Consumer Portfolio Services Inc (CPSS) 2022 Q4 法說會逐字稿

Good day, everyone, and welcome to the Consumer Portfolio Services 2022 Fourth Quarter Operating Results Conference Call. Today's call is being recorded.

大家好，歡迎參加消費者組合服務 2022 年第四季度運營業績電話會議。今天的通話正在錄音中。

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 dependent on estimates of future events also are forward-looking statements. All such forward-looking statements are subject to risks that could cause actual results to differ materially from the -- from those projected. I refer you to the company's annual report filed March 15 for further clarification.

在我們開始之前，管理層要求我通知您，本次電話會議可能包含前瞻性陳述。本次電話會議期間作出的任何非歷史事實陳述均可被視為前瞻性陳述。由於依賴於對未來事件的估計，有關應收賬款當前或歷史估值的聲明也是前瞻性聲明。所有此類前瞻性陳述都存在風險，可能導致實際結果與預期結果存在重大差異。我建議你參考公司 3 月 15 日提交的年度報告，以進一步澄清。

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

公司沒有義務公開更新任何前瞻性陳述，無論是由於新信息、進一步事件或其他原因。

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.

和我們在一起的是首席執行官查爾斯·布拉德利先生； Danny Bharwani 先生，首席財務官； Consumer Portfolio Services 總裁兼首席運營官 Mike Lavin 先生。

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

我現在將把電話轉給布拉德利先生。

Thank you, and welcome, everyone, to our fourth quarter and year-end conference call. A little bit late this year to getting it out, but better late than never. I think -- and looking back, there's an awful lot of good things to think about and what happened in 2022.

謝謝大家，歡迎大家參加我們的第四季度和年終電話會議。今年推出它有點晚，但遲到總比不到好。我認為 - 回顧過去，有很多美好的事情值得思考，以及 2022 年發生的事情。

The fourth quarter probably looks a little bit down relative to the rest of the year. However, 2022 is truly a sort of a tale of 2 economies, not quite a tale of 2 cities, but the same idea. We started out 2022 in full growth mode with literally everything clicking perfectly, and then, of course, inflation showed up and the Fed started raising rates. So we went from an all-out growth mode, which we did very successfully using lots of technology, lots of leverage in what we were doing and just did everything right, perfect storm in the right way. And so we grew dramatically for the first 6 months and somewhere around 6 months, all of a sudden, the cost of funds grow, inflation was getting out of hand. And so we literally had to do one of the most abrupt pivots you could ever imagine in terms of slowing the growth down sort of making sure we are keeping our margins intact by raising rates as quickly and as aggressively as we could. And of course, that had the effect of slowing the business down.

與今年餘下時間相比，第四季度可能看起來有點低迷。然而，2022 年確實是兩個經濟體的故事，而不是兩個城市的故事，而是同一個想法。我們以全面增長模式開始了 2022 年，幾乎所有事情都完美契合，然後，當然，通脹出現了，美聯儲開始加息。因此，我們從全力以赴的增長模式出發，我們非常成功地使用了很多技術，在我們所做的事情中發揮了很大的影響力，並且只是把所有事情都做對了，以正確的方式進行了完美的風暴。因此，我們在前 6 個月和大約 6 個月內急劇增長，突然間，資金成本增加，通貨膨脹失控。因此，我們實際上不得不做一個你能想像到的最突然的支點之一，即放慢增長速度，通過盡可能迅速和積極地提高利率來確保我們保持利潤率不變。當然，這會導致業務放緩。

So it's kind of ironic, they wanted to get going really, really well in the best possible way. Almost immediately turning on a dime, we had to go the other way. The good news is we think we did that about as expertly as you possibly could within our industry. We were able to tighten credit very dramatically, very quickly. We were able to raise rates thoroughly the entire rest of the year. And so as much as the fourth quarter was a little bit light given that the sort of headwinds we are facing, the position we're in, we're very pleased with how the fourth quarter ended and even more so overall.

所以這有點諷刺，他們想以最好的方式真正、非常好地開始。幾乎立即轉向一毛錢，我們不得不走另一條路。好消息是我們認為我們在我們的行業中盡可能專業地做到了這一點。我們能夠非常迅速地收緊信貸。我們能夠在今年餘下的時間裡徹底提高利率。考慮到我們面臨的逆風，我們所處的位置，第四季度有點輕鬆，我們對第四季度的結束方式非常滿意，整體而言更是如此。

Without being obvious, it's the best earnings year we've ever had in the history in the company's history. It's best originations year we've ever had in the company's history. So the highlights are long and lengthy and all very good.

不明顯的是，這是我們公司歷史上有史以來最好的收益年度。這是我們公司歷史上最好的創業年。所以亮點又長又長，都很好。

I think we're now in an interesting time again in 2023, and we'll sort of see how that goes, but more importantly, in 2022 showed us both that we could grow very aggressively and do it correctly in the right way and also, if necessary, and it was able to slow down and still maintain our credit performance and our volume and our margins. Now it took a minute to sort of make those things even out. But the way we were able to do it, at least in our mind, was very good and something that could be able to do, at least in our world is very impressive.

我認為我們現在在 2023 年再次進入了一個有趣的時期，我們將看看情況如何，但更重要的是，2022 年向我們展示了我們可以非常積極地發展並以正確的方式正確地做到這一點，而且，如果有必要，它能夠放慢速度並仍然保持我們的信用表現、我們的數量和我們的利潤率。現在花了一分鐘才把這些事情弄平。但是我們能夠做到這一點的方式，至少在我們看來，是非常好的，並且能夠做到的事情，至少在我們的世界中是非常令人印象深刻的。

So with that, I'm going to turn it over to Danny to go over the financials, and I'll get back and we'll talk a little more about what's going on in the industry and where we think we're going in the future. Go ahead, Danny.

因此，我將把它交給 Danny 來檢查財務狀況，然後我會回來，我們將更多地討論這個行業正在發生的事情以及我們認為我們要進入的地方未來。去吧，丹尼。

All right. Thank you, Brad. Going over the numbers in the financial statements, I'll start by going over the quarter-over-quarter comparisons. And then I'll circle back and we'll do the year-over-year comparisons. But revenues in the fourth quarter were $83 million compared to $69.4 million in the fourth quarter last year. That's a 20% increase. The main driver of that increase is the increase in the size of our fair value portfolio driven by the originations growth that Brad alluded to earlier.

好的。謝謝你，布拉德。回顧財務報表中的數字，我將首先回顧季度環比比較。然後我會轉回來，我們將進行年度比較。但第四季度的收入為 8300 萬美元，而去年第四季度為 6940 萬美元。這是 20% 的增長。這一增長的主要驅動力是我們公允價值投資組合規模的增加，這是由布拉德早些時候提到的起源增長推動的。

The fair value portfolio, as you might recall, we've discussed before, is yielding about 11% currently. And remembering that, that yield is net of losses. In terms of the fair value mark, which is also a part of revenues, we did not take any fair value mark in Q4 of this year, and that compares with a fair value markup of $8.2 million in the third quarter and no mark in the fourth quarter of last year.

您可能還記得，我們之前討論過的公允價值投資組合目前的收益率約為 11%。記住這一點，收益率是扣除損失的。在公允價值標記方面，它也是收入的一部分，我們在今年第四季度沒有採取任何公允價值標記，而第三季度的公允價值標記為 820 萬美元，而在去年第四季度。

In terms of expenses, $64.7 million in the fourth quarter of this year compares to $45 million in the fourth quarter of last year, a 44% increase. Here, the one -- the couple of main drivers here is the reversal of the CECL reserves that we booked on our legacy portfolio. That portfolio continues to wind down and our estimate for the losses that we expected on that portfolio has -- the actual losses have been coming in lower. So we've been able to take reversals of those loss provisions, and it works as an addition to income and a reduction to expense for the year.

在支出方面，今年第四季度為 6470 萬美元，與去年第四季度的 4500 萬美元相比增長了 44%。在這裡，一個 - 這裡的幾個主要驅動因素是我們在遺留投資組合中預訂的 CECL 儲備的逆轉。該投資組合繼續減少，我們對該投資組合預期的損失的估計 - 實際損失一直在降低。因此，我們已經能夠逆轉這些損失準備金，它可以增加當年的收入並減少支出。

For the quarter, we did take $4.7 million of such loss provision reversals cuts compared to $13 million in the fourth quarter of last year. All that sort of trickles down to pretax earnings where we reported $18.3 million of pretax earnings in the fourth quarter of this year compared to $24.4 million in the fourth quarter of last year.

對於本季度，我們確實將此類損失撥備沖銷削減了 470 萬美元，而去年第四季度為 1300 萬美元。所有這些都會影響到稅前收益，我們報告今年第四季度的稅前收益為 1830 萬美元，而去年第四季度為 2440 萬美元。

Net income for the quarter of $14.1 million is a 26% decrease to the $19 million we posted last year. Again, the main difference in net income and pretax earnings quarter over -- or the year-over-year number for the fourth quarter is the reduction in the reversal for the lost division for the CECL portfolio.

本季度的淨收入為 1,410 萬美元，比我們去年發布的 1,900 萬美元下降了 26%。同樣，第四季度淨收入和稅前收益的主要差異——或第四季度的同比數字是 CECL 投資組合損失部門逆轉的減少。

Our diluted earnings per share is $0.59 for the quarter compared to $0.71 in the fourth quarter of last year. That's a 17% decrease. And like I said, I'll circle back and go over the same metrics for the year-over-year comparison. So starting with revenues again, $329.7 million of revenues for 2022 is a 23% increase over the $267.8 million revenues we reported for 2021. Again, the main drivers are the increase in the portfolio and the fair value marks that we took during the year. We took $15.3 million total markup in the fair value portfolio for 2022 compared to a markdown of $4.4 million in 2021.

我們本季度的稀釋後每股收益為 0.59 美元，而去年第四季度為 0.71 美元。減少了 17%。就像我說的那樣，我會回過頭來複習相同的指標以進行同比比較。因此，再次從收入開始，2022 年的收入為 3.297 億美元，比我們報告的 2021 年收入 2.678 億美元增長了 23%。同樣，主要驅動因素是投資組合的增加和我們在這一年取得的公允價值標記。與 2021 年的 440 萬美元相比，我們在 2022 年的公允價值投資組合中總加價 1530 萬美元。

The expenses were $213.5 million, an increase of 6% over the $202 million we posted last year in 2021. So we're able to increase revenues without a significant increase in expenses.

2021 年的支出為 2.135 億美元，比我們去年發布的 2.02 億美元增長了 6%。因此，我們能夠在不顯著增加支出的情況下增加收入。

In terms of the loss provision reversals, it was $28.1 million in 2022 compared to $14.6 million in 2021 and that translates to a large increase in pretax earnings, a 77% increase from $65.7 million in 2021 to $116.2 million in 2022. The same trends in net income, an 81% increase from $47.5 million to $86 million in 2022. And diluted earnings per share, a 76% increase from $1.84 to $3.23 in 2022.

就損失撥備逆轉而言，2022 年為 2810 萬美元，而 2021 年為 1460 萬美元，這意味著稅前收益大幅增長，從 2021 年的 6570 萬美元增長 77% 至 2022 年的 1.162 億美元。淨收入，到 2022 年從 4750 萬美元增長 81% 到 8600 萬美元。稀釋後的每股收益，到 2022 年從 1.84 美元增長 76% 到 3.23 美元。

Going over to the balance sheet. Our unrestricted cash balance is $13.5 million at the end of this year, the end of 2022 compared to $29.9 million at the end of '21. Our fair value receivables are up 42% from $1.7 billion in 2021 compared to $2.5 billion in 2022.

轉到資產負債表。到今年年底，即 2022 年底，我們的無限制現金餘額為 1350 萬美元，而 2021 年年底為 2990 萬美元。與 2022 年的 25 億美元相比，我們的公允價值應收賬款從 2021 年的 17 億美元增長了 42%。

In terms of our liabilities, our debt -- outstanding debt, we thought our increase in our warehouse lines to a total capacity of $400 million. We did that in 2022 in the second and third quarters. So we have plenty of warehouse capacity, while our securitization debt is up commensurately with the increase in our servicing portfolio.

就我們的負債，我們的債務——未償債務而言，我們認為我們的倉庫線增加到 4 億美元的總容量。我們在 2022 年第二和第三季度做到了這一點。因此，我們擁有充足的倉庫容量，而我們的證券化債務隨著我們服務組合的增加而相應增加。

Going over some of the metrics of net interest margin is up 26% year-over-year from $192.6 million to $242 million in 2022. Core operating expenses are up 9% from $141 million in 2021 compared to $154 million in 2022. And core operating expenses as a percentage of the managed portfolio was 6.6% in 2021. We got that down to 6.1% in 2022, mainly because of the holding the line on expenses and trying to keep those from rapidly increasing while at the same time, increasing our managed portfolio base.

2022 年，淨息差的一些指標同比增長 26%，從 1.926 億美元增至 2.42 億美元。核心運營支出從 2021 年的 1.41 億美元增長 9%，而 2022 年為 1.54 億美元。核心運營支出2021 年，費用佔管理投資組合的百分比為 6.6%。我們在 2022 年將該比例降至 6.1%，這主要是因為控制費用並試圖阻止費用快速增長，同時增加我們的管理費用投資組合基礎。

Our return on managed assets increased from 3.1% in '21. It's now up to 4.6% in 2022. And again, the same trends, increasing managed portfolio base and trying to keep the line on expenses from going up. And that covers the financials. I'll turn it over to Mike.

我們的管理資產回報率從 21 年的 3.1% 上升。現在到 2022 年將達到 4.6%。同樣的趨勢，增加管理的投資組合基礎，並試圖保持支出線不上升。這包括財務。我會把它交給邁克。

Okay. Thanks, Danny. As alluded to, 2022 is a record-setting year for us. We originated $1.85 billion in 2022, that compares to originating $1.1 billion in 2021. So effectively, we grew our originations 69% year-over-year, which is a record growth rate for us in originations. Of note, which is interesting, we set the origination records while achieving an efficiency scale operationally that we haven't seen before in our history. So for example, we originated $1.1 billion in 2021 with 755 employees, yet we did $1.8 billion in 2022 was 777. So in effect, we grew our portfolio or our origination 69% with only increasing our employee base by 2.9% to originate and service that growth.

好的。謝謝，丹尼。如前所述，2022 年對我們來說是創紀錄的一年。我們在 2022 年創收了 18.5 億美元，而 2021 年創收了 11 億美元。因此，我們的創收同比增長了 69%，創下了創紀錄的創紀錄增長率。值得注意的是，這很有趣，我們設置了原始記錄，同時實現了我們歷史上從未見過的運營效率規模。因此，例如，我們在 2021 年發起了 11 億美元，擁有 755 名員工，但我們在 2022 年完成了 18 億美元，即 777 人。因此實際上，我們的投資組合或發起增加了 69%，而我們的員工基礎僅增加了 2.9% 來發起和服務那個增長。

Switching to the fourth quarter quickly. We originated $428 million in Q4 as compared to $468 million in our record-setting Q3, but still well above the $328 million we originated in Q4 2021. We did so -- we did everything set records considering that we tighten credit the second half of the year.

快速切換到第四節。我們在第四季度發起了 4.28 億美元，而創紀錄的第三季度為 4.68 億美元，但仍遠高於我們在 2021 年第四季度發起的 3.28 億美元。我們這樣做了——考慮到我們在下半年收緊信貸，我們所做的一切都創下了紀錄那一年。

The scale and growth has allowed us to reduce our operating expense quite a bit going forward. And certainly, our investment in new technologies featuring artificial intelligence and more specifically, machine learning have helped our efficiency among the other benefits. For example, our Generation 7 AI-based model was fully matured in 2022, which we believe allowed us to originate the best-performing subprime paper, but also do so in a more streamlined manner.

規模和增長使我們能夠在未來大幅降低運營費用。當然，我們對以人工智能為特色的新技術的投資，更具體地說，機器學習在其他好處中幫助我們提高了效率。例如，我們基於 AI 的第 7 代模型在 2022 年完全成熟，我們相信這使我們能夠製作出表現最好的次級抵押貸款債券，而且還能以更精簡的方式進行。

It's also important to note that our record growth was achieved at the same time that we aggressively raised rates, increased fees and most importantly, tightened credit. For example, our average APR in February of 2022 was 15.99%, yet ended the year 2022 at nearly 21%. In addition, we increased our dealer fees throughout the year. And more importantly and more responsibly, we began to tighten credit sort of halfway through the year, and we did so by setting fairly low LTV caps. We reduced our back-end allowance, and we eliminated numerous exceptions that we might have made on some declines.

同樣重要的是要注意，我們創紀錄的增長是在我們積極提高利率、增加費用以及最重要的是收緊信貸的同時實現的。例如，我們在 2022 年 2 月的平均 APR 為 15.99%，但到 2022 年結束時接近 21%。此外，我們全年增加了經銷商費用。更重要和更負責任的是，我們在今年中旬開始收緊信貸，我們通過設置相當低的 LTV 上限來做到這一點。我們減少了後端津貼，並消除了我們可能在某些拒絕時做出的許多例外情況。

As such, our overall percentage dropped as we're being more selective on our originations, but the strong demand for our product more than made up for our credit pullback. At the end of the day 2022, we believe we bought and continue to buy the best slice subprime auto paper available on the market.

因此，我們的整體百分比下降了，因為我們對我們的產品更具選擇性，但對我們產品的強勁需求足以彌補我們的信貸回落。在 2022 年末，我們相信我們已經購買並繼續購買市場上最好的次級汽車票據。

A couple of notes about competition and demand. New -- in 2022, new car prices remained at record highs as manufacturers are limiting new car inventory. Despite the chip shortage and inventory issues seen during COVID, largely being over. At the same time, used car prices have gone down towards the end of 2022, which is kicking more car buyers into the used car space which comprises the majority of our originations. Interestingly, we lose most of our deals in 2022, 2021, to credit unions, and it appeared in 2022 that the credit unions were pulling out of the space. At the same time, we've also seen some bigger players leave the space or cut back in the space as some are concentrating on being a more full-spectrum lender.

關於競爭和需求的一些注意事項。新——2022年，由於製造商限制新車庫存，新車價格仍處於歷史高位。儘管在 COVID 期間出現了芯片短缺和庫存問題，但基本上已經結束。與此同時，到 2022 年底，二手車價格已經下降，這將吸引更多購車者進入二手車領域，而二手車領域是我們的主要來源。有趣的是，我們在 2022 年、2021 年的大部分交易都輸給了信用合作社，而在 2022 年，信用合作社似乎正在退出這個領域。與此同時，我們也看到一些較大的玩家離開或縮減空間，因為一些人正專注於成為更全面的貸方。

In terms of competition, I think our niche is not the most competitive business to begin with, considering that there really are only 3 or 4 players who consistently compete with us in our space as say compared to other industries who face hundreds of competitors for their product. We have a solid market share at the top slice of the subprime spectrum, while our other close competitors tend to target the lower share of the subprime slice. That competition landscape is consistent, remained consistent in 2022 and as insulated, as there is a high bar entry into our niche business.

在競爭方面，我認為我們的利基市場並不是最有競爭力的業務，考慮到在我們的領域中確實只有 3 或 4 個玩家持續與我們競爭，而其他行業則面臨數百個競爭對手產品。我們在次級抵押貸款領域的頂級市場佔有穩固的市場份額，而我們的其他競爭對手往往瞄準次級抵押貸款領域的較低份額。這種競爭格局是一致的，在 2022 年保持一致並且是絕緣的，因為進入我們的利基業務的門檻很高。

Our business remains relationship based. So a vast loyal dealer network is required. You got to have proprietary originations and servicing models based on decades of data to ensure portfolio performance. The business does remain capital-intensive. And of course, it's highly regulated, which requires experience dealing with that.

我們的業務仍然以關係為基礎。因此需要龐大的忠誠經銷商網絡。您必須擁有基於數十年數據的專有起源和服務模型，以確保投資組合的績效。該業務確實仍然是資本密集型的。當然，它受到高度監管，這需要處理它的經驗。

Turning to portfolio performance. Our year-end 2022 delinquency, including repossession inventory ended at 12.62% as compared to 10.53% at year-end 2021. Our annual net charge-offs for the fourth quarter were 5.83% as compared to 2.57% for the fourth quarter of 2021.

轉向投資組合表現。我們 2022 年底的拖欠率（包括收回庫存）為 12.62%，而 2021 年底為 10.53%。我們第四季度的年度淨註銷率為 5.83%，而 2021 年第四季度為 2.57%。

Good news on extensions. They're up just a tick in 2022. But as a percentage of the outstanding portfolio, they ended up at 2.98%, which is the second-best year ever when it comes to extension usage.

關於擴展的好消息。他們在 2022 年只上升了一點點。但作為未償還投資組合的百分比，他們最終達到 2.98%，這是有史以來第二好的擴展使用年。

We do have an AI machine learning based extension scoring model, which we believe has given us more bang for our buck on the extensions and allowed us to get more out of our extensions going forward.

我們確實有一個基於人工智能機器學習的擴展評分模型，我們相信它讓我們在擴展方面獲得了更大的回報，並讓我們能夠從未來的擴展中獲得更多收益。

Overall, we're pleased with our performance in 2022, considering the economic headwinds we faced and of course, the end of the COVID-free government money that bolstered our 2021 results. In particular, and with more specificity and while it's early, it looks like in the industry that 2022 vintages have been a bit choppy coming out of the gates, yet we have heard that ours are performing well as compared to industry average. Our curves are still well below our pre-pandemic levels, especially compared to the industry averages.

總體而言，考慮到我們面臨的經濟逆風，當然還有支持我們 2021 年業績的無 COVID 政府資金的結束，我們對 2022 年的表現感到滿意。特別是，更具體地說，雖然現在還早，但在業內看來，2022 年的年份剛開始時有點起伏不定，但我們聽說，與行業平均水平相比，我們的表現不錯。我們的曲線仍遠低於大流行前的水平，尤其是與行業平均水平相比。

We believe that we were one of the first to tighten our credit in 2022, which kind of follows our 31-year history, modus operandi being a conservative responsible lender.

我們認為，我們是 2022 年首批收緊信貸的公司之一，這在某種程度上遵循了我們 31 年的歷史，其作案手法是保守的負責任的貸方。

As with originations, we believe our investment in new technologies featuring artificial intelligence and machine learning have helped our portfolio performance and efficiency and servicing it. For example, we have a Generation 7 AI-driven collection model that we use to instruct our collectors on who to communicate with, how to communicate with them. Whether it's text or e-mail or phone and when to communicate with them. For our 2022 vintages, we tweak the algorithm a little bit towards the end of 2020 to dive deeper and better address the early issues. This, combined with a few proprietary strategy adjustments we made towards the second half of 2022, has allowed us to outperform the industry averages.

與原創一樣，我們相信我們對以人工智能和機器學習為特色的新技術的投資幫助了我們的投資組合績效和效率並為其提供服務。例如，我們有一個第 7 代人工智能驅動的收藏模型，我們用它來指導我們的收藏家與誰溝通，如何與他們溝通。無論是短信、電子郵件還是電話，以及何時與他們溝通。對於我們的 2022 年份，我們在 2020 年底對算法進行了一些調整，以更深入地研究並更好地解決早期問題。這一點，再加上我們在 2022 年下半年所做的一些專有戰略調整，使我們的表現優於行業平均水平。

And with that, I'll kick it back to Brad.

有了這個，我會把它踢回布拉德。

Thank you, Mike. And so that's kind of where we are today. 2022 seems almost a long time ago, given the ups and downs having that great first half of the year and then sort of a challenge in somewhat second half of the year. But I think the most important thing to see is that, and as Mike and Danny both pointed out, through 2022, we're able to adjust and move both our credit criteria, our pricing model almost seamlessly to kind of react to what was going on in the industry.

謝謝你，邁克。這就是我們今天所處的位置。 2022 年似乎是很久以前的事了，因為今年上半年的起伏很大，然後在下半年有點挑戰。但我認為最重要的是，正如 Mike 和 Danny 都指出的那樣，到 2022 年，我們能夠調整和移動我們的信用標準，我們的定價模型幾乎無縫地對正在發生的事情做出反應在行業中。

We're not quite sure everyone else did quite that. But nonetheless, we're very happy with how we did it. I think in the future, that bodes very well for adjusting to the different sort of market levels. Certainly today, once again, things are moving around. But the fact that we're able to go through 2022, and on the one hand, grow so significantly and so successfully shows that they have to pull back some, shows that we can move with the rising and lowering ties just as easily. And I think that's very important going forward because we've been doing this a long time. And the one thing that you can always count on is things will change. And sometimes they change in a time.

我們不太確定其他人是否都這樣做了。但是，儘管如此，我們對我們的做法感到非常滿意。我認為在未來，這預示著適應不同類型的市場水平是個好兆頭。當然，今天，事情又一次發生了變化。但我們能夠度過 2022 年這一事實，一方面，如此顯著且如此成功地增長表明他們必須撤回一些，這表明我們可以同樣輕鬆地應對上升和下降的關係。我認為這對未來非常重要，因為我們已經這樣做了很長時間。您始終可以指望的一件事是事情會發生變化。有時它們會在一段時間內發生變化。

So I think, again, we're very pleased with how it worked. I think the industry overall. I think we sit very well off our 2022 performance. Certainly, all the performance behind that has been very excellent. And so we kind of look forward to how we think 2023 could go. Most importantly, on sort of the technology side, we've been able to use lots of technology, more and more coming every day that actually, we almost can shrink our people and what we need to continue to grow. And so the combination of those things really puts us in a spot where we can sort of look forward to what we're doing, see what the industry does, the ups and downs of the free money in 2021 and '22 or mostly '20 and '21, that's over with. Now we're getting back to what we might look at as sort of the normal course in our industry. And so again, we'll have to kind of ride with what the inflation numbers do and the banking issues and such. But overall, I think based on what we've done in 2022 and 2023, it looks like a new year, new things we can handle, and we're looking forward to the challenge.

所以我認為，我們對它的工作方式非常滿意。我認為整個行業。我認為我們 2022 年的表現非常好。當然，這背後的所有表現都非常出色。因此，我們有點期待我們認為 2023 年會如何發展。最重要的是，在技術方面，我們已經能夠使用大量技術，而且每天都有越來越多的技術出現，實際上，我們幾乎可以縮減我們的人員以及我們需要繼續增長的東西。因此，這些事情的結合確實讓我們處於一個可以期待我們正在做的事情的地方，看看這個行業在做什麼，2021 年和 22 年或大部分 20 年免費資金的起伏和'21，結束了。現在我們正在回到我們可能認為是我們行業正常過程的東西。再一次，我們將不得不接受通貨膨脹數據和銀行業問題等的影響。但總的來說，我認為根據我們在 2022 年和 2023 年所做的工作，這看起來像是新的一年，我們可以處理新的事情，我們期待著挑戰。

With that, thank you all for joining us, and we will speak to you rather soon in April.

至此，感謝大家加入我們，我們很快就會在四月與您交談。

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

謝謝。今天的電話會議到此結束。從現在起 2 小時後，公司網站 www.consumerportfolio.com 將提供為期 12 個月的重播。此時請斷開您的線路，祝您有美好的一天。