Credit Acceptance Corp (CACC) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to the Credit Acceptance Corporation first-quarter 2025 earnings call. Today's call is being recorded. A webcast and transcript of today's earnings call will be made available on Credit Acceptance's website.

大家好，歡迎參加 Credit Acceptance Corporation 2025 年第一季財報電話會議。今天的通話正在錄音。今天收益電話會議的網路直播和文字記錄將在 Credit Acceptance 的網站上發布。

At this time, I would now like to turn the call over to Credit Acceptance Chief Financial Officer, Jay Martin.

現在，我想將電話轉給 Credit Acceptance 財務長 Jay Martin。

Thank you. Good afternoon, and welcome to the Credit Acceptance Corporation first-quarter 2025 earnings call. As you read our news release posted on the Investor Relations section of our website at ir.creditacceptance.com, and as you listen to this conference call, please recognize that both contain forward-looking statements within the meaning of federal securities law. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control and which could cause actual results to differ materially from such statements.

謝謝。下午好，歡迎參加 Credit Acceptance Corporation 2025 年第一季財報電話會議。當您閱讀我們在 ir.creditacceptance.com 的投資者關係部分發布的新聞稿以及收聽本次電話會議時，請注意兩者都包含聯邦證券法所定義的前瞻性陳述。這些前瞻性陳述受到許多風險和不確定因素的影響，其中許多是我們無法控制的，並且可能導致實際結果與這些陳述有重大差異。

These risks and uncertainties include those spelled out in the cautionary statement regarding forward-looking information included in the news release. Consider all forward-looking statements in light of those and other risks and uncertainties. Additionally, I should say that to comply with the SEC's Regulation G, please refer to the Financial Results section of our news release, which provides tables showing how non-GAAP measures reconcile to GAAP measures.

這些風險和不確定性包括新聞稿中關於前瞻性資訊的警示聲明中明確指出的風險和不確定性。請根據這些以及其他風險和不確定性考慮所有前瞻性陳述。此外，我應該說，為了遵守美國證券交易委員會的 G 條例，請參閱我們新聞稿中的財務結果部分，其中提供了顯示非 GAAP 指標如何與 GAAP 指標相協調的表格。

At this time, I will turn the call over to our Chief Executive Officer, Ken Booth, to discuss the first-quarter results.

現在，我將把電話轉給我們的執行長 Ken Booth，討論第一季的業績。

Thanks, Jay. Overall, we had another mixed quarter as it related to collections and originations, two key drivers of our business. Collections improved sequentially this quarter with only our 2022, 2024, and 2025 vintages modestly underperforming our expectations, while our other vintages were stable during the quarter. Overall, forecasted net cash flows declined by 0.2%, or $21 million, which was our smallest decline of the last eight quarters.

謝謝，傑伊。總體而言，我們又經歷了一個好壞參半的季度，因為它與收款和發起有關，這是我們業務的兩個關鍵驅動力。本季葡萄酒的收藏量較上季改善，只有 2022、2024 和 2025 年份的葡萄酒略低於我們的預期，而其他年份的葡萄酒在本季保持穩定。總體而言，預測淨現金流下降 0.2%，即 2,100 萬美元，這是過去八個季度中最小的降幅。

During the quarter, our loan portfolio reached a new record high of $9.1 billion on an adjusted basis, up 10% from Q1 last year, although we experienced a decline in unit dollar volume growth. Our market share in our core segment of used vehicles financed by subprime consumers was 5.2% for the first two months of the year, compared to 6% for the same period in 2024. Our unit volume was likely impacted by our Q3 2024 score card change that has resulted in lower advance rates and increased competition.

本季度，我們的貸款組合按調整後計算創下 91 億美元的新高，較去年第一季增長 10%，儘管單位美元貸款量增長有所下降。今年前兩個月，我們在次級消費者融資二手車核心領域的市佔率為 5.2%，而 2024 年同期為 6%。我們的單位數量可能受到 2024 年第三季記分卡變化的影響，導致預付款率降低和競爭加劇。

Beyond these two key drivers, we continued making progress during the quarter towards our mission of maximizing intrinsic value and positively changing the lives of our five key constituents: dealers, consumers, team members, investors, and the communities we operate in. We do this by providing a valuable product that enables dealers to sell vehicles to consumers regardless of their credit history. This allows dealers to make incremental sales to roughly 55% of adults with other than prime credit.

除了這兩個關鍵驅動因素之外，我們在本季度繼續朝著最大化內在價值和積極改變我們五個關鍵要素的生活這一使命取得進展：經銷商、消費者、團隊成員、投資者以及我們經營所在的社區。我們透過提供有價值的產品來實現這一點，使經銷商能夠向消費者銷售汽車，而不管他們的信用記錄如何。這使得經銷商能夠向大約 55% 的非優質信用成年人進行增量銷售。

For these adults, it enables them to obtain a vehicle to get to their jobs, take their kids to school, et cetera. It also gives them the opportunity to improve or build their credit. Our customers are people like Vivian from Maryland. Vivian is an elementary school assistant, a role that requires her to consistently and timely show up for children with disabilities and special needs. After her vehicle was towed in an accident, she was left without reliable transportation. She needed a new vehicle, but worried about our ability to secure financing due to her poor credit history.

對於這些成年人來說，它使他們能夠獲得一輛車去上班、送孩子上學等等。這也為他們提供了提高或建立信用的機會。我們的客戶是像來自馬裡蘭州的薇薇安這樣的人。薇薇安是一名小學助理，這個職位要求她持續及時照顧有殘疾和特殊需求的兒童。她的車在一次事故中被拖走後，她失去了可靠的交通工具。她需要一輛新車，但由於她的信用記錄不佳，她擔心我們是否有能力獲得融資。

Her fears were confirmed when she was turned down for financing multiple times. Discouraged but not defeated, she found a dealership who approved her to finance a vehicle through Credit Acceptance. Vivian described the moment she was approved for finance as a turning point her life with a reliable vehicle to regain her independence. Vivian plans to use Credit Acceptance again when it comes time to finance another vehicle, knowing she would be supported by a team that listens and puts her at ease.

當她多次申請融資被拒絕時，她的擔憂得到了證實。雖然灰心喪氣，但她並沒有被打敗，她找到了一家經銷商，該經銷商批准她透過 Credit Acceptance 為汽車融資。薇薇安將獲得融資批准的那一刻描述為人生的轉捩點，她擁有了一輛可靠的汽車，重新獲得了獨立。當薇薇安需要為另一輛車融資時，她計劃再次使用 Credit Acceptance，因為她知道她會得到一個願意傾聽並讓她安心的團隊的支持。

During the quarter, we financed over 100,000 contracts for our dealers and consumers. We collected $1.4 billion overall and paid $68 million in dealer holdback and accelerated dealer holdback to our dealers. We have enrolled 1,617 dealers and now have our second highest quarterly number of active dealers with 10,789 dealers.

本季度，我們為經銷商和消費者提供了超過 100,000 份合約的融資。我們總共收取了 14 億美元，並向我們的經銷商支付了 6800 萬美元的經銷商保留金和加速經銷商保留金。我們已招募 1,617 名經銷商，目前季度活躍經銷商數量排名第二，達到 10,789 名。

From an initiative perspective, we've made progress with our go-to-market approach with the goal of supporting our dealers faster and more effective than ever before. This requires teamwork, attention to detail, and an iterative process that attempts to make improvement every step of the way. We also continue to invest in our technology team. We remain focused on modernizing both our key technology architecture and how our teams work to support this goal.

從主動性角度來看，我們在市場進入方式方面取得了進展，目標是比以往更快、更有效地支援我們的經銷商。這需要團隊合作、注重細節以及在每一步都力求改進的迭代過程。我們也繼續對我們的技術團隊進行投資。我們將繼續致力於實現關鍵技術架構的現代化以及我們的團隊如何支援這一目標。

During the quarter, we were named the Top Workplace USA award winner for the fifth year in a row with the number two ranking among companies of our size. Last year, we were recognized with a record 13 workplace awards, and we continue to focus on making our amazing workplace even better. We support our team members in making a difference to what makes the difference to them, raising money for five different charitable organizations that were selected by our team members.

本季度，我們連續第五年被評為美國最佳工作場所獎得主，在同等規模的公司中排名第二。去年，我們獲得了創紀錄的 13 項工作場所獎項，我們將繼續致力於讓我們出色的工作場所變得更好。我們支持我們的團隊成員為對他們有意義的事情做出貢獻，為我們的團隊成員選擇的五個不同的慈善組織籌集資金。

Now, Jay Martin and I will take your questions, along with Doug Busk, our Chief Treasury Officer; Jay Brinkley, our Senior Vice President and Treasurer, and Jeff Soutar, our Vice President and Assistant Treasurer.

現在，傑伊馬丁和我將與我們的財務長道格巴斯克、我們的高級副總裁兼財務主管傑伊布林克利以及我們的副總裁兼助理財務主管傑夫蘇塔一起回答你們的問題。

(Operator Instructions) Moshe Orenbuch, TD Cowen.

（操作員指示） Moshe Orenbuch，TD Cowen。

I was hoping that we could talk a little bit about these forecast changes. As you mentioned, this was the smallest one in a while and yet you still had a $76 million portion of your GAAP provision related to it. And unlike last quarter, when you had a larger forecast change, you had an increase in the adjusted yield. And this quarter, it went down. So maybe could you talk about how we should be thinking about those two items both in this quarter and going forward?

我希望我們可以稍微談論一下這些預測變化。正如您所提到的，這是一段時間以來最小的一次，但您仍然有 7600 萬美元的 GAAP 撥備與之相關。與上一季不同的是，上一季的預測變化較大，調整後的收益率卻增加。但本季度，這一數字卻下降了。那麼，您能否談談我們應該如何看待本季以及未來的這兩個問題？

Sure. First, I'll talk about your provision question, the $76 million provision for forecast changes. So what that is, is the impact of us decreasing the present value of future cash flows. And that has two components. There is the change in undiscounted cash flows, which is the $21 million decrease that you referenced. And then there's also the slower cash flow timing on our total forecasted net cash flow, which is approximately $2 billion. It doesn't take much of a slowing on the [$12 million] cash flow to increase that provision. So that's what drove the provision for forecast changes for the quarter.

當然。首先，我來談談您的撥備問題，即 7,600 萬美元的預測變更撥備。那麼，這就是我們降低未來現金流現值的影響。它包含兩個部分。未折現現金流發生了變化，即您提到的 2,100 萬美元的減少。此外，我們預測的總淨現金流的現金流時間也較慢，約 20 億美元。現金流並不需要大幅減緩（1,200 萬美元）就能增加這筆準備金。這就是推動本季預測變化的原因。

Now on your point on the adjusted yield, there's a couple of things going on there. So if you look at page 10 of our earnings release, you'll notice we added a new metric there, which is adjusted finance charges as a percentage of our adjusted loans receivable. And what you'll see there is similar to last quarter, we did see an increase in the yield from the prior quarter. And that's due to the yields on the current quarter origination, the expected deals on those new originations more than offsetting the decline due to the underperformance of the loans on the entire portfolio.

現在，關於您提到的調整收益率，有幾件事發生了。因此，如果您查看我們的收益報告第 10 頁，您會注意到我們在那裡添加了一個新指標，即調整後的財務費用佔調整後應收貸款的百分比。您會發現，與上一季的情況類似，我們確實看到收益率較上一季增加。這是由於本季貸款收益率較高，這些新貸款的預期交易量超過了整個投資組合貸款表現不佳而導致的下降。

So we did see the adjusted yield increased slightly from Q4. Now what you're seeing is adjusted revenue as a percentage of adjusted capital, that did decrease from 18.4% last quarter to 18% this quarter. What was driving that decrease there where adjusted yield went off was due to $500 million of cash and cash equivalents we have on our balance sheet. It's higher than what we normally have, just due to the timing of some recent debt issuances, coupled with slower loan growth. So we don't expect it to have cash and cash equivalents at that level. But that drove our adjusted capital growing faster than [invested loans].

因此，我們確實看到調整後的收益率較第四季度略有上升。現在您看到的是調整後收入佔調整後資本的百分比，該百分比從上一季的 18.4% 下降到本季的 18%。調整後殖利率下降的原因是我們的資產負債表上有 5 億美元的現金和現金等價物。這比我們通常的水平要高，只是因為最近一些債務發行的時機，加上貸款成長放緩。因此，我們預計其現金和現金等價物不會達到該水準。但這導致我們的調整後資本成長速度超過[投資貸款]。

Got it. And just to clarify on the GAAP provision, I guess that means the cash flows were slowing somewhat in addition to that $21 million less in just nominal amounts, right?

知道了。只是為了澄清一下 GAAP 規定，我猜這意味著除了名義金額減少 2,100 萬美元之外，現金流還在放緩，對嗎？

That's correct. It continues (technical difficulty) prepayments come in lower than historical levels or at least lower than what our forecast is expecting. So we continue to see a slight decline near the timing or slowing the timing.

沒錯。它繼續（技術難度）預付款低於歷史水平或至少低於我們的預測。因此，我們繼續看到時間臨近或時間放緩的輕微下降。

Yes. And in the opening comments, you talked a little bit about the volume. I noticed that you also had a slightly higher percentage, both of purchased loans as opposed to portfolio loans. I mean, I guess I'm not sure exactly what to make of that. Maybe you could expand on that a little bit, but I mean, it feels like, again, maybe at the dealer, more competition at the dealer. Is that what that would reflect?

是的。在開場白中，您稍微談到了音量問題。我注意到你們的購買貸款比例也略高一些，而不是組合貸款。我的意思是，我想我不確定該如何理解這一點。也許您可以稍微詳細說明一下，但我的意思是，感覺經銷商的競爭可能會更加激烈。這反映的是什麼？

I think it's to pretty comparable. I think it's a modest change. It's 2 percentage point difference. I would say it's just a little more randomness or mix of loans. But I don't necessarily think it means due to the competition or anything necessarily.

我認為這是相當具有可比性的。我認為這是一個適度的改變。差異為2個百分點。我想說這只是貸款的隨機性或混合性而已。但我並不認為這必然意味著由於競爭或其他原因。

Robert Wildhack, Autonomous Research.

羅伯特·懷爾德哈克（Robert Wildhack），自主研究。

In the past, you've talked a decent amount about how forecasting models can be less accurate in periods of volatility. And I think we could all agree that the broader environment today looks to be a volatile one. So I guess should we expect more volatility around forecasted collections going forward? Or how are you thinking about the accuracy of forecasts moving through '25, given all the volatility in the broader market today?

過去，您曾多次談論預測模型在波動時期準確性會降低的問題。我想我們都同意，今天的大環境看起來是動盪的。那麼我想我們是否應該預期未來預測的收藏品會出現更多波動？或者，考慮到當今大盤的波動性，您如何看待 25 年預測的準確性？

Yes. So our current forecast right now represents our best estimate of how our loans are going to perform. So predicting all the performance is difficult and we can't predict the future any better than anyone else. So we feel like we have a pretty good track record. But there are a few things that could make it more challenging going forward.

是的。因此，我們目前的預測代表了我們對貸款表現的最佳估計。因此，預測所有表現都很困難，我們無法比任何人更好地預測未來。因此我們覺得我們的業績記錄相當不錯。但有一些事情可能會使未來的發展變得更具挑戰性。

First would be the impact of inflation. This declined some recently, but things still cost a lot more than three years ago. And then we know all of the impact of tariffs could have on inflation, so that's likely to increase on inflation. And we also know that vehicle prices could decline, but that does seem like it's minimized by the impact of tariffs. Then, thirdly, a potential recession, all that can have a negative impact. We'll just have to wait and see. But given what we have out there now is our best estimate today.

首先是通貨膨脹的影響。最近這一價格有所下降，但仍然比三年前貴很多。然後我們知道關稅的所有影響都會對通貨膨脹產生影響，因此這可能會增加通貨膨脹。我們也知道汽車價格可能會下降，但關稅的影響似乎將其降至最低。第三，潛在的經濟衰退，所有這些都可能產生負面影響。我們只能拭目以待。但考慮到我們目前掌握的情況，這是我們今天最好的估計。

Okay. And then on a similar point, the 2022 vintage and performance there was marked by a period of elevated inflation whether it's the '24 or '25 or even '26 vintages, those are likely to be fined by tariffs and maybe a recession. Is the source of the volatility a big deal? Or is all volatility the same? Like is inflation different -- inflation-induced volatility different from like tariff-related volatility?

好的。類似地，2022 年份的葡萄酒及其表現都經歷了一段通貨膨脹高企的時期，無論是 24 年、25 年還是 26 年的葡萄酒，都可能受到關稅和經濟衰退的影響。波動性的根源是什麼？或是所有的波動性都是一樣的嗎？例如通貨膨脹有什麼不同──通貨膨脹造成的波動與關稅相關的波動有什麼不同？

It's tough to say exactly, like it all has an impact. It depends on the extent of the impact of inflation, things like we vehicle prices have less of an impact on our forecasted collection rates. So we just really don't know at this point because what we know out there is our best estimates of what we know today. We also know the '22 loans -- beyond just inflation, there are some other factors on why those have underperformed. A couple of those would be that the loans are originated in a very competitive period.

很難確切地說，好像一切都有影響。這取決於通貨膨脹的影響程度，例如汽車價格對我們預測的收集率的影響較小。所以我們現在真的不知道，因為我們所知道的只是對今天所知的最佳估計。我們也知道，除了通貨膨脹之外，還有其他一些因素導致 22 項貸款表現不佳。其中之一是，這些貸款是在競爭非常激烈的時期發放的。

It certainly hurts [purchase] loan performance, consumers purchased vehicles at peak valuations, vehicle prices subsequently declined and then, as you mentioned, inflation. So we also know what we saw in the '22 loans, not unusual compared to what we see others in the industry.

這肯定會損害[購買]貸款的表現，消費者在估值最高時購買汽車，隨後汽車價格下降，然後正如您所說，出現通貨膨脹。因此，我們也知道我們在 22 筆貸款中看到的情況，與我們在業界看到的其他貸款相比，這並不罕見。

Just to jump in there, too. That's the reason we can't predict when the volatility is going to come or what's going to be more volatile, and that's why we price our loans with a big margin of safety, so that they'll most likely still produce a good result regardless of those economic factors.

也只是跳進去而已。這就是我們無法預測波動何時到來或什麼情況會變得更加波動的原因，也是我們為貸款定價時設置較大安全邊際的原因，這樣無論經濟因素如何，貸款很可能仍會產生良好的結果。

Got it. And then just quick. You touched on the cash and I hear you that this quarter was impacted by the recent debt issuance. But more broadly, like you used to run with a single digit million cash number, and it's been up in the hundreds for the last three quarters. So why the longer-term increase there?

知道了。然後就很快了。您提到了現金問題，我聽說本季受到了近期債務發行的影響。但更廣泛地說，就像你過去用個位數的百萬現金數字來運行一樣，過去三個季度它已經上升到幾百了。那麼為什麼會出現長期成長呢？

This is Jay Brinkley. Similar to what we said last quarter, we took a fairly conservative stance going into Q4 with the unknowns related to the election and what impact it would have on the capital markets. Really, we saw no reason to change that stance. There's a lot up in the air, obviously. We were pretty active during the quarter, as you saw. We refied our '26 notes and upsized those by $100 million.

這是傑伊·布林克利。與我們上個季度所說的類似，我們對第四季採取了相當保守的立場，因為選舉相關的未知因素以及其對資本市場的影響。確實，我們認為沒有理由改變這個立場。顯然，還有很多事情懸而未決。如您所見，我們在本季非常活躍。我們重新發行了 26 年債券，並將其規模增加了 1 億美元。

We also closed a securitization at the end of the quarter. I think in terms of timing, we feel pretty good about getting in and out of the market when we did. I think we've gotten fairly volatile out there and feels good to be in the cash position that we are right now rather than having to issue into a volatile capital market environment.

我們還在本季末完成了證券化。我認為從時機上來說，我們對於進入和退出市場的時機都感覺很好。我認為我們已經變得相當不穩定了，現在處於現金狀況感覺很好，而不必在動盪的資本市場環境中發行債券。

(Operator Instructions) John Rowan, Janney.

（操作員指示）約翰·羅文，詹尼。

Good afternoon. Just curious, why did you guys decide to accelerate dealer holdback?

午安.只是好奇，為什麼你們決定加速經銷商的保留？

This is Doug. I can handle this. What we're trying to do with dealer holdback in general is incentivize dealer behavior, primarily at the time of origination because they get -- part of their compensation is dealer holdback that is based over time on the performance of the loan. So the problem you have with that is you're trying to incentivize dealer behavior today with additional profitability that will occur 30, 36, 42 months from the point of origination. So we accelerated dealer holdback and we've been doing this for many, many years to try to create a better linkage between dealer behavior and origination and that collection-related profit or dealer holdback.

這是道格。我能處理這個。我們試圖透過經銷商保留金來激勵經銷商的行為，主要是在貸款發放時，因為他們得到的報酬的一部分是經銷商保留金，而這部分保留金是根據貸款的表現而定的。所以，您面臨的問題是，您試圖透過從起源點開始的 30、36、42 個月後出現的額外盈利來激勵經銷商今天的行為。因此，我們加快了經銷商保留額，我們已經這樣做了很多年，試圖在經銷商行為和起源以及與收款相關的利潤或經銷商保留額之間建立更好的聯繫。

Okay. I guess just one accounting question. There was a pretty big jump in salaries and wages. Is that a good run rate going forward?

好的。我猜只有一個會計問題。工資和薪金有了相當大的增長。這是一個良好的未來運作率嗎？

Are you comparing salaries and wages to Q4 of last year or Q1 of last year?

您是在將薪資與去年第四季還是去年第一季進行比較？

I'm just looking at the $88.6 million reported.

我只是看了報告的 8860 萬美元。

Yes. I would say there's some seasonal improvement. There's some seasonal events in Q1 that tends to have operating expenses higher, has to do with our payroll taxes, volume that's seasonally higher, low-unit seasonally higher in Q1, which impacts sales commissions because we also have higher fringe benefits as well. If you do look at Q1 versus last year, you will see we gained some operating leverage that's declined [as percent of average].

是的。我想說的是，存在一些季節性的改善。第一季的一些季節性事件往往會導致營運費用增加，這與我們的工資稅有關，第一季銷售季節性增加，低單位銷售量季節性增加，這會影響銷售佣金，因為我們的福利也更高。如果你看一下第一季與去年同期的對比，你會發現我們獲得的經營槓桿有所下降[佔平均值的百分比]。

Okay. And then you mentioned something earlier. I just want to make sure I heard it correctly. You said you had a 5.2% market share versus 6% last year. What time frame was that? And you talked about something about [VantageScore]. Just can you repeat what you said? So I have it.

好的。然後你之前提到了一些事情。我只是想確認我聽得正確。您說您的市佔率為 5.2%，而去年為 6%。那是什麼時間範圍？你談到了一些關於[優勢分數]。你能重複一下你剛才說的話嗎？所以我有它。

The 5.2% was for the first two months of the year because we don't have data for March yet. And then the 6% for 2024 was also the same period. And what was the second part of your question again?

5.2% 是今年前兩個月的數據，因為我們還沒有三月的數據。2024 年的 6% 也是同一時期。您問題的第二部分是什麼？

You mentioned something about VantageScores being the reason for that. Can you just go over that again?

您提到 VantageScores 是造成這種情況的原因。你能再說一次嗎？

Maybe I didn't speak clearly or maybe you heard it wrong, but what I said was our unit volume was slightly impacted by our Q3 2024 scorecard change that resulted in lower advance rates and also increased competition.

也許我說的不清楚，或者你聽錯了，但我說的是，我們的單位數量受到 2024 年第三季記分卡變化的輕微影響，導致預付款率下降，競爭加劇。

Jordan Hymowitz, Philadelphia Financial.

喬丹海莫維茨 (Jordan Hymowitz)，費城金融公司。

Thanks. A couple of questions. One is, the CFPB recently dropped its lawsuit against you guys. Can you give us a sense of how much of legal fees were spent in the first quarter in that case that won't be repeated?

謝謝。有幾個問題。一是，CFPB 最近撤銷了對你們的訴訟。您能否告訴我們，在這種不會再發生的案件中，第一季花費了多少法律費用？

No. We don't comment on legal costs unless they're material to our financials. So we won't comment on that beyond what we've disclosed in our filings. What I would do though is just reiterate what we put in the release last week that we're pleased with the CFPB's decision to withdraw from the case as it should limit the scope to New York consumers only. And as we have outlined in our motion to dismiss, this lawsuit seeks to create new law and litigation and service legal (technical difficulty) with established statutes, but we won't comment on legal reserves or legal expenses.

不。除非法律費用對我們的財務狀況至關重要，否則我們不會對其進行評論。因此，除了我們在文件中披露的內容之外，我們不會對此發表評論。不過，我要做的只是重申我們上週發布的內容，我們對消費者金融保護局退出此案的決定感到高興，因為這將把範圍僅限於紐約消費者。正如我們在駁回動議中概述的那樣，這起訴訟旨在利用既定法規創建新的法律和訴訟並解決法律問題（技術難題），但我們不會對法律儲備或法律費用發表評論。

So whatever would be, that would be going down. My next question is, you're getting closer and closer to not providing or writing down older pools. You spent $76.3 million in the quarter. If I just tax effect that number, it's about $5.5. So would I think about your earnings power being closer to like $13.5, $14 today, if there were no changes for write-backs to older pools?

所以無論發生什麼，都會下降。我的下一個問題是，您越來越接近不提供或不寫下舊池了。本季您花了 7,630 萬美元。如果我只考慮稅收因素，這個數字大約是5.5美元。那麼，如果對舊池的回寫沒有變化，我是否可以認為你們今天的盈利能力更接近13.5美元或14美元呢？

We think the best way to look at our financial results is looking at our adjusted financial results. So I would use that as your proxy.

我們認為查看財務結果的最佳方法是查看調整後的財務結果。所以我會用它作為你的代理。

Okay. And were there any other onetime things that you're not going to break out the legal piece, like you've been spending a lot on IT and other things that may come down going forward?

好的。還有什麼其他一次性的事情你不會將其與法律部分分開，例如你在 IT 和其他可能在未來發生的事情上投入了大量資金？

We have had elevated levels of investments in the business in recent years. A lot of these have been foundational, trying to get things like sufficient talent density, changing our design, modernizing our tech stack.

近年來，我們對該業務的投資水準有所提高。其中許多都是基礎性的，試圖獲得足夠的人才密度，改變我們的設計，使我們的技術堆疊現代化。

I think maybe at some point, they would come down. But once we moderate our tech stack, we're then looking at making a lot of changes and trying to improve our products. So I don't foresee in the relatively near future the elevated levels coming down, although I will say we hope to start to see more of a return on them once we get past the foundational stage.

我想也許到了某個時候，他們會下來。但是，一旦我們調整了技術堆疊，我們就會考慮做出很多改變並嘗試改進我們的產品。因此，我預計在不久的將來，高水準不會下降，但我想說，我們希望在度過基礎階段後開始看到更多的回報。

Thank you. With no further questions in the queue, I would like to turn the conference back over to Mr. Martin for any additional or closing remarks.

謝謝。由於沒有其他問題，我想將會議交還給馬丁先生，請他發表補充意見或結語。

We would like to thank everyone for their support and for joining us on the conference call today. If you have any additional follow-up questions, please direct them to our Investor Relations mailbox at ir@creditacceptance.com. We look forward to talking to you again next quarter. Thank you.

我們要感謝大家的支持以及今天參加電話會議。如果您還有其他疑問，請發送電子郵件至我們的投資者關係郵箱：ir@creditacceptance.com。我們期待下個季度再次與您聯繫。謝謝。

Thank you. Once again, this does conclude today's conference. We thank you for your participation.

謝謝。今天的會議再次結束了。我們感謝您的參與。