Q1 2025 Consumer Portfolio Services Inc Earnings Call Transcript
Key Points
- Consumer Portfolio Services Inc (CPSS) reported a 17% increase in revenues for the first quarter of 2025, reaching $106.9 million compared to $91.7 million in the first quarter of 2024.
- The company's portfolio assets under management grew by 24% year over year, reaching $3.45 billion.
- Originations for the first quarter of 2025 were $451 million, marking a 31.5% increase compared to the first quarter of 2024.
- Delinquencies and charge-offs showed nominal decreases, indicating improved credit performance.
- The company successfully completed its second quarter securitization amidst market uncertainty, maintaining strong access to capital markets.
- Interest expenses increased significantly, rising from $42 million in the first quarter of 2024 to $55 million in the first quarter of 2025, primarily due to higher debt balances.
- Net income showed only a modest increase of 2%, reaching $4.7 million compared to $4.6 million in the previous year.
- The return on managed assets decreased slightly from 0.9% in the first quarter of 2024 to 0.8% in the first quarter of 2025.
- Despite growth, the diluted earnings per share remained flat at $0.19 compared to the first quarter of 2024.
- The company continues to manage the runoff of less creditworthy paper from 2022 and early 2023, which still constitutes a significant portion of the portfolio.
Good day, everyone, and welcome to the Consumer Portfolio Services 2025 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 facts may be deemed forward-looking statements. Statements regarding current or historical valuation of receivables because dependent on estimates of future events also are forward-looking statements.
All such forward-looking statements are subject to risks that could cause actual results to differ materially from those projected.
I refer you to the company's annual report filed March 12, for further clarification. The company assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, further events or otherwise.
With us today are Mr. Charles Bradley, Chief Executive Officer; Mr. Danny Bharwani, Chief Financial Officer; and Mr. Mike Lavin, President and Chief Operating
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