and everyone. begin with significant macroeconomic the I’d we with taken I morning, results made have being actions some headwinds the today portfolio. of quality our and the we you business. of third-quarter have strengthen John, you, by as the I’ll mitigate we we like Thank face. progress good our of impacts to us discuss our to start the update highlighting on appreciate you to
our QX, we saw during decisive, quarter, around the portfolio. trends last decisioning in action mentioned we lease to the As of address we took timely performance
annual above of X% customers. felt The being X% a our X.X%, pressures targeted continuing range, the to by well were second quarter’s write-offs our reflection economic
Leasing necessary seen write-offs payment decisive portfolio performance and of to to for efforts, X.X% profitability by from originated as the tightening portfolio Our the since early steps attention we performance short-duration found Progressive taken [title]. current health, of impact additional our lease the overall quarter. have and QX be do last quickly indicators the to it on QX benefited can the for in pools improved have Based not
we year are targeted of performance, X% to the indicators pool of write-offs that annual believe high of early we the with ending X% we still our monitor near achieve range. to on However, end continue and our track goal to
controlling Another item are SG&A we expenditures top-line are tightly the given headwinds.
level mentioned on aligning our organization we have efficiencies meaningfully reduced the and call, we latest As QX costs were revenue. driving across GMV spend. the with around aimed These reductions expectations our and of at servicing
was QX third focus on of the taken a the revenue cost write-offs levels X.X% resulting and combination EBITDA percent XX.X%, the have in efficiency primary quarter, For in margins organization. Leasing adjusted from XX%, The improving improvements and of of drivers Leasing’s from XX.X% for SG&A in our SG&A across strong we as to Progressive down the reduction QX increase actions these QX. were and Progressive for from rightsizing
that that to in initiatives, we market us dozen an investing to still more despite e-commerce We expansion ranges growth that XX achieved fourth position initiatives the of us approximately while greater quarter. to to With broad-based targeted than more to with the we adjusted new and margins will are in than best that EBITDA have remains. respect even participate put add pleased new continued retailers our out the on point unserved progress in on these several more to QX online we LTO. our enable further we pressures our the margin capture These degree a historical were partners platform our pace on costs. remain growth would added year-to-date, consistent believe key the I in inflationary
accounted total same the for Our GMV for compared year. GMV to the grow XX.X% to last within channel of period as continues online QX brick-and-mortar versus XX.X% e-commerce
the our deliver our develop experience on for customers. and promise Our continue products retailers to teams that to technology enhance
a and integration with and Constructive continuing collaborated our conducive with partners more we environment flexible about converting for balance solution, is optimistic several over difficult with of on conversations more payment increase next outgoing. We the retail potential us remain firmly and we partners from designed easy while to retail customers. to share We can for of flexibility believe retailers our product years. pipeline have who number to benefit for retailers increased connect are interactions new provide innovations of that this believe
Our saw weak some categories, backdrop. portfolio progress addressable of mitigated our key partners. we of demand to the majority disproportionately headwinds a to we macroeconomic Despite affecting In of of to our trends. this, consumer country inflationary of categories. a saw able customer, we traffic post were partners of are across our increase including comps in continue growth across We and top-line overall double-digit the significant number the verticals, large structure, cost and initiatives continue during the partners. down, health, being in from remains with with on most creating felt Furthermore, the our retail key experience retail quarter our negative these number balance have pressures the softness key share
environment consumer QX GMV shifts us, of decisioning, driver in tightening they primary as was negatively our our represent our are negative challenges from Progressive as operating the also the not mentioned, the discussed recent by impacted of these on I credit-challenged and in we the call. categories. exclusive XX.X% Leasing’s the primary for away comp previously our as lease spending GMV to While period
upstream increases FICOBank delinquencies we credit for expect XXXX across most reported in become recently providers the continue. Finally, as origination to data pools available,
that have above widening typing, such back our increases would ultimately, delinquency we us, historically and been discussing these in preceded anticipate upstream several yet that lead the for application top While not credit that to seen we of funnel of tightening tightening the meaningful quarters. the we’ve
XXXX financial our full-year result challenging environment, we operating of outlook, press the continued in lowered shown have a As earnings this morning’s release. as
believe intermediate focus a not is direct initiatives are production and share stated near retailers, we not additional of double-digit in with As of continued conversions some the decline read-through, balance headwinds on Nonetheless, to pipeline while help our we innovations retailers our that our to us have terms. key those on the immune previously, GMV mitigate increase of executing experiencing. will our and some technological
will to decline. come Looking in forward, GMV expect year-over-year we the challenging QX’s be will and likely front similar percentage QX on
to to We also levels. expect write-offs QX remain similar
unchanged. remain priorities capital Our
position have outstanding $XXX capital generate reduced business to count sheet strong in and We backdrop. our During allow the a the maintain we of by share XXX,XXX uncertain cash will XX% shares believe XXXX. ended economic the us repurchased balance the since we a reinvest of third to quarter, continue even an beginning with We September million. and with
significantly and quarter, innovations we and structure while During our pipeline conversions. portfolio technological improved rightsizing cost the our focused on health remain
flow in benefit XXXX efficiencies business have these significant annual the the us demonstrated process. a as challenging our cost with portfolio As structure strength efficiently we enter forward. I’ll we expect and cash generate negative with GMV look to ranges to close model. Even ability continue ahead, manage we to within our we and managing and areas create environment within our emphasizing going in of effectively, the targeted growth,
I teamwork turn call want all as detailed retailers the I’ll look difficult my PROG environment. over we continue now Finally, financials. this at and quarter’s to to Brian help Brian? of to navigate consumers a the more the for reiterate for appreciation employees
