0000885550-25-000124
SEC filingQ3净利同比增37%至$108.2M，主因信贷损失拨备下降及Finance charges增长。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total revenue | $582.4M | $550.3M | +5.8% |
| Finance charges | $539.4M | $507.6M | +6.3% |
| Gross Profit | $582.4M | $550.3M | +5.8% |
| Gross Margin | 100% | 100% | — |
| Operating Income | $148.9M | $106.5M | +39.8% |
| Operating Margin | 25.6% | 19.4% | +620 bps |
| Net Income | $108.2M | $78.8M | +37.3% |
| Diluted EPS | $9.43 | $6.35 | +48.5% |
| Operating Cash Flow | $785.3M (9M) | $831.7M (9M) | -5.6% |
| Free Cash Flow | $171.9M (9M) | — | — |
Q3营收增长主要由Finance charges驱动，同比+6.3%至$539.4M，得益于平均净贷款余额增长3.9%至$8.0B以及平均收益率提升0.6个百分点至27.0%。增长桥显示，余额增加贡献$19.8M，收益率提升贡献$12.0M。
盈利能力大幅改善，Operating Income同比+39.8%，主要因Provision for credit losses同比-17.7%至$152.0M，其中Forecast changes拨备下降$17.8M，New Consumer Loan assignments拨备下降$14.9M。但Operating expenses同比+13.3%至$146.6M，主要因法律费用增加（含$15.0M和解拨备）及人员扩张。
盈利质量方面，经营现金流（9个月）$785.3M，同比下降5.6%，主要因税收支付增加。剔除一次性法律拨备后，run-rate盈利能力更强。
公司仅有一个报告分部，未披露分部数据。
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and cash equivalents | $15.9M | $343.7M (2024年末) |
| Restricted cash and cash equivalents | $482.9M | $501.3M (2024年末) |
| Loans receivable, net | $7,975.5M | $7,850.3M (2024年末) |
| Total debt | $6,369.0M | $6,352.9M (2024年末) |
| Operating Cash Flow (9M) | $785.3M | $831.7M (9M 2024) |
| Capex (9M) | $1.2M | $1.1M (9M 2024) |
| Free Cash Flow (9M) | $171.9M | — |
Funded debt to equity ratio为4.0:1。公司拥有$1,586.3M未使用循环信贷额度。
资本配置：
一次性异常项：
主要风险：