XML 47 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Cash flows from operating activities:      
Net income $ 29,516us-gaap_NetIncomeLoss $ 21,005us-gaap_NetIncomeLoss $ 69,408us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by operating activities:      
Accretion of deferred acquisition fees (16,213)cpss_AccretionOfDeferredAcquisitionFees (20,565)cpss_AccretionOfDeferredAcquisitionFees (15,957)cpss_AccretionOfDeferredAcquisitionFees
Accretion of purchase discount on receivables measured at fair value (283)us-gaap_AccretionOfDiscount (1,421)us-gaap_AccretionOfDiscount (4,144)us-gaap_AccretionOfDiscount
Amortization of discount on securitization trust debt 130us-gaap_AmortizationOfFinancingCostsAndDiscounts 600us-gaap_AmortizationOfFinancingCostsAndDiscounts 1,913us-gaap_AmortizationOfFinancingCostsAndDiscounts
Amortization of discount on senior secured debt, related party 623us-gaap_AmortizationOfDebtDiscountPremium 1,992us-gaap_AmortizationOfDebtDiscountPremium 2,296us-gaap_AmortizationOfDebtDiscountPremium
Accretion of premium on debt secured by receivables measured at fair value 712us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments 2,726us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments 4,579us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments
Mark to fair value on debt secured by receivables at fair value (123)us-gaap_AssetsFairValueAdjustment (747)us-gaap_AssetsFairValueAdjustment 7,113us-gaap_AssetsFairValueAdjustment
Mark to fair value of receivables measured at fair value (27)us-gaap_AssetAtFairValueChangesInFairValueResultingFromChangesInAssumptions 595us-gaap_AssetAtFairValueChangesInFairValueResultingFromChangesInAssumptions (6,634)us-gaap_AssetAtFairValueChangesInFairValueResultingFromChangesInAssumptions
Depreciation and amortization 428us-gaap_DepreciationDepletionAndAmortization 437us-gaap_DepreciationDepletionAndAmortization 543us-gaap_DepreciationDepletionAndAmortization
Amortization of deferred financing costs 6,767us-gaap_AmortizationOfFinancingCosts 6,803us-gaap_AmortizationOfFinancingCosts 5,954us-gaap_AmortizationOfFinancingCosts
Provision for credit losses 108,228us-gaap_ProvisionForLoanAndLeaseLosses 76,869us-gaap_ProvisionForLoanAndLeaseLosses 33,495us-gaap_ProvisionForLoanAndLeaseLosses
Provision for contingent liabilities 0cpss_ProvisionForContingentLiabilities 7,841cpss_ProvisionForContingentLiabilities 0cpss_ProvisionForContingentLiabilities
Stock-based compensation expense 3,835us-gaap_ShareBasedCompensation 3,864us-gaap_ShareBasedCompensation 1,134us-gaap_ShareBasedCompensation
Interest income on residual assets (372)us-gaap_InterestIncomeOther 0us-gaap_InterestIncomeOther (410)us-gaap_InterestIncomeOther
Gain on cancellation of debt 0us-gaap_GainsLossesOnExtinguishmentOfDebt (10,947)us-gaap_GainsLossesOnExtinguishmentOfDebt 0us-gaap_GainsLossesOnExtinguishmentOfDebt
Change in fair value of warrants 0us-gaap_FairValueAdjustmentOfWarrants 0us-gaap_FairValueAdjustmentOfWarrants 695us-gaap_FairValueAdjustmentOfWarrants
Changes in assets and liabilities:      
Accrued interest receivable (4,702)us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet (8,259)us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet (3,979)us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet
Other assets (1,925)us-gaap_IncreaseDecreaseInOtherOperatingAssets (2,183)us-gaap_IncreaseDecreaseInOtherOperatingAssets 5,625us-gaap_IncreaseDecreaseInOtherOperatingAssets
Deferred tax assets, net 16,368us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets 16,425us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (60,640)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Accounts payable and accrued expenses (7,135)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities 4,337us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities (6,002)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Net cash provided by operating activities 135,827us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 99,372us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 34,989us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash flows from investing activities:      
Purchases of finance receivables held for investment (944,944)cpss_PurchasesOfFinanceReceivablesHeldForInvestment (764,087)cpss_PurchasesOfFinanceReceivablesHeldForInvestment (551,742)cpss_PurchasesOfFinanceReceivablesHeldForInvestment
Payments received on finance receivables held for investment 433,870us-gaap_PaymentsForProceedsFromLoansReceivable 337,095us-gaap_PaymentsForProceedsFromLoansReceivable 295,734us-gaap_PaymentsForProceedsFromLoansReceivable
Payments on receivables portfolio at fair value 13,122cpss_PaymentsOnReceivablesPortfolioAtFairValue 46,018cpss_PaymentsOnReceivablesPortfolioAtFairValue 111,363cpss_PaymentsOnReceivablesPortfolioAtFairValue
Proceeds received on residual interest in securitizations 1,158us-gaap_ProceedsFromCollectionOfRetainedInterestInSecuritizedReceivablesCategorizedAsHeldToMaturity 3,970us-gaap_ProceedsFromCollectionOfRetainedInterestInSecuritizedReceivablesCategorizedAsHeldToMaturity 0us-gaap_ProceedsFromCollectionOfRetainedInterestInSecuritizedReceivablesCategorizedAsHeldToMaturity
Change in repossessions in inventory (441)cpss_ChangeInRepossessionsInInventory (4,246)cpss_ChangeInRepossessionsInInventory (1,237)cpss_ChangeInRepossessionsInInventory
Decreases (increases) in restricted cash and equivalents, net (43,098)us-gaap_IncreaseDecreaseInRestrictedCashForOperatingActivities (27,839)us-gaap_IncreaseDecreaseInRestrictedCashForOperatingActivities 54,783us-gaap_IncreaseDecreaseInRestrictedCashForOperatingActivities
Purchase of furniture and equipment (823)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (477)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (394)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Net cash used in investing activities (541,156)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (409,566)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (91,493)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Cash flows from financing activities:      
Proceeds from issuance of securitization trust debt 923,000us-gaap_ProceedsFromIssuanceOfSecuredDebt 778,000us-gaap_ProceedsFromIssuanceOfSecuredDebt 558,500us-gaap_ProceedsFromIssuanceOfSecuredDebt
Proceeds from issuance of subordinated renewable notes 579us-gaap_ProceedsFromIssuanceOfLongTermDebt 1,276us-gaap_ProceedsFromIssuanceOfLongTermDebt 4,957us-gaap_ProceedsFromIssuanceOfLongTermDebt
Proceeds from issuance of senior secured debt, related party 0us-gaap_ProceedsFromRelatedPartyDebt 5,284us-gaap_ProceedsFromRelatedPartyDebt 0us-gaap_ProceedsFromRelatedPartyDebt
Payments on subordinated renewable notes (4,488)us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities (5,415)us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities (2,426)us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities
Net proceeds from (repayments of) warehouse lines of credit 47,387us-gaap_RepaymentsOfLinesOfCredit (12,279)us-gaap_RepaymentsOfLinesOfCredit (3,662)us-gaap_RepaymentsOfLinesOfCredit
Net proceeds from (repayments of) residual interest financing debt (6,769)us-gaap_ProceedsFromRepaymentsOfSecuredDebt 5,323us-gaap_ProceedsFromRepaymentsOfSecuredDebt (8,111)us-gaap_ProceedsFromRepaymentsOfSecuredDebt
Repayment of securitization trust debt (502,193)us-gaap_RepaymentsOfSecuredDebt (382,591)us-gaap_RepaymentsOfSecuredDebt (350,981)us-gaap_RepaymentsOfSecuredDebt
Repayment of debt secured by receivables measured at fair value (12,456)cpss_RepaymentOfDebtSecuredByReceivablesMeasuredAtFairValue (45,969)cpss_RepaymentOfDebtSecuredByReceivablesMeasuredAtFairValue (121,413)cpss_RepaymentOfDebtSecuredByReceivablesMeasuredAtFairValue
Repayment of senior secured debt, related party (39,182)us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt (18,852)us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt (11,200)us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt
Payment of financing costs (8,058)us-gaap_PaymentOfFinancingAndStockIssuanceCosts (8,734)us-gaap_PaymentOfFinancingAndStockIssuanceCosts (7,059)us-gaap_PaymentOfFinancingAndStockIssuanceCosts
Repurchase of common stock 0us-gaap_PaymentsForRepurchaseOfCommonStock 0us-gaap_PaymentsForRepurchaseOfCommonStock (435)us-gaap_PaymentsForRepurchaseOfCommonStock
Exercise of options and warrants 3,256us-gaap_ProceedsFromStockOptionsExercised 3,297us-gaap_ProceedsFromStockOptionsExercised 1,206us-gaap_ProceedsFromStockOptionsExercised
Net cash provided by financing activities 401,076us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 319,340us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 59,376us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Increase (decrease) in cash and cash equivalents (4,253)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 9,146us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 2,872us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of year 22,112us-gaap_CashAndCashEquivalentsAtCarryingValue 12,966us-gaap_CashAndCashEquivalentsAtCarryingValue 10,094us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of year 17,859us-gaap_CashAndCashEquivalentsAtCarryingValue 22,112us-gaap_CashAndCashEquivalentsAtCarryingValue 12,966us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash paid during the period for:      
Interest 45,914us-gaap_InterestPaidNet 50,663us-gaap_InterestPaidNet 75,654us-gaap_InterestPaidNet
Income taxes 6,520us-gaap_IncomeTaxesPaidNet 2,277us-gaap_IncomeTaxesPaidNet 1,139us-gaap_IncomeTaxesPaidNet
Non-cash financing activities:      
Pension benefit obligation, net 3,956us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax (4,542)us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax (2,898)us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
Derivative warrants reclassified from liabilities to common stock upon amendment $ 0us-gaap_EmbeddedDerivativeNoLongerBifurcatedAmountReclassifiedToStockholdersEquity $ 583us-gaap_EmbeddedDerivativeNoLongerBifurcatedAmountReclassifiedToStockholdersEquity $ 1,307us-gaap_EmbeddedDerivativeNoLongerBifurcatedAmountReclassifiedToStockholdersEquity