Good day, everyone, and welcome to the Consumer Portfolio Services 2021 Fourth Quarter Operating Results Conference Call. Today's call is being recorded. Before we begin, management has asked me to inform you that this conference call may contain forward-looking statements. Any statements made during this call that are not statements of historical facts may be deemed forward-looking statements. Statements regarding current or historical valuation of receivables because depending on estimates of future events also are forward-looking statements. All such forward-looking statements are subject to risks that could cause actual results to differ materially from those projected. I refer you to the company's annual report filed March 10 for further clarification. The company assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, further events or otherwise. With us here is Mr. Charles Bradley, Chief Executive Officer; and Mr. Jeff Fritz, Chief Financial Officer of Consumer Portfolio Services. I will now turn the call over to Mr. Bradley.

Thank you, and welcome to our fourth quarter and full year earnings call. It's nice to be able to say for once that the numbers really speak for themselves. We had a great year. Looking at the fourth quarter, we finished very strong, December in particular. Normally, December, even November, December tail off somewhat substantially in the year. In 2021, December was a great month. It was the best month of our entire year in terms of originations and the second best originations month in the history of the company. So whatever we got going is continuing, for sure. Looking at the whole year, as I said, it's the best year in company history. We grew the portfolio, 54% originations, 54% year-over-year, which could be a little expected because of the pandemic, but we also grew at 14% over the 2019 numbers. The industry, I think it's -- I can talk about this a bit more later, but finally, it appears that our industry is getting some respect on Wall Street. There's been a lot of M&A activity. So suddenly -- no, not suddenly, I guess, but certainly, during 2021, it appears people are realizing the value of subprime platforms and how resilient the subprime auto industry really is. These are all great things for 2021 and should be great things for the future. Also, of course, the stock market finally is appreciated in the company. Our stock has done very well for the year and very well lately. And again, I'll talk more about that in a little bit. So first, I'll let Jeff run through the financials.

Thanks, Brad. Welcome, everybody. We'll begin with the revenues, $69.4 million for the fourth quarter, that's up 1% over our third quarter of 2021 and up 11% over the fourth quarter of last year. The full year revenues, $267.8 million, is down just 1% from $271.2 million for the full year of 2020. And so we still have kind of this bifurcated portfolio a little bit. The legacy portfolio, which is yielding 18%, is now only $237 million or 11% of the total portfolio. The fair value portfolio, representing everything we've originated since 2018, is $1.9 billion, 89% of the total, yielding 11.3% in the fourth quarter. And remember that, that yield is net of losses, and there were no marks to the fair value portfolio in the fourth quarter. Moving on to the expenses. For the quarter, $45 million, down 8% from $49 million in our third quarter of this year and down 20% from $56 million in the fourth quarter of 2020. Full year expenses, $202.1 million, down 19% from $251 million in the full year of 2020. Now we've seen year-over-year and even quarter-to-quarter reductions in many of our expense categories due to efficiencies. We've certainly had lower interest expense because of the way the asset-backed market has evolved over the last couple of years. And this quarter, we had somewhat unusual entry, $13 million credit, if you will, a negative expense for the provision for credit losses. And that obviously was a big favorable component of the results for the quarter. That $13 million compared to 0 in provisions for credit losses a year ago, so you can see the difference that, that impacts year-over-year. Pretax earnings, $24.4 million for the quarter. That's up 25% from the September quarter this year and up a whopping 275%…

Thank you, Jeff. So let's start looking at a few things. For many reasons, 2021 was a great year. Sort of looking at where we stand, probably the first thing is looking at marketing originations, and it's easy not enough to say it's all about growth. As I mentioned earlier, we grew the portfolio substantially, originations substantially in 2021. As much as the market, it's lots of good things, the stimulus health and everything else, but the real trick here is as we continue forward is to grow. And so we grew a lot in 2021. As I mentioned, December was the best month of the year and the second best month ever, and that month was around $119 million, just shy of $120 million in the month. But if you look at the year as a whole, we only averaged around $95 million a month. We have continued from December moving exactly that kind of trend. So to the extent we can stay in that $115 million to $120 million a month range, originations are going to grow, the portfolio is going to grow. And down the road, that's what's really going to help the stability in the growth and the earnings expectation of the company. So very strong. We are expanding our marketing base with people. We're expanding our dealership base across all states. That program is going very well. It was a little slow during the pandemic, but towards the end of the year and now, it is really starting to kick off. And again, that would be the key to how we continue the growth trends. Also, during the pandemic, we had the stimulus, and that certainly helped lots of customers and everything else. But actually, it's been a tough market because there weren't any cars.…

[Operator Instructions] I'm not showing any questions in the queue, sir. You may continue with any final comments or closing remarks.

Thank you. We had a great quarter. We had a great year. We're looking forward to this year. Again, as I said in sort of in those details, everything is going the right way for us. We just want to continue to do it that way and keep things moving. Thank you very much. We'll talk to you shortly after our first quarter.

Thank you. This does conclude today's teleconference. A replay will be available beginning 2 hours from now until February 22, 2022, by dialing (855) 859-2056 or (404) 537-3406 with the conference identification number 9319729. A broadcast of the conference call will also be available live and for 90 days after the call via the company's website at www.consumerportfolio.com. Please disconnect your lines at this time, and have a wonderful day.