Q4 2021 Consumer Portfolio Services Inc Earnings Call

February 15, 2022

Pardon me. This is the operator today's conference is scheduled to begin shortly please continue to standby and thank you for your patience.

[music].

Good day, everyone and welcome to the consumer portfolio services 2021 fourth quarter operating results conference call.

Today's call is being recorded before we begin management has asked me to inform you that this conference call may contain forward looking statements any statements made during this call that are not statements of historical facts may be deemed forward looking statements.

Statements regarding current or historical valuation of receivables because depending on estimates of future events. Also are forward looking statements. All such forward looking statements are subject to risks that could cause actual results to differ materially from those projected.

I refer you to the company's annual report filed March 10th for further clarification.

The company assumes no obligation to update publicly any forward looking statements whether as a result of new information further events or otherwise.

With us here is Mr. Charles Bradley, Chief Executive Officer, and Mr. Jeff Fritz Chief Financial Officer of consumer portfolio services, I will now turn the call over to Mr. Bradley.

Thank you and welcome to our fourth quarter and full year earnings call.

Thank you I'll say for ones that the numbers really speak for themselves.

Had a great year.

In the fourth quarter. We finished very strong December in particular normally December even November December tail off somewhat substantially in a year.

In 2021 December was a great month. It was the best month of the entire year in terms of originations in the second best origination month in the history of the company.

So wherever we're going is continuing for sure.

Looking at the whole year as I said was the best year in company history.

We grew the portfolio of 54% originations, 54% year over year, which could be a little expected because of the pandemic. We also grew 14% over the 2019 numbers.

The industry I think it's Todd.

<unk> talked about this a bit more later, but finally it appears that the industry is getting some respect on wall Street, there's been a lot of M&A activity.

So suddenly suddenly I guess, but certainly during 2021. It appears people are realizing the value of sub subprime platforms and how resilient the subprime auto industry really is.

These are all great things for 2021 and should be great things for the future.

Also of course, the stock market finally is depreciated in the company our stock has done very well for the year and very well lately and again I'll talk more about that in a little bit. So first I'll, let Jeff answer the financials.

Thanks, Brad welcome everybody.

I'll begin with the revenues $69 $4 million for the fourth quarter, that's up 1% over our third quarter of 2021 and up 11% over the fourth quarter of <unk>.

Last year.

Full year revenues $267 8 million is down just 1% from $2 $71 2 million for the full year of 2020.

And so we still have kind of despite for coated portfolio, a little bit the legacy portfolio.

Is yielding 18% is now only $237 million or 11% of the total portfolio the fair value portfolio, representing everything we've originated since 2018 as $1 $9 billion, 89% of the total yielding 11, 3% in the fourth quarter and remember that that yield is now.

Of losses.

And there were no marks to the fair value portfolio in the fourth quarter.

Moving on to the expenses.

For the quarter of 45.

$45 million down 8% from $49 million in our third quarter of this year and down 20% from $56 million in the fourth quarter of 2020 full year expenses, $202 1 million down 19% from $251 million and the full year of 2020.

Now, we've seen year over year, and even quarter to quarter reductions in many of our expense categories. Due to efficiencies. We certainly had lower interest expense because of the way the asset backed market has evolved over the last couple of years and this quarter, we had somewhat unusual.

Entry $13 million credit if you will a negative expense for the provision for credit losses, and that obviously was a big favorable component of the results for the quarter.

That $13 million.

Compared to zero in provisions for credit losses, a year ago. So you can see the difference that that impacts year over year.

Pre tax earnings $24 4 million for the quarter, that's up 25% from the September quarter, this year and up a whopping, 275% from $6 5 million in the fourth quarter of 2020 full year pre tax earnings of $65 $8 million up 227% compared to $20 1 million for the.

The full year of 2020.

Net income for the quarter $19 million Thats up 39% compared to $13 seven for the third quarter of 'twenty, one and up 300% compared to $4 1 million and net income for the fourth quarter of 2020.

Full year net income for $47 5 million, which is a 119% increase over the full year of net income of $21 7 million in 2020.

Diluted earnings per share for the quarter 71.

37% increase over the 52 since we put up in the third quarter this year and 318% increase over the 17, we posted in the fourth quarter of 2020 full year diluted earnings per share of $1 84.

Early double little over double the 90 that we posted for the full year of 2020.

Moving on to the balance sheet, we have a strong liquidity position due to the really great credit performance not just in the quarter, but really over the last 24 months or so that has allowed us to rely somewhat less on the warehouse lines. We do have two $100 million of warehouse facilities, but we're able to use a lot of our own cash on hand.

Further minimizing our interest expense on the balance sheet, we have that residual.

Financing facilities, it's actually two facilities, but the one is down to $3 $7 million and that will be fully repaid very soon probably sometime here in the first quarter.

Moving onto some of the performance metrics.

The.

Net interest margin for the quarter was $52 4 million, that's up 10% compared to $47 8 million in the third quarter, this year and up 33% compared to $39 5 million.

The fourth quarter of 2020.

Full year net interest margin $192 6 million, 13% increase over $169 8 million for the full year of 2020. So you had a couple of things going on here primarily.

The blended cost of all of our ABS for the quarter was three 4% compared to four 4% in the fourth quarter of 2020, so what's been happening as each successive quarter really over the last probably year and a half almost two years as the ABS deals that we're putting on are at lower blended costs than the stuff.

Thats retiring in the older pools, and it's driving those rates down almost every quarter.

Core operating expenses for the quarter of $41 million, that's a 21% increase over the $33 9 million in the third quarter of this year and a 24% increase over 33 million for the fourth quarter of 2020 full year core operating expenses of $141 4 million, a 4% increase over.

Core operating expenses for 2020.

Core operating expenses as a percent of the managed portfolio seven 5% for the fourth quarter up slightly from $6 four in the third quarter of this year and up a little bit from 6% in the fourth quarter of last year full quarter core operating expenses as a percent of the managed portfolio six 6% compared to five.

Five 9% for all of 2020.

Return on managed assets for the quarter, four 5%, which is a 73% increase over the two 6% from the third quarter of this year and a 275% increase over one 2% for the fourth quarter of 2020 full year return on managed assets pretax return on managed assets.

It's three 1% compared to <unk>, 9% for the full year 2020, again for the fourth quarter significant benefit from the $13 million and reversal of prior provisions for credit losses.

Say also that that even with the $13 million reduction in the allowance for credit losses on that seasonal portfolio that legacy portfolio. The remaining allowance for loan losses on those loans is something like 24%. So we still have a robust allowance for loan losses on those older receivables.

Credit performance metrics the delinquency at the end of the year was 10, 5% that's up kind of in a seasonal expected basis from nine 4% at the end of September down from 12% at the end of last year.

Net losses for the quarter annualized net losses to five 7% that's less than the 282% for the third quarter of this year and significantly less than $5 one eight.

For the fourth quarter of 2020.

Full year annualized net losses for 7% that is a significant reduction from the full year annualized net losses of six 5% in 2020.

And what's really been a significant component of the story of credit performance over the full year.

The auction liquidation percentages for the fourth quarter, we got 63, 3% of our loan balances at the auction compared to 41, 9% a year ago in the fourth quarter. So that as I said as part of the story for sure record high returns at the auctions.

Looking to the ABS market, our fourth quarter ABS transaction in 2021 D was completed in October and we observe somewhat softer demand in some of the bond tranches, but the low benchmark still resulted in a very low two point, 100% blended yield and then more recently just last month in January we did our firm.

Quarter transaction in 2022, and we saw somewhat improved demand across the stack.

With the higher somewhat higher benchmarks and spreads still got a very attractive low blended cost of funds of 256%.

And with that I'll turn it back over to Brad.

Thank you, Jeff so sort of looking at a few things.

For many reasons 2021 was a great year.

So looking at where we stand probably the first thing is looking at market originations and it's easy enough to say, it's all about growth.

As I mentioned earlier, we grew the portfolio substantially originations substantially in 2021.

As much as the market has lots of good things as stimulus, so and everything else, but the real trick here as we continue for us to grow and so we grew a lot in 2021 as I mentioned December was the best month of the year and the second best month ever in that month was around 119, just shy of $120 million in the month.

But if you look at the year as a whole we only averaged around $95 million a month. We've continued from December moving exactly that kind of trend.

We can stay in that 115 to $1 20, a month range originations are going to grow the portfolio is going to grow down the road.

It really is going to help the stability and the growth in the.

Earnings expectations of the company.

Very strong we are expanding our marketing base with people, we're expanding our dealership base across all states.

That program is going very well it was a little slow to independent but towards the end of the year and now it is really starting to kick off and again that would be the key to how we continue the growth trends.

Also.

During the pandemic, we had the stimulus and that's certainly helped lots of customers or anything else, but actually it's been a tough market because there weren't any cars.

One of the things, we've always said and certainly has been borne out in 2021 as our customers when they need a car. They go get a car they needed to drive to work and so that's a fundamental reason why our business has continued to run well even through the pandemic.

Also we should point out that we are scoring model, we're working on our seventh generation scoring model.

It is producing great results, we're able to sort of tweak it going into different segments of the market.

Probably going to put our eighth generation, scoring model in a few months.

Sure.

One of the core reasons things are doing so well.

So looking at collections for a minute as Jeff pointed out our DQ and our losses are doing great. One might have thought that during after all this money you can sort of stop flowing that things would change, but it really has and our performance continued to be good we really kind of trying to stick to our basis of not having held high ltvs, we wanted to make sure the cusp.

<unk> in the car the correct way.

It makes it easier to collect it will make it easier to collect down the road when those recovery rates go down.

But all things are working very well there we do as we mentioned I think in previous calls we added some near shore servicing it's a little better economically, but it gives us even more ways to attack the portfolio.

That has been very effective in our collection, scoring model is also very effective so we know who to call when the call how to call all of that in 2021 as I think I mentioned in previous phone calls when things slow down a little bit in the pandemic because of the different things you have time to look at different areas re fix them rebuild them make them better and we certainly did that in all of two <unk>.

'twenty, one we expect that to pay off handsomely in 2022 again, mostly in the fourth quarter in the third quarter. We saw a lot of these things really work as I said, there wasn't really any more government money coming yet we were able to still grow the business keep the performance where it was if not even improve it even still normally the fourth quarters.

Not a strong quarter. It was a very strong quarter for us in 2021.

We still as I think Jeff pointed out we have the strongest cash position in the history of the company, we raised $50 million of extra money. During 2021 looking back we might not have needed to do that but however, the best time raise money when you don't need it so we did.

I think that will give us a very strong position going forward that cash continues to build even and then sort of less government helpful environment. So it should be very good.

So now transitioning over to look at the industry.

This is probably the most interesting part of what we're doing today as I mentioned, our industry is suddenly back in favor in many ways. One of those ways is by some M&A activity. That's happened in the industry people, who have bought some of the platforms people had mentioned they want to buy a platform. Some dealer groups out there have recently said very recently.

They're interested in buying a platform.

The Fintech surge is also very interesting.

Everybody is all interest in fintech that might want to buy a platform, but it's a little bit interesting to US is we basically are a fintech nobody realizes we've had our own black box for 25 years, we've added the ability to use our data not other people's data and other data you've found to make our model very very effective so but with the <unk>.

First with the Fintech and the platform interest being done an evaluation of some of these companies are getting in both sides of that equation.

I think it's paying off in our stock price certainly it shows in that way.

But if you saw continues its a good thing for US one of the things dimension is.

No. One has really entered our industry in almost 10 years, a few have but only in a small way and so there is real good barriers to entry now extend people want to expand gather finance part.

We're in a good spot for all of those things.

Again looking at the pandemic as I mentioned, the cash balance for us will be very important.

I think the transition is the car market heats up began will only help us it'll have more cars to sell more cars to finance again, the fact that we were able to get through.

Relatively challenging time for other reasons in terms of work from home and things like that and I think many things that happened during the pandemic benefited benefited thats quite greatly.

So a lot of that was seen in 2021, but again I think it's really showed across all things. It shows that our model works. It shows that the way we do things both in terms of marketing originations in terms of collections.

All very strong.

Jeff pointed out the securitization market remains very strong. The fact that we have a lot of cash gives us a little more flexibility in terms of how we do securitizations and when we do Securitizations and again I think going forward that helps too.

No.

It's been interesting.

And looking at the future certainly the economy and world events will always be a major factor in how we fair in the world.

I think again things should be okay for a while when the supply chain and unlocks and things get going we should have a very good year over the next couple our goal. After building on 2021 is to continue to do that continue to grow continuing to use a collection model our origination scorecards to produce the best products.

Possibly can and more importantly get bigger.

Our portfolio is somewhat shy of $2 5 billion and our goal is to double that in a few years and the way you do it is to have a model that works to have an organization that works and they use it and grow it. So those are the goals we have.

At this point, it's all systems full speed.

Is probably certainly in the 30 year history of the company when the best position we've ever been in the overall markets seem to recognize our industry and give us some credit for it finally, so again, let's see what we can do that going forward.

So with that we'll open it up for questions.

Thank you.

The floor is now open for questions. At this time, if you have a question or comment. Please press star one on your Touchtone phone.

Any point your question answered you may remove yourself from the queue by pressing the pound key.

I'll ask Paul to your question that you pick up your handset to provide optimum sand quality.

Again that is star one to ask a question.

I'm not showing any questions in the queue Sir.

Oh I'm sorry, we just have one from Sam Ellis with Altai experience.

I'm sorry.

Okay.

Sir you may.

Leave any.

All comments or closing remarks.

Thank you we had a great quarter, we had a great year. We're looking forward to this year again as I said in sort of in the details everything is going the right way for US. We just want to continue to do it that way and keep things moving thank you very much we'll talk to you shortly after our first quarter.

Thank you. This does conclude today's teleconference. A replay will be available beginning two hours from now until February 22022 by dialing 8585920.

Or for five seven today for Euro six with the conference identification number 931.

197 to nine.

A broadcast of the conference call will also be available live and for 90 days after the call via the company's website at Www dot consumer portfolio Dot com.

Please disconnect your lines at this time and have a wonderful day.

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[music].

Good day, everyone and welcome to the consumer portfolio services 2021 fourth quarter operating results Conference call. Today's call is being recorded before we begin management has asked me to inform you that this conference call may contain forward looking statements.

Any statements made during this call that are not statements of historical facts may be deemed forward looking statements statements regarding current or historical valuation of receivables because depending on estimates of future events. Also are forward looking statements all such forward looking statements are subject to risk.

That could cause actual results to differ materially from those projected I refer you to the company's annual report filed March 10th for further clarification.

The company assumes no obligation to update publicly any forward looking statements whether as a result of new information further events or otherwise.

With us here is Mr. Charles Bradley, Chief Executive Officer, and Mr. Jeff Fritz Chief Financial Officer of consumer portfolio services, I will now turn the call over to Mr. Bradley.

Thank you and welcome to our fourth quarter and full year earnings call.

Thank you all today for ones that the numbers really speak for themselves.

Had a great year.

The fourth quarter. We finished very strong December in particular normally December even November December tail off somewhat substantially in a year.

In 2021 December was a great month. It was the best month of the entire year in terms of originations in the second best origination month in the history of the company. So wherever we've got Goin' is continuing for sure.

Looking at the whole year as I said, it's the best year in company history.

We grew the portfolio of 54% originations, 54% year over year, which could be a little expected because of the pandemic. We also grew 14% over the 2019 numbers.

At the industry I think it's I talked about this a bit more later, but.

Finally, it appears that the industry is getting some respect on wall Street, there's been a lot of M&A activity.

Suddenly suddenly I guess, but certainly during 2021. It appears people are realizing the value of sub subprime platforms and how resilient the subprime auto industry really is.

These are all great things for 2021 and should be great things for the future.

Also of course, the stock market. Finally is appreciated the company our stock has done very well for the year and very well lately and again I'll talk more about that in a little bit. So first I'll, let Jeff answer the financials.

Thanks, Brad welcome everybody will begin with the revenues $69 4 million for the fourth quarter, that's up 1% over our third quarter of 2021 and up 11% over the fourth quarter of last year. The full year revenues $267 8 million is down just 1% from $2 71.

$2 million for the full year of 2020, and so we still have kind of despite for coated portfolio a little bit the legacy portfolio, which is yielding 18% is now only $237 million or 11% of the total portfolio.

Fair value portfolio, representing everything we've originated since 2018 as $1 $9 billion, 89% of the total yielding 11, 3% in the fourth quarter and remember that that yield is net of losses.

And there were no marks to the fair value portfolio in the fourth quarter.

And it expenses.

For the quarter of 45.

And even quarter to quarter reductions in many of our expense categories due to efficiencies. We certainly had lower interest expense because of the way the asset backed market has evolved over the last couple of years and this quarter, we had somewhat unusual.

$13 million credit if you will a negative expense for the provision for credit losses, and that obviously was a big favorable component of the results for the quarter.

That $30 million.

Compared to zero in provisions for credit losses, a year ago. So you can see the difference that that impacts year over year.

Pre tax earnings $24 4 million for the quarter, that's up 25% from the September quarter, this year and up a whopping, 275% from $6 5 million in the fourth quarter of 2020 full year pre tax, earning $65 $8 million up 227% compared to $20 1 million for the.

Full year of 2020.

Net income for the quarter of $19 million Thats up 39% compared to $13 seven for the third quarter of 'twenty, one and up.

307% compared to $4 1 million and net income for the fourth quarter of 2020.

Full year net income for $47 5 million, which is a 119% increase over the full year of net income of $21 7 million in 2020.

Diluted earnings per share for the quarter 71.

37% increase over the 52, we put up in the third quarter this year and 318% increase over the 17, we posted in the fourth quarter of 2020.

Full year diluted earnings per share of $1 84.

Nearly double a little over double the 90 that we posted for the full year of 2020.

Moving on to the balance sheet, we have a strong liquidity position due to the really great credit performance not just in the quarter, but really over the last two.

24 months or so that has allowed us to rely somewhat less on the warehouse lines. We do have two $100 million warehouse facilities, but we're able to use a lot of our own cash on hand.

We're minimizing our interest expense on the balance sheet, we have that.

Residual financing facility, that's actually two facilities, but the one is down to $3 7 million and that will be fully repaid.

Soon probably sometime here in the first quarter.

Moving onto some of the performance metrics.

The.

Net interest margin for the quarter was $52 4 million, that's up 10% compared to $47 8 million in the third quarter, this year and up 33% compared to $39 5 million.

The fourth quarter of 2020.

Full year net interest margin $192 6 million, 13% increase over $169 8 million for the full year of 2020, and you've got a couple of things going on here primarily the.

The blended cost of all of our ABS for the quarter was three 4% compared to four 4% in the fourth quarter of 2020, so its been happening as each successive quarter really over the last probably year and a half almost two years as the ABS deals that we're putting on are at lower blended costs than the stuff.

Thats retiring in the older pools, and it's driving those rates down almost every quarter.

Core operating expenses for the quarter of $41 million, that's a 21% increase over the $33 9 million in the third quarter of this year and a 24% increase over $33 million for the fourth quarter of 2020 full year core operating expenses of $141 4 million a 4% increase over.

Core operating expenses for 2020.

Five 9% for all of 2020.

Three 1% compared to <unk>, 9% for the full year 2020, again for the fourth quarter significant benefit from the $13 million and reversal of prior provisions for credit losses, I might say also that that even with the $13 million reduction in the allowance for credit losses on that seasonal portfolio that legacy.

<unk> the remaining allowance for loan losses on those loans is something like 24%. So we still have a robust allowance for loan losses on those older receivables.

Credit performance metrics the delinquency at the end of the year was 10, 5% that's up kind of in a seasonal expected basis from nine 4% at the end of September down from 12% at the end of last year.

Losses for the quarter annualized net losses to 57% that's less than the $2 eight 2% for the third quarter of this year and significantly less than $5 one eight.

For the fourth quarter of 2020.

Full year annualized net losses for 7% that is a significant reduction from the full year annualized net losses of six 5% in 2020.

And what's really been a significant component of the story of credit performance over the full year.

Looking to the ABS market, our fourth quarter ABS transaction in 2021 deep was completed in October and we observe somewhat softer demand in some of the bond tranches, but the low benchmark still resulted in a very low two point, 100% blended yield and then more recently just last month in January we did our first.

Quarter transaction in 2022.

And we saw somewhat improved demand across the stack.

The higher somewhat higher benchmarks and spreads still got very attractive low blended cost of funds of 256%.

And with that I'll turn it back over to Brad.

Thank you, Jeff So let's start looking at a few things.

For many reasons 2021 was a great year.

So looking at where we stand probably the first thing is again, mark and originations and <unk>.

<unk> I have to say, it's all about growth as.

As I mentioned earlier, we grew the portfolio substantially originations substantially in 2021.

As much as the market has lots of good things as stimulus and everything else, but the real trick here is as we continue for us to grow and so we grew a lot in 2021 as I mentioned December was the best month of the year and the second best month ever in that month was around 119, just shy of $120 million in a month.

If you look at the year as a whole we only averaged around $95 million a month. We've continued from December moving exactly that kind of trend.

Are we going to stay in that 115 to $1 20, a month range originations are going to grow the portfolio is going to grow down the road.

It really is going to help the stability and the growth.

Earnings expectation of the company. So very strong we are expanding our marketing base, where people are expanding our dealership base across all states.

Program is going very well it was a little slow during the pandemic, but towards the end of the year and now it is really starting to kick off and again that would be the key to how we continue the growth trends.

Also.

During the pandemic, we had the stimulus and that certainly helped launch customers anything else, but actually it's been a tough market because there weren't any cars.

The things, we've always said and certainly has been borne out in 2021 as our customers when they need a car they're going to get a car they needed to drive to work and so that's a fundamental reason why our business has continued to run well even through the pandemic.

Also we should point out that we are scoring model, we're working on our seventh generation scoring model.

Is producing great results, we're able to sort of tweak it going into different segments of the market.

Probably going to put our eighth generation scouring model in a few months.

Again, when the core reasons things are doing so well.

So looking at collections per minute as Jeff pointed out our DQ and our losses are doing great. One might have thought that during after all this money will start flowing that things would change, but it really has and our performance continued to be good. We really just kind of trying to stick to our basis of not having high ltvs, we want to make sure the cusp.

<unk> in the car the correct way.

It makes it easier to collect it will make it easier to collect down the road when those recovery rates go down.

All things are working very well there we do as we mentioned I think in previous calls we added some near shore servicing it's a little better economically, but it gives us even more ways to attack the portfolio that has been very effective in our collection, scoring model is also very effective so we know who to call when the call how to call all of them.

In 2021, as I think I mentioned in previous phone calls when things slow down a little bit in the pandemic because of the different things you have time to look at different areas re fix them rebuild them make them better and we certainly did that in all of 2021, we expect that to pay off handsomely in 2022 again, mostly in the fourth quarter.

Third quarter, we saw a lot of these things really work as I said, there wasn't really any more government money coming yet we were able to still grow the business keep the performance where it was if not even improve it even still normally fourth quarter is not a strong quarter. It was a very strong quarter for us in 2021.

We still as I think Jeff pointed out we have a strongest cash position in the history of the company, we raised $50 million of extra money. During 2021 looking back we might not have needed to do that but however, the best time raise money when you don't need it so we did.

That will give us a very strong position going forward that cash continues to build even and then sort of less government helpful environment. So it should be very good.

So now transitioning over to look at the industry. This is probably the most interesting part of what we're doing today as I mentioned, our industry is suddenly back in favor in many ways one of those ways by some M&A activity. That's happened in the industry people have bought some of the platforms.

People had mentioned they want to buy a platform some dealer groups out there have recently said very recently than what they're interested in buying a platform.

The Fintech surge is also very interesting.

Everybody is all interest in fintech that might want to buy a platform, but it's a little bit interesting to US is we basically are a fintech nobody realizes we've had our own black box for 25 years without the ability to use our data not other people's data and other data you've found to make our model very very effective so but with the <unk>.

First with the Fintech and the platform interest.

Being done an evaluation of some of these companies are getting in both sides of that equation.

I think it's paying off in our stock price certainly it shows in that way.

But if we saw continues its a good thing for US one of the things dimension is.

No one's really ended our industry in almost 10 years, a few had only a small way and so there is real good barriers to entry now extend people want to expand gather finance part.

We're in a good spot for all of those things.

Again looking at the pandemic as I mentioned, the cash balance for us will be very important.

I think the transition is the car market heats up began will only help us it will have more cars to sell more cars to finance again, the fact that we were able to get through.

A relatively challenging time for other reasons in terms of work from home and things like that and I think many things that happened during the pandemic that has benefited us quite greatly.

All very strong as Jeff pointed out the securitization market remains very strong.

We have a lot of cash gives us a little more flexibility in terms of how we do securitizations and when we do Securitizations and again I think going forward that helps too so.

It's been interesting.

And looking at the future certainly the economy and world events will always be a major factor in how we fair in the world.

Possibly can and more importantly get bigger.

Our portfolio is somewhat shy of $2 5 billion and our goal is to double that in a few years and the way you do it is to have a model that works to have an organization that works and to use it and grow it. So those are the goals we have.

At this point, it's all systems full speed.

Okay.

Probably certainly in the 30 year history of the company when the best position we've ever been in the overall market seem to recognize our industry and give us some credit for it finally, so again, let's see what we can do with that going forward.

With that we'll open it up for questions.

Thank you.

The floor is now open for questions. At this time, if you have a question or comment. Please press star one on your question Tom If at any point. Your question answered you may remove yourself from the queue by pressing the pound key.

We do ask while you're posing a question that you pick up your handset to provide optimum sand quality.

Again that is star one to ask a question.

I'm not showing any questions in the queue Sir.

Oh I'm sorry, we just have one from some ellis with Altai experience.

I'm sorry.

Okay.

To wrap it up.

Sir you may can alright, thanks leave any final comments or closing remarks.

Thank you we had a great quarter, we had a great year. We're looking forward to this year again as I said in sort of in the details and everything is going the right way for US. We just want to continue to do it that way and keep things moving thank you very much we'll talk to you shortly after our first quarter.

Thank you. This does conclude today's teleconference. A replay will be available beginning two hours from now until February 22nd 2022 by dialing 858592 CLO or.

Or.

Four 530, 734 Euro six with the conference identification number 931.

197 to nine.

A broadcast of the conference call will also be available live and for 90 days after the call via the company's website at Www dot consumer portfolio Dot com.

Please disconnect your lines at this time and have a wonderful day.

Q4 2021 Consumer Portfolio Services Inc Earnings Call

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Consumer Portfolio Services

Earnings