Financial Performance - Revenues for Q2 2024 were $95.9 million, a 13.0% increase from $84.9 million in Q2 2023[2] - Net income for Q2 2024 was $4.7 million, or $0.19 per diluted share, compared to $14.0 million, or $0.55 per diluted share in Q2 2023[11] - Total revenues for the six months ended June 30, 2024, were $187.6 million, an increase of approximately $19.7 million, or 11.7% from the prior year[22] - Pre-tax income for the six months ended June 30, 2024, was $13.2 million, down from $37.0 million in the same period of 2023[22] Operating Expenses - Total operating expenses for Q2 2024 were $89.2 million, up from $66.3 million in Q2 2023[2] - Total operating expenses for the six months ended June 30, 2024, were $174.4 million, compared to $130.9 million for the same period in 2023[22] - Interest expense increased to $(46.71) million in June 2024 from $(35.71) million in June 2023, an increase of 30.0%[32] - Other operating expenses increased to $(44.45) million in June 2024 from $(40.25) million in June 2023, an increase of 10.5%[32] Credit Quality - Annualized net charge-offs for Q2 2024 were 7.26% of the average portfolio, compared to 6.29% in Q2 2023[3] - Delinquencies greater than 30 days were 13.29% of the total portfolio as of June 30, 2024, up from 11.72% as of June 30, 2023[3] - Provision for credit losses decreased to $1.95 million in June 2024 from $9.70 million in June 2023, a reduction of 80.0%[32] - Risk adjusted margin decreased to 51.12 million in June 2024 from 58.85 million in June 2023, a decline of 13.1%[32] Portfolio and Contracts - Total portfolio balance increased to $3,173.28 million in June 2024, up from $2,910.29 million in June 2023, representing an increase of 9.0%[31] - Average portfolio balance increased to $3,122.28 million in June 2024 from $2,903.99 million in June 2023, an increase of 7.6%[31] - New contract purchases in Q2 2024 totaled $431.9 million, compared to $318.4 million in Q2 2023[12] - Contracts purchased increased to $431.88 million in June 2024 from $318.39 million in June 2023, an increase of 35.5%[31] - Contracts securitized rose to $657.09 million in June 2024, up from $369.86 million in June 2023, representing an increase of 77.6%[31] Interest Income - Interest income for June 2024 was $88.37 million, an increase of 6.6% compared to $82.64 million in June 2023[32] - Net interest margin remained stable at 49.17 million in June 2024, slightly up from 49.15 million in June 2023[32] Securitization - The company closed its largest securitization in history during Q2 2024, with origination volumes up 36% year-over-year[23]
CPS(CPSS) - 2024 Q2 - Quarterly Results