A record end to a record quarter (Part 2)
April 1, 2024
With the first quarter of the year in the books, it’s been remarkable to look back and see just how much we accomplished. Bar none, this was the best quarter in our company’s history by every conceivable metric. It’s a testament to what we can accomplish together as a team when we are laser focused on results. Below are just a few of the records and firsts we achieved these last 3 months:
Revenue - Total of $[ ]M for the quarter which was a beat of $[ ]K vs. plan
This is anchored by consecutive monthly records for the marketplace and it’s revenue we can rely on instead of the unpredictable placement fee revenue we’ve relied upon historically to beat numbers
Net Income - Beyond just revenue, we posted a net income beat vs plan for the quarter, another first, and March was a whopping $[ ]K better in net income than where we were in July of last year.
It’s about more than just generating revenue, it’s about keeping expenses in check and we booked the highest ever revenue per employee these past few months, signifying we are capturing more efficiencies than ever before.
Performance - Investors are coming to us because we deliver good risk-adjusted returns and we’ve posted the best net returns ever (interest generated net of write-offs) these past 12 months compared to every other period prior. Credit risk management and diversification of deal flow are paying dividends in the form of good performance which is attracting new AUM and new investors.
Investor Growth - Q1 was also the highest ever quarter for new investors, with over [ ] new investors deploying capital for the first time. This is a metric that we have not surpassed since back in Q3 2020, a monumental feat.
More first time investors also means more investors actively investing and this was the first quarter we sustained a rate of over [ ] investors investing in any given month. This diversity is important as it spreads out where our capital is coming from.
Products and Features - The wins didn’t just come from the numbers alone, we’ve been pushing hard on the experience as well.
Deposit Interest - Something we’ve talked about for years but shipped in just a few weeks, we are delivering value for investors and generating new revenue as well.
Private Market Deals - The private deal is part of our next big push as a company to monetize our software and the fact that it came from an existing client makes it all the more exciting for how we can cross sell and upsell our existing underwriter client base for their private deals as well.
Relaunching Blended Notes - We devised a repeatable yet scalable new approach to our blended notes, giving investors the opportunity to diversify every month and even giving new investors the ability to get in at a more approachable level.
Statements - Another big push that we’ve been talking about for a while but delivered with a big push. Investors will benefit from not needing to wait 3 weeks to see prior months results, have a more easily interpretable document, and we get the benefit of adding more services we can offer in house while saving on $[ ]K/mo in expenses.
First quarter's in the books and it’s been one to be proud of. Q2 continues the trend for setting audacious goals for ourselves but we’ve laid such a good foundation to build on that we are well on our way
