Good day, everyone, and welcome to the Consumer Portfolio Services 2022 First Quarter Operating Results Conference Call. Today's call is being recorded. Before we begin, management has asked me to inform you that this conference call may contain forward-looking statements. Any statements made during this call that are not statements of historical facts, may be deemed forward-looking statements. Statements regarding current or historical valuations of receivables, because depending on estimates or future events, also are forward-looking statements. All such forward-looking statements are subject to risks that could cause actual results to differ materially from those projected. I refer you to the company's annual report filed March 15 for further clarification. The company assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. With us here is Mr. Charles Bradley, Chief Executive Officer, and Mr. Jeff Fritz, Chief Financial Officer of Consumer Portfolio Services. I will now turn the call over to Mr. Bradley.

Thank you and welcome everyone to our first quarter earnings call. I guess it's nice to be able to look forward to a call. And since we've known the numbers for a little bit, I certainly was, since this was in fact the best quarter we've ever had in the history of the company. And it's nice to be able to say that as well. Finally, after working on all these different things for a few years and working through some problems during previous years, we can easily say we're now functioning on all cylinders and doing very, very well. Certainly the best quarter ever. A couple of highlights. We originated 410 million in new contracts versus 328 million last quarter and 205 a year ago. So obviously, massive growth in our originations, which I'll explain a little bit later. But basically, we've expanded our base, we've added some programs, and our modeling and AI is working brilliantly. Also, we had a -- and that included in that quarter a record all-time month of $171 million in the month of March. We were off to the races anyway, to finish the quarter with that kind of a number was terrific. And those numbers should continue. We're very happy about all on that. Pretax income of $29.3 million, also a new milestone in the company. This is almost like what we should be doing and it's paying off, all the hard work is really working out. In another side, net charge-offs were 3.3% versus 6.3% a year ago. So again, even with the growth and anything else, our collection operation is still performing very, very well. And all of the things we've done in that area of the company are really coming home and really making the mark in terms of how we make things work. Auction still remain high and recoveries of auctions were 61%. That certainly helps everything, but given the state of what's going on in the economy and the car business, we probably think that will continue for a while. Lastly, we did a securitization just recently, which was $395.6 million, which would also represent the largest securitization we've ever done. So lots of highlights, I'll go into a little more detail, but first, I'll let Jeff run through the financials.

Thank you, Brad. Welcome, everybody. We'll begin with the revenues for our first quarter just ended were $74.4 million, that's a 7% increase over our fourth quarter of last year and an 18% increase over the first quarter of 2021. Our revenue score is driven by the portfolio, the legacy portfolio, has continued to amortize down to $190 million or about 8% of our total portfolio, and is currently yielding 17%. The fair value portfolio, which is everything we've originated since January 2018, is $2.192 billion, 92% of the total portfolio, yielding this quarter about 11.7%, which, as you know, from hearing this before is net of losses. The fair also a little bit interesting and uncommon. This quarter, we have a markup to the fair value portfolio of $2.4 million. And what we've seen is that some of the losses that we estimated for the COVID event that began about two years ago have not materialized. And so we've gone back and reevaluate the fair value portfolio and effectively taken out a portion of those losses that we previously estimated. Because as I said, they didn't materialize. And so that represents $2.4 million of the revenue for this quarter. Moving on to expenses, $45 million is flat with our fourth quarter of last year and down 18% from $55 million in expenses in the first quarter of 2021. Expenses have a couple of things going on. First of all, we have a significant reduction in our allowance for loan losses, so we have a reversal of previous provisions for credit losses on the legacy portfolio that's $9.4 million this quarter. We had a $13 million similar reversal of credit losses on the legacy portfolio in the fourth quarter of last year. But there was no such similar adjustment to…

Thanks, Jeff. I guess the obvious question is, okay, why are things going so well? And I'm going to do my best to try and give you a few highlights of why we think it's doing so well. Number 1, as always, one of our primary focus is marketing. The whole trick with marketing is to get as many people on the ground and as many dealerships signed up as possible. And that's been our focus for a long time. I think we're almost at a critical mass size where some of that is easier. One of the big things we did recently is we added a non-prime program, which we have in the call matter and then Facebook copied us. But nonetheless, that's a new program and it's been very successful. And it isn't so much we're buying a lot of it, but it does help that we are buying more of the high-end spectrum. It both helps in terms of our credit performance, but also helps in terms of what we are for the dealers. I added that program. We've been able to be even more of a one-stop-shop or full-service spectrum for our dealers. And that helps our marketing folks to be able to sell that or pitch that to the dealers. And I think it's been very effective. Of course, we are adding as many new market reps and people as we can, we're also expanding the dealer base as much as we possibly can. That will continue this year to be a big focus in putting lots of more people in the field and also just getting the dealer network into the large double-digits, 10 or 12,000 dealers, which will give us just that much more ability to go deeper into the dealers as we…