crypto for All campaign that brings more humanity and accessibility to the world of crypto as it appeals to a mass audience. The campaign features Voyager customers from a variety of backgrounds during their thoughts and experiences with crypto and Voyager, highlighting transparency, inclusivity, Freedom and opportunity. We've seen great results so far and are very pleased with the level of engagement. Calendar year 2022 is all about product delivery. Already this year, we have launched our popular moon mode and have onboarded customers to the beta programs to both our debit card and our desktop app. The debit card beta program is going well. We are seeing high engagement and learning more about user behavior.

Based on the success of this data program, we are pleased to announce that our issuing bank partner, Metropolitan Commercial Bank and our program manager, UCO, have agreed to move to full widespread launch. As we onboard the waitlist of approximately 200,000 users through the remainder of this quarter, we will obtain significant data that we can then utilize to deliver an even deeper and more robust Voyager loyalty program based on the very popular VGX token. The next upgrade to the Voyager loyalty program is in development and we have pre announced that Base participation level will begin with only 50 VGX tokens held and will allow customers to advance to new levels by using the app and Voyager Ecosystem. In addition to the delivery of debit cards, we anticipate a widely expanded deployment of the desktop app as well in the current quarter. The addition of the desktop combined with more coins added to the platform underscores our commitment to delivering more value to our customers. We were recently the 1st platform to launch ApeCoin, which helped drive both trading and customer acquisition. Our payments business has started to get some significant traction We have added 3 payment service systems in the quarter and we have added some major merchants to the system as well as launching our business platform, which has added a significant number of accounts in the quarter, growing 28% over the December quarter.

This is all on top of the Coinify system being core to international Another area of activity I want to provide an update on is Voyager's Venture Investments. We strongly believe investing in the digital asset ecosystem. Over the last 12 months, we have made a number of equity investments in private companies. Previously disclosed investments include Fundstrat, who Voyager partners with on Digital Asset Research, led by Tom Leak Coinledger, who Voyager partners with on tax preparation and Talos, a cutting edge trading platform we use. We have also made some investments in companies that supply some of the infrastructure needed to support the business, such as SoCure, our KYC Know Your Customer Provider Yuzio, our ACH provider and debit card program manager and Block Gaming, our node provider. The investments have grown in value since all initial investments. We're excited about the future. We believe participating in the financing rounds of select blockchain associated companies and infrastructure providers is not only a potentially lucrative investment activity, but also an effective way to stay fully current in a rapidly evolving crypto environment. Focused on venture investment activities, I'm happy to announce we recently formed a new subsidiary called Voyager Digital Ventures LLC.

The subsidiary formation is only part of our ongoing efforts to further centralize and hone our investment activities. As you know, we spent calendar 2021 investing to create a truly scalable and more mature platform. Investments we've made and continue to make allow us to successfully build out our operations and strengthen our foundational core through automation, I'd like to provide an update on the regulatory front. As we have shared in press releases, we have been in ongoing dialogues with regulators. Our businesses remain largely unaffected to date. Voyage's ongoing communications with these state regulators is geared to better understand the terms of their respective orders and clarify certain statements in the orders that Voyager believes are inaccurate. It is Voyager's goal that these communications will result in a collaborative and constructive dialogue on an acceptable path forward. Voyager's discussions to date with the regulators demonstrate a willingness to work with Voyager to pursue a mutually acceptable regulatory framework. The company believes this provides an opportunity to contribute to the evolution of the regulatory framework for crypto, which is needed more than ever due to the unprecedented growth in the adoption of American consumers. Before we close, I want to I would like to take this time to thank Mike Legg for all the work he has done in our Investor Relations role.

Mike is moving on to pursue other endeavors and Kevin Rodriguez will fill his role on an interim basis. Also, I am pleased to announce that Evan Seropoulos will be moving into a Chief Commercial Officer role to help us build out our revenue diversification as well as partner with our new CFO in creating cost efficiencies. And I am pleased to announce that Ashwin Przybypal is our new Chief Financial Officer. Ash comes with years of experience, including being the former CFO of Galaxy Digital, and we are excited to have him on board. Ash's first day is today. In closing, we strongly believe that we are in the early stages of global crypto adoption and there is an outstanding opportunity for Voyager to grow users and revenue as we execute our game plan. As part of this growth, we have a goal of returning to positive operating income after adding back stock based brokerages through use of digital assets, and I couldn't be more excited about our future. With that, I'll turn the call over to Evan to review the quarterly financial results in more detail. Thank you, Steve, and thank you all for joining us today. As a reminder, All figures discussed on today's call are in U.

S. Dollars under IFRS. I will speak to our fiscal 20 20 to Q3 ended March 31, 2022. As Steve highlighted, our 3rd quarter transaction revenue was impacted by significantly lower trading volumes consistent with the rest of the industry. Our total revenue of $103,000,000 is in line with our previously announced guidance of $100,000,000 to 105,000,000 Despite overall lower trading volumes, we continued to add new accounts to the platform with an increase of nearly 115,000 funded accounts in the quarter for a total of 1,200,000 funded accounts. Overall assets on platform decreased slightly from $6,000,000,000 to $5,800,000,000 in the quarter due to overall lower crypto prices and offset by net new deposits of $574,000,000 for the quarter. With respect to transaction revenue, in addition to overall lower volumes declining, our overall average spread, excluding stable points, decreased from 110 basis points in the December quarter to 92 basis points for the March quarter. In periods of lower volume and lower volatility, we see a heavier concentration of our transactions in Bitcoin and Ethereum. These major coins accounted for 37% of our non stablecoin volume compared to just 25% in the prior quarter. Overall USBC customer balances grew $260,000,000 or 45% in the quarter.

In periods of lower volatility, we see our customers moving more into USDC to earn yields in place of trading, which is a testament to the stickiness of our platform in retaining customer assets despite lower trading levels. Our combined lending and staking revenue totaled $45,000,000 as we continue to make progress in maximizing yields with staking protocols. We continue to expect the staking business to outpace the lending portion of the revenue line item and expect to increase taking utilization of EAP going forward. It is important to note with recent news related to UST and LUNA that Voyager does not have UST listed on the platform and has not placed any assets in any DeFi lending protocols such as the Anchor platform. With lower trading volumes and a loss on our rewards program, we had an operating loss of 43,000,000 or $37,000,000 before stock based compensation. As we move into the Q4, we are making a concerted effort to tighten our spend across the board and have already made progress in narrowing this with the adjustment of our tiered rewards program to drive at least a breakeven program. On overall liquidity, we finished the quarter with nearly $100,000,000 in cash and adjusted working capital of $185,000,000 This concludes our prepared remarks.

With that, I'll now turn it over to our operator, who will open the line for questions.

We'll take our first question from George Sutton from Craig Hallum.

Thank you. It would seem, Steve, based on a couple of things you said that things could be challenging for the following reason. You mentioned You're maintaining very high ratings in downloads, but you are also in the most competitive category in the App Store. So Can you help us with that versus now looking to pull back on expenses? What sort of things are you looking to try to accomplish in terms of key metrics?

Thanks, George, and thanks for being with us this morning. It is challenging. There is Competition, but where we do set ourselves apart and we always have is a few places. One is The number of coins we have in our platform and we've always said that the ability for consumers to have an easy to use platform, Probably the best platform with all the coins and participating in the Altcoin space Our platform is one of our big differentiators. That's 1. 2 is the debit card that's begun to roll out It is another big differentiator as people can earn rewards on not just holding USDC with us, but they earn rewards for the use of the platform. So we still think that the platform we have, even though it's more competitive, are being product differentiated with those two things. Our expansion in international will all make our metrics, which we still look at as that's an important metric is new accounts is our key metric, but we don't do it at all costs. And I think Pan and the team has done a great job We maximize the efficiency of our marketing program, which again sets us apart.

So KPI for us still number of new accounts, The differentiated platform is how we really will set ourselves apart and drive cost efficiency. And our marketing dollars, we as everybody else Thus coming in, we seem to be very, very good at finding areas that others are not participating as well. And we find those places and become very cost effective As well and then on the rest of our cost infrastructure, finding areas that I think it's imperative that as a company, whether it's us or anybody else, You're always looking at your cost structure to find out how you could be more cost efficient. And we've made a concerted effort now to begin that as well.

One other question, if I could. Given that the cease and desist came at the end of the quarter, can you give us any perspective on How much impact the business might see from the cease and desist?

We've seen zero impact from the cease and desist Business is as usual. We have and we'll continue to operate, as I said in the statements, is that We're working with each of the states and they seem to be very open to working through all those orders. Thank you. Thanks, George.

Our next question comes from Kyle Vogt from KBW.

On the regulation, it sounds as though you're speaking to those individual states to create an acceptable path forward. Robert, can you confirm whether you're also speaking with the SEC about a path forward? And I guess given what we saw with WiFi and their path forward that the SEC laid out with them, in terms of the filing and registration statement. Is that what investors should also be thinking about as a base case for how you could continue to offer the EARN program? Or Is that not going to be necessary, you think, given your conversation so far with the states and possibly with the SEC?

Well, Kyle, thanks for taking time this morning. Appreciate it. Look, we as we've been saying for a long period of time, We've had ongoing conversations with all regulators. It's part of being in a regulated or in this case, an unregulated business, but being part of In a regulated business for 20 something years, the conversations with regulators are always ongoing. We don't believe we've said that in the statements too. We don't believe that these are securities what we offer. There are multiple paths. If the path that's determined is to register, then we have multiple ways to do that as well. So We're just going to keep having the conversations, but I don't think there's in my mind, there's a lot of path forward here and it's not necessarily has Got it. Understood. Thank you very much. And then another follow-up would just be And sorry if I missed this in the prepared remarks, but just how quickly do you expect to see those rewards paid to customers moved below the aggregate level of the staking and lending revenues. It seems like we're still firmly kind of in negative territory for fiscal Q3. But can we expect it to be kind of breakeven, if not maybe profitable on that as we head towards kind of year end?

Yes. So we made adjustments in the program as of May 1. We put a tiered rate structure in place. And so starting in May, we expect to be breakeven to profitable in May June. So a lot also from how profitable or breakeven it is, it's based upon the borrower market as well. But those inputs and those changes were made as of May 1.

Understood. And if I could just squeeze one more in. Just over the past week, we think investors have become Increasingly concerned about contagion risks stemming from Terra and stablecoins more broadly. So I appreciate and prepared remarks around Tether. Can you also remind us how much of your lending activity is collateralized and if you expect that to change or if you expect the trajectory of the lending balances to change as well. And I guess given the uncertainty over the past week or 2, did you call in any of those loan balances? Thank you.

Yes. So it's disclosed in our financials, the number that's collateralized of the loans, there's collateral there. It's still a very small portion as we've been saying for the longest period of time, but the people we lend to are some of the biggest names in the industry. As we stated too, we had conversations and verified there was no Concasion with them, had conversations with every single one of them. And since we limit who we lend to these parties, We're really comfortable. We did not have to call anything in and we had zero issues with any of our borrowers.

Great. Thanks, Steve.

Thanks, Tom.

Our next question comes from Joe Gomes from NOBLE Capital.

Good morning.

Thank you, Joe.

So outside of the rewards program, what else are you looking at in order to try and Cut on the expense side, as you said, it'd bring it more in line to where today's environment is.

Yes. Well, the rewards program itself will be savings of upwards of $15,000,000 a quarter as well. And then in addition to that, it's just an overall review of all our expenses and where we can tighten our belt on that front. So it's an ongoing thing.

And just to add to a few areas, We've grown so much in the past 18 months, as you know, when we were tied up with some contracts Earlier on, so now we achieved economies of scale and a lot of our contracts are coming up for renewal. So we'll be using that leverage that we have to apply that and We negotiate some of our key contracts.

Okay, great for that insight. I appreciate it. And One more, Steve, maybe if you could just kind of give us obviously what's happened here in the past 10 days or so. I mean, what are you guys been seeing in terms of attracting new people to the platform over these interesting times, let's call it. I mean, is it just Kind of come to a stop, just business as usual. Just any insight that you can kind of give us of what's been happening here Kind of since the beginning of May would be appreciated. Thank you.

Yes. May has started off to be a really good month for us here. We've seen in the last week tremendous activity on the platform. We've seen levels of Account growth that were equal to some of the highest points of 2021. So we've seen some times here that We are a place where people go when they want to trade and we've seen that customer acquisition pick up quite a bit, not go the other way in the last week. Now we also have seen customers, we have different sets of customers, right, subsets of customers and there are a subset as we mentioned too That in this volatility phase, they put their money into USDC. So we've seen USDC balances grow, but we've also seen a bunch of new accounts come on the platform And trade some of these coins that are pretty volatile.

Great. Thanks for that. Appreciate if I get back in queue.

Thanks, Joe.

Our next question comes from Madhur Khedive from 8 Capital.

Good morning, guys. Thanks for taking my questions here. And my apologies if I may have missed this in your prepared remarks, but what I wanted to get into is just maybe in this More volatile market. I know you said you're going to cut a little bit of the spending, but I just wanted to think how does that change your overall Investment priorities.

Thanks, Tahira. I appreciate the question. I'm not sure I actually The investment we're going to continue to invest in the business, but I think as Evan pointed out here too, We do have a bunch of contracts that have come up that we're renegotiating, getting more cost efficiencies out of that. As we've grown in scale, some of the infrastructure we have allows us to take advantage of scale of higher volume Discounts, and then on top of it is the rewards program that we've now changed and turned from being a call center to our profit center. Those are 3 main ways that we're but we're not going to stop investing in the business. We feel that The way we can spend marketing dollars, we're going to be more efficient than the competition and we have been for the longest period of time and We have found other ways to market that others haven't yet and we're going to continue to be most efficient as we can with the capital.

Okay, great. And then are you finding that user acquisition is slightly different in this environment as well? Or is that kind of just steady path that you guys are really leveraging your brand to kind of get out to the word to users?

Yes. The cost, As we said in the statement as well that our ARPU is about $2.88 on an annual basis and we're getting that paid back in 10 months or less. And that was through the March quarter, which wasn't very didn't have a lot of volume and wasn't all that volatile. We've seen a pickup in volume and a pickup of our effectiveness of our marketing again in May. And again, the value and volatility drive a lot and help us drive the cost down. But the other thing that we've started to do is we have We probably have the strongest crypto community in the industry, and we're leveraging that community to help drive the cost down. And with our new Voyager Loyalty Program 2.0 coming out with some of the benefits that Consumers get for referrals and using the platform and then throw in the debit card on that as well. We have so many effective ways to drive the marketing costs and the CPA down, that gets me so excited about this business because we're starting to see it. I mean, you can go on to social media and Twitter and see everybody posting the use of the debit card.

What better way to use marketing And to have customers help you out and support you and bring that. I mean, it's all over Twitter these days with people using their debit card. And we've got just a small fraction of the 200,000 people using that debit card. Just imagine what's going to happen when this debit card gets in 200,000 people's hands over the rest of the quarter.

No, that's definitely true. Something to look forward to.

Thanks a lot guys. I'll pass it on.

Thanks, Lydia.

We'll take our next question from Chris Allen from Compass Point.

Good morning, guys. Thanks for taking my question. I just wanted to follow-up. You are stating that you're seeing account growth in May, Which to me is kind of shocking in the current environment. And anecdotally, I've been talking to people who are Having trouble liquidating assets in your platform and actually taking them out of your platform. So I just want to confirm that. And the activity that you're seeing from a trading perspective, are you seeing people actually putting money to work in crypto or are they liquidating Luca would be in position to move to cash or to stablecoins.

Yes, we're seeing a whole bunch of things and I don't think anyone has had Any issues with taking money or moving coins off the platform at all on our platform. Customers are really active on our platform. The platform, knock on wood here, when every other platform went down in the last week, we didn't go down. It's a testament to Rakesh and the team and the work that we put into scaling the business over 2021. It Slow down a little bit of the product development because we had to scale this business and it's proven to fruition right now. We've picked up accounts. We've said this all along that our business is bigger and deeper than just Bitcoin and Ethereum. And by having coins that are active in the marketplace that are volatile, That we're seeing people trade on our platform these coins and we've seen a lot of active trading in the last week. So We've always been on this mission to bring the accessibility of more than 2 coins and more than 5 coins or 6 coins to the retail consumer. We've done that. We're seeing people trade a lot. We are seeing a group of customers that are retreating, but leaving their Money in USD, which is FDIC insured up to $250,000 on our platform, just like any other bank.

Any cash you hold with us has that FDIC insurance, Plus then we have USDC that people are getting the rewards on that on the USDC as well. So we're seeing multiple touch points and multiple activities from various groups of customers. And again, I think the last piece is And this is all being done and we've never listed UST. So we have all the other coins we have on the platform. They're active again. There's an activity spike Happening in May and we're getting we're taking advantage of it and our customers have taken advantage of the ease of use of our platform to trade on our platform.

But then why are you cutting costs and raising capital?

Look, we want to From a raising capital perspective, these are some of the best names in the industry that wanted to be part of Voyager and expand their relationship with Voyager. And they're going to help us grow. We're adding more extensions on staking, more extensions on execution. The assistance in getting us into NFTs and Web3, all these are some of the best names that wanted to be part of Voyager and help us Grow the business. So we felt there was a really opportune time for us to do that, show the market how important and how we're growing and how Voyager is one of the top crypto companies in the U. S. And that's before we even get into our international expansion And cutting costs is always something every good smart company should do. And we're just to do that, we're going to make sure with the drive to profitability. We want to get to breakeven, so we're looking at every single cost. We've gone through all our contracts, as Evan mentioned. The ability for us to renegotiate because of our scale is all at the top of mind.

And then last one for me. You're changing your rewards program to bring it to breakeven. Historically, one of your arguments for why you would avoid being classified You lost money on it. So when you bring it to breakeven, does that entail a risk now with the SEC To be classified more as a security?

We don't think that has That has much of a variance in this point in time. We've also looked at the rates across industry and where we can and We're comfortable with our analysis on the program and where it is and that it's not a security And we'll continue to move forward that way. I want to also add one other thing on the capital too and the capital raise is, Yes, we're having a good May, but there is uncertain times. And to have even more capital on our balance sheet from strategic investors puts us in a really good Thanks, guys.

Thanks, Chris.

And we do have a follow-up question from Kyle Voigt from KBW.

Hey, thank you. Yes, I just wanted to follow-up on the cost discussion and really around the operating environment, if this remains challenging for a prolonged period or we're kind of really entering this kind of next crypto winter, is there a specific number for kind of cash burn that we should really be thinking about per quarter. And I know it doesn't sound like this quarter There is as much concern because we already right sized the rewards program. It sounds like the activity has been generally fairly good. But Again, if we're kind of in a prolonged more challenging operating environment.

Yes. With $225,000,000 of capital in a challenging environment, if there was A March type quarter of lack of volume and volatility, we still with $225,000,000 of capital, we're extremely comfortable that we can Operator business and grow our business for well into 2023 and 2024. We have lots of capital now to continue to grow and be able to execute our game plan. We've seen it. One thing I want to say is that we've seen this before. This team has seen it before. I've been through this At E*TRADE in 2001, in my own business at Lightspeed in 2008, when market environments get challenging, You buckle down, you prepare for the worst and you just figure out how you're going to grow and continue to grow the business. And then even in 2020 when we had a little So we you buckle down, we figure it out and we feel like where we are today, We're good for the next couple of years with the capital we have. So, I'm really excited about getting this raise done and having these great partners with us Over to Steve for any additional or closing remarks.

Yes. I just want to say thank you again to everyone for joining this morning. We're really excited if you can About our business and how it's moving forward. And lastly, to one of our partners and our brand and our sports Sponsorship partners, congrats to our friends over at the Dallas Mavericks and Mark Cuban, for pulling off a Historical win last night and look forward to participating with them as they keep moving on. So thanks to everybody. I appreciate the time today and speak to everyone soon.