Financial Data and Key Metrics Changes - The company originated 16% more in new customer volume during the quarter, resulting in a 25% increase in outstanding ledger for active new customers compared to the same quarter last year [3] - Yields improved by 84 basis points year-over-year, indicating an increase in income [4] - Organic growth in ledger was 2.4% year-over-year, a recovery from a decline of 2.4% last year [6] Business Line Data and Key Metrics Changes - The first pay defaults for new customers are 19% lower compared to the same period in fiscal 2022, indicating improved credit performance [4][5] - The average outstanding loan balance declined by approximately 2.5% year-over-year due to stricter underwriting and larger investments in new customers [6] Market Data and Key Metrics Changes - The customer base has grown organically by around 5.4% year-over-year, a significant increase from 2.2% last year [5] - The company has seen substantial improvement in tax filing volume and revenue year-over-year, with expectations for larger tax refunds this year due to tax law changes [9][14] Company Strategy and Development Direction - The company is focused on improving branch operations and personnel management, with a commitment to long-term profitability and soundness of the portfolio [7][10] - There is an ongoing strategy to reduce headcount by 3%-5% in field-level offices, following an increase to build a quality team in anticipation of turnover [19] Management's Comments on Operating Environment and Future Outlook - Management has not observed any degradation in collections or credit quality, with a slight increase in demand noted [13] - The company remains optimistic about the upcoming tax filing season, expecting increased demand and larger refunds [14] Other Important Information - The company has repurchased nearly 600,000 shares, reducing outstanding shares by 11% in the first nine months of the year, with a remaining capacity for repurchases of over $60 million [8] - The current ice storm has affected operations in approximately 10 states, but management remains optimistic about revenue growth [9] Q&A Session Summary Question: Update on the health of the underlying consumer and outlook into tax refund season - Management has not seen a degradation in collections or credit quality, with an increase in demand and expectations for larger tax refunds this year [13][14] Question: Growth in G&A and future trends - Management expects to see a decrease in incentive compensation expenses starting in Q4, following a share-based comp grant last December [16] Question: Increase and subsequent decrease in headcount - The increase was to build a quality team in anticipation of turnover, with a reduction expected to occur quickly within the current quarter [19] Question: Implications of a 10% cap on credit cards - Management believes there would be a severe reduction in access to credit cards for lower credit scores, potentially increasing demand for installment loans [22][23]

In terms of financials, Costco's record has been nothing remarkable, but it has been steady. Over the past 10 years, Costco's revenue and earnings have grown at CAGRs of 9.18% and 13.26%, respectively. Notably, the most recent quarter saw the company reporting a beat on both revenue and earnings.Valued at a market cap of $436.4 billion, the COST stock is up 5% over the past year. Meanwhile, the stock's current dividend yield is at 0.53%, and the company has been raising dividends consecutively over the past ...

Tax refunds are expected to be huge this year, so many Americans may want to know the fastest way to get their hands on theirs is by free, electronic direct deposit. Every year, tax refunds mark the biggest payday of the year for millions of Americans. Typically, 75% of Americans receive refunds each year. The average refund in 2025 was $2,939, IRS data showed. This year, refunds could be as much as 30% more due to new provisions from President Donald Trump's mega tax and spending bill, according to James ...

Treasury Secretary Scott Bessent said the U.S. economy will be boosted as working households could be set for up to $1,000 in tax refunds. ...

Millions of Americans may see the "largest tax refunds of their lives" due to President Donald Trump's forward-thinking reforms, U.S. Treasury Secretary Scott Bessent said on Jan. 8. In 2025, the president laid the foundation for powerful economic growth with the historic passage of the One Big Beautiful Bill Act (OBBBA), which is actually the "Working Families Tax Cut Act," he added. Bessent made the remarks while addressing the Economic Club of Minnesota. Related: Treasury Secretary predicts historic ...

Core Insights - The IRS is undergoing significant changes in leadership and operational structure, with Frank Bisignano appointed as CEO while retaining his role as commissioner of the Social Security Administration [1] - The 2026 tax season is expected to have unique characteristics due to job cuts and leadership turnover within the IRS in 2025, potentially leading to delays in tax refunds for early filers [2][3] - New tax rules introduced by the One Big Beautiful Bill Act are expected to significantly impact tax refunds, with projections indicating that average refunds could increase substantially for many taxpayers [12][17] IRS Leadership and Structure - Frank Bisignano has been named CEO of the IRS, reporting to Treasury Secretary Scott Bessent, who is currently acting IRS commissioner [1] - The IRS has faced significant job cuts and turnover in leadership, which may affect its operations during the upcoming tax season [2] Tax Season 2026 Expectations - The official start date for the 2026 tax season has not yet been announced, but it is typically revealed in January [4] - Tax experts anticipate a possible delay in the kickoff of the tax season, which could affect the timing of tax refunds for early filers [3] Changes in Tax Refund Processing - The IRS will no longer issue tax refunds by paper check for most individual taxpayers, requiring direct deposit for refunds [5] - Taxpayers will need to file a new Schedule 1-A to claim key tax breaks, which will only be available in finalized form [5][12] New Tax Breaks and Deductions - Significant changes in tax rules for 2025 federal income tax returns include new deductions for overtime pay, tip income, and auto loan interest, which may lead to larger refunds for some taxpayers [11][20] - The new tax breaks come with specific income thresholds and phase-out rules that taxpayers must navigate [20] Projected Refund Changes - The Tax Foundation estimates that average refunds could increase by $300 to $1,000 due to the new tax cuts, potentially raising average refunds to upwards of $4,000 under favorable conditions [17][18] - The IRS has not adjusted withholding tables following the new law, meaning many taxpayers may receive larger refunds at tax filing rather than through increased take-home pay during the year [15] Direct Deposit Requirements - Taxpayers will be required to provide direct deposit information for their refunds, with options available for those without bank accounts [19][21] - Failure to provide direct deposit information may result in delayed refunds, as the IRS will issue paper checks only after certain conditions are met [22][24]

Tax refunds could be so big next year, they'll be like pandemic stimulus checks -- and that isn't necessarily a good thing.As most people remember, the COVID-19 pandemic brought with it an unprecedented lockdown and a substantial amount of government support to help people survive it. During the pandemic, a total of three separate stimulus checks were paid out, which helped boost many people's savings rates and may have arguably contributed to the massive inflation that has been occurring more recently.Now, ...

Please weigh in weigh in on the number if you could not all of the other part of it. >> Sure. Uh first happy holidays all and thank you for everybody being on the program. uh on the on the jobless claims numbers um you know I think you have to look at the four-week average obviously given the volatility and on that note on initial you're down about a percentage point or almost two percentage points year-over-year and continuing claims are up a little bit about 1 and a.5% but those aren't very concerning num ...

All right, Mike. I mean, I I told you at the top, maybe I lied. I said bears are hard to come by.>> No, I think in general that's correct. And it was but it's also sort of in line with what I was trying to say where I think we are the market is taking credit for this reaceleration story in the first quarter. And I think we can identify those things.Everyone talking about, oh, $150 billion more in tax refunds. Okay, that's 6% of annual personal disposable income. That's what we're getting excited about.and i ...

All right, Mike. I mean, I I told you at the top, maybe I lied. I said bears are hard to come by.>> No, I think in general that's correct. And it was but it's also sort of in line with what I was trying to say where I think we are the market is taking credit for this reaceleration story in the first quarter. And I think we can identify those things.Everyone talking about, oh, $150 billion more in tax refunds. Okay, that's 6% of annual personal disposable income. That's what we're getting excited about.and i ...