$RM
Regional Management Corp.

2019 Q2 Form 10-Q Financial Statement

#000119312519208934 Filed on July 31, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2018 Q1
Revenue $84.27M $72.42M $72.63M
YoY Change 16.37% 10.83% 10.34%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $40.00M $35.47M $36.05M
YoY Change 12.77% 6.14% 10.37%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.700M $2.100M $2.024M
YoY Change 28.57% 31.25% 26.26%
% of Gross Profit
Operating Expenses $40.00M $35.47M $36.05M
YoY Change 12.77% 6.14% 10.37%
Operating Profit
YoY Change
Interest Expense $9.771M $7.915M $7.177M
YoY Change 23.45% 51.6% 37.68%
% of Operating Profit
Other Income/Expense, Net $6.761M $6.089M $6.293M
YoY Change 11.04% 0.53% -7.4%
Pretax Income $11.05M $11.08M $11.34M
YoY Change -0.33% 12.11% 13.19%
Income Tax $2.677M $2.601M $2.697M
% Of Pretax Income 24.24% 23.47% 23.78%
Net Earnings $8.369M $8.482M $8.644M
YoY Change -1.33% 38.26% 13.23%
Net Earnings / Revenue 9.93% 11.71% 11.9%
Basic Earnings Per Share $0.71 $0.73 $0.74
Diluted Earnings Per Share $0.70 $0.70 $0.72
COMMON SHARES
Basic Shares Outstanding 11.71M 11.66M 11.62M shares
Diluted Shares Outstanding 12.02M 12.14M 12.03M shares

Balance Sheet

Concept 2019 Q2 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $700.0K $2.800M $3.200M
YoY Change -75.0% -24.32% -8.57%
Cash & Equivalents $42.50M $29.16M $22.31M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $700.0K $2.800M $3.200M
YoY Change -75.0% -24.32% -8.57%
LONG-TERM ASSETS
Property, Plant & Equipment $14.13M $12.07M $12.21M
YoY Change 17.06% 3.6% 2.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $42.20M $26.40M $19.10M
YoY Change 59.85% 112.9% 98.96%
Total Long-Term Assets $1.019B $865.4M $811.6M
YoY Change 17.7% 19.56% 18.15%
TOTAL ASSETS
Total Short-Term Assets $700.0K $2.800M $3.200M
Total Long-Term Assets $1.019B $865.4M $811.6M
Total Assets $1.019B $868.2M $814.8M
YoY Change 17.4% 19.34% 18.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.70M $17.50M $16.00M
YoY Change 12.57% 19.05% 4.58%
Accrued Expenses $27.50M
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 $47.20M $17.50M $16.00M
YoY Change 169.71% 19.05% 4.58%
LONG-TERM LIABILITIES
Long-Term Debt $682.0M $588.3M $545.9M
YoY Change 15.93% 19.69% 18.44%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $682.0M $588.3M $545.9M
YoY Change 15.93% 19.69% 18.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.20M $17.50M $16.00M
Total Long-Term Liabilities $682.0M $588.3M $545.9M
Total Liabilities $729.1M $609.7M $565.9M
YoY Change 19.59% 20.45% 18.81%
SHAREHOLDERS EQUITY
Retained Earnings $220.6M $185.9M $177.4M
YoY Change 18.67% 21.84% 21.15%
Common Stock $101.8M $97.70M $96.60M
YoY Change 4.23% 4.1% 4.09%
Preferred Stock
YoY Change
Treasury Stock (at cost) $32.19M $25.05M $25.05M
YoY Change 28.52% 0.0% 0.0%
Treasury Stock Shares $1.831M 1.546M shares 1.546M shares
Shareholders Equity $290.2M $258.5M $249.0M
YoY Change
Total Liabilities & Shareholders Equity $1.019B $868.2M $814.8M
YoY Change 17.4% 19.34% 18.01%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income $8.369M $8.482M $8.644M
YoY Change -1.33% 38.26% 13.23%
Depreciation, Depletion And Amortization $2.700M $2.100M $2.024M
YoY Change 28.57% 31.25% 26.26%
Cash From Operating Activities $35.90M $28.30M $31.79M
YoY Change 26.86% 24.12% 10.4%
INVESTING ACTIVITIES
Capital Expenditures -$1.900M -$1.200M $844.0K
YoY Change 58.33% -55.56% -45.37%
Acquisitions
YoY Change
Other Investing Activities -$86.00M -$61.80M -$8.200M
YoY Change 39.16% 26.64% -341.18%
Cash From Investing Activities -$87.90M -$63.00M -$9.826M
YoY Change 39.52% 22.33% -1328.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 53.30M 41.60M -21.67M
YoY Change 28.13% 33.76% -28.94%
NET CHANGE
Cash From Operating Activities 35.90M 28.30M 31.79M
Cash From Investing Activities -87.90M -63.00M -9.826M
Cash From Financing Activities 53.30M 41.60M -21.67M
Net Change In Cash 1.300M 6.900M 294.0K
YoY Change -81.16% 187.5% -184.24%
FREE CASH FLOW
Cash From Operating Activities $35.90M $28.30M $31.79M
Capital Expenditures -$1.900M -$1.200M $844.0K
Free Cash Flow $37.80M $29.50M $30.95M
YoY Change 28.14% 15.69% 13.56%

Facts In Submission

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<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Reclassifications:</div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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&#8217; equity.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
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CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Current
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CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2018 rm Percentage Of Finance Receivables Associated With Customers In Bankruptcy As To Aggregate Finance Receivable
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dei Trading Symbol
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Assets
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Assets
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Liabilities
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CY2018Q4 us-gaap Liabilities
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RetainedEarningsAccumulatedDeficit
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32190000
dei Security12b Title
Security12bTitle
Common Stock
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<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;">&#160;</div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Use of estimates:</div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">&#160;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.</div><br/>&#160;</div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Material estimates that are particularly susceptible to change relate to the determination of the allowance for credit losses, the 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.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
dei Security Exchange Name
SecurityExchangeName
NYSE
dei Document Type
DocumentType
10-Q
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2019-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Registrant Name
EntityRegistrantName
Regional Management Corp.
dei Entity Central Index Key
EntityCentralIndexKey
0001519401
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Shell Company
EntityShellCompany
false
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Small Business
EntitySmallBusiness
false
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2019Q2 us-gaap Lease Cost
LeaseCost
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us-gaap Lease Cost
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4035000
CY2019Q2 us-gaap Common Stock Shares Issued
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13494000
rm Percentage Of Finance Receivables Associated With Customers In Bankruptcy As To Aggregate Finance Receivable
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CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
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1195000
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248951000
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CY2018Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2019Q2 us-gaap Treasury Stock Value Acquired Cost Method
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us-gaap Treasury Stock Value Acquired Cost Method
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7144000
us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Payments For Repurchase Of Common Stock
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7144000
us-gaap Income Taxes Paid Net
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9121000
CY2019Q2 us-gaap Number Of Stores
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CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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0
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0
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100000
us-gaap Proceeds And Excess Tax Benefit From Sharebased Compensation
ProceedsAndExcessTaxBenefitFromSharebasedCompensation
100000
CY2019Q2 us-gaap Stock Repurchase Program Authorized Amount1
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25000000
us-gaap Stock Repurchased During Period Shares
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285000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
7100000
us-gaap Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2021-05-06
rm Finance Receivable Portfolio Turnover Rate
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1.2
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TreasuryStockShares
1831000
dei Entity Address State Or Province
EntityAddressStateOrProvince
SC
us-gaap Nature Of Operations
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<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Note&#160;1. Nature of Business</div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 12pt; margin-top: 6pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Regional Management Corp. (the &#8220;<div style="text-decoration:underline;display:inline;">Company</div>&#8221;) was incorporated and began operations in 1987. The Company is engaged in the consumer finance business, offering small loans, large loans, retail loans, and related payment and collateral protection insurance products. The Company previously offered automobile loans, but it ceased such originations in November 2017. As of June&#160;30, 2019, the Company operated under the name &#8220;Regional Finance&#8221; in 356 branch locations across 11 states in the Southeastern, Southwestern, Mid-Atlantic, and Midwestern United States.</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 6pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The </div>Company&#8217;s loan volume and contractual delinquency follow seasonal trends. Demand for the Company&#8217;s small and large loans is typically highest during the second, third, and fourth quarters, which the Company believes is largely due to customers borrowing money for vacation,&#160;back-to-school,&#160;and holiday spending. 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 half of the year and rise in the second half of the&#160;year. Consequently, the Company experiences seasonal fluctuations in its operating results and cash needs<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">.</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1936000
us-gaap Operating Lease Cost
OperatingLeaseCost
3868000
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ShortTermLeaseCost
86000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
167000
us-gaap Operating Lease Payments
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CY2019Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2300000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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6125000
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P5Y4M24D
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0554

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