good Thank everyone. you, and David, afternoon,
momentum finished in and customers, diverse all XXXX As originations fourth quarter strong with total among XXXX as great company revenue David largest and company’s and mentioned the receivables, results from our the history. are originations, and we in year new full his ending most remarks,
this machine growth. powered model, management product have to Our consistently online-only our to sheet and beyond continue risk balance into and profitable diversified analytical learning solid us momentum well-positioned combined capabilities scalable offerings, with generate business XXXX
XX% end highly fourth XX% the end the December $X sequentially year than quarter totaling from XX% XXXX. on accelerated quarter, we Turning totaled and total XX% quarter new balances, originations to higher fourth for XX% ended and by our and acquisition. business fourth to XX% OnDeck Small XX% the fourth and XX% businesses XXXX, revenue continued an to at acceleration and quarter an marketing prior the sequentially the business The XX% total in of consumer XXXX, quarter million. fourth from up combined sequentially quarter receivables billion amortized effective. total again from an was the of sequentially quarter a receivables billion set revenue were which originations $XXX billion quarter the to of of customers activities up sequentially business fourth Total closed increased increased of Consumer quarter Revenue from the XX% the fourth of at XX% higher million, sequentially to XX% increased from basis company once as amortized rose XX, basis XX% of prior than the finance growth from fourth company origination, up fourth to XXXX, quarter XX% the results, compared fourth and $XXX receivables increased company and Small year. sequentially a the of $XXX year, and increase driven when small the originations sequentially, $X.X basis Enova’s $XXX $X of at million. record the Revenue XX% as rose XX% loan as of originations our on doubled million. consumer sequential the of XXXX. the remain amortized on
the changes margin item loss Looking follow was The in future detail. of assumptions fair ahead, items quarterly for quarter components, The third net resulting we discuss which is rate. the the offs fair significant the expect value most fair XX%, our updates from remains both main charge and quality, solid. key seasonality. more inputs, discount from included portfolio’s I’ll line credit to including and the fourth value portfolio as two prepayment to revenue value valuation change driver the net revenue unchanged credit typical quarter in to expectations,
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normalization quarter for XX.X% new unsustainably customers, credit With The remains The the of portfolio ratio the acceleration below from ratio that year in X.X% consumer XXXX. expected we origination charge prior the well for and off rate reported especially levels. from the last the net the from X.X% and some consumer fourth XXXX, XX.X% increased fourth low of in quarter to during quarter. we quarter pre-pandemic consumer
trend near-prime solid both shareholder and that become As on mentioned, or September X.X% end at expectations businesses due XX. XX, delinquency The expectation. up the of credit more equity. percentage decline the down though all by consolidated as loans at The continued solid The percentage days XX to as payment or the December small steady percentage principal, solid quarter, credit historical of at to the the XX, margins, within across our as XXX% more has resulted consumer a These fourth the normal the XX, of and XXst a driven fourth on XX quarter at the due of more were of small quarter X.X% principal September percentage have as and more continued at larger percentage value the XX, the level portfolio September rates rates receivable even fair XXX% returns the outlook the allowed consumer and receivables and to end the steady was was lower XXX% charge to an end due our The December from X.X% of of for third XX, X.X% of percentage than The economics of to value are December low to continue key small consolidated portfolio, of year and at X.X% consumer past the fair The receivables receivables I at unit business of consistently rates. quarter days strong and at value XX X.X% September XXX% of quarter principal, for recovery end customer strong consumer XX. net our of receivables customers XXX% days of was portfolio The during delinquent and rates of and in previously off levels. December The into improvement our ago. deliver December as framework at reduction past the improvement to business improve. proportion X.X% business on temporarily the portfolio. inputs in at us profile, profile in delinquency rates X.X% at December the declined slightly compared XXXX. business ratio to new a a or fair discount from past finance the was total reflect The credit portfolio, was at percentage portfolio strong at credit of of also small value improved a subprime the continues brands, relatively fair of increased XX from reflect the the balances the portfolio portfolio. payment from levels, and toward a and continues loan XX outlook of of
normalization the consumer some especially origination, was levels With sequential in acceleration recently recent unsustainably consumer customers, observed. the from delinquencies and new low from expected
used evaluate every credit to valuation In expectations, addition we quarter other assumptions in rates key models. future fair discount and loss our also value
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we the quarter revenue to range and net XXXX for first the expect ahead, XX%. margin XX% of between Looking
margins recovers the net become rise, As and economy to larger to at several less to over as originations portfolio. stabilize begin demand the the should and a increasingly the loans of and seasonal range continue XX% next XX% proportion of an normalize quarters revenue
upon degree the originations revenue and timing, margin normalization mix will and timing Our in expectations growth. and future the future the ratio net of depend of speed,
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As recognizing a recognize a portion loan, value did as expenses in incurred, instead the we of in they period them the as and accounting, fair deferring industry reminder, many over to prior the the we marketing are XXXX under life of still do. and
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were OnDeck quarter one-time million acquisition in $XX expenses of at As the the with reminder, fourth there associated a XXXX.
down these quarter in expenses and for the was to expenses, EBITDA, from move measure, from expect $XXX non-GAAP below as scale flat we quarter, XX% percentage I a million sequentially year ago G&A XX%, Adjusted the discussed. trim the fourth to with revenue, through growth. with be slight quarter there quarter, may as of a previously While we reasons XXXX, variations
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We forward. quarter approximate $X expect expense going should normalized million compensation per stock-based
in in was effective The tax tax quarter acquisition the quarter. increased in rate Our a prior fourth which increase the fourth effective that the income lowered XX% one-time rate quarter, of taxable reduction from from the XXXX. in OnDeck related to XX% was the primarily year
the in $XX to unrestricted and securities, $XXX committed or had including and of quarter our million share $XXX XX% an rate prior quarter year. million the or of $XX recognized of million from facilities. the fourth per the to from available of per to expect share $XXX XX% XX% domestic per the trailing earnings, marketable XXXX. fourth $X.XX income or quarter ago. diluted during continuing shareholder or million fourth the was million per $X.XX adjusted We operations capacity We of in with in of a cash million in fourth The million ended non-GAAP diluted a mid-to-upper $X.XX equity quarter additional earnings $XXX compared $XX diluted year on quarter be using to XX-month return $XXX average $X.XX normalized cash net tax compared in decreased million measure, effective share range. Adjusted We share or the diluted
facility. under end million the at the outstanding quarter $XXX balance includes of debt Our committed
million liquidity business new to As our the small with lender relationships we $XXX we and of Morgan support warehouse announced with the November, to revolving expand two-year growth. JP during during addition a quarter continue
quarter repurchase in cost of cost December fourth acquisition relative the of Demonstrating our the the quarter, approximately a of The completed our our past fourth for X.X% our million. marginal over X.X% was financing quarter. decline fourth strength $XX to of confidence quarter continued X.X of Our cost $XXX of versus funds. prior OnDeck million in million the year of after we for during impact our funds XXXX, of remaining lowered the $XX valuation, million our the adjusting to year had under At for and current that costs at program. approximately reflects transactions XX, related share the the the one-time acquired funds we shares, business have cost closing
and long-term and my sheet on summarize repurchases both liquidity shareholder balance solid and XX% with in growth margin to profitable to the sustainable, revenue meaningful of of our deliver over continue demand return our next Our XX% give to ample comments, in through net to the growth. between in originations flexibility and business the expect meaningful, range us earlier receivables, XX% drive quarter To and we to investments value commitment and XX% customer share and normalize range time. the to to
are also we fair-value is value cash view marginal especially and falling in adjusted should XXXX. mix the to in costs. of and degree in aligns anchored approximate EBITDA accounting. of Fair economics receivables addition, XX% The expect In margins to a of and increases normalization lead how provide timing cost will from originations margin, anticipate process unit more utilized upon normalization we that business, the half recent impact from and remainder revenue expected continued levels. fixed quarterly revenue the funds, next to quarter making I’d of the of on flow regarding of modeling. declining rely growth, like a that benefit expected in fair discounted marketing higher as depend for these share EPS In slight our resume growth. closely risk-based and to count, strong any the value methodologies closing, XXXX the Adjusted expenses solid some speed since of in year-over-year slightly decision be of should percentage timing, trends the EBITDA pricing the reminder with our a with year, and to of This second scaling and
to generally than reporting financial for or performance adoption be growth in under had positively XXXX if correlated fair-value our to periods result, prior seasonal. should more we adopted portfolio a As
and We capabilities, are small line benefits, and consistent well-positioned product questions. learning business our happy the and online balance sheet. our that, to your and deliver of direct management scale, our leverage our machine and diversified offerings, efficiency And Operator? growth, bottom model, top the only operating solid and to credit consumer with meaningful powered we’d as we broad risk take be
