All right, I think we get started. Thanks everyone for joining. My name is Tien-tsin Huang. I follow the payments and IT services sector at JPM, and super excited to have the Chime team here. Chris Britt, Co-founder, CEO of Chime. I was thinking, Chris, I think we met maybe what, 18 years ago?
Something like that.
Was-
It's been a long time
was my guess, and to sort of see where you've landed here.
Yeah
Here to tell the Chime story means a lot to me and, you know, its really fun to follow the name and grateful for you to be here.
I appreciate you. I remember in the early days of Chime before we were anyone wanted to meet us or take any time, I remember you having us at a conference to share our story, I think before we probably had more than a few thousand members. It's been a great ride, appreciate all the support you've given us over the years.
Well, you were always very mission-driven, and that, I think we'll get into that for sure. But you were so mission-driven, and I felt like your background coming from Visa, from Green Dot, that you could really have some impact. Maybe let's start with that, if that's all right, Chris. Just thinking about Chime, now that you're public and, you know, the problem that you're trying to solve. I'd love to hear that story from you, Chris, about the founding of the company. Talk to us about that. What problem are you trying to solve?
Well, Chime and our mission is very personal to me. Obviously, I grew up outside of the Bronx in an apartment. Neither of my parents graduated from college, I saw firsthand the struggles that regular everyday Americans have in making ends meet and oftentimes living paycheck to paycheck. When I looked at the opportunity in the financial services category after having worked at Visa and Green Dot and at a variety of internet, technology companies, I just saw an incredible opportunity to create a financial services company and really a brand and a promise that authentically helped people make progress in their lives, and I'm incredibly proud of the progress that we've made on that front. You know, we've, we're now over 10 million monthly actives. The majority of them rely on Chime as their primary bank account. This is not the unbanked.
Well, sometimes we get categorized as such.
Sure.
Our members come to us from Bank of America, Wells Fargo, other big banks. Relationships that maybe they're not not happy with because they feel like they're getting fee'd to death and I'm really proud of the impact that we're having. People don't like Chime, they love Chime, they come to us for a range of reasons. I don't think there is a single, you know, sort of silver bullet reason, a lot of it comes down to avoiding fees, getting access to short-term liquidity, building their credit, just sort of like making progress in their financial lives and feeling like they've got someone on their side that really wants to help them get ahead, that's been core to our mission since the founding of the company.
No, you've been very mission-driven, and you've built it the right way over time, I think, again, you've learned a lot from your own personal and your professional experiences. Investors are always asking me, Chris, right, you're going after a very competitive market. Big TAM, but you got competitors in the large banks, right, the mid-tier banks, the neobanks. You've got foreign neobanks that are perhaps coming into the U.S. and could make a big splash. We'll see. How do you view the landscape, and how are you gonna differentiate and again, stick to your mission, but, you know, fend off all this competition that's coming?
Well, I think there's a variety of attributes that this company has that really helps to set us apart and positions us well for this next chapter, which inevitably, you know, there's always competition.
Sure
be more competition. You know, the core group of companies that we compete with today are the incumbent banks, right? That's where most of the primary account relationships, the direct deposit relationships in our country reside. We have a superior offering than the incumbents, particularly for the everyday consumer that we serve. We have a set of products that clearly resonate around giving access to short-term liquidity underwritten by direct deposits, offering a, not just a suite of products that really work well, but because we're a technology company that operates on our own tech stack and doesn't rely on physical distribution, we have by far the lowest cost structure. That allows us to deliver the lowest cost products in all areas of financial services to our members. That'll allow us to continue to scale.
I think in this AI era that we're entering in, I think that that gap that we have in terms of the product set, the technology, and cost advantage relative to incumbents, that gap is only gonna widen. I think we're very well positioned relative to the incumbent banks. They're obviously, these are huge companies, we don't take them for granted and very well-run companies. I just think they focus more on, you know, large corporate clients and really large almost think about whales on the consumer side as well. If you're someone that makes $50,000, $60,000, $70,000 a year, you're probably not that well served by the incumbent banks.
As it relates to potential new entrants into the market, we have a lot of respect for some of these international players that have figured out ways to attack this, you know, attack the marketplace with a range of products. Some of those products I think are a little bit different than what might resonate here in the United States.
Agreed.
I think one of the things that is also underestimated is the fact that we have a brand now that is truly mainstream and trusted. If you think about on an unaided basis, when you ask consumers in America that make up to $100,000 a year, which is about 70% of our country, and you ask what brands come to mind when you think of online banking, unaided, Chime trails only Bank of America and Chase. We have an established brand, we've got an incredible suite of products, and we're gonna continue to add more and more products to make our services that much more appealing, including, you know, for example, the Chime Prime offering that we launched this past quarter.
Yeah. No, I do wanna dig into some of the products and some of the vision that you have. Just maybe going back to the results and sort of maybe a disconnect in the appreciation of what you've built. You guys had a record quarter, right? From a member add standpoint, it was above our expectations. Very high incremental margins, which is important as we're balancing growth and profits, and then you hit GAAP profitability too, right? I think, Chris. Yet the stock reacted negatively, which we were surprised by. I'd love to hear your reaction. I'm sure you've been talking to investors. What do you think the market might be missing in your mind?
Well, you're right, Tien-tsin Huang. I appreciate you know, highlighting the fact that we did have a strong quarter. You know, we increased our top line 25% year-over-year. We had over 700,000 net new adds. We made great progress on transaction profit, up 40%, over 40% year-over-year. Our whole suite of products is really humming, and we continue to see greater and greater engagement among our member base, who, like I said, really use Chime as their primary everyday bank account, over 50 transactions a month on average across the entire, you know, 10 million-plus member base now. Like you said, also a maturing of the company, right? We're now actually GAAP profitable, over $50 million of net income last quarter.
I think we're really on our way. As it relates to where there might be a disconnect with the investors, I think there is something to be said around the state of the consumer. I think there's just general trepidation about, you know, when the shoe's gonna drop. I feel like we've now had four quarters in a row where with beat and raised results that I'm really proud of the team on. Inevitably, there's that narrative of like, "Well, when are things gonna go sideways for the everyday consumer?" We've said consistently four quarters in a row that we actually see a very healthy consumer in terms of transaction activity. Remind you all that most of Chime's business is a spending-based business model. It's transaction-based. That's about two-thirds of our revenue.
Most of that transaction activity is on non-discretionary spend. We continue to see very healthy consumer spending trends. It's up. We're seeing spend on non-discretionary as well. We're seeing double-digit increases in e-entertainment and streaming services, and even at, you know, the Costcos and Amazons of the world, we see a very healthy consumer base. We see savings balances up quite nicely and balances in the checking accounts. Despite all that, we continue to get questions about, you know, what's gonna happen with the consumer, what's gonna happen with the consumer. We see, you know, an everyday consumer that is essentially close to full employment. I think there's a lot of narrative around AI taking everyone's jobs.
Obviously, there's been probably a more direct hit on the, you know, sort of knowledge worker, Silicon Valley.
Sure
I guess sort of middle management, if you will, that there's been some optimization on. It hasn't really hit the core everyday consumer that we serve. Inevitably, we're getting a lot of, that tends to be a lot of the questions. I think all we can do is continue to just put points on the board, right? We showed another quarter of our MyPay earned wage access product, which allows people to get access to their paycheck on demand for free or for a small fee if they wanna get it instantly. We've had a second quarter of 1% loss rate on that product. Again, it's because the way that we do our credit and lending is different than traditional lenders. It's underwritten by recurring direct deposits.
We have this privileged position at the top of the repayment stack that allow us to manage this business really well. I imagine that there's some amount of, you know, just questioning on what happens with that business in a more challenging economic environment. In the past, when we've seen more challenging economic environments, you know, we often say, like, "This is a business that's, you know, good in good times, and it's actually can be great in more challenging times." Again, during more challenging times, people go to the best products at the lowest cost, that they know are reliable and will be there even when they run into more stressful situations. I think we're very well-positioned for a downturn if that were to happen.
Again, we, as we shared on the call, we're actually continuing to see from a behavioral perspective, a very healthy consumer.
Yeah. No, the resiliency's been there. I know there's a lot of talk about K-shaped and everything else.
Right.
I think the resiliency is definitely there. Just to stay on that, just to round it out, you do have signals that you can see, right, in terms of the state of the consumer. I think you've talked about looking at unemployment filings and, you know, payments that you might see. You have very good line of sight, correct, Chris?
Yeah. We're different than other fintechs.
Yeah.
We own the primary account relationship with the majority of our members. If there is a challenge, if there's a bump in the night and people start losing jobs, we absolutely will see it in unemployment benefits hitting our accounts. It happened during COVID, it happened during other periods of time that were more challenging from an economic perspective. We have the best and probably earliest reads on what's happening with everyday sort of mainstream consumer. What's important is that if we were to see that, the way that we operate our lending and credit business, it's incredibly short-term in nature. You know, we turn this paper over in seven to 14 days.
Right.
If we ever see a more challenging environment afoot, we can always just adjust the dials. It's much different than traditional lenders that have, you know, much longer duration lending products. Now, we do have some longer duration lending products.
Sure
The ones that we do, it's for a much smaller segment of our, of our member base that we can underwrite based on, you know, being with us for many, many years and steady employment trends and so forth. That part of our book is performing incredibly well also.
All right, good. I know you're building up a lot of goodwill with consumers. I know we've talked about that for a bit in the past. Just thinking about the products now. We'll build up to Prime, but we've been interested in and excited about this Chime Card opportunity. For those that are less familiar, talk about why now in terms of launching that, how it compares to some of your other carded products. How do you see that evolving?
Maybe just to talk about the evolution of our products. When we started this company, the vision was always to create the lowest cost checking account, the, you know, core bank account. We didn't wanna do a prepaid card. We didn't wanna create a product that felt second class. We wanted a true alternative to Wells Fargo and Bank of America. It started with an FDIC insured checking account. We're not a bank. We partner with two banks that hold those deposits in FDIC insured accounts for each of the individual consumers, and then we create this experience that's really easy to use and low cost and helps them in the areas that matter most.
We really created our first hit in providing early access to your direct deposits, so giving access to your pay two days early, all wrapped around a bank account experience that was fee-
free, so no fees on the account and the ability to get access to your wages two days early. Also build your credit was a big hit for us as well, so you could take all or part of your deposit, put it into a separate account, a that secured a line of credit, so that was our secured credit product that we called Credit Builder. That was a big hit for a number of years. Of course, we have high yield savings and other core financial products as well, but I'd say that, you know, the Chime Card is really the next evolution of our Credit Builder Card, where we took that basic construct of a secured credit card, which people really appreciated because a lot of consumers in America just have an aversion towards unsecured credit.
Sure.
This product allows people to have an actual credit card but not get themselves into trouble because they're only able to spend what they've set aside. We took a version of that product and sort of rebranded it.
Yeah
focus of it all and started to evolve it into more of a rewards-based product. Last year we launched a tier called Chime Plus, where if you used this Chime secured credit card and you were a Chime Plus member, meaning you had at least a few hundred dollars of direct deposit, then we'd give you 1.5% cash back on a rotating basis.
The emphasis on that product has been really a great tailwind for our business because if you think about the way that we monetize the relationship, it's primarily through payments revenue, when we make this shift from debit spend into secured credit spend, that leads to a better experience for our members 'cause they're getting rewards, and it's a better experience for Chime and our shareholders because we earn more revenue from secured card interchange rates.
As you're Thanks for going through that history. As you're evolving, you're pushing more of these products, right? That with rewards, it starts to resemble more of the types of cards that probably investors are familiar with, right? I know you're introducing some of these membership programs as well, Chime Prime. The question I get asked a lot, and I'm asking you here is this TAM expanding? Is this an opportunity for you to move upmarket a little bit and go after maybe some higher income spenders? Walk me through the logic in moving into this membership model.
Yeah, I mean, Chime is a very mainstream brand today. We have already, even before the launch of these new product initiatives and tiers over the past year or so, we already appeal to consumers that made above $75,000, above $100,000. Wasn't the core of our focus. You know, we've sort of articulated that our core is people that make up to about $100,000.
Yep.
Absolutely, with the launch of these new tiers, we continue to see the fastest growth among our members that make over $75,000 a year.
Maybe aren't as interested in an unsecured credit card that, you know, depending on who you get it from, it's anywhere from, you know, $500- $800 a year for one of these.
Yeah
you know, heavy reward, unsecured credit products. you know, we try not to draw direct comparisons. We're not really competing with the Sapphire card or the Robinhood Gold Card or one of these things. We're competing with checking accounts.
Yeah.
The checking account offerings that the incumbent banks have are just not that great. They're not rewarding. I think, you know, we fielded some survey in the last couple months that showed, like, despite the fact that close to 70% of everyday consumers' deposits go into the checking accounts, only like 25% or 30% of consumers feel like they're getting reasonably rewarded for that business. That's the opportunity that we're trying to attack. We're not trying to do a head-to-head, you know, battle with Amex or Chase Sapphire or something like that. This is a better alternative to a checking account that actually rewards consumers that give us more of their deposits because that inevitably leads to more spend, which is what sort of makes our world go round.
Gotcha. We're in a safe place, by the way, neutral site, so you can talk about Chase Sapphire, no problem. Okay. No, thanks for going through that. We talked about Prime.
No, I didn't talk about Prime.
Well, yeah.
Let me talk about Prime.
If I mentioned Prime, I think just that specifically, maybe just to move the conversation along.
Yeah, sure.
What have you learned so far from a Prime perspective as you've rolled it out?
Sure.
I've been seeing some of the ads.
Oh, great.
What's happening? Yeah.
Yeah, we just launched a big campaign with John Cena.
Nice.
America's champ.
Yeah.
From the world, wrestling.
Yeah.
He's been awesome and really fun. You know, this is the next evolution of our tier. Chime Prime is now if you do $3,000 of direct deposit, which isn't a huge hurdle, and we've got a ton of our members already doing that.
Right.
If you do that, then you get 5% cashback in the category of your choice. This is a real powerful offering. I mean, it is, you know, something that I would encourage everyone in the audience here to maybe consider. If you spend, you know, $1,000 a month on your fuel purchases, you pick the fuel category, you get $50 cashback in your Chime account.
Right
This has a real meaningful impact. Absolutely, we're already seeing it have an impact at the top of the funnel and, allowing us, we believe, to appeal to even more members, including the people in that $75,000+ segment. We only launched Chime Prime on April 1st or 2nd. There really hasn't been that much time to see it evolved yet. We're already seeing higher signals of direct deposit intent, meaning, like, people right in out of the gate, coming in and going through the funnel to get direct deposit. We're seeing, again, in a very short period of time, higher levels of retention.
The top of the funnel has been a really exciting, you know, sort of, progress in terms of we now have close to 60% of all people who are joining Chime for the first time are signing up for the Chime Card.
Right.
you need the Chime Card to get the benefit of cashback.
Right
if you qualify for the top tier. We're seeing 60% of people signing up for that, and of those people that sign up, they do about 70% of their spend on the Chime Card rather than the Chime Secured Card as opposed to the Chime Debit Card. All in all, we're seeing at the top of the funnel about 50% of new member spend is on the secured credit card. Just for context, if you go back to September of last year and you look at our total spend, we get 16% of our spend was on secured credit.
Right
The rest on debit.
Debit, yep.
Last quarter, we announced that we got, close to 25%.
Right
in terms of that share. We're really excited about that continued progress, and this is really gonna be a tailwind for our business for years to come when you think about the impact at the top of the funnel that I just mentioned with 50% of spend on credit. Of course, we keep chipping away at the core installed member base to encourage them to consider switching to the Chime Card with the Plus or Prime tier because you get even more from your relationship with Chime. We're seeing existing members move over and giving us signals that they, you know, it's giving them more reasons to stay with Chime for life.
Yeah. No, it's a smart strategy I feel like. You know, there's always this push/pull debate, but it feels like, you know, a lot of what you're doing here is very, very organic in terms of how you're rolling it out. Okay, good. Let's focus on, just to be efficient, let's do the liquidity stuff. You mentioned how quickly MyPay has grown. You're already at your target loss rate, so things are performing as you expected from a performance standpoint on the loan front. You're now rolling out Instant Loans, right? What's the vision here? What should we be expecting as you're, you know, pushing more of these liquidity products at this point in the cycle?
I think you should think of Chime as everything that all of the product offerings are all in the spirit of trying to develop even deeper relationships with our members. Because when you look at our cohorts and how they age over time, year after year, and we put this in the supplementals, but you'll see that the transaction margin of each of our cohorts grows, net of churn, net of attrition, year after year. And these sort of more aged cohorts are monetizing in excess of $400 a year of average revenue per active member. Then you see when our members are using 6 or more products, which is, you know, over 15% of our member base today, those folks are monetizing over $500.
All of these products are designed to develop deeper relationships to make them to make our members think of Chime as the place to get all of their products and services, including liquidity products. While we like the fact that our business is primarily payments driven.
It's of course natural if you own the primary account relationship to get into more areas of credit and lending. We really like the characteristics of this lending model that we have. It's very short term in nature, like I mentioned. The risk team has done an incredible job of managing loss rates at a point that, you know, it is obviously a very good business model for us. It's well over a $400 million revenue run rate business. It's accelerating rapidly. It's very attractive transaction margins. With this new Instant Loan product, which is definitely smaller, you know, we originate billions of dollars of MyPay each quarter. The Instant Loan business is more, you know, $100+ million at this point, but it's growing at a pretty good clip.
You know, we're offering that to a smaller subset of our member base. It's an installment loan product that can be paid back over three, six, nine, 12 months at a very low price. What we're seeing, particularly on our repeat borrowers, that the way that portfolio looks is very, very attractive and gives us confidence that we can continue to grow it in a measured way. I think that, you know, we announced on our call is that we think by the end of the year that this becomes a product that it'll start becoming a real contributor to our transaction profit profile in the years to come.
Right. It does sound a little more measured than MyPay, if I were to compare it back to the history.
Yeah, I would say MyPay is going to be a more broadly-.
Yeah.
First we have SpotMe, which was our free overdraft service, which is, you know, that you don't even really take action to get that product, right?
If you go negative, we let you go negative up to $200 without a fee. MyPay takes a little bit of action to actually draw the amount down, but you pay it back in a very short period of time, inside of two weeks, whereas the installment loan product, Instant Loan, you pay back over a longer period of time. There'll be a smaller subset of people, you know, we won't have nearly the penetration rate of MyPay, but we think it will continue to tick up as we deepen relationships with our members and figure out ways to do that in a responsible way.
What else can you tell us on the product side without pre-announcing too much? You know, I know with ChimeCore you've talked about product velocity will improve. You've talked about joint accounts, I think investments. What's on the come here? I know you've been very methodical about what you want to do, but it does feel like we will see more fairly.
For sure. For sure. I think investment accounts is something that we're really excited about. We're gonna have a combination of robo investing and the ability to buy individual names. We'll be rolling that out this summer.
Okay.
We've been very vocal advocates of Chime accounts and the opportunity that that has to make so many more people in our country have a real ownership stake. We think it's critical. We think that it's a product that is really designed perfectly for the core everyday consumer that we serve. We're all over it. We're close to Treasury. We're doing a bunch of events to promote it. In fact, I think we estimate that we had, you know, about almost 150,000 people within our member base sign up for Chime accounts just.
Just already. Based on some of the promotion that we've done and the tax filing service that we can observe.
We're gonna keep pushing on that, you know, hope to be a participant in the ability to roll over those accounts into Chime. We think that's a natural evolution for us. We help people in the short term avoid fees and get access to loans and credit building and that sort of thing. Naturally we wanna help people longer term to create wealth for their family. We think investment accounts is gonna be a natural, awesome new product for us. We think joint accounts, sure there's a subset of people that wanna bank with Chime. It's just, if you can't share it with your spouse, it's a deal breaker.
Sure.
That's a big one. I think the one that we're really excited about is the evolution of our AI co-pilot called Jade, which is in our app now and sort of slowly rolling out to our member base to not just give them advice about, you know, looking backwards and seeing where they spent and that sort of thing, but actually shifting from reactive to proactive and having a banking app that can actually take action on your behalf if you give us permission to pay off high interest debt, to move money into a high yield savings or to an investment account. The thing that the AI can help to determine is gonna be the best for your long-term financial success.
We think there's a incredible role that we can play and one that we think is, you know, can't really be replicated by some third party AI app because we're actually in the regulated.
you know, tech stack running all aspects of the consumer experience within their financial accounts. We think that we have a unique position relative to maybe other software company, consumer software companies that maybe, you know, might have some workflow that gets AI'd in some way. We think we have a very different position than I think a lot of other companies in that regard.
Just to stay with that, Chris, just thinking about AI and the opportunity, I know financial literacy is a really difficult thing for a lot of the, I think the broader population. Is that the vision of where you see Jade going? 'Cause we really haven't had a great tool, right, that whether it's historically or now to really do some of that. Is that how you see it?
I think that's a big part of it. You know, most of Americans don't get much in the way of financial education in high school or in college, and they're not gonna read textbooks and, you know, watch long-winded presentations on how to manage money. It's gotta be bite-sized, it's gotta be actionable, it's gotta be sort of in the experience where your financial life actually happens. It's an incredible opportunity for us to understand the goals of our member base and the ways to help them make progress in their life. It starts with, you know, being prepared to maximize the amount that you can earn. That might be, you know, giving you guidance on how to save for education or some sort of vocational training that might help your financial life.
I just think there's so many areas that an AI bank account can actually help someone truly make financial progress and not just sort of deal in the short term of how to get through the week or the month, but actually, put into place the discipline required over years and years, that I think so many people know that they need to get into healthy.
They just can't actually get themselves to do it. I think that we have an incredible opportunity to be the tool, to be the service that actually makes those actions actually come to life.
Good. No, that'd be fun to track that, Chris. Just to hit a few things that make sure we should hit. To get to where you wanna be, Chris, we talked about a lot of different products that you're rolling out, investment accounts, things like that. Does Chime need to be a bank? Do you need a bank license to get to ultimately where you want to be? I know you have a strong partner model, and I'm sure there's questions around, you know, access to funding and things like that. To get to where you wanna be, is it, do you ultimately need to have your own bank license?
I, you know, I think we've been consistent on this. I think we're probably a shining example of maybe a better than most anyone in the U.S. in terms of.
Yeah
how successful a bank partnership model can work. We've given affordable access to banking services to huge segments of the population that otherwise would be getting $40 overdraft fees and minimum balance fees and that sort of thing. The relationship that we have with our bank partners has been awesome. But you know, every year we take a step back and evaluate is now the time? Because, you know, to some extent to achieve our long-term vision, it's more of a when, not if, right?
I mean, we wanna be the number one provider of banking and financial services to everyday Americans. It's to some degree an inevitability that we'll become a bank. The question is just when. Obviously this is a moment in time where the regulatory environment is open and we applaud the regulators for embracing innovation and allowing more competition to enter the market. I think it's something that, again, we'll be looking at again this year and figuring out what the best path is. In the meantime, we're very satisfied with the relationships that we have and, you know, they've just been Both of our bank partners have been incredible thought partners for us and super supportive and played a key role in all the impact that we've had across the country.
Yeah. No, it seems like it's gone well and, you know, the funding side is well taken care of, so I'll just keep asking you the question then, as we go on. Couple minutes left. I'm gonna hit a couple other subjects. Just on enterprise side, I know that was talked about at the IPO as a, as a channel that could be important. You've had some progress. It does feel natural, right? The employer pushing from a funnel standpoint.
Yeah
directly to you. Are you happy with the progress so far?
We love this line of business.
Okay.
It's enterprise. Sales cycles are longer than just our direct-to-consumer orientation or DNA, I guess you could say. This quarter was a great one for us. We announced four new partners. We launched, or we announced the launch of First Student, which is the biggest school bus company in America. Now that I mention that name, the next time you look at a yellow school bus, it's probably going to say First Student on the side, and all of a sudden it's, wow, that's the company. 65,000 employees there, and they will be offered Chime accounts for free and the ability to get access to their pay on demand 100% of the wages earned each day, for no fee. You know, the channels I would say is humming.
We have a really nice pipeline. It's pretty compelling when you go and you pitch a chief people officer or head of human resources and you explain all the great benefits of, that the employees will get if you were to offer this product and then they look across their employee base and they already see that 5%-10% of their employees are already banking with Chime, and now this feature will make it even, you know, that much more powerful. We feel very confident about our opportunity in this channel, and it's gonna be a pretty nice growth vector for us, especially given that a lot of the employers that we are targeting have fairly high turnover.
Yeah.
You could sort of think about these channels as once you open it up, they almost become evergreen. You know, we're still planting seeds. It's not a material driver of our net new member growth yet. We expect that it will be over time.
Yeah. No, it feels like that from a potential standpoint. All right, less than 1 minute left. All right, you know, your first time at the conference as a public company, right? You went public just under 1 year or so ago, right? I always like to ask you.
June, yep, June 12th.
June 12th.
My son's birthday, so I would not forget that date.
My anniversary as well.
Oh, really?
Yeah.
Yeah.
good reminder on that. It's coming up.
It was a great day. My son was kinda bummed when we told him that was the date. He was like, "You gotta be kidding me. That's gonna be the IPO date, my birthday?" When he saw his face up on the Nasdaq screen in Times Square, that was a pretty cool life moment.
You nailed it. I thought that was so cool. I think I texted you that day, right? I thought it was so cool to see you guys out there and celebrating that way. I thought that was a good moment.
It was a family moment.
Yeah
A family, and also just a moment for all the Chimers all the different chapters of Chimers over the years that did so much to create this incredible business that we have. We're just getting started. We've got 5% penetration of 200 million Americans that make up to $100,000 a year. We're a leading brand with the best set of products and the lowest cost structure. We feel very bullish about the prospects for continued top line growth, user growth, and you're gonna continue to see this great profitability profile just continue to improve. Appreciate the time and opportunity to meet with all the investors out here. Thanks, Digit.
Happy birthday on June 12th. Remember that. Thank you, Chris. Appreciate the time, sir.