Consumer Portfolio Services Q3 2024 10-Q Filed

TL;DR

CPS filed its Q3 10-Q. Financials for Sept 30, 2024, are in. Check it.

AI Summary

Consumer Portfolio Services, Inc. filed its Q3 2024 10-Q report on November 7, 2024, covering the period ending September 30, 2024. The filing details the company's financial performance and position, including its balance sheet and income statement data for the third quarter and year-to-date periods of 2024 compared to prior periods. Key financial figures and disclosures related to its operations in finance services are presented.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Consumer Portfolio Services, Inc., crucial for understanding the company's health and making informed investment decisions.

Risk Assessment

Risk Level: medium — The company operates in the finance services sector, which can be subject to economic fluctuations and regulatory changes.

Key Numbers

• Q3 2024 — Reporting Period (The third quarter of 2024, ending September 30, 2024.)
• 2024-09-30 — As of Date (The specific date for which financial statements are presented.)
• 2024-11-07 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• CONSUMER PORTFOLIO SERVICES, INC. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241107 (date) — Filing date of the report
• 19500 JAMBOREE ROAD (address) — Company's business and mailing address
• IRVINE, CA (location) — City and State of the company's address

FAQ

Key Financial Figures

• $2.00 — housands) Range of exercise prices: $2.00 - $2.99 1,205 1,205 1,410 1,082 $
• $2.99 — ) Range of exercise prices: $2.00 - $2.99 1,205 1,205 1,410 1,082 $3.00 - $
• $3.00 — 0 - $2.99 1,205 1,205 1,410 1,082 $3.00 - $3.99 2,046 2,046 2,473 2,473 $
• $3.99 — 9 1,205 1,205 1,410 1,082 $3.00 - $3.99 2,046 2,046 2,473 2,473 $4.00 - $
• $4.00 — 0 - $3.99 2,046 2,046 2,473 2,473 $4.00 - $4.99 1,262 972 2,539 1,929 $10
• $4.99 — 9 2,046 2,046 2,473 2,473 $4.00 - $4.99 1,262 972 2,539 1,929 $10.00 - $1
• $10.00 — .00 - $4.99 1,262 972 2,539 1,929 $10.00 - $10.99 1,642 922 1,703 578 Tota
• $10.99 — 99 1,262 972 2,539 1,929 $10.00 - $10.99 1,642 922 1,703 578 Total shares

Filing Documents

• cps_i10q-093024.htm (10-Q) — 1173KB
• cps_ex3101.htm (EX-31.1) — 7KB
• cps_ex3102.htm (EX-31.2) — 7KB
• cps_ex3200.htm (EX-32) — 5KB
• 0001683168-24-007729.txt ( ) — 6281KB
• cpss-20240930.xsd (EX-101.SCH) — 52KB
• cpss-20240930_cal.xml (EX-101.CAL) — 53KB
• cpss-20240930_def.xml (EX-101.DEF) — 161KB
• cpss-20240930_lab.xml (EX-101.LAB) — 361KB
• cpss-20240930_pre.xml (EX-101.PRE) — 301KB
• cps_i10q-093024_htm.xml (XML) — 1179KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Unaudited Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Operations for the three-month and nine-month periods ended September 30, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Comprehensive Income for the three-month and nine-month periods ended September 30, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2024 and 2023 6 Unaudited Condensed Consolidated Statements of Shareholders' Equity for the three-month and nine-month periods ended September 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 28 Item 4.

Controls and Procedures

Controls and Procedures 46

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47 Item 5. Other Information 48 Item 6. Exhibits 48

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) September 30, December 31, 2024 2023 ASSETS Cash and cash equivalents $ 8,071 $ 6,174 Restricted cash and equivalents 270,981 119,257 Finance receivables measured at fair value 3,132,310 2,722,662 Finance receivables 8,274 27,553 Less: Allowance for finance credit losses ( 486 ) ( 2,869 ) Finance receivables, net 7,788 24,684 Furniture and equipment, net 1,078 1,372 Deferred tax assets, net 1,565 3,736 Other assets 40,899 25,861 Total assets $ 3,462,692 $ 2,903,746 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Accounts payable and accrued expenses $ 72,626 $ 62,544 Warehouse lines of credit 105,783 234,025 Residual interest financing 99,127 49,875 Securitization trust debt 2,875,777 2,265,446 Subordinated renewable notes 24,288 17,188 Total liabilities 3,177,601 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; 21,405,198 and 21,174,856 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 25,043 28,678 Retained earnings 261,915 247,857 Accumulated other comprehensive loss ( 1,867 ) ( 1,867 ) Total shareholders' equity 285,091 274,668 Total liabilities and shareholders' equity $ 3,462,692 $ 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 sha

financial statements

financial statements. 13 CONSUMER PORTFOLIO SERVICES, INC. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL 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 del

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