Spanish economy – Disturb Media http://disturbmedia.com/ Fri, 29 Jul 2022 20:22:07 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://disturbmedia.com/wp-content/uploads/2021/10/icon-6-120x120.png Spanish economy – Disturb Media http://disturbmedia.com/ 32 32 ENOVA INTERNATIONAL, INC. MANAGEMENT REPORT AND ANALYSIS OF FINANCIAL POSITION AND OPERATING RESULTS (Form 10-Q) https://disturbmedia.com/enova-international-inc-management-report-and-analysis-of-financial-position-and-operating-results-form-10-q/ Fri, 29 Jul 2022 20:22:07 +0000 https://disturbmedia.com/enova-international-inc-management-report-and-analysis-of-financial-position-and-operating-results-form-10-q/ The following discussion of financial condition, results of operations, liquidity and capital resources and certain factors that may affect future results, including economic and industry-wide factors, of Enova International, Inc. and its subsidiaries should be read in conjunction with our consolidated financial statements and accompanying notes included under Part I, Item 1 of this Quarterly […]]]>
The following discussion of financial condition, results of operations,
liquidity and capital resources and certain factors that may affect future
results, including economic and industry-wide factors, of Enova International,
Inc. and its subsidiaries should be read in conjunction with our consolidated
financial statements and accompanying notes included under Part I, Item 1 of
this Quarterly Report on Form 10-Q, as well as with Management's Discussion and
Analysis of Financial Condition and Results of Operations included in our Annual
Report on Form 10-K for the year ended December 31, 2021. This Management's
Discussion and Analysis of Financial Condition and Results of Operations
contains forward-looking statements. The matters discussed in these
forward-looking statements are subject to risk, uncertainties, and other factors
that could cause actual results to differ materially from those made, projected
or implied in the forward-looking statements. Please see "Risk Factors" and
"Cautionary Statement Concerning Forward-Looking Statements" for a discussion of
the uncertainties, risks and assumptions associated with these statements.

COMPANY OVERVIEW


We are a leading technology and analytics company focused on providing online
financial services. In 2021, we extended approximately $3.1 billion in credit or
financing to borrowers and for the six months ended June 30, 2022, we extended
approximately $2.1 billion in credit or financing to borrowers. As of June 30,
2022, we offered or arranged loans or draws on lines of credit to consumers in
37 states in the United States and Brazil. We also offered financing to small
businesses in all 50 states and Washington D.C. in the United States. We use our
proprietary technology, analytics and customer service capabilities to quickly
evaluate, underwrite and fund loans or provide financing, allowing us to offer
consumers and small businesses credit or financing when and how they want it.
Our customers include the large and growing number of consumers who and small
businesses which have bank accounts but use alternative financial services
because of their limited access to more traditional credit from banks, credit
card companies and other lenders. We were an early entrant into online lending,
launching our online business in 2004, and through June 30, 2022, we have
completed approximately 56.6 million customer transactions and collected more
than 61 terabytes of currently accessible customer behavior data since launch,
allowing us to better analyze and underwrite our specific customer base. We have
significantly diversified our business over the past several years having
expanded the markets we serve and the financing products we offer. These
financing products include installment loans and receivables purchase agreements
("RPAs") and line of credit accounts.

We believe our customers highly value our products and services as an important
component of their personal or business finances because our products are
convenient, quick and often less expensive than other available alternatives. We
attribute the success of our business to our advanced and innovative technology
systems, the proprietary analytical models we use to predict the performance of
loans and finance receivables, our sophisticated customer acquisition programs,
our dedication to customer service and our talented employees.

We have developed proprietary underwriting systems based on data we have
collected over our more than 18 years of experience. These systems employ
advanced risk analytics, including machine learning and artificial intelligence,
to decide whether to approve financing transactions, to structure the amount and
terms of the financings we offer pursuant to jurisdiction-specific regulations
and to provide customers with their funds quickly and efficiently. Our systems
closely monitor collection and portfolio performance data that we use to
continually refine machine learning-enabled analytical models and statistical
measures used in making our credit, purchase, marketing and collection
decisions. Approximately 90% of models used in our analytical environment are
machine learning-enabled.

Our flexible and scalable technology platform allows us to process and complete
customers' transactions quickly and efficiently. In 2021, we processed
approximately 2.2 million transactions, and we continue to grow our loans and
finance receivable portfolios and increase the number of customers we serve
through desktop, tablet and mobile platforms. Our highly customizable technology
platform allows us to efficiently develop and deploy new products to adapt to
evolving regulatory requirements and consumer preference, and to enter new
markets quickly. In 2012, we launched a new product in the United States
designed to serve near-prime customers. In June 2014, we launched our business
in Brazil, where we arrange financing for borrowers through a third-party
lender. In addition, in July 2014, we introduced a new line of credit product in
the United States to serve the needs of small businesses. In June 2015, we
further expanded our product offering by acquiring certain assets of a company
that provides financing and installment loans to small businesses by offering
RPAs. In October 2020, we acquired, through a merger, On Deck Capital Inc.
("OnDeck"), a small business lending company offering lending and funding
solutions to small businesses in the U.S., Australia and Canada, to expand our
small business offerings. In March 2021, we acquired Pangea Universal Holdings
("Pangea"), which provides mobile international money transfer services to
customers in the U.S with a focus on Latin America and Asia. These new products
have allowed us to further diversify our product offerings and customer base.

We have been able to consistently acquire new customers and successfully
generate repeat business from returning customers when they need financing. We
believe our customers are loyal to us because they are satisfied with our
products and services. We acquire new customers from a variety of sources,
including visits to our own websites, mobile sites or applications, and through
direct marketing,
                                       21
--------------------------------------------------------------------------------


affiliate marketing, lead providers and relationships with other lenders. We
believe that the online convenience of our products and our 24/7 availability to
accept applications with quick approval decisions are important to our
customers.

Once a potential customer submits an application, we quickly provide a credit or
purchase decision. If a loan or financing is approved, we or our lending partner
typically fund the loan or financing the next business day or, in some cases,
the same day. During the entire process, from application through payment, we
provide access to our well-trained customer service team. All of our operations,
from customer acquisition through collections, are structured to build customer
satisfaction and loyalty, in the event that a customer has a need for our
products in the future. We have developed a series of sophisticated proprietary
scoring models to support our various products. We believe that these models are
an integral component of our operations and allow us to complete a high volume
of customer transactions while actively managing risk and the related credit
quality of our loan and finance receivable portfolios. We believe our successful
application of these technological innovations differentiates our capabilities
relative to competing platforms as evidenced by our history of strong growth and
stable credit quality.

PRODUCTS AND SERVICES

Our online financing products and services provide customers with a deposit of
funds to their bank account in exchange for a commitment to repay the amount
deposited plus fees, interest and/or revenue on the receivables purchased. We
originate, arrange, guarantee or purchase installment loans, line of credit
accounts and receivables purchase agreements ("RPAs") to consumers and small
businesses. We have one reportable segment that includes all of our online
financial services.

Installment loans. Installment loans include longer-term loans that require the
outstanding principal balance to be paid down in multiple installments and
shorter-term single payment loans. Our installment loans are either written
directly by us, purchased as part of our Banking Programs as discussed below, or
are those that we arrange and guarantee as part of our credit services
organization and credit access business programs, which we refer to as our CSO
programs. We offer, or arrange through CSO programs, multi- or single-payment
unsecured consumer loan products in 38 states in the United States and small
business installment loans in 47 states and in Washington D.C. Internationally,
we also offer or arrange multi-payment unsecured consumer installment loan
products in Brazil. Terms for our installment loan products range between two
and 60 months, and single-pay consumer loans generally have terms of seven to 90
days. Loans may be repaid early at any time with no additional prepayment
charges.

Line of credit accounts. We directly offer, or purchase a participation interest
in receivables through our Bank Programs, new consumer line of credit accounts
in 30 states (and continue to service existing line of credit accounts in two
additional states) in the United States and business line of credit accounts in
47 states and in Washington D.C. in the United States, which allow customers to
draw on their unsecured line of credit in increments of their choosing up to
their credit limit. Customers may pay off their account balance in full at any
time or make required minimum payments in accordance with the terms of the line
of credit account. As long as the customer's account is in good standing and has
credit available, customers may continue to borrow on their line of credit.

Receivables purchase agreements. Under RPAs, small businesses receive funds in
exchange for a portion of the business's future receivables at an agreed upon
discount. In contrast, lending is a commitment to repay principal and interest
and/or fees. A small business customer who enters into an RPA commits to
delivering a percentage of its receivables through ACH or wire debits or by
splitting credit card receipts until all purchased receivables are delivered. We
offer RPAs in all 50 states and in Washington D.C. in the United States.

CSO programs. We currently operate a CSO program in Texas. Through CSO programs,
we provide services related to third-party lenders' multi- and single-pay
installment consumer loan products by acting as a credit services organization
or credit access business on behalf of consumers in accordance with applicable
state laws. Services offered under our CSO program include credit-related
services such as arranging loans with independent third-party lenders and
assisting in the preparation of loan applications and loan documents ("CSO
loans"). When a consumer executes an agreement with us under our CSO program, we
agree, for a fee payable to us by the consumer, to provide certain services, one
of which is to guarantee the consumer's obligation to repay the loan received by
the consumer from the third-party lender if the consumer fails to do so. For CSO
loans, each lender is responsible for providing the criteria by which the
consumer's application is underwritten and, if approved, determining the amount
of the consumer loan. We, in turn, are responsible for assessing whether or not
we will guarantee such loan. The guarantee represents an obligation to purchase
specific single-payment loans, which for our CSO program, have terms of less
than 90 days, and specific installment loans, which have terms of up to six
months, if they go into default.

Bank program. We operate programs with certain banks to provide marketing
services and loan servicing for near-prime unsecured consumer installment loans
and, beginning in January 2021, line of credit accounts. Under the programs, we
receive marketing and servicing fees while the bank receives an origination fee.
The bank has the ability to sell and we have the option, but not the
requirement, to purchase the loans the bank originates and, in the case of line
of credit accounts, a participation interest in the receivables from draws on
those accounts. We do not guarantee the performance of the loans and line of
credit accounts originated by the bank. As part of the OnDeck business both
prior and subsequent to Enova's acquisition, OnDeck operates a
                                       22
--------------------------------------------------------------------------------


program with a separate bank to provide marketing services and loan servicing
for small business installment loans and line of credit accounts. Under the
OnDeck program, we receive marketing fees while the bank receives origination
fees and certain program fees. The bank has the ability to sell and we have the
option, but not the requirement, to purchase the installment loans the bank
originates and, in the case of line of credit accounts, extensions under those
line of credit accounts. We do not guarantee the performance of the loans or
line of credit accounts originated by the bank.

Money transfer business. Through the acquisition of Pangea, we operate a money
transfer platform that allows customers to send money from the United States to
Mexico, other Latin American countries and Asia. The customer pays us in U.S.
dollars, and we then make local currency available to the intended recipient of
the transfer in one of many termination countries. Our revenue model includes a
fee per transfer and an exchange rate spread. Our customers can access our
proprietary platform via the website, Android app, or iOS (Apple) app.

OUR MARKETS

We currently offer our services in the following countries:

United States. We began our online business in the United States in May 2004. As
of June 30, 2022, we provided services in all 50 states and Washington D.C. We
market our financing products under the names CashNetUSA at www.cashnetusa.com,
NetCredit at www.netcredit.com, OnDeck at www.ondeck.com, Headway Capital at
www.headwaycapital.com, The Business Backer at www.businessbacker.com, and
Pangea at www.pangeamoneytransfer.com.

Brazil. In June 2014we started our business in Brazil under the Simplic name on www.simplic.com.br, where we arrange installment loans for a third-party lender. We plan to continue to invest in our financial services program and expand it by Brazil.


Our internet websites and the information contained therein or connected thereto
are not intended to be incorporated by reference into this Quarterly Report on
Form 10-Q.

RECENT REGULATORY DEVELOPMENTS

Consumer Financial Protection Bureau (“CFPB”)


We received a Civil Investigative Demand ("CID") from the CFPB concerning
certain loan processing issues. We have been cooperating fully with the CFPB by
providing data and information in response to the CID. We anticipate being able
to expeditiously complete the investigation as several of the issues were
self­disclosed and we have provided, and will continue to provide, restitution
to customers who may have been negatively impacted.

On October 6, 2017, the CFPB issued its final rule entitled "Payday, Vehicle
Title, and Certain High-Cost Installment Loans" (the "Small Dollar Rule"), which
covers certain loans that we offer. The Small Dollar Rule requires that lenders
who make short-term loans and longer-term loans with balloon payments reasonably
determine consumers' ability to repay the loans according to their terms before
issuing the loans. The Small Dollar Rule also introduces new limitations on
repayment processes for those lenders as well as lenders of other longer-term
loans with an annual percentage rate greater than 36 percent that include an ACH
authorization or similar payment provision. If a consumer has two consecutive
failed payment attempts, the lender must obtain the consumer's new and specific
authorization to make further withdrawals from the consumer's bank account. For
loans covered by the Small Dollar Rule, lenders must provide certain notices to
consumers before attempting a first payment withdrawal or an unusual withdrawal
and after two consecutive failed withdrawal attempts. On June 7, 2019, the CFPB
issued a final rule to set the compliance date for the mandatory underwriting
provisions of the Small Dollar Rule to November 19, 2020. On July 7, 2020, the
CFPB issued a final rule rescinding the ability to repay ("ATR") provisions of
the Small Dollar Rule along with related provisions, such as the establishment
of registered information systems for checking ATR and reporting loan activity.
The payment provisions of the Small Dollar Rule remain in place, but remain
stayed indefinitely by the United States Court of Appeals for the Fifth Circuit,
which is hearing an appeal from the plaintiff on a constitutional challenge to
the Small Dollar Rule. On October 14, 2021, the Fifth Circuit ruled that the
Small Dollar Rule will not take effect until 286 days after the Fifth Circuit
rules on the appeal. If the Small Dollar Rule does become effective in its
current proposed form, we will need to make certain changes to our payment
processes and customer notifications in our U.S. consumer lending business.

New Mexico HB 132


On February 15, 2022, the New Mexico Legislature passed HB 132. The bill imposes
a 36% rate cap on loans up to $10,000. Additionally, HB 132 provides for the
application of a predominant economic interest test for bank service
arrangements whereby a broker or servicer with a predominant economic interest
in a loan is considered to be the "true lender" for purposes of applying the 36%
rate cap. The New Mexico Governor signed the bill into law on March 1, 2022. The
law will take effect on January 1, 2023.
                                       23
--------------------------------------------------------------------------------

RESULTS OF OPERATIONS

Highlights

Our financial results for the three-month period ended June 30, 2022or the current quarter, are summarized below.

Consolidated total revenue increased $143.3 million, or 54.1%, to $408.0 million
in the current quarter compared to $264.7 million for the three months ended
June 30, 2021, or the prior year quarter.

Consolidated net sales were $264.6 million compared to $259.1 million during the quarter of the previous year.

Consolidated income from operations decreased $33.2 million, or 27.1%, to $89.5
million in the current quarter, compared to $122.7 million in the prior year
quarter.

Consolidated net income was $52.4 million in the current quarter compared to
$80.2 million in the prior year quarter. Consolidated diluted income per share
was $1.56 in the current quarter compared to $2.10 in the prior year quarter.
                                       24
--------------------------------------------------------------------------------

Insight

The following tables reflect our results of operations for the periods indicated, both in dollars and as a percentage of total revenue (in thousands of dollars, except per share data):


                                             Three Months Ended June 30,    

Semester completed June 30th,

                                                2022                2021             2022              2021

Revenue

Income from loans and financial receivables $402,952 $260,073

    $      784,093       $ 517,370
Other                                                5,038            4,647              9,628           6,794
Total Revenue                                      407,990          264,720            793,721         524,164
Change in Fair Value                              (143,418 )         (5,587 )         (260,460 )       (26,665 )
Net Revenue                                        264,572          259,133            533,261         497,499
Operating Expenses
Marketing                                           91,551           55,254            184,722          83,822
Operations and technology                           42,262           35,035             82,992          70,662
General and administrative                          33,690           38,675             68,218          82,764
Depreciation and amortization                        7,584            7,460             17,098          14,087
Total Operating Expenses                           175,087          136,424            353,030         251,335
Income from Operations                              89,485          122,709            180,231         246,164
Interest expense, net                              (24,950 )        (19,416 )          (47,433 )       (39,330 )
Foreign currency transaction gain (loss)                21             (240 )             (293 )          (274 )
Equity method investment income                      6,323            1,471              6,651           2,029
Other nonoperating expenses                         (1,091 )           (750 )           (1,091 )        (1,128 )
Income before Income Taxes                          69,788          103,774            138,065         207,461
Provision for income taxes                          17,387           23,224             33,221          50,940
Net income before noncontrolling
interest                                            52,401           80,550            104,844         156,521
Less: Net income attributable to
noncontrolling interest                                  -              373                  -             424
Net income attributable to Enova
International, Inc.                        $        52,401       $   80,177     $      104,844       $ 156,097
Earnings per common share - diluted        $          1.56       $     2.10 

$3.07 $4.13

Revenue

Loans and finance receivables revenue                 98.8 %           98.2 %             98.8 %          98.7 %
Other                                                  1.2              1.8                1.2             1.3
Total Revenue                                        100.0            100.0              100.0           100.0
Change in Fair Value                                 (35.2 )           (2.1 )            (32.8 )          (5.1 )
Net Revenue                                           64.8             97.9               67.2            94.9
Operating Expenses
Marketing                                             22.4             20.9               23.3            16.0
Operations and technology                             10.4             13.2               10.5            13.5
General and administrative                             8.2             14.6                8.6            15.8
Depreciation and amortization                          1.9              2.8                2.1             2.6
Total Operating Expenses                              42.9             51.5               44.5            47.9
Income from Operations                                21.9             46.4               22.7            47.0
Interest expense, net                                 (6.1 )           (7.3 )             (6.0 )          (7.5 )
Foreign currency transaction loss                        -             (0.1 )                -            (0.1 )
Equity method investment income                        1.6              0.5                0.8             0.4
Other nonoperating expenses                           (0.3 )           (0.3 )             (0.1 )          (0.2 )
Income before Income Taxes                            17.1             39.2               17.4            39.6
Provision for income taxes                             4.3              8.8                4.2             9.7
Net income before noncontrolling
interest                                              12.8             30.4               13.2            29.9
Less: Net income attributable to
noncontrolling interest                                  -              0.1                  -             0.1
Net income attributable to Enova
International, Inc.                                   12.8 %           30.3 %             13.2 %          29.8 %


Valuation of loans and financial receivables


The COVID-19 pandemic severely impacted global economic conditions, resulting in
substantial volatility in the financial markets, increased unemployment, and
operational challenges resulting from measures that governments have imposed to
control its spread. We actively worked with our customers to understand their
financial situations, waive late fees, offer a variety of repayment options to
increase flexibility and reduce or defer payments for impacted customers. We
took measures to adjust our underwriting procedures, which reduced exposure to
more heavily impacted consumers and businesses. Certain of these measures have
eased since the height of the pandemic, with improvement of economic conditions
and our outlook.
                                       25
--------------------------------------------------------------------------------


From a loan valuation perspective, at the onset of the COVID-19 pandemic, we
deemed it appropriate to increase the discount rates used in our
internally-developed valuation models, thereby lowering loan fair values, to
capture the increase in potential volatility in expected cash flows due to the
unprecedented nature of the pandemic and governmental response. These rates
remained consistent for the remainder of 2020. Over the course of 2021, we noted
a tightening of credit spreads in observable pricing in the market; as such, we
reduced the discount rates used in our valuations. As of December 31, 2021, our
discount rates had generally returned to the levels utilized immediately prior
to the pandemic. As of March 31, 2022 and June 30, 2022, we increased our
discount rates based primarily on movements in the market during each period. We
believe the adjustments to our discount rates to be responsive to changes in the
market and representative of what a market participant would use.

After seeing increases in delinquency and charge-offs early in the pandemic, we
experienced significant improvements to these metrics over the remainder of 2020
and into 2021. The U.S. government provided multiple rounds of stimulus
assistance to taxpayers and businesses. Positive COVID-19 test counts in the
U.S. generally decreased across the first half of 2021 although have spiked at
numerous times in the past year as different variants escalate and abate. In
certain situations, management concluded that the probability of future
charge-offs was higher than what we had experienced in the past and, therefore,
increased anticipated charge-offs in our fair value models. We continue to
utilize this approach and have adjusted charge-off expectations where
appropriate. As of June 30, 2022, we deemed the resulting fair value to be an
appropriate market-based exit price that considers current market conditions.

NON-GAAP FINANCIAL MEASURES


In addition to the financial information prepared in conformity with generally
accepted accounting principles ("GAAP"), we provide historical non-GAAP
financial information. We believe that presentation of non-GAAP financial
information is meaningful and useful in understanding the activities and
business metrics of our operations. We believe that these non-GAAP financial
measures reflect an additional way of viewing aspects of our business that, when
viewed with our GAAP results, provide a more complete understanding of factors
and trends affecting our business. Readers should consider the information in
addition to, but not instead of or superior to, our consolidated financial
statements prepared in accordance with GAAP. This non-GAAP financial information
may be determined or calculated differently by other companies, limiting the
usefulness of those measures for comparative purposes.

Adjusted earnings measures


In addition to reporting financial results in accordance with GAAP, we have
provided adjusted earnings and adjusted earnings per share, or, collectively,
the Adjusted Earnings Measures, which are non-GAAP measures. We believe that the
presentation of these measures provides investors with greater transparency and
facilitates comparison of operating results across a broad spectrum of companies
with varying capital structures, compensation strategies, derivative instruments
and amortization methods, which provides a more complete understanding of our
financial performance, competitive position and prospects for the future. We
also believe that investors regularly rely on non-GAAP financial measures, such
as the Adjusted Earnings Measures, to assess operating performance and that such
measures may highlight trends in our business that may not otherwise be apparent
when relying on financial measures calculated in accordance with GAAP. In
addition, we believe that the adjustments shown below are useful to investors in
order to allow them to compare our financial results during the periods shown
without the effect of each of these income or expense items.
                                       26
--------------------------------------------------------------------------------

The following table provides reconciliations of net earnings and diluted earnings per share calculated in accordance with GAAP to adjusted earnings measures (in thousands, except per share data):

                                              Three Months Ended             Six Months Ended
                                                   June 30,                      June 30,
                                              2022           2021          2022           2021
Net income                                 $   52,401     $   80,177     $ 104,844     $  156,097
Adjustments:
Transaction-related costs(a)                        -             12             -          1,424
Equity method investment income(b)             (6,323 )            -        (6,323 )            -
Other nonoperating expenses(c)                  1,091            750         1,091          1,128
Intangible asset amortization                   2,014          1,684         4,027          2,835
Stock-based compensation expense                5,133          5,250        10,500         11,054
Foreign currency transaction (gain) loss          (21 )          237           293            271
Cumulative tax effect of adjustments              624         (2,053 )      (1,303 )       (4,262 )
Adjusted earnings                          $   54,919     $   86,057     $ 113,129     $  168,547

Diluted earnings per share                 $     1.56     $     2.10     $    3.07     $     4.13
Adjustments:
Transaction-related costs                           -              -             -           0.04
Equity method investment income                 (0.19 )            -         (0.19 )            -
Other nonoperating expenses                      0.03           0.02          0.03           0.03
Intangible asset amortization                    0.06           0.04          0.12           0.07
Stock-based compensation expense                 0.16           0.14          0.31           0.29
Foreign currency transaction (gain) loss            -           0.01          0.01           0.01
Cumulative tax effect of adjustments             0.02          (0.05 )       (0.04 )        (0.11 )
Adjusted earnings per share                $     1.64     $     2.26     $    3.31     $     4.46




(a) In the first quarter of 2021, we incurred expenses totaling $1.4 million
($1.1 million net of tax) related to acquisitions and a divestiture of a
subsidiary.
(b) In the second quarter of 2022, we recorded equity method investment income
of $6.3 million ($3.6 million net of tax) that was comprised primarily of an
$11.0 million gain generated on Linear's sale of its operating company,
partially offset by a $4.4 million loss on the sale of OnDeck Canada.
(c) In the second quarter of 2022 and 2021, we recorded other nonoperating
expenses of $1.1 million ($0.8 million net of tax) and $0.8 million ($0.6
million net of tax), respectively, related to incomplete transactions. In the
first quarter of 2021, we recorded other nonoperating expenses of $0.4 million
($0.3 million net of tax) related to the repurchase of securitization notes.

Adjusted EBITDA


The table below shows Adjusted EBITDA, which is a non-GAAP measure that we
define as earnings excluding depreciation, amortization, interest, foreign
currency transaction gains or losses, taxes and stock-based compensation
expense. We believe Adjusted EBITDA is used by investors to analyze operating
performance and evaluate our ability to incur and service debt and our capacity
for making capital expenditures. Adjusted EBITDA is also useful to investors to
help assess our estimated enterprise value. In addition, we believe that the
adjustments for transaction-related costs, lease termination and cease-use loss
(gain), equity method investment income and other nonoperating expenses shown
below are useful to investors in order to allow them to compare our financial
results during the
                                       27
--------------------------------------------------------------------------------

periods indicated without the effect of income or expense items. The calculation of Adjusted EBITDA, as presented below, may differ from the calculation of similarly titled measures provided by other companies (in thousands):

                                             Three Months Ended           Six Months Ended
                                                  June 30,                    June 30,
                                             2022          2021          2022          2021
Net income                                 $  52,401     $  80,177     $ 104,844     $ 156,097
Depreciation and amortization
expenses(d)                                    7,584         7,457        17,098        14,078
Interest expense, net(d)                      24,950        19,292        47,433        39,047
Foreign currency transaction (gain)
loss(d)                                          (21 )         237           293           271
Provision for income taxes                    17,387        23,224        33,221        50,940
Stock-based compensation expense               5,133         5,250        10,500        11,054
Adjustment:
Transaction-related costs(a)                       -            12             -         1,424
Equity method investment income(b)            (6,323 )      (1,471 )      (6,651 )      (2,029 )
Other nonoperating expenses(c)                 1,091           750         1,091         1,128
Adjusted EBITDA                            $ 102,202     $ 134,928     $ 

207,829 $272,010


Adjusted EBITDA margin calculated as
follows:
Total Revenue                              $ 407,990     $ 264,720     $ 793,721     $ 524,164
Adjusted EBITDA                              102,202       134,928       207,829       272,010
Adjusted EBITDA as a percentage of total
revenue                                         25.1 %        51.0 %        26.2 %        51.9 %




(a) In the first quarter of 2021, we incurred expenses totaling $1.4 million
related to acquisitions and a divestiture of a subsidiary.
(b) In the second quarter of 2022, we recorded equity method investment income
of $6.3 million that was comprised primarily of an $11.0 million gain generated
on Linear's sale of its operating company, partially offset by a $4.4 million
loss on the sale of OnDeck Canada.
(c) In the second quarter of 2022 and 2021, we recorded other nonoperating
expenses of $1.1 million and $0.8 million, respectively, related to incomplete
transactions. In the first quarter of 2021, we recorded other nonoperating
expenses of $0.4 million related to the repurchase of securitization notes.
(d) Excludes amounts attributable to noncontrolling interests.

Combined measures of loans and financial claims


In addition to reporting loans and finance receivables balance information in
accordance with GAAP (see Note 3 in the Notes to Consolidated Financial
Statements included in this report), we have provided metrics on a combined
basis. The Combined Loans and Finance Receivables Measures are non-GAAP measures
that include both loans and RPAs we own or have purchased and loans we
guarantee, which are either GAAP items or disclosures required by GAAP. See
"-Loan and Finance Receivable Balances" and "-Credit Performance of Loans and
Finance Receivables" below for reconciliations between Company owned and
purchased loans and finance receivables, gross, change in fair value and
charge-offs (net of recoveries) calculated in accordance with GAAP to the
Combined Loans and Finance Receivables Measures.

We believe these non-GAAP measures provide investors with important information
needed to evaluate the magnitude of potential receivable losses and the
opportunity for revenue performance of the loans and finance receivable
portfolio on an aggregate basis. We also believe that the comparison of the
aggregate amounts from period to period is more meaningful than comparing only
the amounts reflected on our consolidated balance sheet since both revenue and
cost of revenue are impacted by the aggregate amount of receivables we own and
those we guarantee as reflected in our consolidated financial statements.

THREE MONTHS ENDED JUNE 30, 2022 COMPARED TO THE THREE MONTHS ENDED JUNE 30, 2021

Turnover and net turnover


Revenue increased $143.3 million, or 54.1%, to $408.0 million for the current
quarter as compared to $264.7 million for the prior year quarter. The increase
was driven by a 75.2% increase in revenue from our small business portfolio and
a 45.0% increase in revenue from our consumer portfolio as higher levels of
originations in 2021 and into 2022 have led to higher loan balances for both
portfolios.

Net revenue for the current quarter was $264.6 million compared to $259.1
million for the prior year quarter. Our consolidated net revenue margin was
64.8% for the current quarter compared to 97.9% for the prior year quarter. The
net revenue margin in the prior year quarter was elevated due primarily to lower
delinquency rates and lower than expected charge-offs as a result of portfolio
seasoning and lower originations. With originations having increased across the
second half of 2021 and through June 30, 2022, the net revenue margin in the
current quarter was in a more normalized range.
                                       28
--------------------------------------------------------------------------------


The following table sets forth the components of revenue and net revenue,
separated by product for the current quarter and the prior year quarter (in
thousands):

                                            Three Months Ended June 30,
                                               2022                2021         $ Change      % Change
Revenue by product:
Consumer loans and finance receivables
revenue                                   $       253,043       $  174,512     $   78,531          45.0 %
Small business loans and finance
receivables revenue                               149,909           85,561         64,348          75.2
Total loans and finance receivables
revenue                                           402,952          260,073        142,879          54.9
Other                                               5,038            4,647            391           8.4
Total revenue                                     407,990          264,720        143,270          54.1
Change in fair value                             (143,418 )         (5,587 )     (137,831 )     2,467.0
Net revenue                               $       264,572       $  259,133     $    5,439           2.1 %

Revenue by product (% to total):
Consumer loans and finance receivables
revenue                                              62.0 %           65.9 %
Small business loans and finance
receivables revenue                                  36.8             32.3
Total loans and finance receivables
revenue                                              98.8             98.2
Other                                                 1.2              1.8
Total revenue                                       100.0            100.0
Change in fair value                                (35.2 )           (2.1 )
Net revenue                                          64.8 %           97.9 %

Loan and financing balances receivable


The fair value of our loan and finance receivable portfolio in our consolidated
financial statements was $2,460.9 million and $1,408.7 million as of June 30,
2022 and 2021, respectively. The outstanding principal balance of our loan and
finance receivables portfolio was $2,300.7 million and $1,366.9 million as of
June 30, 2022 and 2021, respectively. The fair value of the combined loan and
finance receivables portfolio includes $17.9 million and $10.8 million with an
outstanding principal balance of $11.9 million and $8.3 million of consumer loan
balances that are guaranteed by us but not owned by us, which are not included
in our consolidated financial statements as of June 30, 2022 and 2021,
respectively.

Our small business portfolio of loans and finance receivables increased to 59.4%
of our combined loan and finance receivable portfolio at fair value as of June
30, 2022, compared to 55.3% as of June 30, 2021 due primarily to more
accelerated growth in the small business portfolio. The consumer portfolio
balance decreased to 40.6% of our combined loan and finance receivable portfolio
balance at fair value as of June 30, 2022, compared to 44.7% as of June 30,
2021. See "-Non-GAAP Disclosure-Combined Loans and Finance Receivables Measures"
above for additional information related to combined loans and finance
receivables.

The following tables summarize the outstanding balances of loans and financial receivables as of June 30, 2022 and 2021 (in thousands):

                                               As of June 30, 2022                               As of June 30, 2021
                                                    Guaranteed                                       Guaranteed
                                     Company          by the                          Company          by the
                                    Owned(a)        Company(a)       Combined        Owned(a)        Company(a)      Combined(b)
Consumer loans and finance
receivables
Principal                          $   936,601     $     11,873     $   

948 474 $585,087 $8,284 $593,371
Just value

                             989,128           17,860       1,006,988         623,975           10,824          634,799
Fair value as a % of principal           105.6 %          150.4 %         106.2 %         106.6 %          130.7 %          107.0 %
Small business loans and finance
receivables
Principal                          $ 1,364,055     $          -     $ 1,364,055     $   781,793     $          -     $    781,793
Fair value                           1,471,723                -       1,471,723         784,728                -          784,728
Fair value as a % of principal           107.9 %              - %         107.9 %         100.4 %              - %          100.4 %
Total loans and finance
receivables
Principal                          $ 2,300,656     $     11,873     $ 2,312,529     $ 1,366,880     $      8,284     $  1,375,164
Fair value                           2,460,851           17,860       2,478,711       1,408,703           10,824        1,419,527
Fair value as a % of principal           107.0 %          150.4 %         107.2 %         103.1 %          130.7 %          103.2 %




(a) GAAP measure. The loans and finance receivables balances guaranteed by us
relate to loans originated by third-party lenders through the CSO programs that
we have not yet purchased and, therefore, are not included in our consolidated
financial statements.

At June 30, 2022 and 2021, the ratio of fair value as a percentage of principal
was 107.0% and 103.1%, respectively, on company owned loans and finance
receivables and 107.2% and 103.2%, respectively, on combined loans and finance
receivables. These ratios increased compared to the prior year due primarily to
lower delinquency rates and lower than expected charge-offs in the small
business portfolio,
                                       29
--------------------------------------------------------------------------------

partially offset by the impact of the acceleration of originations in the consumer portfolio, in particular towards new customers, who present a higher risk of imputation.

Average amount outstanding per loan and financing receivable


The average amount outstanding per loan and finance receivable is calculated as
the total combined loans and finance receivables, gross balance at the end of
the period divided by the total number of combined loans and finance receivables
outstanding at the end of the period. The following table shows the average
amount outstanding per loan and finance receivable by product at June 30, 2022
and 2021:

                                                                   As of June 30,
                                                                  2022         2021

Average outstanding amount per loan and financial receivable(a) Consumer loans and financial receivables(b)

                       $  2,085     $  1,774
Small business loans and finance receivables                      36,757    

31,126

Total loans and finance receivables(b)                          $  4,547     $  3,696




(a) The disclosure regarding the average amount per loan and finance receivable
is statistical data that is not included in our consolidated financial
statements.
(b) Includes loans guaranteed by us, which represent loans originated by
third-party lenders through the CSO programs that we have not yet purchased and,
therefore, are not included in our consolidated financial statements.

The average outstanding amount per loan and financial receivable rose to
$4,547 of $3,696 in the current quarter compared to the prior year quarter, primarily due to an increase in the mix of loans and financial receivables held by small businesses in our portfolio, which are on average larger than our portfolio of consumers.

Average amount of loans and financing receivable


The average loan and finance receivable origination amount is calculated as the
total amount of combined loans and finance receivables originated, renewed and
purchased for the period divided by the total number of combined loans and
finance receivables originated, renewed and purchased for the period. The
following table shows the average loan and finance receivable origination amount
by product for the current quarter compared to the prior year quarter:

                                                              Three Months Ended
                                                                   June 30,
                                                               2022          2021

Average amount at origin of loans and financial receivables(a) Consumer loans and financial receivables(b)(c)

                $      659     $    612
Small business loans and finance receivables(c)                 15,828      

15,737

Total loans and finance receivables(b)                      $    1,638     $  1,409




(a) The disclosure regarding the average loan origination amount is statistical
data that is not included in our consolidated financial statements.
(b) Includes loans guaranteed by us, which represent loans originated by
third-party lenders through the CSO programs that we have not yet purchased and,
therefore, are not included in our consolidated financial statements.
(c) For line of credit accounts the average represents the average amount of
each incremental draw.

The average loan and finance receivable origination amount increased to $1,638
from $1,409 during the current quarter compared to the prior year quarter, due
primarily to an increase in the mix of higher dollar amount loans and finance
receivables to small businesses.

Credit performance of financial loans and receivables


We monitor the performance of our loans and finance receivables. Internal
factors such as portfolio composition (e.g., interest rate, loan term, geography
information, customer mix, credit quality) and performance (e.g., delinquency,
loss trends, prepayment rates) are reviewed on a regular basis at various levels
(e.g., product, vintage). We also weigh the impact of relevant, internal
business decisions on the portfolio. External factors such as macroeconomic
trends, financial market liquidity expectations, competitive landscape and
legal/regulatory requirements are also reviewed on a regular basis.

The payment status of a customer, including the degree of any delinquency, is a
significant factor in determining estimated charge-offs in the cash flow models
that we use to determine fair value. The following table shows payment status on
outstanding principal, interest and fees as of the end of each of the last five
quarters (in thousands):

                                       30
--------------------------------------------------------------------------------
                                                        2021                                     2022
                                        Second           Third          Fourth           First          Second
                                        Quarter         Quarter         Quarter         Quarter         Quarter
Ending combined loans and finance
receivables, including principal
and accrued fees/interest
outstanding:
Company owned                         $ 1,416,533     $ 1,650,771     $ 1,944,263     $ 2,169,140     $ 2,377,514
Guaranteed by the Company(a)                9,655          13,239          13,750          11,858          13,997
Ending combined loan and finance
receivables balance(b)                $ 1,426,188     $ 1,664,010     $ 1,958,013     $ 2,180,998     $ 2,391,511
> 30 days delinquent                       81,883          90,782         103,213         113,798         121,459
> 30 days delinquency rate                    5.7 %           5.5 %           5.3 %           5.2 %           5.1 %




(a) Represents loans originated by third-party lenders through the CSO programs
that we have not yet purchased, which are not included in our consolidated
balance sheets.
(b) Non-GAAP measure.

Consumer loans and financial receivables


The following table includes financial information for our consumer loans and
finance receivables. Delinquency metrics include principal, interest and fees,
and only amounts that are past due (in thousands):

                                                      2021                                  2022
                                       Second         Third         Fourth         First          Second
                                       Quarter       Quarter       Quarter        Quarter         Quarter
Consumer loans and finance
receivables:
Consumer combined loan and finance
receivable principal balance:
Company owned                         $ 585,087     $ 709,781     $  867,751     $  888,657     $   936,601
Guaranteed by the Company(a)              8,284        11,354         11,790         10,027          11,873
Total combined loan and finance
receivable principal balance(b)       $ 593,371     $ 721,135     $  879,541     $  898,684     $   948,474
Consumer combined loan and finance
receivable fair value balance:
Company owned                         $ 623,975     $ 723,553     $  890,144     $  934,351     $   989,128
Guaranteed by the Company(a)             10,824        16,921         18,813         14,433          17,860
Ending combined loan and finance
receivable fair value balance(b)      $ 634,799     $ 740,474     $  908,957     $  948,784     $ 1,006,988
Fair value as a % of
principal(b)(c)                           107.0 %       102.7 %        103.3 %        105.6 %         106.2 %
Consumer combined loan and finance
receivable balance, including
principal and accrued fees/interest
outstanding:
Company owned                         $ 630,203     $ 768,964     $  927,673     $  951,560     $ 1,004,847
Guaranteed by the Company(a)              9,655        13,239         13,750         11,858          13,997
Ending combined loan and finance
receivable balance(b)                 $ 639,858     $ 782,203     $  941,423     $  963,418     $ 1,018,844
Average consumer combined loan and
finance receivable balance,
including principal and accrued
fees/interest outstanding:
Company owned(d)                      $ 580,704     $ 702,818     $  836,147     $  953,108     $   966,816
Guaranteed by the Company(a)(d)           7,585        11,366         13,212         12,960          12,591
Average combined loan and finance
receivable balance(b)(d)              $ 588,289     $ 714,184     $  849,359     $  966,068     $   979,407

Revenue                               $ 174,512     $ 215,432     $  243,570     $  248,547     $   253,043
Change in fair value                    (49,708 )     (97,061 )     (104,715 )     (116,767 )      (133,078 )
Net revenue                             124,804       118,371        138,855        131,780         119,965
Net revenue margin                         71.5 %        54.9 %         57.0 %         53.0 %          47.4 %

Delinquencies:
> 30 days delinquent                  $  26,201     $  45,804     $   59,312     $   70,480     $    72,300
> 30 days delinquent as a % of
combined loan and finance
receivable balance(b)(c)                    4.1 %         5.9 %          6.3 %          7.3 %           7.1 %

Charge-offs:
Charge-offs (net of recoveries)       $  27,050     $  57,836     $  112,582     $  137,224     $   134,524
Charge-offs (net of recoveries) as
a % of average combined loan and
finance receivable balance(b)(d)            4.6 %         8.1 %         13.3 %         14.2 %          13.7 %




(a) Represents loans originated by third-party lenders through the CSO programs
that we have not yet purchased, which are not included in our consolidated
balance sheets.
(b) Non-GAAP measure.
(c) Determined using period-end balances.
(d) The average combined loan and finance receivable balance is the average of
the month-end balances during the period.

The ending balance, including principal and accrued fees/interest outstanding,
of combined consumer loans and finance receivables at June 30, 2022 increased
59.2% to $1,018.8 million compared to $639.9 million at June 30, 2021, due
primarily to increased originations
                                       31
--------------------------------------------------------------------------------

in 2021 and continuing in 2022 following the strategic reduction of originations at the start of the COVID-19 pandemic to mitigate the risks associated with the pandemic.


The percentage of loans greater than 30 days delinquent increased to 7.1% at
June 30, 2022, compared to 4.1% at June 30, 2021. The increase was driven
primarily by growth in originations in the current year, particularly to new
customers, which typically default at a higher percentage than returning
customers.

Charge-offs (net of recoveries) as a percentage of average combined loan balance
increased to 13.7% for the current quarter, compared to 4.6% for the prior year
quarter, driven primarily by growth in originations, particularly to new
customers, which typically default at a higher percentage than returning
customers. In the prior year quarter, this charge-off rate was lower due
primarily to our having a more seasoned and lower risk portfolio remaining as
originations since the onset of the COVID-19 pandemic had been significantly
lower and the majority of higher risk loans to new customers originated in prior
quarters had been charged off.

The ratio of fair value as a percentage of principal on consumer loans and
finance receivables was 106.2% at June 30, 2022, compared to 107.0% at June 30,
2021 and 105.6% at March 31, 2022. The increase from March 31, 2022 was
primarily driven by a slight decrease in past due loans. Refer also to "Results
of Operations-COVID-19" in "Management's Discussion and Analysis of Financial
Condition and Results of Operations" for additional discussion on loan
valuation.

Small Business Loans and Financial Claims


The following table includes financial information for our small business loans
and finance receivables. Delinquency metrics include principal, interest, and
fees, and only amounts that are past due (in thousands):

                                                      2021                                   2022
                                       Second         Third         Fourth           First          Second
                                       Quarter       Quarter        Quarter         Quarter         Quarter
Small business loans and finance
receivables:
Total loan and finance receivable
principal balance                     $ 781,793     $ 876,668     $ 1,010,675     $ 1,210,389     $ 1,364,055
Ending loan and finance receivable
fair value balance                      784,728       911,729       

1,074,546 1,297,533 1,471,723 Fair value as % of principal(a) 100.4% 104.0% 106.3% 107.2% 107.9%


Ending loan and finance receivable
balance, including principal and
accrued fees/interest outstanding     $ 786,330     $ 881,807     $ 1,016,590     $ 1,217,580     $ 1,372,667

Average loan and finance receivable
balance(b)                            $ 739,378     $ 837,606     $   956,110     $ 1,122,609     $ 1,288,384

Revenue                               $  85,561     $ 100,610     $   115,063     $   132,594     $   149,909
Change in fair value                     45,078        24,515          22,804           1,138          (8,764 )
Net revenue                             130,639       125,125         137,867         133,732         141,145
Net revenue margin                        152.7 %       124.4 %         

119.8% 100.9% 94.2%

Delinquencies:

> 30 days delinquent                  $  55,682     $  44,978     $    43,901     $    43,318     $    49,159
> 30 days delinquent as a % of loan
balance(a)                                  7.1 %         5.1 %           4.3 %           3.6 %           3.6 %

Dump :

Charge-offs (net of recoveries)       $   5,102     $   7,060     $     7,677     $    20,860     $    27,867
Charge-offs (net of recoveries) as
a % of average loan and finance
receivable balance(b)                       0.7 %         0.8 %           0.8 %           1.9 %           2.2 %



(a) Determined from end of period balances. (b) The average balance of loans and financial receivables corresponds to the average of month-end balances during the period.


The ending balance, including principal and accrued fees/interest outstanding,
of small business loans and finance receivables at June 30, 2022 increased 74.6%
to $1,372.7 million compared to $786.3 million at June 30, 2021, due primarily
to an acceleration in originations as credit risks stemming from the COVID-19
pandemic decreased over the period.

The percentage of loans greater than 30 days delinquent was 3.6% at June 30,
2022, compared to 7.1% at June 30, 2021. Delinquency has improved in all of our
small business portfolios, as we have actively worked with our customers to
understand their financial situations, offering a variety of repayment options
to increase flexibility and reducing or deferring payments for impacted
customers.
                                       32
--------------------------------------------------------------------------------


Charge-offs (net of recoveries) as a percentage of average loan balance
increased to 2.2% for the current quarter, compared to 0.7% in the prior year
quarter, due primarily to growth in originations, particularly to new customers,
which typically default at a higher percentage than returning customers. In the
prior year quarter, this charge-off rate was lower due primarily to our having a
more seasoned portfolio remaining as originations since the onset of the
COVID-19 pandemic had been significantly lower and the majority of higher risk
loans to new customers originated in prior quarters had been charged off.

The ratio of fair value as a percentage of principal on small business loans and
finance receivables was 107.9% at June 30, 2022, compared to 100.4% at June 30,
2021 and 107.2% at March 31, 2022. The increase from March 31, 2022 was due
primarily to strong credit metrics, including low charge-offs. The ratio of fair
value as a percentage of principal has improved for the legacy Enova portfolio
since the second quarter of 2020 and the OnDeck portfolio since acquisition.

Total operating expenses

Total expenses increased $38.7 millioni.e. 28.3%, at $175.1 million in the current quarter, compared to $136.4 million during the quarter of the previous year.


Marketing expense increased to $91.5 million in the current quarter compared to
$55.2 million in the prior year quarter due primarily to our efforts to capture
increasing market demand for loan products in the current quarter. The prior
year quarter was abnormally low due to our strategic actions to mitigate risks
associated with the COVID-19 pandemic.

Operating and technology expenses increased to $42.3 million in the current quarter compared to $35.0 million in the prior year quarter, primarily due to higher variable underwriting costs due to increased originations.


General and administrative expense decreased to $33.7 million in the current
quarter compared to $38.7 million in the prior year quarter, due primarily to
synergies achieved following the October 2020 acquisition of OnDeck.

Depreciation expense remained relatively stable compared to the prior year quarter.


Nonoperating Items

Interest expense, net increased $5.5 million, or 28.5%, to $24.9 million in the
current quarter compared to $19.4 million in the prior year quarter. The
increase was due primarily to an increase in the average amount of debt
outstanding, which increased $783.3 million to $1,769.4 million during the
current quarter from $986.1 million during the prior year quarter, partially
offset by a decrease in the weighted average interest rate on our outstanding
debt to 5.77% during the current quarter from 7.81% during the prior year
quarter.

Equity method investment income increased $4.8 million, or 329.8%, to $6.3
million in the current quarter compared to $1.5 million in the prior year
quarter. In the current quarter, Linear sold its operating company, resulting in
a gain of $11.0 million, which was partially offset by a $4.4 million loss on
the sale of OnDeck Canada.

Provision for Income Taxes

The effective tax rate of 24.9% in the current quarter was higher than the 22.4%
rate recorded in the prior year quarter due primarily to higher nondeductible
executive compensation, along with the nondeductible loss on the sale of OnDeck
Canada.

As of June 30, 2022, the balance of unrecognized tax benefits was $64.7 million
which is included in "Accounts payable and accrued expenses" on the consolidated
balance sheet, $10.4 million of which, if recognized, would favorably affect the
effective tax rate in the period of recognition. We had $39.1 million and $44.1
million of unrecognized tax benefits as of June 30, 2021 and December 31, 2021,
respectively. We believe that we have adequately accounted for any material tax
uncertainties in our existing reserves for all open tax years.

Our U.S. tax returns are subject to examination by federal and state taxing
authorities. The statute of limitations related to our consolidated Federal
income tax returns is closed for all tax years up to and including 2017.
However, the 2014 tax year is still open to the extent of the net operating loss
that was carried back from the 2019 tax return. The years open to examination by
state, local and foreign government authorities vary by jurisdiction, but the
statute of limitation is generally three years from the date the tax return is
filed. For jurisdictions that have generated net operating losses, carryovers
may be subject to the statute of limitations applicable for the year those
carryovers are utilized. In these cases, the period for which the losses may be
adjusted will extend to conform with the statute of limitations for the year in
which the losses are utilized. In most circumstances, this is expected to
increase the length of time that the applicable taxing authority may examine the
carryovers by one year or longer, in limited cases.
                                       33
--------------------------------------------------------------------------------

Net revenue


Net income decreased $27.8 million, or 34.6%, to $52.4 million during the
current quarter compared to $80.2 million during the prior year quarter. The
decrease was due primarily to higher costs due to growth in the size of the
business coupled with a lower, but more normalized net revenue margin in the
current quarter.

SIX MONTHS ENDED JUNE 30, 2022 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2021

Turnover and net turnover


Revenue increased $269.5 million, or 51.4%, to $793.7 million for the six-month
period ended June 30, 2022, or current six-month period, as compared to $524.2
million for the six-month period ended June 30, 2021, or prior year six-month
period. The increase was driven by a 75.3% increase in revenue from our small
business portfolio and a 40.8% increase in revenue from our consumer portfolio
as higher levels of originations in 2021 and into 2022 have led to higher loan
balances for both portfolios.

Net revenue for the current six-month period was $533.2 million compared to
$497.5 million for the prior year six-month period. Our consolidated net revenue
margin was 67.2% for the current six-month period compared to 94.9% for the
prior year six-month period. The net revenue margin in the prior year six-month
period was elevated due primarily to lower delinquency rates and lower than
expected charge-offs as a result of portfolio seasoning and lower originations.
With originations having increased across the second half of 2021 and through
June 30, 2022, the net revenue margin in the current six-month period was in a
more normalized range.

The following table shows the components of revenue and net revenue, separated by product for the current nine-month period and the prior year nine-month period (in thousands):


                                            Six Months Ended June 30,
                                               2022              2021         $ Change       % Change
Revenue by product:
Consumer loans and finance receivables
revenue                                   $      501,590       $ 356,249     $  145,341           40.8 %
Small business loans and finance
receivables revenue                              282,503         161,121        121,382           75.3
Total loans and finance receivables
revenue                                          784,093         517,370        266,723           51.6
Other                                              9,628           6,794          2,834           41.7
Total revenue                                    793,721         524,164        269,557           51.4
Change in fair value                            (260,460 )       (26,665 )     (233,795 )        876.8
Net revenue                               $      533,261       $ 497,499     $   35,762            7.2 %

Revenue by product (% to total):
Consumer loans and finance receivables
revenue                                             63.2 %          68.0 %
Small business loans and finance
receivables revenue                                 35.6            30.7
Total loans and finance receivables
revenue                                             98.8            98.7
Other                                                1.2             1.3
Total revenue                                      100.0           100.0
Change in fair value                               (32.8 )          (5.1 )
Net revenue                                         67.2 %          94.9 %


Average Loan Origination

The average loan and finance receivable origination amount is calculated as the
total amount of combined loans and finance receivables originated, renewed and
purchased for the period divided by the total number of combined loans and
finance receivables originated, renewed and purchased for the period. The
following table shows the average loan and finance receivable origination amount
by product for the current six-month period compared to the prior year six-month
period :

                                                              Six Months Ended
                                                                  June 30,
                                                              2022         2021

Average amount at origin of loans and financial receivables(a) Consumer loans and financial receivables(b)(c)

                $    659     $  

558

Small business loans and finance receivables(c)               16,500       

15,006

Total loans and finance receivables(b)                      $  1,661     $  1,348



(a) Information regarding average loan origination is statistical data that is not included in our consolidated financial statements.

                                       34
--------------------------------------------------------------------------------

(b) Includes loans guaranteed by us, which represent loans originated by
third-party lenders through the CSO programs that we have not yet purchased and,
therefore, are not included in our consolidated financial statements.
(c) Represents the average amount of each incremental draw on line of credit
accounts.

The average loan origination amount increased to $1,661 from $1,348 during the
current six-month period compared to the prior year six-month period, due
primarily to the gradual easing of restrictions on loan amounts as risks from
the COVID-19 pandemic abated as well as an increase in the mix of higher dollar
amount loans and finance receivables to small businesses.

Total expenses

Total expenses increased $101.7 millioni.e. 40.5%, at $353.0 million over the current six-month period, compared to $251.3 million during the six-month period of the previous year.


Marketing expense increased to $184.7 million in the current six-month period
compared to $83.8 million in the prior year six-month period. The increase was
due primarily to our efforts to capture increasing market demand for loan
products in the current six-month period. The prior year six-month period was
abnormally low due to our strategic actions to mitigate risks associated with
the COVID-19 pandemic.

Operating and technology expenses increased to $83.0 million in the current six-month period compared to $70.6 million in the six-month period of the prior year, primarily due to higher variable underwriting costs due to increased originations.


General and administrative expense decreased $14.6 million, or 17.6%, to $68.2
million in the current six-month period compared to $82.8 million in the prior
year six-month period, due primarily to synergies achieved following the October
2020 acquisition of OnDeck.

Depreciation and amortization increased $3.0 million or 21.4% compared to the six-month period of the previous year, mainly due to the commissioning of additional internally developed software and tangible and intangible assets acquired with Pangea.

Non-operating items


Interest expense, net increased $8.1 million, or 20.6%, to $47.4 million in the
current six-month period compared to $39.3 million in the prior year six-month
period. The increase was due primarily to an increase of $700.4 million in the
average amount of debt outstanding to $1,666.7 million during the current
six-month period from $966.3 million during the prior year six-month period,
partially offset by a decrease in the weighted average interest rate on our
outstanding debt to 5.84% during the current six-month period from 8.20% during
the prior year six-month period.

Equity method investment income increased $4.7 million, or 227.8%, to $6.7
million in the current six-month period compared to $2.0 million in the prior
year six-month period. In the current six-month period, Linear sold its
operating company, resulting in a gain of $11.0 million, which was partially
offset by a $4.4 million loss on the sale of OnDeck Canada.

Provision for income taxes


The effective tax rate of 24.1% in the current six-month period was lower than
the effective tax rate of 24.6% in the prior year six-month period due primarily
to stock-based compensation deductions that occurred at favorable fair market
values.

Net Income

Net profit decreased $51.3 millioni.e. 32.8%, at $104.8 million in the current six-month period compared to $156.1 million during the six-month period of the previous year. The decrease was primarily due to higher costs due to growth in business size coupled with a lower but more normalized net revenue margin in the current six-month period.

CASH AND CAPITAL RESOURCES

Capital funding strategy


Through the COVID-19 pandemic, we have taken various actions to maintain a
stable and flexible balance sheet that ensures liquidity and funding available
to meet our business obligations. As of June 30, 2022, we had cash, cash
equivalents, and restricted cash of $213.8 million, of which $69.7 million was
restricted, compared to $225.9 million, of which $60.4 million was restricted,
as of December 31, 2021. During the three months ended March 31, 2022, we
increased the borrowing capacity on four of our loan securitization facilities
without having to increase any of the respective borrowing rates. In late June
2022, we entered into a new $420.0 million loan securitization facility and
increased the aggregate principal on its existing secured revolving credit
agreement while extending its term. As of June 30, 2022, we had committed and
undrawn funding capacity of $803.1 million. Based on numerous stressed-case
modeling
                                       35
--------------------------------------------------------------------------------

scenarios, we believe we have sufficient liquidity to run our business for the foreseeable future. In addition, we have no recourse on receivables due until
September 2024.


Historically, we have generated significant cash flow through normal operating
activities for funding both long-term and short-term needs. Our near-term
liquidity is managed to ensure that adequate resources are available to fund our
seasonal working capital growth, which is driven by demand for our loan and
financing products. On May 30, 2014, we issued and sold $500.0 million in
aggregate principal amount of 9.75% senior notes due 2021 (the "2021 Senior
Notes"). On September 1, 2017, we issued and sold $250.0 million in aggregate
principal amount of 8.50% Senior Notes due 2024 (the "2024 Senior Notes") and
used the net proceeds, in part, to retire $155.0 million in 2021 Senior Notes.
On January 21, 2018, we redeemed an additional $50.0 million in principal amount
of the outstanding 2021 Senior Notes. On September 19, 2018, we issued and sold
$375.0 million in aggregate principal amount of 8.50% Senior Notes due 2025 (the
"2025 Senior Notes") and used the net proceeds, in part, to retire the remaining
$295.0 million in principal amount of the outstanding 2021 Senior Notes.

On June 30, 2017, we entered into a secured revolving credit agreement (as
amended, the "Credit Agreement"). On April 13, 2018, October 5, 2018, July 1,
2019 and May 10, 2021, we and certain of our operating subsidiaries entered into
amendments to our Credit Agreement. On June 23, 2022 we entered into an
additional amendment to our Credit Agreement that, among other things, increased
the borrowing capacity to $440.0 million, with a $20.0 million letter of credit
sublimit and $10.0 million swingline loan sublimit. The Credit Agreement bears
interest, at our option, at the base rate plus 0.75% or the Secured Overnight
Financing Rate plus 3.50%. In addition to customary fees for a credit facility
of this size and type, the Credit Agreement provides for payment of a commitment
fee calculated with respect to the unused portion of the commitment, and ranges
from 0.15% per annum to 0.50% per annum depending on usage. The Credit Agreement
contains certain prepayment penalties if it is terminated on or before the first
and second anniversary dates, subject to certain exceptions. The Credit
Agreement matures on June 30, 2026. As of July 27, 2022, our available
borrowings under the Credit Agreement were $155.3 million. Since 2016, we have
entered into several loan securitization facilities and offered asset-backed
notes to fund our growth, primarily in our near-prime consumer installment loan
and small business loan businesses. As of July 27, 2022, we had committed and
undrawn funding capacity of $598.7 million. We expect that our operating needs,
including satisfying our obligations under our debt agreements and funding our
working capital growth, will be satisfied by a combination of cash flows from
operations, borrowings under the Credit Agreement, or any refinancing,
replacement thereof or increase in borrowings thereunder, and securitization or
sale of loans and finance receivables under our consumer and small business loan
securitization facilities.

As of June 30, 2022, we were in compliance with all financial ratios, covenants
and other requirements set forth in our debt agreements. Unexpected changes in
our financial condition or other unforeseen factors may result in our inability
to obtain third-party financing or could increase our borrowing costs in the
future. To the extent we experience short-term or long-term funding disruptions,
we have the ability to adjust our volume of lending and financing to consumers
and small businesses that would reduce cash outflow requirements while
increasing cash inflows through repayments. Additional alternatives may include
the securitization or sale of assets, increased borrowings under the Credit
Agreement, or any refinancing or replacement thereof, and reductions in capital
spending, which could be expected to generate additional liquidity.

Capital


Our Total stockholders' equity increased by $15.0 million to $1,108.1 million at
June 30, 2022 from $1,093.1 million at December 31, 2021. The increase of
stockholders' equity was driven primarily by net income for the six months ended
June 30, 2022 and, to a lesser extent, stock-based compensation expense,
partially offset by repurchases of our outstanding common stock. Our book value
per share outstanding increased to $34.43 at June 30, 2022 from $32.01 at
December 31, 2021, which was primarily driven primarily by the decrease in
shares outstanding as a result of share repurchases, which is discussed in more
detail below.

On November 5, 2020, we announced the Board of Directors had authorized a share
repurchase program for up to $50.0 million of our outstanding common stock
through December 31, 2021 (the "2020 Authorization"). On November 4, 2021, we
announced the Board of Directors authorized a new share repurchase program
totaling $150.0 million through December 31, 2022 (the "2021 Authorization").
The 2021 Authorization replaced the 2020 Authorization. On February 9, 2022, we
announced the Board of Directors authorized a new share repurchase program
totaling $100.0 million through June 30, 2023 (the "2022 Authorization"). The
2022 Authorization replaced the 2021 Authorization. Repurchases under our share
repurchase programs are made in accordance with applicable securities laws from
time to time in the open market, through privately negotiated transactions or
otherwise. Our share repurchase programs do not obligate us to purchase any
shares of our common stock. Similar to our previous share repurchase programs,
the 2022 Authorization may be terminated, increased or decreased by the Board of
Directors in its discretion at any time. During the six months ended June 30,
2022, we had $99.2 million in repurchases of common stock under our share
repurchase programs.

Cash


Our cash and cash equivalents are held primarily for working capital purposes
and are used to fund a portion of our lending activities. We do not enter into
investments for trading or speculative purposes. Our policy is to invest cash in
excess of our immediate working
                                       36
--------------------------------------------------------------------------------

capital requirements in short-term investments, custodial accounts or other arrangements intended to preserve the principal balance and maintain adequate liquidity. Our excess cash may be invested primarily in overnight sweep accounts, money market instruments or similar arrangements that offer competitive returns consistent with our policies and market conditions.


Our restricted cash represents funds held in accounts as reserves on certain
debt facilities and as collateral for issuing bank partner transactions. We have
no ability to draw on such funds as long as they remain restricted under the
applicable arrangements but have the ability to use these funds to finance loan
originations, subject to meeting borrowing base requirements. Our policy is to
invest restricted cash held in debt facility related accounts, to the extent
permitted by such debt facility, in investments designed to preserve the
principal balance and provide liquidity. Accordingly, such cash is invested
primarily in money market instruments that offer daily purchase and redemption
and provide competitive returns consistent with our policies and market
conditions.

Current borrowing facilities


The following table summarizes our debt facilities as of June 30, 2022 (dollars
in thousands).

                                                        Weighted
                                                         average
                                                        interest     Borrowing           Principal
                                     Maturity date       rate(a)      capacity          outstanding
Funding Debt:
2018-1 Securitization Facility         March 2027   (b)   4.91%          200,000   (h)        150,000
2018-2 Securitization Facility         July 2025    (c)   5.30%          225,000   (i)        189,327
2019-A Securitization Notes            June 2026          7.62%            5,343                5,343

ODR 2021-1 Securitization facility November 2024 (d) 1.18% 200,000 (j) 107,000 ODR 2022-1 Securitization facility June 2025 (e) 2.26% 420,000

                    -

RAOD securitization facility December 2023 (f) 3.63% 236,842 (k) 202,632 ODAST III Securitization Bonds May 2027 (g) 2.07% 300,000

              300,000
Total funding debt                                        3.42%     $  1,587,185       $      954,302
Corporate Debt:
8.50% Senior Notes Due 2024          September 2024       8.50%          250,000              250,000
8.50% Senior Notes Due 2025          September 2025       8.50%          375,000              375,000
Revolving line of credit               June 2026          5.50%          440,000   (l)        269,000
Total corporate debt                                      7.60%     $  1,065,000       $      894,000



(a) The weighted average interest rate is determined based on the rates and
principal balances on June 30, 2022. It does not include the impact of the
amortization of deferred loan origination costs or debt discounts.
(b) The period during which new borrowings may be made under this facility
expires in March 2025.
(c) The period during which new borrowings may be made under this facility
expires in July 2023.
(d) The period during which new borrowings may be made under this facility
expires in November 2023.
(e) The period during which new borrowings may be made under this facility
expires in June 2024.
(f) The period during which new borrowings may be made under this facility
expires in December 2022.
(g) The period during which new borrowings may be made under this facility
expires in April 2024.
(h) During the current six-month period we amended this facility to increase the
maximum borrowing capacity from $150.0 million to $200.0 million.
(i) During the current six-month period we amended this facility to increase the
maximum borrowing capacity from $150.0 million to $225.0 million.
(j) During the current six-month period we amended this facility to increase the
maximum borrowing capacity from $150.0 million to $200.0 million.
(k) During the current six-month period we amended this facility to increase the
maximum borrowing capacity from $177.6 million to $236.8 million.
(l) During the current quarter we amended the Revolving line of credit to
increase the borrowing capacity from $310.0 million to $440.0 million.
Additionally, we had an outstanding letter of credit under the Revolving line of
credit of $0.8 million as of June 30, 2022.

Our ability to fully utilize the available capacity of our credit facilities may also be affected by provisions that limit concentration risk and eligibility.

                                       37

————————————————– ——————————

© Edgar Online, source Previews

]]>
In another pandemic fallout, used car prices are up and the repo man is back https://disturbmedia.com/in-another-pandemic-fallout-used-car-prices-are-up-and-the-repo-man-is-back/ Mon, 25 Jul 2022 11:00:59 +0000 https://disturbmedia.com/in-another-pandemic-fallout-used-car-prices-are-up-and-the-repo-man-is-back/ WASHINGTON- Healthcare worker Cleveland Wishop landed at Baltimore-Washington International Airport last fall hoping to retrieve his car from the long-term parking lot and fly home. It never crossed Wishop’s mind that it had fallen into one of the economic traps stemming from the COVID-19 pandemic. His blue Camaro was missing. The dealer who had sold […]]]>

Healthcare worker Cleveland Wishop landed at Baltimore-Washington International Airport last fall hoping to retrieve his car from the long-term parking lot and fly home.

It never crossed Wishop’s mind that it had fallen into one of the economic traps stemming from the COVID-19 pandemic.

His blue Camaro was missing. The dealer who had sold him the 2010 car a year earlier seized it after Wishop was only 19 days late in making its payment in August.

“I was pissed off, extremely,” Wishop said.

In the past, car dealerships and lenders were slower to take cars back when borrowers fell behind. Finding and taking back vehicles was often difficult, sometimes even risky. And cost recovery on seized vehicles was a losing game.

But the pandemic has changed that.

Global supply chain issues continue to cause chronic shortages of many vital products, including the computer chips at the heart of modern cars.

And that has led to an unprecedented rise in used car prices, as production of new vehicles remains limited.

Based on government surveys, prices for used cars and trucks rose 43% in June compared to August 2020, when they started to jump. For new vehicles, prices increased by 17% over the same period.

This pandemic-related surge in demand for used cars and trucks has turned the repo game upside down.

Now, a dealer who quickly takes possession of a vehicle can expect to resell it quickly, sometimes at a much higher price.

And thanks to the prevalence of tracking technology, finding vehicles is quite simple.

Automatic repos had declined in previous phases of the pandemic as lenders gave borrowers more breaks. Although statistics for this year are not yet available, title companies, government regulators and many people involved in auto collecting and auctions say seizures are increasing dramatically, especially for passenger cars. ‘opportunity.

“There was a period for a lot of creditors, they were postponing earlier in COVID,” said Colin Welsh, a Woodland Hills attorney who works with borrowers and has fielded many other repo calls. “It has diminished, and now they are seizing the moment.”

Mark Lacek, a Florida repo who has recovered more than 10,000 vehicles since the 1970s, predicts the trend will only grow.

“I expect to be super, super busy,” he said, adding that technology has streamlined repo vehicle allocation and finding. Like beachcombers with metal detectors, Lacek said, a small army of people with license plate reading cameras mounted on their cars roam the streets, waiting for a ping to alert them when they come across a vehicle in the street. repo database.

In the Wishop Camaro case, Caspian Auto Motors of Stafford, Va. resold the car within two weeks and is now suing Wishop, of Petersburg, Va., to pay off the balance owed on the interest rate loan. raised four years. .

Wishop, while acknowledging its checkered credit history, says it is pursuing its own legal action against the dealership.

“They got paid twice for the same car,” he said. “That was their goal. It’s their game.”

Caspian handlers did not return calls.

Car prices have risen so much that Robert W. Murphy, a Fort Lauderdale, Florida attorney who represents borrowers, said he even charged two clients several thousand dollars each after their cars were repossessed. and sold at auction.

This is because, by law, proceeds in excess of the loan recovery amount must be returned to the borrower.

“Neither put money, no equity, no skin in the game, and they both got checks,” Murphy said.

Cars have been a major factor in soaring inflation across the country, which is at its highest level in four decades. In the years leading up to the pandemic, used vehicle prices remained virtually unchanged.

At the same time, a growing number of consumers are beginning to fall behind on car payments.

Not only is inflation weighing on household budgets, but government pandemic aid checks have stopped flowing, and many people who boosted their savings accounts during the early stages of COVID are seeing those balances. start to decrease.

Delinquencies on consumer auto loans began to rise, especially for young debtors and subprime mortgages. Auto loans more than 60 days past due rose 30% in May from a year earlier, though defaults so far remain below pre-pandemic levels, Cox Automotive said.

American consumers currently have auto loans totaling $1.4 trillion, double the amount 10 years ago and now more than credit card debt, according to the Federal Reserve Bank of New York.

If the economy falls into recession and more people lose their jobs and incomes, households will feel increasing financial stress.

The average monthly payment on a used car loan now exceeds $500, says Bankrate.com. That’s about $650 for new vehicles, with one in eight borrowers having to pay $1,000 or more per month.

If the value of used cars weakens in the coming months — and the increases are already starting to moderate — many consumers could find themselves with upside-down auto loans.

Some analysts say the situation is frighteningly similar to the subprime mortgage crisis that led to the Great Recession in 2007-09.

Although most economists do not foresee anything like the financial crater at the time, they nevertheless fear that the imbalances in the auto industry and financing could cause significant problems for consumers and lenders, especially those who weigh heavy on the subprime market.

Credit unions, with their reputation for lower interest rates and lending to diverse communities, have seen tremendous growth in used car loans. Credit unions now account for about a third of the auto credit market in the country.

Mike Schenk, chief economist at Credit Union National Assn., says the data suggests about a quarter of credit union borrowers have scores below first, meaning they’re more likely to have problems. financial difficulties and falling behind on car payments.

Schenk called the concerns overblown, saying auto loan delinquencies over 60 days have only increased slightly for credit unions and remain at historically very low levels.

But some lenders are starting to feel more pressure.

The Pentagon Federal Credit Union has one of the largest portfolios of used auto loans, about $3.6 billion in March. That’s a whopping 80% increase over the previous year. In March, the dollar volume of accounts past due for 60 days or more more than doubled from a year ago to about $45 million, according to quarterly filings.

Other lenders may face higher risk due to their large exposure. In Orange County, Westminster, LBS Financial Credit Union, for example, automobiles account for 70% of its total loans. Neither Pentagon Federal nor LBS Financial would comment.

“You see some financial institutions, including credit unions, pretty deep in risk cars, and if this market suddenly and viciously turns, they would end up on the wrong end of a speculative bet,” said researcher Aaron Klein. principal at the Brookings Institute.

He noted that the pandemic, by inducing massive sums of federal stimulus money and an abnormal increase in the value of cars, masked underlying problems in the used car market, particularly in the subprime segment at rapid growth that has long been troubled by discrimination and unsavory practices. .

Massachusetts and a few other states have cracked down on car dealerships and subprime financiers.

Although lenders can legally seize vehicles from borrowers who are more than 10 days late — and in many states without prior notification — it is illegal to “breaking the peace” by doing so, said John Gayle Jr., a consumer rights attorney from Richmond, Va., and co-author of the state‘s lemon laws.

He said differences in state laws can create gray areas for repossession operations, but almost anywhere it would be against the law if it could lead to any type of violence or if the repossession took place in the yard or private property of a car owner.

Iieska Packard of Fresno, a 43-year-old licensed vocational nurse, was at her company’s office last year when a colleague asked, “Isn’t your car being towed?” Packard ran down the stairs and out the door, but it was too late. His 2017 Lincoln MKX was missing.

“I didn’t know what was going on. At first I thought it was theft,” she said. Later, Packard learned that her SUV, which she had purchased only a month earlier, had been towed away by an unmarked truck.

She said the dealership, LA Auto Exchange in Montebello, told her the financing was canceled because he couldn’t confirm his employment.

LA Auto Exchange officials were not returning calls. The dealer is in arbitration with Packard’s attorney, Welsh of Woodland Hills.

When Packard bought the vehicle, she bet $2,000 on a purchase price of $21,285 including sales taxes and fees. She financed the rest through the dealership with a six-year loan carrying an annual interest rate of 26.2% – even higher than the average 9% to 20% rate at which subprime car buyers are face, according to the Consumer Financial Protection Bureau.

The sales agreement stated that Packard’s financing costs over the term of the loan were $19,561, more than the principal originally borrowed.

Packard, a mother of two, says her credit has been hit after falling behind on student loans and medical bills. But having your car taken over like that “was frustrating and embarrassing,” she said. “Everyone in the office was there.”

]]>
7 Smart Ways to Build Wealth Outside of the Stock Market https://disturbmedia.com/7-smart-ways-to-build-wealth-outside-of-the-stock-market/ Thu, 21 Jul 2022 14:00:40 +0000 https://disturbmedia.com/7-smart-ways-to-build-wealth-outside-of-the-stock-market/ The ups and downs of Wall Street are scary, but the stock market is still a great way to build long-term wealth. However, this is not the only way. Diversification is essential to wealth creation. Your financial master plan should not be a single-source, set-and-forget procedure. Judicious use of the market is a good idea. […]]]>

The ups and downs of Wall Street are scary, but the stock market is still a great way to build long-term wealth. However, this is not the only way.

Diversification is essential to wealth creation. Your financial master plan should not be a single-source, set-and-forget procedure.

Judicious use of the market is a good idea. But the same goes for investing in opportunities other than stocks. Here are several ways to inflate your portfolio.

1. Invest in gold and get $10,000 free money

Precious metals are increasingly attracting investors, and for good reason. It’s not just shiny, shiny objects: gold and silver are essential to the manufacture of modern electronics. That’s why the rich invest in precious metals, and so do you. goldco is ready to help, with up to $10,000 in free money for qualified accounts – and free shipping.

How are you this to build up a heritage? Get thousands of free money right from the start! No wonder Goldco is the only precious metals company recommended by Fox News personality Sean Hannity.

Gold has been the benchmark for thousands and thousands of years. Ever since mankind learned to mine and smelt this durable metal, we’ve been trading it. The phrase “the gold standard” still holds true today.

You can buy gold or silver as part of an investment portfolio, but have you ever considered making it part of your retirement planning? Goldco can help you set up a Gold IRA or other tax-advantaged retirement accounts created in strict accordance with Internal Revenue Service guidelines.

If your situation changes and you want to move some of your precious metals, Goldco guarantees you the highest price with its buyback program. It’s one of the reasons Goldco has received 5-star ratings from Trustpilot, Trustlink, Google Reviews and ConsumerAffairs.com, an A+ rating from the Better Business Bureau, and a AAA rating from the Business Consumers Alliance.

Secure your wealth with gold. Request your free investor guide now.

2. Ask this company to erase your debt in 24 to 48 months

Sometimes you are dragged into debt by forces beyond your control. Example: the pandemic. A recent study indicated that 46% of Gen Zers have exhausted their savings and more than half have stopped paying their credit card bills.

Things happen. And sometimes your debt just isn’t repayable. But with the help of a company like National debt reliefyou can tackle the obligation head-on.

The company exists to help people get back on their feet after debt has dragged them down. A possible solution is debt consolidation, that is to say group all of your debts into a single loan, with a single monthly payment.

If you only made minimum payments on your plastic to the maximum, it could take 10 years or more to be debt free. However, with National Debt Relief, you get out of debt within 24 to 48 monthsdepending on the site.

The company is rated A+ by the Better Business Bureau. It doesn’t cost a penny to sign up or cancel with National Debt Relief, and you’ll only be charged a settlement fee if you agree to the deal. If they can’t settle your debt, then you owe them zip.

Ready to be debt free? Get your free, no-obligation consultation today.

3. Invest in the fine arts by outperforming the S&P 500

It’s true. masterpiecesa fine arts investment platform, has outperformed the S&P 500 with a 14% return over the past 15 years.

Sometimes the rate of appreciation is downright surprising. For example, Basquiat’s paintings. A painting by neo-expressionist painter Jean-Michel Basquiat that cost $20,900 in the 1980s sold for $110,487,500 in 2017. That’s a 5,286% increase in just a few decades!

With Masterworks, you buy artwork, one small slice at a time. “Slices” are something like shares. With a stock, you buy a small part of a company. With Masterworks, you buy pieces of multi-million dollar paintings.

Typically, Masterworks will retain an artwork for three to seven years. If your situation changes, it is possible to sell your shares on a secondary market. You can also buy shares from other Masterworks investors. (At this time, this only applies to US investors with US bank accounts.)

Make fine art part of your investment portfolio. Click here to join now.

4. Create long-term wealth with real estate

The real estate market has gone crazy in recent years. Is it a bubble? No one can tell. Which box to say, however, is that:

  • People will always need a place to live or do business, and
  • Land is something they don’t do anymore.

This is why real estate investors tend to make so much money. If the cogs of ownership have kept you from accessing this lucrative form of investing, here’s a hint: Fund raising will do the dirty work for you.

Fundrise simplifies investing in real estate. They buy properties and let investors buy shares of those investments. The returns can be quite satisfying: the average Fundrise member has seen a 25% increase in just three years and over 50% in five years.

No worries about vacancies. No tenant verification. No property maintenance. Fundrise takes care of all of that. Plus, it only takes a few minutes to get started. And you can start with as little as $10.

Build up real wealth with real estate. Create your free account now.

5. Cancel your car insurance

To be clear: you should never, ever go without car insurance. It could lead to financial ruin if you were in an accident that injured you or someone else. Even if it was just a minor accident, you need coverage to keep your wheels spinning.

But to be equally clear: you should never, ever overpay for car insurance. The thing is, you probably already do. Fortunately, your friends from Zebra are ready to help you save.

Oh, and it’s also free. Just answer a few questions and in just a few minutes, The Zebra will have shopped around over 200 insurers to find the best deal for the best coverage. One thing they won’t ask you? Your contact details. No one will call, email or text you to hassle you about buying insurance.

On average, people save $440 per year. It’s $440 all year, not just the first year. It’s money to add to your emergency fund, retirement plan, or investment account.

Want to save $440 every year? Enter your postal code here to start.

6. Get free money by watching videos

Here is a way to earn money without moving from the comfortable chair: InboxDollars will pay you to watch videos, take surveys, play games, shop online, search the web, download grocery receipts, and click on promotional emails. You can redeem them for gift cards or cash (via PayPal).

Will you get rich doing it? Not immediately. But a recent look at a monthly InboxDollars statement showed that the month’s top earner hit $1,448. Not bad for work, you don’t need to dress up to do it!

Seriously, though: if you’re online/on your phone a lot already, why not get paid be there? Sign up and start earning.

7. Make your money grow daily with our free newsletter

If there was one easy thing to do, every day, to save more money, to create more wealth, you would do it, right?

Well, here it is: Take just five minutes each day and check out the totally free Money Talks newsletter. More than a million Americans have done it, and they said they saved an average of $991.20 each by viewing our news and tips.

Get the best tips and tricks to earn, save and grow your money every day. Sign up for our free newsletter today.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click on links in our stories.

]]>
First Horizon Corporation Reports Second Quarter 2022 Net Income Available to Common Shareholders of $166 Million, or EPS of $0.29; $195 million, or $0.34, on an adjusted basis* https://disturbmedia.com/first-horizon-corporation-reports-second-quarter-2022-net-income-available-to-common-shareholders-of-166-million-or-eps-of-0-29-195-million-or-0-34-on-an-adjusted-basis/ Tue, 19 Jul 2022 20:05:00 +0000 https://disturbmedia.com/first-horizon-corporation-reports-second-quarter-2022-net-income-available-to-common-shareholders-of-166-million-or-eps-of-0-29-195-million-or-0-34-on-an-adjusted-basis/ Net income before provisioning up 19% compared to the previous quarter and up 18% on an adjusted basis* ROTCE of 12.1% and Adjusted ROTCE of 14.2% with a tangible book value per share of $10.18* MEMPHIS, Tenn., July 19, 2022 /PRNewswire/ — First Horizon Corporation (NYSE: FHN or “First Horizon”) today announced second quarter net […]]]>

Net income before provisioning up 19% compared to the previous quarter and up 18% on an adjusted basis*

ROTCE of 12.1% and Adjusted ROTCE of 14.2% with a tangible book value per share of $10.18*

MEMPHIS, Tenn., July 19, 2022 /PRNewswire/ — First Horizon Corporation (NYSE: FHN or “First Horizon”) today announced second quarter net income available to common shareholders (“NIAC”) for $166 millioni.e. earnings per share of $0.29against a CANI for the first quarter of 2022 of $187 millioni.e. earnings per share of $0.34.

Second quarter 2022 results were reduced by a net $29 million after tax, or $0.05 per share, of notable items compared to a net $24 millionWhere $0.04 per share, in the first quarter of 2022. Excluding notable items, CANI for the second quarter of 2022 adjusted by $195 millionWhere $0.34 per share, past $211 millionWhere $0.38 per share in the first quarter of 2022. The results reflect a $0.10 reduction per share related to provision for credit losses as well as the impact of the suspension of share buybacks and an increase of 17.7 million diluted shares following the first quarter preferred issue of 2022 related to the proposed transaction with TD.

“Our results this quarter reflect strong net interest income and continued spending discipline which helped to mitigate the macroeconomic impact on our fixed income and wealth management businesses and our provision charges.” , said the Chairman and CEO. Bryan Jordan. “Our high-growth markets and specialty lending businesses saw loan growth of 4%, before the impact of the Paycheck Protection Program and mortgage warehouse loans. With credit quality still strong and a very asset-sensitive balance sheet, we are well positioned for the future and remain confident in the strength of the proposed transaction with TD Bank Group.”

The results for the second quarter of 2022 are available on https://ir.firsthorizon.com. In addition, the presentation of financial results and earnings will be provided on a Form 8-K which will be available on the Securities and Exchange Commission’s website at www.sec.gov.

Forward-looking statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934 , as amended (the “Foreign Exchange Act”). Forward-looking statements relate to FHN’s beliefs, plans, objectives, expectations and estimates. Forward-looking statements are not representations of historical information, but rather relate to future operations, strategies, financial results or other developments. Forward-looking statements can be identified by the words “believe”, “expect”, “anticipate”, “intend”, “estimate”, “should”, “is likely”, “will”, ” in the future”, and other expressions that indicate future events and trends.

Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to significant business, operational, economic and competitive uncertainties and contingencies, many of which are beyond FHN’s control, and many of which relate to future business decisions and actions. (including acquisitions and divestitures), are subject to change and could cause FHN’s actual future results to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include those mentioned: in this document; in items 2.02 and 7.01 of FHN’s current report on Form 8-K to which this document was filed as an exhibit; at the beginning and at Items 1, 1A and 7 of FHN’s most recent Annual Report on Form 10-K, as amended; and at the beginning and at Item 1A of Part II of FHN’s Quarterly Report(s) on Form 10-Q filed this year.

FHN undertakes no obligation to update or revise any forward-looking statements that are made in this document or in any other statement, release, report or filing from time to time.

Use of Non-GAAP Measures and Non-GAAP Regulatory Measures

Certain measures included in this report are “non-GAAP”, which means that they are not presented in accordance with United States generally accepted accounting principles, nor are they codified in United States banking regulations currently applicable to FHN. . Although other entities may use different methods of calculation than those used by FHN for non-GAAP measures, FHN’s management believes these measures are relevant to understanding financial position, capital position and financial results. of FHN and its sectors of activity. Non-GAAP measures are communicated to FHN’s management and Board of Directors through various internal reports.

The non-GAAP measures presented in this press release are fully taxable equivalent measures, basic net interest income (“NII”), net income before provision (“PPNR”), loans and leases to excluding Paycheck Protection Program (“PPP”) and/or Mortgage Company Loans (“LMC”), Average Return on Tangible Common Equity (“ROTCE”), Tangible Equity (“TCE”) to tangible assets (“TA”), tangible book value (“TBV”) per common share, and various consolidated and segment results and performance measures and ratios adjusted for notable items.

The presentation of regulatory measures, even those that are non-GAAP, provides a meaningful basis for comparison with other financial institutions subject to the same regulations as FHN, as evidenced by their use by banking regulators in reviewing the capital adequacy of financial institutions. Although not in accordance with GAAP, these regulatory measures are not considered “non-GAAP” under United States financial reporting rules as long as their presentation complies with regulatory standards. The regulatory measures used in this financial supplement include: Common Equity Tier 1 (“CET1”) capital, generally defined as common equity less goodwill, other intangibles and certain other required regulatory deductions; Tier 1 capital, generally defined as the sum of Tier 1 capital (including common shares and instruments that cannot be redeemed at the holder’s option) adjusted for certain items under risk capital regulations ; and risk-weighted assets, which is a measure of total on-balance sheet and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios.

Refer to the table of reconciliation of non-GAAP measures to GAAP measures and the presentation of the most comparable GAAP items starting on page 21.

First Horizon Corp. (NYSE: FHN)with $85.1 billion active at June 30, 2022, is a leading regional financial services company, dedicated to helping our customers, communities and associates unlock their full potential with capital and advice. Based at Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 southern states of the United States. The Company and its subsidiaries provide commercial, private, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, mortgage and insurance banking services. securities. services. First Horizon has been recognized as one of the nation’s top employers by Fortune and Forbes magazines and among America’s 10 Most Reputable Banks. More information is available at www.FirstHorizon.com.

*ROTCE, PPNR, basic net interest income (NII), tangible book value per share, non-PPP and/or LMC loans and leases, and “adjusted” results are non-GAAP financial measures; NII, Total Revenue, NIM and PPNR are presented on a fully taxable equivalent basis; References to loans include leases and EPS are based on diluted shares; Capital ratios are preliminary. Please see Second Quarter 2022 Earnings Documents at https://ir.firsthorizon.com (News and Events | Events and Presentations) for a description of our use of non-GAAP measures and a reconciliation of such measures to GAAP presentation.

Contact: Investor Relations, Ellen Taylor (901) 523-4450
Media Relations, Beth Ardoin(337) 278-6868

SOURCE Premier Horizon Corporation

]]>
Washington Nationals to accept trade offers for Juan Soto after star turns down $440 million 15-year extension https://disturbmedia.com/washington-nationals-to-accept-trade-offers-for-juan-soto-after-star-turns-down-440-million-15-year-extension/ Sat, 16 Jul 2022 18:00:21 +0000 https://disturbmedia.com/washington-nationals-to-accept-trade-offers-for-juan-soto-after-star-turns-down-440-million-15-year-extension/ Ronald Araujo insists he will host competition for the Barcelona places amid continued speculation that Jules Kounde will join the Blaugrana. Barca have already signed Andreas Christensen, Franck Kessie and Raphinha despite the LaLiga outfit’s financial difficulties. Xavi’s side have also agreed a deal to bring Bayern Munich star Robert Lewandowski to Camp Nou for […]]]>

Ronald Araujo insists he will host competition for the Barcelona places amid continued speculation that Jules Kounde will join the Blaugrana.

Barca have already signed Andreas Christensen, Franck Kessie and Raphinha despite the LaLiga outfit’s financial difficulties.

Xavi’s side have also agreed a deal to bring Bayern Munich star Robert Lewandowski to Camp Nou for €50m including add-ons.

Ousmane Dembele has also signed a contract extension with Barca but the Blaugrana’s spending is set to continue with the Catalan giants reportedly set to buy Kounde from Sevilla.

Chelsea and Manchester City have also been linked with the in-demand French centre-back, who Sevilla manager Julen Lopetegui seems resigned to losing.

With Gerard Pique, Eric Garcia, Christensen and potentially Kounde as competitors, Araujo suggested he wants the best for Barca to compete and will welcome any additions to Xavi’s squad.

Asked about Koundé after training during Barca’s pre-season tour of the United States, the Uruguay international replied: “He’s a great player; Barca’s best players are good for the group.

“They know what I can bring, my characteristics; what I want is for us to have the best team possible.

“Competition is always good in football because it allows you to bring out the best in yourself and players arrive who can contribute. I always say I want the best for Barca and for them to add to the squad. “

As for Dembele’s extension and the new arrivals, Araujo was quick to express his joy as Barca prepare to challenge Real Madrid for the LaLiga title.

“We all wanted Ousmane to continue in the team,” he added. “We know [Lewandowski’s] quality; it’s great that he’s with us.

“Raphinha, Christensen, Kessie have also arrived. It is important that good players arrive to continue to grow as a team.”

Barcelona will face friendlies against Inter Miami, Real Madrid, Juventus and New York Red Bulls ahead of their La Liga opener against Rayo Vallecano on August 13, and Araujo stressed the importance of the pre- season.

“It’s important to have a good pre-season, tactically and physically. I think it’s going to be a great season,” he continued. “It’s important to win titles for the group, but you have to take it step by step.”

]]>
10 markets with the most canceled home sales https://disturbmedia.com/10-markets-with-the-most-canceled-home-sales/ Wed, 13 Jul 2022 20:20:45 +0000 https://disturbmedia.com/10-markets-with-the-most-canceled-home-sales/ fizkes / Shutterstock.com Temperatures are rising, but the housing market appears to be cooling. About 60,000 people pulled out of home-buying contracts in June, the real estate department says red fin. That figure represents nearly 15% of homes listed for sale that month, and it’s the highest rate since the start of the COVID-19 pandemic. […]]]>
fizkes / Shutterstock.com

Temperatures are rising, but the housing market appears to be cooling.

About 60,000 people pulled out of home-buying contracts in June, the real estate department says red fin. That figure represents nearly 15% of homes listed for sale that month, and it’s the highest rate since the start of the COVID-19 pandemic.

Here are the metropolitan areas where most people give up buying a home, a list that includes several links.

10. Crestview, Florida

Crestview, Florida
SevenMaps / Shutterstock.com

Pending home sales that fell out of contract in June: 23.5%

According Zillow. With mortgage rates on the rise again, people here may be less interested in buying at these prices.

Or maybe they have better things to do with their money. Crestview was one of “10 Places Residents Invest More In” last year.

8. Phoenix (tie)

Phoenix, Arizona
Tim Roberts Photography / Shutterstock.com

Pending home sales that fell out of contract in June: 24.5%

We recently noted that Phoenix is ​​one of the “10 most popular US cities to move to,” and all of those people have to live somewhere. But they may be taking a more measured approach to buying a home now compared to a year ago, when many people across the country were waiver of home inspections just to beat the competition.

8. Orlando, Florida (tie)

House in Orlando, Florida
Tom Fawls / Shutterstock.com

Pending home sales that fell out of contract in June: 24.5%

The Disney World home was also one of the most popular US cities to move to in 2021, but it seems many people are hesitant to be neighbors to the House of Mouse. The typical home value here is over $380,000, up nearly a third from a year ago, according to Zillow.

7. Palm Bay, Florida

Palm Bay, Florida
Thomas Kelley / Shutterstock.com

Pending home sales that fell out of contract in June: 24.9%

Palm Bay was among the “15 cities where homebuyers are most likely to face bidding wars” earlier this year, but now 1 in 4 sales are unfinished. Apparently, a lot can happen in a few months, so if you’re interested in a home on Central Florida’s Atlantic coast, consider coming back in the fall.

5. New Orleans (tie)

Houses in New Orleans, Louisiana
Ellie-Rose Cousins ​​/ Shutterstock.com

Pending home sales that fell out of contract in June: 25.3%

New Orleans has seen a softer real estate market over the past year, but that’s only relatively telling – it’s still up nearly 11% over the past year, with typical home values ​​d around $285,000, according to Zillow.

5. Jacksonville, Florida (tie)

Jacksonville Homes District
Felix Mizioznikov / Shutterstock.com

Pending home sales that fell out of contract in June: 25.3%

Jacksonville, meanwhile, has seen a 30.5% increase in the value of a typical home over the past year, according to data from Zillow. The typical house here is worth around $308,000.

However, as we recently wrote, Jacksonville is one of “10 Markets Where Home Prices Could Drop 20%.”

3. Port St. Lucie, Florida (tie)

Port St Lucie Florida
Felix Mizioznikov / Shutterstock.com

Pending home sales that fell out of contract in June: 25.7%

The fifth — but not last — Florida city on the list has seen a particularly dramatic increase in home values ​​since June 2021, according to Zillow. The median home value here is now just over $400,000, up about 40% from a year ago.

3. Cape Coral, Florida (tie)

Cape Coral, Florida
Khairil Azhar Junos / Shutterstock.com

Pending home sales that fell out of contract in June: 25.7%

This popular boating town is featured in “The 25 Best Towns to Retire in Florida.” But with a quarter of home sales contracts failing here in June, the move for retirement may not be smooth.

2. Lakeland, Florida

Lakeland, Florida
kathmanduphotog / Shutterstock.com

Pending home sales that fell out of contract in June: 26.7%

Lakeland home buyers were recently paying a premium of up to 53% in this overvalued market. With more home sales falling, that number could start to drop.

1. Vegas

Houses in Las Vegas, Nevada
SoleilC / Shutterstock.com

Pending home sales that fell out of contract in June: 27.2%

The house always wins – until the spenders leave, at least. This is happening more frequently in Vegas than anywhere else in the United States right now, according to Redfin’s analysis.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click on links in our stories.

]]>
The innovation of the decade? https://disturbmedia.com/the-innovation-of-the-decade/ Mon, 11 Jul 2022 22:51:06 +0000 https://disturbmedia.com/the-innovation-of-the-decade/ By Matthew Peake, Global Director of Public Policy, Onfido Before the digital economy transformed the way consumers interacted with products and services, the way companies managed and verified their customers’ identities remained relatively stagnant. For many organizations, the default process was to require a user to show a physical document like a paper ID, or […]]]>

Digital identities: the innovation of the decade?  sevenBy Matthew Peake, Global Director of Public Policy, Onfido

Before the digital economy transformed the way consumers interacted with products and services, the way companies managed and verified their customers’ identities remained relatively stagnant. For many organizations, the default process was to require a user to show a physical document like a paper ID, or enter a one-time passcode. This was particularly the case in banking, travel and even voting.

Over time, companies have looked for alternatives to verify the identity of customers online for the convenience of users. One method was to use knowledge-based authentication (KBA) to verify identities in a virtual space. Powered by the credit bureaus, it forces consumers to answer “secret questions” about themselves and their financial history that only the legitimate person would be expected to know. However, this is often a long and frustrating process for users. Additionally, as fraudsters’ tactics have evolved and data breaches have become more prolific, these systems have become direct targets for bad actors due to the sheer volume of information and data they hold.

But as the past two years have seen a decisive shift towards online services, what began as a mission of convenience is now a necessity that aligns with a long-term behavioral pattern. In reality, one in two now feel more comfortable with online services than before the pandemic. So, as companies pivot to meet their users online, it’s a financial, reputational and, in some cases, regulatory obligation that they can verify their customers accurately and securely. This is where digital identity innovation can serve as a bridge between the physical and virtual worlds, provide protection against identity fraud, and onboard customers quickly and seamlessly.

What drives digital identities?

The value of digital identities has been clearer than ever over the past two years, helping businesses to effectively onboard new customers as the digital economy has grown. But it is not the only reason.

Today’s fraud landscape is changing rapidly. As consumers moved online, malicious actors followed closely. So much so that identity theft has increased by 44% since 2019, while the level of organized crime has also surged with improved tactics such as 2D/3D masks, deepfakes and replay attacks all being deployed. As a result, users are increasingly aware of their online presence and the value of their personal data. Indeed, recent studies show that 57% of consumers now fear their identity is available for purchase online. As a result, many are taking a pragmatic approach to fraud, especially in banking and finance. More than 40% of banking customers, for example, said they would immediately close their account or switch providers if it were compromised by fraud.

This shows that the stakes are higher than ever for online businesses: failing to verify the identity of customers and they could be hacked, expose their users to fraudsters, lose revenue and ultimately dismantle the trust they have built. . Over the next decade, digital identities will be crucial for businesses to stay ahead of increasingly sophisticated fraudsters.

Setting a new standard for virtual identities

But how do they do this? Today, digital identities rely on emerging and innovative technologies designed to mitigate fraudulent attacks.

Machine learning and biometrics play a vital role in the digital identity verification process. They allow users to verify their identity simply by taking a picture of their ID and posting a selfie. This confirms that he is the rightful owner of the ID and is physically present. Unlike traditional KBA processes, this protects against identity theft and impersonation, and greatly reduces the potential for identity fraud.

Beyond that, digital identities are now combined with advanced innovations such as AI and low-code solutions to fuel best practices in fraud prevention. For example, AI automates the entire identity verification process, allowing companies to select “pass” requirements based on risk and complete verifications in less than 10 seconds. This means businesses can tighten the security behind their onboarding controls for high-value or riskier services, such as mortgage applications and loans, without impacting the overall customer experience.

While no-code and no-code solutions make it easier than ever to implement digital identities for businesses. With improved accessibility, all businesses can access powerful analytics and make smart, real-time decisions about the onboarding process, staying ahead of fraudsters and protecting users.

The coming decade

Early adopters are already seeing the benefits of this new and improved identity verification standard. Today’s sophisticated fraudsters have closely followed consumers online and it is no longer enough to combat this threat by requiring users to enter a one-time passcode or show a physical ID document to prove their identify. Those who do so risk damaging their reputation, losing revenue, and breaking trust with their users.

Fraud prevention best practices now rely on advanced AI and biometric technology to deter fraudsters and allow businesses to tailor their protection based on risk. It’s what will keep companies and their users safe in virtual spaces, replicating the level of security and convenience found in the physical world, and why it should earn the title of Innovation of the Decade.

]]>
These are your worst dealership experiences https://disturbmedia.com/these-are-your-worst-dealership-experiences/ Wed, 06 Jul 2022 19:30:00 +0000 https://disturbmedia.com/these-are-your-worst-dealership-experiences/ Visit a Honda dealership in Phoenix… “My fiancé and I are not ready to buy and won’t be for a few weeks – I don’t want to waste your time with financial matters, we haven’t even halfway compared different CUVs in our price range All we want is to see and test the new CRV […]]]>

Visit a Honda dealership in Phoenix…

“My fiancé and I are not ready to buy and won’t be for a few weeks – I don’t want to waste your time with financial matters, we haven’t even halfway compared different CUVs in our price range All we want is to see and test the new CRV and then we’ll be out of your hair We’d love to see the EX-L or the Touring (top of the line) and we don’t care color or anything like that.

Them: “Of course! Sit down, we’ll draw one”

FORTY MINUTES pass. There is a vendor in a booth but he looks busy and when we arrived all the other vendors were chatting outside so I walk outside but no one is there. I’m trying not to be pushy because I already insisted on not buying today so I know I’m not their top priority but I feel like I should at least be on the listing. I look around for a second and walk in – I find this salesman busy with a pile of paperwork sitting with my fiancé and she looks very uncomfortable. I come back and say “that’s a lot of paperwork for a test drive!” and my fiancé goes “oh no, he walked me through all the finance options. He wants to do a credit check” and then throws that stinky “where did you go” eye at me.

At this point I sit down and push the paperwork back to him – “we can do the math on the payments just fine. We’re here for a test drive as we haven’t seen the new model in person – can you Go check it out? They was shooting one about half an hour ago.

“Well, what good is a test drive if you don’t know what the payouts are like!” We’re in the process of negotiating a deal right now-“

“We are not buying today, we would just like to see the car.”

He’s pissed – gets up and goes back to his desk for a walkie-talkie and asks if they have the CRV ready and gets a gruff response I couldn’t hear. He regains his salesman’s smile and asks us to leave. “Fuck finally” said my fiancé. In effect.

We get out and all the sales people who sprayed are now surrounding the car smiling like one of those creepy “Welcome to the Sorority” videos. One dutifully opens the door to reveal cloth seats and the most embarrassing infotainment screen to adorn a supposed 2020 vehicle. “It’s an LX…we wanted to see a Touring…” says my fiancé . She doubles down on the window sticker, “…and it’s a 2018.”

Me, trying to get it over with quickly – “Well, let’s sit down anyway while they drive around a 2020 Touring”, I say it loudly, giving the nearest salespeople a hard look, don’t receiving only robotic smiles. None of the vendors move. This is the point where I completely give up, but I’ve now socially forced us to sit in this fucking thing, so we do.

So after all that – almost an hour of completely wasted time – we are greeted by the least impressive modern vehicle we have sat in all our time looking for cars. There was obvious water damage to the soft fabric trim under the windows. My fiancé commented that it was the exact same gear and features as the 2014 Civic we were replacing. A random salesman hops in the back and starts trying to tell us about all the cool features and my fiancé turns out to be 100% correct – not a single feature listed was something his 6 year old Civic didn’t had not. He asks if we want to take a test drive – through the open window the papers salesman says “they haven’t filled out the papers yet” and the guy in the back says “oh alright let’s go to the interior and we can take care of it!”

“No thanks, everything is fine.” We start to go out. The papers salesman cuts to the chase for my fiancée, she ain’t even half out of the car – “So we can get you in this one today for just $225 a month with 0% I know you were looking for the Touring, but we sell a lot more – there really isn’t a big difference between the models, and you save a ton of money!

“We are NOT buying today” says my fiancé.

“Thanks for your time” I frantically press the unlock key on my Acura as if it will help us get out of here quicker.

“Fucking waste of time” said one of the salesmen under his breath – “Of course!” I snap, as my beep-beep car springs to life just in time.

In the safety of my car, we agreed that even if we were both raised by hardcore Honda/Acura families and continued to drive Honda/Acuras as adults, we wouldn’t even consider it. never one again. I have never seen my whole world view change so dramatically in one hour.

Interestingly, Toyota was probably second worst for also trying to shove paperwork, quotes and credit checks down our throats when we really wanted to drive a goddamn Rav4. Hyundai and Mazda stood out as FANTASTIC experiences – knowledgeable and enthusiastic salespeople who understood why we were there and each got us behind the wheel of multiple cars in the time it took Honda to pull the wrong one.

One bad experience at the dealership can be enough to keep you away from a brand forever, especially when salespeople get pushy. You cringe at the thought of owning this car, simply because you were forced to – and you may never go back to this brand again.

]]>
My 10 favorite things to buy at Aldi https://disturbmedia.com/my-10-favorite-things-to-buy-at-aldi/ Mon, 20 Jun 2022 13:25:17 +0000 https://disturbmedia.com/my-10-favorite-things-to-buy-at-aldi/ Jonathan Weiss / Shutterstock.com Back when I was a struggling college student, Aldi was a no-frills necessity – a grocery store I only used because of my stretched budget. The stores were dark and dated, the selection was limited, and transactions were strictly cash. What a difference a few decades can make. Today’s Aldi stores […]]]>
Jonathan Weiss / Shutterstock.com

Back when I was a struggling college student, Aldi was a no-frills necessity – a grocery store I only used because of my stretched budget. The stores were dark and dated, the selection was limited, and transactions were strictly cash.

What a difference a few decades can make.

Today’s Aldi stores are bright and modern, and inventory has gone from basic to slightly chic. Yet the low prices remain – beating even Walmart’s prices, an analysis has revealed. The company says that it operates nearly 2,000 stores in 36 states and that more than 90% of its products are private label.

After years of shopping elsewhere, I rediscovered this lovely discounter several years ago and have never looked back. Here are my favorite things to buy at Aldi. Prices shown are from my local store in Des Moines, Iowa.

1. Fresh produce

Aldi product department
Ilze_Lucero / Shutterstock.com

Although Aldi’s produce section isn’t as extensive as most other grocery stores, it covers the basics well and its prices can’t be “beetroot”.

A 10-pound bag of Wisconsin-grown Russet potatoes is $4.69, a few cents less than the price at my local Walmart.

At Aldi, organic Chiquita bananas sell for about the same price as non-organic bananas at other stores. I picked up a bunch for $0.60 a pound.

2. Organic foods

Aldi's Simply Nature Non-GMO Organic Granola Bars
Deutschlandreform / Shutterstock.com

In response to consumer demand, most grocery stores now offer organic options. Aldi remains competitive by offering a wide selection of organically grown products and organic and/or non-GMO packaged items.

Two of my favorites are from Simply Nature. A 14-ounce bag of non-GMO organic cashews is $9.79 and a 12-ounce bag of non-GMO organic granola cereal is $3.55.

3. Wine

Woman drinking wine and reading a book
Dragana Gordic / Shutterstock.com

Considering the past few years, who isn’t looking for ways to save on wine?

Although some state laws restrict or prohibit the sale of alcohol in grocery stores, my local Aldi has a respectable selection. I counted nearly 40 brands of red, rosé, white and sparkling wines – most costing between $4.49 and $9.99 a bottle.

If there’s a dinner party in your future, pick up a bottle of 2020 Evanta Malbec for $4.49 or 2020 William Wright Chardonnay for $6.99.

Want to go cheaper? Try Aldi’s private label winking owl. A bottle of Winking Owl Moscato will set you back just $2.95.

4. Cheese

Aldi meat and cheese department
Daria Nipot / Shutterstock.com

It may sound like crackers, but Aldi is the place for cheese.

My local store has Gouda, Camembert, Brie, Asiago, and several varieties of goat cheese. The cheese selection alone is proof of Aldi’s international reach and makes it the perfect place to stop on a Friday afternoon for weekend “essentials”.

Discover Emporium Selection, another private label from Aldi. I picked up an 8 ounce package of mozzarella for $3.19 and a 6 ounce wedge of Gouda for $3.59. Both were fresh and wonderful.

5. Coffee

Aldi Simply Nature organic coffee
damann / Shutterstock.com

I’m no coffee snob, but I love – or more accurately, require — a few cups of strong infusion in the morning. Fortunately, Aldi understands me.

Aldi’s Barrisimo brand coffee can compete with the best coffee beans. A 12-ounce bag of fair trade dark roast ground coffee costs $4.49. That’s a bargain considering a 12-ounce bag of Lavazza coffee currently sells for nearly double that amount on Amazon.

Go organic? Simply Nature (another Aldi-owned brand) offers a 12-ounce bag of organic, fair trade, non-GMO whole bean coffee for $6.19. Seriously, if the caffeine doesn’t make you feel all warm and fuzzy inside, the savings will.

6. Olive oil

Salad with olive oil
Marian Weyo / Shutterstock.com

For a below average cook, I consume a surprising amount of olive oil. Fortunately, Aldi has my back. A 16.9-ounce bottle of Carlini brand olive oil (pure or extra virgin) sells for just $2.75.

7. Chocolate

Knoppers wafers at Aldi
Deutschlandreform / Shutterstock.com

Confession: I have a weakness for chocolate. Over the years, I’ve developed a fairly refined palate that can quickly discern the “good stuff” from the “not so good stuff” (after all, there really isn’t a wrong chocolate, right?).

I’m happy to report that for the price, Aldi has some of the best chocolates on the market, most produced in Germany, Belgium and Austria.

Choceur is one of my favorite Aldi private brands. From truffles to classic milk chocolate bars, Choceur has all the hallmarks of a master chocolatier.

Pick up a massive 200-gram (about 7-ounce) dark chocolate and hazelnut Choceur bar for $2.49 or an 11-ounce box of milk chocolate covered almonds for $3.99.

8. Canned soup

SpeedKingz / Shutterstock.com

On a scale of 1 to 10, my cooking skills are a solid 4. So it’s no surprise that canned soup is a staple in my kitchen. I use it as a base, adding tons of steamed vegetables and rice to make healthier, heartier stews.

Aldi’s Deutsche Küche brand soup is that lousy cook’s best friend. Varieties include German Bean, Harvest Potato, Harvest Vegetable, and Hearty Pea. Each 28-ounce can sells for $2.79, a price comparable to a much smaller (18.5-ounce) can of Progresso soup.

9. Jasmine rice

Woman cooking rice
SunCity / Shutterstock.com

I use jasmine rice as a base for stir-fries, but it’s also great as a side dish (just steam it and toss it with a little cilantro and lime juice).

Sold under the Aldi’s Specially Selected brand, a 5-pound bag of imported jasmine rice costs $5.45. This is significantly less than comparable products on Amazon.

10. Ice cream

Aldi freezer section
defotoberg / Shutterstock.com

Let’s finish with the dessert. A 48-ounce carton of Aldi’s Sundae Shoppe brand strawberry ice cream sells for $1.79. This is the lowest price I have seen for any brand in any store. How sweet!

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click on links in our stories.

]]>
5 milestones that mark the start of retirement for Americans https://disturbmedia.com/5-milestones-that-mark-the-start-of-retirement-for-americans/ Sat, 18 Jun 2022 12:12:01 +0000 https://disturbmedia.com/5-milestones-that-mark-the-start-of-retirement-for-americans/ stockfour / Shutterstock.com When does retirement start? Most people would say this is the day you stop clocking in full time for your business. But not everyone thinks that way. For some people, other milestones are more important markers that your golden years have begun. A recent report by Edward Jones and Age Wave surveyed […]]]>
stockfour / Shutterstock.com

When does retirement start? Most people would say this is the day you stop clocking in full time for your business.

But not everyone thinks that way. For some people, other milestones are more important markers that your golden years have begun.

A recent report by Edward Jones and Age Wave surveyed 11,000 adults. A subset of respondents – retirees and pre-retirees aged 45 and over – were asked to name the stage that most means they have reached the goal of retiring. Here’s how this group responded.

5. Reaching a certain age

Happy and relaxed retired seniors
Monkey Business Images / Shutterstock.com

Retirees and pre-retirees who say this stage marks the start of retirement: ten%

By the time you hit 50 — if not before — thoughts of retirement start to get bigger. At some point, you might cross the line between thinking about retirement and actually feeling like you’ve reached that stage in life.

As the study authors note, “being a ‘retiree’ these days is mostly self-defined.”

3. Achieve Financial Independence (Equality)

Senior shocked by money
Drop of Light / Shutterstock.com

Retirees and pre-retirees who say this stage marks the start of retirement: 17%

Some people are lucky enough to reach a day when they no longer need to work, even though they still enjoy doing it.

Achieving some level of financial independence relieves the pressure of living paycheck to paycheck. Your body may continue to show up for work, but your mind has entered a new place.

If you’ve reached this point and are dreaming of the next step – quitting your job – check out “The 10 Best US Cities for Early Retirement.”

3. Leaving a job or career (tie)

Senior smiling goodbye
Krakenimages.com / Shutterstock.com

Retirees and pre-retirees who say this stage marks the start of retirement: 17%

For some people, quitting a job means they are retired, but that does not necessarily mean that these people are leaving the labor market altogether. After working in a career for a long time – possibly with the same employer for years or even decades – a change to a new job can feel like retirement.

Or maybe someone is giving up a leadership role to take on something with a better work-life balance. This too can feel like a kind of retirement.

2. Receiving social security or a pension

Man drinking coffee
Monkey Business Images / Shutterstock.com

Retirees and pre-retirees who say this stage marks the start of retirement: 22%

It’s no surprise that reaching either of these milestones makes people feel like they’re retired.

Of course, it is possible to continue working even if you are bringing in Social Security or retirement money every month. But for many people, these sources of income are enough to assure them that they could quit their job at any time.

Not sure when to file a claim? Stop by the Solutions Center to find help from a Social Security expert.

1. Stop working full time

Elderly man working in agriculture
aslysun / Shutterstock.com

Retirees and pre-retirees who say this stage marks the start of retirement: 34%

Taking a long break from full-time work was the ultimate sign that you’re officially “retired.”

Maybe you work as an accountant for a long time, then suddenly switch to a part-time job at a nursery. Or maybe you’re giving up a full-time teaching position and now considering being a substitute teacher.

Or maybe you go the traditional route and ditch the work altogether.

All of these circumstances can make people feel like they are finally “retired”.

If you’re ready to change your job without stopping completely, check out “20 Great Part-Time Jobs for Retirees.”

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click on links in our stories.

]]>