Financial Performance - CPS reported fourth quarter 2024 earnings of $5.1 million, or $0.21 per diluted share, compared to $7.2 million, or $0.29 per diluted share in Q4 2023[1][2][3]. - Revenues for Q4 2024 were $105.3 million, an increase of $13.3 million, or 14.5%, from $92.0 million in Q4 2023[2][3]. - Total revenues for the full year 2024 reached $393.5 million, up approximately $41.5 million, or 11.8%, from $352.0 million in 2023[3]. - Total operating expenses for Q4 2024 were $98.0 million, compared to $82.1 million in Q4 2023, while full year operating expenses increased to $366.1 million from $290.9 million[2][3]. Portfolio Growth - The total number of contracts purchased in 2024 was $1.682 billion, compared to $1.358 billion in 2023, reflecting strong growth in new loan originations[4][7]. - As of December 31, 2024, CPS's total portfolio balance was $3.491 billion, the highest in company history, up from $2.970 billion a year earlier[4][7]. Credit Quality - Annualized net charge-offs for Q4 2024 were 8.02% of the average portfolio, compared to 7.74% in Q4 2023, indicating a slight increase in credit losses[5][17]. - Delinquencies greater than 30 days were 14.85% of the total portfolio as of December 31, 2024, compared to 14.55% a year prior[5][17]. Future Outlook - The company anticipates continued positive trends in loan originations and operating efficiencies going into 2025[6]. - CPS will hold a conference call on February 26, 2025, to discuss its fourth quarter 2024 operating results[8]. Financial Metrics - Wholesale auction liquidation amounts as a percentage of the account balance at the time of sale are provided, indicating financial performance metrics[18]. - Annualized percentage of the average portfolio balance is highlighted, reflecting overall portfolio management efficiency[18]. - Total pre-tax expenses less provision for credit losses and interest expense are noted, which impacts net profitability[18].
CPS(CPSS) - 2024 Q4 - Annual Results