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| Statement |
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| But I think the competitive environment is certainly better than it was a year ago |
| And don't know how that's going to play out in the future, but we're pleased with how it's going to date |
| So, I think the competitive environment is favorable |
| Unit and dollar volumes grew 13% and 10.5 % respectively as compared to the third quarter of 2022 |
| We grew the loan portfolio, we grew originations in Q3 or rates that we're happy with |
| Volume through the first 28 days of October is up materially |
| The October volume would indicate that it's even more favorable recently |
| We were -- those loans were originated in a pretty unique time, was very competitive in the industry, yet very elevated used car prices |
| Douglas Busk I think we think the competitive environment is relatively favorable today |
| John Rowan Good afternoon |
| An increase in the initial spread on consumer loan assignments to 21.4% compared to 20.2% on consumer loans assigned in the third quarter of 2022 |
| The average balance of our loan portfolio on a GAAP and adjusted basis increased 5.9% and 10.6% respectively as compared to the third quarter of 2022 |
| Good afternoon |
| Thanks |
| Thank you |
| Thank you |
| Douglas Busk Thank you |
| Thanks very much, guys |
| So that's really one of the best answer I can give you |
| Statement |
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| Adjusted net income decreased 22% from the third quarter of 2022 to $140 million |
| Adjusted earnings per share decreased 20% from the third quarter of 2022 to $10.70 |
| Forecasted profitability for consumer loans assigned in 2020 through 2022, that was lower than our estimates at September 30, 2022 due to a decline in forecasted collection rates since the third quarter of 2022 and slower forecast net cash flow timing during 2023, primarily as a result of a decrease in consumer loan prepayments to below average levels |
| I think people are also probably reacting to softness in credit performance |
| Our GAAP and adjusted results for the quarter include a decrease in forecasted collection rates, the decreased forecasted net cash flows by $69 million or 0.7% compared to a decrease in forecasted collection rates during the third quarter of 2022, that decreased forecasted net cash flows by $87 million or 0.9% |
| We're at six quarters now in a row of forecasted collection revisions on the downside |
| It's certainly not a situation like that, that existed in the credit crisis when the industry really didn't have access to capital for a period of time |
| In prior cycles, you guys have kind of emerged as a price maker as other competitors have fallen back |
| Is there something different about this environment that makes it more difficult to get that number right? Is it still COVID reverberations? Is it CECL or is it car prices? I'm just trying to figure out why we're so much longer into the cycle and we're still seeing these negative charges? Thank you |
| I'm wondering kind of how would you describe the competitive market, and is there something that you would see in the future or any indications that, it may be coming more favorable because we've gone through such a tough cycle for a period of time |
| John Hecht And then just, I guess, maybe comment on obviously you're writing down the expected cash flows at kind of fits and spurts over the past few quarters in that |
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