RE:q3 results and the gorwth continuesreally excellent result and it looks like your interpretation on the funding announcement was the correct one. US$356MM at 1.74% is very beneficial. The US business already had a funding benefit this quarter (receivables +17%, but interest expense flat) and it is only going to get better.
The $100MM+ in originations a month is very strong. My guess is that some of that is driven by strength/recovery in the economy. That will likely ease at some point, but the company is introducing other funding avenues to offset. Keep funding $100MM a month and the company gets pretty big pretty soon.
Looks like $40MM in FCF in '22 is very achievable. Hopefully valuation follows.