Consumer Portfolio Services Inc (CPSS) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to the Consumer Portfolio Services 2026 first-quarter operating results conference call. Today's call is being recorded.

各位好，歡迎參加 Consumer Portfolio Services 2026 年第一季營運結果電話會議。今天的電話會議將被錄音。

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 the current or historical valuation of receivables because dependent on estimates of future events are also forward-looking statements.

在開始之前，管理層要求我提醒各位，本次電話會議可能包含前瞻性陳述。本次電話會議中所作任何非歷史事實之陳述，均可能被視為前瞻性陳述。由於應收款項目前或歷史估值係依賴對未來事件之估計，因此與之相關的陳述亦屬前瞻性陳述。

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 16, 2026, for further clarification.

所有此類前瞻性陳述均受各項風險影響，可能導致實際結果與預測結果出現重大差異。如需進一步說明，請參閱公司於 2026 年 3 月 16 日提交的年度報告。

The company assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, further events, or otherwise.

公司不承擔公開更新任何前瞻性陳述之義務，無論係因新資訊、後續事件或其他原因所致。

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.

今天與會者包括 Consumer Portfolio Services 執行長 Charles Bradley 先生、財務長 Danny Bharwani 先生，以及總裁兼營運長 Mike Lavin 先生。

I will now turn the call over to Mr. Bradley.

接下來我將把電話會議交給 Bradley 先生。

Thank you, and welcome, everyone, to our first-quarter earnings call. And looking back at the quarter, I think sort of going through the basic things, our securitization program continues to run really well. We did another securitization, $345 million, well-received, no problems at all. So it's very good that that program remains consistent.

謝謝，並歡迎各位參加我們第一季財報電話會議。回顧本季，我想先從幾個基本面談起，我們的證券化計畫持續運作得非常順利。我們又完成了一筆證券化，規模 3.45 億美元，市場反應良好，完全沒有問題。因此，這項計畫能夠保持一貫性是非常好的。

We'd like to see the interest rates come down a little more, but overall, being able to buy a lot of paper and sell it all to Wall Street is one of the most important things we can do.

我們希望利率能再降一些，但整體而言，能夠買進大量資產並將其全部賣給華爾街，是我們能做的最重要的事情之一。

Secondly, we did another residual financing, and that program also is running really well, very well received. Actually, each time we do a new residual financing, it's probably more well received each time along. We're getting a little better pricing as well. So that's all very good.

第二，我們又完成了一筆剩餘權益融資（residual financing），而且該計畫同樣運作得非常順利，市場接受度很高。事實上，每次我們做新的剩餘權益融資，市場反應似乎都比前一次更好。我們也拿到稍微更好的定價。所以這些都非常正面。

Probably the big news is finally, after spending all last year thinking we could grow and trying to grow and not really getting where we wanted to go, the program was to expand our geographic footprint as much as we could, add as many dealers into our network as we could, and also add a lot more marketing people to get more boots on the ground and really focus on that sales.

或許最大的消息是，終於在去年一整年我們都在想著可以成長、也努力想成長但未能真正達到目標之後，我們的策略是盡可能擴大地理覆蓋範圍、把更多經銷商納入我們的網絡，並且增聘更多行銷人員，讓前線人力更充足，真正聚焦於銷售。

And finally, that has started to pay off. As much as January and February were a bit slow or normal, I should say, March took off. And so being how we're here in May, it's safe to say all of that hard work we've done over the last year, 18 months, is really beginning to pay off in terms of the growth in our originations platform and our ability to buy paper and penetrate the markets deeper.

而且終於開始看到成效。一月和二月雖然稍微偏慢，或者說算是正常，但三月明顯起飛。因此，既然現在已是五月，可以很有把握地說，我們過去一年到一年半所做的所有努力，正開始在我們的承作（originations）平台成長，以及我們買進資產、加深市場滲透能力方面，逐步展現成果。

So we really caught a lot of that in March. Next quarter, the second quarter should be very interesting in that regard. But all in all, very good in terms of what we're doing. So across the board, things look very good. I'll get back to that after Danny and Mike go through their pieces.

所以我們在三月確實抓住了很多動能。下一季，也就是第二季，在這方面應該會非常值得關注。但總體而言，我們正在做的事情表現非常好。因此整體來看，各方面都很不錯。等 Danny 和 Mike 講完他們的部分後，我會再回到這些話題。

So I'll turn it over to Danny to do the financials.

接下來我把時間交給 Danny 來說明財務數字。

Thank you, Brad. Going over the financials, revenues for the quarter were $112.3 million, which is up 5% from $106.9 million in the 2025 first quarter driven by interest income of $108.7 million, which is up 6.7% over the prior year period. That increase is driven by, as Brad alluded to, strong new loan originations in the quarter. We did $533 million, which is 18% better than the first quarter of 2025.

謝謝你，Brad。就財務表現而言，本季營收為 1.123 億美元，較 2025 年第一季的 1.069 億美元成長 5%，主要由利息收入 1.087 億美元帶動，較去年同期成長 6.7%。如 Brad 所提到，這項成長來自本季強勁的新貸款承作。我們本季承作金額為 5.33 億美元，較 2025 年第一季提升 18%。

Our fair value portfolio now sits at $3.8 billion, yielding 11.3%, which is net of losses. And in terms of revenues, the only other item of note is the prior year period included a fair value mark of $3.5 million, where we did not have a mark in the first quarter of 2026.

我們的公允價值投資組合目前為 38 億美元，收益率為 11.3%，此為扣除損失後的淨收益率。就營收而言，唯一另一個值得注意的項目是：去年同期包含 350 萬美元的公允價值評價（mark），而 2026 年第一季我們沒有這項評價。

Expenses of $104.3 million is up 4% from $100.1 million in 2025. Interest income is the largest contributor to that increase, $60 million is up from Q4 of 2025 compared to $55 million a year ago, which is a 9% increase. And obviously, that increase is largely due to the higher debt balance from the higher originations, higher loan originations in the quarter.

費用為 1.043 億美元，較 2025 年的 1.001 億美元增加 4%。利息費用是造成增加的最大因素，為 6,000 萬美元，相較之下去年同期為 5,500 萬美元，增幅 9%。而且很明顯，這項增加主要是因本季承作量提高，導致負債餘額上升。

Pre-tax earnings of $8 million is 18% higher than $6.8 million in the first quarter of 2025. And net income is also 18% higher, $5.5 million compared to $4.7 million in the March quarter of 2025.

稅前盈餘為 800 萬美元，較 2025 年第一季的 680 萬美元高出 18%。淨利亦增加 18%，為 550 萬美元，相較 2025 年 3 月季度的 470 萬美元。

Diluted earnings per share is $0.24 compared to $0.19 in the first quarter of last year. That is a 22% increase, and those trends follow along with the higher pre-tax and net income.

稀釋後每股盈餘為 0.24 美元，去年第一季為 0.19 美元。這代表成長 22%，而這些趨勢與稅前盈餘及淨利的提升一致。

Moving on to the balance sheet, our cash and restricted cash of $185.4 million is 1% higher than $183.5 in March of 2025. Our fair value portfolio, like I said, $3.8 billion now is 11% higher than $3.45 billion in March 31, 2025.

接著看資產負債表，我們的現金及受限制現金為 1.854 億美元，較 2025 年 3 月的 1.835 億美元增加 1%。如我所說，我們的公允價值投資組合目前為 38 億美元，較 2025 年 3 月 31 日的 34.5 億美元增加 11%。

Moving on to shareholders' equity, $314.4 million, 5% higher than the 2025 quarter. Net interest margin of $48.7 million compared to $47 million last year is a 3% increase. And core operating expenses of $44.2 million is actually down 2% from the $45.2 million in 2025.

再看股東權益，為 3.144 億美元，較 2025 年同季增加 5%。淨利差為 4,870 萬美元，相較去年為 4,700 萬美元，成長 3%。核心營運費用為 4,420 萬美元，實際上較 2025 年的 4,520 萬美元下降 2%。

So this is a good -- something we were able to accomplish in the first quarter. We're able to grow the loan portfolio without showing an increase in cost. And because of that, the core operating expense as a percentage of the managed portfolio is 4.6%, down from 5.1% in the first quarter of last year.

因此這是一個不錯的——也是我們在第一季能夠達成的成果。我們能在不顯示成本增加的情況下擴大貸款組合。也因此，核心營運費用占受管理投資組合的比例為 4.6%，低於去年第一季的 5.1%。

And finally, our return on managed assets, 0.8% is flat from 0.8% last year.

最後，我們的受管理資產報酬率為 0.8%，與去年 0.8% 持平。

That's it for the financials. I will turn the call over to Mike.

以上是財務部分。我把電話會議交給 Mike。

Thanks, Danny. Just a couple of follow-up comments. As Brad alluded, in the first quarter, we originated $533 million in new contracts. This compares to $363 million in the first quarter prior, which is a 47% increase. And that compares to $451 million we did in the first quarter of 2025, an 18% increase. Important to note that March alone accounted for $250 million of originations.

謝謝，Danny。我補充幾點說明。如 Brad 所提到，第一季我們承作了 5.33 億美元的新合約。相較於前一年度第一季的 3.63 億美元，成長 47%。而與我們在 2025 年第一季完成的 4.51 億美元相比，則成長 18%。值得注意的是，僅三月就占了 2.5 億美元的承作量。

In the first quarter of 2026, we grew our portfolio of assets under management from $3.779 billion to [$9] -- or $3.942 billion, a 4.5% increase, and from $3.61 billion in the first quarter of 2025, which is a 9% increase.

在 2026 年第一季，我們的資產管理規模（AUM）投資組合由 37.79 億美元成長至 39.42 億美元，增加 1.63 億美元，增幅 4.5%；相較於 2025 年第一季的 36.10 億美元，則成長 9%。

We are meeting these goals by one, adding new active dealers, two, hiring more sales reps, three, driving up applications, and four, improving our capture rate.

我們透過以下方式達成這些目標：第一，新增活躍經銷商；第二，增聘更多業務代表；第三，提高申請量；第四，提升我們的承作率（capture rate）。

In the first quarter, we added 2,335 new and reactivated dealers to our active dealer base for a total of 10,544 dealers, which is an increase of 28% over the fourth quarter of 2025. Currently, two-thirds of our lending comes from franchise dealerships and one-third comes from independent dealerships.

第一季我們新增並重新啟用 2,335 家經銷商，納入活躍經銷商基礎，使經銷商總數達 10,544 家，較 2025 年第四季增加 28%。目前，我們的放款有三分之二來自加盟（franchise）經銷商，三分之一來自獨立經銷商。

In the first quarter, we increased the number of sales representatives from 96, at the end of the fourth quarter of '25 to 124 sales or ups at the end of the first quarter of '26, which is an increase of 29%. The average applications per month in the first quarter was 334,000 and an increase of 31% over the fourth quarter of 256,000.

第一季我們將業務代表人數由 2025 年第四季末的 96 人，提高至 2026 年第一季末的 124 人，增幅 29%。第一季每月平均申請量為 334,000 件，較第四季的 256,000 件增加 31%。

Our capture rate improved significantly from 5.98% to 7.65%, which is an increase of 28% quarter over quarter. So the increase in applications combined with the significant increase in capture rate drove a significant amount of the growth.

我們的承作率由 5.98% 顯著提升至 7.65%，季增 28%。因此，申請量的增加加上承作率的大幅提升，帶動了相當可觀的成長。

And speaking of growth, it's important to note that we did put in our Gen 9 credit model in October of 2025. So we continue to originate under a tight credit box. The other note on growth is we are pleased that our originations team did not miss a beat in underwriting in the quarter growth. Our funding time remained in our two days, and our error rate remained under 8%.

談到成長，重要的是要指出，我們已於 2025 年 10 月導入第 9 代（Gen 9）信用模型。因此我們仍在嚴格的授信框架下進行放款承作。關於成長的另一點是，我們很高興承作團隊在本季放款量成長的情況下，授信審核仍然毫不鬆懈。我們的撥款時間仍維持在兩天內，錯誤率也維持在 8% 以下。

Turning to credit performance, the total DQ greater than 30 days for the fourth quarter was 11.58%, a decrease from the first quarter of 2025 of 12.35%. The total annualized net charge-offs of the first quarter of 2026 was 8.57% of the average portfolio as compared to 7.55% by 4% of the first quarter of 2025.

接著看信用表現，第四季逾期超過 30 天（DQ > 30 days）的總比率為 11.58%，較 2025 年第一季的 12.35% 下降。2026 年第一季年化淨沖銷（net charge-offs）總額為平均投資組合的 8.57%，相較於 2025 年第一季的 7.55%。

Further, repossessions were down over the fourth quarter of last year and down over the first quarter of last year. Extensions as a percent of the portfolio were up slightly quarter over quarter, but the first quarter of '26 was down as compared to the first quarter of '25.

此外，第一季的收車（repossession）數量較去年第四季下降，也較去年第一季下降。展期（extensions）占投資組合的比例季比略升，但 2026 年第一季相較 2025 年第一季則下降。

Affordability continues to be at the top of the mind regarding our customers. Our average payment last month was $542, which is below the average used car payment of $562 and actually lower than the average subprime payment, which is higher.

對我們的客戶而言，負擔能力（affordability）仍是最重要的考量。我們上個月的平均月付金為 542 美元，低於二手車平均月付金 562 美元，且實際上也低於更高的次級（subprime）平均月付金。

Looking at the vintage performance, 2024-A started the improvements over the '22 and '23 vintages. We saw significantly improved credit performance starting with 2024-B, -C, and -D. And then when you look at the default curve, which is perhaps the best indicator of performance, the '25s are sitting right on top of the '24s, so we're continuing to trend well.

從分期批次（vintage）表現來看，2024-A 相較於 2022 與 2023 批次開始出現改善。自 2024-B、-C 與 -D 起，我們看到信用表現顯著改善。而當你觀察違約曲線（default curve）——這或許是最佳的表現指標——2025 年批次與 2024 年批次幾乎重疊，因此我們的趨勢仍然良好。

The good news is that the '24s and '25s are much better than the '22s and '23s, and those vintages are running off quickly with the '22s and '23s being a nominal part of the portfolio going forward.

好消息是，2024 與 2025 年批次明顯優於 2022 與 2023 年批次，而這些較早批次正快速到期退出，使得 2022 與 2023 年批次在未來投資組合中僅占很小的名目比重。

Turning to recoveries. They are up slightly in the quarter, settling in around 32%. That is up quarter over quarter and up over the first quarter of '25. I mentioned last quarter that the '22 and '23 vintages were dragging down the overall recoveries. That trend continued, but the increase in recoveries quarter over quarter, we're now seeing that relates to the '22 and '23 vintages running off. So we expect that trend to continue.

接著看回收（recoveries）。本季略有上升，約落在 32%。這不僅季比上升，也高於 2025 年第一季。我在上季提到，2022 與 2023 年批次拖累了整體回收率。這個趨勢仍在延續，但我們目前看到的回收率季比提升，與 2022 與 2023 年批次逐步到期退出有關。因此我們預期這個趨勢將持續。

One final note. One key metric that we monitor closely here that affects our business is the unemployment rate. That remains historically low. At the beginning of the quarter, it was 4.4%. It actually went down just a touch to 4.3% with a nice jobs report that added 178,000 jobs.

最後補充一點。我們在此密切監控、且會影響我們業務的一項關鍵指標是失業率。失業率仍處於歷史低位。本季初為 4.4%。隨著一份亮眼的就業報告新增 178,000 個工作，失業率也小幅降至 4.3%。

As of the end of March, and I noted this morning, there was another good jobs report that came out, so turning well there too.

截至 3 月底——我今天早上也提到——又公布了另一份不錯的就業報告，因此那邊的走勢也在改善。

So with that, I'll pass it back to Brad.

那麼我把時間交回給 Brad。

Thank you, Mike. And looking at the industry, this has kind of become a little repetitive, it's sort of like all quiet, which is good, no hiccups, no problems, no new entrants. I think the industry is finally sort of consolidated to a level where you really have a handful of large players and not really too much in the -- then it gets really small, so it's kind of like either you have multiple billion in your portfolio or you have less than $500 million or $600 million and so because of that, I think the competition is good.

謝謝你，Mike。從產業面來看，這部分有點變得重複了：整體相當平靜，這是好事，沒有卡關、沒有問題、也沒有新進入者。我認為產業終於整併到一個程度，基本上只剩少數大型業者；再往下就變得非常小。因此有點像是：要嘛你的投資組合規模是數十億美元，要嘛就低於 5 億或 6 億美元。也因為如此，我認為競爭狀況是良性的。

I think there's nobody running off the rails one way or another anymore. So it's really kind of settled into a very productive environment for everyone. And I think we're seeing some of the benefits of that in terms of our growth as some of the smaller people still fall away in the lower end.

我認為現在已經沒有人再以某種方式失控地冒進或偏離軌道了。因此整體已經穩定在一個對所有人都非常有生產力的環境。而且隨著一些較小的業者在低端市場持續退出，我們也在成長方面看到一些好處。

Also, I think it would be nice if the Iran war ended because that would help our interest rates, we think. But again, it's interesting to see that even with that kind of turbulence in the market, we're not having any problems with securitizations. The portfolio performance seems fine.

另外，如果伊朗戰爭能結束就更好了，因為我們認為那會有助於利率走低。但同樣有趣的是，即便市場有這種動盪，我們在證券化方面並沒有遇到任何問題。投資組合表現看起來也很穩健。

And moving on to sort of the macro, the rest of the macros, generally it looks like the economy is okay. If we could get rid of the war aspect of it, I think everything would be rather sound and very good. What's good about that is we're in a very good spot right now in terms of we're really hitting a good growth streak, and I think we're going to be able to take advantage of the market.

再談宏觀面，其他宏觀因素整體看起來經濟還可以。如果能去除戰爭因素，我認為一切都會相當穩健、非常好。這對我們的好處是，我們目前正處在非常有利的位置，因為我們正進入一段很好的成長動能，我認為我們將能夠把握市場機會。

So for the most part, we want everything to just quiet down, have the war end, have the economy settle and do well, and have us be able to grow a lot this year, which is what we've been trying to do now for a couple of years.

因此大致上，我們希望一切都能平靜下來、戰爭結束、經濟穩定並表現良好，讓我們今年能夠大幅成長——這也是我們過去幾年一直努力的方向。

So far in the first quarter, looks real good. Second quarter looks real good too.

到目前為止，第一季看起來非常好。第二季看起來也非常好。

So with that, we'll look forward to talking to you next quarter and thank you all for attending our call.

那麼，我們期待下個季度再與各位交流，也感謝各位參加我們的電話會議。

The meeting has now concluded. Thank you all for joining. You may now disconnect.

會議現在結束。感謝各位加入。您現在可以斷線。