RM - Earnings call 3 2023 | Regional Management Corp.

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Operator

Thank you for standing by. This is the conference operator. Welcome to the Regional Management Third Quarter 2023 Earnings Conference Call. [Operator Instructions] And the conference is being recorded. [Operator Instructions] I would now like to turn the conference over to Garrett Edson with ICR. ahead. go Please

Garrett Edson

on good to and were now, should be everyone prior regionalmanagement.com. Thank earnings afternoon. announcement access found may and our this which website and have at to you, call By our supplemental released presentation,

estimates only expectations, remarks, our of include uncertainties financial which subject current Page of presentation, projections today will direct important management's non-GAAP the about prospects. our use disclosures future may on based concerning financial Before assumptions, and X formal are you statements, our . Part of discussion we are company's today and forward-looking performance are that These the which risks, and I begin factors various to and forward-looking measures. as business other and supplemental contains statements speak to forward-looking difficult should statements of place of could and those are or actual implied differ These future condition. to all performance, the and future with upon that and release, detailed not presentation expressed more a results forward-looking our not statements materially you forward-looking undue and results impact of press filings our you statements. for SEC reliance from in could our that and discussion them. the We guarantees to predict the uncertainties statements cause therefore, and risks operating financial recent to refer of

found measure and at be non-GAAP of presentation these Reconciliation our can website to our measures or measures. discussion most our regionalmanagement.com. certain include the comparable may on Also, GAAP references today earnings posted to earnings within announcement

Management Corp. introduce Rob Beck, I and would of President to now Regional CEO like

Robert Beck

performance by take Chief Officer. share quarter. XXXX our our for the fourth . Thanks, quarter you third results, operating loan Harp earnings and expectations Garrett, Harp and joined quarter our portfolio will and today Financial environment to through current discuss and third the I call. our Rana, welcome I'm

a $X.X million revenue on diluted growth to loan of of led in exceeded in million $X.XX criteria and third of all record execution revenue high-quality generated the of underwriting focus and our expense net and $XX million, management EPS. continued points, the for of We our expectations quarter. basis quarter. portfolio business core We income $XXX which our quality, portfolio Strong of XX and strong conservative our a sequential yields increase of demand

We for expenses to after XX also a investing ability quarter. in predictable our basis our pleased quarter driving team's our continue consistent, our operating We're point our improvement closely from shareholders ratio manage G&A to while expense prior deliver superior results business, year. with and the in

eye a expect, you we're environment labor a base. growth. As Recent consumer its keeping on strong data close would and and inflation indicates real wage moderating on impact market, the economic our

we inflationary to continue certain observe segments by caused However, pressures. portfolio of stress our in

many of the budgets, energy to monitoring student mindful resumption and remain also repayments increase will may that cause recent whether we're We consumers' prices impact loan geopolitical further. events

result, making selective a box. within credit Titan our As remain loans we in

last slowed conservative X%, credit we'll XX% achieved year. the in growth third when then, maintain We're conditions quarter, strong the portfolio to our right, we third of rate to year-over-year growth until but from into we While quarter down a the posture. back in are lean prepared growth economic high-quality

XX% Our selective of reflected third We our ranks. risk our underwriting. top quarter originations originated volume again X our to

models. we've marketing and recent the implemented models We're develop machine learning-driven we quarters, opportunity X% for and of from up borrower in that total as also we the loan to secured present emphasize farmer our to we and lending year additional new ago. portfolio seeing further next-generation auto grew continue X.X% our over We credit borrower see benefit improvement of lending a portfolio, our

trends. second quarter XX-plus-day XX basis normal ended seasonal points a X.X%, of consistent rate We with the delinquency the quarter from up with third but

originations quality credit early-stage kept higher delinquency levels. first XXXX have from default payment rates our tightening below and Our

X rate than quarter quarter third X- rate, our XX XXXX was quarter solid July in to we're third default XX-day and than points and seeing performance of Our points payment XXX XXXX. Notably, XXXX XXXX better fourth basis the basis vintages. was better July delinquency rate

As this nearly and of something particularly XXXX. stress but continued higher This originated that vintages we macroeconomic that to observed that tightening is XX, conditions, time, delinquencies September prior more ] across stress than rates, delinquencies environment. number and by We late-stage our will for bring expect continue we'd losses levels gradually will to early normalized like. industry, at we be credit portfolio, to part loan execution our the and and of a these actions, into and expect the collections that back however, moderating to over strong losses to represent down have subject linger vintages increase Macroeconomic XX% anticipate nearly least to loan delinquency [ inflation to credit to XXXX, XX% of causing late we've levels year-end. credit mid- our

Looking costs. ahead credit hurdles our the we this achieve strong over way past can our an execution business, including tight core of to by assumption navigate credit midterm, loans only where in we we'll have funding stress economic the We'll higher in originating year. additional environment near same that box return of and much maintaining under and the on a challenging focus

that yield. margins, and our in Where criteria. a expand borrowers pursue addressable improving we've increase that growth demand have portfolio a our strategy As approving remaining consumer conservative under to recent drive us we'll of also take selective to high effective market past, of appropriate, opportunity the levels large while revenue quarters continue still in underwriting in opportunities we strong has been with to discussed our to in pricing advantage provides ample

improved digital same the the At are analytics, growth, sustainable make including to objectives and critical intelligence. will performance create strategic long achieving a we'll while efficiency data time, and term. key credit These expenses firm handle greater initiatives on artificial operating leverage to technology, and keep investments in and over additional our continuing and investments

with cycle liquidity, ample of pleased well market, and justified to the significant to we're stand on proud borrowing growth execution. We're back capacity we're positioned addressable with summary, current our when operate the by and we team's results, a ready lean economic in large effectively our conditions. In into economic

Harp provide I'll over the financial on additional color turn results. call to to our now

Harpreet Rana

Thank of the $X.XX. you, highlights. diluted third Rob, net detail. financial and provide hello, everyone. earnings more our results I'll you presentation, now third per million take quarter of share our we generated and quarter Page We income $X.X in X of through On supplemental

Our growth and by conditions. management partially offset loss of caused results again careful expenses revenue by credit macroeconomic high-quality and portfolio headwinds were funding and costs . driven once net by increased

collections while Pages direct were tighter and led increase the underwriting Turning X emphasis quarter, mail and borrower by strong XX%, demand on down to in originations total X% remained originations only XX%, to By X, on and digital originations but former standards, were X% originations channel, up branch the year. us focus our respectively. and prior present and

noted, we've recent consistently the appropriately our originations further we we've as reduced with enhancing balance in quarters credit growth deliberately As of portfolio. quality

quarter. of and third net up June closed growth million Page billion, the over ahead and X receivables XX just displays our product mix from $XX We $X.XX finance quarter our with for of portfolio guidance. the

in carried third portfolio we the our segments. book grew XX%. $XX higher large the an XX% at of small total these loan offsetting quarter. our by XX% meet on million and will increasing return higher These losses Notably, or end below X% future of funding support credit loan and the riskier APR hurdles portfolio somewhat revenue loans our third net despite margin costs yield comprised our our expected quarter, of portfolio or As of

ahead, maintain standards. our Looking ending smart, remain uncertainty our net continue current underwriting economic we we We growth, given grow focused quarter as $XX on health. and receivables in to approximately the around million the consumer controlled particularly environment by financial the monitor to continued expect fourth

further to either As into receivables. circumstances going impact which underwriting or back of dictate, growth, tighten net our we're ending would prepared

particularly We end remain the $X Page states. at believe shown under existing our and opportunities As lighter considerable per newer consolidation on model, footprint legacy strategy coming quarter. states our in actions branch newer and all-time branch in the growth branch efficient of in to our to continue at new in branch footprint this drive more million within highs, receivables X, states branches

X. X% quarter. to third grew the million revenue to Total in $XXX Turning Page

year-over-year yield Our total fee in mix continued and sequentially, yield The pleased revenue our part in primarily credit to interest the and see quality decline and is impact and performance. impact of attributable larger, respectively. points loans on newer macroeconomic from environment, and up of higher XX XX.X% loans yield towards XX%, but were the pricing the basis move increases yields improved we're shift to

XX losses pricing fee basis respectively, yield reversals, part In sequential credit interest declines higher offset the of yield in fourth the revenue and increases. expect we XX to total net due basis of impact and by interest points and quarter, points, in and seasonally

pricing anticipate to future for that drive yields in portfolio benefits continue quarters these over the roll actions We time. through as increased our further will

quarter net normal quarter, with our to line second underwriting quarter delinquency credit rate compared our as In of XX%. in to and increase third net the fourth credit delinquency increase off expected. delinquency quarter patterns, the of slightly end highs in in while X.X%, losses X, expect seasonal Moving stay was came loss on Page that tightened XX-plus-day ensure we rate their was our the seasonality. the to our based our rates quarter as third rate helped The to

we addition, also fourth to the our anticipate In million approximately that normal sequential in $XX the quarter, being will due credit with losses be increase seasonality. net

XX. Page to Turning

reserves receivables basis growth XX.X%. increased slightly built our Our to credit the by as allowance losses rate support third that to points we quarter for decreased in XX reserve

$XXX was to quarter contractual our $XXX favorably of As million. the XX-plus-day compare continues allowance which delinquency million, to of end,

year and to end XX.X%, between subject rate XX.X% conditions. We expect to the a macroeconomic with reserve

net a believe, product based attributable Over our the of quality XX% our time, mix loss that range under economic higher over underwriting. we X.X% the And X% that drop to with to rate our rate to shift we our current could improvement be low long as and the term, to credit in and to loans. as expect reserve on normal continue environment, will

done, we've contribution we'll manage way the As that always maximizes bottom direct a in however, and results. line business margin

Flipping to Page XX.

$XX.X our while closely investing million. at in strategic manage our capabilities G&A quarter guidance, the initiatives. coming third to continue for spending than and our expenses in were better prior We

$XX operations. in third our manage the operating continued we $XX investments In targeted XX.X% factor the year and approximately to a continue G&A prior expect spending We'll expense than million Our our period, in growth revenue growth the growth moving ratio annualized and to expense be basis to points of quarter, X.Xx. receivables million our XX to our support closely expenses forward. better was fourth quarter, by outpaced

XX. Turning to and XX Pages

average thanks of benchmark X% Our receivables annualized early average expense or sharp a net interest as the $XX.X third XXXX, increase quarter was our percentage the rates interest for asset-backed in of expense increase net Despite on receivables, comparatively for modest rate since a issued fixed debt through program. experienced an million basis. in securitization we've

average XX, weighted As weighted and is years. fixed XX% of of coupon debt of revolving a of rate duration X.X X.X% September with our average a

In approximately expense the to our $XX expect to receivables, X.X% million in or portfolio expected of increase with be expense quarter growth. fourth XXXX, net we interest primarily attributable average the of

percentage fixed our net rate as to continue variable receivables. will a and increase average funding continue we expense rate to our interest grow As matures using debt, of

fund leverage, our strong to continue also ample maintain growth. to low and sheet balance with a healthy We liquidity very reserves

quarter, million on third of to As and immediate consisting of had down the of our on unrestricted the facility. of credit capacity end unused cash liquidity, availability draw credit $XXX and of available $XXX facility revolving our we on hand million

to ourselves disruptions between short-term demonstrating quarter-end revolving out [ stretching to stated in credit maintained capacity protect we've ability a roughly ] $XXX and has since our borrowing $XXX market. the debt XXXX. of Our million duration XXXX, And unused million, against

quarter ratio a conservative funded third Our X.X:X. debt-to-equity remains

from the operating for tax We third have assets net guidance XX% restricted. the losses. benefits due effective deferred access ample market even rate securitization tax than incurred business capacity our state certain lower to were quarter, for fund We reestablished if an to tax of become to to

we quarter, fourth the compensation. effective equity approximately of tax any to impacts discrete items, For such XX% expect an rate as prior tax of

to capital return to continued also shareholders. our We

our remarks. I'll results, long-term We're November near and Rob. third pleased controlled sheet paid prospects XX, XXXX. Directors with will The our of Our dividend as a record $X.XX close quarter. XXXX, for quarter call of be our of per shareholders sustainable XX, now That the of the back growth. on share strong concludes December for business fourth of Board declared dividend balance to the turn on common to over and my

Robert Beck

Thanks, this Harp. And cycle. our outstanding as throughout always, results I'd it's economic like for team the that to recognize delivered

within on originating consistent credit we'll balance high-quality strong remain our managing including box, maintaining core expenses business sheet. Titan ahead, loans closely a execution of and focused Looking our

have and over posture. expansion us early We're of addressable the our conservative part credit delinquency demand geographic consumer more the Our outperform tightening first continue well quarters thanks several vintages. past to to positioning market, take strong greatly payment performance recent loan rates pleased our last actions few while levels, of our over large XXXX and default that credit years our advantage our to increased maintaining in . the

course, sharply our and analytics expenses, data will credit right, so operating leverage initiatives that in to reopen and digital and G&A of and growth. need furthering additional lean while the performance economic our greater remain on box into future. to further our limiting also sheet we key are credit improved We substantial focused leverage growth, And create the continue capacity still we'll our will strength, balance conditions that liquidity when immediately the to borrowing monitor technology, environment

open Thank line? your you again call time and you Operator, please open the up I'll for the now interest. questions. would for

Operator

first Our John Instructions] question Hecht with [Operator is Jefferies. from

John Hecht

I quarters of wondering, of behind with million guys or the losses, are you're rates? seeing charge-offs fourth recent consistent the that quarter. roll migration relatively you're in anything they is, $XX rates said roll terms think I'm assuming just that, question of in First you the

Robert Beck

albeit of off quarter assuming lift levels for the rates still. Thanks see we we're with roll elevated that question. would Yes, from the of seasonal normal consistent kind prior

John Hecht

to Okay. And couple on a of you the little tightening. then bit of in presentation, of new customers, rather customers kind guys I a of referred times the focus think recurring than part but for a as a mix? kind customer [indiscernible] do that what loss of mean sense the focus a might specific what kind of customer, I of to recurring new just get

Robert Beck

Yes.

there, missed it because I in the of John, up question. we ask I middle your right broke You think Can of gist it? to repeat you the

John Hecht

I the get to apologize. wondering few between focus do customers with of a of to new sense the over kind I'm quarters. losses -- next recurring what experience loss that and what might is

Robert Beck

Yes.

new borrower terms until between mix and losses. been we've a And Now But that in our geographies the high to new and shifting former borrowers disclosed borrowers new existing through. when borrowers, never percentage of and states so present obviously, borrowers we difference period new naturally perform higher you're they're worse season time. and a an the are, book from But and borrowers, of in we've of new right? still over the of take do look, time new borrowers we're going borrower seasoned, to will reasonably have to new a

as but those as well assumption assume to that But models borrower we that underwrite, incur underwriting I that hurdle. will on sure our achieve today fully stress, the our tell adjust and we effect though, for with we that new additional stress funds loaded only the of make obviously, cost customers, of the you, and expenses, incremental not

factored to to But models. anything add our into it's Harp, that? So

Harpreet Rana

they say I know and just programs to would that concentrated be fit to because box. the that that borrowers, but borrowers than new Rob data in this, I that performed we former for on risk other better add of within have that terms present continue originations thing Yes. touched borrowers, just they and of we And on on would on-us then our them. the our new the probably

loans hurdles have. those making So that internal when are that we sure we're borrowers, new making to they we're meeting

Robert Beck

steady, new from this year our last Yes. borrowers little have to which states. customers I And former but the steady. states some of to new year, related and in, been since that's again, up a over that guess, we're And are bit going last pretty John, pretty XX% quarter, has borrowers. We're present new of

Yes. note, And vintages, and to just more are very though, quarter recent performing important well. 'XX all also fourth the

is 'XX, vintage, earliest on to they're XX now fourth getting to getting Now book. the now just quarter months just

starting that peak new borrowers. of performance reflective through. see the good, now, and ones other what of is losses that's mix But and So to and are present still borrowers are right former and we're working the

good So are the we those current -- where for feel about things vintages. given that's environment macro

John Hecht

good experienced context. and guys what of were we've mentioned is, tied to very heard kind think And last a you your seeing wondering, somewhat is anything the discern? That's is to or I my question I'm is ranges. I geographical loss metrics any there in you anything is it basis? income dispersion largely guess, -- credit Or driven? income else like of on it a mind, Or are

Robert Beck

tightened, FICO -- Well, to we we it's lower reduced the naturally, we bands. just look, higher percentage I factor. when income mean not increase one and the

I tightening. natural effect just that's of a think when you're

the of Industry, differently. obviously, kind it's into factor. a is built mix. perform So all states But employment

these all have underwriting in We cuts models. our

the and digital small we've XXXX, hundreds where we've been by of of tightened. whether about look really hundreds throughout the tightening XXXX, we cuts. all but fact, And quarter state, that's In loan, loan, returns X%. talked renter those we cells, what we homeowner, at have since tightening to But loan, and inflation large check, up where shot fourth are

dials we're since XXXX fourth in ever turning that in and reaction we we that cuts the all every segments those quarter goes what to see individual by, quarter But and have. constantly

decisions we the and even environment, end, additional and hurdle feel so good confidence each assets under And in that putting highest quarter. assets hit right the on making putting every stressed -- and stress that we're we're the will a on the

Operator

The next [indiscernible]. Caintic question from is from Vincent

Unknown Analyst

a when trends little the XXXX a fourth jumping we off quarter. that that's revenues, expense in the fourth you're fourth is in away. lay just And the if going point the slides think just good if it's a the the off in giving that think Thanks we're very that's detailed quarter, really guidance quarter about point wondering the credit out good you ways your for and just first, all know helpful. bit But when performance and forward. the about wondering controls, I in jumping seeing

Robert Beck

paid the year. renewed, form . What called some disproportionately also under season. and fourth there the it year. that and there's customers them that is be from are And and importantly there, which the point but up Naturally, are 'XX, back of mean, vintages fourth early the good you've those to But we vintages XX% that assistance we're of guidance of those perform originated a some probably there's that of to I of going vintages nature, and program, of leading going most could customers process. been those engaged, at what end off more I year. book middle they've stress is out look help important XX% there. got of expect the time still book we active how renewed year. in give to we're for budget to part very the borrower tax of quarter in giving know to next in of naturally, to think project create those next this is stay quarter do still have at 'XX lot months going guidance Yes. fourth matured, for is all we in A is pre by book, quarter they our seeing us By the not specific us next and about couple sooner said to a at for particularly in be better might vintages is you for this as where

make look look those vintages performing is some think next what some given the causing and sit concern, what for right we there But refund more haven't say earlier the well like. seen the tax season predict stress vintages, recent a So year, don't what's for that particularly events. can here the macro from profile year of that there I now will are if I be and think is like anybody I will will we difference we think can anything the credit and be is next that say things precisely,

and we make we and big sure collecting a will beginning think ring-fence help very assets against year, against and that's always those of lever a everything put I them. the

or oil And the kind there's East be that prices. if there, then, out course, any of is that that ends of other all one might up probably results there looking Middle contagion from is, any at we're the macro hitting stresses

at would be looking that the would one we figuring to close what end the get we the of year out year next So be here thing like. and as looks

Unknown Analyst

other expenses, the guess other those I -- pretty expense then hold about expenses been pretty you've And to controls the lines Great. able well ratio. those maybe Okay. like

kind there's if fixed for to the wondering can expenses, it, relatively of room more kind while? hold a if it Just hold you of

Robert Beck

we've strongly to tell business would we we to every will growth laser-like where the need the leverage to adjust we well. investing you been in spend I that to, grow and yet this operating in is need as are focused continue pattern still forward. that And continue business. we helps do the What spending over to we environment that as the drive profitable to time drive needed dollar business or is And

can't I any guidance that right give now. really So more than you

Vincent Caintic

Okay. Perfect. last one And me. for

So mix shifted. has the product

if are certain high-quality there more? products trend you just You've talked And -- to way wondering may lean that's continue? a And into if loans should be any want that we more there's about auto secured. expect to doing

Robert Beck

that end Well, to into of one definitely look, kind the and auto I of lean this we'll one we've view kind and think before, is that And of continue I the barbell. grow. secured said

them would business. seen have on sequentially grew sequentially quarter performing we return this that bit making did and a that a we of are be to risk of customers, same have what, part the more small we loan actually group loan We said, the our then well. loan our smaller business a year give know very that we them now higher. attractive products as you some was we is instead of but small the charge large And -- are perceive And basis. where have And our tightening part we we because little that business loan last to And a time. you larger of can bulk is that of loan the it this we opportunity, have at the

So return based created the in we on growth effectively, think pretty and more that it loan priced put small some small that a did book. loans we risk on and good we

opportunity So lean to that on it's us there's loans. in where for always attractive small

We haven't ourselves at limited to cap a rate XX%.

a that the ability, something in rate that think, rate stand we'll or a ability see having environment, competitors. lean out appropriate I turns back having it's So us hopefully environment helps to out, is particularly rising how flat and into those when segments versus that,

Operator

question Tieton Instructions] Bill Dezellem with [Operator The next is from Capital.

William Dezellem

I to like kind here. of you to circle made that comments just back the

What significant You quarter. had last you some that signaling doing to is to actually this origination allude to you think us? what your started small were loan in I answer. that Or there? pretty growth

Robert Beck

Yes.

risk I confidence the think, to just loans highest mean with high on put we Bill, as put look larger on growth confidence ranks. you growth, high doesn't

well. a it on to line You've return look from as risk-based got at bottom a basis

now were so And we're a on even achieve a have this we've the a you're got say, them I the relative we loan, because we and looking and model might let's that, as $X,XXX we've -- $X,XXX pricing on and small rate basis charge plenty of rate, when and got XX% looking built on when hurdles. we've look to able below what, renewal or stresses a at good our know check reprice, giving on room an it's person to or instead focused whether the on branch give make XX% example, a loans, looking on of into maybe we credit where you we loan a at be sure digital branch, line we the $X,XXX believe somebody been and that margin, a and and or a at to X,XXX the give you return buffer quality that credit the they're staying

a So bottom highest we return. FICO It's on line looking asset, just say necessarily the highest highest the confident on a we asset -- customer. not we're basis, putting at confidence marginal when

William Dezellem

than said that something the highest different customer? seeing And slightly Rob, taking further, that's step you one are way, Or ROE -- saying another that?

Robert Beck

I'm ROE the the ROA highest customer. or not it's necessarily to going say

I assets of it is on, think what I'm on, parts and customers varies. and I returns it's than those that that you portfolio have you're look business. putting equal is better the you can -- the small put of saying portfolio, the best at maybe there attractive a other What when because loan portion

William Dezellem

right. And further, believe expectation a revenue have seem you Would you in question. step in for All us? decline the sequential yield then guidance QX taking your that I contrast. given just in for you relate XX to That's They point QX. versus that that basis a I what had posed why highlighted

Robert Beck

higher reversals. NCLs yield decline because which lead and And that will in Yes. you fourth revenue in the see to the increase in quarter is really of delinquencies, seasonal the

that's yields on what the to But I in second sequential if would were driving that you impact quarter. out revenue back quarter that think resulting a be the fourth be guidance, still than from what's going to So basis. higher they were guidance

to as we're build the done not and repricing It time takes power in repricing. portfolio over, turns So there. obviously the is

looking by opportunities the sometimes gets of always reprice, seasonality We to masked are it quarter-to-quarter for the but NCLs.

William Dezellem

you helpful. And are I you think been That's to then see very leads certainly broad more the being uncertainties that anything that about having originations? with many aggressive seeing out But environment. the in said,

Robert Beck

side seeing discussion greatest things you that that indicate And to we the got growth on weekly if as I turn are we we're expect are we're that we us a think back, or possible. to ourselves would should will. things I would underwriting seeing extent It's this say, in hey, is let's right? able asking surprised those environment. you dials do, into to constantly I'm lean Look, question pull the weekly

key. think I that so coming And down is inflation

think want vintages that if expected. prices I maybe next mean But where seeing or we of it really as that's for to hit to there for continue reason. recent that there's you you're us robust like or the seeing earlier, I of the here we the other that particularly X and lots are are tightened some the mature in look, I heading to indication, Unemployment our low. spending. there. out we're there. is over consumer macro the other there's performance a And see, is just how think I pullback headwinds down to be if The any you fact best even economy out that mindful mentioned some then comes fact oil could months with effects landing seems so jobs soft because, spike

we're just that taking And consideration. all so into

think because we're the guiding in a partly of these growth making we're it's fourth to versus quarter, why third modest quarter real-time. judgments I kind more

Operator

question-and-answer to remarks. This Mr. to the the like I closing concludes conference Beck turn over for any would session. back

Robert Beck

and And And needed. growth just say on again, we're as highest disciplined going the we out it thanks, year approach the are drive changing of manage we strong as We're for on growth assets. in as focused in expense a regardless to as and prepared we're XXXX, in balance we're and this underwriting fundamentals, environment. continue the me and our improve like close overall maintaining liquidity. so. joining as the on the strong well but I positioned we're operating investing management focused underwriting. focused and confidence -- for we'll that everybody, conditions adjusting I to macro let everyone, the mantra We're our very our said, those I and appropriate the know hoping sheet growth and We're we initiatives XXXX, brighter to put of and to a operator, we're call. do we're XXXX And Look, for hoping Thanks, consumer. those health of and on think tight strong continue but a monitor environment, and the prepared for business, leverage, had our which always and remarks, course, we

Operator

concludes This conference today's call.

You lines. a you for Thank your day. participating, have may and disconnect pleasant

Regional Management (RM) 1 Nov 232023 Q3 Earnings call transcript