Thanks, Raul, everyone. hello, and
trends evaluate performance which the GAAP, you As addition underlying based present we our consistent forma may of also business. value view recall, in pro a the fair on we to more believe of results,
periods. of will state to now be for of our I that share reconciliations a comparison metrics purposes can the found definitions otherwise, on value and you all pro A full will the of forma be earnings I list materials. in Unless fair prior-year basis with
was bottom-line Now growth, giving income which the QX attributable XXXX quarter. summary in prior-year million, XX.X% in by lower net income our tax quarter. efficiency net the a XX% our adjusted numerator for Adjusted effective of and net strong improvement was Adjusted operating to is growth adjusted XX.X% let versus year-over-year. the $XX.X This for was me up results in net start of you equity, income on revenue a rate. return
of ROE value from increase fair our Adjusted in loans. the benefited the
Given in in we lower since of decline XXXX, the first end the rates XXXX. will interest ROE the expect be of quarter adjusted
associated volatility a improvements a operating We fair pre-tax time, will high-teens ROE in to Over profitability we investments proxy EBITDA value we even consolidated out useful backs new it cash products. profitability our achieve make metric accounting. consistently a as a and on also because is believe basis, believe allow adjusted market in us is for efficiency our with
guidance $XX.X quarter, total million lower million, For million anticipated EBITDA million provided net quarter. was discipline, was adjusted of to cost expense operating $XX to in charge-offs. prior-year better $XX reflects the our funds our the of higher of we than revenue, This $XX and and the fourth compared ahead
elevation in GAAP million, fair of down of XX% income and fourth the value net XXXX net $XX.X the $X.XX year-over-year a X% quarter, of our to on of For reported election by we basis, year-over-year our caused due diluted income down accounting. EPS,
our net however, and was guidance Our $XX.X EPS, adjusted of of based on ahead up income year-over-year XX% million adjusted $X.XX, well range.
the of reported to XX% down $X.XX, contrast, year-over-year, we adjusted earnings requirement stock was year-over-year. to to EPS For by allocate our prior at $X.XX, the its full-year, XX% GAAP was preferred impacted EPS diluted In IPO. conversion up which
you the the million, income quarter, our I'll strong growth over XX% $XXX.X of Total Next, income. driven quarter. for through noninterest results interest was both in revenue key equally by run and the drivers up fourth prior-year
we for grew increased XX% interest $XXX.X originations. the million, up quarter portfolio to receivables Our year-over-year fourth income our through increased as
balance quarter end-of-period $X.X XX% over managed to at billion. principal reach grew the prior-year Our
due marketing as fourth partially Aggregate in for successful XX.X% decline offset our the was quarter This customers. by our increases grew growth portfolio the to from loan portfolio to quarter. originations of recent for a XX% quarter as our XX.X% in returning in most well expected amounts million year the for an yield $XXX.X efforts, ago
million Noninterest program, This $XX growth loan a our gain returning New and our to rapid on rates percentage lower as sale cash sale direct of originations. was includes customers of from rates. Jersey, our are XX% we Florida where our result which growth the income, in loan and high due reward increased home generally in lower with whom to
in offset lower were decreased gain in as sale a of program. growth was the our volume sold sold the capitalized of by XX.X% as percentage as percentage we loan of of The part the premium of average XX.X% our have access has increased. loans slightly loan balance origination fees loans And period a versus the prior-year on loan larger size
and value expense and The interest fourth For value increase net change lower interest net up net is our due quarter, total after revenue XX% the revenue which growth of an growth million, in total growth our the expense year-over-year. $XXX.X loans. in revenue our in fair revenue to was exceeded
Interest up expense debt our XXXX higher an balance of ABS interest was to was increase deals. tranches in advance of noninvestment and in XX% year-over-year. our by average increase of XX% grade rate daily issuance year-over-year $XX.X driven The the million expense our
our We period as ago. QX of in efficiently were able same X.X% X.X% a to the in to decreased relative access debt XXXX slightly this capital to debt year cost
also was fixed For of was of the and full-year, our X.X%, debt our rate. XX% over debt a at cost
and and Relations includes decrease in the fair earnings value our change loans mark-to-market charge-offs Investor fair increase We change in available net value presentation principal fair or through summary in value net our on our that provided or in website. is a our XXXX QX of net debt. current period Net
the our $XX.X quarter and As period you'll charge-offs increase in on of decrease the of million. increase of consisted an loans asset-backed in receivable, $X.X million net $XX.X mark-to-market million notes fair presentation, our see on fourth a $XX value Page XX mark-to-market current million
million fair XX, to the December of our XXXX. increase increase was quarter-over-quarter loans $XX.X XXX.X% of by The XXX.X% loans fair our driven in as in from value value a receivable for price
from fair longer value expected more originating The credit also the are loss benefited lower valuable quarter. rates lower spreads loans interest price and X-month and lifetime to XX-month with prior We terms versus rates.
well The ABS XXXX our as to as $X.X par their as rates, million our notes call mark-to-market X-year increase deals from prices approached higher resulted bond X-year converging from dates. to interest
the mark our factors detail, earnings QX our our several presentation QX receivable walk of illustrates mark and loans from are to in there contributing greater XX highlighted. Page
portfolio our with customers larger policy in yield, our a rewarding with First, a was longer consistent returning and obtain decline who lower which loans of rate.
average life because the our Second, longer more loans. of increased term we loans originated
lower a of rate interest discount cumulative estimate And rates. losses. of loan remaining reduction our lifetime Third, resulting fourth, from lower
quarter smaller a value and led our a and Taken value net in in together, premium revenue. in loan higher to these fourth resulted XX-basis-point decrease increase fair fair net
expenses was year. million, than operating $XXX.X points efficiency comparable prior for operating were XXX the quarter Our Adjusted basis better year. XX% quarter the last up fourth over the of XX.X%
We've even a credit deliver in to and we our auto efficiency new products, our for invest long-term even this, in growth. our achieved ability with increased cards, investments as operating continued demonstrating improvement
For XX-basis-points XXXX. from the full-year, operating improved efficiency
well ability exercise reflects expense to products. which investments and growth to strong sales This company control, public and us capital of data as marketing readiness, risk enabled our the for team, our in analysts, as technology allocate and scientists new
in of $XXX, the for year fourth Our XXXX from $XXX the prior cost quarter customer up acquisition quarter. was modestly
areas. to higher decided and credit our expense In overall increase into realized costs included digital associated operating loan in testing as markets, efficiencies card are marketing our overall we expansion investments our OpEx. other we addition Operating with products in auto to and new
of earnings detail And these deck some provides Page regarding XX additional the costs.
as we shareholder value. continue XXXX, for building long-term related XXXX, $XX.X costs the QX $X.X full-year investments. and million to totaled we these million For on product of focus our recognized growth And new for operating to expense
Turning in our the rate. tax to would quarter. change now I had tax we like that rate to explain this effective
XX% was in rate compared in QX as to tax XXXX effective XX% XX% and Our previous XXXX, for quarters. QX
QX but due derived QX stock no $X.X tax impact being states pre-tax swing XXXX such for to primarily from of the XXXX and was quarter of our percentage expense, revenues tax purposes. one-time benefited not Whereas The this had impact with which one-time lower decreased larger a of deductible was income compensation million in rates. from
to to going forward. We levels would expect normalize tax rate our effective historical
our Moving to credit on performance.
our We year. gap third than have delinquencies of closed higher XX-basis-points the to quarter. delinquencies At the the quarter, were the in end prior prior-year the relative
our our returned improving credit to at day last trends delinquency portfolio. comparison, year-end, XX-plus year's level rate in In due X% to of
charge-off Our X%, net expectations was XXXX, between of better net the was for was to which quarter X.X%, within rate annual than range full-year our charge-off which rate this X% well our annualized and was target X%. our
maintain to leverage. liquidity our and business fund sustainable at strong continue a position We
were of $XX.X As restricted cash XXXX, December XX, was equivalents and and million million. cash $XX cash
net year the in September need As of strong our X.X the XXst, was raised the debt $XX.X our proceeds our December ratio we issue reduction QX XXXX, times as times growth in our prior to debt-to-equity from fund portfolio of IPO XXXX. million X.X to reduced in
committed our As of December XXst, million that XXXX, we now have $XXX million of warehouse undrawn $XXX is capacity October XXXX. on through line
to funding We runway. liquidity to maintain XX of continue our more manage program months or
guidance, in minute a first-quarter factors and our guidance providing spend considered we talking let about for XXXX. me setting Before two full-year
QX and of has know, will been in our since a decline revenue interest which impact XXXX. an have XXXX, First, there in end value the on fair mark-to-market as rates our you net reduce
adjusted Our account. guidance for net takes income into this QX
XXXX, we and operating growth our the and is In card launches expenses. IPO second of made auto. in our anticipation of The significant credit the of factor rate investments
XXXX XXXX, exit comparisons QX to EBITDA impact for year-over-year expenses for income. the For expect these adjusted rate and we adjusted net the
For improvement we full-year to slower expenses back of due however, the in margin year. much the growth XXXX, operating year-over-year half in expect
With provide and full-year that the XXXX. guidance now context, let for first-quarter me
per between income million, million, Adjusted For and and share $XXX $X.XX. QX, diluted million adjusted million EBITDA between and adjusted and $X.XX $X net $XX revenue $XX $X and $XXX million. between total between million earnings
million adjusted $X.XX For $XXX between between per $XX million $XX XXXX, million share Adjusted million between and net and million. diluted income we $X.XX. and between adjusted expect earnings the full-year revenue $XXX $XX and EBITDA total $XX million, and
charge-off for plus loss X.X%, XX-basis-points. net minus annualized stable is rate our QX guidance or performance, Given our
our For the my I XX-basis-points, is net Raul. guidance over concludes of call X% rate range X.X%, the plus a target to of our or charge-off minus full-year, is remarks. That now to turn will which within back And X%.
