Consumer Portfolio Services, Inc. (NASDAQ:CPSS) Q1 2022 Earnings Conference Call April 19, 2022 1:00 PM ET Company Participants Charles Bradley – Chief Executive Officer Jeffrey Fritz – Chief Financial Officer Conference Call Participants Operator Good day, everyone, and welcome to the Consumer Portfolio Services 2022 First Quarter Operating Results Conference Call. Today's call is being recorded. Before we begin, management has asked me to inform you that this conference call may contain forward-looking st ...

Funding and Financing - Current short-term funding capacity is $200 million, comprising two credit facilities, each with a maximum credit limit of $100 million[125]. - The company depends on its ability to securitize automobile contracts for permanent financing, which is subject to market conditions and other factors beyond its control[127]. - The company completed 36 securitizations from 2010 to 2019, but faced challenges in 2020 due to the pandemic, leading to postponed securitizations[128]. - The company’s results of operations are significantly affected by cash flows from residual interests in securitization programs and warehouse credit facilities[130]. - If interest rates rise, the company expects increased interest expenses, which could materially affect future results of operations[135]. - The company is subject to risk retention rules requiring retention of at least 5% of credit risk for asset-backed securities, potentially increasing capital requirements[156]. Competition and Market Risks - The automobile financing business is highly competitive, with competitors having greater financial resources and access to capital markets[137]. - The company specializes in sub-prime automobile contracts, which carry higher risks of nonperformance and defaults[139]. - Economic downturns, particularly in states like California, Ohio, Texas, and Florida, could lead to increased delinquencies and adversely affect operations[183]. - The COVID-19 pandemic has caused significant economic disruptions, potentially impacting obligors' ability to make timely payments[184]. - Natural disasters in key states like California and Texas could lead to job losses and damage to vehicles securing automobile contracts, affecting revenue[188]. Financial Condition and Indebtedness - As of December 31, 2021, the company had approximately $1,945.7 million in outstanding debt, primarily consisting of $1,760.0 million in securitization trust debt[167]. - The company's substantial indebtedness may increase vulnerability to adverse economic conditions and limit flexibility in business planning[168]. - The company maintains an allowance for credit losses on automobile contracts, which could adversely affect results if inadequate[141]. - The company's profitability is largely determined by the "spread" between the effective interest rate on automobile contracts and the interest rates payable under warehouse credit facilities and asset-backed securities[190]. - An increase in prevailing interest rates could reduce excess spread cash flows from automobile contracts, adversely affecting earnings and cash flows[190]. - The company acknowledges that a recession or depression in local, regional, or national economies would likely increase delinquencies and losses, negatively impacting financial condition[189]. Legal and Compliance Risks - Compliance with laws and regulations is critical, as failure to comply could result in penalties and adversely affect financial condition[151]. - The company faces litigation risks that could materially affect financial position and results of operations, with potential claims for substantial damages[158]. - The company has recorded loss contingencies only for matters where losses are probable and can be reasonably estimated, but actual losses may exceed reserves[159]. Shareholder Information - As of December 31, 2021, directors and executive officers collectively owned 6.4 million shares of common stock, representing approximately 30% ownership[191]. - The company has never declared or paid any cash dividends on its common stock and intends to retain future earnings without expecting to pay dividends in the foreseeable future[192]. - Limited trading volume of the company's common stock contributes to more volatile price fluctuations, with no assurance against stock price decline[191]. Forward-Looking Statements - Forward-looking statements in the report involve risks and uncertainties, including unexpected events, changes in economic conditions, and competition[194]. - The company does not guarantee performance based on forward-looking statements, as actual results may differ due to various uncontrollable factors[194]. - The company undertakes no obligation to publicly update any forward-looking information, advising consultation of periodic reports filed with the SEC for additional disclosures[195].

Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Common Stock, no par value CPSS The NASDAQ Stock Market LLC (Global Market) Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ...

Consumer Portfolio Services, Inc. (NASDAQ:CPSS) Q3 2021 Earnings Conference Call October 28, 2021 1:00 PM ET Company Participants Charles Bradley - CEO Jeff Fritz - CFO Conference Call Participants Kyle Joseph - Jefferies Operator Good day, everyone, and welcome to the Consumer Portfolio Services 2021 Third Quarter Operating Results Conference Call. Today's call is being recorded. Before we begin, management has asked me to inform you that this conference call may contain forward-looking statements. Any s ...

Consumer Portfolio Services Inc. (NASDAQ:CPSS) Q2 2021 Earnings Conference Call August 12, 2021 1:00 PM ET Company Participants Charles Bradley - Chief Executive Officer Jeff Fritz - Chief Financial Officer of Consumer Portfolio Services Conference Call Participants Kyle Joseph - Jefferies Jeff Zhang - JMP Securities Operator Good day, everyone, and welcome to the Consumer Portfolio Services 2021 Second Quarter Operating Results Conference Call. Today's call is being recorded. Before we begin, management ha ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ______________ Commission file number: 1-11416 CONSUMER PORTFOLIO SERVICES, INC. (Exact name of registrant as specified in its charter) Calif ...

Consumer Portfolio Services, Inc. (NASDAQ:CPSS) Q1 2021 Earnings Conference Call May 11, 2021 1:00 PM ET Company Participants Charles Bradley - Chairman, President & CEO Jeffrey Fritz - EVP & CFO Conference Call Participants John Rowan - Janney Montgomery Scott Kyle Joseph - Jefferies Operator Good day everyone and welcome to the Consumer Portfolio Services 2021 First Quarter Operating Results Conference Call. [Operator Instructions]. Before we may begin management has asked me to inform you that this confe ...

Financial Performance - Total revenues for the three months ended March 31, 2021, were $63,112, a decrease of 10.5% from $70,767 in the same period of 2020[17]. - Net income for the three months ended March 31, 2021, was $5,164, down 52.1% from $10,792 in the same period of 2020[19]. - Basic earnings per share for the three months ended March 31, 2021, were $0.23, compared to $0.48 for the same period in 2020, a decrease of 52.1%[17]. - Other income for the three-month period ending March 31, 2021 was $1.436 million, a decrease of 27.5% compared to $1.981 million for the same period in 2020[37]. - Interest income for the three months ended March 31, 2021, was $61.7 million, compared to $68.8 million for the same period in 2020[84]. - Interest expense for the three months ended March 31, 2021, was $20.9 million, down from $27.0 million in the same period in 2020[84]. - The company reported charge-offs of $12.1 million for the three-month period ended March 31, 2021, compared to $34.2 million for the same period in 2020, showing an improvement in credit quality[68]. Assets and Liabilities - Total assets as of March 31, 2021, were $2,095,807, a decrease of 2.3% from $2,145,895 as of December 31, 2020[13]. - Finance receivables, net, decreased to $337,612 as of March 31, 2021, from $411,343 as of December 31, 2020, representing a decline of 17.9%[13]. - The total outstanding securitization trust debt was $1,949.1 million, with an initial principal of $5,391.0 million[71]. - The company had a short-term funding capacity of $200 million as of March 31, 2021, down from $300 million as of December 31, 2020[81]. - Total outstanding debt as of March 31, 2021, was approximately $1,907.0 million, consisting of $1,791.6 million in securitization trust debt and $71.1 million in warehouse lines of credit[190]. Cash Flow - The company provided $65,350 in net cash from operating activities for the three months ended March 31, 2021, compared to $64,054 in the same period of 2020[23]. - Net cash provided by operating activities for Q1 2021 was $65.4 million, an increase of $1.3 million compared to $64.1 million in Q1 2020[180]. - Net cash used in financing activities for Q1 2021 was $64.8 million, significantly higher than $1.7 million in the prior year period, indicating increased reliance on securitization trust debt[183]. Operating Expenses - Operating expenses for the three months ended March 31, 2021, totaled $55,168, down 18.5% from $67,655 in the same period of 2020[17]. - Total operating expenses decreased by $12.5 million, or 18.5%, to $55.2 million for the three months ended March 31, 2021, primarily due to decreases in interest expense, provisions for credit losses, and employee costs[135]. - Employee costs decreased by $1.7 million, or 7.7%, to $20.2 million, representing 36.5% of total operating expenses, compared to 32.3% in the prior year[136]. Credit Quality and Delinquencies - The allowance for credit losses increased by $127.0 million due to the adoption of the Current Expected Credit Loss (CECL) model, reflecting a significant adjustment in the credit loss estimation methodology[66]. - The delinquency status shows that current receivables were $360.4 million, down from $406.7 million, while receivables 31-60 days delinquent decreased from $56.6 million to $35.5 million[58]. - Total delinquencies as a percentage of the gross servicing portfolio increased to 8.1% as of March 31, 2021, compared to 7.8% in December 2020[161]. Securitization and Debt - The company completed a securitization transaction on April 28, 2021, selling $240.0 million of asset-backed notes secured by $240.0 million in automobile receivables[79]. - The company issued $230,545 from securitization trust debt during the three months ended March 31, 2021[23]. - The average balance of securitization trust debt decreased to $1,876.8 million for the three months ended March 31, 2021, compared to $2,186.8 million in the prior year[141]. Legal and Regulatory Matters - The company has been involved in various legal proceedings related to its consumer finance activities, which may impact future financial results[52]. - The ongoing COVID-19 pandemic has necessitated adjustments in the company's fair value measurements for finance receivables, reflecting potential economic impacts[53]. Future Outlook - The company anticipates that future cash flows and earnings will be influenced by economic conditions, credit loss provisions, and the market for used vehicles[192]. - The company has a risk of increased delinquencies and losses on retail installment contracts, which could adversely affect its financial condition[202].

Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, no par value CPSS The Nasdaq Stock Market LLC (Global Market) Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________ FORM 10-K ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: ...

Consumer Portfolio Services, Inc. (NASDAQ:CPSS) Q4 2020 Earnings Conference Call February 24, 2021 1:00 PM ET Company Participants Charles Bradley – Chief Executive Officer Jeff Fritz – Chief Financial Officer Conference Call Participants David Scharf – JMP Securities John Rowan – Janney Kyle Joseph – Jefferies Operator Good day, everyone, and welcome to the Consumer Portfolio Services Fourth Quarter and Full Year 2020 Operating Results Conference Call. Today's call is being recorded. Before we begin, manag ...