Consumer Portfolio Services Inc (CPSS) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to the Consumer Portfolio Services 2025 second-quarter operating results conference call. Today's call is being recorded.

大家好，歡迎參加消費者投資組合服務 2025 年第二季營運業績電話會議。今天的通話將會被錄音。

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 are also forward-looking statements.

在會議開始前，管理階層要求我告知各位，本次電話會議可能包含前瞻性陳述。本次電話會議中任何非歷史事實的陳述均可視為前瞻性陳述。由於應收帳款的當前或歷史估值取決於對未來事件的估計，因此有關應收帳款估值的聲明也是前瞻性聲明。

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

所有此類前瞻性陳述均存在風險，可能導致實際結果與預期結果有重大差異。如需更多詳情，請參閱本公司於 3 月 12 日提交的年度報告。該公司不承擔因新資訊、未來事件或其他原因而公開更新任何前瞻性聲明的義務。

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.

與我們一同出席的有：執行長查爾斯·布拉德利先生；財務長丹尼·巴瓦尼先生；以及消費者投資組合服務總裁兼營運長麥克·拉文先生。

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

現在我將把電話轉給布拉德利先生。

Thank you, and welcome to our second-quarter earnings call.

謝謝各位，歡迎參加我們第二季財報電話會議。

Looking at the quarter, I think it's not quite business as usual, but we're continuing. We've kind of reached a new level in terms of originations. More recently, they're slightly flat, but still stronger than last year. So we've had a better first half this year than last year. The market appears to be a little cautious or flat currently. But nonetheless, it's still -- and we're on pace for a better year in originations this year than last year, and the second quarter shows that.

從本季來看，我認為情況還不能完全恢復正常，但我們仍在繼續。我們在內容創作方面已經達到了一個新的水平。最近一段時間，它們略有趨於平穩，但仍比去年強。所以今年上半年比去年同期好。目前市場似乎有些謹慎或平穩。但即便如此，我們今年的貸款發放量仍有望超過去年，第二季的數據也證明了這一點。

We did just do another securitization, which as much as it was recently, we usually talk about this securitization during the previous quarter call. It was $418 million with a [$5.43 million] all-in cost. What's good about that is the lowest coupon since 2022. So depending on what happens going forward, if there's some rate cuts, this is what would really, really help both our NIM in terms of what we're doing going forward.

我們剛剛又完成了一筆證券化交易，雖然時間比較近，但我們通常會在上一季的電話會議上討論這筆證券化交易。該項目耗資 4.18 億美元，總成本為 543 萬美元。好消息是，這是自 2022 年以來最低的優惠券金額。所以，這取決於未來會發生什麼，如果利率有所下降，這將真正有助於我們提高淨利差，並有助於我們未來的發展。

A couple of rate cuts down the road will be very, very helpful. But nonetheless, the second quarter securitization went off very well. The fact that that market remains very strong is certainly key to our success going forward.

未來幾次降息將會非常非常有幫助。但儘管如此，第二季證券化進展非常順利。該市場依然強勁，這無疑是我們未來成功的關鍵。

We also continue to have an improvement in our operating expenses. OpEx is now the lowest it's been in the history of the company, at least in the last 10 years. We're pushing to continue that trend. And as we continue to grow, both with our cost-cutting measures and efficiency measures and the fact that we just -- we're growing, we'll make that number even better.

我們的營運費用也持續改善。營運成本目前處於公司歷史上的最低水平，至少是近 10 年來的最低水平。我們正努力延續這一趨勢。隨著我們不斷成長，無論是透過削減成本的措施、提高效率的措施，還是因為我們自身正在發展壯大，我們都會把這個數字做得更好。

So again, those are really good highlights. I think -- the other thing to talk about in terms of performance is the '22 and '23 portfolio of paper isn't the strongest to say the least. We've been kind of waiting for that to run off. It is now less than 35% of the overall portfolio, still very significant. But nonetheless, as more new paper gets on and the trending in the new paper both from '24 and '25 is significantly better so far.

所以，這些確實是非常精彩的亮點。我認為——就業績而言，還有一點需要討論的是，2022 年和 2023 年的債券組合至少可以說並不強勁。我們一直在等它跑掉。目前該部分佔比不到整體投資組合的35%，但仍非常重要。不過，隨著更多新報紙的出版，2024 年和 2025 年新報紙的趨勢到目前為止明顯改善。

So as time goes by and we're able to replace, the portfolio becomes more sort of front-loaded with '24, '25, and '26 paper and the '22 and '23 paper continues to run off. You're going to get a little boost there that you really can't see because basically, the bad paper is going away and the good paper is replacing it. So again, a very strong trend in terms of the quarter's production.

因此，隨著時間的推移，當我們能夠進行替換時，投資組合會變得更加以 2024 年、2025 年和 2026 年的債券為主，而 2022 年和 2023 年的債券則繼續到期。你會得到一些提升，但你實際上看不到，因為基本上，不好的紙張會被淘汰，好的紙張會取而代之。所以，本季產量再次呈現非常強勁的成長趨勢。

I'll have a few more comments on the industry. But for now, I'll turn it over to Danny for the financials.

我還有一些關於這個行業的看法。但現在，財務方面的工作就交給丹尼處理吧。

Thank you, Brad. Going over the financial results for the quarter, starting with top line revenue. Our revenues for the second quarter were $109.8 million. That is a 14% increase over the $95.9 million in the second quarter of last year. That revenue is primarily driven by our interest from the fair value portfolio, which is now at $3.6 billion and yielding 11.4%, remembering that that yield is net of losses.

謝謝你，布拉德。接下來，我們來看看本季的財務業績，首先是營收數據。我們第二季的營收為 1.098 億美元。這比去年第二季的 9,590 萬美元成長了 14%。該收入主要來自我們對公允價值投資組合的收益，該投資組合目前規模為 36 億美元，收益率為 11.4%，請記住，該收益率已扣除損失。

The revenues for the quarter also include a $3 million fair value markup, which compares to a $5.5 million fair value markup in the prior year quarter. The fair value markup is a result of better-than-expected performance in our fair value portfolio. For the six months ended June 30, revenues were $216.6 million, which is a 15% increase over the $187.6 million last year.

本季營收還包括 300 萬美元的公允價值增值，而去年同期公允價值增值則為 550 萬美元。公允價值加價是因為我們的公允價值投資組合表現優於預期。截至 6 月 30 日的六個月，營收為 2.166 億美元，比去年同期的 1.876 億美元成長了 15%。

Moving on to expenses. For the quarter, $102.8 million is a 15% increase over the $89.2 million for the second quarter of last year. The primary driver for the increase in expenses are the increases in interest expense, which is up 26% year over year from $58.7 million this year -- or from $46.7 million last year to $58.7 million this year. That increase in interest expense is largely due to increases in the volume of our debt, including our securitization debt, but there's also increases in rate increases that are built into that interest expense increase.

接下來是費用部分。本季營收為 1.028 億美元，比去年第二季的 8,920 萬美元成長了 15%。支出增加的主要原因是利息支出增加，今年利息支出年增 26%，達到 5,870 萬美元，即從去年的 4,670 萬美元增至今年的 5,870 萬美元。利息支出增加主要是因為債務規模增加，包括證券化債務，但利率上漲也計入了利息支出增加的因素。

Total expense for the six months, $202.9 million is a 16% increase over the $174.4 million in the six months of 2024.

上半年的總支出為 2.029 億美元，比 2024 年上半年的 1.744 億美元成長了 16%。

Looking at pretax earnings, $7 million for the quarter is a 4% increase over the $6.7 million last year. And for the year-to-date period, $13.8 million this year compared to $13.2 million last year.

從稅前利潤來看，本季為 700 萬美元，比去年同期的 670 萬美元成長了 4%。今年迄今的收入為 1,380 萬美元，而去年同期為 1,320 萬美元。

Similarly, net income follows the same trends, $4.8 million for the quarter, $4.7 million last year and for the six months, $9.5 million versus $9.3 million. Diluted earnings per share, $0.20 a share for 2024 -- 2025 second quarter compared to $0.19 in the prior year quarter. For the six months, $0.39 versus $0.38.

同樣，淨收入也呈現同樣的趨勢，本季為 480 萬美元，去年同期為 470 萬美元；上半年為 950 萬美元，去年同期為 930 萬美元。2024-2025 年第二季稀釋後每股收益為 0.20 美元，而去年同期為 0.19 美元。六個月內，0.39 美元對比 0.38 美元。

Moving on to the balance sheet. A couple of things of note. Our finance receivables at fair value now stands at $3.56 billion, which is a 20% increase over the $2.96 billion last year, driven by healthy origination levels, $433 million in new auto originations in the current quarter and puts us on pace for another strong year in loan originations.

接下來來看資產負債表。有幾點要注意。我們目前的應收帳款以公允價值計算為 35.6 億美元，比去年的 29.6 億美元增長了 20%，這主要得益於健康的貸款發放水平，本季度新增汽車貸款 4.33 億美元，並使我們有望在貸款發放方面再創佳績。

On the debt side, total debt, which includes our warehouse credit lines, residual interest financing, securitization, ABS debt and corporate long-term debt, $3.4 billion at the end of June this year compared to $2.9 billion last year at the same time, which is a 15% increase. So you'll see that our finance receivables are 20% higher year over year, but our debt is only 15% higher. So that shows that our leverage is improving.

債務方面，截至今年 6 月底，總債務（包括我們的倉儲信貸額度、剩餘利息融資、證券化、資產支持證券債務和公司長期債務）為 34 億美元，而去年同期為 29 億美元，增加了 15%。因此，你會看到我們的融資應收款年增了 20%，但我們的債務只增加了 15%。這說明我們的槓桿作用正在增強。

Moving on to shareholders' equity for the second quarter, we finished the quarter at $303.1 million, which is an 8% increase over the $280.3 million last year, and it's the first time our equity has eclipsed the $300 million mark.

接下來來看第二季的股東權益，我們本季末的股東權益為 3.031 億美元，比去年同期的 2.803 億美元成長了 8%，這也是我們的股東權益首次突破 3 億美元大關。

Other metrics, looking at our net interest margin, $51.1 million in the second quarter is 4% better than $49.2 million last year. For the year-to-date period, $103 million is also 4% better than $99 million last year. As Brad said, core operating expenses is now below 5% -- 4.9% in the second quarter, is a 14% improvement over the 5.7% last year.

其他指標方面，從淨利差來看，第二季為 5,110 萬美元，比去年同期的 4,920 萬美元成長了 4%。今年迄今為止，1.03億美元也比去年的9,900萬美元成長了4%。正如布拉德所說，核心營運費用目前低於 5%——第二季為 4.9%，比去年同期的 5.7% 改善了 14%。

And our return on managed assets, 0.8% compared to 0.9% last year. For the year-to-date period, same number, 0.8% versus 0.9%.

我們的管理資產報酬率為 0.8%，而去年為 0.9%。今年迄今為止，這一數字與去年同期相同，分別為 0.8% 和 0.9%。

I will turn the call over to Mike.

我將把電話轉給麥克。

Thanks, Danny. Looking at our sales and originations, as Brad said, fairly flat in the second quarter of 2025, we originated $433 million of new contracts as compared to $431 million of new contracts in the second quarter of 2024. I will note, however, that the second quarter of '25 is our second best Q2 in our 34-year history. So good work there.

謝謝你，丹尼。從我們的銷售和貸款發放情況來看，正如布拉德所說，2025 年第二季度基本持平，我們發放了 4.33 億美元的新合同，而 2024 年第二季度的新合同金額為 4.31 億美元。不過，我要指出的是，2025 年第二季是我們 34 年歷史上第二好的第二季。幹得好。

Our second quarter of '25, that growth follows our year-over-year growth of '24 over '23 of 23.8%. So the first half of '25, we kind of produced the growth that we intended to do. At the end of the second quarter, our portfolio of assets under management stands at $3.708 billion, which is an increase from $3.173 billion at the end of the second quarter of 2025, a year-over-year increase of 16.8% in the portfolio.

2025 年第二季度，我們的成長延續了 2024 年相對於 2023 年 23.8% 的年成長。所以，在 2025 年上半年，我們基本上已經實現了預期的成長。截至第二季末，我們的資產管理規模達到 37.08 億美元，比 2025 年第二季末的 31.73 億美元增加，年增 16.8%。

I think it's important to note that our growth in the second quarter came at a time when foot traffic was reported to be down at our dealership partners for a myriad of macroeconomic reasons and competition also heated up quite a bit in the second quarter to scoop up less of that demand for our product. But despite these growth roadblocks, we did hold strong to our tight credit box in the second quarter instead of relying on our strong brand of superior customer service and personal relationships with our dealer base to grow.

我認為值得注意的是，我們第二季度的成長發生在我們的經銷商合作夥伴客流量因各種宏觀經濟原因而下降的時候，而且第二季度為了爭奪我們產品的部分需求，競爭也變得相當激烈。儘管面臨這些成長障礙，我們在第二季度仍然堅持嚴格的信貸政策，而不是依靠我們強大的客戶服務品牌和與經銷商的良好關係來實現成長。

To that extent, a few accomplishments. Our originations department set records to help us become one of the fastest funding finance companies in the market by setting a same-day funding rate of 29%. That is the best in our 34-year history.

從這個意義上講，取得了一些成就。我們的貸款發放部門創造了紀錄，使我們成為市場上融資速度最快的金融公司之一，當日放款率達到 29%。這是我們34年歷史上最好的成績。

We set a second day funding rate of 57%, which is the best in our 34-year history. And we got our deal turn time down to 1.18 days, which is the best in our 34-year history. And to kind of put some finishing touches on our second quarter, we were putting the finishing touches on implementing an AI agent bot in certain processing tasks that should improve some of those metrics moving forward for the rest of the year.

我們設定了第二天57%的資金發放率，這是我們34年歷史上最好的成績。我們將交易週轉時間縮短至 1.18 天，這是我們 34 年歷史上的最佳成績。為了在第二季度畫下圓滿的句號，我們正在完善人工智慧代理機器人在某些處理任務中的應用，這應該會在今年餘下的時間裡改善一些指標。

Not to be outdone, our sales department also contributed in the second quarter by increasing our capture rate to 6.71%, up from 5.96% and that is extremely helpful to our growth because we're facing fewer applications in the second quarter. So that kind of offsets the demand by increasing our capture rate.

為了不甘示弱，我們的銷售部門在第二季也做出了貢獻，將我們的成交率從 5.96% 提高到 6.71%，這對我們的成長非常有幫助，因為我們在第二季面臨的申請數量較少。這樣一來，提高我們的捕獲率就能在一定程度上抵消需求。

Sales management was also able to backfill all of our open territories, and we promoted several inside sales reps to enhance our coverage across the country. While we do have a list of between 5 to 10 new territories to open in the near future, we are currently running at full capacity in sales to cover the country.

銷售管理部門也填補了所有空缺區域，我們也提拔了幾名內部銷售代表，以加強我們在全國的覆蓋範圍。雖然我們確實有 5 到 10 個新的市場區域計劃在不久的將來開放，但我們目前的銷售能力已達到滿載運轉，以覆蓋全國市場。

Turning to credit performance. The total DQ greater than 30 days for the second quarter, including repo inventory was 13.14% of the total portfolio as compared to 13.29% as of the second quarter of 2024. That is a slight improvement year over year, and that data is certainly a larger part of the trend of us lowering our DQ on a year-over-year basis.

接下來關注信用表現。第二季逾期超過 30 天的債務總額（包括回購庫存）佔總投資組合的 13.14%，而 2024 年第二季則為 13.29%。與去年相比略有改善，而且數據無疑是我們逐年降低 DQ 趨勢的重要組成部分。

Of particular note, sort of looking at the first half of the year, we have seen improvement DQ sequentially month over month for five of those six months so far in 2025, so a good trend there.

尤其值得注意的是，縱觀今年上半年，我們看到 2025 年至今的六個月中，有五個月的 DQ 逐月遞增，這是一個好趨勢。

Total annualized net charge-offs for the second quarter were 7.45% of the average portfolio as compared to 7.26% for the second quarter of 2024.

第二季年度淨沖銷總額占平均投資組合的 7.45%，而 2024 年第二季為 7.26%。

Sort of looking at the bigger picture of the vintage performance, we continue to see significant credit performance improvement starting with 2023 D and kind of continuing vintage over vintage through 2024. The 2024 vintage performance improvement is a direct result of our credit tightening that we did in early 2023 and continued throughout 2024. It's kind of early, but a sneak peek at the curves of our early 2025 vintages show a heightened chance of even better potential performance than the '24. So a good trend there as well.

從更宏觀的角度來看，我們看到從 2023 年 D 類債券開始，信貸表現持續顯著改善，而這種改善趨勢一直持續到 2024 年。2024 年葡萄酒品質的提升，是我們從 2023 年初開始，一直持續到 2024 年的信貸緊縮政策的直接結果。現在下結論還為時過早，但從我們 2025 年初年份的曲線圖來看，其潛在表現甚至有可能比 2024 年更好。所以這也是個好趨勢。

Another positive note, we saw an uptick in auction recoveries in the quarter, which we hope is a sign of things to come as lower recoveries over the last year has been a bit of a burden on our losses.

另一個積極的方面是，本季拍賣回收率有所上升，我們希望這是一個好兆頭，因為過去一年回收率的下降對我們的損失造成了一定的負擔。

We are encouraged that in addition to our responsible credit policy, which we've always done, our unique collection practices also contributed to the credit performance improvements. So kind of looking back in 2024, we had our supervisors collecting the toughest vintages. In 2025, we kind of switched that up to form a specialized team of our best staff collectors headed by the best supervisors on sort of specialized teams to tackle those toughest vintages.

我們感到欣慰的是，除了我們一直以來奉行的負責任的信貸政策外，我們獨特的催收做法也對信貸績效的改善做出了貢獻。所以，回顧 2024 年，我們的主管們收集了最難釀造的年份酒。2025 年，我們對此進行了調整，組建了一支由我們最優秀的員工收藏家組成的專業團隊，由最優秀的督導員領導，組成專門的團隊來處理那些最棘手的年份。

As we saw in the '24 performance, that strategy worked. And what we're seeing so far in the early '25, the sort of the team -- the team idea is working as well.

正如我們在 2024 年的表現中所看到的，這項策略奏效了。從 2025 年初的情況來看，團隊——團隊理念也發揮了作用。

In addition, the second quarter also saw our use of AI agents become in full blossom. With AI agents handling the outbound dialer calls, this has freed up our experienced human collectors to make more intensive manual efforts to collect the tougher accounts. So for example, our human collectors were able to have more time to make text message communications with our customers, nearly doubling the amount of those communications, which is kind of key to collecting the subprime debt because as we've learned over time, text messaging has turned out to be one of the best debt collection tactics in the space.

此外，第二季我們對人工智慧代理的使用也全面展開。由於人工智慧代理負責處理外撥電話，這使得我們經驗豐富的催收人員能夠騰出更多精力，投入到更繁重的人工催收工作中，以追討更棘手的欠款。例如，我們的催收人員有更多的時間與客戶進行簡訊溝通，溝通次數幾乎翻了一番，這對於催收次級貸款債務至關重要，因為我們逐漸了解到，短信已成為該領域最好的債務催收策略之一。

A few early performance notes on our AI agent. They've helped reduce our potential DQ percentage, hitting a payment rate of 31%. The escalation to live agent transfer rate is low, indicating an increasing comfort with our bot -- with our customers. The right party conversion rate is strong at 48% and the right party connection rate is only less than 1% below our human right party connection rate.

關於我們人工智慧代理的一些早期性能記錄。他們幫助我們降低了潛在的 DQ 百分比，達到了 31% 的付款率。轉接至人工客服的比例很低，這表明我們的客戶對我們的機器人越來越放心。正確的政黨轉換率高達 48%，正確的政黨連結率僅比我們的人權政黨連結率低不到 1%。

The RPC data is important to note because all of those metrics typically result in a payment, a promise to pay or a future date of payment.

值得注意的是 RPC 數據，因為所有這些指標通常都會產生付款、付款承諾或未來的付款日期。

And finally, as I mentioned, the slight uptick in recoveries, even though sort of most of that performance is out of our control, we are working hard to improve a few things that we think we can control to improve those recoveries such as improving the timing of repossession and the sale of the vehicle to improve the recovery amount.

最後，正如我之前提到的，儘管大部分回收率上升並非我們所能控制，但我們正在努力改進一些我們認為可以控制的方面，以提高回收率，例如改進車輛收回和出售的時間安排，從而提高回收金額。

Another factor to improve sale timing is the dearth of available repossession agents in the market that we faced or getting those cars repossessed later and sold later. We are fighting this dearth by forming direct relationships with smaller regional agents and trying to bypass the three or four major forwarding agents in the space.

影響銷售時機的另一個因素是市場上可用的車輛回收代理短缺，或車輛被稍後回收和出售。我們正在透過與較小的區域代理商建立直接關係來應對這種短缺，並試圖繞過該領域的三到四家主要貨運代理商。

Kind of a few more notes before I hand it back to Brad. As he mentioned, our OpEx as a percentage of the portfolio was 4.8%. For the second quarter, I was scratching my head to think that we had a better quarter than that from an OpEx percentage, and I don't think we have. We do expect the OpEx to continue downward as our portfolio grows. And we're also continuing to strategically look for scale in our operations as we grow.

在把它還給布拉德之前，我還要再補充幾點。正如他所提到的，我們的營運支出佔投資組合的 4.8%。對於第二季度，我百思不得其解，為什麼我們的營運支出百分比沒有比上一季更好，但我認為我們確實沒有。我們預計隨著投資組合的成長，營運支出將繼續下降。隨著公司的發展，我們也將繼續從策略上尋求擴大營運規模。

Management remains mindful of the macroeconomic headwinds facing our business because as we know, it's not always what we buy, but the environment that we're buying in. We noted the recent job reports and ever so slight uptick in the unemployment rate.

管理層始終關注我們業務面臨的宏觀經濟逆風，因為我們知道，重要的不僅僅是我們購買什麼，而是我們購買的環境。我們注意到最近的就業報告顯示失業率略有上升。

We're keeping our eye on the tariffs and the future rate cuts. For example, the CPI report came out this morning, which is pushing the odds of three or four rate cuts maybe for the rest of the year to be in our favor, which would help our business. We're also reflecting on what we're hearing from our dealership partners about foot traffic. And from our collection staff and what they're hearing in the trenches from our customers.

我們會密切關注關稅政策和未來的降價幅度。例如，今天早上公佈的 CPI 報告顯示，今年剩餘時間內可能會有三到四次降息，這對我們有利，也有利於我們的業務。我們也在反思從經銷商合作夥伴那裡聽到的關於客流量的回饋。以及我們收款人員從第一線客戶那裡聽到的回饋。

Taken together, we're still continuing to be putting forward tactics of being one of the more responsible lenders in the space as we grow the portfolio continually.

綜上所述，隨著我們不斷擴大貸款組合，我們將繼續推行各項策略，力爭成為該領域更負責任的貸款機構之一。

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

那麼，接下來就交給布拉德了。

Thanks, Mike. In terms of the industry, as noted, there's kind of a light foot traffic in the dealerships these days. Probably people are waiting to see what both interest rates are going to do and the economy is going to do. We seem to be handling that rather well. I think in terms of the industry itself, we keep reading about some potential M&A activity. That would be helpful for our comps and helping what we look for.

謝謝你，麥克。就產業而言，如前面所提到的，如今汽車經銷店的客流量比較少。人們可能都在觀望利率和經濟的走勢。我們似乎處理得相當不錯。我認為就產業本身而言，我們不斷看到一些潛在的併購活動。那將對我們的比較和我們尋找的目標有所幫助。

So we'll see if that ever turns anything. And as I mentioned, the interest rates are supremely important. We'll see what happens. The good news is we don't particularly think interest rates are going to go up. We hope they go down. How much we'll see. But anything -- any movement downward helps us.

所以，我們拭目以待，看看事情會不會有轉機。正如我之前提到的，利率至關重要。我們拭目以待。好消息是，我們不認為利率會上漲。我們希望他們倒下。我們會看到多少。但任何向下的移動都對我們有幫助。

Equally as important is the unemployment rate, which at the moment seems fine. As much as job hiring was down and revised a bit a bunch, unemployment is what we really care about. So hopefully, it doesn't get to the point where unemployment begins to go up. But as long as those kind of trends hold, we should be fine.

同樣重要的是失業率，目前看來情況良好。儘管招聘人數有所下降，而且招聘政策也進行了一些調整，但我們真正關心的還是失業率。所以，希望不會有失業率上升的情況。但只要這種趨勢持續下去，我們應該沒問題。

And as mentioned numerous times by everyone, our focus going forward will be on the efficiencies, continued growth and collecting the aged portfolio the best we can to have the impact going forward as small as possible.

正如大家多次提到的，我們未來的重點將是提高效率、持續成長，並盡可能地收回老舊資產組合，以盡可能減少對未來的影響。

But generally speaking, overall, I think the economy, everybody is kind of curious what's going to happen both with interest rates and whether we -- whether the economy is actually stalling or whether it's going to be fine. My feeling is that they cut interest rates even a little bit, the economy will do just fine. All those are good things for us.

但總的來說，我認為大家都很關心經濟情勢，包括利率走勢以及經濟是否會停滯不前，或者是否會繼續保持良好狀態。我的感覺是，即使利率略微下調，經濟也會運作良好。這些對我們來說都是好事。

It's kind of like the way to look at it kind of the overall picture. You care -- what we've always said is we care most about unemployment. Unemployment appears fine, at least for now. We don't like higher interest rates. No one's mentioning interest rates going up.

這就像是從整體來看問題的一種方式。你們很關心──我們一直都說，我們最關心的是失業問題。至少目前來看，失業率似乎沒有問題。我們不喜歡更高的利率。沒人提到利率上漲的問題。

In terms of our collection and our efficiencies are all doing good and improving along with our growth. So again, we're kind of in a position where in the second quarter, the first two quarters has gone very well, but the future looks bright in terms of mostly positive things should happen rather than negative things.

就我們的收款和效率而言，一切都進展順利，並且隨著我們的發展而不斷提高。所以，我們目前的情況是，第二季度，前兩個季度進展非常順利，但就未來而言，前景看起來一片光明，應該會發生更多積極的事情，而不是消極的事情。

And those positive being the old portfolio runs off, our efficiencies continue to improve are hopeful and the economy continues to do well, the interest rates come down, and we get to grow a lot. So we'll see.

而那些利多因素包括：舊投資組合的退出，我們的效率持續提高，經濟持續向好，利率下降，我們將獲得巨大的成長。我們拭目以待。

But again, thank you all for joining us. We will talk to you next quarter.

再次感謝各位的參與。我們將在下個季度與您聯繫。

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.

謝謝。今天的電話會議到此結束。從兩小時後開始，觀眾可以透過公司網站 www.consumerportfolio.com 觀看為期 12 個月的重播。

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

請暫時斷開您的線路，祝您有美好的一天。