- Net income of $26.8 million and diluted
earnings per share of $2.67 -
- 30.8% year-over-year net finance receivables
growth and 23.7% year-over-year revenue growth -
- 30+ day contractual delinquencies of 5.7% as
of March 31, 2022, an improvement of 30 basis points compared to
December 31, 2021 -
Regional Management Corp. (NYSE: RM), a diversified consumer
finance company, today announced results for the first quarter
ended March 31, 2022.
“We produced another set of outstanding financial and operating
results in the first quarter,” said Robert W. Beck, President and
Chief Executive Officer of Regional Management Corp. “Our strategic
growth initiatives enabled us to overcome the normal seasonal
portfolio liquidation that typically is the hallmark of the first
quarter. We grew our net finance receivables in the quarter to an
all-time high of $1.45 billion, up 31% from a year prior. Our
portfolio in turn generated record quarterly revenue of $121
million, a year-over-year increase of 24%. We posted net income of
$26.8 million and diluted EPS of $2.67, both record highs, with
diluted EPS up 16% from the prior-year period. We also delivered
robust returns of 7.3% ROA and 36.7% ROE.”
“We continue to experience strong loan demand across all
channels, and we remain well-positioned to capture additional
market share,” added Mr. Beck. “We expanded our operations to
Mississippi in February, and in late March, we began piloting
end-to-end digital lending. We are excited to introduce this new
lending channel, which allows us to offer our small and large loan
products on an entirely digital basis without intervention by our
team, from the point of application through loan proceeds
distribution. Moving ahead, we are focused on maintaining our
strong credit profile and will continue executing on our long-term
strategies of digital innovation, geographic expansion, and product
and channel development. We look forward to continuing our delivery
of profitable growth, sustainable returns, and long-term value to
our shareholders.”
First Quarter 2022 Highlights
- Net income for the first quarter of 2022 was a record $26.8
million and diluted earnings per share was a record $2.67,
increases of 4.9% and 15.6%, respectively, compared to the
prior-year period.
- Net finance receivables as of March 31, 2022 hit an all-time
high of $1.4 billion, a record increase of $340.5 million, or
30.8%, from the prior-year period.
- Large loan net finance receivables of $997.2 million increased
$274.8 million, or 38.0%, from the prior-year period and
represented 69.0% of the total loan portfolio. Small loan net
finance receivables were $438.2 million, an increase of 18.0% from
the prior-year period.
- Branch, digitally sourced, direct mail, and total loan
originations were all at record levels for a first quarter.
- Total loan originations of $326.0 million in the first quarter
of 2022, an increase of $91.2 million, or 38.8%, from the
prior-year period.
- Digitally sourced loan originations of $40.3 million in the
first quarter of 2022, an increase of $24.2 million, or 150.0%,
from the prior-year period.
- Total revenue for the first quarter of 2022 was a record $120.8
million, an increase of $23.1 million, or 23.7%, from the
prior-year period.
- Interest and fee income increased $20.4 million, or 23.3%,
primarily due to higher average net finance receivables, partially
offset by ongoing credit normalization and the continued mix shift
towards large loans.
- Insurance income, net increased $2.6 million, or 32.0%, driven
by an increase in premium revenue associated with portfolio
growth.
- Provision for credit losses for the first quarter of 2022 was
$30.9 million, an increase of $19.5 million, or 171.6%, from the
prior-year period. The provision for credit losses for the first
quarter of 2022 included an incremental reserve of $0.6 million
primarily for the $20.0 million in sequential portfolio growth and
a release of $1.1 million based on the macroeconomic model.
- Allowance for credit losses was $158.8 million as of March 31,
2022, including a $15.9 million allowance for credit losses reserve
associated with potential future macroeconomic impacts on credit
losses, inclusive of those associated with the COVID-19
pandemic.
- Annualized net credit losses as a percentage of average net
finance receivables for the first quarter of 2022 were 8.7%, a 100
basis point increase compared to 7.7% in the prior-year period but
a 200 basis point improvement compared to 10.7% in the first
quarter of 2019.
- As of March 31, 2022, 30+ day contractual delinquencies totaled
$82.0 million, or 5.7% of net finance receivables, an improvement
of 30 basis points compared to December 31, 2021, and a 120 basis
point improvement from March 31, 2019. The 30+ day contractual
delinquency remains well below the company’s $158.8 million
allowance for credit losses as of March 31, 2022.
- The company expanded its operations to the state of Mississippi
in the first quarter. In addition, during the first quarter, the
company continued its assessment of its legacy branch network and
determined to close 20 branches in the second quarter where clear
opportunities exist to consolidate operations into a larger branch
in close proximity. This branch optimization is consistent with the
company’s omni-channel strategy and builds upon the company’s
recent successes in entering new states with a lighter branch
footprint, while still providing customers with best-in-class
service. The company estimates total general and administrative
expenses of $1.2 million associated with the branch optimization,
of which $0.4 million was incurred in the first quarter and $0.7
million is estimated in the second quarter. The branch optimization
will generate approximately $1.8 million in general and
administrative expense annual savings, which the company will
reinvest in its expansion into new states.
- General and administrative expenses for the first quarter of
2022 were $55.1 million, an increase of $9.3 million, or 20.2%,
from the prior-year period due to ongoing investment in personnel,
marketing, and digital capabilities to support the company’s growth
strategy. General and administrative expenses for the first quarter
of 2022 included $0.4 million of expenses related to branch
optimization.
- The operating expense ratio (annualized general and
administrative expenses as a percentage of average net finance
receivables) for the first quarter of 2022 was 15.4%, a 90 basis
point improvement compared to the prior-year period. The operating
expense ratio was inclusive of a 20 basis point impact related to
branch optimization.
- In the first quarter of 2022, the company repurchased 172,776
shares of its common stock at a weighted-average price of $48.76
per share under the company’s $20 million stock repurchase
program.
Second Quarter 2022 Dividend
The company’s Board of Directors has declared a dividend of
$0.30 per common share for the second quarter of 2022. The dividend
will be paid on June 15, 2022 to shareholders of record as of the
close of business on May 25, 2022. The declaration and payment of
any future dividend is subject to the discretion of the Board of
Directors and will depend on a variety of factors, including the
company’s financial condition and results of operations.
Liquidity and Capital Resources
As of March 31, 2022, the company had net finance receivables of
$1.4 billion and debt of $1.1 billion. The debt consisted of:
- $44.9 million on the company’s $500 million senior revolving
credit facility,
- $84.6 million on the company’s aggregate $300 million revolving
warehouse credit facilities, and
- $1.0 billion through the company’s asset-backed
securitizations.
As of March 31, 2022, the company’s unused capacity to fund
future growth on its revolving credit facilities (subject to the
borrowing base) was $671 million, or 83.9%, and the company had
available liquidity of $214.6 million, including unrestricted cash
on hand and immediate availability to draw down cash from its
revolving credit facilities.
As of March 31, 2022, the company’s fixed-rate debt as a
percentage of total debt was 89%, with a weighted-average coupon of
2.9% and an average revolving duration of 2.9 years. The company
held interest rate caps with an aggregate notional principal amount
of $550 million to manage the risk associated with variable rate
debt. The interest rate caps are based on one-month LIBOR and
reimburse the company for the difference when one-month LIBOR
exceeds the strike rate.
In April 2022, the company sold $300 million of the interest
rate cap contracts maturing in 2023 as a result of the significant
increases in rates and the value of the interest rate caps.
Following the sale, the company continues to maintain $250 million
in interest rate cap protection, with one-month LIBOR strike rates
between 25 and 50 basis points and maturity dates between February
2024 and February 2026.
The company had a funded debt-to-equity ratio of 3.8 to 1.0 and
a stockholders’ equity ratio of 19.9%, each as of March 31, 2022.
On a non-GAAP basis, the company had a funded debt-to-tangible
equity ratio of 3.9 to 1.0, as of March 31, 2022. Please refer to
the reconciliations of non-GAAP measures to comparable GAAP
measures included at the end of this press release.
Conference Call Information
Regional Management Corp. will host a conference call and
webcast today at 5:00 PM ET to discuss these results.
The dial-in number for the conference call is (855) 327-6837
(toll-free) or (631) 891-4304 (direct). Please dial the number 10
minutes prior to the scheduled start time.
*** A supplemental slide presentation will be made available
on Regional’s website prior to the earnings call at
www.RegionalManagement.com. ***
In addition, a live webcast of the conference call will be
available on Regional’s website at www.RegionalManagement.com.
A webcast replay of the call will be available at
www.RegionalManagement.com for one year following the call.
About Regional Management Corp.
Regional Management Corp. (NYSE: RM) is a diversified consumer
finance company that provides attractive, easy-to-understand
installment loan products primarily to customers with limited
access to consumer credit from banks, thrifts, credit card
companies, and other lenders. Regional Management operates under
the name “Regional Finance” online and in branch locations in 14
states across the United States. Most of its loan products are
secured, and each is structured on a fixed-rate, fixed-term basis
with fully amortizing equal monthly installment payments, repayable
at any time without penalty. Regional Management sources loans
through its multiple channel platform, which includes branches,
centrally managed direct mail campaigns, digital partners,
retailers, and its consumer website. For more information, please
visit www.RegionalManagement.com.
Forward-Looking Statements
This press release may contain various “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are not statements
of historical fact but instead represent Regional Management
Corp.’s expectations or beliefs concerning future events.
Forward-looking statements include, without limitation, statements
concerning financial outlooks or future plans, objectives, goals,
projections, strategies, events, or performance, and underlying
assumptions and other statements related thereto. Words such as
“may,” “will,” “should,” “likely,” “anticipates,” “expects,”
“intends,” “plans,” “projects,” “believes,” “estimates,” “outlook,”
and similar expressions may be used to identify these
forward-looking statements. Such forward-looking statements speak
only as of the date on which they were made and are about matters
that are inherently subject to risks and uncertainties, many of
which are outside of the control of Regional Management. As a
result, actual performance and results may differ materially from
those contemplated by these forward-looking statements. Therefore,
investors should not place undue reliance on forward-looking
statements.
Factors that could cause actual results or performance to differ
from the expectations expressed or implied in forward-looking
statements include, but are not limited to, the following: risks
related to Regional Management’s business, including the COVID-19
pandemic and its impact on Regional Management’s operations and
financial condition; managing growth effectively, implementing
Regional Management’s growth strategy, and opening new branches as
planned; Regional Management’s convenience check strategy; Regional
Management’s policies and procedures for underwriting, processing,
and servicing loans; Regional Management’s ability to collect on
its loan portfolio; Regional Management’s insurance operations;
exposure to credit risk and repayment risk, which risks may
increase in light of adverse or recessionary economic conditions;
the implementation of new underwriting models and processes,
including as to the effectiveness of new custom scorecards; changes
in the competitive environment in which Regional Management
operates or a decrease in the demand for its products; the
geographic concentration of Regional Management’s loan portfolio;
the failure of third-party service providers, including those
providing information technology products; changes in economic
conditions in the markets Regional Management serves, including
levels of unemployment and bankruptcies; the ability to achieve
successful acquisitions and strategic alliances; the ability to
make technological improvements as quickly as competitors; security
breaches, cyber-attacks, failures in information systems, or
fraudulent activity; the ability to originate loans; reliance on
information technology resources and providers, including the risk
of prolonged system outages; changes in current revenue and expense
trends, including trends affecting delinquencies and credit losses;
changes in operating and administrative expenses; the departure,
transition, or replacement of key personnel; the ability to timely
and effectively implement, transition to, and maintain the
necessary information technology systems, infrastructure,
processes, and controls to support Regional Management’s operations
and initiatives; changes in interest rates; existing sources of
liquidity may become insufficient or access to these sources may
become unexpectedly restricted; exposure to financial risk due to
asset-backed securitization transactions; risks related to
regulation and legal proceedings, including changes in laws or
regulations or in the interpretation or enforcement of laws or
regulations; changes in accounting standards, rules, and
interpretations and the failure of related assumptions and
estimates, including those associated with CECL accounting; the
impact of changes in tax laws, guidance, and interpretations,
including the timing and amount of revenues that may be recognized;
risks related to the ownership of Regional Management’s common
stock, including volatility in the market price of shares of
Regional Management’s common stock; the timing and amount of future
cash dividend payments; and anti-takeover provisions in Regional
Management’s charter documents and applicable state law. The
COVID-19 pandemic may also magnify many of these risks and
uncertainties.
The foregoing factors and others are discussed in greater detail
in Regional Management’s filings with the Securities and Exchange
Commission. Regional Management will not update or revise
forward-looking statements to reflect events or circumstances after
the date of this press release or to reflect the occurrence of
unanticipated events or the non-occurrence of anticipated events,
whether as a result of new information, future developments, or
otherwise, except as required by law. Regional Management is not
responsible for changes made to this document by wire services or
Internet services.
Regional Management Corp. and
Subsidiaries Consolidated Statements of Income
(Unaudited) (dollars in thousands, except per share
amounts)
Better (Worse)
1Q 22
1Q 21
$
%
Revenue
Interest and fee income
$
107,631
$
87,279
$
20,352
23.3
%
Insurance income, net
10,544
7,985
2,559
32.0
%
Other income
2,673
2,467
206
8.4
%
Total revenue
120,848
97,731
23,117
23.7
%
Expenses
Provision for credit losses
30,858
11,362
(19,496
)
(171.6
)%
Personnel
35,654
28,851
(6,803
)
(23.6
)%
Occupancy
5,808
6,020
212
3.5
%
Marketing
3,091
2,710
(381
)
(14.1
)%
Other
10,547
8,262
(2,285
)
(27.7
)%
Total general and administrative
55,100
45,843
(9,257
)
(20.2
)%
Interest expense
(59
)
7,135
7,194
100.8
%
Income before income taxes
34,949
33,391
1,558
4.7
%
Income taxes
8,166
7,869
(297
)
(3.8
)%
Net income
$
26,783
$
25,522
$
1,261
4.9
%
Net income per common share:
Basic
$
2.81
$
2.42
$
0.39
16.1
%
Diluted
$
2.67
$
2.31
$
0.36
15.6
%
Weighted-average common shares
outstanding:
Basic
9,533
10,543
1,010
9.6
%
Diluted
10,022
11,066
1,044
9.4
%
Return on average assets (annualized)
7.3
%
9.3
%
Return on average equity (annualized)
36.7
%
36.7
%
Regional Management Corp. and
Subsidiaries Consolidated Balance Sheets
(Unaudited) (dollars in thousands, except par value
amounts)
Increase (Decrease)
1Q 22
1Q 21
$
%
Assets
Cash
$
17,635
$
7,226
$
10,409
144.0
%
Net finance receivables
1,446,071
1,105,603
340,468
30.8
%
Unearned insurance premiums
(47,075
)
(34,751
)
(12,324
)
(35.5
)%
Allowance for credit losses
(158,800
)
(139,600
)
(19,200
)
(13.8
)%
Net finance receivables, less unearned
insurance premiums and allowance for credit losses
1,240,196
931,252
308,944
33.2
%
Restricted cash
138,919
79,012
59,907
75.8
%
Lease assets
28,087
27,652
435
1.6
%
Deferred tax assets, net
18,093
14,366
3,727
25.9
%
Property and equipment
13,036
13,046
(10
)
(0.1
)%
Intangible assets
9,475
8,926
549
6.2
%
Other assets
32,230
16,815
15,415
91.7
%
Total assets
$
1,497,671
$
1,098,295
$
399,376
36.4
%
Liabilities and Stockholders’
Equity
Liabilities:
Debt
$
1,134,377
$
752,200
$
382,177
50.8
%
Unamortized debt issuance costs
(12,001
)
(8,196
)
(3,805
)
(46.4
)%
Net debt
1,122,376
744,004
378,372
50.9
%
Accounts payable and accrued expenses
46,302
40,943
5,359
13.1
%
Lease liabilities
30,251
29,712
539
1.8
%
Total liabilities
1,198,929
814,659
384,270
47.2
%
Stockholders’ equity:
Preferred stock ($0.10 par value, 100,000
shares authorized, none issued or outstanding)
—
—
—
—
Common stock ($0.10 par value, 1,000,000
shares authorized, 14,360 shares issued and 9,806 shares
outstanding at March 31, 2022 and 14,063 shares issued and 10,792
shares outstanding at March 31, 2021)
1,436
1,406
30
2.1
%
Additional paid-in capital
105,989
105,493
496
0.5
%
Retained earnings
329,878
250,659
79,219
31.6
%
Treasury stock (4,554 shares at March 31,
2022 and 3,271 shares at March 31, 2021)
(138,561
)
(73,922
)
(64,639
)
(87.4
)%
Total stockholders’ equity
298,742
283,636
15,106
5.3
%
Total liabilities and stockholders’
equity
$
1,497,671
$
1,098,295
$
399,376
36.4
%
Regional Management Corp. and
Subsidiaries Selected Financial Data (Unaudited)
(dollars in thousands, except per share amounts)
Net Finance Receivables by
Product
1Q 22
4Q 21
QoQ $
Inc (Dec)
QoQ %
Inc (Dec)
1Q 21
YoY $
Inc (Dec)
YoY %
Inc (Dec)
Small loans
$
438,153
$
445,023
$
(6,870
)
(1.5
)%
$
371,188
$
66,965
18.0
%
Large loans
997,226
970,694
26,532
2.7
%
722,474
274,752
38.0
%
Retail loans
10,692
10,540
152
1.4
%
11,941
(1,249
)
(10.5
)%
Total net finance receivables
$
1,446,071
$
1,426,257
$
19,814
1.4
%
$
1,105,603
$
340,468
30.8
%
Number of branches at period end
354
350
4
1.1
%
365
(11
)
(3.0
)%
Net finance receivables per branch
$
4,085
$
4,075
$
10
0.2
%
$
3,029
$
1,056
34.9
%
Averages and Yields
1Q 22
4Q 21
1Q 21
Average Net
Finance
Receivables
Average Yield (1)
Average Net
Finance
Receivables
Average Yield (1)
Average Net
Finance
Receivables
Average Yield (1)
Small loans
$
440,936
36.0
%
$
427,586
38.1
%
$
389,138
37.5
%
Large loans
982,881
27.5
%
925,226
28.5
%
721,052
27.9
%
Retail loans
10,620
18.4
%
10,435
18.7
%
13,170
17.8
%
Total interest and fee yield
$
1,434,437
30.0
%
$
1,363,247
31.4
%
$
1,123,360
31.1
%
Total revenue yield
$
1,434,437
33.7
%
$
1,363,247
35.1
%
$
1,123,360
34.8
%
(1)
Annualized interest and fee
income as a percentage of average net finance receivables.
Components of Increase in
Interest and Fee Income
1Q 22 Compared to 1Q
21
Increase (Decrease)
Volume
Rate
Volume & Rate
Total
Small loans
$
4,851
$
(1,447
)
$
(192
)
$
3,212
Large loans
18,246
(740
)
(268
)
17,238
Retail loans
(113
)
19
(4
)
(98
)
Product mix
1,185
(821
)
(364
)
—
Total increase in interest and fee
income
$
24,169
$
(2,989
)
$
(828
)
$
20,352
Loans Originated (1)
1Q 22
4Q 21
QoQ $
Inc (Dec)
QoQ %
Inc (Dec)
1Q 21
YoY $
Inc (Dec)
YoY %
Inc (Dec)
Small loans
$
137,131
$
175,898
$
(38,767
)
(22.0
)%
$
101,741
$
35,390
34.8
%
Large loans
186,279
255,828
(69,549
)
(27.2
)%
131,325
54,954
41.8
%
Retail loans
2,590
2,630
(40
)
(1.5
)%
1,780
810
45.5
%
Total loans originated
$
326,000
$
434,356
$
(108,356
)
(24.9
)%
$
234,846
$
91,154
38.8
%
(1)
Represents the principal balance
of loan originations and refinancings.
Other Key Metrics
1Q 22
4Q 21
1Q 21
Net credit losses
$
31,358
$
21,808
$
21,762
Percentage of average net finance
receivables (annualized)
8.7
%
6.4
%
7.7
%
Provision for credit losses (1)
$
30,858
$
31,008
$
11,362
Percentage of average net finance
receivables (annualized)
8.6
%
9.1
%
4.0
%
Percentage of total revenue
25.5
%
26.0
%
11.6
%
General and administrative expenses
$
55,100
$
55,532
$
45,843
Percentage of average net finance
receivables (annualized)
15.4
%
16.3
%
16.3
%
Percentage of total revenue
45.6
%
46.5
%
46.9
%
Same store results (2):
Net finance receivables at period-end
$
1,406,904
$
1,400,817
$
1,100,840
Net finance receivable growth rate
27.3
%
23.3
%
0.2
%
Number of branches in calculation
331
330
356
(1)
Includes macroeconomic impacts to
provision for credit losses of $(1,100), $(1,100), and $(6,600) for
1Q 22, 4Q 21, and 1Q 21, respectively.
(2)
Same store sales reflect the
change in year-over-year sales for the comparable branch base. The
comparable branch base includes those branches open for at least
one year.
Contractual Delinquency by
Aging
1Q 22
4Q 21
1Q 21
Allowance for credit losses (1)
$
158,800
11.0
%
$
159,300
11.2
%
$
139,600
12.6
%
Current
1,268,367
87.7
%
1,237,165
86.7
%
1,010,859
91.4
%
1 to 29 days past due
95,689
6.6
%
104,201
7.3
%
47,024
4.3
%
Delinquent accounts:
30 to 59 days
19,818
1.4
%
25,283
1.9
%
11,252
1.0
%
60 to 89 days
16,390
1.1
%
20,395
1.4
%
9,808
0.9
%
90 to 119 days
15,636
1.1
%
15,962
1.0
%
8,682
0.8
%
120 to 149 days
15,322
1.1
%
12,466
0.9
%
8,717
0.8
%
150 to 179 days
14,849
1.0
%
10,785
0.8
%
9,261
0.8
%
Total contractual delinquency
$
82,015
5.7
%
$
84,891
6.0
%
$
47,720
4.3
%
Total net finance receivables
$
1,446,071
100.0
%
$
1,426,257
100.0
%
$
1,105,603
100.0
%
1 day and over past due
$
177,704
12.3
%
$
189,092
13.3
%
$
94,744
8.6
%
Contractual Delinquency by
Product
1Q 22
4Q 21
1Q 21
Small loans
$
34,861
8.0
%
$
39,794
8.9
%
$
22,582
6.1
%
Large loans
46,375
4.7
%
44,348
4.6
%
24,404
3.4
%
Retail loans
779
7.3
%
749
7.1
%
734
6.1
%
Total contractual delinquency
$
82,015
5.7
%
$
84,891
6.0
%
$
47,720
4.3
%
(1)
Includes macroeconomic allowance
for credit losses of $15,900, $17,000, and $26,400 in 1Q 22, 4Q 21,
and 1Q 21, respectively.
Income Statement Quarterly
Trend
1Q 21
2Q 21
3Q 21
4Q 21
1Q 22
QoQ $
B(W)
YoY $
B(W)
Revenue
Interest and fee income
$
87,279
$
88,793
$
99,355
$
107,117
$
107,631
$
514
$
20,352
Insurance income, net
7,985
8,656
9,418
9,423
10,544
1,121
2,559
Other income
2,467
2,227
2,687
2,944
2,673
(271
)
206
Total revenue
97,731
99,676
111,460
119,484
120,848
1,364
23,117
Expenses
Provision for credit losses
11,362
20,549
26,096
31,008
30,858
150
(19,496
)
Personnel
28,851
28,370
29,299
33,313
35,654
(2,341
)
(6,803
)
Occupancy
6,020
5,568
6,027
6,511
5,808
703
212
Marketing
2,710
4,776
2,488
4,431
3,091
1,340
(381
)
Other
8,262
7,675
9,936
11,277
10,547
730
(2,285
)
Total general and administrative
45,843
46,389
47,750
55,532
55,100
432
(9,257
)
Interest expense
7,135
7,801
8,816
7,597
(59
)
7,656
7,194
Income before income taxes
33,391
24,937
28,798
25,347
34,949
9,602
1,558
Income taxes
7,869
4,771
6,577
4,569
8,166
(3,597
)
(297
)
Net income
$
25,522
$
20,166
$
22,221
$
20,778
$
26,783
$
6,005
$
1,261
Net income per common share:
Basic
$
2.42
$
1.98
$
2.25
$
2.18
$
2.81
$
0.63
$
0.39
Diluted
$
2.31
$
1.87
$
2.11
$
2.04
$
2.67
$
0.63
$
0.36
Weighted-average shares outstanding:
Basic
10,543
10,200
9,861
9,545
9,533
12
1,010
Diluted
11,066
10,797
10,544
10,177
10,022
155
1,044
Net interest margin
$
90,596
$
91,875
$
102,644
$
111,887
$
120,907
$
9,020
$
30,311
Net credit margin
$
79,234
$
71,326
$
76,548
$
80,879
$
90,049
$
9,170
$
10,815
Balance Sheet Quarterly
Trend
1Q 21
2Q 21
3Q 21
4Q 21
1Q 22
QoQ $
Inc (Dec)
YoY $
Inc (Dec)
Total assets
$
1,098,295
$
1,191,305
$
1,313,558
$
1,459,662
$
1,497,671
$
38,009
$
399,376
Net finance receivables
$
1,105,603
$
1,183,387
$
1,314,233
$
1,426,257
$
1,446,071
$
19,814
$
340,468
Allowance for credit losses
$
139,600
$
139,400
$
150,100
$
159,300
$
158,800
$
(500
)
$
19,200
Debt
$
752,200
$
853,067
$
978,803
$
1,107,953
$
1,134,377
$
26,424
$
382,177
Other Key Metrics Quarterly
Trend
1Q 21
2Q 21
3Q 21
4Q 21
1Q 22
QoQ
Inc (Dec)
YoY
Inc (Dec)
Interest and fee yield (annualized)
31.1
%
31.6
%
32.0
%
31.4
%
30.0
%
(1.4
)%
(1.1
)%
Efficiency ratio (1)
46.9
%
46.5
%
42.8
%
46.5
%
45.6
%
(0.9
)%
(1.3
)%
Operating expense ratio (2)
16.3
%
16.5
%
15.4
%
16.3
%
15.4
%
(0.9
)%
(0.9
)%
30+ contractual delinquency
4.3
%
3.6
%
4.7
%
6.0
%
5.7
%
(0.3
)%
1.4
%
Net credit loss ratio (3)
7.7
%
7.4
%
5.0
%
6.4
%
8.7
%
2.3
%
1.0
%
Book value per share
$
26.28
$
26.93
$
27.73
$
28.89
$
30.47
$
1.58
$
4.19
(1)
General and administrative
expenses as a percentage of total revenue.
(2)
Annualized general and
administrative expenses as a percentage of average net finance
receivables.
(3)
Annualized net credit losses as a
percentage of average net finance receivables.
Non-GAAP Financial Measures
In addition to financial measures presented in accordance with
generally accepted accounting principles (“GAAP”), this press
release contains certain non-GAAP financial measures. The company’s
management utilizes non-GAAP measures as additional metrics to aid
in, and enhance, its understanding of the company’s financial
results. Tangible equity and funded debt-to-tangible equity ratio
are non-GAAP measures that adjust GAAP measures to exclude
intangible assets. Management uses these equity measures to
evaluate and manage the company’s capital and leverage position.
The company also believes that these equity measures are commonly
used in the financial services industry and provide useful
information to users of the company’s financial statements in the
evaluation of its capital and leverage position.
This non-GAAP financial information should be considered in
addition to, not as a substitute for or superior to, measures of
financial performance prepared in accordance with GAAP. In
addition, the company’s non-GAAP measures may not be comparable to
similarly titled non-GAAP measures of other companies. The
following tables provide a reconciliation of GAAP measures to
non-GAAP measures.
1Q 22
Debt
$
1,134,377
Total stockholders' equity
298,742
Less: Intangible assets
9,475
Tangible equity (non-GAAP)
$
289,267
Funded debt-to-equity ratio
3.8
x
Funded debt-to-tangible equity ratio
(non-GAAP)
3.9
x
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220504005961/en/
Investor Relations Garrett Edson, (203) 682-8331
investor.relations@regionalmanagement.com
Grafico Azioni Regional Management (NYSE:RM)
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Da Mar 2024 a Apr 2024
Grafico Azioni Regional Management (NYSE:RM)
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Da Apr 2023 a Apr 2024