- Net income of $15.2 million and diluted
earnings per share of $1.56, up from $0.90 in the prior-year period
-
- 30+ day contractual delinquency rate of 7.1%
as of March 31, 2024 -
- Continued expense discipline with operating
expense ratio of 13.7% -
Regional Management Corp. (NYSE: RM), a diversified consumer
finance company, today announced results for the first quarter
ended March 31, 2024.
“We had a very strong start to 2024, as we outperformed our
outlook on both the top and bottom lines,” said Robert W. Beck,
President and Chief Executive Officer of Regional Management Corp.
“We generated net income of $15.2 million and diluted earnings per
share of $1.56 in the first quarter. Our portfolio liquidated by
$27 million, in line with our expectations and consistent with
normal seasonal trends. The increased pricing that we have
implemented over the past several quarters, along with some modest
growth in our higher-margin, small loan portfolio, drove total
revenue yield to 32.8%, which was 80 basis points better than the
prior year and contributed to record quarterly revenue of $144
million.”
“We are very pleased with our first quarter results, and I
continue to be very proud of the way that our team members are
navigating through the current environment,” added Mr. Beck. “We
remain cautiously optimistic about the direction of the economy and
the credit performance of our portfolio, though we continue to
maintain tight underwriting guidelines while thoughtfully growing
our higher-margin, small loan book where appropriate. We ended the
first quarter with a 30+ day delinquency rate of 7.1%, a 10 basis
point improvement from the first quarter of last year, and our
front book continues to perform in line with our expectations.”
“Against the current economic backdrop, we will continue to
operate based on a few key guiding principles,” continued Mr. Beck.
“First, we are committed to our core business of small and large
loan installment lending, and we have a long runway of controlled,
profitable growth ahead of us with these products. We will continue
to originate loans where we have a high degree of confidence in
meeting our return hurdles. Second, we will continue to tightly
manage expenses while also investing in our core business in a way
that improves our operating efficiency over time and ensures our
long-term success and profitability. Finally, we will maintain a
strong balance sheet, with ample liquidity and borrowing capacity,
diversified and staggered funding sources, and a sensible interest
rate management strategy.
By making fundamentally sound business decisions in line with
these key principles, we expect to deliver sustainable returns and
long-term value to our shareholders.”
First Quarter 2024 Highlights
- Net income for the first quarter of 2024 was $15.2 million and
diluted earnings per share was $1.56, up 73% from $0.90 in the
prior-year period.
- Net finance receivables as of March 31, 2024 were $1.7 billion,
an increase of $68.1 million, or 4.1%, from the prior-year
period.
- Large loan net finance receivables of $1.3
billion increased $38.8 million, or 3.2%, from the prior-year
period and represented 71.7% of the total loan portfolio, compared
to 72.3% in the prior-year period.
- Small loan net finance receivables were
$490.8 million, an increase of 7.6% from the prior-year period.
- Total loan originations were $326.4 million
in the first quarter of 2024, an increase of $23.2 million, or
7.6%, from the prior-year period, due to controlled growth from
credit-tightening actions.
- Total revenue for the first quarter of 2024 was $144.3 million,
an increase of $8.9 million, or 6.6%, from the prior-year period,
primarily due to an increase in interest and fee income of $8.4
million related to higher average net finance receivables and 80
basis points of higher interest and fee yield compared to the
prior-year period.
- Provision for credit losses for the first quarter of 2024 was
$46.4 million, a decrease of $1.2 million, or 2.6%, from the
prior-year period.
- Annualized net credit losses as a
percentage of average net finance receivables for the first quarter
of 2024 were 10.6%, compared to 10.1% in the prior-year period.
- The provision for credit losses for the
first quarter of 2024 included a reserve decrease of $0.3 million
primarily due to portfolio liquidation as compared to the fourth
quarter of 2023, which included our non-performing loan sale.
- Allowance for credit losses was $187.1
million as of March 31, 2024, or 10.7% of net finance
receivables.
- As of March 31, 2024, 30+ day contractual delinquencies totaled
$124.2 million, or 7.1% of net finance receivables, an improvement
of 10 basis points compared to March 31, 2023.
- General and administrative expenses for the first quarter of
2024 were $60.4 million, an increase of $1.1 million from the
prior-year period.
- The operating expense ratio (annualized general and
administrative expenses as a percentage of average net finance
receivables) for the first quarter of 2024 was 13.7%.
Second Quarter 2024 Dividend
The company’s Board of Directors has declared a dividend of
$0.30 per common share for the second quarter of 2024. The dividend
will be paid on June 12, 2024 to shareholders of record as of the
close of business on May 22, 2024. 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, 2024, the company had net finance receivables of
$1.7 billion and debt of $1.4 billion. The debt consisted of:
- $154.2 million on the company’s $355 million senior revolving
credit facility,
- $99.4 million on the company’s aggregate $375 million revolving
warehouse credit facilities, and
- $1.1 billion through the company’s asset-backed
securitizations.
As of March 31, 2024, the company’s unused capacity to fund
future growth on its revolving credit facilities (subject to the
borrowing base) was $478 million, or 65.5%, and the company had
available liquidity of $169.3 million, including unrestricted cash
on hand and immediate availability to draw down cash from its
revolving credit facilities. As of March 31, 2024, the company’s
fixed-rate debt as a percentage of total debt was 81%, with a
weighted-average coupon of 3.7% and a weighted-average revolving
duration of 1.0 year.
The company had a funded debt-to-equity ratio of 4.0 to 1.0 and
a stockholders’ equity ratio of 19.2%, each as of March 31, 2024.
On a non-GAAP basis, the company had a funded debt-to-tangible
equity ratio of 4.3 to 1.0, as of March 31, 2024. 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 19
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, 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: 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 evolving underwriting models and processes, including as to the
effectiveness of Regional Management's 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;
any future public health crises, including the impact of such
crisis on our operations and financial condition; 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; the impact of changes in tax laws and guidance,
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 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 24
1Q 23
$
%
Revenue
Interest and fee income
$
128,818
$
120,407
$
8,411
7.0
%
Insurance income, net
10,974
10,959
15
0.1
%
Other income
4,516
4,012
504
12.6
%
Total revenue
144,308
135,378
8,930
6.6
%
Expenses
Provision for credit losses
46,423
47,668
1,245
2.6
%
Personnel
37,820
38,597
777
2.0
%
Occupancy
6,375
6,288
(87
)
(1.4
)%
Marketing
4,315
3,379
(936
)
(27.7
)%
Other
11,938
11,059
(879
)
(7.9
)%
Total general and administrative
60,448
59,323
(1,125
)
(1.9
)%
Interest expense
17,504
16,782
(722
)
(4.3
)%
Income before income taxes
19,933
11,605
8,328
71.8
%
Income taxes
4,728
2,916
(1,812
)
(62.1
)%
Net income
$
15,205
$
8,689
$
6,516
75.0
%
Net income per common share:
Basic
$
1.59
$
0.93
$
0.66
71.0
%
Diluted
$
1.56
$
0.90
$
0.66
73.3
%
Weighted-average common shares
outstanding:
Basic
9,569
9,325
(244
)
(2.6
)%
Diluted
9,746
9,622
(124
)
(1.3
)%
Return on average assets (annualized)
3.4
%
2.0
%
Return on average equity (annualized)
18.4
%
11.0
%
Regional Management Corp. and
Subsidiaries
Consolidated Balance
Sheets
(Unaudited)
(dollars in thousands, except
par value amounts)
Increase (Decrease)
1Q 24
1Q 23
$
%
Assets
Cash
$
4,215
$
7,108
$
(2,893
)
(40.7
)%
Net finance receivables
1,744,286
1,676,230
68,056
4.1
%
Unearned insurance premiums
(45,675
)
(49,126
)
3,451
7.0
%
Allowance for credit losses
(187,100
)
(183,800
)
(3,300
)
(1.8
)%
Net finance receivables, less unearned
insurance premiums and allowance for credit losses
1,511,511
1,443,304
68,207
4.7
%
Restricted cash
118,194
127,178
(8,984
)
(7.1
)%
Lease assets
33,400
34,507
(1,107
)
(3.2
)%
Restricted available-for-sale
investments
22,596
22,489
107
0.5
%
Intangible assets
17,360
12,972
4,388
33.8
%
Deferred tax assets, net
13,491
14,690
(1,199
)
(8.2
)%
Property and equipment
13,440
14,999
(1,559
)
(10.4
)%
Other assets
22,541
23,867
(1,326
)
(5.6
)%
Total assets
$
1,756,748
$
1,701,114
$
55,634
3.3
%
Liabilities and Stockholders’
Equity
Liabilities:
Debt
$
1,358,795
$
1,329,677
$
29,118
2.2
%
Unamortized debt issuance costs
(3,948
)
(8,215
)
4,267
51.9
%
Net debt
1,354,847
1,321,462
33,385
2.5
%
Lease liabilities
35,679
36,905
(1,226
)
(3.3
)%
Accounts payable and accrued expenses
29,762
26,054
3,708
14.2
%
Total liabilities
1,420,288
1,384,421
35,867
2.6
%
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, 14,675 shares issued and 9,868 shares
outstanding at March 31, 2024 and 14,385 shares issued and 9,578
shares outstanding at March 31, 2023)
1,468
1,438
30
2.1
%
Additional paid-in capital
123,563
114,452
9,111
8.0
%
Retained earnings
361,791
351,324
10,467
3.0
%
Accumulated other comprehensive loss
(219
)
(378
)
159
42.1
%
Treasury stock (4,807 shares at March 31,
2024 and March 31, 2023)
(150,143
)
(150,143
)
—
—
Total stockholders’ equity
336,460
316,693
19,767
6.2
%
Total liabilities and stockholders’
equity
$
1,756,748
$
1,701,114
$
55,634
3.3
%
Regional Management Corp. and
Subsidiaries
Selected Financial
Data
(Unaudited)
(dollars in thousands, except
per share amounts)
Net Finance
Receivables
1Q 24
4Q 23
QoQ $ Inc (Dec)
QoQ % Inc (Dec)
1Q 23
YoY $ Inc (Dec)
YoY % Inc (Dec)
Large loans
$
1,250,647
$
1,274,137
$
(23,490
)
(1.8
)%
$
1,211,836
$
38,811
3.2
%
Small loans
490,830
493,473
(2,643
)
(0.5
)%
456,313
34,517
7.6
%
Retail loans
2,809
3,800
(991
)
(26.1
)%
8,081
(5,272
)
(65.2
)%
Total net finance receivables
$
1,744,286
$
1,771,410
$
(27,124
)
(1.5
)%
$
1,676,230
$
68,056
4.1
%
Number of branches at period end
343
346
(3
)
(0.9
)%
344
(1
)
(0.3
)%
Net finance receivables per branch
$
5,085
$
5,120
$
(35
)
(0.7
)%
$
4,873
$
212
4.4
%
Averages and Yields
1Q 24
4Q 23
1Q 23
Average Net Finance
Receivables
Average Yield (1)
Average Net Finance
Receivables
Average Yield (1)
Average Net Finance
Receivables
Average Yield (1)
Large loans
$
1,263,491
26.0
%
$
1,273,268
26.0
%
$
1,215,547
26.0
%
Small loans
491,911
37.8
%
477,615
36.3
%
467,851
35.0
%
Retail loans
3,341
15.8
%
4,356
16.3
%
8,954
18.6
%
Total interest and fee yield
$
1,758,743
29.3
%
$
1,755,239
28.8
%
$
1,692,352
28.5
%
Total revenue yield
$
1,758,743
32.8
%
$
1,755,239
32.3
%
$
1,692,352
32.0
%
(1) Annualized interest and fee income as
a percentage of average net finance receivables.
Components of Increase in
Interest and Fee Income
1Q 24 Compared to 1Q
23
Increase (Decrease)
Volume
Rate
Volume & Rate
Total
Large loans
$
3,116
$
27
$
1
$
3,144
Small loans
2,107
3,276
169
5,552
Retail loans
(261
)
(63
)
39
(285
)
Product mix
(238
)
308
(70
)
—
Total increase in interest and fee
income
$
4,724
$
3,548
$
139
$
8,411
Loans Originated (1)
1Q 24
4Q 23
QoQ $ Inc (Dec)
QoQ % Inc (Dec)
1Q 23
YoY $ Inc (Dec)
YoY % Inc (Dec)
Large loans
$
185,074
$
233,415
$
(48,341
)
(20.7
)%
$
193,571
$
(8,497
)
(4.4
)%
Small loans
141,281
174,394
(33,113
)
(19.0
)%
109,484
31,797
29.0
%
Retail loans
—
—
—
—
146
(146
)
(100.0
)%
Total loans originated
$
326,355
$
407,809
$
(81,454
)
(20.0
)%
$
303,201
$
23,154
7.6
%
(1) Represents the principal balance of
loan originations and refinancings.
Other Key Metrics
1Q 24
4Q 23
1Q 23
Net credit losses
$
46,723
$
66,385
$
42,668
Percentage of average net finance
receivables (annualized)
10.6
%
15.1
%
10.1
%
Provision for credit losses
$
46,423
$
68,885
$
47,668
Percentage of average net finance
receivables (annualized)
10.6
%
15.7
%
11.3
%
Percentage of total revenue
32.2
%
48.6
%
35.2
%
General and administrative expenses
$
60,448
$
64,796
$
59,323
Percentage of average net finance
receivables (annualized)
13.7
%
14.8
%
14.0
%
Percentage of total revenue
41.9
%
45.7
%
43.8
%
Same store results (1):
Net finance receivables at period-end
$
1,733,237
$
1,718,367
$
1,619,407
Net finance receivable growth rate
3.4
%
1.5
%
12.3
%
Number of branches in calculation
340
333
325
(1) 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
1Q 24
4Q 23
1Q 23
Allowance for credit losses
$
187,100
10.7
%
$
187,400
10.6
%
$
183,800
11.0
%
Current
1,489,510
85.4
%
1,493,341
84.3
%
1,438,354
85.8
%
1 to 29 days past due
130,578
7.5
%
155,196
8.8
%
116,723
7.0
%
Delinquent accounts:
30 to 59 days
30,020
1.7
%
34,756
1.9
%
27,428
1.6
%
60 to 89 days
25,409
1.5
%
31,212
1.8
%
25,178
1.5
%
90 to 119 days
23,460
1.3
%
27,107
1.5
%
23,148
1.4
%
120 to 149 days
22,163
1.3
%
15,317
0.9
%
22,263
1.3
%
150 to 179 days
23,146
1.3
%
14,481
0.8
%
23,136
1.4
%
Total contractual delinquency
$
124,198
7.1
%
$
122,873
6.9
%
$
121,153
7.2
%
Total net finance receivables
$
1,744,286
100.0
%
$
1,771,410
100.0
%
$
1,676,230
100.0
%
1 day and over past due
$
254,776
14.6
%
$
278,069
15.7
%
$
237,876
14.2
%
Contractual Delinquency by
Product
1Q 24
4Q 23
1Q 23
Large loans
$
78,055
6.2
%
$
80,136
6.3
%
$
74,606
6.2
%
Small loans
45,804
9.3
%
42,151
8.5
%
45,600
10.0
%
Retail loans
339
12.1
%
586
15.4
%
947
11.7
%
Total contractual delinquency
$
124,198
7.1
%
$
122,873
6.9
%
$
121,153
7.2
%
Income Statement Quarterly
Trend
1Q 23
2Q 23
3Q 23
4Q 23
1Q 24
QoQ $ B(W)
YoY $ B(W)
Revenue
Interest and fee income
$
120,407
$
118,083
$
125,018
$
126,190
$
128,818
$
2,628
$
8,411
Insurance income, net
10,959
11,203
11,382
10,985
10,974
(11
)
15
Other income
4,012
4,198
4,478
4,484
4,516
32
504
Total revenue
135,378
133,484
140,878
141,659
144,308
2,649
8,930
Expenses
Provision for credit losses
47,668
52,551
50,930
68,885
46,423
22,462
1,245
Personnel
38,597
36,419
39,832
42,024
37,820
4,204
777
Occupancy
6,288
6,158
6,315
6,268
6,375
(107
)
(87
)
Marketing
3,379
3,844
4,077
4,474
4,315
159
(936
)
Other
11,059
10,475
11,880
12,030
11,938
92
(879
)
Total general and administrative
59,323
56,896
62,104
64,796
60,448
4,348
(1,125
)
Interest expense
16,782
16,224
16,947
17,510
17,504
6
(722
)
Income before income taxes
11,605
7,813
10,897
(9,532
)
19,933
29,465
8,328
Income taxes
2,916
1,790
2,077
(1,958
)
4,728
(6,686
)
(1,812
)
Net income (loss)
$
8,689
$
6,023
$
8,820
$
(7,574
)
$
15,205
$
22,779
$
6,516
Net income (loss) per common share:
Basic
$
0.93
$
0.64
$
0.94
$
(0.80
)
$
1.59
$
2.39
$
0.66
Diluted
$
0.90
$
0.63
$
0.91
$
(0.80
)
$
1.56
$
2.36
$
0.66
Weighted-average shares outstanding:
Basic
9,325
9,399
9,429
9,437
9,569
(132
)
(244
)
Diluted
9,622
9,566
9,650
9,437
9,746
(309
)
(124
)
Balance Sheet Quarterly
Trend
1Q 23
2Q 23
3Q 23
4Q 23
1Q 24
QoQ $ Inc (Dec)
YoY $ Inc (Dec)
Total assets
$
1,701,114
$
1,723,616
$
1,765,340
$
1,794,527
$
1,756,748
$
(37,779
)
$
55,634
Net finance receivables
$
1,676,230
$
1,688,937
$
1,751,009
$
1,771,410
$
1,744,286
$
(27,124
)
$
68,056
Allowance for credit losses
$
183,800
$
181,400
$
184,900
$
187,400
$
187,100
$
(300
)
$
3,300
Debt
$
1,329,677
$
1,344,855
$
1,372,748
$
1,399,814
$
1,358,795
$
(41,019
)
$
29,118
Other Key Metrics Quarterly
Trend
1Q 23
2Q 23
3Q 23
4Q 23
1Q 24
QoQ Inc (Dec)
YoY Inc (Dec)
Interest and fee yield (annualized)
28.5
%
28.2
%
29.0
%
28.8
%
29.3
%
0.5
%
0.8
%
Efficiency ratio (1)
43.8
%
42.6
%
44.1
%
45.7
%
41.9
%
(3.8
)%
(1.9
)%
Operating expense ratio (2)
14.0
%
13.6
%
14.4
%
14.8
%
13.7
%
(1.1
)%
(0.3
)%
30+ contractual delinquency
7.2
%
6.9
%
7.3
%
6.9
%
7.1
%
0.2
%
(0.1
)%
Net credit loss ratio (3)
10.1
%
13.1
%
11.0
%
15.1
%
10.6
%
(4.5
)%
0.5
%
Book value per share
$
33.06
$
32.71
$
33.61
$
33.02
$
34.10
$
1.08
$
1.04
(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 the 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 24
Debt
$
1,358,795
Total stockholders' equity
336,460
Less: Intangible assets
17,360
Tangible equity (non-GAAP)
$
319,100
Funded debt-to-equity ratio
4.0
x
Funded debt-to-tangible equity ratio
(non-GAAP)
4.3
x
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240501087836/en/
Investor Relations Garrett Edson, (203) 682-8331
investor.relations@regionalmanagement.com
Regional Management (NYSE:RM)
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