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Orion Digital Corp. Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Date: Q2 2021 Earnings Conference Call

Key Context: Mogo reported strong growth driven by subscription services, card adoption, and strategic investments/acquisitions. Focus remains on building a digital wealth platform for Gen Z/millennials in Canada, with emphasis on financial health and sustainability via MogoCard (carbon offsetting + Bitcoin rewards). Total members reached 1.7 million (up 63% YoY from ~1.0 million in Q2 2020; >60% from Moka acquisition). If including Coinsquare's ~600k members, ecosystem exceeds 2 million. ~95% of revenue is now recurring.

Financial Highlights (Q2 2021 vs. Q2 2020)

  • Total Revenue: $13.7 million, +29% YoY. Subscription & services revenue drove all growth and now comprises 60% of total (vs. 43% prior year).
  • Subscription & Services Revenue: +81% YoY (accelerated from prior trends; new streams from Carta/Moka + MogoCard volume surge). Updated 2021 guidance: +100-110% YoY (raised from 80-100%).
  • Payments Volume: +83% YoY to $2 billion (B2B via Carta).
  • MogoCard Transaction Volume: +1,600% YoY (key driver; average user spend ~$650/month; 66% of active users report average savings of >$200/month).
  • MogoCrypto Volume: +390% YoY (Bitcoin users 7.5x more likely to refer; <5% of total revenue).

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Operator: Ladies and gentlemen, thank you for standing by, and welcome to the Mogo Q2 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Craig Armitage with Investor Relations. Thank you. Please go ahead, sir. Craig Armitage: Thank you, and thanks for joining us today. Just a couple of quick notes from me before we get started. First, today’s call will contain forward-looking statements that are based on current assumptions and subject to risks and uncertainties that could cause actual results to differ materially from those projected. The Company undertakes no obligation to update these statements, except as required by law. Information about these risks and uncertainties are included in our Q2 filings as well as periodic filings with regulators in Canada and the United States, which you can find on SEDAR, EDGAR and on the Investor Relations section of our website. Second, today’s discussion will include adjusted financial measures, which are non-IFRS measures. These should be considered as a supplement to and not as a substitute for IFRS financial measures. And lastly, the amounts today are discussed in Canadian dollars, unless otherwise indicated. And actually a final note that we do have

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