Financial Data and Key Metrics Changes - Revenues for Q4 2024 were 105.3million,a5100.6 million in Q3 2024 and a 14% increase from 92millioninQ42023[8]−Fortheyear,totalrevenuesreached393.5 million, a 12% increase from 352millionin2023[8]−NetincomeforQ42024was5.1 million, down from 7.2millioninQ42023,whileannualnetincomewas19.2 million compared to 45.3millionin2023[13][14]−PretaxearningsforQ42024were7.4 million, down 24% from 9.8millioninQ42023,withannualpretaxearningsat27.4 million compared to 61.1millionin2023[13][14]−Totaldebtincreasedto3.131 billion, a 22% rise from 2.566billionattheendof2023[15]BusinessLineDataandKeyMetricsChanges−LoanoriginationsforQ42024were458 million, a 52% increase from 302millioninQ42023,withannualoriginationsat1.68 billion, a 24% increase from 1.36billionin2023[9][19]−Thefairvalueportfolioreached3.5 billion, yielding 11.3% net of losses [10] - Core operating expenses as a percentage of the managed portfolio decreased to 5.4% in Q4 2024 from 5.9% in Q4 2023 [17] Market Data and Key Metrics Changes - The average FICO score for the portfolio was 571, with an average amount financed of 22,300perdeal[28]−Theannualnetcharge−offsforQ42024were8.0222.3 million in 2023 to $5.3 million in 2024 [11] - The company has successfully reduced funding times and increased same-day funding rates, enhancing dealer relationships [27] Q&A Session Summary Question: What are the expectations for growth in 2025? - Management indicated that they are gearing up for growth in 2025, having already hired new sales reps and opened new territories in anticipation of increased market share [22][46] Question: How is the company managing credit risk? - The company is tightening its credit model while still focusing on growth, with expectations that the performance of newer vintages will improve [32][43] Question: What are the key drivers of revenue growth? - Revenue growth is primarily driven by strong loan originations and an increase in the fair value portfolio [9][10]
