Credit Acceptance Corporation (NASDAQ:CACC) Q4 2022 Earnings Call Transcript

Unidentified Participant: Doug, this is Shane (ph) from Bank of America. Thanks for taking my question. So I just — I think your bonds now are kind of trading in the low-90s. And you talked about capital allocation with a focus on investing and maintaining enough to originate your growth in volumes next year or this year. But with the bonds in the low-90s, could you look to maybe be opportunistically addressing some of the maturities before they come due in 2024?

Doug Busk: Conceivably, we’ve explored retiring some of the bonds early. Obviously, have elected to do anything thus far, but we’ve taken a look at that. And we’ll just have to weigh the attractiveness of that alternative with the need to invest in new loans.

Unidentified Participant: Thanks. And then I guess, previously, you had filed the 8-K expecting the New York lawsuit. I guess, have you had any — or seen anything from any of the other states potentially suggesting that they are moving forward with lawsuits or you haven’t really seen anything new come across yet?

Doug Busk: We’re not going to say anything about the existing lawsuit other than what Ken mentioned earlier in the call.

Unidentified Participant: Okay. Thank you.

Operator: Thank you. One moment while we prepare for the next question. Our next question is coming from Christopher Ryan of Radcliffe. Your line is open.

Christopher Ryan: Hi. Thanks for taking my question. Just is there any timeline known right now about the New York CFPB lawsuit they can give us?

Doug Busk: I can’t answer that one, no.

Christopher Ryan: Okay. And then what was the average price paid for share repurchase in the quarter?

Doug Busk: Was 208,000 shares at an average price of, I believe, 455 — so that’s around $100 million.

Christopher Ryan: Got it. Thank you. That’s all my questions.

Operator: Thank you. That concludes today’s Q&A session. I would like to turn the call back over to Mr. Busk for any further additional comments or closing remarks.

Doug Busk: We’d like to thank everyone for their support and for joining us on our conference call today. If you have any additional follow-up questions, please direct them to our Investor Relations mailbox at ir@creditacceptance.com. We look forward to talking to you again next quarter. Thank you.

Operator: Once again, this concludes today’s conference. We thank you for your participation. Everyone may disconnect.