- Originations down QoQ (very marginally), even including SocietyOne. This is what I was expecting (depressed market conditions), but AutoPay kept it from being a big drop.
- AutoPay seemingly made up ALL of the increase in customer receivables.
- Revenue was very impressive. $35m -> $55m QoQ. Why is this? Because they raised rates? Or AutoPay? Or SocietyOne only impacting this quarter? I think it's $23m -> $25m -> $33m -> $42m (4 quarters) on an ex-SocietyOne basis.
- Net losses of 3% (5%, 4Q21; 3%, 3Q22) Is this good? I guess so. No increase in bad debts visible yet, though the 'high mortgage rates', 'high inflation' environment is far from over.
- Consistent cash profit growth - probably good.
- Synergies ahead of schedule. Good.
But I'm not clear on it. Is the FY24 schedule for $17m 'corporate savings' changed to CY22 - extremely fast? Any obscure meaning from this? Cutting staff more than anticipated because of the uncertain future currently?
Ann: 4Q22 Trading Update Record Revenue And Secured Asset Scale, page-7
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