Q4 2023 Consumer Portfolio Services Inc Earnings Call

March 18, 2024

Okay. Good day, everyone and welcome to the Consumer Portfolio Services 2023 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 are also forward looking statements.

Operator: Good day, everyone and welcome to the Consumer Portfolio Services 2023 Fourth Quarter Operating Results Conference Call. Today's call is being recorded.

Operator: Good day, everyone, and welcome to the Consumer Portfolio Services 2023 Fourth Quarter Operating Results Conference Call. Today's call is being, 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, statements regarding current or historical valuation of receivables, because dependent on estimates of future events, are also forward-looking statements. All such forward-looking statements are subject to risks that could cause actual results to differ materially from those projected.

Speaker Change: Good day, everyone and welcome to the consumer portfolio services 2023 fourth quarter operating results conference call.

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 are also 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 15th 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.

Speaker Change: Today's call is being recorded.

Speaker Change: 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.

Speaker Change: Statements regarding current or historical valuation of receivables because depending on estimates of future events are also forward looking statements.

Speaker Change: All such forward looking statements are subject to risks that could cause actual results to differ materially from those projected.

Operator: I refer you to the company's annual report filed March 15th for further clarification. The company assumes the 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; Mr. Danny Bharwani, Chief Financial Officer; and Mr. Mike Lavin, President and Chief Operating Officer of Consumer Portfolio Services. I will now turn the call over to Mr.

Speaker Change: I refer you to the company's annual report filed March 15th for further clarification.

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

Speaker Change: Other events or otherwise.

Speaker Change: With us here is Mr. Charles Bradley, Chief Executive Officer; Mr. Danny Bharwani, Chief Financial Officer; and Mr. Mike Levin, President and Chief Operating Officer of Consumer Portfolio Services. I will now turn the call over to Mr. Bradley.

With us here is Mr. Charles Bradley, Chief Executive Officer; Mr. Danny Bharwani, Chief Financial Officer; and Mr. Mike Lavin, President and Chief Operating Officer of Consumer Portfolio Services.

I will now turn the call over to Mr. Bradley.

Charles E. Bradley: Thank you and welcome everyone to our fourth quarter and full year earnings call. You know, thinking about this call and what I should say, the real thing was, 23 probably, in retrospect, was what we'll loosely call a transitional year for us, and in terms of where we want to go as a company, somewhat of a neutral year. And it harkens back to, I think, late January of 23, when we were looking at our credit performance. We were somewhat surprised and or dismayed, if not shocked, that the 22 vintages weren't performing as well as we thought they would. And at that point, we decided we needed to slow things down and figure out what was going on, and so we did.

Charles Bradley: Thank you and welcome everyone, to our Fourth Quarter and Full Year Earnings Call. Thinking about this call and what I should say, the real thing was '23, probably in retrospect, was what we'll loosely call a transitional year for us. And in terms of where we want to go with the company, somewhat of a neutral year. And it harkens back to I think in late January of '23, when we were looking at our credit performance, we were somewhat surprised and/or dismayed if not shocked that the '22 vintages weren't performing as well as we thought they would.

Speaker Change: Yeah, I'm thinking about this call and what I can say.

Speaker Change: Real thing was 23, probably in retrospect was what we'll loosely call a transitional year for us and in terms of where we want to go with the company somewhat of a neutral year.

Speaker Change: It harkens back to I think in late January of 'twenty three.

Charles Bradley: And it harkens back to I think in late January of '23, when we were looking at our credit performance, we were somewhat surprised and/or dismayed if not shocked that the '22 vintages weren't performing as well as we thought they would.

It harkens back to I think in late January of 'twenty three.

Speaker Change: When we were looking at our credit performance, we were somewhat surprised and are dismayed if not shocked that the 22 vintages weren't performing as well as we thought they would.

Speaker Change: And at that point, we decided we needed to slow things down and figure out what was going on, and so we did. So really unfortunately, at some level, we spent--I mean, there's good news, bad news. Bad News is we spent most of the '23 evaluating the '22 performance and figuring out what went wrong and how to make it better, so that we can then move forward. And it took some time.

Charles E. Bradley: So really, unfortunately, at some level, we spent – I mean, there's good news and bad news. The bad news is that we spent most of 23 evaluating the 22 performance and figuring out what went wrong and how to make it better so that we could then move forward. And it took some time.

Speaker Change: Bad News is we spent most of the 23 evaluating at 22 performance and figuring out what went wrong and how to make it better. So that we can then move forward.

Speaker Change: And it took some time.

Charles E. Bradley: One of the things we did immediately was tighten the credit, improve the model, beef up the collection team, and kind of went after making that 22 paper perform as best as we possibly could. And so, unfortunately, at some level, we spent most of 23 waiting to see how 22 would do rather than try and grow real fast in 23 and not really know how we were going to improve. So what we did find out as the year went on, and actually, just the first or second quarter, as much as we were somewhat dismayed with our performance and how our credit was performing, we found out that almost everyone else in the industry was doing far, far worse. So that was a bit of an interesting sort of revelation that, as much as we didn't like our paper, our paper was doing way better than almost everyone else's, and that is So the question we get all the time is why. Why did that happen, and why did we do better? So, as much as it's kind of difficult, I'm not going to go through the whole thing.

One of the things we did immediately was we tightened the credit, improve the model and beefed up the collection team, and kind of went after making that '22 paper performance best as we possibly could. And so unfortunately, at some level, we spent most of '23 waiting to see how '22 would do, rather than try and grow real fast in '23, and not really know how we were going to improve. So what we did find out as the year went on, and actually just a first or second quarter as much as we were somewhat dismayed in our performance and how our credit was performing, we found out that almost everyone else the industry was doing far, far worse.

Speaker Change: One of the things we did immediately was we tightened the credit improve the model and beefed up the collection team and kind of went after making that 'twenty two pay per performance best as we possibly could and so unfortunately, we spent most of 'twenty three waiting to see how 22 went to rather than try and grow real fast.

Speaker Change: And 'twenty three not really know how we were going to improve so what we did find out as the year went on and actually just a first or second quarter as much as we were somewhat dismayed and our performance and how our credit was performing we found out that almost everyone else the industry was doing far far worse.

Speaker Change: So that was a bit of an interesting sort of revelation that as much as we didnt like our paper, our paper was doing way better than almost everyone else's and that is true today. So a question we get all the time is why. Why did that happen? And why did we do better? So as much as it's kind of difficult, I'm not going to go through the whole thing. Just go through a couple of highlights that we've determined probably are the cause of why '22 wasn't as good and '23 ended up being better or the things we fixed in '23.

Charles E. Bradley: I'll just go through a couple of highlights that we've determined probably are the cause of why 22 wasn't as good and 23, you know, ended up being better. The things we fixed in 23. One of the first things was somebody in our industry came up with a not-so-brilliant idea of guaranteeing back-end profit to all the dealerships. Being that we had been along kind of forever, around forever, we realized right away that that was kind of stupid.

Speaker Change: Just go through a couple of highlights that we've determined probably are the cause of why twenty-two wasn't as good in 'twenty three.

Speaker Change: It ended up being better or things, we fixed in 'twenty three. The first thing is why somebody in our industry came up with a not so brilliant idea of guaranteeing backend. Profit to all the dealerships. Being that we had been a long kind of forever around forever, we realized right away that was kind of stupid. However, we looked at it in a lot and it turns out most people in industry, followed along that path and eventually we came up with a much tighter scaled back version of what we call the backend profit program.

It ended up being better or things, we fixed in 'twenty three.

One of the first things was somebody in our industry came up with a not so brilliant idea of guaranteeing back-end profit to all the dealerships, being that we have been a long kind of forever around forever. We realized right away that was kind of stupid. However, we looked at it a lot and it turns out most people on industry, followed along that path and eventually we came up with a much tighter scaled back version of what we call the back-end profit program. And in the end, that probably helped us.

Speaker Change: The first thing is why somebody in our industry came up with a not so brilliant idea of guaranteeing backend.

Speaker Change: Profit to all the dealerships.

Speaker Change: Being that we had been a long kind of forever around forever, we realized right away that was kind of stupid. However, we looked at it in a lot and it turns out most people in industry, followed along that path and eventually we came up with a much tighter scaled back version of what we call the backend profit program.

Charles E. Bradley: However, we looked at it a lot, and it turns out most people in the industry followed along that path, and eventually, we came up with a much tighter, scaled-back version of what we call the back-end profit program. And in the end, that probably helped us. One of the things that that program did is it boosted LTVs, loan-to-values, significantly when you're guaranteeing profits to the dealer. Obviously, it was a good program in terms of the dealerships, and the dealerships loved making all this money for sure, no matter what the contract they were writing. We were obviously very skeptical, and so we did it a little bit differently and didn't do it as dramatically as everyone else, and we certainly did it a lot slower than everyone else.

Speaker Change: And yes, and that probably helped us. One of the things that that program did is it boosted ltvs loan to values are significantly when you're guaranteeing the profit severe obviously it was a good program in terms of the dealerships and the dealership loss, making all this money for sure no matter what contract they were writing and we were obviously very skeptical and so.

And yes, and that probably helped us.

One of the things that, that program did is it boosted LTVs Loan-to-Values significantly, when you're guaranteeing the profit to the other. Obviously, it was a good program in terms of the dealerships, because the dealership love making all this money for sure no matter what contract they were writing. We were obviously very skeptical, and so we did it a little bit differently, and didn't do it as dramatically as everyone else. And we certainly did it a lot slower than everyone else. That turned out to be very significant in helping us to do better in the whole process of the '22 paper.

Speaker Change: We did it a little bit differently.

Speaker Change: And didn't do it as dramatically as everyone else and we certainly did a lot slower than everyone else. That turned out to be very significant in helping us to do better in the whole process of the 22 paper. The other thing that happened is everybody started growing a lot. The rates were really low business is booming the auction values are great. And for some unknown reason a lot of her friends decided to stop fully verifying stipulations things like proof of income, meaning like I don't know if they had a job things like where do they live how long have they had a job and you know dealerships being wonderful folks sort of maybe.

And didn't do it as dramatically as everyone else and we certainly did a lot slower than everyone else. That turned out to be very significant in helping us to do better in the whole process of the 22 paper.

Charles E. Bradley: That turned out to be very significant in helping us do better in the whole process of the 22 paper. The other thing that happened was everybody started growing a lot. The rates were really low, business was booming, the auction values were great, and for some unknown reason, a lot of our friends decided to stop fully verifying stipulations. Things like proof of income, meaning like, I don't know, they had a job.

Speaker Change: That turned out to be very significant in helping us to do better in the whole process of the 22 paper. The other thing that happened is everybody started growing a lot. The rates were really low business is booming the auction values are great.

The other thing that happened is everybody started growing a lot. The rates were really low, businesses booming, the auction values were great. And for some unknown reason, a lot of our friends decided to stop fully verifying stipulations, things like proof of income, meaning like I don't know they had a job. Things like, where do they live? How long have they had a job? And dealerships being wonderful folks, sort of maybe tend to take advantage of lenders, who don't check things.

Speaker Change: And for some unknown reason a lot of her friends decided to stop fully verifying stipulations things like proof of income, meaning like I don't know if they had a job things like where do they live how long have they had a job and you know dealerships being wonderful folks sort of maybe.

Charles E. Bradley: Things like where do they live, how long have they had a job? And dealerships, being wonderful folks, sort of, maybe, tend to take advantage of lenders who don't check things. One thing we've always done, and we will continue to do no matter how much work it is, is verify everything. We make sure our customers have a job, we make sure that they're living where they live, we do a full credit check and everything.

Speaker Change: Tend to take advantage of the lenders, who don't check things.

Speaker Change: One thing we've always done, and we will continue to do it no matter how much work it is, as we verify everything we make sure our customers have a job, we make sure that they're living where they live, and we do a full credit checks and everything. And we do it verbally over the phone. And for whatever reason, that tends to protect us dramatically in terms of some of the problems that happened in our industry.

Charles E. Bradley: And we do it verbally over the phone, and for whatever reason, that tends to protect us dramatically in terms of some of the problems that happen in our industry. If you look at those few things, we went much slower into the guaranteed back-end than everyone else. We did it much more cautiously than everybody else, and we also continued to check all of the steps that you normally would.

Speaker Change: And for whatever reason that tends to protect us dramatically in terms of some of the problems that happened in our industry. So.

And for whatever reason that tends to protect us dramatically in terms of some of the problems that happened in our industry.

So if you look at those few things we went much slower into the guaranteed backend and everyone else. We did much more cautiously than everybody else. And we also continue to check all of the steps that you normally would have. And some of our friendly competitors did not. We also realize things weren't what we thought they would be much--maybe quicker, but certainly very quickly. And so we were pulling back much faster than some other folks. so as a result, and this is you know in the 30 years I've been with this company. We've never had a time, where our company stands out so much better than almost everyone else in terms of credit performance and in terms of how we run our models and manage our portfolio.

So if you look at those few things we went much slower into the guaranteed back-end than everyone else. We did much more cautiously than everybody else. And we also continue to check all of the steps that you normally would have. And some of our friendly competitors did not. We also realize things weren't what we thought they would be much--maybe quicker, but certainly very quickly. And so we were pulling back much faster than some other folks.

Speaker Change: If you look at those few things we went much slower into the guaranteed backend and everyone else. We did much more cautiously than everybody else and we also continue to check all of the steps that you normally would have and some of our friendly competitors did not we also realize things weren't what we thought they would be much maybe quicker, but certainly very quickly and so we were.

Charles E. Bradley: And some of our friendly competitors did not. We also realized things weren't what we thought they would be, maybe quicker, but certainly very quickly. And so, in the 30 years I've been with this company, we've never had a time where our company stands out so much better than almost everyone else in terms of credit performance and in terms of how we run our models and manage our portfolio. So as much as 23 was kind of not the best year in terms of being able to grow and succeed and expand, being able to say that we did it pretty much better than everyone else is kind of a pretty cool way to say that's how 23 went.

Speaker Change: Pulling back much faster than some other folks so as a result, and this is you know in the 30 years I've been with this company. We've never had a time, where our company stands out so much better than almost everyone else in terms of credit performance and in terms of how we run our models and manage our portfolio. So as much as 23 was kind of a not the best year in <unk>. Terms of being able to grow and succeed and expand.

Pulling back much faster than some other folks so as a result, and this is you know in the 30 years I've been with this company. We've never had a time, where our company stands out so much better than almost everyone else in terms of credit performance and in terms of how we run our models and manage our portfolio.

So as a result, and this is-- in the 30 years I've been with this company. We've never had a time, where our company stands out so much better than almost everyone else in terms of credit performance and in terms of how we run our models and manage our portfolio.

So as much as '23, it was kind of not the best year in terms of being able to grow and succeed and expand. Being able to say that we did it pretty much better than everyone else is kind of pretty cool way to say that's how '23 went. Hopefully, now that '22 is getting behind us '23 performance is certainly much better all of the changes we've made have been very good. It looks like we're kind of ready to go again. So--but looking at '23 that's the story of how we did it. Fourth quarter,

Speaker Change: Terms of being able to grow and succeed and expand.

Speaker Change: Being able to say that we did it pretty much better than everyone else is kind of pretty cool way to say that that 23 web. Hopefully now that 22 is getting behind US 23 performance is certainly much better all of the changes we've made have been very good. It looks like we're kind of ready to go again, so but you know looking at 'twenty three that's the story of how we did it fourth quarter.

Charles E. Bradley: Hopefully, now that 22 is getting behind us, 23's performance will certainly be much better. All the changes we've made have been very good. It looks like we're kind of ready to go again. But looking at 23, that's the story of how we did it. Fourth quarter, it's sort of the end of when we're beginning to get things going again. So we'll see how it goes.

Speaker Change: Hopefully now that 22 is getting behind US 23 performance is certainly much better all of the changes we've made have been very good.

Hopefully, now that '22 is getting behind us '23 performance is certainly much better all of the changes we've made have been very good. It looks like we're kind of ready to go again. So--but looking at '23 that's the story of how we did it. Fourth quarter, sort of the end of when we are beginning to get things going again. So we'll see how it goes. I will talk more about that and sort of what we think is going to happen next after Mike and Dan and go through their pieces. So I'll turn it over to Mike to do the operations review.

Speaker Change: It looks like we're kind of ready to go again, so but you know looking at 'twenty three that's the story of how we did it fourth quarter.

Speaker Change: At the end of when we are beginning to get things going again, so we'll see how it goes I will talk more about that and sort of what we think is going to happen next after Mike and Dan and go through their pieces. So I'll turn it over to Mike to do the operations review.

Michael T. Lavin: I'll talk more about that and sort of what we think is going to happen next after Mike and Danny go through their pieces. So I'll turn it over to Mike to do the operations review. Thanks, Brad.

So I'll turn it over to Mike to do the operations review.

Michael T. Lavin: To sort of follow up on what Brad was talking about in terms of portfolio performance, since that is the number one priority at the company right now, I'll also add that there were some macroeconomic issues that were sort of weighing on the vintages, 2022 and early 2023. Obviously, inflation and rising interest rates were headwinds that we could not control, along with the guaranteed back-end problems that Brad talked about. It jacked up the amount financed and jacked up the car payments, putting stress on the consumer. But, in fairness, that's been balanced out with fantastic unemployment numbers. That is probably the most critical metric to judge the viability of our business, and that is near a historical low. And also, the other bullet that can really hurt a business is a recession. And I think that most economic pundits are opining that we are going to avoid a recession, soft or hard.

Michael T. Lavin: Thanks, Brad. Just sort of follow up on what Brad was talking about in terms of portfolio performance, since that is the priority #1 at the company right now. I'll also add that there were some macroeconomic issues that we are sort of weighing on the vintages 2022 and early 2023. Obviously, inflation and rising interest rates were headwinds that we could not control, along with the guaranteed backend problems that Brad talked about, it jacked up the amount financed and jacked up the car payments, putting stress on the consumer. But in fairness, that's been balanced out with a fantastic unemployment numbers that is probably the most critical metric

Thanks, Brad. Just sort of follow up on what Brad was talking about in terms of portfolio performance, since that is the priority #1 at the company right now. I'll also add that there were some macroeconomic issues that we are sort of weighing on the vintages 2022 and early 2023. Obviously,

Michael Lavin: Thanks, Brad. Just sort of follow up on what Brad was talking about in terms of portfolio performance, since that is the priority #1 at the company right now. I'll also add that there were some macroeconomic issues that we are sort of weighing on the vintages 2022 and early 2023.

Michael T. Lavin: Sort of follow up on what Brad was talking about in terms of portfolio performance since that is the number one priority at the company right now.

Michael T. Lavin: I'll also add that there were some macro economic issues.

Michael T. Lavin: We are sort of weighing on the vintages 2022 in early 2023, obviously inflation and rising interest rates were headwinds that we could not control. Along with the guaranteed backend problems that that Brad talked about it jacked up the amount financed and jacked up the car payments. Putting stress on the consumer. But in fairness. That's been balanced out with a fantastic unemployment numbers that is probably the most critical metric.

Obviously, inflation and rising interest rates were headwinds that we could not control, along with the guaranteed backend problems that Brad talked about, it jacked up the amount financed and jacked up the car payments, putting stress on the consumer. But in fairness, that's been balanced out with a fantastic unemployment numbers that is probably the most critical metric to judging the viability of our business and that is near a historical low. And also the other bullet that can really hurt the business is a recession. And I think that most economic pundits are opining that we're going to avoid a recession soft or hard, so low unemployment, no recession still means that our business is quite viable. As Brad alluded to the 2022 vintages started off challenging, but seem to have leveled out

inflation and rising interest rates were headwinds that we could not control, along with the guaranteed backend problems that Brad talked about, it jacked up the amount financed and jacked up the car payments, putting stress on the consumer. But in fairness, that's been balanced out with a fantastic unemployment numbers that is probably the most critical metric

Michael T. Lavin: Along with the guaranteed backend problems that that Brad talked about it jacked up the amount financed and jacked up the car payments.

Michael T. Lavin: Putting stress on the consumer.

Speaker Change: But in fairness.

Speaker Change: That's been balanced out with a fantastic unemployment numbers that is probably the most critical metric.

Speaker Change: Judging the viability of our business and that is near a historical low and also the ever the other bullet that can really hurt the business as a recession and I think that most economic pundits are opining that we're going to avoid a recession soft or hard. So low unemployment no recession. It still means that our business is quite viable. Brad alluded to the 2022 vintages started off challenging but seem to have leveled out.

And I think that most economic pundits are opining that we're going to avoid a recession soft or hard, so low unemployment, no recession still means that our business is quite viable. As Brad alluded to the 2022 vintages started off challenging, but seem to have leveled out at the end of 2023, our servicing practices definitely help that. I'll talk about that in a minute.

Michael T. Lavin: So low unemployment, no recession, still means that our business is quite viable. As Brad alluded to, the 2022 vintages started off challenging but seem to have leveled out at the end of 2023. Our servicing practices definitely helped that. I'll talk about that in a minute.

Speaker Change: So low unemployment no recession.

Speaker Change: It still means that our business is quite viable.

Speaker Change: Brad alluded to the 2022 vintages started off challenging but seem to have leveled out.

Speaker Change: At the end of 2023, our servicing practices definitely help that I'll talk about that in a minute. Likewise, the first half of 'twenty into 2023 vintages are equally challenging. But again, we've seen steady improvement on those vintages, and we expect them to be more in line with our historical CNS. Anecdotally anecdotally, we were recently at a major asset backed security conference and we routinely heard from investors and bankers that are 2022 vintages in 2023 vintages.

At the end of 2023, our servicing practices definitely help that

Michael T. Lavin: Likewise, the first half of the 2023 vintages is equally challenging, but again, we've seen steady improvement on those vintages, and we expect them to be more in line with our historical C&L. Anecdotally, we were recently at a major asset-backed security conference, and we routinely heard from investors and bankers that our 2022 and 2023 vintages far outweighed our competitors' performance in the space. So even though we aren't quite thrilled with the challenges that 2022 and 2023 and early 2023 had, we're very pleased with our performance in our space. For the fourth quarter, DQ, including repossession inventory, ended up at 14.55% of the total portfolio as compared to 12.68% in the same quarter of 2022. The all-important annualized net charge-offs metric in the fourth quarter ended up at 7.74% of the portfolio as compared to 5.83% in the same quarter of 2022.

I'll talk about that in a minute. Likewise, the first half of the 2023 vintages are equally challenging. But again, we've seen steady improvement on those vintages, and we expect them to be more in line with our historical CNLs. Anecdotally, we were recently at a major asset backed security conference and we routinely heard from investors and bankers that our 2022 vintages and 2023 vintages far outweighed our competitor's performance in the space.

I'll talk about that in a minute.

Likewise, the first half of the 2023 vintages are equally challenging. But again, we've seen steady improvement on those vintages, and we expect them to be more in line with our historical CNLs. Anecdotally, we were recently at a major asset backed security conference and we routinely heard from investors and bankers that our 2022 vintages and 2023 vintages far outweighed our competitor's performance in the space.

Speaker Change: But again, we've seen steady improvement on those vintages, and we expect them to be more in line with our historical CNS.

Speaker Change: Anecdotally anecdotally, we were recently at a major asset backed security conference and we routinely heard from investors and bankers that are 2022 vintages in 2023 vintages.

Speaker Change: Far outweighed, our our competitor's performance in the space. So even though we aren't quite thrilled with the challenges that 2022 and 2023 early 2023 had. We are very pleased with our performance in our space.

Far outweighed, our our competitor's performance in the space.

So even though we aren't quite thrilled with the challenges that 2022 and 2023-- early 2023 had, we are very pleased with our performance in our space. For the fourth quarter DQ, including repossession inventory ended up at 14.55% of the total portfolio as compared to $12 six 8% in the same quarter of 2022 gallons. The all important annualized net charge offs metric in the fourth quarter was ended up at 774% of the portfolio as compared to 12.68% in the same quarter of 2022. The all-important annualized net charge-offs metric in the fourth quarter was-- ended up at 7.74% of the portfolio as compared to 5.83% in the same quarter in 2022. Extensions were up slightly in the quarter, but well within our historical numbers or extensions to active account ratio is.

So even though we aren't quite thrilled with the challenges that 2022 and 2023-- early 2023 had, we are very pleased with our performance in our space. For the fourth quarter DQ, including repossession inventory ended up at 14.55% of the total portfolio as compared to 12.68% in the same quarter of 2022. The all important annualized net charge offs metric in the fourth quarter was-- ended up at 7.74% of the portfolio as compared to 5.83% in the same quarter in 2022. Extensions were up slightly in the quarter, but well within our historical numbers. Our extensions to active account ratio is actually a little bit below our historical numbers.

Speaker Change: So even though we aren't quite thrilled with the challenges that 2022 and 2023 early 2023 had.

Speaker Change: We are very pleased with our performance in our space.

For the fourth quarter DQ, including Repossession inventory ended up at 14, 5% of the total portfolio as compared to $12 six 8% in the same quarter of 2022 gallons. The all important annualized net charge offs metric in the fourth quarter was ended up at 774% of the portfolio as compared to 583% in the same quarter in 2022. Extensions were up slightly in the quarter, but well within our historical numbers or extensions to active account ratio is.

Speaker Change: The all important annualized net charge offs metric in the fourth quarter was ended up at 774% of the portfolio as compared to 583% in the same quarter in 2022.

Our extensions to active account ratio is actually a little bit below our historical numbers.

Michael T. Lavin: Extensions were up slightly in the quarter, but well within our historical numbers. Our extensions to active account ratio is actually a little bit below our historical numbers. We generally want to see recoveries in the low 40s.

Speaker Change: Extensions were up slightly in the quarter, but well within our historical numbers or extensions to active account ratio is.

Extensions were up slightly in the quarter, but well within our historical numbers or extensions to active account ratio is.

Speaker Change: It's actually a little bit below our historical numbers on the recovery front. We generally we want to see recoveries in the low forties. They dropped a bit into the high <unk> as used car prices dropped hurting us at the auction and there remains a dearth of repo agents, who left the industry during COVID-19.

It's actually a little bit below our historical numbers

On the recovery front, we generally want to see recoveries in the low 40s. They dropped a bit into the high 30s as used car prices dropped hurting us at the auction and there remains a dearth of repo agents, who left the industry during COVID. This affects the timing of our retail repo and sale.

Speaker Change: We generally we want to see recoveries in the low forties.

Michael T. Lavin: They've dropped a bit into the high 30s as used car prices drop, hurting us at the auction. And there remains a dearth of repo agents who left the industry during COVID. This affects the timing of our repo and sale. With that being said, and canvassing and benchmarking the market, we believe our repo and sale timing remains the best in the industry regardless of where we're at in the recovery. Another great collection trend for us that we saw towards the end of the year was our POTS group, that's our Potential Delinquencies 1-29 Day Bucket, had its best performance in two years. This is important because the better you do in the POTS, the better you do in the later buckets as the roll rate is consequently affected.

Speaker Change: They dropped a bit into the high <unk> as used car prices dropped hurting us at the auction and there remains a dearth of repo agents, who left the industry during COVID-19.

Speaker Change: This affects the timing of our retail repo and sale. With that being said and canvassing and benchmarking in the market. Believe our repo and sale timing remains the best in the industry. Regardless of where we're at and the recoveries.

This affects the timing of our retail repo and sale.

With that being said, and canvassing and benchmarking the market, we believe our repo and sale timing remains the best in the industry, regardless of where we're at in the recoveries. Another great collection trend for us that we saw towards the end of the year as our Pots Group, that's our potential delinquencies 1-to-29 day bucket, had its best performance in 2 years. This is important because the better you do in the Pots, the better you do in the later buckets as the roll rate is consequentially affected.

Speaker Change: With that being said and canvassing and benchmarking in the market.

Speaker Change: Believe our repo and sale timing remains the best in the industry.

Speaker Change: Regardless of where we're at and the recoveries.

Speaker Change: Another great collection trend for us. That we saw towards the end of the year as our parts group, that's our potential delinquencies one to 2009 day bucket had its best performance in two years. This is important because the better you do in the parts. The better you do in the later buckets is the roll rate is consequentially effective.

Speaker Change: That we saw towards the end of the year as our parts group, that's our potential delinquencies one to 2009 day bucket had its best performance in two years. This is important because the better you do in the parts. The better you do in the later buckets is the roll rate is consequentially effective.

This is important because the better you do in the Pots, the better you do in the later buckets as the roll rate is consequentially affected. Another good trend we saw in our collection practices as our right party contact has gone from 4% to 8%. This correlates to more promises to pay and the more promises to pay you have, the more dollars you collect. So that's a very good trend. We also put in a new outreach program early in the collection stage, where we introduce ourselves to our customers. But the main thing we're trying to do in this introductory is to get our customers to sign up for recurring payments.

Michael T. Lavin: Another good trend we saw in our collection practices is that our right-party contact has gone from 4% to 8%. This correlates to more promises to pay, and the more promises to pay you have, the more dollars you collect. So that's a very good trend. We also put on a new outreach program early in the collection stage, where we introduce ourselves to our customers.

Speaker Change: Another good trend we saw in our collection practices as our right party contact has gone from 4% to 8%. This correlates to more promises to pay and the more promises to pay you have the more dollars you collect so thats a very good trend. We also put in a new outreach program early in the collection stage, where we introduce ourselves to our customers but.

Speaker Change: This correlates to more promises to pay and the more promises to pay you have the more dollars you collect so thats a very good trend.

We also put in a new outreach program early in the collection stage, where we introduce ourselves to our customers but.

Michael T. Lavin: But the main thing we're trying to do in this introduction is to get our customers to sign up for recurring payments. This has been an initial success, as we've seen a 25% increase in our recurring payment sign-ups. This very much helps our collection perform.

Speaker Change: But the main thing we're trying to do in this introductory is to get our customers to sign up for recurring payments. This has been an initial success as we've seen a 25% increase in our recurring payment sign ups.

But the main thing we're trying to do in this introductory is to get our customers to sign up for recurring payments.

This has been an initial success as we've seen a 25% increase in our recurring payment sign-ups. This very much helps our collection performance. As Brad alluded to, we definitely beefed up our collection staff in 2023. We took from 287 collectors to 423 collectors. This has lowered the accounts per collector from 675 to a much more comfortable of 515. This allows the collector to have more time to work the accounts and equally important skip trace problem accounts manually.

Michael T. Lavin: As Brad alluded to, we definitely beefed up our collection staff in 2023. We took it from 287 collectors to 423 collectors. This has lowered the accounts per collector from 675 to a much more comfortable 515. This allows the collector to have more time to work the accounts and, equally important, skip trace problem accounts manually.

Speaker Change: This very much helps our collection performance.

Speaker Change: As Brad alluded to we definitely beefed up our collection staff in 2023, we ticket from 287 collectors to 423 collectors. This.

Speaker Change: This has lowered the accounts per collector from $6 75 to a much more comfortable of 515. This elastic the collector too.

Speaker Change: Have more time to work the accounts and equally important skip trace problem accounts manually.

Michael T. Lavin: One of the final things we did is we also beefed up our nearshore operation. We didn't necessarily add more nearshore collectors, but we reassigned our strategies. So what we're doing is we're putting the nearshore collectors on the power dialer, which frees up our domestic collectors to do more manual collecting.

Speaker Change: One of the final things we did is we also have beefed up our near shore operation. We didn't necessarily add more nearshore collectors that we reassigned our strategies. So what we're doing is we're putting the nearshore collectors on the power dialer, which frees up our debt domestic collectors to do more manual collecting. All of these servicing tactics are unique to us. And we think that--but for the unique approaches we've taken our servicing the performance would have been slightly worse. So we're happy with our servicing performance.

Speaker Change: We didn't necessarily add more nearshore collectors that we reassigned our strategies. So what we're doing is we're putting the nearshore collectors on the power dialer, which.

Speaker Change: Frees up our debt domestic collectors to do.

Michael T. Lavin: All of these servicing tactics are unique to us, and we think that but for the unique approaches we've taken to our servicing, the performance would have been slightly worse. So we're happy with our servicing. Switching to originations, the fourth quarter remains solid as we purchased $301 million of new contracts. That compares to $322 million in Q3 of 2023 and $428 million during the fourth quarter of 2022. For the year, we did $1.3 billion in new contracts, which compares to $1.8 billion in 2022. The pullback from 2022 to 2023 was purposeful and intentional and definitely a function of our consistent credit tightening, which we think we began first in the market in March of 2022. We continued that tightening in 2023 and actually continued tightening as we head into 2024. Specifically, we tightened the LTV, we capped payments, which is important in certain program segments, we tightened job stability and residence requirements, and we made fewer exceptions on deals that were declined.

Speaker Change: More manual collecting all of these servicing.

Speaker Change: Tactics are unique to us and we think that.

Speaker Change: But for the unique approaches we've taken our servicing the performance would have been slightly worse. So we're happy with our servicing performance switch.

Speaker Change: Switching to originations the fourth quarter remains solid as we purchased $301 million of new contracts. That compares to $322 million in Q3 of 2023 and $428 million during the fourth quarter of 2022. For the year, we did $1.3 billion in new contracts, which compares to $1.8 billion in 2022. The pullback from 2022 to 2023 was purposeful and intentional and definitely a function of our consistent credit tightening, which we think we began first in the market in March of 2022. We continued that tightening in 2023, and actually continued tightening as we head into 2024. Specifically, we tighten the LTV, we kept payments, which is important in certain program segments. We tightened job stability and residents requirements and we made less exceptions on deals that were declined.

Switching to originations the fourth quarter remains solid as we purchased 301 million of new contracts. That compares to 322 million in Q3 of 2023 and 428 million during the fourth quarter of 2022. For the year, we did 1.3 billion in new contracts, which compares to 1.8 billion in 2022.

Speaker Change: <unk>. And new contracts, which compares to a $1 8 billion in 2022, the pullback from 2022 to 2023 was purposeful and intentional and.

Speaker Change: And new contracts, which compares to a $1 8 billion in 2022, the pullback from 2022 to 2023 was purposeful and intentional and.

The pullback from 2022 to 2023 was purposeful and intentional and definitely a function of our consistent credit tightening, which we think we began first in the market in March of 2022. We continued that tightening in 2023, and actually continued tightening as we head into 2024. Specifically, we tighten the LTV, we kept payments, which is important in certain program segments. We tightened job stability and residents requirements and we made less exceptions on deals that were declined.

Speaker Change: And definitely a function of. Our consistent credit tightening, which we think we began first in the market in March of 2022, we continued that tightening in 2023 and actually continued tightening as we head into 2024. Specifically, we tighten the LTV, we kept payments, which is important in certain program segments, we tightened job stability and residents requirements and we made less exceptions on deals that were declined.

Speaker Change: Our consistent credit tightening, which we think we began first in the market in March of 2022, we continued that tightening in 2023 and actually continued tightening as we head into 2024.

Specifically, we tighten the LTV, we kept payments, which is important in certain program segments. We tightened job stability and residents requirements and we made less exceptions on deals that were declined. While this has lowered our overall approval percentage, more significantly and more importantly, we've knocked down the LTVs, which is a leading metric to predicting losses. While 2022 was a record year for us and certainly we're excited and pleased, despite the pullback in 2023, it actually ended up being the second best originations year in our 30-plus history. So all things considered quite a good year in the originations volume.

Speaker Change: Specifically, we tighten the LTV, we kept payments, which is important in certain program segments, we tightened job stability and residents requirements and we made less exceptions on deals that were declined.

Michael T. Lavin: Well, this has lowered our overall approval percentage more significantly, and more importantly, we've knocked down the LTVs, which is a leading metric for predicting loss. While 2022 was a record year for us, and certainly we were excited and pleased, despite the pullback in 2023, it actually ended up being the second best originations year in our 30-plus history. So all things considered, quite a good year on the originations volume. Um, to that effect, and again, despite the pullback, we were able to grow the total managed portfolio, which now stands at 3.195 billion, which is an increase from 3 billion at the end of 2022. So we're pleased with that.

Speaker Change: While this has. <unk> lowered our overall approval percentage. More significantly and more importantly, we've knocked down the ltvs, which is a leading metric to predicting losses. While 2022 was a record year for us and certainly we're excited and pleased. Despite the pullback in 2023, it actually ended up being. The second best originations year in our 30 plus history. So all things considered quite a good year in the originations volume. To that effect and again, despite the pullback we were able to grow the total managed portfolio, which now stands at $3 195 billion, which is an increase from 3 billion at the end of 2020 tail. So we're pleased with that.

While this has. <unk> lowered our overall approval percentage. More significantly and more importantly, we've knocked down the ltvs, which is a leading metric to predicting losses. While 2022 was a record year for us and certainly we're excited and pleased. Despite the pullback in 2023, it actually ended up being. The second best originations year in our 30 plus history. So all things considered quite a good year in the originations volume.

Speaker Change: <unk> lowered our overall approval percentage.

Speaker Change: More significantly and more importantly, we've knocked down the ltvs, which is a leading metric to predicting losses.

Speaker Change: While 2022 was a record year for us and certainly we're excited and pleased.

Speaker Change: Despite the pullback in 2023, it actually ended up being.

Speaker Change: The second best originations year in our 30 plus history. So all things considered quite a good year in the originations volume.

To that effect, and again, despite the pullback, we were able to grow the total managed portfolio, which now stands at 3.195 billion, which is an increase from 3 billion at the end of 2022. So we're pleased with that. The slight uptick quarter-over-quarter reflects strong demand in the subprime auto business space. Actually we received more applications in 2023. Then we did in a record year of 2022. One of the worst things that we could say on this call is that subprime auto business space. Actually, we received more applications in 2023 than we did in our record year of 2022. One of the worst things that we could say in this call is the subprime auto market is downsizing. That's just not true with our applications volume the subprime auto market is certainly very strong.

To that effect, and again, despite the pullback, we were able to grow the total managed portfolio, which now stands at 3.195 billion, which is an increase from 3 billion at the end of 2022. So we're pleased with that. The slight uptick quarter-over-quarter reflects strong demand in the subprime auto business space. Actually we received more applications in 2023. Then we did in a record year of 2022. One of the worst things that we could say on this call is that subprime model market is downsizing That's just not true with our applications volume the subprime auto market is certainly very strong.

Speaker Change: To that effect and again, despite the pullback we were able to grow the total managed portfolio, which now stands at $3 195 billion, which is an increase from 3 billion at the end of 2020 tail. So we're pleased with that.

Michael T. Lavin: The, The slight uptick quarter over quarter reflects strong demand in the subprime auto business space. Actually, we received more applications in 2023 than we did in our record year of 2022. One of the worst things that we could say in this call is that the subprime auto market is downsizing, but that's just not true with our application volume.

Yes. The. The slide the slight uptick quarter over quarter reflects strong demand in the subprime auto business space. Actually we received more applications in 2023. Then we did in a record year of 2022. One of the worst things that we could say on this call is that subprime auto market. Downsizing. Just not true with our applications volume. Subprime auto market is certainly very strong.

Speaker Change: The. The slide the slight uptick quarter over quarter reflects strong demand in the subprime auto business space.

Speaker Change: The slide the slight uptick quarter over quarter reflects strong demand in the subprime auto business space.

Actually we received more applications in 2023.

That's just not true with our applications volume the subprime auto market is certainly very strong.

Speaker Change: Then we did in a record year of 2022.

Speaker Change: One of the worst things that we could say on this call is that subprime auto market.

Speaker Change: Downsizing.

Speaker Change: Just not true with our applications volume.

Michael T. Lavin: The subprime auto market is certainly very strong. One of the things that we're looking at in terms of portfolio performance and in our originations is affordability for our customers. We continue to hold firm on our payment to debt. I'm sorry, our payment to income and debt to income ratios remain the same and have remained the same over the last five to seven years. That's good. Our monthly payment remained relatively low for our space at around $535. This compares to the average subprime payment of around $600 and, of course, the new car payment of around $775.

Speaker Change: Subprime auto market is certainly very strong.

Speaker Change: One of the things that we're looking at in terms of portfolio performance and in our originations is affordability for our customer. We continue to hold firm on our payment to debt-- I'm, sorry, our payment-to-income and debt-to-income ratios remain the same and have remained the same over the last 5 years to 7 years. That's good. Our monthly payment remained relatively low for our space at around $535. This compares to the average subprime payment of around $600 and of course, the new car payment around $775. So we're keeping an eye on affordability in our space.

Speaker Change: We continue to hold firm on our payment to that or I'm, sorry, our payment to income and debt to income ratios remain the same and have remained the same over the last five years to seven years.

Speaker Change: That's good our monthly payment remained relatively low for our space at around $535. This compares to the average subprime payment of around $600 and of course, the new car payment around $775. So we're keeping an eye on affordability in our space.

Michael T. Lavin: So we're keeping an eye on affordability in our space. We continue to hold a strong APR in the fourth quarter, as we registered an average APR of 21%, which is about on pace for where we were at the end of 2022. In terms of competition, there's more than enough business for everybody in our space.

Speaker Change: We continue to hold a strong APR in the fourth quarter as we registered an average APR of 21%, which is about on pace for where we were at, at the end of 2022. In terms of competition, there's more than enough business for everybody in our space. One interesting thing that we see is we don't necessarily lose business to our direct competitors that sit on top of us in this space, but we actually lose business to credit unions. But what we've seen is a wave of credit unions come into this space, they see that with their low interest rates, they don't make money, they get killed on C&Ls and then they exit the space. and then a whole new wave of credit unions come in and learn the same thing, but we have seen in the last three months as more and more credit unions are actually leaving the space which is.

We continue to hold a strong APR in the fourth quarter as we registered an average APR of 21%, which is about on pace for where we were at, at the end of 2022. In terms of competition, there's more than enough business for everybody in our space. One interesting thing that we see is we don't necessarily lose business to our direct competitors that sit on top of us in this space, but we actually lose business to credit unions. But what we've seen is a wave of credit unions come into this space, they see that with their low interest rates, they don't make money, they get killed on C&Ls and then they exit the space.

Speaker Change: Which is. About on pace for where we were at at the end of 2022. In terms of competition. There's more than enough business for everybody in our space. One interesting thing that we see is we don't necessarily lose. Lose business to our direct competitors that sit on top of us in this space, but we actually lose business to credit unions. But what we've seen is a wave of credit unions come into this space they see that with their low interest rates. They don't get they don't make money they get killed on CNS and then they exit the space and then a whole new wave of credit unions come in and learn the same thing, but we have seen in the last three months as more and more credit unions are actually leaving the space which is.

Speaker Change: About on pace for where we were at at the end of 2022. In terms of competition. There's more than enough business for everybody in our space. One interesting thing that we see is we don't necessarily lose. Lose business to our direct competitors that sit on top of us in this space, but we actually lose business to credit unions.

In terms of competition. There's more than enough business for everybody in our space. One interesting thing that we see is we don't necessarily lose. Lose business to our direct competitors that sit on top of us in this space, but we actually lose business to credit unions.

Speaker Change: There's more than enough business for everybody in our space. One interesting thing that we see is we don't necessarily lose. Lose business to our direct competitors that sit on top of us in this space, but we actually lose business to credit unions.

Michael T. Lavin: One interesting thing that we see is that we don't necessarily lose business to our direct competitors that sit on top of us in the space, but we actually lose business to credit unions. But what we've seen is a wave of credit unions come into the space, they see that with their low interest rates, they don't make money, they get killed on C&Ls, and then they exit the space. And then a whole new wave of credit unions come in and learn the same thing.

Speaker Change: One interesting thing that we see is we don't necessarily lose. Lose business to our direct competitors that sit on top of us in this space, but we actually lose business to credit unions.

Speaker Change: Lose business to our direct competitors that sit on top of us in this space, but we actually lose business to credit unions.

Speaker Change: But what we've seen is a wave of credit unions come into this space they see that with their low interest rates. They don't get they don't make money they get killed on CNS and then they exit the space and then a whole new wave of credit unions come in and learn the same thing, but we have seen in the last three months as more and more credit unions are actually leaving the space which is.

And then a whole new wave of credit unions come in and learn the same thing. But we have seen in the last 3 months as more and more credit unions are actually leaving the space which is freeing up more business for the rest of the normal competitors in our market. Turning to a couple of technology updates. We put in our brand new generation 8 Machine Learning-based AI model in October of 2023. This model is a fresh--is an update and a refresh of our Gen 7 model that launched in 2021, we remained on schedule with refreshing our model every 18 months or so.

Michael T. Lavin: But what we have seen in the last three months is more and more credit unions are actually leaving the space, which is freeing up more business for the rest of the normal competition in our market. Turning to a couple of technology updates. We put in our brand new Generation 8 machine learning-based AI model in October of 2023. This model is an update and a refresh of our Gen 7 model that launched in 2021.

Speaker Change: Freeing up more business for the rest of that normal competitors in our market. Turning to. A couple of technology updates. We put in our brand new generation eight machine learning based AI model in October of 2023. This model is a fresh is an update and a refresh of our gen. Seven model that launched in 2021, we remained on schedule with refreshing our model every 18 months or so.

Speaker Change: Turning to. A couple of technology updates. We put in our brand new generation eight machine learning based AI model in October of 2023. This model is a fresh is an update and a refresh of our gen. Seven model that launched in 2021, we remained on schedule with refreshing our model every 18 months or so.

Speaker Change: A couple of technology updates. We put in our brand new generation eight machine learning based AI model in October of 2023. This model is a fresh is an update and a refresh of our gen. Seven model that launched in 2021, we remained on schedule with refreshing our model every 18 months or so.

Speaker Change: We put in our brand new generation eight machine learning based AI model in October of 2023. This model is a fresh is an update and a refresh of our gen. Seven model that launched in 2021, we remained on schedule with refreshing our model every 18 months or so.

Speaker Change: This model is a fresh is an update and a refresh of our gen. Seven model that launched in 2021, we remained on schedule with refreshing our model every 18 months or so.

Michael T. Lavin: We remained on schedule with refreshing our model every 18 months or so. This model relies on and is based on the last two years of originations, obviously taking account for the COVID-related portfolio performance, and utilizes new alternative data. We've got a new fraud score that we think will save us hundreds of thousands of dollars a month in synthetic fraud avoidance, and we believe that this is our best buy box yet. The initial results from this model are quite positive. We also continue to infuse our business with AI platforms to increase efficiency and accuracy. This is not a new thing for us. We've been sort of on the AI bandwagon for the last five years. Obviously, we use machine learning in our origination model.

Speaker Change: This model relies and is based on the last few years of originations, obviously, making account for the COVID-related portfolio performance, and utilizes new alternative data. We've got a new fraud score that we think will save us hundreds of thousand dollars a month in synthetic fraud avoidance. And we believe that this is our best buy box yet. The initial results from this model is quite positive.

Speaker Change: Relies and is based on.

Speaker Change: The last few years of originations, obviously, making account for the Covid related portfolio performance.

Speaker Change: And utilizes new alternative data.

Speaker Change: We've got a new fraud score that we think will save us hundreds of thousand dollars a month and synthetic fraud avoidance and we believe that this is our best buy box yet the initial results from this model is quite quite positive.

Speaker Change: We also continue to infuse our business with AI platforms to increase efficiency and accuracy. This is not a new thing for us, we've been sort of an AI bandwagon for the last 5 years. Obviously, we use Machine Learning in our originations model. We have a new-- well, we've been using it for about a year. It's an AI Machine Learning based document, document review AI in our originations, which is increasing efficiency.

Michael T. Lavin: We have a new – well, we've been using it for about a year. It's an AI machine learning-based document review AI in our originations, which is increasing efficiency. We are testing new AI voice bots and new AI text bots.

Speaker Change: We have a new well we've been using it for about a year, it's an AI machine learning based.

Speaker Change: Document.

Speaker Change: Document review AI in our originations, which is increasing efficiency.

Speaker Change: We are testing new AI voice bots, and new AI tech spots. What we've learned in the last 7 to 8 years is texting is probably the best collection tactic. We believe we found the best voice spot in the market. And connecting that voice bot to our texting platform, certainly help our collections performance. One other thing of note, as our real estate platform, we were lucky enough to have most of our leases come up for renewal post-COVID in that real estate footprint over the next 4 years. We've also leveraged what we think a best-in-class work from home platform to reduce our space as well. So with that I'll turn it back to Danny.

We are testing new AI voice bots, and new AI tech spots. What we've learned in the last 7 to 8 years is texting is probably the best collection tactic. We believe we found the best voice spot in the market. And connecting that voice bot to our texting platform, certainly help our collections performance. One other thing of note, as our real estate platform, we were lucky enough to have most of our leases come up for renewal post-COVID. So we were able to leveraged the softening commercial real estate market. And we renew or moved 4 of 5 leases within the last quarter, believe it or not. And we're looking at a 10.8 million savings in those-- in that real estate footprint over the next 4 years. We've also leveraged what we think a best-in-class work from home platform to reduce our space as well.

Michael T. Lavin: What we've learned in the last seven to eight years is texting is probably the best collection tactic. We believe we've found the best voice bot in the market. Connecting that VoiceBot to our texting platform should certainly help our collections perform better. One other thing of note is our real estate platform. We were lucky enough to have most of our leases come up for renewal post-COVID, so we were able to leverage the softening commercial real estate market, and we renewed or moved four of our five leases within the last..., within the last quarter, believe it or not. And we're looking at a $10.8 million savings in that real estate footprint over the next four years. We've also leveraged what we think is a best-in-class work-from-home platform to reduce our space as well. So with that, I'll turn it back to Brad.

Speaker Change: What we've learned in the last seven to eight years is texting is probably the best collection tactic. We believe we found the best voice spot in the market.

Speaker Change: And.

<unk>.

Speaker Change: Connecting that voice bot to our texting platform.

Speaker Change: Certainly help our collections performance one other thing of note. As our real estate platform. We were we were lucky enough to have most of our leases. Come up for renewal post Covid, So we were able to leverage the softening commercial real estate market. And we renewed our moved four of our five leases within the last. Other than the last quarter I believe it or not. And we're looking at a $10 $8 million savings in those in that real estate footprint.

Speaker Change: As our real estate platform. We were we were lucky enough to have most of our leases.

Speaker Change: Come up for renewal post Covid, So we were able to leverage the softening commercial real estate market.

Speaker Change: And we renewed our moved four of our five leases within the last. Other than the last quarter I believe it or not. And we're looking at a $10 $8 million savings in those in that real estate footprint.

Speaker Change: Other than the last quarter I believe it or not.

Speaker Change: And we're looking at a $10 $8 million savings in those in that real estate footprint.

So with that I'll turn it back to Danny.

Danny Bharwani: Thanks, Mike. I'll go over the financial results for the revenues for the fourth quarter, 92 million that's an 11% increase over the 83 million from the fourth quarter of 2022. For the full year revenues were 352 million, is a 7% increase over the full year revenue of 329.7 million in 2022. Of course, our largest component of revenue is the interest income. The fair value portfolio is now up to 2.7 billion. And that portfolio is yielding 11.3% remembering that, that yield is net of credit losses. Also included in revenues for the quarter and for the year are marks to our fair value portfolio.

Speaker Change: What we think are best in class work from home platform to reduce our space as well so with that I'll turn it back to.

Denesh Bharwani: Thanks Mike. I'll go over the financial results. For the revenues for the fourth quarter, $92 million. That's an 11% increase over the $83 million from the fourth quarter of 2022. For the full-year revenues, or $352 million, is a 7% increase over the full-year revenue of $329.7 million in 2022. Of course, our largest component of revenue is interest income. The fair value of our portfolio is now up to 2.7 billion. And that portfolio is yielding 11.3%, remembering that that yield is net of credit. Also included in revenues for the quarter and for the year are mark-to-market adjustments to our fair value portfolio. In the fourth quarter, we booked a markup of $6 million on that fair value portfolio.

Danny Bar: To Danny Thanks. Mike go over the financial results for the revenues for the fourth quarter $92 million Thats in. An 11% increase over the $83 million from the fourth quarter of 2022 for the full year revenues were $352 million is a 7% increase over the full year revenue. $329 7 million in 2022 of course, our largest component of revenue is the interest income and fair value portfolio is now up to $2 7 billion and that portfolio is yielding 11, 3% remembering that that yield is net of credit losses.

Danny Bar: Mike go over the financial results for the revenues for the fourth quarter $92 million Thats in.

Michael T. Lavin: An 11% increase over the $83 million from the fourth quarter of 2022 for the full year revenues were $352 million is a 7% increase over the full year revenue.

Michael T. Lavin: $329 7 million in 2022 of course, our largest component of revenue is the interest income and fair value portfolio is now up to $2 7 billion and that portfolio is yielding 11, 3% remembering that that yield is net of credit losses.

Michael T. Lavin: Also included in revenues for the quarter and for the year, our marks to our fair value portfolio in the fourth quarter, we booked a markup of $6 million to that fair value portfolio, that's compared to. For the full year was $12 million in markups. For the fair value portfolio, that's compared to $15 3 million and fair value markups for the prior year 2022 period.

Also included in revenues for the quarter and for the year, our marks to our fair value portfolio

In the fourth quarter, we booked a markup of $6 million to that fair value portfolio. That's compared to--for the full year, it was 12 million in markups for the fair value portfolio. That's compared to 15.3 million in fair value markups for the prior year 2022 period. The markup is a result of better-than-expected performance in that fair value portfolio. Looking at expenses 82.1 million for the fourth quarter is 27% higher than the 64.7 in the fourth quarter '22. For the full year 290.9 million in expenses is 36% higher than the 213.5 in 2022.

Denesh Bharwani: That's compared to, for the full year, it was $12 million in market for the fair value portfolio. That's compared to 15.3 million in fair value markups for the prior year 2022 period. The markup is a result of better-than-expected performance in that fair value portfolio.

Michael T. Lavin: For the full year was $12 million in markups.

Michael T. Lavin: For the fair value portfolio, that's compared to $15 3 million and fair value markups for the prior year 2022 period.

Michael T. Lavin: The markup is a result of better than expected performance in that fair value portfolio. Looking at expenses $82 1 million for the fourth quarter is 27% higher than the $64 7 million in the fourth quarter 22 for the full year $299 million in expenses is 36% higher than the $213 five in 2022.

Denesh Bharwani: Looking at expenses, $82.1 million for the fourth quarter is 27% higher than the $64.7 million in the fourth quarter of 2022. For the full year, $290.9 million in expenses is 36% higher than the 213.5 million in 2022. A couple of things of note under expenses; we continue to see reverse negative loss provisions from our CECO portfolio, that's the portfolio that we originated prior to 2018 that is not accounted for under fair value. We booked a lifetime loss reserve on that portfolio, and the results are coming in on that better than we expected, so we're able to reverse any loss reserves that are no longer required. That number was 1.6 million in the fourth quarter, $22.3 million for the full year, and those numbers compared to $4.7 million in the fourth quarter of 2020, and $28.1 million for the full year 2020. Also, another large mover, in terms of expenses, is interest expense.

Michael T. Lavin: Looking at expenses $82 1 million for the fourth quarter is 27% higher than the $64 7 million in the fourth quarter 22 for the full year $299 million in expenses is 36% higher than the $213 five in 2022.

Speaker Change: A couple of things of note, under expenses. We continue to see reverse negative loss provisions from our CECL portfolio. That's the portfolio that we originated prior to 2018, that's not accounted for under fair value. We booked a lifetime loss reserve on that portfolio and the results are coming in on that better than we expected. So we're able to reverse any loss reserves that are not longer required. That number was 1.6 million in the fourth quarter, 22 3 million for the full year. And those numbers compared to 4.7 million in the fourth quarter of '22, and 28.1 million for the full year '22. Also another large mover in terms of expenses is interest expense. That has increased to 40.2 million in the fourth quarter from 28.9 million in the fourth quarter of last year.

Speaker Change: Under expenses, we continue to see reverse.

Speaker Change: <unk> loss provisions from our seasonal portfolio. That's the portfolio that we originated prior to 2018, that's not accounted for under fair value, we booked a lifetime loss reserve on that portfolio and the results are coming in on that better than we expected. So we're able to reverse any loss reserves that are no loss.

Speaker Change: <unk> required. That number was $1 6 million in the fourth quarter. $22 3 million for the full year and those numbers compared to $4 7 million in the fourth quarter of 2002, and $28 1 million for the full year 'twenty two. Also another large mover in terms of expenses is interest expense that have increased to $40 2 million in the fourth quarter from $28 9 million in the fourth quarter of last year.

That number was $1 6 million in the fourth quarter.

Speaker Change: $22 3 million for the full year and those numbers compared to $4 7 million in the fourth quarter of 2002, and $28 1 million for the full year 'twenty two.

Speaker Change: Also another large mover in terms of expenses is interest expense that have increased to $40 2 million in the fourth quarter from $28 9 million in the fourth quarter of last year.

Denesh Bharwani: That has increased to $40.2 million in the fourth quarter, $28.9 million in the fourth quarter of last year. For the full year, interest expense is $146.6 million compared to $87.5 million in 2021, largely that increase in interest expenses is largely attributable to higher rates. There's some smaller component of that that can be attributed

Speaker Change: For the full year interest expenses of 146.6 million compared to 87.5 million in 2022. Largely, those increase in interest expenses, is largely attributable to higher rates, but there is some smaller component of that, that can be attributed to portfolio growth. Pretax earnings, 9.8 million for the fourth quarter compared to 18.3 million. It's 46% reduction from the prior year fourth quarter for the year of 61.1 million is 47% reduction from 116.2 million in 2022, Likewise net income follows the same trend 7.2 million for the quarter compared to 14.1 a year ago quarter. For the year, 2023, 45.3 million of net income versus 86 million in 2022. Moving over to the balance sheet a

For the full year interest expenses of 146.6 million compared to 87.5 million in 2022. Largely, those increase in interest expenses, is largely attributable to higher rates, but there is some smaller component of that, that can be attributed to portfolio growth. Pretax earnings, 9.8 million for the fourth quarter compared to 18.3 million. It's 46% reduction from the prior year fourth quarter for the year of 61.1 million is 47% reduction from 116.2 million in 2022, Likewise net income follows the same trend 7.2 million for the quarter compared to 14.1 a year ago quarter. For the year, 2023, 45.3 million of net income versus 86 million in 2022.

Speaker Change: Largely those.

Speaker Change: Increase in interest expenses, largely attributable to higher rates, but there is some smaller component of that that can be attributed to portfolio growth pre.

Denesh Bharwani: Pre-tax earnings, $9.8 million for the fourth quarter, compared to $18.3 million, is a 46% reduction from the prior year. For the year, $61.1 million is a 47% reduction from $116.2 million in 2022. Likewise, net income follows those same trends, $7.2 million for the year 2023, $45.3 million of net income versus $86 million in 2022. Moving over to the balance,

Speaker Change: Pretax earnings $9 8 million for the fourth quarter compared to $18 3 million, it's 46% reduction from the prior year fourth quarter for the year of $61 1 million or 47% reduction from $116 2 million in 2022, Likewise net <unk>.

Speaker Change: <unk> follows the same trend $7 2 million for the quarter compared to $14, one a year ago quarter for the year $2023 $45 3 million of net income versus $86 million in 2022, moving over to the balance sheet a.

Moving over to the balance sheet. A couple of things of note here, our finance receivables at fair value are now at 2.7 million like I said earlier--2.7 billion excuse me is 10% higher than the 2.5 billion where we were at the end of 2022. Looking at our debt balance, the one thing of note here as our securitization debt is 2.265 billion at the end of '23 versus 2.1 billion at the end of '22. Doing the math, that's a 7% increase on the debt compared to a 10% increase on the fair value assets. So we're able to manage with

Denesh Bharwani: A couple of things of note here are finance receivables at fair value now at $2.7 billion. Like I said earlier, $2.7 billion, excuse me, is 10% higher than the $2.5 billion where we were at the end of 2022. Looking at our debt balance, the one thing of note here is that our securitization debt is $2.265 billion at the end of 2023 versus $2.1 billion at the end of 2022. Doing the math, that's a 7% increase in the debt compared to a 10% increase in the... Fair Value Assets, so we're able to manage with lower leverage on building up our balance sheet is certainly a sign of strength for our balance. Looking at shareholders' equity at the end of the year, 274.7 is the highest in our history.

Speaker Change: A couple of things of note here, our finance receivables at fair value are now at $2 7 million like I said earlier $2 7 billion excuse me. Is 10% higher than the $2 5 billion. Where we were at the end of 2022. Looking at our debt balance the one thing of note here as our securitization debt is two to $6 5 billion at the end of 'twenty three versus $2. One at the end of 'twenty two. Doing the math, that's a 7% increase on the debt compared to a 10% increase in the fair value assets. So we're able to. Managed with <unk>.

Speaker Change: Is 10% higher than the $2 5 billion. Where we were at the end of 2022. Looking at our debt balance the one thing of note here as our securitization debt is two to $6 5 billion at the end of 'twenty three versus $2. One at the end of 'twenty two. Doing the math, that's a 7% increase on the debt compared to a 10% increase in the fair value assets. So we're able to.

Speaker Change: Where we were at the end of 2022. Looking at our debt balance the one thing of note here as our securitization debt is two to $6 5 billion at the end of 'twenty three versus $2. One at the end of 'twenty two. Doing the math, that's a 7% increase on the debt compared to a 10% increase in the fair value assets. So we're able to.

Speaker Change: Looking at our debt balance the one thing of note here as our securitization debt is two to $6 5 billion at the end of 'twenty three versus $2. One at the end of 'twenty two. Doing the math, that's a 7% increase on the debt compared to a 10% increase in the fair value assets. So we're able to.

Speaker Change: Doing the math, that's a 7% increase on the debt compared to a 10% increase in the fair value assets. So we're able to.

So we're able to manage with lower leverage on--and building up our balance sheet is certainly a sign of strength for our balance sheet. Looking at shareholders' equity at the end of the year 274.7 is the highest in our history, that's 20% higher than the 228.4 million at the end of 2022. And that's driven by 49 consecutive quarters of pretax profit that we've been able to generate over the last 12 years and change.

Speaker Change: Managed with <unk>.

Speaker Change: Lower leverage. And building up our balance sheet is certainly a sign of strength for our balance sheet. Looking at our shareholders' equity at the end of the year $274 70 is the highest in our history, that's 20% higher than the $228 4 million. At the end of 2022, and Thats driven by 49 consecutive quarters of pretax profit that we've been able to. To generate over the last 12 years and change.

Speaker Change: And building up our balance sheet is certainly a sign of strength for our balance sheet.

Speaker Change: Looking at our shareholders' equity at the end of the year $274 70 is the highest in our history, that's 20% higher than the $228 4 million.

Denesh Bharwani: That's 20% higher than the 228.4 million at the end of 2022, and that's driven by 49 consecutive quarters of pre-tax profit that we've been able to generate over the last 12 years in change. Looking at other metrics, our net interest margin of 51.7% is 4% less than 54.1 a year ago. For the year period, our net interest margin is 205.4. It's 15% lower than 2020. Core operating expenses are $43.5 million, which is 7% higher than the $40.6 million in the fourth quarter of 2022, for the year. Core operating expenses are $166.6 million for 23 versus. 154.1 in 2022 is an 8% increase. Our annualized property expenses, that's a percentage of the managed portfolio, are now 5.9% for the fourth quarter of 2023. It's flat from the fourth quarter of 2022, but on an annualized basis, the 2023 period came in at 5.7%, a reduction from the 6.1% we saw in 2022.

Speaker Change: At the end of 2022, and Thats driven by 49 consecutive quarters of pretax profit that we've been able to.

Speaker Change: To generate over the last 12 years and change.

Speaker Change: Looking at other metrics, our net interest margin of 51.7 is 4% less than the 54.1 a year ago. For the year period, our net interest margin is 205.4 is 15% lower than 2022. Core operating expenses are 43.5 million is 7% higher than the 40.6 million in the fourth quarter of '22. For the year core operating expenses is 166.6 million for '23 versus 154.1 in 2022 is an 8% increase.

Speaker Change: Other metrics, our net interest margin of 51, 7%.

4% less than the $54, one a year ago for the year period, our net interest margin is $205.

Speaker Change: Four is 15% lower than 2022. Core operating expenses are $43 $5 million is 7% higher than the $40 6 million in the fourth quarter of <unk> 22 for the year core operating expenses.

Speaker Change: Core operating expenses are $43 $5 million is 7% higher than the $40 6 million in the fourth quarter of <unk> 22 for the year core operating expenses.

Speaker Change: $166 6 million for 23 versus $154. One in 2022 is an 8% increase.

Speaker Change: Our return on our annualized core operating expenses as a percentage of the managed portfolio is 9.9% for the fourth quarter of '23 is flat from the fourth quarter of '22. But on an annualized basis the '23 period came in at 5.7 is a reduction from the 6.1% we saw in 2022. So we're starting to see some operating leverage improvement as the portfolio grows. Our return on managed assets for the quarter 1.3 for the year, it's 2.1 versus 4.6% in 2022. That's it for the financial results. I'll turn the call over to Brad.

Speaker Change: <unk> is now five 9% for the fourth quarter of 2003 is flat from the fourth quarter of 2002, but on an annualized basis. The 'twenty three period came in at five 7%.

Speaker Change: Is a reduction from the six 1% we saw in 2022, so we're starting to see some operating leverage improvement as the portfolio grows.

Denesh Bharwani: So we're starting to see some operating leverage improvement as the portfolio grows. Our return on managed assets for the quarter was 1.3. For the year, it's 2.1 versus 4.6% in 2022. That's it for the financial results. I'll turn the call over to Brad. Thank you, Danny.

Speaker Change: Our return on managed assets for the quarter one three. For the year is set to one versus four 6% in 2022. Thats it for the financial results I'll turn the call over to Brad.

Our return on managed assets for the quarter one three. For the year is set to one versus four 6% in 2022.

Speaker Change: For the year is set to one versus four 6% in 2022.

Thats it for the financial results I'll turn the call over to Brad.

Speaker Change: Thats it for the financial results I'll turn the call over to Brad.

Charles E. Bradley: As you can hear from both the reports, that as much as 22 wasn't the best of the years, we've done quite well through it in many different areas. Looking at the industry, it's kind of about that. Everyone's still struggling with the 22 paper, and even in some cases, some people's 23 paper has not started out particularly well either.

Brad: Thank you, Danny. As you can hear from both the reports that as much as '22 wasn't the best of the years, we've done quite well through it in many different areas. Looking at the industry is kind of about that everyone's still struggling with the '22 paper. And even in some cases, some people's 23 paper has not started out particularly well either. But since ours is, we're kind of happy where we sit there. And I think it's going to create some opportunities for the company and that people are certainly going to be kind of conservative going forward at least until they understand that their models are working again or they've corrected their models sufficiently to where people can grow again. So we might have a little bit of a head start in terms of getting back in the game than some of our friendly competitors. There's certainly

Charles Bradley: Thank you, Danny. As you can hear from both the reports that as much as '22 wasn't the best of the years, we've done quite well through it in many different areas. Looking at the industry is kind of about that everyone's still struggling with the '22 paper. And even in some cases, some people's 23 paper has not started out particularly well either. But since ours is, we're kind of happy where we sit there. And I think it's going to create some opportunities for the company and that people are certainly going to be kind of conservative going forward at least until they understand that their models are working again or they've corrected their models sufficiently to where people can grow again.

Brad: Good to hear from both the reports that as much as 2022 wasn't the best of the years, we've done quite well through it in many different areas.

Brad: The industry is kind of about that everyone's still struggling with the 'twenty two paper and even in some cases, some people's 23 paper has not started out particularly well either.

Charles E. Bradley: But, you know, since ours is, we're kind of happy where we sit there. And I think it's going to create some opportunities for the company in that, you know, people are certainly going to be kind of conservative going forward, at least until they understand that their models are working again, or they've corrected their models sufficiently to where people can grow again. So we might have a little bit of a head start in terms of getting back in the game than some of our friendly competitors. You know, there's certainly... will be some opportunities that probably one or two of the folks won't make it. That might be interesting opportunity-wise, but also the fact that we can start growing again and sort of put 22 behind us and be proud of what we did in 22, but again, in terms of what we want the company to do, we'd like to get back to that game much more than we have been. Also, you would think that at some point down the road, they would have some lower rates, and with a lower rate environment, obviously, our margins improve, So, you know, towards the end of this year, when I'm 24, that might be a benefit as well.

Brad: Our since ours is we're kind of happy where we sit there and I think it's going to create some opportunities for the company and that.

Brad: People are certainly going to be kind of conservative going forward at least until they understand that their models are working again are they've corrected their models sufficiently to where people can grow again, so we might have a little bit of a head start in terms of getting back in the game than some of our friendly competitors.

So we might have a little bit of a head start in terms of getting back in the game than some of our friendly competitors. There's certainly will be some opportunities that probably 1 or 2 of the folks won't make it. That might be interesting opportunity wise, but also the fact that we can start growing again to put '22 behind us and be proud of what we did in '22. But again, in terms of our what we want the company to do. We'd like to get back to that game much more than we have been. Also you would think at some point down the road they would have some lower rates. And with a lower rate environment, obviously, our margins improve.

Brad: Theres certainly.

We will be some opportunities probably one or two of the folks won't make it that might be interesting opportunity wise, but also the fact that we can start growing again. To put 22 behind us and be proud of what we did in 'twenty two but again in terms of our what we want the company to do. I'd like to get back to that game much more than we have been. Also you would think at some point down the road they would have some lower rates. With a lower rate environment, obviously, our margins improve.

Brad: To put 22 behind us and be proud of what we did in 'twenty two but again in terms of our what we want the company to do. I'd like to get back to that game much more than we have been. Also you would think at some point down the road they would have some lower rates. With a lower rate environment, obviously, our margins improve.

But again, in terms of our--what we want the company to do. We'd like to get back to that game much more than we have been. Also you would think at some point down the road they would have some lower rates. And with a lower rate environment, obviously, our margins improve. Our performance will be great that way. So towards the end of this year in '24, that might be a benefit as well. In terms of the overall economy who knows whether we'll have a hypothetical soft landing, but it certainly looks like we may get some are there but. Generally speaking, we think it's going to be a decent economy, if not a good economy. So we're happy on those fronts. Almost most important by far in any of that as unemployment unemployment looks great. Unemployment is the one thing that can cause our industry problems. It does not appear to be a problem at all it shouldn't be a problem for a long time or at least a <unk>. <unk> maritime so we can get growing again.

I'd like to get back to that game much more than we have been. Also you would think at some point down the road they would have some lower rates. With a lower rate environment, obviously, our margins improve.

Also you would think at some point down the road they would have some lower rates. With a lower rate environment, obviously, our margins improve.

Brad: With a lower rate environment, obviously, our margins improve.

Brad: Performance will be great that way so. Towards the end of this year and 24. It might be a benefit as well in terms of the overall economy. Who knows whether we'll have a hypothetical soft landing, but it certainly looks like we may get some are there but. Generally speaking, we think it's going to be a decent economy, if not a good economy. So we're happy on those fronts. Almost most important by far in any of that as unemployment unemployment looks great. Unemployment is the one thing that can cause our industry problems. It does not appear to be a problem at all it shouldn't be a problem for a long time or at least a <unk>. <unk> maritime so we can get growing again.

Brad: Towards the end of this year and 24. It might be a benefit as well in terms of the overall economy. Who knows whether we'll have a hypothetical soft landing, but it certainly looks like we may get some are there but. Generally speaking, we think it's going to be a decent economy, if not a good economy. So we're happy on those fronts. Almost most important by far in any of that as unemployment unemployment looks great. Unemployment is the one thing that can cause our industry problems. It does not appear to be a problem at all it shouldn't be a problem for a long time or at least a <unk>. <unk> maritime so we can get growing again.

Charles E. Bradley: In terms of the overall economy, you know, who knows whether we'll have a hypothetical soft landing, but certainly, you know, it looks like we might get somewhere there. But, you know, generally speaking, we think it's going to be a decent economy, if not a good economy, so we're happy along those lines. Most important, by far, in all of that is unemployment. Unemployment looks great, but you know, unemployment is the one thing that can cause our industry problems.

Brad: It might be a benefit as well in terms of the overall economy. Who knows whether we'll have a hypothetical soft landing, but it certainly looks like we may get some are there but. Generally speaking, we think it's going to be a decent economy, if not a good economy. So we're happy on those fronts. Almost most important by far in any of that as unemployment unemployment looks great. Unemployment is the one thing that can cause our industry problems. It does not appear to be a problem at all it shouldn't be a problem for a long time or at least a <unk>. <unk> maritime so we can get growing again.

In terms of the overall economy who knows whether we'll have a hypothetical soft landing, but certainly looking like we might get somewhere there. But generally speaking, we think it's going to be a decent economy, if not a good economy. So we're happy along those fronts. Almost most important by far in any of that as unemployment unemployment looks great. Unemployment is the one thing that can cause our industry problems. It does not appear to be a problem at all it shouldn't be a problem for a long time or at least a <unk>. <unk> maritime so we can get growing again.

Brad: Who knows whether we'll have a hypothetical soft landing, but it certainly looks like we may get some are there but. Generally speaking, we think it's going to be a decent economy, if not a good economy. So we're happy on those fronts. Almost most important by far in any of that as unemployment unemployment looks great. Unemployment is the one thing that can cause our industry problems. It does not appear to be a problem at all it shouldn't be a problem for a long time or at least a <unk>. <unk> maritime so we can get growing again.

Brad: Generally speaking, we think it's going to be a decent economy, if not a good economy. So we're happy on those fronts. Almost most important by far in any of that as unemployment unemployment looks great. Unemployment is the one thing that can cause our industry problems. It does not appear to be a problem at all it shouldn't be a problem for a long time or at least a <unk>. <unk> maritime so we can get growing again.

Almost most important by far in any of that is unemployment. Unemployment looks great. Unemployment is the one thing that can cause our industry problems. It does not appear to be a problem at all. It shouldn't be a problem for a long time or at least significantly amount of time so we can get growing again and to really take advantage of the position we're in.

Brad: Almost most important by far in any of that as unemployment unemployment looks great. Unemployment is the one thing that can cause our industry problems. It does not appear to be a problem at all it shouldn't be a problem for a long time or at least a <unk>. <unk> maritime so we can get growing again.

Brad: Unemployment is the one thing that can cause our industry problems. It does not appear to be a problem at all it shouldn't be a problem for a long time or at least a <unk>. <unk> maritime so we can get growing again.

Charles E. Bradley: It does not appear to be a problem at all. It shouldn't be a problem for a long time, or at least a, you know, significant amount of time, so we can get growing again and really take advantage of the position we're in. So, having said that, 22 was tough, 23 was sort of that transition from making 22 go away and getting things ready to go for 24, so now that we're in the 24, you know, hopefully it's all full steam ahead and a bright future, and again, so it's still kind of remarkable that through all that, our company has done so well in terms of how our paper performed in 22 and even 23, so we were super, super proud of our people and what we've done to do it, and I certainly think 23 and everything we've done during 23 has well positioned us for 24 to be a very good year.

Brad: <unk> maritime so we can get growing again.

Brad: Really taken advantage of the position we're in. Having said that 'twenty two is tough 23 was sort of that transition from making 20 to go away and getting things ready to go for 24. So now that we're into 'twenty four hopefully its all full steam ahead, and a bright future and again. Or it's still kind of remarkable that through all of that our company has done so well in terms of how our paper performed in 'twenty, two and even 23. So we were super Super proud of our people and what we've done to do it. I, certainly think 'twenty three and everything we've done during 'twenty three is well positioned us for 24 to be very good year. Thank you all for joining us today, and we'll be back to rather soon with our first quarter report in a month or two a month or so.

Really taken advantage of the position we're in.

So having said that, '22 was tough, '23 was sort of that transition from making '22 go away and getting things ready to go for '24. So now that we're into '24, hopefully, its all full steam ahead, and a bright future. And again--so it's still kind of remarkable that through all of that our company has done so well in terms of how our paper performed in '22 and even '23. So we were super, super proud of our people and what we've done to do it and certainly think '23 and everything we've done during '23 has well positioned us for '24 to be a very good year. Thank you all for joining us today, and we'll be back to you rather soon with our first quarter report in a month or so. Thank you.

Brad: Having said that 'twenty two is tough 23 was sort of that transition from making 20 to go away and getting things ready to go for 24. So now that we're into 'twenty four hopefully its all full steam ahead, and a bright future and again. Or it's still kind of remarkable that through all of that our company has done so well in terms of how our paper performed in 'twenty, two and even 23. So we were super Super proud of our people and what we've done to do it. I, certainly think 'twenty three and everything we've done during 'twenty three is well positioned us for 24 to be very good year. Thank you all for joining us today, and we'll be back to rather soon with our first quarter report in a month or two a month or so.

Brad: Or it's still kind of remarkable that through all of that our company has done so well in terms of how our paper performed in 'twenty, two and even 23. So we were super Super proud of our people and what we've done to do it. I, certainly think 'twenty three and everything we've done during 'twenty three is well positioned us for 24 to be very good year. Thank you all for joining us today, and we'll be back to rather soon with our first quarter report in a month or two a month or so.

Brad: I, certainly think 'twenty three and everything we've done during 'twenty three is well positioned us for 24 to be very good year. Thank you all for joining us today, and we'll be back to rather soon with our first quarter report in a month or two a month or so.

Charles E. Bradley: I want to thank you all for joining us today, and we'll be back to you rather soon with our first quarter report in a month or so. Thank you. Thank you. This concludes today's teleconference. A replay will be available beginning two hours from now for 12 months via the company's website at www.consumerportfolio.com. Please disconnect your lines at this time and have a wonderful day.

Thank you all for joining us today, and we'll be back to you rather soon with our first quarter report in a month or so. Thank you.

Speaker Change: Thank you all for joining us today, and we'll be back to rather soon with our first quarter report in a month or two a month or so.

Operator: Thank you. This concludes today's teleconference. A replay will be available beginning 2 hours from now for 12 months via the company's website at www.consumerportfolio.com. Please disconnect your lines at this time, and have a wonderful day.

Speaker Change: Thank you. This concludes today's teleconference. A replay will be available beginning two hours from now for 12 months via the company's website at www Dot consumer portfolio Dot Com. Please disconnect. Your lines at this time and have a wonderful day.

Speaker Change: Okay. Yeah. [music].

Speaker Change: Yeah. [music].

Speaker Change: [music].

Q4 2023 Consumer Portfolio Services Inc Earnings Call

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