Financial Data and Key Metrics Changes - The company has initiated a share buyback program, repurchasing approximately 267,000 shares with $48 million remaining on the authorization [11] - The company maintains a conservative debt-to-equity ratio target of 2:1, indicating a willingness to leverage up to that level [11] - The tax rate is projected to be in the range of 23% to 24% long-term [22][24] Business Line Data and Key Metrics Changes - The company has seen significant growth in new customer acquisition, which has impacted credit loss rates, with a current charge-off rate of 17% [17] - The company has acquired 97 locations and opened 21 new offices, contributing to increased headcount and general and administrative expenses, which rose by 16% year-over-year [20][21] Market Data and Key Metrics Changes - The company has observed a stable performance from returning customers, with credit scores and overall performance remaining consistent with historical data [35] - The growth in the overall portfolio and the influx of new customers have been major drivers of increased provisions for credit losses [35] Company Strategy and Development Direction - The company is focused on expanding its footprint through acquisitions, targeting portfolios of 10 to 15 stores up to 100 stores, including new states [19] - The management is optimistic about the pipeline for future acquisitions, noting an uptick in available opportunities over the past 12 to 18 months [34] Management's Comments on Operating Environment and Future Outlook - Management believes that the growth in new customers is a good investment, despite the associated increase in loss rates [18] - The company intends to return to a 2:1 debt-to-equity ratio as quickly as possible, although external factors may influence the timing [26] Other Important Information - The company has restrictions on buybacks, limited to 50% of consolidated net income, with $50 million remaining under this clause [29] - The company is actively managing its accounts for employee efficiency despite increasing headcount due to acquisitions [21] Q&A Session Summary Question: Share buyback program aggressiveness - The company has repurchased around 267,000 shares and has $48 million left on the authorization, comfortable with a 2:1 debt-to-equity ratio [11] Question: Credit reserves and loss trends - Future credit loss trends will depend on new customer growth; a 17% charge-off rate is currently observed, influenced by new customer acquisition [17][15] Question: Characteristics of acquired portfolios - The company has been acquiring portfolios within its footprint and in new states, with a focus on smaller to medium-sized acquisitions [19] Question: G&A expenses increase - G&A expenses increased by 16% year-over-year, driven by headcount increases from acquisitions and new offices [20] Question: Tax rate for next year - The long-term tax rate is expected to be between 23% and 24% [22] Question: Availability on revolver and buyback timing - The company has commitments on its revolver of approximately $480 million, with restrictions on buybacks based on consolidated net income [28][29] Question: Seasonality of stock-based compensation - Stock-based compensation will decrease annually, with a stable run rate until Q2 of the following year [33] Question: Health of underlying consumer - The health of existing customers remains stable, with the increase in provisions largely attributed to new customer growth [35]