PRA (PRAA) 5 Aug 242024 Q2 Earnings call transcript

Good evening, and welcome to PRA Group's Second Quarter 2021 Conference Call. [Operator Instructions] This event is being recorded. I would now like to turn the call over to Mr. Najim Mostamand, Vice President, Investor Relations for PRA Group.

Thank you. Good evening, everyone, and thank you for joining us. Vik Executive and Financial Vice are and Executive Officer. today Sehgal, Rakesh President me Atal, Chief President Officer; With and Chief

from to based our listeners no SEC detailed uncertainties, factors earnings earnings obligation materially We call, revise Relations www.pragroup.com. section to and these found our and that or differ projections, to statements risks, release press forward-looking website call, SEC statements. our to actual forward-looking and our on of The We that statements these today's presentation are our subject caution expectations. assumptions, assume Please be will filings other in refer beliefs, filings we the these issued today during all management's could assumptions, at will release, We factors. during expectations. results discussion and update cause current Investor our the that make slide which a use the for of are can

this of comparisons mentioned available information QX the results noted, release. All press replay and the unless shortly earnings XXXX, is will Australia. included our a be dial-in QX and conclusion, call include XXXX today between replay Additionally, otherwise its in after be and Americas will

GAAP these President presentation for discuss during financial EBITDA for will our over a financial slide we to Executive Vik call U.S. to with XXXX the call, our Chief this During months Officer. and the debt-to-adjusted measures call now to comparable of and like ended December that, XXXX. used the adjusted appendix Please turn reconciliation directly most measures. And non-GAAP the the I'd of Atal, EBITDA XX, XX and XX, June refer to

this you, joining us and everyone, Najim, evening. thank you, Thank for

targets our another growth. XXXX demonstrating The for future financial important U.S. and operational and step in in second delivering the positioning for against quarter company our business, turnaround the was

initiatives. Perhaps and higher reflects we growth. results speed for fact the a most income to of that the quarter absorbing costs turnaround support with compelling have delivered the operational across both executing broad funding in we portfolio the is set net progress these Our made while

Additionally, cash attractive primarily purchases globally. continued the XX% our U.S. have future $XXX Cash results the which legal grew initiatives our us generation. We cash-generating our higher U.S. million for impact reflect the year-over-year, business, recent and investment in collections with of cash we made invested and in reflecting our believe pricing well remaining during business. collection we quarter, collections positions in channel, with European along growth positive increased operational

so to on our are of demonstrated geographic of turnaround and can XXXX respond the then, has progress opportunities. transformative European to elevated different sustaining critical a us balance presence driving we growth enterprise efforts, capital also the the acquisition and of as momentum world our shift Aktiv to to investment primarily the player offered do, our health, through competition. our diverse a U.S. in Kapital global has we that local With the business against us diversification consumer from in celebrating This a drug. with and the a U.S.-based issues, the across But provide global footprint. acquisition us to It truly enabled economic I Since some are this XXXX. In wanted hedge we XXXX. year moment, on of I'll transition we share into that stabilization focused updates anniversary on business XX-year I before

in which our success sizable peers of have to to privilege with European our Kapital to worldwide. an of the presence that In having asset provided to the diversification, be continues contributes I us been has talent addition incredible faced who challenges. culture to witness of our the contrast the business, have our teams acquisition to and a global benefits and some Aktiv had firsthand

execution, been Our discipline, a growth strong both management on several predicated and organically relationships, operational position. seller diversification, a inorganically, elements, focus investment key on market has and stability, deep capital including

many We highly expect years, the in these Using attributes significant those successful to have receivables of for Brazilian in a opportunistically years Europe, highly major able we realizing company. Like partnerships, have operation local amount in a rates bank, had and return. we highly now, success continued drive Brazil. experienced for both attractive to Aktiv with of with a been during operators invest

are a proved we provide to enhance on in and profitability, success update gears, years business difficult value. on work others. Shifting focused rebuild Our our areas strategic drive reflects in has an for and I'll U.S. the Brazil of the market and shareholder now most positioning that in turnaround growth,

reminder, a allows cash pillars: expenses, us X portfolio to which second, investments, First, collected by dollar focuses map maximizing which road which driving is and ERC As operational optimizing this invested; on structure. increase execution, is and our towards returns; managing cost supported optimizing third, per geared

driven and pre-pandemic. manage continue supply led balances to portfolio higher credit capitalize than XX% rates. more card which, as strong of balances the charge-off a data, the growing we latest $X.X of to environment are credit increases, from consumers $XXX rising credit to and First, rate on levels cost living to higher interest up investments. trillion relying million has the in card optimizing on U.S., by delinquency and More industry In of part,

a year. while year. typically receivables of level is trend a charge-off well As for of the as balances. into results, to that making around from continued U.S. tailwinds lag expected credit note there XXXX. It's year's any card this a and has charging given portfolios our anticipate an on the chart for driven investment secular this Portfolio cash portfolio in available both lows, up for recent trending well era supply is amount rates to sale, quarter go balance generated long-term into important we is which now purchases balance supply believe expect as modestly growth, between to only in shows, contributing of rates, a this, supply although credit in to also XX-year as portfolio will the be pandemic will later. extend charge-off average. Rakesh we our more industry the second by are been see there detail In sellers next card record from we we history, absolute and of Further, impact Based the more growth achieved beginning of Europe,

Turning now to second the pillar, operational execution. driving

We drive the and in portfolios. collections are fundamentally way changing new we both existing

In increasing during quarter, new he we call our noted, and Officer, incremental us to reach previously and calling it's have we the customers U.S. able ground very the joined and workflows processes our collector centers, made simplifying Ultimately, far. our in outcomes the enhancements intensity. April, critical are As are the of and by Global including rebalancing hit Steve progress Macke Operations has running. number these improving operating the and late to encouraged thus conversations, matter of a of we

are Although improvements to results, collections further we have of to and our improved build opportunities continue meaningful we now that operating processes driving state-of-the-art. made cash being operating a number identify towards

started to of to beginning in ago The optimizing collections for channel year. talking channel, cash the focused the the As legal external generating by a garnishment many legal about into the the we our incremental and both execution generation. on demonstrated we been I second enhancement current in XXXX areas in resources. year just Post-judgment processes our is collections that have expanding wage and U.S. of use have legal is you internal leveraging first cash resources of part continuing growing filings half of one number within by

our producing much-needed as for book our value incremental these of well purchases. same operating generate other expect well. the new existing We next process as improvements business value phenomenon This as true continued improvements over of to several is quarters to

increase turnaround the The expense to level staffing U.S. with initiatives, ago. by The in third to on in of cost To the of associated has and we buying the focused offshoring counter in managing have approximately portfolio pillar call reducing XX% is marginal in we required fall center year total our our center compared impact initiated XXXX. an expenses, the doing which purchases, of of this business a call business. increased expansion particular,

teams supporting based time, and expect encouraged time. low-cost X Today, than increase U.S. we We have our are that onboarded this the Asia. are short relatively offshore, over in period more in we of XX% separate to this proportion collectors of business in highly locations

turn are initiatives nature of cyclical for it results In absolute year expense we over that outsourcing our underway summary, for savings, our I'll the Rakesh enhance expect at industry. In are of growth. And second delivering us help our a navigate platform solid or results. future initiatives us to addition summary will well level to our that, we the better quarter and last the with strategies of giving financial a calling and expectations, above shared

level The XX% deployed was existing seller we driven forward million, XX% million XX additional expanded primarily monthly and reflected X flow stretching quarter, purchases under year-over-year. supply relationships portfolios renewed by during higher over the We the as we as our in Vik. supplemented up and our million Thanks, In by of portfolio the purchased third the $XXX quarterly the This the year-over-year, invested successfully up representing arrangements. purchased flow amounts was months. we increase forward last U.S., spot year-over-year. our highest years. In Americas, quarter, in $XXX XX% up $XXX back

the of This attractive our Looking the quarter, half pricing is returns. the first core focus today, the portfolio X.XXx. of XXXX along purchase the at second pricing in quarter finished with the at and market with net multiple first improving during on Americas end reflects our price the year U.S. consistent

U.S., every the strategies contributed realized market have We benefit which the expand Since are relationships we $XXX to spot-driven Europe invested to a long-standing our flow dependent Turning is quarter. Europe. volumes million to outside the the In to seller robust continued Similar U.S., in market, market. investment our with we seller seller volumes volumes. U.K., stable Europe, relationships timing. which this to major forward is and across continue from on largest primarily

investments, remains presence and Nordics. out in In than we keeping also exercise continue being of Southern markets the the eye illustrated by new in have Europe fact a is that to ERC. Poland total these intensely our selective We strong make Overall, and our competitive, an while with discipline we also are X% less which opportunities. up contrast, for

of $XXX $XX Total portfolio revenue in portfolio expected was Moving Total results. million. the changes were quarter. for and recoveries million million, revenues $XXX to $XXX of income on million financial with our

component a yield is portfolio the As reminder, of our revenue. income

on You recent has driven left and purchases higher can see the U.S. primarily that the in especially pricing, fourth consecutive the chart improved grown quarter, income portfolio the by on for

this We expect next trend over the several quarters. to continue

Turning right. chart the to on the

modestly have portfolio overperformance value present collection net in expected portfolio of our recoveries, as shows, total in time, revenue which to overperformed cash ERC. In a underperformance and in encompasses income, changes our changes the or Over chart and strong the combination we $XX period changes both the in addition which appropriate, due includes the overperformance cash change this of expectations, in cash-generating current cash where ERC. a our million, quarter reflected in cash Europe. of overperformance performance was initiatives. the and our U.S. part with results impact The recoveries expected in the the overperformance In large to U.S. specifically, in of over

initiatives the of portfolios. moderate from present of the these changes U.S. in recoveries While with continue our this are incremental our quarter. value cash second majority we level the generating expect with net increase ERC, value, expected to the of remaining changes the to levels $XX of in million associated achieved The in expected reflected overperformance

overperforming by by basis Americas quarter, Europe expectations consolidated the a collections During XX%, with XX% overperforming the cash exceeded XX%. by on and

largely to XX, drive to cost $XXX lawsuits. period primarily collections investments were up $XX activities over experienced by file Europe with prior made Our $X consists for our to legal by million, and primarily the and $XX Legal increases extent, future from tied Europe. million cash the collection consolidated by overperforming XX% up sustained a overperformance XX%. Operating Legal December on basis, These core million and were expectations overperforming the sequentially a collections expenses a up investments X% time. were year-over-year, channel growth to our U.S. XXXX, are by which the quarter of year at in legal period. collection our year-to-date versus channel, million cash in upfront costs increased U.S. paid lesser of driven legal costs in Americas

to X initial slide, you see collections, resulting on X can and judgment and commenced the timing generally over is the to the investment As X cash pinching between X lag this a you post which legal months years. following there

investments currently our drive years. We legal expect we U.S. over the the cash processes incremental to are in next collections making several

of to For XXXX, a second legal we in half the of collection expect the level spending year. moderate

on impact since the in may employee it those upfront is we not to to appropriate voluntarily efficiency in with costs of given million, have value lower $X primarily generation, period. over the for engage negative choose recorded action While term, lag legal expenses cash the in customers optimal a due accruals and who us term. Compensation increased believe it the short services long compensation the million prior-year delivers atypically cash $X

This experienced the couple quarter's line range with amount in of million quarters. have low-$XX was past the over we

As portfolio. centers, U.S. offshore have contacts. Legal $X mainly by absorb core legal third volumes call and external mentioned, significant parties driven our our us and higher in we are within benefiting associated leveraging million, increase a helped the from increased customer account costs with collection fees which collections

XX% Our the XX% cash efficiency ratio compared prior-year to was in the second period. quarter for

million, costs. $XX collection balances due and $XX As expense Net year-over-year was increased investments. primary interest million, debt driver second was an to portfolio for interest legal the the of quarter mentioned, reflecting rates increased increase higher the for decline

effective Our quarter XX%. rate was for tax the

pressures purchases XX% We higher cash-generating of for were mid-XX% stress the XX%, rates cash which due to low- increased million, to period. in portfolio increased expect Net quarter continued was other our be effective from interest and driven by the in by income that from their initiatives. to for to primarily impact $XXX higher depending purchases. PRA higher segments U.S. driven cash of range the income up X%, With off earnings our the some customers $XX respect taking is it balances. are collections tax million, mix high per collections XXXX, financial $X.XX factors. believe consumer, generally share. Cash or inflation, recent European and collections for on positive the diluted U.S., prior-year in attributable as experiencing rate to certain our we pay longer to XX% on customer and the up were Americas collections

base. are growth number seeing committed significant the customer we payment plans However, in of from our

mitigate believe build consumer pressure European initiatives We factors. circumstances of environment help same as can cash-generating the our evolve. The also that reflects some economic economic might

positive the some stable. experiencing continuing also remain proportion to are trends we paying However, with customers of

$X.X show In compared $XXX were ERC addition, million. larger XX XX% that the On impacting markets June starting was are at was billion, of at $X.X June to XX previously signs improvement. ERC payments in increased which a last to year. billion basis, up sequential

that that new of cash Based billion important expect on It's frame expect invest maintain expect over next we our and balance need same Keep amount reflects collect collect have to would our $XXX price million the improved year-to-date, We replace in time this that over decreased mind to we since purchase to the ERC time replenishment ERC made recorded XX not months. months. only It over multiples the globally runoff number this current because during existing we year $X.X this levels. on average we last to approximately amount period. multiples the collect our the from XX does to next purchases note portfolio. the include to

We of investment growing the and ERC XXXX. continue we expect remainder during can level this exceed that

debt-to-adjusted June leverage. within range our Our of long-term XX, was Xx of target X.XXx X as which remains sustained to EBITDA

last Our level leverage over during period. few quarters portfolios the time of reflects the repurchased this higher

limit. We debt-to-adjusted have in that EBITDA. our limit facilities And ratio within revolving are leverage covenants we credit X.Xx to our that

be leverage expected to During to start decrease portfolios. are from witnessing, time periods cash we then as we over currently as and would portfolio the of those ratio higher investments, increase generate

and X of committed our credit facilities, credit In $X.X we to in under of have capital our capacity, facilities. banking terms relationships. have funding In billion deep long-standing draw we our all total

ranging capital. cost basis of that benchmark XXX provide from lines points attractive over have to an bank margins XXX Our

As billion million on base of covenants, draw we of had borrowing based comprised million from availability can XX, of additional we $X.X current ERC $XXX rates. and advance total including that $XXX and June of to debt availability subject

borrowings about on American intend used issued During which our facility due this under North that due million notes we of of use notes we revolving of our credit or We September senior XXXX, to to our year. the XXXX quarter, $XXX repay proceeds borrowings facility. million to X redeem the senior $XXX under

We pleased to create with of how are the purchases. enabled for and it portfolio success transaction the very capital us additional

toward to capital portfolio from our July our facilities XXXX believe U.S. business, under remains due and maturities, our credit look back a We advantage American we As upcoming credit supply. With turn generated us available it the high priority. U.K. and North Vik. and the to access to cash the refinancing capital the build markets I'll in in Europe both continued position take of that, facilities,

Thanks, Rakesh.

continuing forward of and year, on our by results well are to initiatives track. half in this the ball remaining our seen push financial As we operational the with first

We are progress time of see the efforts. it far, some fruition by overall will thus highly that our full take encouraged the recognizing to

slide XXXX outlined targets additional Looking the commentary. our on ahead, following with are this

First, period, of in balance investments already the through full expect we this to continue portfolio and year we compared prior-year the have Cash the double-digits grown half to of the to expect this sustain to first remain for this year. collections year. level strong

also full expect investment growth. closer efficiency drive to X% operational strategies future as well are and the legal to mark ROATE cash reflects we between as effectiveness improved the XX% in be year collection And to year. for the cash the for processes the lastly, to expecting through year. X% spend range This We increased full to to continue driving

been much still range metric see able we will short early to such closing, of of time. cycle, XXXX. In beyond into a how our really so move us through to is we team expect this as for we to and I in proud business this it entire have too am evolve While amount precisely how an forecast accomplish uplift additional

to hard business, the are we you, with momentum that, business, we from support. And and questions. European strength future. as now working Brazil and for drive Thank your achieve our of in into as continue to positive for our profitability greater are U.S. benefit the move We continued always, ready

first Citizens [Operator comes from question Scharf from the Instructions] line JMP. Your David of

I'm of the the now. strong a sentiment performance, was obligated the what obviously, on right expectations, and kind Notwithstanding consumer of kind market focus based collection clearly of you exceeded just U.S. very to on state

I First and Was to from some from you're can't consumer. wanted U.S. clarify, stress recall Was new off, something just that part hearing because been was the we've inflation disclosure? QX, just Was reiteration the the obviously, Rakesh, we a year. comment? in that incremental of cautionary versus qualifier or high that on incremental? that the rates regarding better I this last for of lenders cover kind a

Look, your voice we've what Yes. of reiteration hear a mentioned David, to It previously. again. good is

been call So be that are that are had we that seen been particular, there's payments stable, to that. facing. and payment seeing in may stress the has impacted are impacted from a remained starting center a strategies of customers news. is increasing. believe the the to different see as undertaking, over past, the was channel, starting the is those both comments We consumer what for may past I our inflation U.S., by of by. What we pressures we've continue larger of cumulative the trends see mentioned show strategies we're cash-generating in number second, that that the a very of But consumers any we're legal to in as we've also have be were the can that's time. always that initiatives well that some proportion this quarter that mitigate that employ impact that we switch we're the improvement. that up said we positive And been in encouraged building to positive previously counter the counter of signs that the some to the Europe in I in one and paying to plans And just is I've In positive if my perspective. seeing And of

end days as much to would that come data say out we're longer-term the is the out, a seeing our in the But few the So and overall, view. pressure. cash-generating some It's overall, in we that's few continue overall, data U.S. to data activities Europe come in David. with take positive last of But time view. all you taking just just a it in like here. But here monitor of real long-term I would, day, mitigate consumers We're market, the any impact what We'll we've sitting new we a points taking the advantage that's very are. at seen today, the you're the

In longer. as cash terms out years, collections, Europe certain in in of over perhaps countries you it know, goes XX-plus, even our XX

offshore Is basis offshore. us from serviced what cost relative can there collect as U.S. side dollar a collections collector it No, a are help sounds over of collectors? quantify for plans or come that's from it what any that increased are helpful, on to and the of very being in your I will statistic overseas to really ultimately as no, your way a Got X/X in remarkable kind follow-up, indicators any signaling like for switching percentage you're it. frame yet collections versus the now least productivity, stress leading is what seen of the mean Rakesh. is your well as pretty what U.S., it's you've specifically not at U.S. that U.S. the sites you expense Maybe of the

that, is I'll David. take This Vik.

to normalized lot. overseas to of our full think it effectiveness XX over a much taking to get how track that we general as where would The certainly, further building this before we're I tap experience, of the months, TBD proportions though, of right? second half months in year is up of the have So X collections. to to stability the for Directionally performance in question, like and to we those maybe and X a our we're our none over, takes and learning had So build that and offshore they of have offshore overseas locations going balance collector out. between relationships I in the time, and our months that XX we X think right? your watch a see collectors seasoned, decide industry continued

of terms don't a to we you cost what evaluating to disclose that, is it's would differential, In differential, way. say this meaningful led which us the alternative but I

of from Your line next Hughes comes Mark Truist. question from the

about yes, can think we me? When -- you pricing hear here

Yes, Mark. sure. Hi,

the pricing you steady U.S. that the Excellent. and QX of or multiple the QX improve? you at increase stable was in pricing, of the supply Very good. described balance think year, to X.XXx. When we to to has collections we do think continues at the I Are for the in kind if next in point, think, terms about of year, think then do pricing you a opportunity

finite, I regard, up opine have, think difficult U.S., for a to set So capital, as Obviously, it's us that the pricing. forward in access significant you now, buyers, to a we with of to right? finite right, know, on files in mix a depends there's the market, further what in might coming point equation, files. that it pricing. are change the naturally on if the age in really to supply-demand file, of improved of at lead this time, the to the or But

or part multiple it's that in forward So be our it multiples, I think I going signal happening. the hesitant changes see would changes in until project we the to equation of would -- be

add of just function our would deals. I supply-demand. is, what the look, fair Mark, It's winning we're Yes. a share of

look, comes play. we're also it's mix into But very mentioned, that Vik encouraged. As

we're 'XX that. to If at to on end X.XXx of from at years, of you last X.XXx we've couple over build in a 'XX, the the and of continuing look the just trend multiple gone

the of we as year. to story in come this So half supply see the unfold more second

of then And overall in Understood. supply the Europe. just level

seller volume I what seeing spot-driven. that in out relationships. of think kind did It's more just are about you of terms you're your there? you of talked expanded comment the But on deals

limited as the in think meaningful first the predict this, a number going versus certainly the quarter the to in drove much of the really even And the think, said U.S. are spot ongoing and we've Europe what's we have in right, high in I the able that's what's very have third second be and trends what that to quarter than just volumes I quarter, a in spot-driven. of market So got supply in what happen we softer going Rakesh have to with the less in Mark, better uptick Rakesh the quarter. to -- sure, I Europe propensity seen, coming to we've -- I'm to visibility familiar you, being in and right? very Look, market fourth -- not happen in terms to of was visibility because

Yes. Look, so we million if this add million strategies you. can around point And I $XX with on it also. depends just Again, I But versus quarter. seller at it's agree -- to is $XXX we were are dozen-plus a that Europe, know in QX, But moving many a know we're encouraged it's we get we pieces. spot-driven always market. Mark, there countries where in the

and we're are ensuring market. ensure fair coming winning share goal we engaging with sellers of Our the the that all is to deals to

striking on the anticipated? delay XX%. outlook talked channel the definitely look a collections. And the there's ratio, investment And in versus approximately talking and that, it? the about your change in is Yes. Is about and you're pretty at way essentially that Is the on you to efficiency what up It XX%-plus. cash think right increased stepped I last understand that on spending had I your legal here, you that that the previously guidance efficiency you think then quarter, was

channel, to any managing in And of volume strategy is Yes, the with we've which qualify the accounts channel. to our function the legal the through determined the accounts have as That's placement of to due a linked relative not strategy, accounts we of as the we mix had speak, really bought. I than volume change regard in different in happened of legal into of larger general, just of that what that so of higher what investment -- for qualified made our of are all well It's legal flowed a believe function stages principally terms think originally funnel, our to the that's have we to we projections, at projected. we placement have mix to speed the it prior to legal. for have in the of legal is

view those function been to this the filed tangible collections to cash a our out in of that's of in efficiency a to have think come point regard as metric all year. with I -- So for But put spending now we out, for have future. will where net the

And that all right, Yes. we're they return have our internal these Mark, to thresholds. investments making, meet

we expenses, that these the the you you our have, target think $XXX just we're million. it's And So into changed ROATE about you in obviously account. about the account collections X% And for look XX% into also, that. as context half, -- the cash to takes annualized X% just when the at we that versus that and when metrics at on taking look XX%-plus first haven't targets

cash that million in the making impact. And investment that annualize that's channel. legal efficiency would X.X%, You X% into we're change like our have an $XX

the we for the making, it's end previously, invest given the efficiency we're really legal and us and the think So that that from output we at day, of an get channel, to this appropriate of the all those that the investments. is value we've action mentioned the investments cash in

Adams comes Sean-Paul of from question [Operator the Instructions] James. next Your from Raymond line

levels of back last the about on guys about by a I -- a quarter, is loan kind balance X kind driven market. of talked know bit you lot to bank mentioned But you Stage that Circling little Europe, sheets. supply the of spot

was the very color you in to well If competitive that that for guys bit a of quarter, the you you Europe. as this I relation level the of it on share said of to related as value competition pricing. getting market pricing? a in know are guys kind What could little

obviously day, though, level But sellers the at end Yes. obviously the think We quarter. have bring loans. the -- have Look, is monitor by Stage to to the of focus we we X market. are them this to they saw what what for encouraged still to on appropriate they

day, their them. But the engage at they market. to We decision with continue bring to the of end it's when

to want continues perspective, from environment. And healthy, that competition pretty competitive market are deals that continue we our seeing pretty ensure you a something some competition We to peers that So is our be we of to see are goal under, some come know if that pricing pressures appropriately. add of to to that? Vik, ultimately the we notwithstanding a to the healthy

your I we mentioned, overflow remain supply think our perspective that standpoint, forward and see we're remarks, market. to the stable, competition. pretty strategy seeing And when the Rakesh, right? comes think from wait think from from just the flow to got I volumes in you right, No, change an So I in or any not

the between in additional Additionally, the share of market? cash there has between color can individual specifically a vintages portfolio voluntarily you on decline been collection U.S. characteristics in repaying proportions And vintages? individual any customers debt,

haven't we've it. talked think that, don't about and we disclosed I

cash is vintages. can our think information I -- the you right, materials, you see in about trends there on that different can

leads our our think things. bearing I is our that are cash I significant would just of been vintages. couple mentioned us -- yes, believe older which fruit. say, Sean-Paul, a around overperformance vintages, focus look, We in what just to on seeing initiatives older We've

So timing in piece. we're vintage-specific, is that view seeing stay a time. issue And that That's other time. that's the a over that just longer comments, over mentioned that's more in piece just I are a is coming my not our payments the period period customers then but of one of

the that income among repayment regarding the seen for issues income brackets. income brackets, there's consumers, I've the been and differences different in

that the of So was the question. source

now no further at turn time. I to are Atal Mr. final comments. There questions call the Vik over for this will

you and the joining in you. thank for us to year. Thank And more this your obviously, a everybody, lot of for second you, to forward half Thank today, look support.

and this Thank conference your Thank today's gentlemen, you participation. Ladies concludes call. for you.

disconnect. now may You