Consumer Portfolio Services 10-Q Filed

TL;DR

CPS 10-Q is in: Q2 2024 financials are out, compare to last year. Check preferred & common stock balances.

AI Summary

Consumer Portfolio Services, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and positions for the second quarter and first half of 2024, comparing it to the same periods in 2023. Key financial data, including preferred stock and common stock balances, are presented as of June 30, 2024, and December 31, 2023.

Why It Matters

This filing provides investors and analysts with the latest financial health and performance indicators for Consumer Portfolio Services, Inc., crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the financial details within could reveal performance trends or risks specific to the company's operations in the consumer finance sector.

Key Numbers

• Q2 2024 — Reporting Period (Financial performance for the second quarter of 2024 is detailed.)
• June 30, 2024 — Balance Sheet Date (Key financial figures are presented as of this date.)
• December 31, 2023 — Prior Year End Balance Sheet Date (Comparison data from the end of the previous fiscal year is included.)

Key Players & Entities

• CONSUMER PORTFOLIO SERVICES, INC. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240808 (date) — Filing date
• 0000889609 (company) — Central Index Key for Consumer Portfolio Services, Inc.

FAQ

Key Financial Figures

• $2.00 — ices: (In thousands) (In thousands) $2.00 - $2.99 1,290 1,290 1,410 1,082 $
• $2.99 — In thousands) (In thousands) $2.00 - $2.99 1,290 1,290 1,410 1,082 $3.00 - $
• $3.00 — 0 - $2.99 1,290 1,290 1,410 1,082 $3.00 - $3.99 2,203 2,203 2,473 2,473 $
• $3.99 — 9 1,290 1,290 1,410 1,082 $3.00 - $3.99 2,203 2,203 2,473 2,473 $4.00 - $
• $4.00 — 0 - $3.99 2,203 2,203 2,473 2,473 $4.00 - $4.99 1,322 712 2,539 1,929 $10
• $4.99 — 9 2,203 2,203 2,473 2,473 $4.00 - $4.99 1,322 712 2,539 1,929 $10.00 - $1
• $10.00 — .00 - $4.99 1,322 712 2,539 1,929 $10.00 - $10.99 1,672 922 1,703 578 Tota
• $10.99 — 99 1,322 712 2,539 1,929 $10.00 - $10.99 1,672 922 1,703 578 Total shares

Filing Documents

• cps_i10q-063024.htm (10-Q) — 1184KB
• cps_ex3101.htm (EX-31.1) — 7KB
• cps_ex3102.htm (EX-31.2) — 7KB
• cps_ex3200.htm (EX-32) — 5KB
• 0001683168-24-005366.txt ( ) — 6261KB
• cpss-20240630.xsd (EX-101.SCH) — 51KB
• cpss-20240630_cal.xml (EX-101.CAL) — 52KB
• cpss-20240630_def.xml (EX-101.DEF) — 168KB
• cpss-20240630_lab.xml (EX-101.LAB) — 360KB
• cpss-20240630_pre.xml (EX-101.PRE) — 304KB
• cps_i10q-063024_htm.xml (XML) — 1155KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Unaudited Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Operations for the three-month and six-month periods ended June 30, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Comprehensive Income for the three-month and six-month periods ended June 30, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2024 and 2023 6 Unaudited Condensed Consolidated Statements of Shareholders' Equity for the three-month and six-month periods ended June 30, 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 26 Item 4.

Controls and Procedures

Controls and Procedures 43

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 44 Item 1A.

Risk Factors

Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 5. Other Information 45 Item 6. Exhibits 45

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) June 30, December 31, 2024 2023 ASSETS Cash and cash equivalents $ 9,752 $ 6,174 Restricted cash and equivalents 256,859 119,257 Finance receivables measured at fair value 2,960,375 2,722,662 Finance receivables 12,714 27,553 Less: Allowance for finance credit losses ( 684 ) ( 2,869 ) Finance receivables, net 12,030 24,684 Furniture and equipment, net 1,192 1,372 Deferred tax assets, net 2,418 3,736 Other assets 43,916 25,861 Total assets $ 3,286,542 $ 2,903,746 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Accounts payable and accrued expenses $ 66,393 $ 62,544 Warehouse lines of credit 82,175 234,025 Residual interest financing 99,079 49,875 Securitization trust debt 2,736,225 2,265,446 Subordinated renewable notes 22,356 17,188 Total liabilities 3,006,228 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; 21,304,643 and 21,174,856 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 25,062 28,678 Retained earnings 257,119 247,857 Accumulated other comprehensive loss ( 1,867 ) ( 1,867 ) Total shareholders' equity 280,314 274,668 Total liabilities and shareholders' equity $ 3,286,542 $ 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 data)

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. We consider an automobile contract delinquent when an obligor fails to make at least 90% of a contractually due payment by the following due date, which date ma

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