Todd Schwartz: Yes. I mean, there’s minor fluctuations, but no, our goal is to keep it where it’s at and we think we can think we have the funnel capabilities and the service capabilities to be able to keep it there. So that is our goal. And think that you see some others in the industry kind of chasing a little bit on the cost per. We’re not going to do that. We’re going to be pretty disciplined on our cost.
David Scharf: Understood. Great. Thank you very much.
Todd Schwartz: Thank you.
Operator: Our next question comes from Mike Grondahl from Northland Securities. Please go ahead.
Mike Grondahl: Hey, guys, congrats on the progress. Do you like your cost structure where it is today kind of going into 2024? Any thoughts on that?
Todd Schwartz: Well, I mean I think if you look, we’ve made – we’ve brought it down even further from last year. I think we were at 39% as a percentage of revenue in 22%, and I think we’re closer to 35%. So we’ve made significant progress. And that’s in an environment, Mike, that you’re seeing inflation on all services, vendors, goods, and frankly, in wages. And so we’re really proud that we’ve been able to scale OpEx in a year where most haven’t been able to. And listen, we’re always about continuous improvement here and always looking at things that we can be more efficient. And there are some potential optimizations and efficiencies that we can look to next year to offset some of increased costs. And we’re something we’re always going to be looking at, but we feel really good.
I think if you remember, when I came back as CEO, we were at 45% as a percentage of revenue. We’re now down in the 35% range as a percentage of revenue, 35%, 36%. And feel really good that we’ve done a lot there and continue to push on that.
Mike Grondahl: Got it. And then secondly, you guys are generating nice capital again. It looks like you’re going to be generating cash for a while here after you tighten credit. You’ve mentioned you’re looking at acquisitions a little bit. You’ve also mentioned you’re really patient. I don’t know, could you just talk about what you’re looking for in an acquisition? And you run the core business so well. And in the past, you’ve tried to do a couple of things, new credit card, maybe the payroll product, that in a way didn’t work. So how are you just thinking about an acquisition versus returning capital to shareholders? Like, what kind of hurdle does that acquisition need to get over?
Todd Schwartz: Yes. I mean we could potentially even do both. So we’re – consider all the possibilities. It’s good to have that optionality. I think when we’re looking at inorganic opportunities, the market’s coming to us. There’s definitely more rational sponsors out there and companies that I believe anything we do, we’re going to kind of have the unit economics figured out, which is different than kind of when you do an in-house startup credit card and some of that salary tab stuff, that’s kind of stuff that had to be proven out and had to build models off of data. So anything we look at, whether it’s in the kind of credit repair small business space, some of the themes I’ve kind of mentioned before is going to be highly accretive to our business.
It’s going to have some proof of concept already in unit economics that we know if you look at OppFi can be scaled, but we’ll be deliberative and patient for the right price and right fit and brand and values that align with our values is important as well. We’re a credit access business and brand matters. We have one of the strongest consumer facing brands. So we have to find something that aligns with that and provides real value to the customers.
Mike Grondahl: Okay. Fair, fair. Thanks, guys.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Todd Schwartz for any closing remarks.
Todd Schwartz: Thank you, everyone for joining us today. We look forward to speaking with you again early next year when we report Q4 results.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
