joining me for today's power call is kevin barker, managing director at piper sandler. kevin, what are you seeing here and why does it have you so unnerved you've cut the price target from 34 to 45 >> so we're seeing that to your point the rising tlifrndelinque rates are rising at a faster clip and there is a normalization that needs to happen because losses were so low for so long after the pandemic and while we expect losses to go up, the growth rates that we're seeing now are a little bit worrisome, and if they continue at those rates we think losses could really hurt earnings in the future. >> what is driving those losses? it's not rising unemployment it's not falling wages, per se i have to assume it's the rising price of automobiles and that people have just taken out more loan to buy more expensive cars than they can afford >> the loan numbers have gone up a lot. duration has extended and the standards overall have been fairly consistent and used car prices were so high. inflation's really making it difficult for people to make payments or to even handle their bil