CPS(CPSS) - 2024 Q3 - Quarterly Results

Financial Performance - Revenues for Q3 2024 were $100.6 million, an increase of $8.5 million, or 9.2%, compared to $92.1 million in Q3 2023[2] - Net income for Q3 2024 was $4.8 million, or $0.20 per diluted share, down from $10.4 million, or $0.41 per diluted share in Q3 2023[1][11] - For the nine months ended September 30, 2024, total revenues were $288.2 million, a 10.8% increase from $260.0 million in the same period of 2023[3] Portfolio and Contracts - Total portfolio balance reached $3.330 billion as of September 30, 2024, up from $2.943 billion a year earlier[4][13] - New contract purchases amounted to $445.9 million in Q3 2024, compared to $322.4 million in Q3 2023, reflecting a 38.3% increase[4][13] Operating Expenses - Total operating expenses for Q3 2024 were $93.7 million, an increase of $15.8 million, or 20.3%, from $77.9 million in Q3 2023[2][11] - Other operating expenses for 2024 were $(44.67) million, a decline of 5.4% compared to $(41.97) million in 2023[15] Credit and Delinquencies - Annualized net charge-offs for Q3 2024 were 7.32% of the average portfolio, compared to 6.86% in Q3 2023[5][14] - Delinquencies greater than 30 days were 14.04% of the total portfolio as of September 30, 2024, up from 13.31% a year earlier[5][14] - Provision for credit losses was $0.99 million in 2024, a decrease from $2.00 million in 2023[15] Interest Income and Expenses - Interest income for 2024 reached $93.16 million, an increase of 11.4% compared to $83.26 million in 2023[15] - Interest expense increased to $(50.06) million in 2024, up 6.1% from $(37.89) million in 2023[15] Margins and Other Income - Net interest margin decreased to 50.52 million in 2024, down 6.2% from 54.19 million in 2023[15] - Risk adjusted margin for 2024 was 51.52 million, a decrease of 6.3% from 56.19 million in 2023[15] - Other income for 2024 was $1.92 million, down from $2.82 million in 2023[15] Future Outlook - The company plans to hold a conference call on November 1, 2024, to discuss its Q3 2024 operating results[6] - The company remains committed to improving operating efficiencies and driving growth in future quarters[6]