Consumer Portfolio Services Inc (CPSS) 2023 Q1 法說會逐字稿

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

大家好，歡迎參加 Consumer Portfolio Services 2023 第一季度運營業績電話會議。今天的通話正在錄音中。

Before we begin, management had 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 those I projected. I refer you to the company's annual report filed on March 15 for further clarification.

在我們開始之前，管理層曾要求我通知您，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。由於取決於對未來事件的估計，因此有關應收賬款當前或歷史估值的聲明也屬於前瞻性聲明。所有此類前瞻性陳述都存在風險，可能導致實際結果與我預測的結果存在重大差異。我建議您參閱公司 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 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 first quarter conference call. We definitely spoke a little while ago, but not too long ago. So not that much has changed. But in terms of the first quarter, it's off to a very strong start. We're very happy with the results.

謝謝大家，歡迎大家參加我們的第一季度電話會議。我們肯定剛才談過，但不久前。所以變化不大。但就第一季度而言，開局非常強勁。我們對結果非常滿意。

I mean, I think the thing to sort of focus on in looking at the first quarter is that we've made a lot of changes in the last 2 quarters of 2022, mostly as a result of the Fed raising rates and the 2022 vintage has not really coming out of the gates as strongly as we might have hoped. As a result of that, though, we spent those 2 quarters and a good part of this quarter tightening our credit, raising our rates and fees and really sort of realigning everything we needed.

我的意思是，我認為在觀察第一季度時要重點關注的是，我們在 2022 年的最後兩個季度做出了很多改變，主要是由於美聯儲加息，而 2022 年的年份已經並沒有像我們希望的那樣真正走出大門。然而，因此，我們在這兩個季度和本季度的大部分時間裡收緊了我們的信貸，提高了我們的利率和費用，並真正重新調整了我們需要的一切。

One might have thought that would have had a negative effect on both growth and our attraction to dealers in the industry. That's not the case at all. We had a very strong quarter. Even with the tightening and the price increases, we've had strong growth in the first quarter, stronger than we would have expected. So all those things are very positive in terms of our first quarter of the year getting off to a good start.

人們可能認為這會對增長和我們對行業經銷商的吸引力產生負面影響。根本不是這樣。我們有一個非常強勁的季度。即使有緊縮政策和價格上漲，我們在第一季度也實現了強勁增長，強於我們的預期。因此，就我們今年第一季度的良好開端而言，所有這些都是非常積極的。

I think we also saw sort of a good thing is our DQ and losses have gone up a little bit, but we still are significantly below pre-pandemic levels, many of our friendly competitors probably couldn't say that. So again, we both are beginning to see we made the changes necessary as we start 2023, but we're also still beginning to see the real results of what we've done in terms of having a strong credit model, strong collection model and having an all kind of work to actually give us a great start to the year, but also to sort of to help take care of any inefficiencies or things that didn't work as well in 2022.

我認為我們也看到了一件好事，即我們的 DQ 和損失有所上升，但我們仍然大大低於大流行前的水平，我們的許多友好競爭對手可能無法這麼說。所以，我們都開始看到我們在 2023 年開始時做出了必要的改變，但我們也仍然開始看到我們在擁有強大的信用模型、強大的收款模型和進行各種各樣的工作，實際上為我們提供了一個良好的開端，同時也有助於解決 2022 年任何效率低下或效果不佳的問題。

So with that, I'm going to turn it over to Danny to the financial stuff and then Mike, and then I'll get back on a few comments on the industry and the macro.

因此，我將把它轉交給 Danny，轉交給財務人員，然後轉交給 Mike，然後我會回到對行業和宏觀的一些評論。

Thank you, Brad. We'll go over the numbers. Revenues for the quarter, $83.1 million, which is slightly higher than the $83 million we posted in the December quarter, but it's up 12% over the $74.4 million in Q1 of last year.

謝謝你，布拉德。我們將檢查這些數字。本季度的收入為 8310 萬美元，略高於我們在 12 月季度公佈的 8300 萬美元，但比去年第一季度的 7440 萬美元增長了 12%。

So what's -- drilling down on some of the details here. The fair value portfolio is now $2.8 billion, and that's yielding about 11.2%, remembering that, that yield is net of losses. Last year's number included a larger portion or larger benefit from the legacy portfolio, which was $190 million last year versus $71 million in this year. And that legacy portfolio last year was yielding 17%. So without that comparison, the revenue increase would have been even greater. Also included in revenues for last year was a fair value markup of $2.4 million. That was in Q1 of '22. We had no markup in Q1 of 2023.

那麼什麼是 - 深入了解這裡的一些細節。公允價值投資組合現在為 28 億美元，收益率約為 11.2%，請記住，該收益率已扣除虧損。去年的數字包括來自遺留投資組合的更大一部分或更大的收益，去年為 1.9 億美元，而今年為 7100 萬美元。去年的遺留投資組合收益率為 17%。因此，如果沒有這種比較，收入增長會更大。去年的收入中還包括 240 萬美元的公允價值加價。那是在 22 年第一季度。我們在 2023 年第一季度沒有加價。

Moving down to expenses. The expenses for the quarter, $64.7 million, which is flat from the same $64.7 million number from Q4, but it's up 44% from the $45 million in Q1 of last year. These expenses include a negative provision from our legacy portfolio using CECL accounting, where we had originally estimated lifetime losses on the legacy portfolio that -- where those losses didn't materialize. So over time, we've been gradually reducing the amount of the excess reserves. And in the current quarter, that amount happened to be $9 million of negative provision. In the December quarter, it was $4.7 million and in the first quarter of last year, it was $9.4 million.

向下移動到費用。本季度的支出為 6470 萬美元，與第四季度的 6470 萬美元持平，但比去年第一季度的 4500 萬美元增長了 44%。這些費用包括使用 CECL 會計從我們的遺留投資組合中提取的負準備金，我們最初估計遺留投資組合的生命週期損失——這些損失沒有實現。所以隨著時間的推移，我們一直在逐漸減少超額準備金的數量。而在本季度，這一數額恰好是 900 萬美元的負準備金。在 12 月季度為 470 萬美元，去年第一季度為 940 萬美元。

Pretax earnings. I'll cover -- I guess, interest expense I can cover right now because that's a big component of the change in expenses. That interest expense component was -- has increased from $16.4 million last year to $32.8 million this year. So when we talk about net interest margins later on, we'll see that the -- there is some compression in the margins. Even though we've been raising our APRs on the loan originations for this year, just the way of fair value accounting works, it takes a little bit of time for the yield to catch up to the change in the interest rates on the debt. So there is some compression in the margins -- in net interest margins for the current quarter.

稅前收益。我將支付——我想，我現在可以支付的利息費用，因為這是費用變化的重要組成部分。利息支出部分是 - 從去年的 1640 萬美元增加到今年的 3280 萬美元。因此，當我們稍後談論淨息差時，我們會看到 - 利潤率有所壓縮。儘管我們今年一直在提高貸款發放的 APR，但按照公允價值會計的運作方式，收益率需要一點時間才能趕上債務利率的變化。因此，利潤率有所壓縮——本季度的淨息差。

Moving down to pretax earnings. $18.4 million in the current quarter is comparable to about flat to the $18.3 million in December but down from $29.3 million in the first quarter of last year. Also remembering in the first quarter of last year, that period benefited from exceptional credit performance even benefiting from some of the government stimulus that was occurring during that period. We had very high used car prices and very low interest rates. So those are the reasons why it's a tough comparison from the first quarter of last year to the first quarter of this year.

向下移動到稅前收益。本季度的 1840 萬美元與去年 12 月的 1830 萬美元持平，但低於去年第一季度的 2930 萬美元。還記得去年第一季度，那個時期受益於出色的信貸表現，甚至受益於該時期發生的一些政府刺激措施。我們有非常高的二手車價格和非常低的利率。因此，這就是為什麼很難將去年第一季度與今年第一季度進行比較的原因。

Net income is roughly in line with the trends in pretax income, $13.8 million versus $14.1 million in the December quarter and $21.1 million in the first quarter of last year. That's a 35% decrease. The same trends in earnings per share, $0.54 in the current quarter, $0.59 in the fourth quarter and $0.75 for the first quarter of last year.

淨收入與稅前收入的趨勢大致一致，為 1380 萬美元，去年第二季度為 1410 萬美元，去年第一季度為 2110 萬美元。減少了 35%。每股收益趨勢相同，本季度為 0.54 美元，第四季度為 0.59 美元，去年第一季度為 0.75 美元。

Looking at the balance sheet, a couple of things of note. The finance receivable portfolio grew by 4% from the December quarter. So it's now $2.575 million versus $2.476 million in the fourth quarter, but it's 35% higher than the first quarter of last year when it was $1.9 -- $1,903 million. That is driven by the healthy origination levels we continue to have -- we continue to see from last year and continuing into this year where we originated $415 million in the first quarter compared to $410 million in the prior year first quarter.

查看資產負債表，有幾點值得注意。應收融資組合較 12 月季度增長 4%。因此，現在為 257.5 萬美元，而第四季度為 247.6 萬美元，但比去年第一季度的 1.9 美元和 19.03 億美元高出 35%。這是由我們繼續擁有的健康發起水平驅動的——我們從去年開始繼續看到，並一直持續到今年，我們在第一季度發起了 4.15 億美元，而去年第一季度為 4.1 億美元。

Moving down to securitization debt. Our securitization debt is $2,175 million compared to $2,108 million in the fourth quarter and $1,813 million last year. So the securitization debt is up 3% over the sequential quarter and up 20% year-over-year. Relating that to the increase in the fair value portfolio, which saw a 4% sequential increase and a 35% sequential increase from last year shows that we're able to maintain our liquidity position despite lower leverage on the loan portfolio.

轉向證券化債務。我們的證券化債務為 21.75 億美元，而第四季度為 21.08 億美元，去年為 18.13 億美元。因此，證券化債務環比增長 3%，同比增長 20%。與公允價值投資組合的增長相關，與去年相比環比增長 4% 和 35%，這表明儘管貸款組合的槓桿率較低，但我們能夠維持我們的流動性頭寸。

Looking at the net interest margin, $50.3 million in the current quarter, $54.1 million in December versus $58 million last year. That's a 13% decrease. Like I said, the cost of funds on our debt has increased, in part due to the increase in interest rates and the Fed continuing to raise rates, while the yield on our loan portfolio on fair value accounting will manifest through higher yields in the future.

從淨息差來看，本季度為 5030 萬美元，去年 12 月為 5410 萬美元，去年為 5800 萬美元。減少了 13%。就像我說的，我們債務的資金成本增加了，部分原因是利率上升和美聯儲繼續加息，而我們貸款組合的公允價值會計收益率將在未來通過更高的收益率體現出來.

Looking at core operating expenses, $40.9 million is about flat to the $40.6 million in the December quarter, but it's 8% higher than the $38 million in the first quarter of last year. Looking at that number as a percentage of the managed portfolio, however, shows that the core operating expenses is 5.7% in the current quarter is down from the 6.7% -- 15% decrease from the 6.7% in the first quarter of last year.

從核心運營支出來看，4090 萬美元與去年同期的 4060 萬美元基本持平，但比去年第一季度的 3800 萬美元高出 8%。然而，將該數字作為管理投資組合的百分比來看，表明本季度的核心運營費用為 5.7%，低於去年第一季度的 6.7%——下降 15% 至 6.7%。

And lastly, our return on managed assets 2.6% in the current quarter is flat from Q4, 2.6%, but down from 5.2% in the first quarter of last year, primarily due to the decrease of the compression in the net interest margin.

最後，我們本季度的管理資產回報率為 2.6%，與第四季度的 2.6% 持平，但低於去年第一季度的 5.2%，這主要是由於淨息差壓縮的減少。

I will turn the call over to Mike.

我會把電話轉給邁克。

Thanks, Danny. From an operations standpoint, as we reported in our last call, 2022 was a record-setting year for us originating $1.85 billion, which was our best year in our 31-year history, and we were able to grow our originations 67% year-over-year. So far, 2023 is off to a great start as we originated $415 million in originations in the first quarter, that is down 4% quarter-over-quarter, but up 2% over the first quarter in 2022. So we are tracking nicely so far in 2023.

謝謝，丹尼。從運營的角度來看，正如我們在上次電話會議中報告的那樣，2022 年是我們創紀錄的 18.5 億美元創紀錄的一年，這是我們 31 年曆史上最好的一年，我們的創收能力每年增長 67%-超過一年。到目前為止，2023 年開局良好，因為我們在第一季度發起了 4.15 億美元的發起，環比下降 4%，但比 2022 年第一季度增長 2%。所以我們跟踪得很好遠在 2023 年。

The key to that metric is demand for our financial products remain strong. We had over 30,000 apps in Q1, which is a 20% increase quarter-over-quarter and a 41% increase year-over-year. Now we expect greater demand for our financial products in February and March due to tax refund season, but we saw a greater influx of apps despite that seasonality.

該指標的關鍵是對我們金融產品的需求依然強勁。我們在第一季度擁有超過 30,000 個應用程序，環比增長 20%，同比增長 41%。現在，由於退稅季節，我們預計 2 月和 3 月對我們的金融產品的需求會增加，但儘管存在季節性，我們還是看到了更多的應用程序湧入。

Yet, with all that said, we also reported on our last call that we aggressively tightened credit the second half of 2022. We continue to do that in Q1 in the areas that we consider most important. As a result, our approval rate dropped from 72% in the first half of 2022 to 65% in the second half of 2022 and in quarter 1, it dropped down to 59%. That drop is by design and as a result of our credit tightening.

然而，儘管如此，我們還在上一次電話會議上報告說，我們將在 2022 年下半年積極收緊信貸。我們在第一季度繼續在我們認為最重要的領域這樣做。結果，我們的支持率從 2022 年上半年的 72% 下降到 2022 年下半年的 65%，在第一季度下降到 59%。這種下降是有意設計的，也是我們信貸緊縮的結果。

So in the first quarter, we continue to further narrow the consumers that we lend to in order to focus on originating only the upper tranche of the subprime market. Demand was so high that we feel like we're continuing and improving to buy the best subprime paper available in the market.

因此，在第一季度，我們繼續進一步縮小我們貸款的消費者範圍，以便專注於僅發起次級抵押貸款市場的上層。需求如此之高，以至於我們覺得我們正在繼續並改進以購買市場上最好的次級貸款票據。

We've been able to hold down to strong APR with the quarter average -- with Q1 quarter average at 21.5%. That's up from 20.15% quarter-over-quarter and very much over 16.14% year-over-year. This aggressive rate rise helps maintain our yield in the face of higher cost of funds that Brad mentioned and perhaps a slight uptick in the losses.

我們已經能夠以季度平均水平保持強勁的 APR——第一季度平均水平為 21.5%。環比增長 20.15%，同比增長 16.14%。面對布拉德提到的更高的資金成本以及可能略有上升的損失，這種激進的加息有助於維持我們的收益率。

One thing we're looking at right now is to maintain affordability for the car payments for our customers. We look at metrics like debt to income, payment to income and looking at our latest risk profile, all those numbers are in line with our 2022 trends.

我們現在正在考慮的一件事是為我們的客戶保持汽車支付的可負擔性。我們查看債務與收入之比、支付與收入之比等指標，並查看我們最新的風險狀況，所有這些數字都符合我們 2022 年的趨勢。

We also look at the payment amount. And for the first quarter of 2023, the average payment was $525, which is below the average used car payment of $544 and that car payment of $544 is an industry average, which includes near prime and prime paper. So our subprime payment of $524 looks strong against the industry average.

我們還查看付款金額。 2023 年第一季度，平均付款額為 525 美元，低於 544 美元的二手車平均付款額，而 544 美元的汽車付款額是行業平均水平，其中包括近優質和優質紙。因此，我們 524 美元的次級抵押貸款支付額與行業平均水平相比顯得強勁。

Switching over to portfolio performance. There's certainly some macroeconomic issues that are weighing on some of our more recent vintages. Inflation and rising interest rates are stressing affordability factors, but that's also balanced out with good unemployment numbers that historically has been the critical factor in portfolio performance.

切換到投資組合績效。肯定有一些宏觀經濟問題正在影響我們最近的一些年份。通貨膨脹和利率上升給負擔能力因素帶來壓力，但這也與良好的失業率相抵消，而失業率在歷史上一直是投資組合表現的關鍵因素。

For the quarter, DQ including repossession inventory ended up at 9.92% of the total portfolio as compared to 8.59% in the same quarter in 2022. Annualized net charge-offs for the quarter ended up at 5.2% of the portfolio as compared to 3.29% in the same quarter of 2022. Extensions and repossessions were up slightly over the quarter.

本季度，包括收回庫存在內的 DQ 最終佔總投資組合的 9.92%，而 2022 年同期為 8.59%。本季度年化淨註銷佔投資組合的 5.2%，而 2022 年同期為 3.29%在 2022 年的同一季度。延期和收回在本季度略有上升。

On the good news front, recoveries for the quarter ended up at 41.81% which is below the record level of 61.37% for the same quarter in 2022. Interestingly, we saw recoveries increase month over month over month in Q1, and so they look to be stabilizing going forward. That's always good for managing our losses.

好消息是，該季度的回收率最終為 41.81%，低於 2022 年同季度 61.37% 的創紀錄水平。有趣的是，我們看到第一季度的回收率逐月增加，因此他們希望穩定前進。這對於管理我們的損失總是有好處的。

In terms of strategic initiatives to improve our performance, we took several actions in the quarter, one from the most basic strategy of hiring more collectors to lessen the account loads, so they can dig deeper into the accounts and do some earlier skip work to some more proprietary strategies that have worked so far in the quarter.

在提高業績的戰略舉措方面，我們在本季度採取了幾項行動，其中一項是僱用更多收款員以減輕賬戶負擔的最基本戰略，這樣他們就可以更深入地挖掘賬戶，做一些更早的跳過工作到一些本季度迄今為止有效的更多專有策略。

Turning to technology. We continue our 5-year quest to invest in new technologies, specifically artificial intelligence-driven technology that aims to make our business more efficient for us, for our dealers and our customers.

轉向技術。我們繼續我們 5 年的投資新技術，特別是人工智能驅動的技術，旨在使我們的業務對我們、我們的經銷商和我們的客戶更有效率。

In the quarter, we made great progress on 2 such technologies, one on the origination side to streamline underwriting, using artificial intelligence and one on the servicing side to make collections more efficient using artificial intelligence. We continue to promote our dealer portal which provides the dealer an easier way to do business with us.

本季度，我們在 2 項此類技術上取得了重大進展，一項是在發起方使用人工智能簡化承保，另一項在服務方使用人工智能提高收款效率。我們繼續推廣我們的經銷商門戶網站，為經銷商提供更輕鬆的方式與我們開展業務。

On the personnel front, as I mentioned, we hired a boatload of collectors to help with our portfolio performance. That left us with 794 total employees, housing 5 offices across the country. We feel that we remain at scale to do $150 million a month, $200 million a month, $125 million a month. It's taken us a few years, but we've gotten to scale.

在人員方面，正如我提到的，我們聘請了一大批收藏家來幫助我們提高投資組合的績效。這使我們共有 794 名員工，在全國設有 5 個辦事處。我們覺得我們仍然保持每月 1.5 億美元、2 億美元、1.25 億美元的規模。我們花了幾年時間，但我們已經擴大規模。

So with that, I'll toss it back, Brad.

因此，布拉德，我會把它扔回去。

Thank you, Mike. Silicon industry, we think we sit in a very good spot in the industry. And of course, one of the questions is why? I think coming out of 2022, where we've seen some of the problems in terms of the rapid growth across industry in '22 and we'll probably give a lot of credit to our model. But Mike mentioned one of the indicators in the payment.

謝謝你，邁克。矽行業，我們認為我們在行業中處於非常有利的位置。當然，問題之一是為什麼？我認為從 2022 年開始，我們已經看到了 22 年跨行業快速增長方面的一些問題，我們可能會對我們的模型給予很大的信任。但邁克在付款中提到了其中一項指標。

With the inflation problems out there and the customers having more things to try and worry about, one of the things we managed to do is keep our payment for our customers down. A lot of the other folks -- and you can tell by the numbers, a lot of the other folks, the payment -- the customer payments all went up a lot. And I think over time, that's going to cause problems in terms of the performance. So us being able to manage that issue among others, has really helped keep us in line with what we're doing.

隨著通貨膨脹問題的出現，客戶有更多的事情要嘗試和擔心，我們設法做的一件事就是降低對客戶的付款。很多其他人——你可以從數字中看出，很多其他人，付款——客戶付款都增加了很多。而且我認為隨著時間的推移，這將導致性能方面的問題。因此，我們能夠處理這個問題，確實幫助我們與我們正在做的事情保持一致。

So I think 2023 is going to be an interesting year for our industry, but I think where CPS sits today is one of the most advantageous positions we could be in. So we're good with that. This deal of famous NFL owners phrase and in terms of the economy and all, we care about the unemployment rate, we care about the securitization market, and nothing else. I mean the rest doesn't matter. Those are the ones we really care about. And so unemployments remain really low. No one really is forecasting unemployment to go up very much. We did another securitization just the other day. That market remains strong, particularly at the bottom end of the stack. In other words, the sort of lower grade bonds, BB, BBB, those are very popular. Those are very good indications that, that market is very strong and healthy.

所以我認為 2023 年對我們的行業來說將是有趣的一年，但我認為 CPS 今天所處的位置是我們可能處於的最有利位置之一。所以我們對此很滿意。這筆交易是 NFL 著名老闆的一句話，就經濟和其他方面而言，我們關心的是失業率，我們關心的是證券化市場，除此之外別無其他。我的意思是其餘的都不重要。這些才是我們真正關心的。所以失業率仍然很低。沒有人真正預測失業率會大幅上升。前幾天我們又進行了一次證券化。該市場依然強勁，尤其是在堆棧的底部。換句話說就是那種等級較低的債券，BB，BBB，那些很受歡迎。這些很好的跡象表明，該市場非常強勁和健康。

So to the extent we care about anything, that's it. Everything else is about making sure the models work, making sure we can maintain our performance. The fact that we still are below industry's levels or pre-pandemic levels in both DQ and losses is also very important.

因此，就我們關心任何事情而言，僅此而已。其他一切都是為了確保模型有效，確保我們能夠保持我們的表現。我們在 DQ 和損失方面仍低於行業水平或大流行前水平這一事實也非常重要。

There was a time where the used car market pricing came down a little bit. We expected it to hold up, and then it bounced right back up. So even that area is working very well. So in terms of the industry, it all looks good.

曾經有一段時間，二手車市場價格有所下降。我們預計它會堅持下去，然後它會反彈回來。因此，即使是那個領域也運作良好。因此，就行業而言，這一切看起來都不錯。

In terms of the overall economy, as I said, we really only care about unemployment. One would hope that things will go okay. People are concerned with the mid-bank, small bank problems. But again, it doesn't really seem to be affecting the large banks. And the large banks are some of the major players in doing securitizations. So you'd have to have a real problem at the banking level before it really got to a point it would bother us.

就整體經濟而言，正如我所說，我們真的只關心失業問題。人們會希望一切都會好起來。人們關心中型銀行、小型銀行的問題。但同樣，它似乎並沒有真正影響到大型銀行。大型銀行是進行證券化的一些主要參與者。因此，您必須在銀行層面遇到真正的問題，然後才能真正達到困擾我們的地步。

So sort of top-down looks very healthy in terms of where we care about the industry and the economy. We really like our position within our industry. And again, going back to all the things that Mike, We've made a lot of the right moves along the way in the last 12 months or so. So we're kind of proud of that accomplishment. We think it bodes well for our progress in 2023. And so just to see how it goes.

因此，就我們關心的行業和經濟而言，自上而下的做法看起來非常健康。我們真的很喜歡我們在行業中的地位。再一次，回到 Mike 所說的所有事情，在過去 12 個月左右的時間裡，我們已經採取了很多正確的舉措。所以我們為這一成就感到自豪。我們認為這預示著我們在 2023 年取得的進展。所以看看進展如何。

Thank you all for joining us today, and we look forward to talking to you next quarter.

感謝大家今天加入我們，我們期待下個季度與您交談。

Thank you. This concludes today's teleconference. A replay will be available beginning 2 hours from now for 12 months via the computers -- 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，將通過計算機（公司網站 www.consumerportfolio.com）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。