Medallion Financial Corp. (NASDAQ:MFIN) Q3 2023 Earnings Call Transcript

Matt Howlett: Yes. Look, the taxi medallion is now a tailwind for you, given you already had $8 million in pretax again in October, was that – did I read that correctly?

Andrew Murstein: Yes, exactly. Yes, that’s been icing on the cake for us to last, or pretty big cake, I guess because we are collecting a lot of money there. So, we will continue to do so, I hope. Again, the business is picking up the Medallion business. It bottomed down at about $79,000 Medallion. It’s been picking up ever since the last few years.

Anthony Cutrone: Yes. And I would just add that this is consistent what we are experiencing in the Medallion space right now. It’s consistent with what Andrew and management here has been saying all along. If you go back a number of years, when we were in the height of the issues that the taxi medallion space was encountering, we always knew and we were transparent about it, that eventually, we get to a point where the prices aren’t going to go down any further. And at that point, then we would benefit, as we had already taken the pain. So, I think that’s what we have experienced not just the past nine months, but also last year as well.

Matt Howlett: Well, it just looks like there is significant off-balance sheet value of those taxis. It’s obviously a huge tailwind to your earnings going forward on top of really great performance. And hopefully, they will see – people will see the performance, versus what we are seeing from the banks, what the problems they are experiencing and some of your performance, so congratulations. Thanks Anthony and thanks Andy.

Andrew Murstein: Thank you, Matt.

Anthony Cutrone: Thank you.

Operator: Thank you. As there are no further questions, I would now hand the conference over to Andrew Murstein, President for any closing comments.

Andrew Murstein: Thank you again for joining us this morning. Our company is doing well and we have a lot to be proud of. We are working hard and seeing great results that position us well to continue to deliver shareholder value. As always, if you have any questions, please feel free to contact our Investor Relations team. The contact information is on the last page of our earnings supplement as well as the IR section of our website. Thanks again and have a great rest of your day.

Operator: Thank you. The conference of Medallion Financial has now concluded. Thank you for your participation. You may now disconnect your lines.