QX gross originations the consistent XXXX our with XX% which previous were Derek. million expectation was QX $XX.X year-over-year, XXXX down call. earnings that provided you, we Thank in of
in positively spending stay-at-home Act stimulus orders online. CARES the consumer closures ultimately, surge a gross consumer quarter of stores growth origination. trends, coupled physical and reminder, of COVID-XX, combination checks, a retail merchants spending temporary These of As the with shifted online by and better were second originations our transactions, impacted that XXXX,
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of acquisition in our revenue grew or million payment to XXXX depreciation XX% margin XXXX. profit as acceleration Gross QX an continue XXX combination XX% points to QX see strong and was percentage to revenue. was Gross customer Total and basis for XX% performance. versus of curve. we various of year-over-year lower offers due factors, year-over-year investments Turning including $XX.X a profit
As we consumers. capital, part our growth with and of various our in offers testing deployment investment are unique
loyalty see offers tremendous comments, business. discussed that in personalized differentiate ourselves with repeat his Derek drive opportunity to As we and
to for activity increased round cost As the in checks the March/early we account accelerated spurred this curve, for the depreciation further increased last by our in curve of which our April the changes stimulus late buyout early year, revenue.
down Moving the P&L.
improvements $X.X XXXX representing is the $XXX,XXX these of to increase recruiting greater services. versus of show audit XXXX. QX and of in costs million In X.X% costs, to margins transaction of variable professional and When fees for versus we company fees $XXX,XXX Underwriting XXXX for in This were professional consulting consulting focus for continue in XXXX. We X.X% XXXX, $XXX,XXX. and scale X.X% employee of were normalized expense on of and related $XXX,XXX costs or QX efficiency. fees costs QX revenue revenue included Servicing remove QX you legal as versus in public onetime $XXX,XXX, quarter our X.X% of QX costs $XXX,XXX. were
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our whole, continue loss ranges. the be our acceptable rates On to within
compensation employees. expense related of the you ongoing were was back stock the RSUs, be the and with QX $X.X costs Compensation This for compensation and additional XXXX XXXX to transaction-related plus includes $XX.X and for sales these is to $XX.X and which million close apples-to-apples costs out QX that $X.X number. basis, higher when increased including our million transaction an onetime million costs, million, vesting than in merger bonuses for include completion expenses FinServ, options headcount onetime On will of marketing.
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lower income value $XX.X fair We of $X.X million rates. warrants last December our XXXX. The interest of interest QX also high of to million debt change in in of contributed refinanced
the We will loss relative quarter. book fair the gain to in each the warrants of or change our value
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XXXX, million XX, Moving available liquidity. balance in cash. to At we June and sheet the had $XXX
spending debt continue of in over flexibility addressable total to $XX our on year. strength sheet, the issuance have of outstanding potential organic targeted the and our outlined we million we debt these costs Based and just in $XX Earlier $XXX on million. and growth beyond tremendous of year, was we to spending early Our investments plan million encouraging cash $XXX invest net this this With results to initiatives. the balance we warrants this growth investments. in see XXXX market, given large for fiscal million investment for increase financial
our competitive and in great a ultimately to opportunity XXXX share capture we market outlined, beyond. revenue more accelerate see Derek widen As and moat,
Turning to outlook.
retail and the travel, both with spending consumer clothing online the then variant. released call be weeks, was macroeconomic new and appear favor available categories a changes over balance to in spending earnings past forecast slow Since many e-commerce the and the in of in few retailers the from Coupled COVID-XX the in validated complex durable environment, past entertainment. July meaningful as e-commerce in good our and are to weeks, earnings became the with year. sales consensus of few that will the market the Beginning we call, We least. in the observed suggest sales away onset from likely of shifting very after data behavior last development, say and, our consumer the policies for
many inventory the complexity are further has competing these resource challenges, delayed now supply IT as inflation add facing into to To including dealing future. and rising chain as well and This shortages merchants opportunities many trends, with constraints priorities.
payments a From subsequently to unemployment set benefits on and multiple the the rent expire dynamic July still child factors most enhanced consider. by tax quite federal the and states environment Monthly was for commenced perspective, to moratorium XX extended September. on care nation consumer credit is are July with XX; then parts certain in expired of edition
is time. governments the in and Coupled the and these there of impact few monitoring with state we as and data uncertainty to emergence is only be federal variants of a revenue How seen originations backdrop be new weeks and the models portfolio how have available, factors these and our events COVID-XX real remains performance of and all respond. of adjusting our we'll our will
to What lot a the has current our that On appropriate our especially reasonable, changed the predict When is believe since forward there guidance is at earnings is now in factors balance way. we try and the visibility there of originations call, to time play. for was at too for highly a call. the but specific much just are challenging gross and uncertainty right revenue the conflicting that our year, multiple is looking and to previous projections year strained
face earnings to rest But expect call. and more it for have the trends November and evolving explicit insight XXXX. of for we new We best by our guidance remove to now, feel is
but you is not this intended thus and directional seen to is What things frame how QX to offer might be additional prudent we've think some sense. far guidance, clear, To is develop. provide we what color you give to help instead a in is
growth, been able from the optimistic originations declines cautiously that While On last to down, period merchants from offset vacation a we we merchant expected this winds begin, larger-than-anticipated and summer in volume. our our new same gross and were XXXX that flat note, year-over-year as July existing will additions, significant are experienced retail year positive decline have school increase. as outsized we return people the with their transaction demand
from ahead retailer volume season a normally Looking holiday promotions QX, our tracking the to purchasing and quarter trends. perspective, largest consumer is to
this definitive will the play see typical forecasted how is for out While things we we about trend on in difficult it originally holiday market. to a uncertainty the QX XXXX, be based point, at
growth trailing million, were XX-month During QX was XX-month $XXX originations prepandemic XXXX, $XXX levels. million and revenue above well trailing
new increased merchant and sales through July. adds accelerated, by the XX have we've also new merchants our As reflected investments, onboarded marketing
our cultivating off also grow. to at loyalty rate continues as efforts customer Our repeat customer paying are
of we anticipate challenges and that merchant to merchants they and resolve conditions are accelerate trajectory IT over is variety pipeline our and resources, growth than macroeconomic a constraints near-term as facing, before, change as Our time. such larger ever
our long-term factors expand we merchant with and to can't our can resources and and growth. significantly for we presence consumers are initiatives control partner today, with on leverage the that serve our our faced better customers, we advantage. we our of macroeconomic currently we use control plan While prepare how merchants increase strong many in will our competitive the our grow community, our to spend sheet serve Accordingly, balance that
financial positioned right we long-term navigate And are shareholders. there reduce at to is environment, may we our inclusion will while we while on near-term also best near-term deliver While of mission this time. do decision and believe resolved this that as adjusted macroeconomic be value delivering this headwinds EBITDA, we the our are some the net for dynamic income
And turn with that, I to back our will Orlando, over it closing remarks. CEO, for
