Consumer Portfolio Services, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Consumer Portfolio Services, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

CONSUMER PORTFOLIO SERVICES, INC. (CPSS) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Consumer Portfolio Services, Inc. filed its 10-Q for the quarter ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31. The filing was made on May 10, 2024. The company is incorporated in California.

Why It Matters

For investors and stakeholders tracking CONSUMER PORTFOLIO SERVICES, INC., this filing contains several important signals. This 10-Q filing provides the latest financial and operational details for Consumer Portfolio Services, Inc., offering insights into its performance during the first quarter of 2024. Investors and analysts can use this report to assess the company's financial health, evaluate recent business trends, and make informed investment decisions.

Risk Assessment

Risk Level: low — CONSUMER PORTFOLIO SERVICES, INC. shows low risk based on this filing. The filing is a standard 10-Q report, which is routine for publicly traded companies and does not contain immediate red flags.

Analyst Insight

Monitor future filings for trends in revenue, net income, and debt levels to assess the company's financial trajectory.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly filing date)
• 2024-05-10 — Filing Date (Date the 10-Q was filed)
• 1231 — Fiscal Year End (Annual fiscal year end)
• 001-14116 — SEC File Number (Company's SEC file number)

Key Players & Entities

• CONSUMER PORTFOLIO SERVICES, INC. (company) — Filer name
• 0000889609 (company) — Central Index Key
• 2024-03-31 (date) — Period of report
• 2024-05-10 (date) — Filing date
• CA (location) — State of incorporation
• 19500 JAMBOREE ROAD (address) — Business street address
• IRVINE (location) — Business city
• 9497536800 (phone) — Business phone

FAQ

Industry Context

Consumer Portfolio Services, Inc. operates in the finance services sector, specifically focusing on the origination and servicing of automobile loans for buyers with limited credit history.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze revenue streams and expense categories for the first quarter of 2024.
3. Compare current quarter performance against historical data and industry benchmarks.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-10: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, following the company's previous filings.

Key Financial Figures

• $2.00 — ices: (In thousands) (In thousands) $2.00 - $2.99 1,410 1,083 1,410 1,082 $
• $2.99 — In thousands) (In thousands) $2.00 - $2.99 1,410 1,083 1,410 1,082 $3.00 - $
• $3.00 — 0 - $2.99 1,410 1,083 1,410 1,082 $3.00 - $3.99 2,383 2,383 2,473 2,473 $
• $3.99 — 9 1,410 1,083 1,410 1,082 $3.00 - $3.99 2,383 2,383 2,473 2,473 $4.00 - $
• $4.00 — 0 - $3.99 2,383 2,383 2,473 2,473 $4.00 - $4.99 2,450 1,839 2,539 1,929 $
• $4.99 — 9 2,383 2,383 2,473 2,473 $4.00 - $4.99 2,450 1,839 2,539 1,929 $6.00 - $
• $6.00 — 0 - $4.99 2,450 1,839 2,539 1,929 $6.00 - $6.99 – – – – $7.00 - $7.99 –
• $6.99 — 9 2,450 1,839 2,539 1,929 $6.00 - $6.99 – – – – $7.00 - $7.99 – – – –
• $7.00 — 39 1,929 $6.00 - $6.99 – – – – $7.00 - $7.99 – – – – $10.00 - $10.99
• $7.99 — 9 $6.00 - $6.99 – – – – $7.00 - $7.99 – – – – $10.00 - $10.99 1,702 7
• $10.00 — – – – $7.00 - $7.99 – – – – $10.00 - $10.99 1,702 765 1,703 578 Tota
• $10.99 — $7.00 - $7.99 – – – – $10.00 - $10.99 1,702 765 1,703 578 Total shares

Filing Documents

• cps_i10q-033124.htm (10-Q) — 985KB
• cps_ex3101.htm (EX-31.1) — 7KB
• cps_ex3102.htm (EX-31.2) — 7KB
• cps_ex3200.htm (EX-32) — 5KB
• 0001683168-24-003234.txt (&nbsp;) — 5880KB
• cpss-20240331.xsd (EX-101.SCH) — 53KB
• cpss-20240331_cal.xml (EX-101.CAL) — 53KB
• cpss-20240331_def.xml (EX-101.DEF) — 178KB
• cpss-20240331_lab.xml (EX-101.LAB) — 368KB
• cpss-20240331_pre.xml (EX-101.PRE) — 310KB
• cps_i10q-033124_htm.xml (XML) — 1034KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Operations for the three-month periods ended March 31, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Comprehensive Income for the three-month periods ended March 31, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows for the three-month periods ended March 31, 2024 and 2023 6 Unaudited Condensed Consolidated Statements of Shareholders' Equity for the three-month periods ended March 31, 2024 and 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 4.

Controls and Procedures

Controls and Procedures 40

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 5. Other Information 42 Item 6. Exhibits 42

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CONSUMER PORTFOLIO SERVICES, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) March 31, December 31, 2024 2023 ASSETS Cash and cash equivalents $ 13,249 $ 6,174 Restricted cash and equivalents 137,706 119,257 Finance receivables measured at fair value 2,791,373 2,722,662 Finance receivables 18,781 27,553 Less: Allowance for finance credit losses ( 1,890 ) ( 2,869 ) Finance receivables, net 16,891 24,684 Furniture and equipment, net 1,268 1,372 Deferred tax assets, net 3,485 3,736 Other assets 42,554 25,861 Total Assets $ 3,006,526 $ 2,903,746 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Accounts payable and accrued expenses $ 79,122 $ 62,544 Warehouse lines of credit 249,522 234,025 Residual interest financing 98,968 49,875 Securitization trust debt 2,277,676 2,265,446 Subordinated renewable notes 22,140 17,188 Total Liabilities 2,727,428 2,629,078 COMMITMENTS AND CONTINGENCIES – – Shareholders' Equity Preferred stock, $ 1 par value; authorized 4,998,130 shares; none issued – – Series A preferred stock, $ 1 par value; authorized 5,000,000 shares; none issued – – Series B preferred stock, $ 1 par value; authorized 1,870 shares; none issued – – Common stock, no par value; authorized 75,000,000 shares; 21,147,743 and 21,174,856 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 28,518 28,678 Retained earnings 252,447 247,857 Accumulated other comprehensive loss ( 1,867 ) ( 1,867 ) Total stockholders' equity 279,098 274,668 Total liabilities and stockholders' equity $ 3,006,526 $ 2,903,746 See accompanying Notes to Unaudited Condensed Consolidated Financial Statements. 3 CONSUMER PORTFOLIO SERVICES, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share

financial statements

financial statements. In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740)," which is intended to provide greater transparency in various income tax components that affect the rate reconciliation based on the applicable taxing jurisdictions, as well as the qualitative and quantitative aspects of those components. This new standard will be effective for annual reporting periods beginning on or after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09; however, at the current time, the Company does not believe this ASU will have a material impact on its consolidated financial statements. (2) Finance Receivables Our portfolio of finance receivables consists of small-balance homogeneous contracts comprising a single segment and class that is collectively evaluated for impairment on a portfolio basis according to delinquency status. Our contract purchase guidelines are designed to produce a homogenous portfolio. For key terms such as interest rate, length of contract, monthly payment and amount financed, there is relatively little variation from the average for the portfolio. We report delinquency on a contractual basis. Once a contract becomes greater than 90 days delinquent, we do not recognize additional interest income until the obligor under the contract makes sufficient payments to be less than 90 days delinquent. Any payments received on a contract that is greater than 90 days delinquent are first applied to accrued interest and then to principal reduction. In January 2018 the Company adopted the fair value method of accounting for finance receivables acquired after 2017. Finance receivables measured at fair value are recorded separately on the Company's Balance Sheet and are excluded from all tables in this footnote. 13 CONSUMER PORTFOLIO SERVICES, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL We consider an automobile contract delinquent when an

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View this 10-Q filing on SEC EDGAR