On this page of StockholderLetter.com we present the latest annual shareholder letter from CONSUMER PORTFOLIO SERVICES, INC. — ticker symbol CPSS. Reading current and past CPSS letters to shareholders can bring important insights into the investment thesis.

 •  10/11/2024 Letter Continued (Full PDF)
 •  10/20/2023 CPSS Stockholder Letter
 •  More "Credit Services & Lending" Category Stockholder Letters
 •  CPSS Benford's Law Stock Score = 74

CPSS Shareholder/Stockholder Letter Transcript:

                W               ^                 /       
Annual
Report
2023


This annual report to shareholders consists of selected portions of the Form 10-K for the fiscal year ended December 31,
2023 filed with the Securities and Exchange Commission (   SEC   ) on March 15, 2024, together with a stock performance
graph and director identification information, as set forth below. The entire report on Form 10-K may be accessed at our
website, www.consumerportfolio.com, and at the SEC website, www.sec.gov.
TABLE OF CONTENTS
Business
Director Identification Information
Information About Our Executive Officers
Item 5. Market for Registrant   s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
Stock Performance Graph
Item 6. Reserved
Item 7. Management   s Discussion and Analysis of Financial Condition and Results of Operations
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Item 8. Financial Statements and Supplementary Data
Item 1.
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FINANCIAL STATEMENTS
Index to Financial Statements
Report of Independent Registered Public Accounting Firm
Consolidated Balance Sheets as of December 31, 2023 and 2022
Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021
Consolidated Statements of Comprehensive Income for the years ended December 31, 2023, 2022 and 2021
Consolidated Statements of Shareholders    Equity for the years ended December 31, 2023, 2022 and 2021
Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021
Notes to Consolidated Financial Statements
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F-9

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Cautionary Note Regarding Forward-Looking Statements
Discussions of certain matters contained in this report may constitute forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended (the    Securities Act   ) and Section 21E of the Exchange Act, and as such, may involve risks
and uncertainties. You can generally identify forward-looking statements as statements containing the words    will,       would,       believe,   
   may,       could,       expect,       anticipate,       intend,       estimate,       assume,       plans,       goals,    strategy,       future,       likely,       should    or other
similar expressions.
Examples of forward-looking statements include, among others, statements we make regarding:
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charge-offs and recovery rates;
the willingness or ability of obligors to pay pursuant to contractual terms;
our ability to enforce rights under contracts;
our ability to and rates at which we plan to acquire automobile contracts;
the anticipated levels of recoveries upon sale of repossessed vehicles;
revenues or expenses;
provisions for credit losses;
expected industry and general economic trends;
accrued losses for legal contingencies;
anticipated deferred tax assets;
estimates of taxable income;
our ability to service and repay our debt;
the structuring of securitization transactions as secured financings and the effects of such structures on financial items and future
profitability; or
the effect of the change in structure on our profitability and the duration of the period in which our profitability would be affected
by the change in securitization structure.
Our actual results, performance and achievements may differ materially from the results, performance and achievements expressed or
implied in such forward-looking statements. Some of the factors that might cause such a difference include, but are not limited to, the
following:
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unexpected exogenous events, such as a widespread public health emergency;
mandates imposed in reaction to such events, such as prohibitions of otherwise permissible activity;
changes in general economic conditions;
changes in performance of our automobile contracts;
increases in interest rates;
our ability to generate sufficient operating and financing cash flows;
competition;
the level of losses incurred on contracts in our managed portfolio;
adverse decisions by courts or regulators;
regulatory changes with respect to consumer finance;
changes in the market for used vehicles;
levels of cash releases from existing pools of contracts;
the terms on which we are able to finance contract purchases;
the willingness or ability of dealers to assign contracts to us on acceptable terms;
the terms on which we are able to complete term securitizations once contracts are acquired;
any breach in the security of our systems; and
such other factors as discussed through the    Risk Factors    section of this report.
Forward-looking statements are neither historical facts nor guarantees of performance. Instead, they are based only on our current
beliefs, expectations and assumptions regarding the future of our business, plans and strategies, projections, anticipated events and
trends, the economy and other uncertain conditions. Because forward-looking statements relate to the future, they involve risks,
uncertainties and assumptions. Actual results may differ from expectations due to many factors beyond our ability to control or predict,
including those described herein, and in any documents incorporated by reference in this report. Therefore, you should not rely on any
of these forward-looking statements. For these statements, we claim the protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995.
We undertake no obligation to publicly update any forward-looking information. You are advised to consult any additional disclosure
we make in our periodic reports filed with the SEC.
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 10/11/2024 Letter Continued (Full PDF)