“At the midpoint of our guidance this year, we anticipate savings of over $40 million of SG&A, including bad debt relative to 2023.”

In context

“to the market implied some of the parts on a comparable basis. And where this does not hold true, we've taken corrective actions, which I'll touch on a little bit later. As I mentioned in previous remarks, our exposure to financial risk has been more acute in our emerging market portfolio particularly over the past several years as global macroeconomic factors have had an outsized impact on emerging markets. In these cases, those financial risks have, quite frankly, outpaced what we originally underwrote and together with care consolidation that contributed to financial results in certain emerging markets that fall short of our standards. We're taking action to improve those results. We've talked previously about our focus on cost controls, and I'm happy to say that those are paying off. At the midpoint of our guidance this year, we anticipate savings of over $40 million of SG&A, including bad debt relative to 2023. Our emerging market footprint has been a meaningful contributor to our cost efficiency progress to date, where we're shifting our focus from aggressively growing those portfolios to maximizing the return on our investments. We've also previously commented on raising the hurdle rates for the deployment of additional capital in those markets. These proactive actions and our refined strategic focus have corresponded to an expected 2024 reduction of over 40% in discretionary capital across Latin America, Africa and APAC compared to 2021. Conversely, in parts of our developed market footprint such as Europe and Corsair we're underwriting compelling mid-teens US dollar yields, we're increasing our investments alongside our capital partners. With an expanded developed market platform inclusive o”