Katapult Holdings Q3 2026 Earnings Call Transcript

Katapult Holdings (NASDAQ:KPLT) reported third-quarter financial results on Thursday. The transcript from the company’s third-quarter earnings call has been provided below.

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Summary

Katapult Holdings completed its first earnings call as a combined entity after the merger with Aaron’s and CCFI, focusing on creating a scaled, technology-driven finance platform for non-prime consumers.

The company reported consolidated revenue of $754 million and a net loss of $28 million, with a focus on leveraging synergies to drive future growth.

Management identified approximately $30 million in cost synergies and aims to enhance revenue through cross-brand referrals and expanded product offerings.

CEO Corey Miller emphasized the use of proprietary data and technology to improve underwriting, reduce funding costs, and enhance customer experience.

The company anticipates revenue between $975 million and $1.025 billion for the fourth quarter, with a focus on maintaining disciplined underwriting amid challenging consumer conditions.

Full Transcript

OPERATOR

A question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Jennifer Cohn, Head of Investor Relations. Jennifer, please go ahead.

Jennifer Cohn (Head of Investor Relations)

Welcome to the Katapult Holdings third quarter 2026 conference call. On the call with me today are Corey Miller, Chief Executive Officer, and Russ Falkenstein, Chief Financial Officer. Bill Baker, our President, will also join us for our Q&A session after the prepared remarks. For your reference, we have posted materials related to today’s call on the Investor Relations section of the Katapult website, which can be found at ir.catapultholdings.com.

Please keep in mind that our remarks today include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 related to our financial guidance, our business, and our operating results. As noted in our earnings release and slide deck posted to our Investor Relations website for your reference, our actual results may differ materially. Forward-looking statements involve risks and uncertainties, some of which are described in today’s earnings release, our most recent annual report on Form 10-K and quarterly report on Form 10-Q, and our Form S-4 registration statement filed in connection with our mergers and which will be updated in future periodic reports that we file with the SEC. Any forward-looking statements that we make on this call are based on our beliefs and assumptions as of today, and we undertake no obligation to update them except as required by law.

Also during the call, we’ll present both GAAP and non-GAAP financial measures, which we believe can be useful in evaluating our performance. Non-GAAP financial measures should be considered supplemental to and not replacements for or superior to our GAAP results. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures is included with today’s earnings release and is available on the Investor Relations section of the company’s website.

We’ll also present combined figures during the call that reflect the sum of the results of CCFI, Aaron’s, and Katapult for the third fiscal quarters of 2026 and 2025, including periods before the closing of the mergers on August 11, 2026 and the 2025 fiscal year. This combined financial information is not pro forma information prepared in connection with Article 11 of Regulation S-X, does not reflect synergies or purchase accounting or other pro forma adjustments, and is not necessarily indicative of our results that would have been achieved had the mergers been completed earlier or of future results.

This combined information is provided for illustrative purposes only and should not be considered in isolation from or as a substitute for our financial statements. With that, I will turn the call over to Corey.

Cory J. Miller (Chief Executive Officer)

Thank you, Jennifer, and welcome to everyone joining us this morning. By way of introduction, I was appointed CEO of Aaron’s in 2024 and became CEO of Katapult Holdings when the mergers closed in August. I’m especially pleased with the team we’ve assembled, which brings together the best of Aaron’s, Katapult, and CCFI, and I’m proud of the progress we’ve made in a short period of time. Today is our first earnings call as a combined company. Katapult Holdings is now a scaled technology- and data-driven finance platform for non-prime consumers.

We provide lease-to-own and loan products online through our merchant partners and in our stores on a combined basis. In 2025 we would have evaluated more than 11 million lease and loan applications, processed more than 145 million transactions, and generated more than $4 billion in revenue in the third quarter. Nearly 40% of our leases and loans originated through digital channels, and across our businesses, we serve one core non-prime customer whose needs span lease-to-own, retail, and consumer finance.

Since some of you are new to the parts of our business, let me briefly walk through each segment and how they complement each other. We report in two segments: Lease-to-Own and Retail, which includes Aaron’s legacy, Katapult, and BrandsMart; and Consumer Finance, which includes the CCFI family of brands. In Lease-to-Own and Retail, Aaron’s brings a national omnichannel footprint, deep customer relationships, and a long record of disciplined underwriting that protects our margins.

Legacy Katapult brings technology, flexible pricing, and a growing online marketplace with a repeat rate above 60% and about 150,000 monthly active app users. In Consumer Finance, CCFI brings a profitable, scaled lending platform with a portfolio of short- and medium-term loans and other financial services offered online and through a broad national footprint. This is a powerful combination, and here’s why. Together, we can improve the customer experience and our economics in ways none of these businesses could on their own. Aaron’s high-touch service model can lift approvals, conversion, and unit economics across our lease-to-own brands. Legacy Katapult’s technology brings the digital customer experience and broader category coverage to every brand, and CCFI’s customer reach delivers referrals across segments and adds to the data behind our underwriting.

One of our biggest advantages is data. We have a proprietary data set with more than 65 million consumer records, and every application, payment, and transaction across our businesses adds to it. Our technology lets us put that data to work. It shapes who we approve, how we price for the risk, and how we lower our cost to serve these customers. We’re applying our data advantage across the company, from marketing to new products to merchant relationships.

Over time, we believe using our data this way will deepen our customer relationships, lower our underwriting and acquisition costs, and drive incremental revenue. We also have a significant opportunity in our cost of funding. The interest we pay today can be reduced. We are laser-focused on lowering it, and every dollar we save should improve cash flow. And once we improve our capital structure, we’ll be in a position to put our balance sheet to work creating value. Bottom line, we believe the strategic value of this combination is greater than the sum of the parts — more products, more channels, a larger proprietary data set — and that scale is what we believe unlocks meaningful cost and revenue synergies.

On the integration front, we’re moving quickly. Our plan has four priorities: one, maintaining continuity while we grow each business; two, delivering cost synergies; three, driving revenue synergies; and four, lowering our cost of funding, which I just mentioned. To date, we’ve identified approximately $30 million in annualized cost synergies, and we’ve already acted on most of these. We expect that number to grow as the integration progresses, and we’re building on it with revenue opportunities across the business.

Because our teams worked closely together before the close of the mergers, we hit the ground running, and I’m grateful for their hard work. On the cost side, the identified savings span organizational efficiency, rationalizing our corporate real estate, creating marketing efficiencies, and reducing duplicate technology, data, and other costs. Much of the work to achieve these savings is already underway. Starting with technology and engineering, we’re building one technology team and consolidating our systems and data while protecting operating continuity. We’re also using AI tools to help build a single platform for all three businesses, which we expect will lower our IT costs and strengthen security.

In marketing, we’re bringing our teams together, moving channels in-house, and shifting all three businesses to a common marketing platform. That shared view of the customer also supports the revenue synergies I’ll get to in a moment. In risk and underwriting, we’re combining our credit teams, processes, and data vendors. Over time, we expect to run fewer decisioning engines and apply our combined data and expertise to approvals and pricing. In the back office, we’re moving quickly to integrate our corporate functions.

HR is the furthest along and is on track to have one system in place by January 1st. Finally, we’ve also consolidated our corporate and regional real estate footprint. Our team has a strong track record of integrating acquisitions, and we’re bringing that same experience to this business combination. On the revenue side, we’re pursuing a number of opportunities. I’ll highlight four. 1) Connected customer journey — cross-brand referrals are now live and support expanding our reach. For example, we launched technology that embeds the lease-to-own application into the consumer finance loan flow, giving every application more chances to become a customer relationship. 2) Value-added services — we brought our protection plans, already proven with the Aaron’s customer, to virtual lease-to-own.

We’ve also revamped our club program for those customers. 3) Broader product reach through merchant partnerships — we’re adding product categories we don’t carry today, so we earn the economics without carrying the inventory. Our digital kiosks position us to roll these out quickly. And 4) Merchant relationships — our greater scale and financial strength are reopening doors. Since the close, we’ve restarted conversations with merchant partners in, and our virtual lease-to-own pipeline is growing.

Our goal is a connected, efficient platform where customers grow their relationships with us beyond their first loan or lease. Before I turn to segment performance, I’ll share a few thoughts on the customer. Our customers are dealing with persistent inflation, higher fuel prices, and other budget pressures, and they’re prioritizing the essentials. Demand is holding up well in needs-based categories, but customers are trading down to lower-priced items. This is a customer we know well, and with Lease-to-Own and Consumer Finance under one roof, we can meet more of their needs.

At the same time, we’re being disciplined, managing the approval amounts and selectively tightening as we tune our risk models. Heading into the holiday season, we’re focused on growth and execution in the fourth quarter, and we’re monitoring the inputs that drive customer behavior. Where we see risk that we don’t like, we’re walking away from that volume. That positions us to protect our unit economics and profitability. So let me turn to the segments where you can see that discipline at work. Starting with Consumer Finance, demand in the quarter was healthy and in line with our expectations. We’re meeting that demand responsibly, approving customers using decisioning engines that draw on external market data, our own performance history, and customer scoring. And we’re looking for new ways to serve those customers more fully, including evaluating co-location opportunities so a single visit can meet more of the customer’s needs over the next several quarters.

Our focus is on growing the products where we earn the best return for the risk, keeping underwriting disciplined and in line with macro conditions, and expanding online. That’s in addition to the cross-brand referrals I mentioned earlier. We’re taking the same approach in Lease-to-Own and Retail — growing where the returns justify it. We want to grow our lease portfolio across every channel: e-commerce, virtual lease-to-own merchant point of sale, and in our stores. To give you the full picture of this quarter’s drivers, my comments on Lease-to-Own and Retail reflect the entire quarter, not just the period since we closed on August 11. In our traditional Lease-to-Own business, applications and agreement deliveries continued to improve, with much of the growth coming from e-commerce.

Appliances was our strongest category, electronics was roughly flat, and home furnishings was modestly lower. We also observed a dip in our average ticket size. We’re watching collections closely, but believe our payment and product return options give customers the flexibility they need to stay current. In virtual lease-to-own, volume was roughly flat, with some pressure at the top of the funnel and in our take rate, especially among new customers.

We’re particularly pleased with the merchants we’ve added over the past year, and we expect those relationships to contribute more over time. Our virtual lease-to-own offering is now available in about 2,000 merchant locations. As we look to the holiday season ahead of us, both segments are well prepared. Our teams are trained, our promotional calendars are set, and our marketing can shift across channels as demand develops. In Consumer Finance, that means focusing on our most productive media and disciplined credit limit increases for existing customers with strong payment histories. In Lease-to-Own and Retail, we’re meeting customers where they shop, with a particular focus on finding new ways to convert more of our website traffic.

To sum it up, we’re building Katapult Holdings into a technology- and data-driven consumer finance platform for a large underserved market. With our integration well underway, we’ve identified approximately $30 million in cost synergies, and we’re putting legacy Katapult’s technology to work across every business. And we’re already working to lower our cost of funding so more of every dollar turns into cash flow. With that, I’ll turn it over to Russ to walk you through our results, how we look at the business, and our outlook.

Russ Falkenstein (Chief Financial Officer)

Thanks, Corey, and good morning, everyone. A quick note on how our results are presented. CCFI was the accounting acquirer in the mergers, so our results before the transaction closed reflect CCFI only. And because the merger closed on August 11th, our reported third quarter includes only 51 days of LTO and retail. Both will affect reported year-over-year comparisons through the third quarter of 2027. To assist with the comparability between periods, our investor deck shows combined results as if LTO and retail had been part of the company since January 1, 2025.

I’ll refer to those combined figures as I go. On a reported basis, consolidated revenue was approximately 754 million and gross profit was 438 million on a margin of 58.1%. Operating profit was 25 million and net loss was 28 million. Reported adjusted EBITDA was 110 million. On a combined basis, revenue would have been about 1 billion, down 1% from last year, with Consumer Finance up a little more than 1% and LTO and Retail down 3%. Combined, adjusted EBITDA would have been 132 million on a margin of 13.1%, up more than 250 basis points from last year.

Since this is our first call as a combined company, I want to spend a minute on how we look at this business. It’s how I’d encourage you to look at it, too. Across both segments, we manage a portfolio of nearly 1.5 billion of loans and leases. We’re focused on three levers that determine how much cash that portfolio generates, and that’s what we believe will drive value for shareholders. First, earn a good return for the risk we take on our assets.

Second, use our technology to lower our cost to serve and surgically manage our losses. And third, reduce our cost of funding. When all three levers are working together, more of every dollar we earn converts to cash. I’ll walk through the quarter the same way, starting with what we earn in each segment. In Consumer Finance, both periods include a full quarter, so the comparison to prior year is apples to apples. Revenue for this segment was 449 million, up 1%. Finance receivable revenue grew 3% to 293.5 million, and credit service fees were 125 million, down 2%. Gross profit, which is what we earned after credit losses, was 281 million on average receivables of 990 million.

That compares to 280 million on 981 million a year ago. Gross margin was 62.6%, compared with 63.2% last year. Adjusted EBITDA was 78 million, up 5%. Margin was 17.5%, up 60 basis points. The year-over-year improvement was driven by lower personnel costs, which more than offset higher credit costs and our investments in marketing. And we served approximately 1 million unique active customers in this segment, essentially flat with last year. Turning to LTO and Retail, reported revenue was 305 million for the full quarter. Combined revenue would have been 557 million, down 3%. Revenue tells part of the story, but what we’re focused on is the return we get for the risk we take in this segment. We don’t run the business to a loss rate; we run it to gross margin, because this metric captures pricing, approvals, and losses in one number. When we approve more of the right customers and price for the risk, write-offs can tick up even as we earn more.

Gross margin is a better indicator of whether we’re earning a good return for the risk we take. On a combined basis, gross profit was 271 million and gross margin was 48.6%. Reported gross profit was 157 million with a gross margin of 51.4%. Going forward, we’d expect gross margin to run closer to the levels we saw earlier in the year, which you can find in our investor presentation. Reported adjusted EBITDA was 32 million. On a combined basis, it would have been 53 million, a margin of 9.6%.

That’s 400 basis points better than last year as both gross margin and operating costs improved. We served approximately 1.1 million unique active customers in this segment, compared with about the same last year. So that covers the first lever — earning a good return for the risk we take. The second lever we are focused on is what it costs us to serve our customers and manage losses, and that’s where technology comes in. Corey already walked through the 30 million in cost synergies we’ve identified. Legacy Katapult’s technology is how we take that further. We’re putting its digital application, real-time decisioning, and checkout to work across the business.

This will allow us to make better credit decisions and serve more customers more efficiently. The third lever we’re focused on is what it costs us to fund the portfolio, and that’s our biggest near-term opportunity. We ended the quarter with 1.95 billion of debt, about two-thirds of it asset-backed, and 261 million of cash. Net leverage was about 3.5 times. Our debt sits in 18 credit facilities across the businesses, a result of the transactions that brought these companies together over the years. That’s more complexity than we need, and it costs us more than it needs to.

We’re well into the work to simplify the structure and lower interest expense, and we expect to make significant progress in 2027. The opportunity is meaningful. Every 100 basis points we take out of our cost of debt is about 20 million a year in pre-tax cash flow. In the meantime, we expect to refinance the 110 million legacy Katapult revolving credit facility ahead of its December 4th maturity. Now to our outlook for the fourth quarter, our first full quarter as a combined company. We expect revenue to be between 975 million and 1.025 billion, adjusted EBITDA to be between 105 million and 120 million. Our outlook reflects a cautious view of the consumer. As Corey described, our customers are dealing with persistent inflation, higher fuel prices, and other budget pressures. We’re seeing this in lower average tickets and more selective spending in lease-to-own.

Our outlook assumes these conditions continue through year end. Given that backdrop, we’re staying disciplined on underwriting and protecting margin rather than chasing volume. Our fourth quarter range also reflects the seasonal pattern of the combined business. Since this is our first quarter reporting as a combined company, it’s worth walking through how we expect a typical year to play out. The first quarter has historically been our strongest for both of our segments at roughly 30% of full-year adjusted EBITDA, as tax refunds drive higher recoveries and lower losses, particularly in Consumer Finance.

The second and third quarters are each in the mid-20s, and the fourth quarter is typically our lightest at roughly 20% as holiday lending builds the loan book and we take credit provisions up front. As you look ahead to 2027, we believe the right starting point is our combined full-year 2026 results, including today’s fourth quarter outlook. The combined quarterly history in our investor presentation should help you as you build your models. Stepping back, this is our first quarter together, and our success comes down to the same three levers I mentioned earlier. First, earn a good return for the risk we take on our portfolio. Second, use our technology to lower our cost to serve and manage losses. And third, substantially reduce our cost of funding. When we do these three things well, more of every dollar we earn should turn into cash, and that’s what should drive value for our shareholders.

With that, I’ll turn it back to the operator for Q&A.

OPERATOR

Thank you. We will now begin the question-and-answer session. If you would like to ask a question, please press star-one to raise your hand. To withdraw your question, press star-one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Kyle Joseph with Stephens.

Your line is open. Please go ahead.

Kyle Joseph (Analyst)

Hey, Cory, Russ, and Bill, good morning. Thanks for taking my questions. Congrats on getting the merger closed. I know you guys have been very busy to start off. Cory, I’d love to pick your brain and just kind of hear how the Aaron’s business has been doing since you took over as CEO, you know, given it was private, but kind of get an update there in terms of any strategies you maintained, any strategies you shifted, and, you know, where, call it, same-store sales have been trending.

Yeah, just a quick, quick update there, if you don’t mind.

Cory J. Miller (Chief Executive Officer)

Good morning, Kyle. Thank you for the question. You know, obviously since the merger was finalized, we’re not breaking out Aaron’s on its own. But leading up to the merger, Aaron’s was in a strong place. The focus areas that we had over the past couple years is really around meeting the customer where they’re at. And I think that if you look back over time, the Aaron’s company was kind of being run as a retailer. And when I came in, I wanted to shift that focus back to consumer finance, meet the customer where they’re at, lean into some of the new products that we put in place, those being Aaron’s Protection Plus and a revamped club program that allowed us to meet more of the customer’s needs and then meet them either in our stores or online and focus on the new way that that customer was coming to us, which was more and more online every year. So a lot of the things that we focused on at Aaron’s leading up to the merger, we’re continuing on, obviously in a short period of time since we finalized the merger, and we’ll focus on that going forward.

Russ Falkenstein (Chief Financial Officer)

And Kyle, this is Russ. You know, I’d say Aaron’s is the biggest part of the lease-to-own and retail segment. And so when you look at the lease-to-own retail segment results for the third quarter, you’ll see margin expansion and significant EBITDA growth. And so we’re obviously happy with the whole segment, but Aaron’s is going to be the biggest part of that segment.

Kyle Joseph (Analyst)

Got it, really helpful. And then wanted to pivot to the debt refi opportunity. I think you guys had 1.95 billion of debt. You know, can you give us a sense for what the cost of funds is on that and then kind of any sort of timing, milestones, or any, you know, if we lap any maturities or prepayment areas? I know you guys want to make a lot of progress there in ’27, and I also recognize you guys just closed the merger, so, but just want to hear about how you’re thinking about that.

Russ Falkenstein (Chief Financial Officer)

Yeah, Kyle, this is Russ. It’s a great question. Obviously, as I mentioned, our cost of funds and the complexity of our debt is a huge focus for us. If you think about kind of the basis for it, it really comes from how these companies have been formed over the years, really aggregation platforms. And so the debt we have today doesn’t reflect what we think Katapult Holdings as a new entity should have. So we’re hard at work, really focused on simplifying our debt structure and lowering our cost of funds.

As we think about the gap between our current structure and what the market is, we think it’s significant, and so we’re hopeful to make significant progress in ’27. From a sizing perspective, it’s probably too early to give numbers, but if you look at a little bit under 2 billion in debt we have out there, every 100 basis points is roughly 20 million a year in pre-tax cash flow. And so the opportunity for our shareholders is meaningful and, as I mentioned, it’s one of our top priorities going into next year.

Kyle Joseph (Analyst)

Got it. And then last question for me. Appreciate the color you guys gave on the cost synergies. You know, as we think about the revenue side of things, any more color you can give us in terms of timing and magnitude of the synergies there? Appreciate the color you gave in terms of walking us through how you’re envisioning rolling them out. But yeah, any more color you can give us there. And that’s it for me. Thanks for taking my questions.

Cory J. Miller (Chief Executive Officer)

Thanks, Kyle. Another good one. As we look at the revenue, like I said, it’s early on, but we are focused on referring customers back and forth, putting a referral program in place that allows every application that comes in another shot at converting into a customer and a lease or a loan agreement with those customers. Early days, like I said, but a new referral program that we put in has already given us 4,000 new lease agreements within revenue synergies.

I talked on the last question about the protection plan that we put in place at Aaron’s and a club program that was revamped. We also have converted that over to our virtual lease-to-own platform at this point as well. So we kind of view that as a synergy. We took a learning from Aaron’s own platform and we’re driving a lot of good results with that so far. In the other area where we’re focused as we’re referring these customers back and forth, we’re really leaning on the technology that Katapult brought to this merger. It was a valuable technology aspect of that business and we want to make sure we’re utilizing that across our business as much as possible, meeting that customer wherever they want to shop, whether it’s online, on the KPay app, in store, and through our merchant partners. So different things that we’re pulling from each of the businesses to collectively get to an approach on revenue that should ramp up our ability to grow revenue over the coming years.

OPERATOR

Your next question comes from the line of Casey Coates with Loop Capital Markets. Your line is open. Please go ahead.

Casey Coates (Analyst)

Good morning. Thank you for taking my questions and congratulations on the merger and everything. My first question, I really wanted to kind of go back a little bit more. So now the companies are operating together for three months now. So, speaking on integration, what initiatives so far have been progressing the fastest, and where are you seeing the earliest, like tangible benefits? I’ll start there.

Cory J. Miller (Chief Executive Officer)

Okay. Yeah. So far, 90 days in, we’ve identified 30 million of cost synergies, and most of that’s been actioned. So we’re really working hard to identify and act upon it so we can start seeing those results hit the P&L as soon as possible, which we think is going to build over the fourth quarter and largely be included in the run rate by mid-2027. The areas where we focused to get those synergies so far have been organizational changes, consolidating corporate and regional offices.

The back-office functions that we operate is an area where we’re looking to get into one operational footprint across a new combined business to capture those synergies. I’ll say, I’ll give an example that HR is the furthest along. We’ve moved HR to a single team. We have a new system that we’re going to put in place January 1st, and we’re all kind of set up to hit the ground running January 1st with that new streamlined structure. Another area we focused on is our marketing groups. Before, we had three distinct marketing groups all focused on the customer that came into their silos. What we’ve done so far is we brought those three silos into one marketing team.

We have insourced some of the work that we had passed out to agencies in the past, driving more cost savings. And then as that work is coming into a single silo, we can be flexible across the business to meet the demand where we see that demand being generated with the most impact to our revenue. So those are some examples. We think there’s more than the 30 million to come and we’re going to continue pushing it because, like we said, it’s early days and we’re not done capturing synergies, but that’s the number we’re at today.

Casey Coates (Analyst)

Thank you. One more for me. Speaking on CCFI, looking at that business, it’s been relatively stable year-over-year in revenue and receivables. What are the primary drivers that could re-accelerate growth for that business, considering I know now there are a lot more online and virtual competitors that you’re competing against? So, looking at that business, what could be the next step for them?

William Baker (President)

Hey Casey, it’s Bill Baker. Thanks for the question. We’re excited about all of the businesses. But with respect to CCFI, you know, there’s a couple of things that I think give us a real advantage in the marketplace, and the first is really our call, click, or come in platform. Cory talked about meeting the customer where they are, and that’s exactly what we do at CCFI. Obviously it’s a challenging macroeconomic environment out there, but that also creates a lot of top-of-funnel demand for CCFI.

And I think with the robust underwriting and decision engines that we have, we can really manage that demand to improve margin, to really manage that business for margin. So I think, you know, having brick-and-mortar locations is an asset; having robust digital properties is an asset; and quite frankly, you know, having a really experienced management team both in the field and our contact centers and online to understand the customer allows us to be more proactive than reactive.

So I think there’s a lot of bright sky ahead for CCFI, particularly as we look to innovate new products and new platforms, and again, taking full advantage of the data that’s available through the merger and through the revenue synergies and, you know, an upside that we have through the other businesses.

Casey Coates (Analyst)

Understood. Thank you for taking my questions.

OPERATOR

There are no further questions at this time. I will now turn the call back to Cory Miller for closing remarks.

Cory J. Miller (Chief Executive Officer)

Thank you, operator. Before we close, I want to thank our teams at Aaron’s, Katapult, and CCFI. Bringing three companies together took well over a year of hard work, and our people kept running the business the whole time. I also want to thank Russ and Bill, who are in the room with me today, and Kyle Hanson, our Executive Chairman. This combination was Kyle’s vision and he has been behind it every step of the way. We’re excited about the future.

We believe we’re well positioned to build the new Katapult Holdings into a true destination for non-prime consumers, a place where they can get the goods and financial services they need in their everyday lives. None of the three companies could have built that on their own. We look forward to continuing our dialogue with the Street. We hope you’ll join our fireside chat at the Stephens Investment Conference on November 17. The live webcast and replay will be on our investor relations website.

If you have any questions or feedback, please reach out to Jennifer. Thank you.

OPERATOR

This concludes today’s call. Thank you for attending. You may now disconnect.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.