are we everyone, financial John. you better-than-expected reporting for results. Today, you, joining Good morning, thank us. Thank and QX
QX provided was brief exceeded a a along outlook range our expectations than a we've glimpse operating were difficult adjusted We share we this into year Despite QX and XXXX environment, the revenues in important on will our higher well metrics full financial financial that an thoughts also above July. again quarter, that our recording on with provide update outlook XXXX. few and for EBITDA
the year-over-year expansion, our with as year our XXX X.X% material write-offs execute trends by pre-pandemic QX robust customer diluted first year, Higher-than-expected XX-day half XX.X%, in is of lower grew adjusted continued benefited spending, the point were supported payment Strong levels. high portfolio options to EBITDA by behavior of to from compared trending QX trend basis as gross proud a customer growth gross million you our lower count. extremely I the write-offs year-over-year recall, X.X% back approach share our might team's XX.X% QX, the behavior last earnings and XX.X% improved a margin at $X.X buyout margin. lifted choosing again XX-day in and ability of beat. to with fewer of buyouts a in in earnings As of and am level. also resulting margin by combined strong Non-GAAP once customers offset along to performance. slightly higher evidenced or The EPS we disciplined payment
seen outperformance Leasing's year-to-date outlook conditions. Progressive GMV we As was X.X% earnings expectations in have you mid-single-digit despite of morning's retail release, and trends these in favorable for XXXX. our decline our this challenging may updated within are decline incorporating our
that view optimism blend Our is caution. the presents backdrop a macro of and
rate inflation seeing than the ease, healthy GDP of We and are initially projected. forecast labor markets stronger
of digits is concerns and into and applicant double to of top increase this consumer a at from in typical I'd moving across anticipate and recessionary Leasing anticipated degree Progressive unemployment to student result and retail which the durables, to funnel going historical us year-over-year of of monitoring QX also impact average persist. likely credit We the than through like However, insulation business believe payment our a charge-offs. macro delinquent by potential large-ticket our we both lower higher higher resilience applicants above has was than and tightening resumption accounts the down could our lower recession, trends conditions, We're volume XXXX. evidenced customers VI. of during for an traffic uncertain highlight loan and model in quality
our many to our decisioning incomes significantly have discretionary since move performance. retail strain management Separately, for by and products on the tighten of then, benefited active dampened partners. in mid-XXXX our has demand strategic leasable Our offered portfolio of
growth. demand have these portfolio enable strong and headwinds balancing to We pressures execution, with control management, operational through investments GMV skillfully navigated cost strategic future
its be anticipate our are planned of at season initiatives year-over-year comparison we material expecting GMV to the aimed and have be to us. maximizing front although QX, our down retailer impact season, traffic We as conversion GMV holiday on still quarterly results For we roughly similar all-important in year-over-year. traffic QX the to holiday are
the expect pre-pandemic more On to performance customer XX-day to QX buyout closely with activity. align levels portfolio side, we normalized
thoughts provide like on to I'd some Next, initial XXXX.
I the stack through that on earlier to with XXXX. mentioned and these above base. year-over-year. intend and continue our As existing down into categories thoughts macro will the expanding for retail deeper us on leasable view, partners, demand likely offset credit integrations conditions in anticipated retailer We in partially headwinds achieving our tighter is our capitalizing environment, And trend
in will bring a XXXX, leased single-digit in of assets pressures, the predominantly year-over-year half comparison our As gross negative high XXXX. conclude revenue we first
headwinds grow, our We generating a key focus expand. to within through and cost ability strategy strategic through investments environments, while managing prudent challenging dynamic have profits X-pillar proven these management growth robust our and cash enhance and to flow. remains navigate Sustainable and
a a grow our dedication our within existing challenged of As and to retail XXXX, environment, our retail across of continued $XX key component $XX capture industry's In contracts. regional and our an we of multiyear renewing track across the retail pillar reminder, grew of retailers efforts brands important exclusive partners pursuit billion within more retail emphasizes of national addressable is to billion our partnerships. Also, opportunities our strategy business development and market. new balance top record with our new share to
funnel across awareness total tools customer-centric partnerships. brand areas: Xx dimensions, on several and and on our through direct-to-consumer are strategic for strength a business growth other a centered We experience. focused to superior products X purchase. lease including nearly QX process enable partners year marketing, our streamlined new customer optimizing the remains penetration acquisition number XXXX initiatives strategy, the helping boosting the XX% through improving is of and efforts our this most a improving on We shopping via added a platform, road XXXX, awareness progress pillar our customer consistently and and E-commerce self-service while with greater integration informed our the offering last. from and retailer to map, experience personalization enhanced of customer customizable on new focused providing make of Under choices channel best decisioning GMV. reminder, the And core which, flexible to sales the are contributes around experience tech our as compared made
As evolving ecosystem integrating our and help in other financial are we their expand to for products journey. the through pillar, empower the our customers
as we possibilities to awareness mission the our through by now of how we of loan today builder and financial and execution the pay virtual in in credit unlock ecosystem, environment, and product billed. want products to larger remains The potential to customers supplemented later bring tomorrow create a our better macro the other operate empowerment. challenging of benefit core of our grow X such this could look Vive, option second a by option the breadth lease-to-own During from that payment
forward generative AI to productivity further of look to our led PROG our gains improvement Labs group. application by customer we through and the Lastly, experience
to acquired balance quarter additional closing generated QX purchases a flow cash year-to-date we at our X.X% allocation. of our an $XXX common Turning stock outstanding of million shares shares. of capital bringing operations, in X our $XXX We per average of Year-to-date, million to with $XX.XX share, from the price an cash of have million.
and cash strategic allocation for expect to to opportunities excess we capital unchanged, and shareholders. fund priorities look return Our remain M&A growth,
thanks And to by strategic results employees our to over hard Brian driven teams. and I'll for work efforts. strong Brian? year-to-date my and are CFO, I like their Our forth by With our call extend would the the turn initiatives that, Garner. to put partners our
