$RM
Regional Management Corp.

2016 Q4 Form 10-Q Financial Statement

#000119312516749779 Filed on October 27, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2016 Q2
Revenue $64.02M $62.48M $57.33M
YoY Change 12.94% 13.39% 8.16%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $23.72M $32.24M $31.61M
YoY Change 1.32% 18.02% 4.49%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.500M $1.600M $1.800M
YoY Change 36.36% 60.0% 100.0%
% of Gross Profit
Operating Expenses $48.25M $32.24M $31.61M
YoY Change 20.63% 18.02% 4.49%
Operating Profit
YoY Change
Interest Expense $5.287M $5.116M $4.811M
YoY Change 21.54% 18.02% 22.36%
% of Operating Profit
Other Income/Expense, Net $5.312M $6.042M
YoY Change 15.55% 4.24%
Pretax Income $10.48M $10.50M $9.580M
YoY Change -15.07% 0.02% 9.81%
Income Tax $4.014M $4.020M $3.668M
% Of Pretax Income 38.3% 38.3% 38.29%
Net Earnings $6.467M $6.476M $5.912M
YoY Change -12.22% -0.48% 9.32%
Net Earnings / Revenue 10.1% 10.37% 10.31%
Basic Earnings Per Share $0.57 $0.57 $0.50
Diluted Earnings Per Share $0.55 $0.56 $0.49
COMMON SHARES
Basic Shares Outstanding 11.44M shares 11.38M shares 11.76M shares
Diluted Shares Outstanding 11.66M shares 11.97M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.400M $4.000M $2.800M
YoY Change -42.86% -18.37% -41.67%
Cash & Equivalents $12.74M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $4.400M $4.000M $2.800M
YoY Change -42.86% -18.37% -41.67%
LONG-TERM ASSETS
Property, Plant & Equipment $11.69M $10.70M $9.073M
YoY Change 29.22% 14.12% 4.94%
Goodwill $716.0K $716.0K $716.0K
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.300M $7.900M $8.200M
YoY Change -33.6% 2533.33% 256.52%
Total Long-Term Assets $707.8M $687.3M $640.0M
YoY Change 14.41% 17.68% 15.07%
TOTAL ASSETS
Total Short-Term Assets $4.400M $4.000M $2.800M
Total Long-Term Assets $707.8M $687.3M $640.0M
Total Assets $712.2M $691.3M $642.8M
YoY Change 13.71% 17.38% 14.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.20M $11.40M $10.60M
YoY Change 19.69% -3.39% -0.93%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.20M $11.40M $10.60M
YoY Change 19.69% -3.39% -0.93%
LONG-TERM LIABILITIES
Long-Term Debt $489.5M $479.4M $438.9M
YoY Change 19.83% 26.29% 22.09%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $489.5M $479.4M $438.9M
YoY Change 19.83% 26.29% 22.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.20M $11.40M $10.60M
Total Long-Term Liabilities $489.5M $479.4M $438.9M
Total Liabilities $504.7M $491.2M $449.9M
YoY Change 19.85% 25.52% 21.52%
SHAREHOLDERS EQUITY
Retained Earnings $138.8M $132.3M $125.8M
YoY Change 20.94% 23.22% 24.74%
Common Stock $93.73M $92.82M $92.12M
YoY Change 3.61% 2.9% 2.5%
Preferred Stock
YoY Change
Treasury Stock (at cost) $25.05M $25.05M $25.05M
YoY Change
Treasury Stock Shares 1.546M shares 1.546M shares 1.546M shares
Shareholders Equity $207.5M $200.1M $192.9M
YoY Change
Total Liabilities & Shareholders Equity $712.2M $691.3M $642.8M
YoY Change 13.71% 17.38% 14.59%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2016 Q2
OPERATING ACTIVITIES
Net Income $6.467M $6.476M $5.912M
YoY Change -12.22% -0.48% 9.32%
Depreciation, Depletion And Amortization $1.500M $1.600M $1.800M
YoY Change 36.36% 60.0% 100.0%
Cash From Operating Activities $33.60M $28.00M $18.30M
YoY Change 56.28% 12.0% 10.91%
INVESTING ACTIVITIES
Capital Expenditures -$3.300M -$3.400M -$2.400M
YoY Change 37.5% 126.67% 118.18%
Acquisitions
YoY Change
Other Investing Activities -$41.50M -$63.50M -$48.60M
YoY Change -10.17% 49.41% -18.32%
Cash From Investing Activities -$44.80M -$67.10M -$50.90M
YoY Change -7.82% 52.5% -16.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.400M 40.10M 28.10M
YoY Change -68.46% 108.85% -40.09%
NET CHANGE
Cash From Operating Activities 33.60M 28.00M 18.30M
Cash From Investing Activities -44.80M -67.10M -50.90M
Cash From Financing Activities 9.400M 40.10M 28.10M
Net Change In Cash -1.800M 1.000M -4.500M
YoY Change -166.67% 400.0% -260.71%
FREE CASH FLOW
Cash From Operating Activities $33.60M $28.00M $18.30M
Capital Expenditures -$3.300M -$3.400M -$2.400M
Free Cash Flow $36.90M $31.40M $20.70M
YoY Change 54.39% 18.49% 17.61%

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Regional Management Corp.
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<div> <strong><em><font size="2">Reclassifications:</font><font size="2">&#xA0;</font></em></strong>Certain prior period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income or stockholders&#x2019; equity. </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <b>Note&#xA0;1. Nature of Business</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> Regional Management Corp. (the &#x201C;<u>Company</u>&#x201D;) was incorporated and began operations in 1987. The Company is engaged in the consumer finance business, offering small loans, large loans, automobile loans, retail loans, and related credit insurance. As of September 30, 2016, the Company operated offices in 338 locations in the states of Alabama (49 offices), Georgia (8 offices), New Mexico (18 offices), North Carolina (36 offices), Oklahoma (28 offices), South Carolina (72 offices), Tennessee (21 offices), Texas (98 offices), and Virginia (8 offices) under the names Regional Finance and RMC Retail. The Company opened 7 net new offices during the nine months ended September 30, 2016.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <b>Seasonality:</b>&#xA0;The Company&#x2019;s loan volume and contractual delinquency follow seasonal trends. Demand for the Company&#x2019;s loans is typically highest during the second, third, and fourth quarters, which the Company believes is largely due to customers borrowing money for vacation, back-to-school, and holiday spending. With the exception of automobile loans, loan demand has generally been the lowest during the first quarter, which the Company believes is largely due to the timing of income tax refunds. Delinquencies generally reach their lowest point in the first quarter of the year and rise throughout the remainder of the fiscal year. Consequently, the Company experiences seasonal fluctuations in its operating results and cash needs.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <b><i>Use of estimates:</i></b>&#xA0;The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities for the periods indicated in the financial statements. Actual results could differ from those estimates.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> Material estimates that are particularly susceptible to change relate to the determination of the allowance for credit losses, fair value of share-based compensation, the valuation of deferred tax assets and liabilities, contingent liabilities on litigation matters, and the allocation of the purchase price to assets acquired in business combinations.</p> </div>
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