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      "text": "Variable Profit Margin (Non-GAAP)\n41% 39% 42% 41% 56%\n1Q22 2Q22 3Q22 4Q22 1Q23",
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      "text": "Variable margin expanded in 1Q23 primarily due to:\n• Markedly lower provision expense given significant\nimprovements in credit performance and stronger\nsettlements resulting from favorable seasonal\nimpacts of tax refunds which reduced the\nreceivables balance, loss allowance and provision\n• Renegotiated key vendor contract, effective Jan. 1\n• Ongoing processing cost enhancements related to\nhow we utilize payment networks to move money",
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      "text": "Variable margin for the balance of the year should\nremain notably above 2022 levels and, for the full year,\nfall comfortably within our annual guidance.",
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      "text": "We do not expect variable margin to remain as elevated\nin the quarters ahead; we anticipate provision expense\nas a % of revenue to normalize alongside seasonal\npatterns though remain lower than 2022 levels due to\nsustained improvements in underwriting performance.",
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      "text": "Note: Variable Profit Margin (Non-GAAP) is defined as Non-GAAP Variable Profit divided by Non-GAAP Revenue. See Glossary for the\ndefinition of Non-GAAP Variable Profit and Non-GAAP Revenue.",
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      "text": "Provision for Credit Losses - % of Non-GAAP Revenue\n32% 29% 31% 33% 20%\nOther Variable Expenses - % of Non-GAAP Revenue\n28% 31% 27% 26% 24%",
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