For Q2, we reported $94 million in operating expenses, down 13% year-over-year. We reduced total expenses while increasing our marketing expenditure by $2 million, which drove our originations growth. Thanks to our diligent expense management, we now expect full-year 2025 gap operating expenses of approximately $380 million, down $10 million from our prior expectation of $390 million, and down $30 million from 2024's level of $410 million.

Aug 6, 2025 / CEO / receipt, needs a key / Raul Vasquez, CEO | earnings call 2025-08-06 | transcript e89e39ea-97e9-4400-bfaa-cc91ab0d4dab | chars 4193-4636 | segment 4