EPS of 42c beat estimates of 39c; revenue of $129.3M matched estimates. Revenue rose 35% in the quarter and 42% for the year. EBITDA rose 48% to $31.9M. Net income rose 37%. EPS rose 25% (adjusted EPS rose 52%). Return on equity was 29% vs 35% for the quarter, but 38% vs 30% for the year. Loans increased by 42%. Originations rose to $586M, up 42%. Annualized yield did decline, reflecting lower rates, aging loans and some customers moving to lower rates on reduced risks. Provisions for loan losses decline 3 points. Guidance for 2025 revenue was $590M to $650M, vs current estimates of $630M. Some will take this guidance as negative, but with the large stock decline this year we do not think investors expected a huge guidance boost. Certainly growth is still present at PRL. We are comfortable with the numbers. The outlook may not show as much growth as last year, however, but the stock remains very cheap, with an attractive, growing yield.
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