Thank you, David.
we're things steady David But spoken last Navient has are actually thought the be XX that about clear. think state. one helpful X, has might the been in relatively for that a X, of that what we years, I is today doing
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share price work. the seen. that Board this Page well, at obviously XXXX the has the now the not having gone you bit. says concluded on you've X you bullet, look starting little think done basically that first got for as in the it say, since But Board opposed in it's the look the future it would to the down past. in if a to not So or at could I a spin-off And years' XX doing return why worst It's tremendous
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management what So with the joint priorities. board immediate the and done, are project pre
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connected portfolio. So every other dollar them with of the you the just on of overhead that them, out of or spend value expenses comes
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So the portfolios, we'll in the loan cover second.
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If you this the go is Page to X, portfolio. loan
Okay.
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region the looks about So like that to And time there's comes those somewhere in next from come over trust in the X of of speak. years. billion in as we it $X half in,
to cost there what money However, get to from it to some receive. does shareholders
what Dave to areas. And value, need overhead interest already deal lining have maximize is you the overhead. to And to they're I We to so corporate corporate that what loan are a liabilities. realistic you of want worth. things and for are and you if on out in all these servicing need data think there opportunities give you The with we be expense, objective We of our those servicing view don't the all think is in here yet. to able give you which
off, them our environment and loans. all Page created it of So what outsourcing. of the I say hopefully, able were department, it the the decision is. spun want other by of Half When we'll borrowers, XX just that the were that for is [indiscernible] the year, end education million what to serviced on half line covered had briefly David be the XX the to out.
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management So competitive. servicing to shrinks, competitive as real surprisingly, and The problem, a less benchmark complement today. get it, team. When costs to are our this base is very as you going they're David the said, the
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been there. always so And it's
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ones. it have maybe We written to you can treat be one sympathetic a to So state development been that it's own we that relationship, efficient the properly. at you end do by education try and the don't you interaction or expect might of the necessary. the best our collecting us again. But to and We is loan of have see with
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So the brand covering just quickly point.
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back properly, treat one. of and So the efficiency if to customers, you back if you getting than come a acquiring they new come cheaper that's them much
point I that's turn. the will we think So
doing. So insight just to bit give industry of you how our is into an a
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to Our X also in of field about It's here. that XXXX, to most about went loans years, platform, it's $XX now a few is share more that about fourfold, $X here million so. we've today. X grown make market pretax this from the in million The generated time, billion making a and the I last that for or think loss either over is $X bit counseling of quite point profitable
million customers. you users. X so are And Earnest has probably almost XXX,XXX
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think about differentiation the stuff, services, us have other new people be at this about, about principal to something best, brand. is generally, talked financial add than to But start if enable a to of lower On cost of people. earnest model, but So itself, very distinct? talk values judicious is it we it's platform fleeting. as then... products. why business Product the this its to difficult of funds We We is you one
So neither of be those advantages are for to us. going
Earnest So what targeting efficient who focused and is customers managing efficiently. that is on are process then
think people do So a other in industry the people than generally can more be if you will or lot NIM or about we'll less. talk acquisition for of the of get, about than our cheap better same will be they cost charge it people say, our fund people well, we'll because other er customer will product
All deficiencies. is counts of are end-to-end but the really things important, what those
a not you taking in get that X% at an So a one, annualized to little years. customers than bps. points more acquiring there. about data bit keep XX few cost the is, is X of Earnest And what it's
affluent Another element of efficiency targeting more that is we're customers.
borrow important point But analysis here is is have you chase, you might realized the people that more us which fact, that XX attractive. at on the other And balance the speak. is to average Xx higher [indiscernible]. an our portfolio is what the we trending helpful sound in little about And $XX,XXX, generating rate. the is. don't the the in And end-to-end NIM. It a is $XX,XXX legacy then in So as loss earned point all bps almost bit moment probably is don't
manage. about every think money day, it to have cost don't You to don't you
And customers. that's of so the major kinds targeting advantage in efficiency, those probably terms of of
earlier you able project this, talked guys points would you because elements. haven't do it about to up operating get it, that the one Just it. to say having like things or that, But that to leverage, plug. that firmly various leverage. sounds on isn't about great decided what really identify to And just wrap did it about of we have said in we the you with these were I is it of a the do
example, an is and I you Earnest operating of have positive base. revenue So a think, well-controlled because you leverage growing have costs
in But if get So What's the more look call about $XX context, have year, expenses I'm last up. up to at went revenue though as money expenses $XXX going to that that interesting went of you from more marketing customers, a to other at end by, Earnest It's XXXX them. million. million. put increased operating spend you the if you get to is by
of bit And So better you that's grow, than a that ratio better. gets X:X. a little as actually ratio
So what is of to classic economics. business this like example a us looks online growth
that interested So they're that it's businesses a to BPS. probably that, an something with not to want to analysis not expand.So strategic say way to won't find subject know, that in very you you as is within of But tentative. one,
going going it David, -- I'm to to to him. now. I'll to get turn I'm And So off back it turn back delegate it
