 Hello. I'd like to start by, getting the clicker to work, I'd like to start by asking you to imagine a situation. Imagine, if you will, that you and your family have been sharing an apartment with another family for several years and you've gotten a raise recently at work so now you can afford to move your family out, get your own apartment, but you didn't anticipate the additional expense of the initial security deposit or imagine that you're in a situation where money is tight every single month at the end of the month and you have figured out that you could make some extra money potentially doing carpentry work or catering for events or for parties but you need to come up with some money for the equipment that you're going to need to be able to generate that extra cash and extra income or imagine that the car that you used to go to work didn't start. The mechanic has taken a look at it and it's going to cost several hundred dollars to fix it and you need to fix it because that's how you get to work and you can't afford to lose your job or finally imagine that your daughter's been sick for quite some time the doctor has now told you that she's going to need surgery and the surgery is going to cost thousands of dollars. Further, I'd like to ask you to imagine that you make about thirty thousand dollars a year and with that amount of money you're trying to provide for yourself and two of your family members. You haven't really had experience with the financial services sector so you don't have a credit card that you can just take out and take care of any of the expenses that I've just described. You've gone to your friends and family but they also have modest incomes and that's kept them from being able to generate the savings that they may be able to lend to you to help you with this particular need that you're facing. You've gone to the bank you try to ask for a loan there but the fact that you don't have that experience with traditional products means you don't have a credit score and as a consequence they can't underwrite you and they can't give you a loan. It's really the only option available to you at that point or these alternative financial services stores and shops that you see in your neighborhood but as you've learned more about those you've got a couple of concerns that the first thing is that they ask you to pay back in a couple of weeks and as you think about it it's going to be tough to do that. As a consequence when you start to think about how the fees are going to stack up it's going to be a pretty expensive product and it's not going to help you build that credit score that now you realize could be so valuable in case you face a situation like this in the future. What I've asked you to imagine unfortunately is a reality for millions of people every single year and what we've chosen to do at opportune is we've chosen to dedicate ourselves to providing responsible credit building affordable loans that help the Hispanic community build a better future. When we looked at the FDIC data what we found was that approximately 25 million Hispanics every year fall in the category of being financially underserved and that means that in situations like the ones that I've asked you to think about they find themselves in those very difficult moments without the capital that they need to be able to move forward. We've been making loans for over nine years and in that time as you can see on the slide we've been able to serve 625,000 people we've been able to make about 1.2 million loans and we've been able to lend 1.9 billion dollars to individuals that are facing these difficult solutions so that they can move forward and take care of their need and we've done that primarily through physical location so we've had to scale also to the point where we have over 160 locations in low and moderate income communities where our customers live. The theme of our conversation is about scaling so I'd like to share with you some of the things that we've learned in the nine plus years that we've been making loans that have allowed us to get to the point of being able to serve over 600,000 people and I'm sharing these in the hope that some of them may be useful to you as you think about how do you scale your organization and how do you figure out how to take your good work to more people. The first is having a deep understanding of your customer. I know that sounds obvious but I think it's just human nature when we're developing solutions to think about what we would like or the things that might be most useful to us and in our case what we had to do was we had to develop a very in-depth understanding of someone that does earn 30,000 dollars and is trying to take care of their needs and their family's needs on that low income. So an example of what we did in understanding that was we recognized that our customers living paycheck to paycheck and thought about what would a responsible loan product look like that takes into account someone that is living paycheck to paycheck. So among the things we did our loans are unsecured loans. A lot of the products that are available to our customers either ask them to put down their car is collateral or ask them to put one of the assets that they have is collateral or even ask for a deposit if you will in a situation where they actually aren't looking to hand money to someone they're trying to get money to take care of a need. We believe that our customers are responsible people that simply don't have a lot of money. So we removed that hurdle in providing a loan to them. The other thing that we did I mentioned this earlier many of the products that are available to our customers really only give people a few weeks to pay back. Our minimum loan term is six months and we chose long loan terms so that that way when we look at someone's income and we do full income based underwriting we could try to figure out what would what would a payment be that would fit comfortably within their budget and would maximize the likelihood that they'd be able to pay us back. That's another thing that we looked at is we understood our customer and one last piece that is generally surprising to people given the experiences that we tend to have with our financial services providers is when a payment is due we don't charge a late fee at 1201. We provide our customers between seven and 15 days of a grace period depending on the size of the loan before we charge a late fee. And in focus groups what our customers told us is to them it feels like that means we understand them we respect them and we believe that they actually want to pay us back but that we know that at times because of the high income and expense volatility that exists in our country today they may not have the money on that exact day but they absolutely want to pay us back and a little bit more time would be helpful before the size of their debt gets larger. So those are some examples of how we thought about what would it like what would it be like to earn $30,000 want to pay a loan back and what would the characteristics of that loan need to be. The second thing is we put our customer first we consider ourselves a socially responsible lender someone that is trying to have positive impacts in the community. So one of the things that we do is that mission that I described a second ago we let that mission guide us as we make decisions. The best example that I can give you is pricing. If our customers living paycheck to paycheck we know every single dollar matters and as a consequence we want to price the products as cheaply as we can. We did work with a nonprofit recently and they looked at the communities we serve they looked at specific cash flows and income levels of people that we lend to and what they found is that alternative products cost on average three times what we charge and can be up to seven times as much. We are a for profit business which I'm going to talk about in a second but we still felt that to put the customer first and provide a much cheaper alternative would be the right thing for them as an organization that strives to do positive things in the community. The third is financial sustainability. I mentioned earlier there are 25 million financially underserved Hispanics and we would like to be able to offer our product to them in case they find themselves in a situation like the one I described and we felt that the best way for us to be able to scale to that level would be to create a profitable engine of growth. We have 160 locations or so right now. We've got plans at some point to get to 280, 300, 500. We're working on mobile access. We're working on a lot of other things to expand the availability of our product and serve as many people as we can and that's only possible because we're not dependent on donations from others. We create our own profit so that we can go ahead and scale and grow as quickly as possible. Number four, if you're going to provide low prices and if you want to go ahead and scale from your own profit generation then you have to be highly efficient and the way we've done that is we've embraced technology. Within our organizations we've got engineers, we've got product managers, we've got QA professionals, we've got a sizable IT team. They've allowed us to build a risk engine that fundamentally scores the unscorable, the people I described earlier that don't have credit scores and have created a proprietary end-to-end web-based platform that allows us to be highly efficient when we deal with our customers. Number five, the importance of human capital. Everything we do happens through people and we've been able to develop a model where we can pay people market rates but look for people that want to be in an organization where the work is challenging but it's meaningful. Everyone that joins our organization is there because they have choices in terms of where they can work in the marketplace but they want to be somewhere where they're helping our customer and extending the mission that I described to you earlier. So these are the five things that have helped us get to this point. There's one other one that I'd like to share with you as I was preparing for this and that is it sounds like a very simple thing but a lot of products aren't structured this way. We created a product that was very simple, that was transparent, that doesn't have hidden fees, that doesn't depend on rollovers and we do it all in Spanish to ensure that our customer understands exactly the loan that they're getting into. Our workforce speaks Spanish, our contracts are in Spanish, all of it and really what we've done is we've created a business where our customer's success drives our success. Our most profitable and best customer is someone that is never late, that pays their loan off on time and is so happy with the level of service that they'll tell other people in their community about the product that we offer and that will be so satisfied that if they have a need like that again they may think about coming back to us. So that alignment between our customer success and our success has been one of the other elements that's allowed us to be successful. So to end I would say we recognize that opportunity that we have a tremendous amount of work still to do to be able to reach those 25 million people that we think could benefit from our loan but we're very proud of the fact that we've been able to provide 1.9 million, 1.9 billion, I'm sorry, dollars into the hands of people that we're facing real needs and in doing so we feel that we've been able to strengthen low and moderate income communities. So I hope our findings have been helpful to all of you and thank you so much for your time.