OppFi Inc. Class A

Q4 2022 Earnings Conference Call


spk_0: the noon and welcome to advise fourth quarter twenty twenty two earnings conference call all participants are in a listen only mode as a reminder this conference call is being recorded after management presentation they'll be a question and answer session participants can submit questions at any time by either emailing investors at apply dot com or utilizing the ask a question feature on this live webcast and for those listening by dialing you'll be prompted to enter the queue after the prepared remarks and it is now my pleasure to introduce your host sean small ours had of investor relations
spk_1: thank you sir you may begin thank you operator good afternoon on today's call a tight shorts chief executive officer and executive chairman and pam johnson chief financial officer or fourth quarter twenty twenty two earnings press release and supplemental press and taishan can be found at investors the up by dot com during this call up by will discuss servant forward looking information these forward looking statements are based on assumptions and assessments made by up by management and like their experience and assessment of historical trends current conditions expected future developments and other factors they believe to be appropriate any forward looking statements made during this call or made as of today and apply undertakes no duty to update or revise any such statements weather as a result of new information future events or otherwise in poor in factors that could cause actual results developments and business decisions to differ materially from forward looking statements are described the puppy filings with the securities and exchange commission including the sections and titled risk factors in today's remarks by management the company will discuss certain non gap financial metrics or reconciliation of these non gap financial measures to most comparable gap of measures can be found in earnings press release issued earlier this afternoon this call is being webcast live on be available for replay on our website i would now like to from the call over to talk schwartz thanks sean and good afternoon everyone we're excited to be yen twenty twenty three and we believe our business continues to stabilize and strengthen as founder of up fyi i returned to ceo a year ago and immediately took steps to enhance our leadership team as well as talent in key roles throughout the a company while the macro environment and twenty twenty two was challenging in many ways we persevered with resiliency focus and a relentless emphasis on improvement as a result despite significant economic headwinds including a forty year pete in inflation we delivered record letter reads you nation's total revenue and ending receivables for the full year
spk_2: as a result we achieved are eight consecutive year of profitability exceeding are profitability guidance for twenty twenty two although challenging at the time we embrace the learning from twenty twenty two as they provide a distinctive competitive advantage we believe that embedding these learning into our operate
spk_1: and processes going forward enhance our ability to deliver a stable profitable platform across economic cycles we are optimistic about twenty twenty three lauer meeting mindful of the continuation of an uncertain macaroni macro economic environment the experiences of twenty twenty two coupled with our ten year business history give us the confidence that we can control our success by balancing originations growth overall risk and expenses pam will review our fourth quarter and for your results in detail as well as discuss guidance for to one and four year twenty twenty three before she does i will cover for topics one some highlights from are you for and four year twenty twenty two financial performance to an update on strategic business initiatives for twenty twenty three three or macro economic outlook and quarter to day business trends for or long term growth strategy or fourth quarter results were driven by credit performance and operational leveraged through expense reductions this enabled us to beat the top end of our full your guidance for adjusted net income the key highlights for the full year compared to the previous year including twenty seven percent growth in that originations to seven hundred and fifty eight million nineteen percent growth and ending receivables to four hundred and three million twenty nine percent growth and total revenue to four hundred and fifty three million net income of three point three million and adjusted net income of five million we also successfully improves our marketing and operating cost efficiencies in twenty twenty two as demonstrated by the twenty percent decrease in marketing costs for new funded loan and the thirteen percent improvement in operating expenses as a percentage of total revenue excluding interest exp pence at backs and one times in addition or net promoter score or nps was eighty two for twenty twenty two we believe that mean he the and eighty plus mps score demonstrates the value and quality of advice platform in different operating environments and even more so when they were elevated charges and challenging macro conditions burning to our fourth quarter summary on a year over year basis total revenue increased by twenty five percent to one hundred and twenty million net loss was five point two million and adjusted net loss was two point eight million our improved efficiency trends continued in the fourth quarter with a twenty five percent decrease in marketing costs for new funded loan and a twenty three percent improvement in operating expenses as a percentage of total revenue excluding interest expense add backs and one times
spk_2: one of the other highlights in the fourth quarter was the closing of a hundred and fifty million dollar credit facility with castle lake the addition of castle lake to our existing stable of funding sources has already helped fuel profitable growth and demonstrates that up by can continue to attract funding even and challenging market conditions
spk_1: works cited to have a new financial partner and look forward to continuing to grow with them now i'd like to provide progress updates and solve our poor strategic initiatives that we expect to drive or two thousand and twenty three financial performance last year the most significant adjustments to credit models were made in the company's history in the fourth quarter the first payment default rate continue to improve which we think bodes well for for park for performance later and twenty twenty three the vintage level metric is generally a leading indicator for the net charge operate in the fourth quarter the first payment default rate for new customers continue to move closer to pre pandemic levels having bend down twenty nine percent from the second quarter before credit adjustments were made for existing customers on refinance loans the first payment default rate with down eleven percent from the second quarter in the fourth quarter delinquency rates across the portfolio began to improve the total past you rate decreased seven percent from the end of the third quarter and we've experienced further improvement so far
spk_3: in the first quarter
spk_1: these improvements provide us with the confidence that the net charge off rate will improve later this year as better performing new and refinance loans comprise a larger mixed with a portfolio and older nonperforming loans cycle wow
spk_2: the focus remains on continuous improvement to credit models specifically by utilizing technology data sources and additional attributes to enhance the accuracy and manage risk for the underwriting platform
spk_1: this year we're also very focused on enhancing our platform differentiation she marketing initiatives include exploring new partners and channels improving search engine optimization as well as making direct mail an email more compelling and efficient are also working towards building upon our sixty six percent increase in referrals that we experience last year from a product perspective we're continuing to introduce and communicate customers new features such as same day funding in collaboration with our bed partners as well as enhancements to or self service payment portal a renewed values based collection strategy continues to be a creative to our business yielding increased payments and lowering our net charge free additionally recoveries have previously charged on loan balances grew by twenty six percent year over year we expect this area to further contribute to our earnings rebound this year twenty twenty two was a strong year from an expense leveraged perspective as revenue grow substantially outpaced operating expenses this year we remain focused on realizing more expensive vision steve by focusing on technology and operational initiatives i'd now like to spend a couple minutes discussing our current macro economic view as well as some curb business trends for the first quarter there are encouraged by recent economic reports indicating that inflation and the accelerating and that for some categories such as used vehicles prices are falling the employment market continues to be strong as the overall unemployment rate remains low at three point six percent these trends are helpful for middle class can
spk_2: sewers which is are adjustable market
spk_1: pamela detail or to one and four year twenty twenty three guidance however i will say that we're encouraged by a reporter today trends which we think set us up nicely for a significant rebound and for year adjusted net income with that said we expect profitability to be skewed second half of the year or as que to will be partially impacted by loan vintages from last year before credit adjustments were me now i'd like to take a step back and provide an update on our long term growth strategy to accelerate profitable roof in addition to our plans to drive for product volume growth and expand our partnerships to serve more consumers we're expanding our focus on corporate development in our view this is the best way for us to diversify the business during our ten year history up by has generated significant brand equity across a poor set of attributes credit access and choice transparency value and market leading customer experience driven by technological innovation we believe the same attributes would have significant synergy and create incremental value with platforms are assets in adjacent customer our product categories we think by bringing such platforms or assets under the api umbrella we could drive scale and diversification in a manner that strategically larges our core competencies for investors are long term goal is to deliver sustainable earnings per share growth that has consistently among the highest in our industry for confident that were on the right path to achieving this dish
spk_2: for i turn it over to pam i want to reiterate that we are optimistic about twenty twenty three given continued strong origination demand and improve credit performance
spk_1: with are positive outlook and confidence in the business my family and i purchased up five shares in the open market during the fourth quarter open trading window we intend to continue purchasing shares in the open trading windows when we believe the market price does not reflect it's one term intrinsic value with that i'll turn the call over the pam
spk_4: thanks todd and good afternoon everyone we are very pleased to have achieved are eighth consecutive year of profitability with record net originations total revenue and ending receivables in addition weeks he did all of our full year twenty twenty two guidance metrics that we reiterate it in a third quarter earnings release total revenue operating expenses as a percentage of total revenue exploding interest expense months backs and one time items and adjusted profitability for twenty twenty two adjusted net income was five million dollars resulting in adjusted earnings per share of success total revenue increased twenty nine percent to four hundred and fifty three million on that originations are up twenty seven percent year over year to seven hundred and fifty eight million driving and ninety percent increase in ending receivables to four hundred and three million adjusted ebitda was fifty four million
spk_5: where the fourth quarter total revenue increased twenty five point one percent to one hundred and twenty million despite or net originations of one hundred eighty seven million which was the same as a year ago period this reflects the credit adjustments made in the third quarter from a mix perspective in the fourth quarter approximately fifty four percent of originations were to existing customers for refinance loans and an absolute basis new customer loan originations for the quarter decreased by ten percent year over year due in part to the credit adjustments implemented in the third quarter all existing customer loan originations increased by ten percent were very pleased that new originations to the last credit risk tear increased by three hundred and twenty eight percent europe here we accomplish this a strategic marketing initiatives including adjusted our filter criteria with t digital marketing partners as well as moving up market with our direct mail campaign
spk_4: are analyzed net charge operate as percentage of average receivables with seventy one percent for the fourth quarter of twenty twenty two compared to fifty three point two percent for the prior year quarter as a percentage of revenue the annualised net charge operate with fifty nine point eight percent compared to forty three point two percent last year given the steadily improving early delinquency rate performance at the vintage and portfolio levels he believes that the net charge offering peak to the fourth quarter and will begin to improve with our first quarter results the sheer turning to expensive operating expenses for the fourth quarter excluding interest expense add back and one time items totaled forty two point two million dollars or thirty five point one percent of total revenue compared to forty three point nine million or forty five point eight percent of revenue for the fourth quarter of twenty twenty one the year over year decreases primarily driven by lower direct marketing spend due to lower costs for funded loan and increased efficiency through headcount reduction adjusted ebitda totaled nine point nine million for the fourth quarter compared to twenty point four million in the prayer your quarter as higher revenues and relatively lower expenses were more than offset by increase net charges interest expense for the fourth quarter total ten point seven million or eight point nine percent of total revenue compared to six point nine million or seven point one percent of total revenue in the same period a year ago the year over year increase is due to higher interest rates on a credit facilities utilize to fund originations growth adjusted net loss was two point eight million for the fourth quarter compared to adjusted net income eleven point four million for the comparable period last year this last a smaller than anticipated by or for your guidance due to the credit performance
spk_5: for the three months ended december thirty first twenty twenty two api had fourteen point six million weighted average deluded shares outstanding this period resulted in an adjusted loss the basic and diluted share accounts were the same as they both exclude dilutive securities adjusted net loss for the fourth quarter with ninety cents for
spk_4: share as reminder er shares a classy comstock that are exchangeable into to shares of plath a common stock as a result of our up fee structure are excluded from the deluded sheriff calculation in any period in which api reports the loss because the inclusion would be anti dilutive
spk_5: or balance sheet remain healthy with cash cash equivalents and restrict the case of forty nine point six million dollars total debt a three hundred and forty seven point one billion dollars gross receivables of for fifty seven point three million and equity have one fifty nine point one million as a quarter in we believe we have ample acquitted be available to a sport a future growth plans with five hundred and thirty two point two million dollars in total funding capacity at the end of twenty twenty two
spk_4: during the fourth quarter apply did not have any activity under its share repurchase authorization for the year the company repurchase approximately seven hundred and four thousand shares for two point four million at an average price of three dollars and forty seven cents per share
spk_5: turning out to our outlook for full year twenty twenty three we're providing guidance for total revenue five hundred million to five hundred and twenty million which implies growth of ten to fifteen percent year over year expect adjusted net income of twenty two million to twenty eight million based on an anticipated deluded weighted average share account and eighty four point three million adjusted deluded earnings per share would be between twenty six cents and thirty three cents for the first quarter we expect to be approximately break even on an adjusted basis quarter to date we have managed to business that tighter balance of growth and risk in addition we expect or net church operator improve sequentially from the fourth quarter while remaining elevating the net charge of rate remains elevated due to the day now mecca for performing loans likely out of the portfolio and are conservative approach to growth at the beginning of the year beginning in the second quarter we expect to return to quarterly profitability with a gradual acceleration during the remainder of the year as credit countries to strengthen based on adjustments made last year and a customer max or the shifting to our lowest risk tears
spk_0: the improvements in the first payment default rate in total portfolio delinquency rate provide of confidence that the net charge of rate will decrease as a year progresses with that with now like to turn the called over to the operator for una operator thank you we will now be conducting a question and answer session if you would like to ask a question please press star one on your telephone keypad a confirmation toll indicate that your line is in the question you you may press start to let him that question from the queue and to participate shooting speaker equipment and may be necessary to pick up the handset before pro the snark he's one moment please what we pull for questions
spk_6: and the first question comes from the line of mike ground all was north one securities please proceed with your question hey thanks guys i'm the first question could just talk about the yield environment see that are you seeing any compression there and then secondly just sort of
spk_2: what's the one or two i mean attributes that you're seeing that the give you some comfort that charge off peak didn't for que yeah good quote good question that i just to clarify it though when you say yield compression
spk_6: can can you be more specific science your question correctly
spk_2: the orgy i mean i guess i'm dissing what are the yields you're offering in the market is have you had the you know lower those are those compressing at all i mean i don't know that they are that's what i'm asking yeah pricing so so the answer is is is no i mean you know there there's been some favorability their i think i'm pam pam had mentioned this the are we are currently yeah the app for that the bank partners originating the the highest percentage of low risk customers that we seen part of this is macro economic situation that's going on in the country where we're seeing significant tightening still going on above us in odyssey with the banks right now you know that's gonna exacerbated but but also died due to our our marketing team and our final and we've been able to find new pockets
spk_6: it and be able to go after growth in those areas so it's a little it or after the attribution of it is a little bit of both
spk_1: got it and then i guess don't the one or two attributes your see that that make you believe that charge ask is pete
spk_2: well the said i i to i think you know that there's uncertainty and the macro economic environment for for for for different you know swaths of customers in a in particular to our customers said it many times last year spike high inflation
spk_1: it is probably the most painful for our customers which which peaked in in last year and and you know we we we think it peaked and fourth quarter usually kind of the way we look at things as when loans originated usually six months after his kind of when when we would see that the spike in charges but you know for our customers specifically we've been significant improvement
spk_2: customers that that we went to you the middle income consumers they have changed their behaviors like we're we're pretty sure that they they've been able to adapt to the high price environment and dad when know when when when things changed that they were they were kind of in shock and people had to adjust their lifestyles but what happened now is a people have done that and
spk_7: we we've been ever see you know significant improvement are at pt rates and and total deteriorate
spk_2: also the other thing i'll say as unemployment rate so unemployment remaining low has been very beneficial for a custom said our our our in our customers are gainfully employed and that that has done you know ben something that we kind of forecasted to check up and i think everyone was his bed surprised with
spk_8: how unemployment is dead so low
spk_6: that it is and maybe i just have one more but historically i start your collection strategy was pretty hands off and it sounds like you're you're kind of meeting in do collections a little bit he said something about recoveries were being up up twenty six percent year over year
spk_2: one could you just kind of described that collection strategy and to what's the dollar amount associated with up twenty six percent like what were recovering last year in this year yeah well i can i can pull the number of for you and well law talking or going to portray that are you know it's it's interesting you say that soak soak up by has never been an aggressive five oh collector of of of that have need a we have always you know ben a humanistic you know value based recovery strategy where we treat people with dignity and respect as we continue to do that but that doesn't mean that product features like a portal a self service payment portal for settlement offers for collecting odd people's loans in making it easier for customers to pay with
spk_1: the have more debit card integrations and and ability to pay a is really where we're seeing a lot of the pick up right hand so it shows that the is how we treat our customers and in our in our thoughts around that they're never going to be aggressive and and but we we do make sure that our we give customers
spk_9: years of options and were prudent on follow ups and settlement offers to make sure that we're successful
spk_2: does it take you
spk_4: and i you know pam pam has pulled the numbers i figure out a question on the increase
spk_10: for sure mike we had about twelve million dollars in recoveries in twenty twenty one had over fifteen million twenty twenty two
spk_0: god okay eight thank you and as a reminder he would later as and question please press star one on your telephone keep had a confirmation indicate that your line is in the queue
spk_11: participants using speaker equipment and may be nicer to pick up your handset before pressing the snarky is our next question comes from the line of david scharf with jmp securities please proceed with your question yes good afternoon thanks for taking my questions he had a few i wanted to touch on one is it's somewhat guidance related but you know we we we obviously get good color from huge directional eight and of the expected pace of losses given the credit tightening bid year last year and now those run off of it get you give us a sense for how a frame what you think of is normalized loss rate it obviously twenty twenty one was pressed based on stimulus late twenty twenty two is elevated a stand and of those villages
spk_2: the originated with the oh banks and other sources you know where should we be ending this year if we should fake of the end of twenty three years of board normalized level yeah yes it is it's a good question in all of take the first question of the harder to come at work or stork we you know advised
spk_7: been around ten years now you know we've achieved you don't need to mid thirties percentages revenue that is historically ben where the business operates at very efficiently and and where we had it i think you know that that that obviously spike this year but our goal is to get that back down
spk_1: into the into the mid thirties
spk_2: yeah no in a normalized environment i think this year
spk_7: the you know we still have a little bit flowing through in the first quarter are obviously we're we're optimistic on what we're seeing on that front and and feel really really good but you know we we are still dealing with some of that by feel like you know we're going to make significant progress is interesting and you the waiter looking as far as the
spk_12: you know our early indicators
spk_11: got it better understood the it out i also wanted to just dig a little more into from the the the strategic advice she did you were talking about and
spk_13: you know specifically you know you you made reference to sort of product in asset
spk_11: the jaycees and yet i guess i'll just play devil's advocate for for a moment i mean hey you know his historically the yeah the equity markets have been very kind ah the noted to to to consumer lenders because sort of you know branched out very often expanding their product is it no one under the guise of the now there's a lot of different ways to serve our existing customers even if well founded you know very often a picking to the knitting strategy has been rewarded you know mostly to can you talk about just given where your market here is now the opportunity in front of us district court monday business
spk_7: you know maybe with the thought processes about expanding corporate development activity as opposed to just kind of staying focused on the core
spk_1: product gas or to be clear i mean the focus is the core if you know that that that is that the folks and we think there's a lot of growth and opportunity did you know in in in just in our poor business and we we could do that i do i do think though you know as we look to the future like the current the current environment right it is is actually starting to get more active whereas like two years ago everything was so overvalued and there was no there was really no value in in in our ability to really find value
spk_2: there there are some specific verticals we've identified that that are pretty sizable addressable markets that there is that you know real a profitable wrote that we think matched up with our consumer business and our brand equity and are or skillset could put not only drive future the net income growth for the business but also if a diversification
spk_1: you know away from our our core business which which you know gives people comfort that did there's a new there's new revenue and profit streams and we feel like in this environment you know maybe woods it's a little premature now but we feel like coming there is going to be a cretin acquisitions out there that that can can definitely help us kind of with our long term vision and story and so where where where where where we're starting to you know last year was because kind of all getting the business stabilize we we focused on balance sheet we focused time
spk_14: really targeting those high risk customers were going to continue to do that that is the priority in answer to make it really clear by we think that there is going to be some opportunity coming in this economy with with some of the dislocation that we're seeing today
spk_11: and i was a i've and and yeah that's the final say on that no are interested in advantage of the teachers lastly i just said you know in today's environment typically to do swoon last couple weeks can to be remiss if i didn't ask
spk_12: you know just
spk_11: you know that the relative stability of of deposits and otherwise to paint partners to help particularly in out your you're leading partner
spk_15: and in anything you can come there
spk_16: ya think i'll take that women are you know we we are we're not exposed any losses and silicon valley but and course signature are you have really good strong relationships with with some very strong banks and to i really have concentrated are deposits and our banking relationships with them too
spk_11: how strong players
spk_2: gotta gotta check in actually in off him i guess would have is really referring to is just
spk_11: and a relative of hitwise it is in the pace that you partner with to be the you know lender of know the a rigid the actual originator
spk_2: whether there's anything if they've been impacted a little yeah i got island where of anything i don't have a crystal ball and what's gonna happen to the whole you know regional him small banks in this environment it's it's as if we're all kind of waiting and seeing their i do feel that the guaranteeing of deposits you know by by the the for the fat and the at get he was the right move to prevent iran on regional that from i'm just that overall stuff and points that i feel about it however are we have no knowledge in with to check in with all our bank partners and our partners and have no exposure
spk_17: you know such as be be or signature
spk_0: and it that they too much and as a reminder if you like to ask a question please press star and then one on the telephone keep them a confirmation total indicate that your line is in the question do you may per store to you later move any question from the queue and for participants using speaker equipment and may be necessary to pick a pants before pressing the snarky is one moment please when we pull for any questions
spk_18: and our next question comes from the line of chris bundler with the a davidson please proceed with your question
spk_19: i think that new guys
spk_18: this wanted to join a look at one hundred pictured is because you don't given the from i can you tell moment more difficult to see them as the trend you talking about comes to this a almost however if possible are you doing this trend that it into the first quarter they give new through the confidence and on the sound like from the fair value marks slides and did me
spk_1: either the back book was causing some of the other charges from the fourth quarter and and therefore that's why not isn't he had better because the back once it but is running off any more car their be great thanks
spk_2: yeah and is specifically you know what we're looking at early indicators like what we have a lotta history you know for from the ten years that operating that are level of confidence in early indicators and and similarly in not did in in you know july when we made one of the largest credit adjustments you know
spk_1: in the company history we we kind of use early indicators to determine you know future forecasts and and and and profitability and gross charge us himself
spk_2: you know our early indicators are are are very favorable obviously you know in july environment right now is is a little of this is a little volatility out there and the economy but we feel really good that the credit adjustments that we tested in to made and now you know fully deployed and continue to refine and improve our where the right ones and you know where we live merkel level of confidence is is growing
spk_20: you know as as the euro zone
spk_1: a group that supports one to as also on and on the front of the businesses as the in the competitive environment and emerged as he gets for scheme public he was a very strange macro environment where demand was artificially low and as soon as change dramatically and last eighteen months but he like
spk_19: this is you look at twenty three
spk_1: it feels like your api should be a good spot from accomplishments that perspective like you've heard by more loan guy and he can handle been given the author of was happy and a cold front how do you balance those two and what does that mean from on that basis on on the growth outlook thanks
spk_2: yeah the i mean we're not that but by no means out what we're we are not listening credit that that's that's pretty pretty certain that you know what we have sound of as you know with with predictive attributes as you know you can make customers the glorious can we tested into that that is looking good of accurate
spk_1: on the growth side though we see less competition you know there's been a couple players non non public was but white one public player and i to mention any day it's gone private and then there's been some
spk_2: more regional players that are not showing up as frequently and you know maybe doing with some balance sheet issues as well so we we feel like we're in a really strong position i mean we are that the leader in our space in our credit bands and you know we feel really confident and and also i mention this couple times but seeing the largest percentage of
spk_19: low risk customers that we've we've seen the historically okay and woman is why have you is this you carefully facility with this golden in december any color around for like the term surprising been through i if you you came to close the deal obviously you have a pretty impressive transaction this macro environment and i hope speak to the because
spk_1: ambulances that now you but they have it in your performance would be great to hear
spk_2: yeah it's it's on the same terms as are other facility obviously you know interest rate increases are real way and and where it's something we're watching closely ah but that's on all about the size of floating rate they stop or so for but as far as the terms go l t v terms of flexibility is a
spk_21: is substantially dig the exact same
spk_0: great things out
spk_1: there are no further questions in the queue and a management will answer a question submitted by the webcast
spk_2: is why was the corporate share repurchase program not utilized in the fourth quarter get the i mean that you will pursue i'd like to start by saying i i personally purchase shares my family personally purchased shares you know but you know when when you're looking kind of that at some of the you know the first of all the opportunity sat there there is there you know we feel really strong right now
spk_1: in our confidence level just that credits getting higher and our ability to find a very you know profitable transits transactions in for growth is his first and foremost i think right now though you know coming out of this we we we see some some compact competition around us where there's some balance sheet issues and we come out of this you know with a really strong balance sheet with a really strong you know cash position restrict the cash position and feel that we want to you know see a couple more cards before we just you know it's kind of start investing in spaces and very thought
spk_2: for and strategic about where we want to allocate that capital and i think like right now the and i forget who set of a cash cash is king and this environment and then having a strong balance sheet is in is is definitely something that that we prioritize didn't have had worked at through in and still really good about so it's not to say that the company's not going to purchase coming up there was still take the stock prices disconnected from it's it's long from intrinsic value on and so personally the family is is purchasing object that the company we decided
spk_0: you know it's wait for for the time being
spk_1: and if there are no more questions from the webcast i like to pass back management for any closing remarks
spk_2: i want to thank everyone for joining us today works cited by our start to twenty twenty three with improve cry performance and a higher midst of origination to the lowest credit risk years
spk_0: we look forward to attending you again on our progress in may and we expect to report or q one results that thanks everyone

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