Q1 2024 Consumer Portfolio Services Inc Earnings Call Transcript
Key Points
- Consumer Portfolio Services Inc reported a 10% increase in Q1 revenues year-over-year, reaching $91.7 million.
- The company successfully raised $50 million in new residual money for growth capital and originations, indicating strong financial mobilization.
- Renewal of a $200 million warehouse line, enhancing the company's liquidity and operational capabilities.
- Recorded the highest portfolio amount in its 33-year history, reaching $3.02 billion as of March 31, 2024.
- Introduced artificial intelligence scoring tools for fraud detection, significantly reducing synthetic fraud and saving over $1 million in the first quarter.
- Net income decreased to $4.6 million in Q1 2024 from $13.8 million in Q1 2023, following higher interest expenses and decreased reversal of loss provisions.
- Diluted earnings per share dropped to $0.19 in Q1 2024 from $0.54 in the same quarter the previous year.
- Annualized net charge-offs increased to 7.84% of the total portfolio from 5.20% in Q1 2023.
- Delinquency rates, including repossession inventory, rose to 14.55% of the total portfolio from 12.68% in Q1 2023.
- Core operating expenses as a percentage of the average managed portfolio increased to 6% from 5.7% year-over-year.
Good day, everyone, and welcome to the custom Portfolio Services 2024 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 statements. Any statements made during this call that are not statements of historical fact may be deemed forward-looking statements. Statements regarding current historical valuation of receivables because dependent on estimates of future events, also forward-looking statements. All such forward-looking statements are subject to risks that could cause actual results to differ materially sometimes projected. I refer you to the Company's annual report filed March 15th for further clarification Company assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
With us here is Mr. Charles Bradley, Chief Executive Officer, Mr. Danny Bharwani, Chief Financial Officer, and Mr. Mike Lavin, President and Chief Operating Officer of Consumer Portfolio Services. I will now
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