Good day, everyone, and welcome to the Consumer Portfolio Services 2024 Third 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 dependent on estimates of future events, are also forward-looking statements. All such forward-looking statements are subject to risk that could cause actual results to differ materially from those projected. I refer you to the company's annual report filed March 15th 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, Mr. Danny Barwani, Chief Financial Officer, and Mr. Mike Lavin, President and Chief Operating Officer of Consumer Portfolio Services. I will now turn the call over to Mr. Bradley.

Thank you, and welcome, everyone, to our Third Quarter Earnings Call. Again, we had another good quarter, and slightly [Audio Gap] we're just basically trying to get comfortable with the credit, so we can start growing again, [Audio Gap] year-over-year from last year, and it's continuing to be basically strong from the second quarter. Another highlight would be, we think at this point, as I mentioned, we're comfortable with the credit going forward, and somewhat importantly, the paper from 2022 in the first half of 2023, which is what we'll loosely call a problematic paper for us and everyone else, is down to less than 33% of the portfolio. So as that runs off and the new paper comes in, everything's going to get a whole lot better, so we're looking forward to that. Basically those are the highlights. Probably the other one would be the securization. With the rate drop, we're now getting a better execution. That market still remains very strong, so it's very positive for us going forward. I'll make some other comments, but for now, I'll turn it over to Danny to go through the financials.

Thank you, Brad. Going over the financial results, revenues for the quarter, $100.6 million is up 9% from the $92.1 in the third quarter last year. For the year-to-date period, $288.2 of revenues is 11% higher than the three months -- the three quarters for 2023 of $260 million. The top line revenue growth is driven by a very good origination volume for the quarter, $446 million is 38% higher than the $322 we did in the third quarter last year. For the year-to-date period, originations are $1.224 billion compared to $1.056, which is 16% higher than last year. So the fair value portfolio, which drives our top line revenue, is now $3.1 billion, and we're yielding 11.3% on that portfolio, remembering that the 11.3% yield is net of losses. The revenue for this quarter also includes a $5.5 million markup to the fair value portfolio, and that markup is a result of better than expected performance on that portfolio. The prior period -- the prior year quarter also included a markup of $6 million for the fair value portfolio. Expenses during the quarter, $93.7, is up from $77.9 in the third quarter of last year. For the year-to-date period, expenses were $268.1 million versus $208.8, and those expenses are primarily driven higher by increases in interest expense, which is a function of both higher interest rates, but also because we have a larger portfolio and have a larger securitization and credit line debt balance. The pre-tax earnings for the quarter, $6.9 million compared to $14.2 million in the third quarter of last year. Year-to-date period, pre-tax earnings, $20.1 million compared to $51.3 in the year-to-date period of 2023. Net income is $4.8 million for the quarter, $4.7 was the June quarter, and that compares to $10.4 million in the…

Thanks, Danny. In originations and sales, like Danny mentioned, in Q3 we originated $446 million in new contracts, which is a slight increase month-over-month over the $431 million we did in Q2. I just want to note, in the month of October, we just had our best origination month of the year, and actually the second best month in the 33-year history of our company. Given our '24 growth-to-date, we have been able to build our portfolio receivables to $3.3 billion at quarter end, which is an increase of 12% over the portfolio size of $2.9 billion at the end of Q3 '23. If we continue at our current origination pace for the remainder of the year, we will have achieved a year-over-year growth rate of between 18% and 20%, so a good year overall. It's important to note, very important to note actually, that we have achieved this growth without loosening our credit. To be more specific, we've done this without raising our LTVs or changing our payment to income or debt to income ratios. That's very, very hard to do in our space. To take it a step further, we've achieved that growth while maintaining a strong average APR that is running just north of 20%. In fact, we've only had to minimally lower our price on the margins in various states and only to our best A and B grade dealers. So we're running a strong APR, growing and not loosening our credit at the same time. The growth has come organically through improving metrics such as funding dealers, dealer loyalty and capture with our current roster of 103 sales reps. We've been marching up our sales force. We added roughly 17 sales reps and added or fortified 12 new geographic territories in Q3. We've actually added…

Thanks, Mike. So looking at the industry, I think probably what's kind of good about our industry is everybody's playing, everybody's kind of doing what they're supposed to be doing. There aren't any real problems. Most everyone is still working through the 22, early 23 originations, trying to get their credit back in line. As I mentioned, our credit now is we feel very good about where we sit in the credit spectrum. One of the reasons we've been able to grow a lot is because we like where we sit and we're becoming a little more aggressive in the market. Maybe other players are still doing about the same thing. Some are aggressive, some are still trying to get through those problems. Either way, the health of the industry is very good. There have been no new entrants in our industry in a long time, which again, I think just shows that the industry has matured and only strong players are still here. That's important because when someone blows up, it causes ripples within the whole industry. And also those kind of problems affect the ABS market, and since that's what we need every quarter, we want that market to stay strong, and as I mentioned, it is. I think in looking at the economy, everybody can say it's all about the election, and as much as it may be, I don't think whatever the result is, it will affect us in a tremendous way one way or another. As we've said numerous hundreds of times, what we care about is unemployment. Unemployment is in a great position today. I don't think that'll change no matter who wins the election. I think the economy is in a very good position today, and so I think with a growing economy…