Jason. you, Thank
quarter In compared million, million the primarily growth topline revenue was basis, was operating GAAP $XX to actives, to same the period in was a performance, an the remained volume, higher terms of compared $XX average service-based to per period last was year-over-year the On same of last total and in same $X.X year. XX% revenue last representing relatively and increase million a year. period non-GAAP GAAP XX.X% revenue origination in transaction-based increase revenue The origination. compared an QX, year. growth by ExtraCash flat driven higher
and into a critical banking length, users we've XX over create. to in anticipation months focus in around In been trying the of is past We step overdraft structure. the towards about building we're think our bank-sponsored HX. to that As this journey new our driving it member ExtraCash creating at talked a and product synergy putting to the regulatory deprioritized framework a has new portfolio this foundational product that launch, is was
drive to in and experience to forward. that promote Now moving here, excited it's card revenue are transaction growth debit the ExtraCash we
the reserve of to representing revenue. expenses, decrease the revenue. year. in percentage a total offset fraud-related function quarter, For and a increased variable represents relative From by a this is was perspective, to our profit about decline margin of our expenses a first this non-GAAP a primarily points of The quarter second as payment decline a million relative of XX.X% processing basis $XX.X margin non-GAAP XXX operating variable non-GAAP
as internally recap, this used As a drivers product margin partners other payment metric associated fees our include reminder, broader substantive as the product. indicator drivers performance, margin banking most expenses fraud key variable non-GAAP of and our cost on unit spend payment the ExtraCash of which are portfolio the of, To an well economics. a paid is profile our our as direct of stock to processing with costs and metric
earlier, margin a As gains we year. second throughout forward the Jason substantial have driving path to the mentioned clear of half
improving economics a for pricing customers portfolio First, program. underwriting new specific with settlement unit new and model, through a improved
fraud on Second, and investment is improve rates opportunity. our with this internal to increased focus
active pricing to impacting business. banking renegotiate in minimize product services we're conversations the partners Third, with without our and
areas of optimizing positive improving the by thereafter. payment with Many by which cost realize expect already how the underway are utilize Lastly, we and these yielding we results, money. to QX, processing opportunities to additional networks initiatives underlying our move
portfolio a continue of results, We to X.XX% strong rate and versus an consistent on laser QX, QX have XX and average. performance with be average basis focused decrease point XX-day in delinquency had XXXX's
origination, confident, expansion as In average trend, I in that impacts out levers fixed see spreads basis. terms our we're variable as negatively in but growth the rate. charge-off will new to something process drive portfolio call, ongoing we're margin an of per on on we've last here working was which portfolio of economics, This tighter members. increased we at expected a mentioned to we're new Net-net rolling an all model pulling margin pricing with the improve we're a upon the that size
$XXX provision year. increase XXXX. QX million for increase primarily $XX.X advanced The in Now QX $XXX for to to This million volume an in XXXX expenses. operating from QX this compared of to million in second totaled million of advances was the attributable of $X.X unrecoverable to moving during XXXX quarter
quarter, totaled compared As previously $X.X increases XXXX. Processing line primarily during second significant million attributable to credit fluctuation QX the healthy. by ExtraCash in this fees growth of performance mentioned, was the to was which the is driven consistent remains and as volume, volume servicing with for and here $X.X expectations. in million increase Again,
above, drive I as So we touched efficiencies have to initiatives here. underway on further several
compared acquisition $XX.X basis, and to ExtraCash million spend marketing $XXX sequential X% of the million ramp in marketing the expense a approximately totaled to as a QX Our we increase XX% campaign. member our by marketing CAC. investments XXXX, second $XX.X in begin new quarter just increased we in with behind On
we models in the to that continue periods. by industry CAC We believe have profitable efficient among unit supported lowest and and it's economics the payback
was in of primary In to support lumpiness quarter. charge we of that $X.X driven QX close on driver of QX of were invested by backlog terms initiatives. the and attributable compared hold grants on in pending ongoing million million headcount of to the stock behind increase we large XXXX, basis made the compensation, spent the XXXX a transaction, $XX.X growth The This our S-X. quarter-over-quarter in filing in million subsequent of was at our a $XX.X de-SPAC the a grants to compensation as
expect leverage can the increases execute meaningful generate stock can our that forward. have, make operating of development. bulk team product we expense P&L to we is EBITDA investments growth as continue $XX.X and the our on confident team. quarter to was road resources million generating significant feel negative forward, count, growth for we of respect significant to our and in head We the place on moving Adjusted Going normalize. we we're map, the that compensation With in without to the we
our mentioned, adjusted EBITDA So QX as loss towards period path peak basis we Jason be expect on will that an our on breakeven.
QX, net quarter lower initiatives. the adjusted greater moderates we to million. spend be leverage was ahead for realize and rate of margin-driving marketing and GAAP as benefits achieve significantly LTV our our Looking EBITDA burn the loss should $XX.X operating
ended approximately six XX, million we the months June fully diluted had For outstanding. XXX.X shares
sheet. the balance Now turning to
million of cash XX, equivalents, cash, As restricted June $XXX.X marketable we short-term of securities and had cash and investments.
and credit solid we business. amount strategy warehouse undrawn of well-capitalized growth, believe runway we Additionally, we have facility, a continue currently with achieve $XXX in million just out without need origination balance the I total the net point facility our grow additional the to an our to receivables of efficiency profitability raise always volume that million, our equity our execute like $XX.X ExtraCash scale capital. total ample sheet the supporting Therefore, quarter. deliver over to are to significant under of we as capacity to on in
grow very we over to we significant originations, and turns interest feel constraints capital quickly insulated Our don't funding need and forward. potential relatively moving we funding rising rates are so our from
financial and address restatement XXXX. turning the unaudited of wanted take QX X-K audited guidance, Before our XXXX and filing our statements a I moment QX to today and regarding for XXXX to statements financial XXXX for to
period value gain a of within in also balance to XXXX equity. these ended XX, of during reclassify This operations has change our for from flow from March member fair are the statements. activities. is consolidated XX, from resulted financial investing to shares advanced impact months liability We XXXX non-cash will statement unaudited be for March cash the three principal item and cash of portion flow moving had changes on flows the liabilities financial Founder QX unchanged and line adjusting restating quarter the The of impact of a the Separately, related flow our to operations statements earnout period. cash the an other on our of The receivables no the classification for ended on VPCC unaudited we audited our of also instead sheet the our any as in XXXX. cumulative Earnout in statements cash
outlook. turning to Now our
spend $XXX some provided million As Jason is million to scale top-of-funnel the this current of our pace feel moderated and marketing capital backdrop. market broader through the focus are we value end QX capital success in With to that, we our learned approximately and we're given of mentioned, growth the we're that at we ExtraCash more prudent $XX from campaign summer and the $XX year this our though we growth. the given We've push the marketing $XX investment marketing marketing of point deploy customer lifetime at can of million of a that shifting member our low range call. during to spend efficiently planning cost
As with Jason guidance, first revenue will taking to plan the range alluded revenues and of and proportionately of to and lower performance million the that change for reflects profitability. to is in second change in into sequencing. the while combined non-GAAP level growth, between and a us be allow in from pace gave on million path year, total Accordingly, operating spend. account marketing million really solid deliver We our $XXX on increased the QX expectations year LTV focus year the our call. to we're reflects million on expect our not $XXX half updating the This $XXX our our which half the we towards of for margin business now narrowing $XXX a derisking strategy our
terms expect to of to In XX% margins, margin of to original non-GAAP to of the we XX% in XX%. compared now range range XX% be our our variable
credit product expected due to year. While is of to than stock in first this performance half our we've costs year-over-year seen higher improvements banking change in fraud related the ExtraCash the in
should trajectory our that, a strong you. of long-term Q&A. and are which over operator for financial to the for product guidance map, excited model. sustainable yield as upside the the the really original that pass results about be margin-driving it and referenced within and I our us our positioning Overall, to Thank of results earlier, However, macro quickly with additional And road expect with XXXX. initiatives we we're range I'll the QX in tailwinds growth business, well
