Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries CPS Announces Third Quarter 2022 Earnings By: Consumer Portfolio Services, Inc. via GlobeNewswire November 09, 2022 at 17:01 PM EST Pretax income of $34.3 million, a 76% increase over the prior year periodNet income of $25.4 million, an 85% increase over the $13.7 million in Q3 2021Diluted EPS of $0.95 compared to $0.52 in the prior year periodNew contract purchases of $468.2 million, a 43% increase over the prior year period LAS VEGAS, NV, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced earnings of $25.4 million, or $0.95 per diluted share, for its third quarter ended September 30, 2022. This compares to net income of $13.7 million, or $0.52 per diluted share, in the third quarter of 2021. Revenues for the third quarter of 2022 were $90.3 million, compared to $68.6 million for the third quarter of 2021. Total operating expenses for the third quarter of 2022 were $56.0 million compared to $49.0 million for the 2021 period for an increase of $6.9 million, or 14.2%. Pretax income for the third quarter of 2022 was $34.3 million compared to pretax income of $19.5 million in the third quarter of 2021, an increase of $14.8 million. For the nine months ended September 30, 2022 total revenues were $246.7 million compared to $198.4 million for the nine months ended September 30, 2021, an increase of approximately $48.2 million, or 24.3%. Total expenses for the nine months ended September 30, 2022 were $148.8 million, a decrease of $8.3 million, or 5.3%, compared to $157.1 million for the nine months ended September 30, 2021. Pretax income for the nine months ended September 30, 2022 was $97.9 million, compared to $41.4 million for the nine months ended September 30, 2021, an increase of $56.5 million. Net income for the nine months ended September 30, 2022 was $71.9 million compared to $28.6 million for the nine months ended September 30, 2021. During the third quarter of 2022, CPS purchased $468.2 million of new contracts compared to $548.1 million during the second quarter of 2022 and $326.8 million during the third quarter of 2021. The Company's receivables totaled $2.687 billion as of September 30, 2022, an increase from $2.555 billion as of June 30, 2022 and $2.161 billion as of September 30, 2021. Annualized net charge-offs for the third quarter of 2022 were 4.93% of the average portfolio as compared to 2.82% for the third quarter of 2021. Delinquencies greater than 30 days (including repossession inventory) were 10.85% of the total portfolio as of September 30, 2022, as compared to 9.44% as of September 30, 2021. “Our third quarter results show a continuation of trends from the first half of the year,” said Charles E. Bradley, President and Chief Executive Officer. “Through three quarters, loan originations and pre-tax earnings have already surpassed any full year in the Company’s history.” Conference Call CPS announced that it will hold a conference call on Thursday, November 10, 2022 at 1:00 p.m. ET to discuss its third quarter 2022 operating results. Those wishing to participate can pre-register for the conference call at the following link https://register.vevent.com/register/BI1c37e20cef8549cb8cb3cb345fa42915. Registered participants will receive an email containing conference call details for dial-in options. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the schedule start time. A replay will be available beginning two hours after conclusion of the call for 12 months via the Company’s website at https://ir.consumerportfolio.com/investor-relations. About Consumer Portfolio Services, Inc. Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives. Forward-looking statements in this news release include the Company's recorded figures representing allowances for remaining expected lifetime credit losses, its estimates of fair value (most significantly for its receivables accounted for at fair value), its provision for credit losses, its entries offsetting the preceding, and figures derived from any of the preceding. In each case, such figures are forward-looking statements because they are dependent on the Company’s estimates of losses to be incurred in the future. The accuracy of such estimates may be adversely affected by various factors, which include the following: possible increased delinquencies; repossessions and losses on retail installment contracts; incorrect prepayment speed and/or discount rate assumptions; possible unavailability of qualified personnel, which could adversely affect the Company’s ability to service its portfolio; possible increases in the rate of consumer bankruptcy filings, which could adversely affect the Company’s rights to collect payments from its portfolio; other changes in government regulations affecting consumer credit; possible declines in the market price for used vehicles, which could adversely affect the Company’s realization upon repossessed vehicles; and economic conditions in geographic areas in which the Company's business is concentrated. Any or all of such factors also may affect the Company’s future financial results, as to which there can be no assurance. Any implication that the results of the most recently completed quarter are indicative of future results is disclaimed, and the reader should draw no such inference. Factors such as those identified above in relation to losses to be incurred in the future may affect future performance. Investor Relations Contact Danny Bharwani, Chief Financial Officer 949-753-6811 Consumer Portfolio Services, Inc. and SubsidiariesCondensed Consolidated Statements of Operations(In thousands, except per share data)(Unaudited) Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Revenues: Interest income$79,817 $67,018 $225,547 $198,551 Mark to finance receivables measured at fair value 8,183 - 15,283 (4,417) Other income 2,305 1,547 5,859 4,312 90,305 68,565 246,689 198,446 Expenses: Employee costs 20,671 18,170 63,414 57,777 General and administrative 9,408 7,455 25,920 23,034 Interest 23,483 18,334 58,654 58,260 Provision for credit losses (6,000) (1,590) (23,400) (1,590) Other expenses 8,399 6,649 24,213 19,599 55,961 49,018 148,801 157,080 Income before income taxes 34,344 19,547 97,888 41,366 Income tax expense 8,931 5,864 26,040 12,807 Net income$25,413 $13,683 $71,848 $28,559 Earnings per share: Basic$1.22 $0.59 $3.39 $1.25 Diluted$0.95 $0.52 $2.61 $1.12 Number of shares used in computing earnings per share: Basic 20,911 23,011 21,166 22,866 Diluted 26,654 26,218 27,512 25,439 Condensed Consolidated Balance Sheets(In thousands)(Unaudited) September 30, December 31, 2022 2021 Assets: Cash and cash equivalents$12,944 $29,928 Restricted cash and equivalents 159,762 146,620 Finance receivables measured at fair value 2,343,253 1,749,098 Finance receivables 117,686 232,390 Allowance for finance credit losses (27,996) (56,206) Finance receivables, net 89,690 176,184 Deferred tax assets, net 14,570 19,575 Other assets 30,305 38,173 $2,650,524 $2,159,578 Liabilities and Shareholders' Equity: Accounts payable and accrued expenses$55,982 $43,648 Warehouse lines of credit 242,449 105,610 Residual interest financing 49,560 53,682 Securitization trust debt 2,057,100 1,759,972 Subordinated renewable notes 27,249 26,459 2,432,340 1,989,371 Shareholders' equity 218,184 170,207 $2,650,524 $2,159,578 Operating and Performance Data ($ in millions) At and for the At and for the Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Contracts purchased$468.21 $326.85 $1,426.30 $818.34 Contracts securitized 440.00 300.00 1,200.00 785.00 Total portfolio balance (5)$2,687.31 $2,161.50 $2,687.31 $2,161.50 Average portfolio balance (5) 2,648.21 2,142.96 2,463.88 2,133.43 Allowance for finance credit losses as % of fin. receivables 23.79% 24.32% Delinquencies (5) 31+ Days 9.72% 8.44% Repossession Inventory 1.13% 1.00% Total Delinquencies and Repo. Inventory 10.85% 9.44% Annualized Net Charge-offs as % of Average Portfolio (5) Legacy portfolio 5.82% 3.75% 4.40% 7.06% Fair Value portfolio 4.90% 2.67% 4.03% 3.16% Total portfolio 4.93% 2.82% 4.04% 3.85% Recovery rates (2) 51.1% 56.5% 55.9% 52.2% For the For the Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 $ (3)% (4) $ (3)% (4) $ (3)% (4) $ (3)% (4)Interest income$79.82 12.1% $67.02 12.5% $225.55 12.2% $198.55 12.4%Mark to finance receivables measured at fair value 8.18 1.2% - 0.0% 15.28 0.8% (4.42)-0.3%Other income 2.31 0.3% 1.55 0.3% 5.86 0.3% 4.31 0.3%Interest expense (23.48)-3.5% (18.33)-3.4% (58.65)-3.2% (58.26)-3.6%Net interest margin 66.82 10.1% 50.23 9.4% 188.04 10.2% 140.19 8.8%Provision for credit losses 6.00 0.9% 1.59 0.3% 23.40 1.3% 1.59 0.1%Risk adjusted margin 72.82 11.0% 51.82 9.7% 211.44 11.4% 141.78 8.9%Core operating expenses (38.48)-5.8% (32.27)-6.0% (113.55)-6.1% (100.41)-6.3%Pre-tax income$34.34 5.2% $19.55 3.6% $97.89 5.3% $41.37 2.6% (1) Includes allowance for finance credit losses and allowance for repossession inventory.(2) Wholesale auction liquidation amounts (net of expenses) as a percentage of the account balance at the time of sale.(3) Numbers may not add due to rounding.(4) Annualized percentage of the average portfolio balance. Percentages may not add due to rounding.(5) Excludes third party portfolios. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
CPS Announces Third Quarter 2022 Earnings By: Consumer Portfolio Services, Inc. via GlobeNewswire November 09, 2022 at 17:01 PM EST Pretax income of $34.3 million, a 76% increase over the prior year periodNet income of $25.4 million, an 85% increase over the $13.7 million in Q3 2021Diluted EPS of $0.95 compared to $0.52 in the prior year periodNew contract purchases of $468.2 million, a 43% increase over the prior year period LAS VEGAS, NV, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced earnings of $25.4 million, or $0.95 per diluted share, for its third quarter ended September 30, 2022. This compares to net income of $13.7 million, or $0.52 per diluted share, in the third quarter of 2021. Revenues for the third quarter of 2022 were $90.3 million, compared to $68.6 million for the third quarter of 2021. Total operating expenses for the third quarter of 2022 were $56.0 million compared to $49.0 million for the 2021 period for an increase of $6.9 million, or 14.2%. Pretax income for the third quarter of 2022 was $34.3 million compared to pretax income of $19.5 million in the third quarter of 2021, an increase of $14.8 million. For the nine months ended September 30, 2022 total revenues were $246.7 million compared to $198.4 million for the nine months ended September 30, 2021, an increase of approximately $48.2 million, or 24.3%. Total expenses for the nine months ended September 30, 2022 were $148.8 million, a decrease of $8.3 million, or 5.3%, compared to $157.1 million for the nine months ended September 30, 2021. Pretax income for the nine months ended September 30, 2022 was $97.9 million, compared to $41.4 million for the nine months ended September 30, 2021, an increase of $56.5 million. Net income for the nine months ended September 30, 2022 was $71.9 million compared to $28.6 million for the nine months ended September 30, 2021. During the third quarter of 2022, CPS purchased $468.2 million of new contracts compared to $548.1 million during the second quarter of 2022 and $326.8 million during the third quarter of 2021. The Company's receivables totaled $2.687 billion as of September 30, 2022, an increase from $2.555 billion as of June 30, 2022 and $2.161 billion as of September 30, 2021. Annualized net charge-offs for the third quarter of 2022 were 4.93% of the average portfolio as compared to 2.82% for the third quarter of 2021. Delinquencies greater than 30 days (including repossession inventory) were 10.85% of the total portfolio as of September 30, 2022, as compared to 9.44% as of September 30, 2021. “Our third quarter results show a continuation of trends from the first half of the year,” said Charles E. Bradley, President and Chief Executive Officer. “Through three quarters, loan originations and pre-tax earnings have already surpassed any full year in the Company’s history.” Conference Call CPS announced that it will hold a conference call on Thursday, November 10, 2022 at 1:00 p.m. ET to discuss its third quarter 2022 operating results. Those wishing to participate can pre-register for the conference call at the following link https://register.vevent.com/register/BI1c37e20cef8549cb8cb3cb345fa42915. Registered participants will receive an email containing conference call details for dial-in options. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the schedule start time. A replay will be available beginning two hours after conclusion of the call for 12 months via the Company’s website at https://ir.consumerportfolio.com/investor-relations. About Consumer Portfolio Services, Inc. Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives. Forward-looking statements in this news release include the Company's recorded figures representing allowances for remaining expected lifetime credit losses, its estimates of fair value (most significantly for its receivables accounted for at fair value), its provision for credit losses, its entries offsetting the preceding, and figures derived from any of the preceding. In each case, such figures are forward-looking statements because they are dependent on the Company’s estimates of losses to be incurred in the future. The accuracy of such estimates may be adversely affected by various factors, which include the following: possible increased delinquencies; repossessions and losses on retail installment contracts; incorrect prepayment speed and/or discount rate assumptions; possible unavailability of qualified personnel, which could adversely affect the Company’s ability to service its portfolio; possible increases in the rate of consumer bankruptcy filings, which could adversely affect the Company’s rights to collect payments from its portfolio; other changes in government regulations affecting consumer credit; possible declines in the market price for used vehicles, which could adversely affect the Company’s realization upon repossessed vehicles; and economic conditions in geographic areas in which the Company's business is concentrated. Any or all of such factors also may affect the Company’s future financial results, as to which there can be no assurance. Any implication that the results of the most recently completed quarter are indicative of future results is disclaimed, and the reader should draw no such inference. Factors such as those identified above in relation to losses to be incurred in the future may affect future performance. Investor Relations Contact Danny Bharwani, Chief Financial Officer 949-753-6811 Consumer Portfolio Services, Inc. and SubsidiariesCondensed Consolidated Statements of Operations(In thousands, except per share data)(Unaudited) Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Revenues: Interest income$79,817 $67,018 $225,547 $198,551 Mark to finance receivables measured at fair value 8,183 - 15,283 (4,417) Other income 2,305 1,547 5,859 4,312 90,305 68,565 246,689 198,446 Expenses: Employee costs 20,671 18,170 63,414 57,777 General and administrative 9,408 7,455 25,920 23,034 Interest 23,483 18,334 58,654 58,260 Provision for credit losses (6,000) (1,590) (23,400) (1,590) Other expenses 8,399 6,649 24,213 19,599 55,961 49,018 148,801 157,080 Income before income taxes 34,344 19,547 97,888 41,366 Income tax expense 8,931 5,864 26,040 12,807 Net income$25,413 $13,683 $71,848 $28,559 Earnings per share: Basic$1.22 $0.59 $3.39 $1.25 Diluted$0.95 $0.52 $2.61 $1.12 Number of shares used in computing earnings per share: Basic 20,911 23,011 21,166 22,866 Diluted 26,654 26,218 27,512 25,439 Condensed Consolidated Balance Sheets(In thousands)(Unaudited) September 30, December 31, 2022 2021 Assets: Cash and cash equivalents$12,944 $29,928 Restricted cash and equivalents 159,762 146,620 Finance receivables measured at fair value 2,343,253 1,749,098 Finance receivables 117,686 232,390 Allowance for finance credit losses (27,996) (56,206) Finance receivables, net 89,690 176,184 Deferred tax assets, net 14,570 19,575 Other assets 30,305 38,173 $2,650,524 $2,159,578 Liabilities and Shareholders' Equity: Accounts payable and accrued expenses$55,982 $43,648 Warehouse lines of credit 242,449 105,610 Residual interest financing 49,560 53,682 Securitization trust debt 2,057,100 1,759,972 Subordinated renewable notes 27,249 26,459 2,432,340 1,989,371 Shareholders' equity 218,184 170,207 $2,650,524 $2,159,578 Operating and Performance Data ($ in millions) At and for the At and for the Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Contracts purchased$468.21 $326.85 $1,426.30 $818.34 Contracts securitized 440.00 300.00 1,200.00 785.00 Total portfolio balance (5)$2,687.31 $2,161.50 $2,687.31 $2,161.50 Average portfolio balance (5) 2,648.21 2,142.96 2,463.88 2,133.43 Allowance for finance credit losses as % of fin. receivables 23.79% 24.32% Delinquencies (5) 31+ Days 9.72% 8.44% Repossession Inventory 1.13% 1.00% Total Delinquencies and Repo. Inventory 10.85% 9.44% Annualized Net Charge-offs as % of Average Portfolio (5) Legacy portfolio 5.82% 3.75% 4.40% 7.06% Fair Value portfolio 4.90% 2.67% 4.03% 3.16% Total portfolio 4.93% 2.82% 4.04% 3.85% Recovery rates (2) 51.1% 56.5% 55.9% 52.2% For the For the Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 $ (3)% (4) $ (3)% (4) $ (3)% (4) $ (3)% (4)Interest income$79.82 12.1% $67.02 12.5% $225.55 12.2% $198.55 12.4%Mark to finance receivables measured at fair value 8.18 1.2% - 0.0% 15.28 0.8% (4.42)-0.3%Other income 2.31 0.3% 1.55 0.3% 5.86 0.3% 4.31 0.3%Interest expense (23.48)-3.5% (18.33)-3.4% (58.65)-3.2% (58.26)-3.6%Net interest margin 66.82 10.1% 50.23 9.4% 188.04 10.2% 140.19 8.8%Provision for credit losses 6.00 0.9% 1.59 0.3% 23.40 1.3% 1.59 0.1%Risk adjusted margin 72.82 11.0% 51.82 9.7% 211.44 11.4% 141.78 8.9%Core operating expenses (38.48)-5.8% (32.27)-6.0% (113.55)-6.1% (100.41)-6.3%Pre-tax income$34.34 5.2% $19.55 3.6% $97.89 5.3% $41.37 2.6% (1) Includes allowance for finance credit losses and allowance for repossession inventory.(2) Wholesale auction liquidation amounts (net of expenses) as a percentage of the account balance at the time of sale.(3) Numbers may not add due to rounding.(4) Annualized percentage of the average portfolio balance. Percentages may not add due to rounding.(5) Excludes third party portfolios.
Pretax income of $34.3 million, a 76% increase over the prior year periodNet income of $25.4 million, an 85% increase over the $13.7 million in Q3 2021Diluted EPS of $0.95 compared to $0.52 in the prior year periodNew contract purchases of $468.2 million, a 43% increase over the prior year period LAS VEGAS, NV, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced earnings of $25.4 million, or $0.95 per diluted share, for its third quarter ended September 30, 2022. This compares to net income of $13.7 million, or $0.52 per diluted share, in the third quarter of 2021. Revenues for the third quarter of 2022 were $90.3 million, compared to $68.6 million for the third quarter of 2021. Total operating expenses for the third quarter of 2022 were $56.0 million compared to $49.0 million for the 2021 period for an increase of $6.9 million, or 14.2%. Pretax income for the third quarter of 2022 was $34.3 million compared to pretax income of $19.5 million in the third quarter of 2021, an increase of $14.8 million. For the nine months ended September 30, 2022 total revenues were $246.7 million compared to $198.4 million for the nine months ended September 30, 2021, an increase of approximately $48.2 million, or 24.3%. Total expenses for the nine months ended September 30, 2022 were $148.8 million, a decrease of $8.3 million, or 5.3%, compared to $157.1 million for the nine months ended September 30, 2021. Pretax income for the nine months ended September 30, 2022 was $97.9 million, compared to $41.4 million for the nine months ended September 30, 2021, an increase of $56.5 million. Net income for the nine months ended September 30, 2022 was $71.9 million compared to $28.6 million for the nine months ended September 30, 2021. During the third quarter of 2022, CPS purchased $468.2 million of new contracts compared to $548.1 million during the second quarter of 2022 and $326.8 million during the third quarter of 2021. The Company's receivables totaled $2.687 billion as of September 30, 2022, an increase from $2.555 billion as of June 30, 2022 and $2.161 billion as of September 30, 2021. Annualized net charge-offs for the third quarter of 2022 were 4.93% of the average portfolio as compared to 2.82% for the third quarter of 2021. Delinquencies greater than 30 days (including repossession inventory) were 10.85% of the total portfolio as of September 30, 2022, as compared to 9.44% as of September 30, 2021. “Our third quarter results show a continuation of trends from the first half of the year,” said Charles E. Bradley, President and Chief Executive Officer. “Through three quarters, loan originations and pre-tax earnings have already surpassed any full year in the Company’s history.” Conference Call CPS announced that it will hold a conference call on Thursday, November 10, 2022 at 1:00 p.m. ET to discuss its third quarter 2022 operating results. Those wishing to participate can pre-register for the conference call at the following link https://register.vevent.com/register/BI1c37e20cef8549cb8cb3cb345fa42915. Registered participants will receive an email containing conference call details for dial-in options. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the schedule start time. A replay will be available beginning two hours after conclusion of the call for 12 months via the Company’s website at https://ir.consumerportfolio.com/investor-relations. About Consumer Portfolio Services, Inc. Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives. Forward-looking statements in this news release include the Company's recorded figures representing allowances for remaining expected lifetime credit losses, its estimates of fair value (most significantly for its receivables accounted for at fair value), its provision for credit losses, its entries offsetting the preceding, and figures derived from any of the preceding. In each case, such figures are forward-looking statements because they are dependent on the Company’s estimates of losses to be incurred in the future. The accuracy of such estimates may be adversely affected by various factors, which include the following: possible increased delinquencies; repossessions and losses on retail installment contracts; incorrect prepayment speed and/or discount rate assumptions; possible unavailability of qualified personnel, which could adversely affect the Company’s ability to service its portfolio; possible increases in the rate of consumer bankruptcy filings, which could adversely affect the Company’s rights to collect payments from its portfolio; other changes in government regulations affecting consumer credit; possible declines in the market price for used vehicles, which could adversely affect the Company’s realization upon repossessed vehicles; and economic conditions in geographic areas in which the Company's business is concentrated. Any or all of such factors also may affect the Company’s future financial results, as to which there can be no assurance. Any implication that the results of the most recently completed quarter are indicative of future results is disclaimed, and the reader should draw no such inference. Factors such as those identified above in relation to losses to be incurred in the future may affect future performance. Investor Relations Contact Danny Bharwani, Chief Financial Officer 949-753-6811 Consumer Portfolio Services, Inc. and SubsidiariesCondensed Consolidated Statements of Operations(In thousands, except per share data)(Unaudited) Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Revenues: Interest income$79,817 $67,018 $225,547 $198,551 Mark to finance receivables measured at fair value 8,183 - 15,283 (4,417) Other income 2,305 1,547 5,859 4,312 90,305 68,565 246,689 198,446 Expenses: Employee costs 20,671 18,170 63,414 57,777 General and administrative 9,408 7,455 25,920 23,034 Interest 23,483 18,334 58,654 58,260 Provision for credit losses (6,000) (1,590) (23,400) (1,590) Other expenses 8,399 6,649 24,213 19,599 55,961 49,018 148,801 157,080 Income before income taxes 34,344 19,547 97,888 41,366 Income tax expense 8,931 5,864 26,040 12,807 Net income$25,413 $13,683 $71,848 $28,559 Earnings per share: Basic$1.22 $0.59 $3.39 $1.25 Diluted$0.95 $0.52 $2.61 $1.12 Number of shares used in computing earnings per share: Basic 20,911 23,011 21,166 22,866 Diluted 26,654 26,218 27,512 25,439 Condensed Consolidated Balance Sheets(In thousands)(Unaudited) September 30, December 31, 2022 2021 Assets: Cash and cash equivalents$12,944 $29,928 Restricted cash and equivalents 159,762 146,620 Finance receivables measured at fair value 2,343,253 1,749,098 Finance receivables 117,686 232,390 Allowance for finance credit losses (27,996) (56,206) Finance receivables, net 89,690 176,184 Deferred tax assets, net 14,570 19,575 Other assets 30,305 38,173 $2,650,524 $2,159,578 Liabilities and Shareholders' Equity: Accounts payable and accrued expenses$55,982 $43,648 Warehouse lines of credit 242,449 105,610 Residual interest financing 49,560 53,682 Securitization trust debt 2,057,100 1,759,972 Subordinated renewable notes 27,249 26,459 2,432,340 1,989,371 Shareholders' equity 218,184 170,207 $2,650,524 $2,159,578 Operating and Performance Data ($ in millions) At and for the At and for the Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Contracts purchased$468.21 $326.85 $1,426.30 $818.34 Contracts securitized 440.00 300.00 1,200.00 785.00 Total portfolio balance (5)$2,687.31 $2,161.50 $2,687.31 $2,161.50 Average portfolio balance (5) 2,648.21 2,142.96 2,463.88 2,133.43 Allowance for finance credit losses as % of fin. receivables 23.79% 24.32% Delinquencies (5) 31+ Days 9.72% 8.44% Repossession Inventory 1.13% 1.00% Total Delinquencies and Repo. Inventory 10.85% 9.44% Annualized Net Charge-offs as % of Average Portfolio (5) Legacy portfolio 5.82% 3.75% 4.40% 7.06% Fair Value portfolio 4.90% 2.67% 4.03% 3.16% Total portfolio 4.93% 2.82% 4.04% 3.85% Recovery rates (2) 51.1% 56.5% 55.9% 52.2% For the For the Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 $ (3)% (4) $ (3)% (4) $ (3)% (4) $ (3)% (4)Interest income$79.82 12.1% $67.02 12.5% $225.55 12.2% $198.55 12.4%Mark to finance receivables measured at fair value 8.18 1.2% - 0.0% 15.28 0.8% (4.42)-0.3%Other income 2.31 0.3% 1.55 0.3% 5.86 0.3% 4.31 0.3%Interest expense (23.48)-3.5% (18.33)-3.4% (58.65)-3.2% (58.26)-3.6%Net interest margin 66.82 10.1% 50.23 9.4% 188.04 10.2% 140.19 8.8%Provision for credit losses 6.00 0.9% 1.59 0.3% 23.40 1.3% 1.59 0.1%Risk adjusted margin 72.82 11.0% 51.82 9.7% 211.44 11.4% 141.78 8.9%Core operating expenses (38.48)-5.8% (32.27)-6.0% (113.55)-6.1% (100.41)-6.3%Pre-tax income$34.34 5.2% $19.55 3.6% $97.89 5.3% $41.37 2.6% (1) Includes allowance for finance credit losses and allowance for repossession inventory.(2) Wholesale auction liquidation amounts (net of expenses) as a percentage of the account balance at the time of sale.(3) Numbers may not add due to rounding.(4) Annualized percentage of the average portfolio balance. Percentages may not add due to rounding.(5) Excludes third party portfolios.
