1 00:00:00,040 --> 00:00:01,920 Speaker 1: Well, you might remember yesterday we talked a little bit 2 00:00:01,960 --> 00:00:05,120 Speaker 1: about Jamie Diamond of JP Morgan his annual shareholder letter. 3 00:00:05,160 --> 00:00:07,880 Speaker 1: He waited on a lot of things, including how he's 4 00:00:07,960 --> 00:00:11,719 Speaker 1: keeping an eye on fintech startups and perhaps maybe one 5 00:00:11,760 --> 00:00:14,200 Speaker 1: of those firms is one like our next guest. We're 6 00:00:14,200 --> 00:00:16,600 Speaker 1: talking about a firm, and let's bring in the founder 7 00:00:16,600 --> 00:00:18,239 Speaker 1: and ce of a firm to get a feel of 8 00:00:18,720 --> 00:00:21,279 Speaker 1: what they are up to, what's going on with consumers 9 00:00:21,320 --> 00:00:23,959 Speaker 1: and digital commerce. Great to have back with us as 10 00:00:24,000 --> 00:00:27,880 Speaker 1: Max Levchin, he's co founder PayPal, he is founder and 11 00:00:27,920 --> 00:00:30,480 Speaker 1: CEO slide that was sold to Google, chairman of Yelp 12 00:00:30,560 --> 00:00:33,160 Speaker 1: for many years, and he joins us on the phone 13 00:00:33,240 --> 00:00:36,040 Speaker 1: in Hawaii, and it's great to have you back. How 14 00:00:36,040 --> 00:00:41,480 Speaker 1: are you. Thank you for hearing me. Um, I'm doing well, 15 00:00:41,680 --> 00:00:46,880 Speaker 1: spring break, I'm working, but thank kids are really enjoyed 16 00:00:46,920 --> 00:00:49,120 Speaker 1: this one. I bet I bet no. I know it 17 00:00:49,120 --> 00:00:52,120 Speaker 1: does feel like well you tell me, Max, I feel 18 00:00:52,120 --> 00:00:53,559 Speaker 1: like there's a lot of areas we can go, but 19 00:00:53,600 --> 00:00:57,160 Speaker 1: first of all, your company, Uh, it's really unique in 20 00:00:57,200 --> 00:00:58,880 Speaker 1: that you do get a window into what's going on 21 00:00:58,920 --> 00:01:01,720 Speaker 1: with consumers. It does feel like the world is reopening 22 00:01:02,120 --> 00:01:05,280 Speaker 1: I'm seeing more activity. I've gotten one vaccine. I know 23 00:01:05,319 --> 00:01:07,880 Speaker 1: a lot of people in my orbit have all of 24 00:01:07,920 --> 00:01:10,640 Speaker 1: a sudden in the last few weeks gotten vaccines. It 25 00:01:10,640 --> 00:01:12,800 Speaker 1: feels like things are opening up. How do you see 26 00:01:12,840 --> 00:01:16,480 Speaker 1: it and what's going on with consumers? I think the 27 00:01:17,360 --> 00:01:19,920 Speaker 1: you know, I think your your your your sense for 28 00:01:20,520 --> 00:01:25,640 Speaker 1: this primed to get back to hopefully normal or semblance 29 00:01:25,640 --> 00:01:28,520 Speaker 1: there off is really spot on. We're seeing this in 30 00:01:28,600 --> 00:01:32,520 Speaker 1: our idea obviously tracking every machinable metric. What is the 31 00:01:32,600 --> 00:01:35,760 Speaker 1: curve of recovering going to look like? From my point 32 00:01:35,800 --> 00:01:38,480 Speaker 1: of view, the most important thing I care about is 33 00:01:38,480 --> 00:01:41,120 Speaker 1: the health of the consumer. On the financial side of things, 34 00:01:41,319 --> 00:01:44,399 Speaker 1: and we've seen and too much thanks to the action 35 00:01:44,480 --> 00:01:48,000 Speaker 1: by Final Reserve and government in various places, there's just 36 00:01:48,040 --> 00:01:51,400 Speaker 1: a tremendous amount of where we consider it to be 37 00:01:51,520 --> 00:01:54,240 Speaker 1: good consumer behavior. There's a lot of savings and this 38 00:01:54,280 --> 00:01:56,800 Speaker 1: is to me that means people are saving up to 39 00:01:57,080 --> 00:01:59,560 Speaker 1: really go out and have a wonderful vacation that they've 40 00:01:59,720 --> 00:02:04,160 Speaker 1: helped back on. And you know, we're seeing conversations with 41 00:02:04,440 --> 00:02:09,560 Speaker 1: our partners places like Verba and Pacasa, etcetera, um on 42 00:02:09,960 --> 00:02:12,680 Speaker 1: the sort of overall health from the death in comboration 43 00:02:12,760 --> 00:02:15,720 Speaker 1: side of things. Americans have paid off most three billion 44 00:02:15,760 --> 00:02:18,720 Speaker 1: dollars in debts during the pandemic, so they put some 45 00:02:18,720 --> 00:02:22,000 Speaker 1: of those stimulust checks to again, from my point of view, 46 00:02:22,040 --> 00:02:25,519 Speaker 1: the right the right thing to do. Uh. And then 47 00:02:25,800 --> 00:02:29,160 Speaker 1: just the overall consumer confidence is really high and jumped 48 00:02:30,200 --> 00:02:33,519 Speaker 1: to one year high, which is maybe maybe from a 49 00:02:33,600 --> 00:02:35,320 Speaker 1: low point of a year ago. We weren't really taking 50 00:02:35,320 --> 00:02:37,760 Speaker 1: these log downs seriously, and at this point I think 51 00:02:37,760 --> 00:02:40,480 Speaker 1: people have you know, they've suffered and they're really looking 52 00:02:40,480 --> 00:02:42,519 Speaker 1: forward to really well, let me ask you something that 53 00:02:42,600 --> 00:02:45,639 Speaker 1: is your company, you know, offers installment plans right to 54 00:02:45,760 --> 00:02:49,920 Speaker 1: online shoppers, um, and lets people kind of pay over time. 55 00:02:50,000 --> 00:02:52,880 Speaker 1: Are you seeing less of that because people are using 56 00:02:52,919 --> 00:02:55,720 Speaker 1: more of whether it's stimulus dollars or just you know, 57 00:02:55,800 --> 00:02:58,320 Speaker 1: savings in general, to pay down their debt. Can you 58 00:02:58,360 --> 00:03:03,160 Speaker 1: make any kind of conclusions along those lines, Um, you don't. 59 00:03:03,200 --> 00:03:06,160 Speaker 1: We have seen exceptional growth in the last year, and 60 00:03:06,240 --> 00:03:09,600 Speaker 1: so I would not characterize it as seeing less. I 61 00:03:09,840 --> 00:03:13,320 Speaker 1: do think that people are using their similar dollars. Sensibly, 62 00:03:14,000 --> 00:03:16,959 Speaker 1: we have a staving feature that we offered to our customers, 63 00:03:16,960 --> 00:03:20,800 Speaker 1: and we've seen influx of staying increases as the government 64 00:03:20,840 --> 00:03:23,280 Speaker 1: sent checks to consumers, and so I think that there's 65 00:03:23,320 --> 00:03:26,120 Speaker 1: a sort of very visible correlation there. Uh. I think 66 00:03:26,120 --> 00:03:29,679 Speaker 1: it's really interesting about the effect of the pandemic and 67 00:03:29,760 --> 00:03:32,720 Speaker 1: a long term state of e commerce and just shopping 68 00:03:32,720 --> 00:03:36,240 Speaker 1: in general, is we've trained a whole generation of people 69 00:03:36,440 --> 00:03:39,640 Speaker 1: that we're just not going to go online. Folks like 70 00:03:39,680 --> 00:03:42,120 Speaker 1: my mom, who is in her seventies, who enjoys her 71 00:03:42,720 --> 00:03:46,200 Speaker 1: offline shopping. It's you know, she's now very well versed 72 00:03:46,200 --> 00:03:48,560 Speaker 1: in the idea of boxes coming to her door. And 73 00:03:48,640 --> 00:03:51,080 Speaker 1: so we brought in a bunch of e commerce shoppers, 74 00:03:51,240 --> 00:03:53,040 Speaker 1: and I think they're here to stay. And I think 75 00:03:53,120 --> 00:03:55,600 Speaker 1: what's really going to be required of us in the 76 00:03:55,600 --> 00:03:59,320 Speaker 1: binoculator industry and broadly specard providers and payments, we have 77 00:03:59,480 --> 00:04:03,480 Speaker 1: to meet this new consumer behavior with buy online and 78 00:04:03,960 --> 00:04:06,400 Speaker 1: pick up and store or return in store, exchange in store. 79 00:04:06,440 --> 00:04:09,280 Speaker 1: They're all the mixed omni channel modalities that are suddenly 80 00:04:09,280 --> 00:04:12,360 Speaker 1: going to be much more common, much more important. Yeah, 81 00:04:12,400 --> 00:04:15,600 Speaker 1: I have to say too. In retail, I mean I 82 00:04:15,640 --> 00:04:19,240 Speaker 1: look for places where there's lots of ease I can 83 00:04:19,440 --> 00:04:21,880 Speaker 1: if I buy online, can I easily return it either 84 00:04:21,960 --> 00:04:24,120 Speaker 1: through their taking care of it, or they're taking care 85 00:04:24,120 --> 00:04:26,120 Speaker 1: of shipping, or I can drop it off at one 86 00:04:26,120 --> 00:04:28,400 Speaker 1: of their storefronts. And you know, we've talked about omni 87 00:04:28,520 --> 00:04:30,279 Speaker 1: channel for a long time, but I think now I 88 00:04:30,320 --> 00:04:32,359 Speaker 1: totally get it of what it really needs to be. 89 00:04:32,360 --> 00:04:37,400 Speaker 1: In order for it to be incredibly productive. You have 90 00:04:37,520 --> 00:04:40,160 Speaker 1: to be met where you want to be met, especially 91 00:04:40,160 --> 00:04:43,000 Speaker 1: as we're still for coming back to it's safe. Yes, 92 00:04:43,080 --> 00:04:46,800 Speaker 1: maybe I have my half vac scene or how safe 93 00:04:46,800 --> 00:04:48,640 Speaker 1: am I? I don't really want to go hand around 94 00:04:48,720 --> 00:04:51,359 Speaker 1: and big showroom. But if I buy online and I 95 00:04:51,400 --> 00:04:52,800 Speaker 1: need to get rid of it, it has to be 96 00:04:52,920 --> 00:04:54,920 Speaker 1: very quick. I don't want to repackage it and you know, 97 00:04:55,560 --> 00:04:58,440 Speaker 1: to get to the post office, I need to bring 98 00:04:58,480 --> 00:05:00,720 Speaker 1: it back to the door. Stuff. Yeah, So I think 99 00:05:00,720 --> 00:05:03,400 Speaker 1: that's that's that's a big important change. So when you 100 00:05:03,480 --> 00:05:06,400 Speaker 1: talk or you see what's going on in terms of spending, 101 00:05:06,440 --> 00:05:09,279 Speaker 1: because you help folks whether they're buying, you know, a 102 00:05:09,360 --> 00:05:13,760 Speaker 1: peloton or they're traveling or buying stuff at Williams Sonoma, 103 00:05:14,240 --> 00:05:16,120 Speaker 1: what is it where do you see people spending the 104 00:05:16,120 --> 00:05:20,240 Speaker 1: most money? At this point, Max, you know, we were 105 00:05:20,279 --> 00:05:24,719 Speaker 1: so diverse in our merchant coverage. It's almost uh, you know, 106 00:05:25,200 --> 00:05:28,320 Speaker 1: we aren't we seeing this most interesting area that we're 107 00:05:28,320 --> 00:05:30,560 Speaker 1: seeing growth and right now is of course travel. But 108 00:05:30,600 --> 00:05:33,120 Speaker 1: I think that's that's almost a fat a company at 109 00:05:33,120 --> 00:05:35,080 Speaker 1: this point. They're all these people who are just dying 110 00:05:35,120 --> 00:05:38,640 Speaker 1: to get out of their four walls by anything necessary. 111 00:05:38,839 --> 00:05:40,839 Speaker 1: The other areas are just gonna any totally really funny 112 00:05:40,880 --> 00:05:42,880 Speaker 1: but makes total offense. But I was sort of shocked 113 00:05:42,880 --> 00:05:46,479 Speaker 1: and then not shopped at weddings, you know, unbelievable influx 114 00:05:46,600 --> 00:05:50,360 Speaker 1: of demand for wedding everything. Do you if you pumped 115 00:05:50,360 --> 00:05:53,280 Speaker 1: it or postponed or fell in love during you're gonna 116 00:05:53,320 --> 00:05:55,400 Speaker 1: get married and you're gonna have a big party. But 117 00:05:55,600 --> 00:05:57,520 Speaker 1: where we're seeing a lot of that. I have to say, 118 00:05:57,520 --> 00:05:59,719 Speaker 1: I think I know three or four people in my orbit. 119 00:06:00,440 --> 00:06:02,200 Speaker 1: You know, I had tried to schedule a wedding several 120 00:06:02,240 --> 00:06:05,280 Speaker 1: times um over the last year, and I had to 121 00:06:05,360 --> 00:06:08,200 Speaker 1: keep you postponing it or people who got married but said, listen, 122 00:06:08,240 --> 00:06:10,000 Speaker 1: we're going to do a party as soon as things 123 00:06:10,000 --> 00:06:12,360 Speaker 1: open up. So a lot of that's going on. Tell 124 00:06:12,360 --> 00:06:14,840 Speaker 1: me about your company here, you are nine years in 125 00:06:15,360 --> 00:06:18,440 Speaker 1: three months roughly since you I p oed um. I 126 00:06:18,520 --> 00:06:20,960 Speaker 1: mentioned I was trying to find my notes on those 127 00:06:21,040 --> 00:06:24,040 Speaker 1: stock prices up about for since that January, I p O, 128 00:06:25,200 --> 00:06:28,400 Speaker 1: you know, how is your company change and evolved along 129 00:06:28,440 --> 00:06:33,680 Speaker 1: with what consumers need or what the market needs know it? 130 00:06:33,880 --> 00:06:36,840 Speaker 1: So it's it's actually a very rewording moment. It just 131 00:06:36,920 --> 00:06:41,240 Speaker 1: literally happened. I was on PI day market our birthday, 132 00:06:41,520 --> 00:06:44,640 Speaker 1: and you know, on the one hand, everything has changed. 133 00:06:44,720 --> 00:06:47,840 Speaker 1: You nine years ago, ide bioppulator just wasn't the thing. 134 00:06:47,880 --> 00:06:50,960 Speaker 1: People believe it. They cards are fine, and I had 135 00:06:50,960 --> 00:06:53,800 Speaker 1: this sort of very strongly word a point of view 136 00:06:53,839 --> 00:06:55,880 Speaker 1: that the credits is broken. We need to provide a 137 00:06:55,920 --> 00:06:59,560 Speaker 1: more flexible mparent alternative because not want to be confused 138 00:06:59,560 --> 00:07:01,800 Speaker 1: by their just great. They want that exactly when and 139 00:07:02,000 --> 00:07:04,440 Speaker 1: how they will get out of pain, their their their 140 00:07:04,480 --> 00:07:08,440 Speaker 1: their payments. And so we made this mission to create 141 00:07:08,560 --> 00:07:12,600 Speaker 1: financial products that improve lives and at a state exactly 142 00:07:12,640 --> 00:07:15,680 Speaker 1: the same. And it's really awesome to just to be 143 00:07:15,720 --> 00:07:17,120 Speaker 1: able to look back and get we've been doing the 144 00:07:17,160 --> 00:07:21,360 Speaker 1: same exact thing while evolving and changing everything for nine 145 00:07:21,400 --> 00:07:24,840 Speaker 1: years straight, and it feels like we're probably five percentage 146 00:07:25,080 --> 00:07:28,160 Speaker 1: percentage what we were trying to accomplish. So it's it's 147 00:07:28,160 --> 00:07:29,880 Speaker 1: one of these things. But it's the longest project I've 148 00:07:29,920 --> 00:07:32,400 Speaker 1: heard done in my entire life starting companies in college 149 00:07:32,560 --> 00:07:35,520 Speaker 1: and I have no interest in slowing down or got 150 00:07:35,520 --> 00:07:37,960 Speaker 1: for both pausing, So it's really fun. Well where do 151 00:07:38,040 --> 00:07:40,480 Speaker 1: you want to take it? I mean, you've introduced the 152 00:07:40,520 --> 00:07:44,280 Speaker 1: affirm card. Um you know, tell us about you know, 153 00:07:44,280 --> 00:07:46,600 Speaker 1: how you're thinking about things, how you grow the business 154 00:07:46,640 --> 00:07:50,480 Speaker 1: obviously because you are a business, but how do you 155 00:07:50,600 --> 00:07:52,840 Speaker 1: know continue to kind of innovate and think about the 156 00:07:52,920 --> 00:07:57,920 Speaker 1: services that are needed. Right now, the opportunity is just 157 00:07:58,680 --> 00:08:02,480 Speaker 1: almost overwhelming. So obviously we're gonna stay true to our mission, 158 00:08:02,520 --> 00:08:04,280 Speaker 1: will be transparent and be honest. We won't charge you 159 00:08:04,360 --> 00:08:07,640 Speaker 1: lead people want charge you an it's easy, don't expect um. 160 00:08:07,680 --> 00:08:10,960 Speaker 1: But there's lots of different lectures and we're trying to 161 00:08:11,000 --> 00:08:13,600 Speaker 1: pursue them all as much as as much as we 162 00:08:13,640 --> 00:08:17,680 Speaker 1: can so that the card is obviously you have a 163 00:08:18,080 --> 00:08:22,120 Speaker 1: fundamental products for us because it we think it gives 164 00:08:22,200 --> 00:08:25,040 Speaker 1: us permission to be in your everyday financial life. Up 165 00:08:25,080 --> 00:08:28,840 Speaker 1: until now, every by malpulator provider is something that you 166 00:08:28,920 --> 00:08:31,160 Speaker 1: encounter at the point of sale. You may learn about 167 00:08:31,160 --> 00:08:33,960 Speaker 1: it then or not. This is a product that we 168 00:08:34,040 --> 00:08:36,160 Speaker 1: expect to deliver to our customers and say hey you 169 00:08:36,160 --> 00:08:39,960 Speaker 1: can have this bet are more transparent or honest way 170 00:08:40,080 --> 00:08:43,040 Speaker 1: to transact with you every single day in your wallety 171 00:08:43,040 --> 00:08:45,439 Speaker 1: digital Laalan or a physical one. And so that that's 172 00:08:45,480 --> 00:08:47,319 Speaker 1: something that we just expected to spend lots and lots 173 00:08:47,360 --> 00:08:50,520 Speaker 1: of side doesn't really really be you very really excited 174 00:08:50,520 --> 00:08:53,679 Speaker 1: about this project. We have just a crazy number of 175 00:08:53,720 --> 00:08:58,360 Speaker 1: really amazing platform integrations that we're either launching or contemplating 176 00:08:58,360 --> 00:09:01,520 Speaker 1: on ful buildings and Shopify some thing that we announced, uh, 177 00:09:02,280 --> 00:09:04,520 Speaker 1: you know, half a year or something like that. But 178 00:09:04,559 --> 00:09:08,640 Speaker 1: it's something that's with reason building out and we see 179 00:09:08,679 --> 00:09:12,160 Speaker 1: more opportunities to come in and help folks that serve 180 00:09:12,400 --> 00:09:16,559 Speaker 1: merchants just provide more transparent and better financial products to 181 00:09:16,840 --> 00:09:20,400 Speaker 1: their shoppers. Shoppers with the underlying merchants, and they're just 182 00:09:20,440 --> 00:09:22,920 Speaker 1: a huge number of merchant services that we can bring 183 00:09:23,040 --> 00:09:26,240 Speaker 1: to the markets to help our merchant partners do smarter, 184 00:09:26,360 --> 00:09:29,040 Speaker 1: better things for their customers. So it's it's want to 185 00:09:29,040 --> 00:09:31,040 Speaker 1: be saying no matter how fast I talked, I will 186 00:09:31,160 --> 00:09:34,240 Speaker 1: barely touch on the ant opportunity. Well, listen, you know, 187 00:09:34,400 --> 00:09:36,800 Speaker 1: if you check out what you guys are doing, I 188 00:09:36,800 --> 00:09:39,960 Speaker 1: mean no late fees, no prepayment fees, no annual fees, 189 00:09:39,960 --> 00:09:42,320 Speaker 1: and no fees to open or close your account. Um, 190 00:09:42,360 --> 00:09:44,160 Speaker 1: I'm looking at your website, but I you know, it 191 00:09:44,200 --> 00:09:48,120 Speaker 1: was reminded of kind of your strategy. UM. Remind first 192 00:09:48,120 --> 00:09:50,520 Speaker 1: of all, it makes me wonder why wouldn't anybody or 193 00:09:50,559 --> 00:09:55,480 Speaker 1: just everybody just do it this way versus traditional cards. 194 00:09:56,160 --> 00:09:57,760 Speaker 1: I'm not trying to be a commercial for you, but 195 00:09:57,800 --> 00:10:00,000 Speaker 1: I mean, first of all, how do you remind our audio? 196 00:10:00,000 --> 00:10:03,640 Speaker 1: It's how you're making money. So about half of our 197 00:10:03,679 --> 00:10:07,439 Speaker 1: transactions are both interest free, and all the fees that 198 00:10:07,480 --> 00:10:10,000 Speaker 1: you you're at up, you know they never apply, have 199 00:10:10,080 --> 00:10:12,040 Speaker 1: never applied. One of my favorite stat about a firm 200 00:10:12,080 --> 00:10:14,600 Speaker 1: is zero dollars and zero sense of he's charged ever, 201 00:10:15,080 --> 00:10:17,320 Speaker 1: And so that that that's a really good way I'm 202 00:10:17,440 --> 00:10:20,280 Speaker 1: judging us and who we are. UM, so you know, 203 00:10:20,440 --> 00:10:23,839 Speaker 1: there are two sources of income for us, precisely, and 204 00:10:24,240 --> 00:10:27,559 Speaker 1: merchants pay us a little bit or processing these transactions 205 00:10:27,559 --> 00:10:31,240 Speaker 1: for them, and we bring to them and exchanges typically 206 00:10:31,360 --> 00:10:36,000 Speaker 1: very significant increase in conversion as well as average order value. 207 00:10:36,120 --> 00:10:39,720 Speaker 1: So folks that are on defense about buying something that's expensive, 208 00:10:39,800 --> 00:10:43,480 Speaker 1: maybe just a little uncomfortable doing against their checking account. 209 00:10:43,920 --> 00:10:46,240 Speaker 1: Well will help them split it into anything as as 210 00:10:46,320 --> 00:10:48,480 Speaker 1: quickly as six weeks to as long as four years, 211 00:10:48,600 --> 00:10:51,000 Speaker 1: and so that that that's convenience with the knowledge that 212 00:10:51,040 --> 00:10:53,520 Speaker 1: there will be no incremental interests penalties of any kind. 213 00:10:53,679 --> 00:10:57,079 Speaker 1: It's a very powerful driver of conversion and increase spend, 214 00:10:57,640 --> 00:11:00,560 Speaker 1: and so merchants are happy to pay for that. Typically 215 00:11:00,720 --> 00:11:04,680 Speaker 1: are this is win win relationship. There Uh, in some situations, 216 00:11:04,679 --> 00:11:08,640 Speaker 1: the merchants would like us to charge consumers interest, and 217 00:11:08,920 --> 00:11:10,760 Speaker 1: we do in about half the time or I think 218 00:11:10,800 --> 00:11:13,000 Speaker 1: a little bit less and half time obviously fluctuates depending 219 00:11:13,040 --> 00:11:15,959 Speaker 1: on our merchant base, consumers staying no interest at all, 220 00:11:16,400 --> 00:11:19,640 Speaker 1: and in some situations actually really really cool. We have 221 00:11:19,720 --> 00:11:22,360 Speaker 1: these magical moments where consumers pay no interest at all 222 00:11:22,480 --> 00:11:25,000 Speaker 1: and the piece of course, and the merchants pay precious 223 00:11:25,000 --> 00:11:28,680 Speaker 1: little because it's the manufacturer that wants to subsidize the transaction, 224 00:11:28,679 --> 00:11:33,680 Speaker 1: and so they step in to help us deliver this amazing, 225 00:11:33,720 --> 00:11:36,600 Speaker 1: amazing saving for consumers would do the gameor time, but 226 00:11:36,679 --> 00:11:39,480 Speaker 1: it's cost them nothing about the sticker price, while the 227 00:11:39,520 --> 00:11:42,040 Speaker 1: merchant just looks to sale. And so we see those 228 00:11:42,080 --> 00:11:45,200 Speaker 1: models taking significant root in the industry as well. All right, 229 00:11:45,200 --> 00:11:46,920 Speaker 1: I'm gonna end on a lighter note. Just got about 230 00:11:46,920 --> 00:11:50,240 Speaker 1: thirty seconds how many Pelotons were going through your network 231 00:11:50,800 --> 00:11:53,439 Speaker 1: during the past. Think I'm allowed to say that anymore. 232 00:11:53,840 --> 00:11:57,640 Speaker 1: I can tell you that I think we're officially up 233 00:11:57,679 --> 00:12:03,280 Speaker 1: to a full Pelton device family. So so, in other words, 234 00:12:03,280 --> 00:12:06,960 Speaker 1: in your own household, there was a lot going on. Um, 235 00:12:07,000 --> 00:12:09,720 Speaker 1: great stuff, Max, Thank you so much. We I always 236 00:12:09,760 --> 00:12:12,040 Speaker 1: loved talking with you. I really appreciated good luck and 237 00:12:12,400 --> 00:12:15,319 Speaker 1: congratulations on nine years, and look forward to checking back 238 00:12:15,360 --> 00:12:19,160 Speaker 1: with you soon in the future. Max Leftkin He is CEO, 239 00:12:19,240 --> 00:12:22,480 Speaker 1: chief executive officer, founder of a firm, co founder of 240 00:12:22,480 --> 00:12:25,360 Speaker 1: PayPal uh. He was also CTEO of that company and 241 00:12:25,440 --> 00:12:29,000 Speaker 1: chairman of Yell for about eleven years from its founding days. 242 00:12:29,040 --> 00:12:30,360 Speaker 1: So just great to check in with him.