GSY raised its dividend by 25%. EPS of $4.45 beat estimates of $4.37; revenue of $405.2M beat estimates of $401M. EBITDA of $184M beat estimates by 4%. Revenue rose 20%. The loan portfolio rose 26% to $4.6B. The CEO search is at an 'advanced' stage. EPS rose 11%. Originations rose 15%. Charge offs rose a bit to 9.1% from 8.8%, but still very acceptable vs history. Allowance for losses increaed slightly. GSY bought back $69M of its shares. In its three-year forecast GSY predicted some very minor downticks to some metrics (revenue/margins) but we think it is just taking a conservative stance. We think results are good, but not a blow-out, certainly. Investors should like the dividend increase.
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