DALLAS, March 31, 2016 /PRNewswire/ -- Santander Consumer USA Holdings Inc. (NYSE: SC) ("SC" or the "Company"), a full-service, technology-driven consumer finance company focused on vehicle finance and third-party servicing, filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2015 (the "2015 10-K").
As the Company previously disclosed in its Form 8-K filed with the Securities and Exchange Commission (the "SEC") on March 15, 2016, the Company revised its methodology for estimating credit loss allowance on individually acquired retail installment contracts and has restated prior periods, which are not materially different than its reported results on an annual basis. These changes are included in the Company's 2015 10-K in Item 8, Financial Statements, and Item 9B, Other Information, and are summarized in the Financial Supplement attached to this press release. SC has determined it is not required to refile any of its previously filed financial statements.
"After completing this process and revising our methodology, we remain confident in SC's ability to execute on its business plan," said Jason Kulas, President and Chief Executive Officer. "We continue to focus on upholding disciplined underwriting standards to deliver strong returns, robust profitability and value to our shareholders."
Highlights of the impacts to previously reported figures are as follows (additional details can be found in the Financial Supplement to this press release and in Item 9B of the Form 10-K):
For the year ended December 31, 2015 (variances compared to unaudited figures from January 27, 2016, Current Report on Form 8-K):
- Net income decreased approximately 5 percent to $827 million, or $2.31 per diluted common share, from $866 million, or $2.41 per diluted common share, driven by the correction of an overstatement of the allowance at the beginning of the year
- Year-end credit loss allowance increased $7 million, or less than 1 percent
- The allowance ratio1 increased 10 basis points to 12.3 percent
- Year-end stockholders' equity decreased $17 million, or less than 1 percent
- Net charge-off ratio remains unchanged
For the quarter ended December 31, 2015 (variances compared to unaudited figures from January 27, 2016, Current Report on Form 8-K):
- Net income decreased to $12 million, or $0.03 per diluted common share, from $68 million, or $0.19 per diluted common share, driven by the correction of an overstatement in the allowance as of the beginning of the quarter
- Quarter-end credit loss allowance increased $7 million, or less than 1 percent
- The allowance ratio1 increased 10 basis points to 12.3 percent
- Quarter-end stockholders' equity decreased $17 million, or less than 1 percent
- Net charge-off ratio remains unchanged
For the year ended December 31, 2014:
- Net income decreased approximately 5 percent to restated $724 million, or $2.04 per diluted common share, from reported $766 million, or $2.15 per diluted common share
- Year-end credit loss allowance decreased by $57 million, or 2 percent
- The allowance ratio1 decreased 20 basis points to 11.3 percent
- Year-end stockholders' equity increased by $35 million, or 1 percent
- Net charge-off ratio remains unchanged
For the year ended December 31, 2013:
- Net income increased approximately 2 percent to restated $709 million, or $2.05 per diluted common share, from reported $696 million, or $2.01 per diluted common share
- Year-end credit loss allowance decreased by $122 million, or 6 percent
- The allowance ratio1 decreased 60 basis points to 9.7 percent
- Year-end stockholders' equity increased by $77 million, or 3 percent
- Net charge-off ratio remains unchanged
SC's revised methodology assesses lifetime impairment on loans classified as a troubled debt restructuring ("TDR"), inherent and probable loss coverage on individually acquired loans held for investment not classified as TDR ("non-TDR") and qualitative adjustments related to non-modeled factors, which results in an overall portfolio reserve level (a bottom-up approach). The Company's previous methodology assessed inherent and probable loss coverage on the overall portfolio and qualitative adjustments related to non-modeled factors, and deducted lifetime impairment on TDRs to arrive at an estimate of adequate loss coverage related to non-TDRs (a top-down approach).
"We are now current with our SEC filings. Our control environment is of the utmost importance to us and we will remain focused on the remediation efforts," said Izzy Dawood, Chief Financial Officer.
In connection with this change in methodology and the resulting immaterial restatements, the Company has identified and disclosed several material weaknesses in internal controls over financial reporting primarily related to the estimate for credit loss allowance. Management is currently working on plans to remediate these material weaknesses. Further details can be found in Item 9A of the 2015 10-K.
1Excludes purchased receivables portfolio and finance receivables held for sale.
Non-GAAP Disclosure
This press release includes certain non-GAAP financial measures. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). SC believes that this non-GAAP financial measure provides both management and investors a more complete understanding of the underlying operational results and trends and SC's marketplace performance. This additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other financial institutions.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions, or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as "anticipates," "believes," "can," "could," "may," "predicts," "potential," "should," "will," "estimates," "plans," "projects," "continuing," "ongoing," "expects," "intends," and similar words or phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements are not guarantees of future performance and involve risks and uncertainties that are subject to change based on various important factors, some of which are beyond our control. For additional discussion of these risks, refer to the section entitled "Risk Factors" and elsewhere in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q filed by us with the SEC. Among the factors that could cause our financial performance to differ materially from that suggested by the forward-looking statements are: (a) we operate in a highly regulated industry and continually changing federal, state, and local laws and regulations could materially adversely affect our business; (b) our ability to remediate any material weaknesses in internal controls over financial reporting completely and in a timely manner; (c) adverse economic conditions in the United States and worldwide may negatively impact our results; (d) our business could suffer if our access to funding is reduced; (e) we face significant risks implementing our growth strategy, some of which are outside our control; (f) we may incur unexpected costs and delays in connection with exiting our personal lending business; (g) our agreement with FCA US LLC may not result in currently anticipated levels of growth and is subject to certain performance conditions that could result in termination of the agreement; (h) our business could suffer if we are unsuccessful in developing and maintaining relationships with automobile dealerships; (i) our financial condition, liquidity, and results of operations depend on the credit performance of our loans; (j) loss of our key management or other personnel, or an inability to attract such management and personnel, could negatively impact our business; (k) we are subject to certain regulations, including oversight by the Office of the Comptroller of the Currency, the CFPB, the European Central Bank, and the Federal Reserve, whose oversight and regulation may limit certain of our activities, including the timing and amount of dividends and other limitations on our business; and (l) future changes in our relationship with Santander could adversely affect our operations. If one or more of the factors affecting our forward-looking information and statements proves incorrect, our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements. Therefore, we caution not to place undue reliance on any forward-looking information or statements. The effect of these factors is difficult to predict. Factors other than these also could adversely affect our results, and the reader should not consider these factors to be a complete set of all potential risks or uncertainties. New factors emerge from time to time, and management cannot assess the impact of any such factor on our business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements only speak as of the date of this document, and we undertake no obligation to update any forward-looking information or statements, whether written or oral, to reflect any change, except as required by law. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.
About Santander Consumer USA Holdings Inc.
Santander Consumer USA Holdings Inc. (NYSE: SC) ("SC") is a full-service, technology-driven consumer finance company focused on vehicle finance, third-party servicing and delivering superior service to our more than 2.5 million customers across the full credit spectrum. The company, which began originating retail installment contracts in 1997, has a managed assets portfolio of $53 billion (as of December 31, 2015), and is headquartered in Dallas. (www.santanderconsumerusa.com)
Contacts:
Investor Relations Evan Black & Kristina Carbonneau 800.493.8219 |
Media Relations Laurie Kight 214.801.6455 |
Table 1: |
|||||
Selected Financial Information |
|||||
The following table summarizes the impacts of the corrections for the years ended December 31, 2015, December 31, 2014, and December 31, 2013. Impacts for the year ended December 31, 2015, are being compared to unaudited figures published in the January 27, 2016, 8-K filing. Other periods are corrections to previously filed financial statements. |
|||||
As of and For the Year Ended December 31, |
|||||
2015 |
2014 |
2013 |
|||
Provision for credit losses |
|||||
As Published/Previously Reported |
$ 2,888,834 |
$ 2,616,943 |
$ 1,852,967 |
||
As Revised/Restated |
$ 2,965,198 |
$ 2,682,809 |
$ 1,832,494 |
||
Variance ($) |
76,364 |
65,866 |
(20,473) |
||
Variance (%) |
2.6 % |
2.5 % |
(1.1)% |
||
Allowance for credit losses |
|||||
As Published/Previously Reported |
$ 3,309,962 |
$ 3,085,261 |
$ 2,313,074 |
||
As Revised/Restated |
$ 3,316,817 |
$ 3,028,753 |
$ 2,190,700 |
||
Variance ($) |
6,855 |
(56,508) |
(122,374) |
||
Variance (%) |
0.2 % |
(1.8)% |
(5.3)% |
||
Allowance ratio |
|||||
As Published/Previously Reported |
12.2 % |
11.5 % |
10.3 % |
||
As Revised/Restated |
12.3 % |
11.3 % |
9.7 % |
||
Variance (bps) |
10 |
(20) |
(60) |
||
Net income |
|||||
As Published/Previously Reported |
$ 866,357 |
$ 766,349 |
$ 695,670 |
||
As Revised/Restated |
$ 827,293 |
$ 724,237 |
$ 708,790 |
||
Variance ($) |
(39,064) |
(42,112) |
13,120 |
||
Variance (%) |
(4.5)% |
(5.5)% |
1.9 % |
||
Diluted earnings per share |
|||||
As Published/Previously Reported |
$ 2.41 |
$ 2.15 |
$ 2.01 |
||
As Revised/Restated |
$ 2.31 |
$ 2.04 |
$ 2.05 |
||
Variance ($) |
(0.10) |
(0.11) |
0.04 |
||
Variance (%) |
(4.1)% |
(5.1)% |
2.0 % |
||
TDR unpaid principal balance |
|||||
As Published/Previously Reported |
n/a |
$ 4,191,208 |
$ 2,604,351 |
||
As Revised/Restated |
$ 4,579,931 |
$ 4,020,299 |
$ 2,478,544 |
||
Variance ($) |
n/a |
(170,909) |
(125,807) |
||
Variance (%) |
n/a |
(4.1)% |
(4.8)% |
||
TDR impairment |
|||||
As Published/Previously Reported |
n/a |
$ 797,240 |
$ 475,128 |
||
As Revised/Restated |
$ 1,356,092 |
$ 1,159,827 |
$ 729,272 |
||
Variance ($) |
n/a |
362,587 |
254,144 |
||
Variance (%) |
n/a |
45.5 % |
53.5 % |
||
Auto net charge-off ratio1 |
Unchanged - 7.0% |
Unchanged - 6.9% |
Unchanged - 5.9% |
||
TCE/TA ratio2 |
|||||
As Published/Previously Reported |
n/a |
10.6 % |
9.7 % |
||
As Revised/Restated |
11.8 % |
10.7 % |
10.0 % |
||
Variance (bps) |
n/a |
10 |
30 |
||
Common equity tier 1 capital ratio ("CET1") |
|||||
As Published/Previously Reported |
11.2 % |
n/a |
n/a |
||
As Revised/Restated |
11.1 % |
n/a |
n/a |
||
Variance (bps) |
(10) |
n/a |
n/a |
12015 net charge-off ratio of 7.3%; after adjusting for LOCM impairments net charge-off ratio of 7.0%. Non- GAAP measure; see reconciliation in Table 4. |
|||||
2Non- GAAP measure; see reconciliation in Table 4. |
The following table summarizes the impacts of the corrections for the three months ended December 31, 2015, September 30, 2015, June 30, 2015, and March 31, 2015. Impacts for the three months ended December 31, 2015, are being compared to unaudited figures published in the January 27, 2016, 8-K filing. |
|||||||
As of and For the Three Months Ended |
|||||||
December 31, 2015 |
September 30, 2015 |
June 30, 2015 |
March 31, 2015 |
||||
Provision for credit losses |
|||||||
As Published/Previously Reported |
$ 799,978 |
$ 744,140 |
$ 738,735 |
$ 605,981 |
|||
As Revised/Restated |
$ 902,526 |
$ 771,910 |
$ 616,075 |
$ 674,687 |
|||
Variance ($) |
102,548 |
27,770 |
(122,660) |
68,706 |
|||
Variance (%) |
12.8 % |
3.7 % |
(16.6)% |
11.3 % |
|||
Allowance for credit losses |
|||||||
As Published/Previously Reported |
$ 3,309,962 |
$ 3,173,327 |
$ 3,530,919 |
$ 3,191,902 |
|||
As Revised/Restated |
$ 3,316,817 |
$ 3,090,635 |
$ 3,420,457 |
$ 3,205,100 |
|||
Variance ($) |
6,855 |
(82,692) |
(110,462) |
12,198 |
|||
Variance (%) |
0.2 % |
(2.6)% |
(3.1)% |
0.4% |
|||
Allowance ratio |
|||||||
As Published/Previously Reported |
12.2 % |
11.8 % |
12.4 % |
11.5 % |
|||
As Revised/Restated |
12.3 % |
11.5 % |
12.0 % |
11.5 % |
|||
Variance (bps) |
10 |
(30) |
(40) |
— |
|||
Net income |
|||||||
As Published/Previously Reported |
$ 67,743 |
$ 223,900 |
$ 285,464 |
$ 289,250 |
|||
As Revised/Restated |
$ 12,138 |
$ 206,626 |
$ 362,247 |
$ 246,282 |
|||
Variance ($) |
(55,605) |
(17,274) |
76,783 |
(42,968) |
|||
Variance (%) |
(82.1)% |
(7.7)% |
26.9 % |
(14.9)% |
|||
Diluted earnings per share |
|||||||
As Published/Previously Reported |
$ 0.19 |
$ 0.62 |
$ 0.79 |
$ 0.81 |
|||
As Revised/Restated |
$ 0.03 |
$ 0.57 |
$ 1.01 |
$ 0.69 |
|||
Variance ($) |
(0.16) |
(0.05) |
0.22 |
(0.12) |
|||
Variance (%) |
(84.2)% |
(8.1)% |
27.8 % |
(14.8)% |
|||
TDR unpaid principal balance |
|||||||
As Published/Previously Reported |
n/a |
n/a |
n/a |
n/a |
|||
As Revised/Restated |
$ 4,579,931 |
$ 4,306,116 |
$ 4,422,723 |
$ 4,389,071 |
|||
Variance ($) |
n/a |
n/a |
n/a |
n/a |
|||
Variance (%) |
n/a |
n/a |
n/a |
n/a |
|||
TDR impairment |
|||||||
As Published/Previously Reported |
n/a |
$ 1,402,215 |
$ 967,994 |
$ 878,278 |
|||
As Revised/Restated |
$ 1,356,092 |
$ 1,323,416 |
$ 1,384,649 |
$ 1,273,051 |
|||
Variance ($) |
n/a |
(78,799) |
416,655 |
394,773 |
|||
Variance (%) |
n/a |
(5.6)% |
43.0 % |
44.9 % |
|||
Auto net charge-off ratio1 |
Unchanged - 9.6% |
Unchanged - 7.9% |
Unchanged - 4.5% |
Unchanged - 6.1% |
|||
TCE/TA ratio2 |
|||||||
As Published/Previously Reported |
n/a |
11.8 % |
11.5 % |
10.8 % |
|||
As Revised/Restated |
11.8 % |
11.9 % |
11.6 % |
10.8 % |
|||
Variance (bps) |
n/a |
10 |
10 |
— |
|||
Common equity tier 1 capital ratio ("CET1") |
|||||||
As Published/Previously Reported |
11.2 % |
11.2% |
10.8% |
n/a |
|||
As Revised/Restated |
11.1 % |
11.4% |
11.0% |
10.1% |
|||
Variance (bps) |
(10) |
20 |
20 |
n/a |
1Q3'15 net charge-off ratio of 8.8%; after adjusting for LOCM impairments net charge-off ratio of 7.9%. Non- GAAP measure; see reconciliation in Table 4. |
|||||||
2Non- GAAP measure; see reconciliation in Table 4. |
The following table summarizes the impacts of the corrections for the three months ended December 31, 2014, September 30, 2014, June 30, 2014, and March 31, 2014. |
|||||||
As of and For the Three Months Ended |
|||||||
December 31, 2014 |
September 30, 2014 |
June 30, 2014 |
March 31, 2014 |
||||
Provision for credit losses |
|||||||
As Published/Previously Reported |
$ 559,524 |
$ 769,689 |
$ 589,136 |
$ 698,594 |
|||
As Revised/Restated |
$ 726,794 |
$ 802,267 |
$ 549,028 |
$ 604,720 |
|||
Variance ($) |
167,270 |
32,578 |
(40,108) |
(93,874) |
|||
Variance (%) |
29.9% |
4.2% |
(6.8)% |
(13.4)% |
|||
Allowance for credit losses |
|||||||
As Published/Previously Reported |
$ 3,085,261 |
$ 3,100,378 |
$ 2,882,464 |
$ 2,648,777 |
|||
As Revised/Restated |
$ 3,028,753 |
$ 2,876,600 |
$ 2,626,108 |
$ 2,432,529 |
|||
Variance ($) |
(56,508) |
(223,778) |
(256,356) |
(216,248) |
|||
Variance (%) |
(1.8)% |
(7.2)% |
(8.9)% |
(8.2)% |
|||
Allowance ratio |
|||||||
As Published/Previously Reported |
11.5% |
12.1% |
11.4% |
11.0% |
|||
As Revised/Restated |
11.3% |
11.2% |
10.4% |
10.1% |
|||
Variance (bps) |
(20) |
(90) |
(100) |
(90) |
|||
Net income |
|||||||
As Published/Previously Reported |
$ 247,033 |
$ 191,369 |
$ 246,481 |
$ 81,466 |
|||
As Revised/Restated |
$ 141,667 |
$ 169,888 |
$ 271,853 |
$ 140,829 |
|||
Variance ($) |
(105,366) |
(21,481) |
25,372 |
59,363 |
|||
Variance (%) |
(42.7)% |
(11.2)% |
10.3% |
72.9% |
|||
Diluted earnings per share |
|||||||
As Published/Previously Reported |
$ 0.69 |
$ 0.54 |
$ 0.69 |
$ 0.23 |
|||
As Revised/Restated |
$ 0.40 |
$ 0.48 |
$ 0.76 |
$ 0.40 |
|||
Variance ($) |
(0.29) |
(0.06) |
0.07 |
0.17 |
|||
Variance (%) |
(42.0)% |
(11.1)% |
10.1% |
73.9% |
|||
TDR unpaid principal balance |
|||||||
As Published/Previously Reported |
$ 4,191,208 |
$ 3,666,676 |
$ 3,151,614 |
$ 2,812,852 |
|||
As Revised/Restated |
$ 4,020,299 |
$ 3,499,144 |
$ 2,998,950 |
$ 2,672,132 |
|||
Variance ($) |
(170,909) |
(167,532) |
(152,664) |
(140,720) |
|||
Variance (%) |
(4.1)% |
(4.6)% |
(4.8)% |
(5.0)% |
|||
TDR impairment |
|||||||
As Published/Previously Reported |
$ 797,240 |
$ 605,643 |
$ 551,767 |
$ 498,811 |
|||
As Revised/Restated |
$ 1,159,827 |
$ 1,016,114 |
$ 875,879 |
$ 769,327 |
|||
Variance ($) |
362,587 |
410,471 |
324,112 |
270,516 |
|||
Variance (%) |
45.5% |
67.8% |
58.7% |
54.2% |
|||
Auto net charge-off ratio |
Unchanged - 8.1% |
Unchanged - 7.9% |
Unchanged - 5.2% |
Unchanged - 6.2% |
|||
TCE/TA ratio1 |
|||||||
As Published/Previously Reported |
10.6% |
10.4% |
10.0% |
9.7% |
|||
As Revised/Restated |
10.7% |
10.8% |
10.5% |
10.1% |
|||
Variance (bps) |
10 |
40 |
50 |
40 |
1Non- GAAP measure; see reconciliation in Table 4. |
Table 2: |
|||||||||||||||||
Condensed Consolidated Balance Sheets |
|||||||||||||||||
The following table summarizes the impacts of the corrections on our condensed consolidated balance sheets as of December 31, 2015, December 31, 2014, and December 31, 2013. Impacts as of December 31, 2015, are being compared to unaudited figures published in the January 27, 2016, 8-K filing. Other periods are corrections to previously filed financial statements |
|||||||||||||||||
For the Year Ended December 31, |
|||||||||||||||||
2015 |
2014 |
2013 |
|||||||||||||||
As Published |
Adjustments |
As Revised |
As Reported |
Corrections |
As Restated |
As Reported |
Corrections |
As Restated |
|||||||||
Assets |
|||||||||||||||||
Finance receivables held for investment, net |
$ 23,464,147 |
$ 15,533 |
$ 23,479,680 |
$ 23,915,551 |
$ 56,508 |
$ 23,972,059 |
$21,268,543 |
$ 122,374 |
$21,390,917 |
||||||||
Deferred tax asset |
— |
— |
— |
21,244 |
(2,164) |
19,080 |
197,041 |
(44,839) |
152,202 |
||||||||
Total assets |
$ 36,561,392 |
$ 8,981 |
$ 36,570,373 |
$ 32,342,176 |
$ 54,344 |
$ 32,396,520 |
$26,401,896 |
$ 77,435 |
$26,479,331 |
||||||||
Liabilities and Equity |
|||||||||||||||||
Liabilities: |
|||||||||||||||||
Deferred tax liabilities, net |
$ 882,110 |
$ 26,142 |
$ 908,252 |
$ 492,303 |
$ 19,021 |
$ 511,324 |
$ — |
$ — |
$ — |
||||||||
Total liabilities |
32,119,281 |
26,129 |
32,145,410 |
28,783,827 |
19,021 |
28,802,848 |
23,715,064 |
— |
23,715,064 |
||||||||
Equity: |
|||||||||||||||||
Retained earnings |
2,857,144 |
(3,741) |
2,853,403 |
1,990,787 |
35,323 |
2,026,110 |
1,276,754 |
77,435 |
1,354,189 |
||||||||
Total stockholders' equity |
4,442,111 |
(17,148) |
4,424,963 |
3,558,349 |
35,323 |
3,593,672 |
2,686,832 |
77,435 |
2,764,267 |
||||||||
Total liabilities and equity |
$ 36,561,392 |
$ 8,981 |
$ 36,570,373 |
$ 32,342,176 |
$ 54,344 |
$ 32,396,520 |
$26,401,896 |
$ 77,435 |
$26,479,331 |
||||||||
The following table summarizes the impacts of the corrections on our condensed consolidated balance sheets as of September 30, 2015, June 30, 2015, and March 31, 2015. |
|||||||||||||||||
September 30, 2015 |
June 30, 2015 |
March 30, 2015 |
|||||||||||||||
As Reported |
Corrections |
As Restated |
As Reported |
Corrections |
As Restated |
As Reported |
Corrections |
As Restated |
|||||||||
Assets |
|||||||||||||||||
Finance receivables held for investment, net |
$ 23,464,030 |
$ 82,692 |
$ 23,546,722 |
$ 24,778,311 |
$ 110,462 |
$ 24,888,773 |
$24,650,372 |
$ (12,198) |
$24,638,174 |
||||||||
Deferred tax asset |
14,488 |
(2,895) |
11,593 |
5,152 |
(4,087) |
1,065 |
19,367 |
436 |
19,803 |
||||||||
Total assets |
$ 35,991,228 |
$ 79,797 |
$ 36,071,025 |
$ 36,039,919 |
$ 106,375 |
$ 36,146,294 |
$34,665,571 |
$ (11,762) |
$34,653,809 |
||||||||
Liabilities and Equity |
|||||||||||||||||
Liabilities: |
|||||||||||||||||
Deferred tax liabilities, net |
$ 698,509 |
$ 27,933 |
$ 726,442 |
$ 556,013 |
$ 37,237 |
$ 593,250 |
$ 509,428 |
$ (4,117) |
$ 505,311 |
||||||||
Total liabilities |
31,630,387 |
27,933 |
31,658,320 |
31,794,469 |
37,237 |
31,831,706 |
30,815,090 |
$ (4,117) |
30,810,973 |
||||||||
Equity: |
|||||||||||||||||
Retained earnings |
2,789,401 |
51,864 |
2,841,265 |
2,565,501 |
69,138 |
2,634,639 |
2,280,037 |
(7,645) |
2,272,392 |
||||||||
Total stockholders' equity |
4,360,841 |
51,864 |
4,412,705 |
4,245,450 |
69,138 |
4,314,588 |
3,850,481 |
(7,645) |
3,842,836 |
||||||||
Total liabilities and equity |
$ 35,991,228 |
$ 79,797 |
$ 36,071,025 |
$ 36,039,919 |
$ 106,375 |
$ 36,146,294 |
$34,665,571 |
$ (11,762) |
$34,653,809 |
||||||||
The following table summarizes the impacts of the corrections on our condensed consolidated balance sheets as of September 30, 2014, June 30, 2014, and March 31, 2014: |
|||||||||||||||||
September 30, 2014 |
June 30, 2014 |
March 30, 2014 |
|||||||||||||||
As Reported |
Corrections |
As Restated |
As Reported |
Corrections |
As Restated |
As Reported |
Corrections |
As Restated |
|||||||||
Assets |
|||||||||||||||||
Finance receivables held for investment, net |
$ 22,802,129 |
$ 223,778 |
$ 23,025,907 |
$ 22,763,432 |
$ 256,356 |
$ 23,019,788 |
$22,195,918 |
$ 216,248 |
$22,412,166 |
||||||||
Deferred tax asset |
143,524 |
(83,089) |
60,435 |
220,338 |
(94,186) |
126,152 |
232,185 |
(79,450) |
152,735 |
||||||||
Total assets |
$ 30,641,292 |
$ 140,689 |
$ 30,781,981 |
$ 29,732,396 |
$ 162,170 |
$ 29,894,566 |
$28,796,233 |
$ 136,798 |
$28,933,031 |
||||||||
Liabilities and Equity |
|||||||||||||||||
Total liabilities |
27,338,079 |
— |
27,338,079 |
26,630,138 |
— |
26,630,138 |
25,888,215 |
— |
25,888,215 |
||||||||
Equity: |
|||||||||||||||||
Retained earnings |
1,743,754 |
140,689 |
1,884,443 |
1,552,385 |
162,170 |
1,714,555 |
1,358,220 |
136,798 |
1,495,018 |
||||||||
Total stockholders' equity |
3,303,213 |
140,689 |
3,443,902 |
3,102,258 |
162,170 |
3,264,428 |
2,908,018 |
136,798 |
3,044,816 |
||||||||
Total liabilities and equity |
$ 30,641,292 |
$ 140,689 |
$ 30,781,981 |
$ 29,732,396 |
$ 162,170 |
$ 29,894,566 |
$28,796,233 |
$ 136,798 |
$28,933,031 |
Table 3: |
|||||||||||||||||
Condensed Consolidated Statements of Income and Comprehensive Income |
|||||||||||||||||
The following table summarizes the impacts of the corrections on our condensed consolidated statements of income for the years ended December 31, 2015, December 31, 2014, and December 31, 2013. Impacts for the year ended December 31, 2015, are being compared to unaudited figures published in the January 27, 2016, 8-K filing. Other periods are corrections to previously filed financial statements. |
|||||||||||||||||
For the Year Ended December 31, |
|||||||||||||||||
2015 |
2014 |
2013 |
|||||||||||||||
As Published |
Adjustments |
As Revised |
As Reported |
Corrections |
As Restated |
As Reported |
Corrections |
As Restated |
|||||||||
Interest on finance receivables and loans |
$ 5,205,261 |
$ 45,903 |
$ 5,251,164 |
$ 4,631,847 |
$ — |
$ 4,631,847 |
$ 3,773,072 |
$ — |
$ 3,773,072 |
||||||||
Leased vehicle income |
1,502,886 |
(465,093) |
1,037,793 |
929,745 |
(269,252) |
660,493 |
154,939 |
(41,048) |
113,891 |
||||||||
Other finance and interest income |
28,677 |
(10,515) |
18,162 |
8,068 |
— |
8,068 |
6,010 |
— |
6,010 |
||||||||
Total finance and other interest income |
6,736,824 |
(429,705) |
6,307,119 |
5,569,660 |
(269,252) |
5,300,408 |
3,934,021 |
(41,048) |
3,892,973 |
||||||||
Interest expense |
628,791 |
— |
628,791 |
523,203 |
— |
523,203 |
408,787 |
— |
408,787 |
||||||||
Leased vehicle expense |
1,186,983 |
(465,093) |
721,890 |
740,236 |
(269,252) |
470,984 |
121,541 |
(41,048) |
80,493 |
||||||||
Net finance and other interest income |
4,921,050 |
35,388 |
4,956,438 |
4,306,221 |
— |
4,306,221 |
3,403,693 |
— |
3,403,693 |
||||||||
Provision for credit losses |
2,888,834 |
76,364 |
2,965,198 |
2,616,943 |
65,866 |
2,682,809 |
1,852,967 |
(20,473) |
1,832,494 |
||||||||
Net finance and other interest income after provision for credit losses |
2,032,216 |
(40,976) |
1,991,240 |
1,689,278 |
(65,866) |
1,623,412 |
1,550,726 |
20,473 |
1,571,199 |
||||||||
Profit sharing |
57,484 |
— |
57,484 |
74,925 |
— |
74,925 |
78,246 |
— |
78,246 |
||||||||
Net finance and other interest income after provision for credit losses and profit sharing |
1,974,732 |
(40,976) |
1,933,756 |
1,614,353 |
(65,866) |
1,548,487 |
1,472,480 |
20,473 |
1,492,953 |
||||||||
Investment gains (losses), net |
(116,127) |
— |
(116,127) |
116,765 |
— |
116,765 |
40,689 |
— |
40,689 |
||||||||
Servicing fee income |
131,113 |
— |
131,113 |
72,627 |
— |
72,627 |
25,464 |
— |
25,464 |
||||||||
Fees, commissions, and other |
375,079 |
— |
375,079 |
368,279 |
— |
368,279 |
245,413 |
— |
245,413 |
||||||||
Total other income (loss) |
390,065 |
— |
390,065 |
557,671 |
— |
557,671 |
311,566 |
— |
311,566 |
||||||||
Compensation expense |
443,212 |
13,050 |
456,262 |
482,637 |
— |
482,637 |
305,056 |
— |
305,056 |
||||||||
Repossession expense |
241,522 |
— |
241,522 |
201,017 |
— |
201,017 |
147,543 |
— |
147,543 |
||||||||
Other operating costs |
340,712 |
— |
340,712 |
278,382 |
— |
278,382 |
246,359 |
— |
246,359 |
||||||||
Total operating expenses |
1,025,446 |
13,050 |
1,038,496 |
962,036 |
— |
962,036 |
698,958 |
— |
698,958 |
||||||||
Income before income taxes |
1,339,351 |
(54,026) |
1,285,325 |
1,209,988 |
(65,866) |
1,144,122 |
1,085,088 |
20,473 |
1,105,561 |
||||||||
Income tax expense |
472,994 |
(14,962) |
458,032 |
443,639 |
(23,754) |
419,885 |
389,418 |
7,353 |
396,771 |
||||||||
Net income |
866,357 |
(39,064) |
827,293 |
766,349 |
(42,112) |
724,237 |
695,670 |
13,120 |
708,790 |
||||||||
Noncontrolling interests |
— |
— |
— |
— |
— |
— |
1,821 |
— |
1,821 |
||||||||
Net income attributable to Santander Consumer USA Holdings Inc. shareholders |
$ 866,357 |
$ (39,064) |
$ 827,293 |
$ 766,349 |
$ (42,112) |
$ 724,237 |
$ 697,491 |
$ 13,120 |
$ 710,611 |
||||||||
Net income |
$ 866,357 |
$ (39,064) |
$ 827,293 |
$ 766,349 |
$ (42,112) |
$ 724,237 |
$ 695,670 |
$ 13,120 |
$ 708,790 |
||||||||
Other comprehensive income: |
|||||||||||||||||
Change in unrealized gains (losses) on cash flow hedges, net of tax |
(1,428) |
— |
(1,428) |
6,406 |
— |
6,406 |
9,563 |
— |
9,563 |
||||||||
Change in unrealized gains (losses) on investments available for sale, net of tax |
— |
— |
— |
— |
— |
— |
(3,252) |
— |
(3,252) |
||||||||
Other comprehensive income, net |
(1,428) |
— |
(1,428) |
6,406 |
— |
6,406 |
6,311 |
— |
6,311 |
||||||||
Comprehensive income |
864,929 |
(39,064) |
825,865 |
772,755 |
(42,112) |
730,643 |
701,981 |
13,120 |
715,101 |
||||||||
Comprehensive (income) loss attributable to noncontrolling interests |
— |
— |
— |
— |
— |
— |
953 |
— |
953 |
||||||||
Comprehensive income attributable to Santander Consumer USA Holdings Inc. shareholders |
$ 864,929 |
$ (39,064) |
$ 825,865 |
$ 772,755 |
$ (42,112) |
$ 730,643 |
$ 702,934 |
$ 13,120 |
$ 716,054 |
||||||||
Net income per common share (basic) |
$ 2.44 |
$ (0.11) |
$ 2.33 |
$ 2.20 |
$ (0.12) |
$ 2.08 |
$ 2.01 |
$ 0.04 |
$ 2.05 |
||||||||
Net income per common share (diluted) |
$ 2.41 |
$ (0.10) |
$ 2.31 |
$ 2.15 |
$ (0.11) |
$ 2.04 |
$ 2.01 |
$ 0.04 |
$ 2.05 |
||||||||
Weighted average common shares (basic) |
355,102,742 |
— |
355,102,742 |
348,723,472 |
— |
348,723,472 |
346,177,515 |
— |
346,177,515 |
||||||||
Weighted average common shares (diluted) |
358,883,643 |
3,508 |
358,887,151 |
355,722,363 |
— |
355,722,363 |
346,177,515 |
— |
346,177,515 |
Condensed Consolidated Statements of Income and Comprehensive Income |
|||||||||||
The following table summarizes the impacts of the corrections on our condensed consolidated statements of income for the three months ended December 31, 2015, September 30, 2015, June 30, 2015, and March 31, 2015. Impacts for the three months ended December 31, 2015, are being compared to unaudited figures published in the January 27, 2016, 8-K filing. Other periods are corrections to previously filed financial statements. |
|||||||||||
For the Three Months Ended December 31, 2015 |
For the Three Months Ended September 30, 2015 |
||||||||||
As Published |
Adjustments |
As Revised |
As Reported |
Corrections |
As Restated |
||||||
Interest on finance receivables and loans |
$ 1,319,359 |
$ 45,903 |
$ 1,365,262 |
$ 1,334,655 |
$ — |
$ 1,334,655 |
|||||
Leased vehicle income |
425,266 |
(130,157) |
295,109 |
389,537 |
(122,326) |
267,211 |
|||||
Other finance and interest income |
5,264 |
(10,515) |
(5,251) |
9,334 |
— |
9,334 |
|||||
Total finance and other interest income |
1,749,889 |
(94,769) |
1,655,120 |
1,733,526 |
(122,326) |
1,611,200 |
|||||
Interest expense |
157,893 |
— |
157,893 |
171,420 |
— |
171,420 |
|||||
Leased vehicle expense |
336,449 |
(130,157) |
206,292 |
296,352 |
(122,326) |
174,026 |
|||||
Net finance and other interest income |
1,255,547 |
35,388 |
1,290,935 |
1,265,754 |
— |
1,265,754 |
|||||
Provision for credit losses |
799,978 |
102,548 |
902,526 |
744,140 |
27,770 |
771,910 |
|||||
Net finance and other interest income after provision for credit losses |
455,569 |
(67,160) |
388,409 |
521,614 |
(27,770) |
493,844 |
|||||
Profit sharing |
10,649 |
— |
10,649 |
11,818 |
— |
11,818 |
|||||
Net finance and other interest income after provision for credit losses and profit sharing |
444,920 |
(67,160) |
377,760 |
509,796 |
(27,770) |
482,026 |
|||||
Investment gains (losses), net |
(225,608) |
— |
(225,608) |
1,567 |
— |
1,567 |
|||||
Servicing fee income |
42,357 |
— |
42,357 |
35,910 |
— |
35,910 |
|||||
Fees, commissions, and other |
86,602 |
— |
86,602 |
93,076 |
— |
93,076 |
|||||
Total other income (loss) |
(96,649) |
— |
(96,649) |
130,553 |
— |
130,553 |
|||||
Compensation expense |
95,408 |
13,050 |
108,458 |
136,291 |
— |
136,291 |
|||||
Repossession expense |
66,456 |
— |
66,456 |
60,770 |
— |
60,770 |
|||||
Other operating costs |
77,432 |
— |
77,432 |
90,282 |
— |
90,282 |
|||||
Total operating expenses |
239,296 |
13,050 |
252,346 |
287,343 |
— |
287,343 |
|||||
Income before income taxes |
108,975 |
(80,210) |
28,765 |
353,006 |
(27,770) |
325,236 |
|||||
Income tax expense |
41,232 |
(24,605) |
16,627 |
129,106 |
(10,496) |
118,610 |
|||||
Net income |
$ 67,743 |
$ (55,605) |
$ 12,138 |
$ 223,900 |
$ (17,274) |
$ 206,626 |
|||||
Net income |
$ 67,743 |
$ (55,605) |
$ 12,138 |
$ 223,900 |
$ (17,274) |
$ 206,626 |
|||||
Other comprehensive income: |
|||||||||||
Change in unrealized gains (losses) on cash flow hedges, net of tax |
26,364 |
— |
26,364 |
(18,513) |
— |
(18,513) |
|||||
Comprehensive income |
$ 94,107 |
$ (55,605) |
$ 38,502 |
$ 205,387 |
$ (17,274) |
$ 188,113 |
|||||
Net income per common share (basic) |
$ 0.19 |
$ (0.16) |
$ 0.03 |
$ 0.63 |
$ (0.05) |
$ 0.58 |
|||||
Net income per common share (diluted) |
$ 0.19 |
$ (0.16) |
$ 0.03 |
$ 0.62 |
$ (0.05) |
$ 0.57 |
|||||
Weighted average common shares (basic) |
357,927,012 |
— |
357,927,012 |
354,150,973 |
— |
354,150,973 |
|||||
Weighted average common shares (diluted) |
361,956,163 |
13,919 |
361,970,082 |
357,837,426 |
— |
357,837,426 |
|||||
For the Three Months Ended June 30, 2015 |
For the Three Months Ended March 31, 2015 |
||||||||||
As Reported |
Corrections |
As Restated |
As Reported |
Corrections |
As Restated |
||||||
Interest on finance receivables and loans |
$ 1,321,245 |
$ — |
$ 1,321,245 |
$ 1,230,002 |
$ — |
$ 1,230,002 |
|||||
Leased vehicle income |
355,137 |
(111,280) |
243,857 |
332,946 |
(101,330) |
231,616 |
|||||
Other finance and interest income |
6,738 |
— |
6,738 |
7,341 |
— |
7,341 |
|||||
Total finance and other interest income |
1,683,120 |
(111,280) |
1,571,840 |
1,570,289 |
(101,330) |
1,468,959 |
|||||
Interest expense |
150,622 |
— |
150,622 |
148,856 |
— |
148,856 |
|||||
Leased vehicle expense |
281,118 |
(111,280) |
169,838 |
273,064 |
(101,330) |
171,734 |
|||||
Net finance and other interest income |
1,251,380 |
— |
1,251,380 |
1,148,369 |
— |
1,148,369 |
|||||
Provision for credit losses |
738,735 |
(122,660) |
616,075 |
605,981 |
68,706 |
674,687 |
|||||
Net finance and other interest income after provision for credit losses |
512,645 |
122,660 |
635,305 |
542,388 |
(68,706) |
473,682 |
|||||
Profit sharing |
21,501 |
— |
21,501 |
13,516 |
— |
13,516 |
|||||
Net finance and other interest income after provision for credit losses and profit sharing |
491,144 |
122,660 |
613,804 |
528,872 |
(68,706) |
460,166 |
|||||
Investment gains (losses), net |
86,667 |
— |
86,667 |
21,247 |
— |
21,247 |
|||||
Servicing fee income |
28,043 |
— |
28,043 |
24,803 |
— |
24,803 |
|||||
Fees, commissions, and other |
94,268 |
— |
94,268 |
101,133 |
— |
101,133 |
|||||
Total other income (loss) |
208,978 |
— |
208,978 |
147,183 |
— |
147,183 |
|||||
Compensation expense |
110,973 |
— |
110,973 |
100,540 |
— |
100,540 |
|||||
Repossession expense |
55,470 |
— |
55,470 |
58,826 |
— |
58,826 |
|||||
Other operating costs |
86,985 |
— |
86,985 |
86,013 |
— |
86,013 |
|||||
Total operating expenses |
253,428 |
— |
253,428 |
245,379 |
— |
245,379 |
|||||
Income before income taxes |
446,694 |
122,660 |
569,354 |
430,676 |
(68,706) |
361,970 |
|||||
Income tax expense |
161,230 |
45,877 |
207,107 |
141,426 |
(25,738) |
115,688 |
|||||
Net income |
$ 285,464 |
$ 76,783 |
$ 362,247 |
$ 289,250 |
$ (42,968) |
$ 246,282 |
|||||
Net income |
$ 285,464 |
$ 76,783 |
$ 362,247 |
$ 289,250 |
$ (42,968) |
$ 246,282 |
|||||
Other comprehensive income: |
|||||||||||
Change in unrealized gains (losses) on cash flow hedges, net of tax |
3,564 |
— |
3,564 |
(12,843) |
— |
(12,843) |
|||||
Comprehensive income |
$ 289,028 |
$ 76,783 |
$ 365,811 |
$ 276,407 |
$ (42,968) |
$ 233,439 |
|||||
Net income per common share (basic) |
$ 0.80 |
$ 0.22 |
$ 1.02 |
$ 0.83 |
$ (0.13) |
$ 0.70 |
|||||
Net income per common share (diluted) |
$ 0.79 |
$ 0.22 |
$ 1.01 |
$ 0.81 |
$ (0.12) |
$ 0.69 |
|||||
Weighted average common shares (basic) |
355,091,818 |
— |
355,091,818 |
349,421,960 |
— |
349,421,960 |
|||||
Weighted average common shares (diluted) |
359,193,738 |
— |
359,193,738 |
356,654,466 |
— |
356,654,466 |
Condensed Consolidated Statements of Income and Comprehensive Income |
|||||||||||
The following table summarizes the impacts of the corrections on our condensed consolidated statements of income for the three months ended December 31, 2014, September 30, 2014, June 30, 2014, and March 31, 2014. |
|||||||||||
For the Three Months Ended December 31, 2014 |
For the Three Months Ended September 30, 2014 |
||||||||||
As Reported |
Corrections |
As Restated |
As Reported |
Corrections |
As Restated |
||||||
Interest on finance receivables and loans |
$ 1,150,242 |
$ — |
$ 1,150,242 |
$ 1,177,828 |
$ — |
$ 1,177,828 |
|||||
Leased vehicle income |
300,536 |
(88,276) |
212,260 |
263,148 |
(81,435) |
181,713 |
|||||
Other finance and interest income |
4,432 |
— |
4,432 |
2,512 |
— |
2,512 |
|||||
Total finance and other interest income |
1,455,210 |
(88,276) |
1,366,934 |
1,443,488 |
(81,435) |
1,362,053 |
|||||
Interest expense |
141,308 |
— |
141,308 |
129,135 |
— |
129,135 |
|||||
Leased vehicle expense |
240,635 |
(88,276) |
152,359 |
200,397 |
(81,435) |
118,962 |
|||||
Net finance and other interest income |
1,073,267 |
— |
1,073,267 |
1,113,956 |
— |
1,113,956 |
|||||
Provision for credit losses |
559,524 |
167,270 |
726,794 |
769,689 |
32,578 |
802,267 |
|||||
Net finance and other interest income after provision for credit losses |
513,743 |
(167,270) |
346,473 |
344,267 |
(32,578) |
311,689 |
|||||
Profit sharing |
8,152 |
— |
8,152 |
10,556 |
— |
10,556 |
|||||
Net finance and other interest income after provision for credit losses and profit sharing |
505,591 |
(167,270) |
338,321 |
333,711 |
(32,578) |
301,133 |
|||||
Investment gains (losses), net |
21,334 |
— |
21,334 |
38,015 |
— |
38,015 |
|||||
Servicing fee income |
19,576 |
— |
19,576 |
20,547 |
— |
20,547 |
|||||
Fees, commissions, and other |
92,546 |
— |
92,546 |
91,399 |
— |
91,399 |
|||||
Total other income (loss) |
133,456 |
— |
133,456 |
149,961 |
— |
149,961 |
|||||
Compensation expense |
98,093 |
— |
98,093 |
88,940 |
— |
88,940 |
|||||
Repossession expense |
56,200 |
— |
56,200 |
50,738 |
— |
50,738 |
|||||
Other operating costs |
76,163 |
— |
76,163 |
62,228 |
— |
62,228 |
|||||
Total operating expenses |
230,456 |
— |
230,456 |
201,906 |
— |
201,906 |
|||||
Income before income taxes |
408,591 |
(167,270) |
241,321 |
281,766 |
(32,578) |
249,188 |
|||||
Income tax expense |
161,558 |
(61,904) |
99,654 |
90,397 |
(11,097) |
79,300 |
|||||
Net income |
$ 247,033 |
$ (105,366) |
$ 141,667 |
$ 191,369 |
$ (21,481) |
$ 169,888 |
|||||
Net income |
$ 247,033 |
$ (105,366) |
$ 141,667 |
$ 191,369 |
$ (21,481) |
$ 169,888 |
|||||
Other comprehensive income: |
|||||||||||
Change in unrealized gains (losses) on cash flow hedges, net of tax |
(1,003) |
— |
(1,003) |
8,685 |
— |
8,685 |
|||||
Comprehensive income |
$ 246,030 |
$ (105,366) |
$ 140,664 |
$ 200,054 |
$ (21,481) |
$ 178,573 |
|||||
Net income per common share (basic) |
$ 0.71 |
$ (0.30) |
$ 0.41 |
$ 0.55 |
$ (0.06) |
$ 0.49 |
|||||
Net income per common share (diluted) |
$ 0.69 |
$ (0.29) |
$ 0.40 |
$ 0.54 |
$ (0.06) |
$ 0.48 |
|||||
Weighted average common shares (basic) |
348,998,644 |
— |
348,998,644 |
348,955,505 |
— |
348,955,505 |
|||||
Weighted average common shares (diluted) |
355,856,631 |
— |
355,856,631 |
355,921,570 |
— |
355,921,570 |
|||||
For the Three Months Ended June 30, 2014 |
For the Three Months Ended March 31, 2014 |
||||||||||
As Reported |
Corrections |
As Restated |
As Reported |
Corrections |
As Restated |
||||||
Interest on finance receivables and loans |
$ 1,163,448 |
$ — |
$ 1,163,448 |
$ 1,140,329 |
$ — |
$ 1,140,329 |
|||||
Leased vehicle income |
218,938 |
(58,626) |
160,312 |
147,123 |
(40,915) |
106,208 |
|||||
Other finance and interest income |
874 |
— |
874 |
250 |
— |
250 |
|||||
Total finance and other interest income |
1,383,260 |
(58,626) |
1,324,634 |
1,287,702 |
(40,915) |
1,246,787 |
|||||
Interest expense |
128,314 |
128,314 |
124,446 |
— |
124,446 |
||||||
Leased vehicle expense |
179,135 |
(58,626) |
120,509 |
120,069 |
(40,915) |
79,154 |
|||||
Net finance and other interest income |
1,075,811 |
— |
1,075,811 |
1,043,187 |
— |
1,043,187 |
|||||
Provision for credit losses |
589,136 |
(40,108) |
549,028 |
698,594 |
(93,874) |
604,720 |
|||||
Net finance and other interest income after provision for credit losses |
486,675 |
40,108 |
526,783 |
344,593 |
93,874 |
438,467 |
|||||
Profit sharing |
24,056 |
— |
24,056 |
32,161 |
— |
32,161 |
|||||
Net finance and other interest income after provision for credit losses and profit sharing |
462,619 |
40,108 |
502,727 |
312,432 |
93,874 |
406,306 |
|||||
Investment gains (losses), net |
21,602 |
— |
21,602 |
35,814 |
— |
35,814 |
|||||
Servicing fee income |
22,099 |
— |
22,099 |
10,405 |
— |
10,405 |
|||||
Fees, commissions, and other |
95,030 |
— |
95,030 |
89,304 |
— |
89,304 |
|||||
Total other income (loss) |
138,731 |
— |
138,731 |
135,523 |
— |
135,523 |
|||||
Compensation expense |
93,689 |
— |
93,689 |
201,915 |
— |
201,915 |
|||||
Repossession expense |
45,648 |
— |
45,648 |
48,431 |
— |
48,431 |
|||||
Other operating costs |
71,889 |
— |
71,889 |
68,102 |
— |
68,102 |
|||||
Total operating expenses |
211,226 |
— |
211,226 |
318,448 |
— |
318,448 |
|||||
Income before income taxes |
390,124 |
40,108 |
430,232 |
129,507 |
93,874 |
223,381 |
|||||
Income tax expense |
143,643 |
14,736 |
158,379 |
48,041 |
34,511 |
82,552 |
|||||
Net income |
$ 246,481 |
$ 25,372 |
$ 271,853 |
$ 81,466 |
$ 59,363 |
$ 140,829 |
|||||
Net income |
$ 246,481 |
$ 25,372 |
$ 271,853 |
$ 81,466 |
$ 59,363 |
$ 140,829 |
|||||
Other comprehensive income: |
|||||||||||
Change in unrealized gains (losses) on cash flow hedges, net of tax |
(3,364) |
— |
(3,364) |
2,088 |
— |
2,088 |
|||||
Comprehensive income |
$ 243,117 |
$ 25,372 |
$ 268,489 |
$ 83,554 |
$ 59,363 |
$ 142,917 |
|||||
Net income per common share (basic) |
$ 0.71 |
$ 0.07 |
$ 0.78 |
$ 0.23 |
$ 0.17 |
$ 0.40 |
|||||
Net income per common share (diluted) |
$ 0.69 |
$ 0.07 |
$ 0.76 |
$ 0.23 |
$ 0.17 |
$ 0.40 |
|||||
Weighted average common shares (basic) |
348,826,897 |
— |
348,826,897 |
348,101,891 |
— |
348,101,891 |
|||||
Weighted average common shares (diluted) |
356,381,921 |
— |
356,381,921 |
356,325,036 |
— |
356,325,036 |
Table 4: |
|||||||||||||||||
Reconciliatioin of Non-GAAP Measures |
|||||||||||||||||
For the Year Ended December 31, |
|||||||||||||||||
2015 |
2014 |
2013 |
|||||||||||||||
As Published |
Adjustments |
As Revised |
As Reported |
Corrections |
As Restated |
As Reported |
Corrections |
As Restated |
|||||||||
Total equity |
$ 4,442,111 |
$ (17,148) |
$ 4,424,963 |
$ 3,558,349 |
$ 35,323 |
$ 3,593,672 |
$ 2,686,832 |
$ 77,435 |
$ 2,764,267 |
||||||||
Deduct: Goodwill and intangibles |
127,372 |
— |
127,372 |
127,738 |
— |
127,738 |
128,720 |
— |
128,720 |
||||||||
Tangible common equity |
$ 4,314,739 |
$ (17,148) |
$ 4,297,591 |
$ 3,430,611 |
$ 35,323 |
$ 3,465,934 |
$ 2,558,112 |
$ 77,435 |
$ 2,635,547 |
||||||||
Total Assets |
$ 36,561,392 |
$ 8,981 |
$ 36,570,373 |
$ 32,342,176 |
$ 54,344 |
$ 32,396,520 |
$ 26,401,896 |
$ 77,435 |
$ 26,479,331 |
||||||||
Deduct: Goodwill and intangibles |
127,372 |
— |
127,372 |
127,378 |
— |
127,378 |
128,720 |
— |
128,720 |
||||||||
Tangible assets |
$ 36,434,020 |
$ 8,981 |
$ 36,443,001 |
$ 32,214,438 |
$ 54,344 |
$ 32,268,782 |
$ 26,273,176 |
$ 77,435 |
$ 26,350,611 |
||||||||
Equity to assets ratio |
12.1% |
— |
12.1% |
11.0% |
0.1% |
11.1% |
10.2% |
0.2% |
10.4% |
||||||||
Tangible common equity to tangible assets |
11.8% |
— |
11.8% |
10.6% |
0.1% |
10.7% |
9.7% |
0.3% |
10.0% |
||||||||
September 30, 2015 |
June 30, 2015 |
March 31, 2015 |
|||||||||||||||
As Reported |
Corrections |
As Restated |
As Reported |
Corrections |
As Restated |
As Reported |
Corrections |
As Restated |
|||||||||
Total equity |
$ 4,360,841 |
$ 51,864 |
$ 4,412,705 |
$ 4,245,450 |
$ 69,138 |
$ 4,314,588 |
$ 3,850,481 |
$ (7,645) |
$ 3,842,836 |
||||||||
Deduct: Goodwill and intangibles |
127,766 |
— |
127,766 |
127,698 |
— |
127,698 |
127,646 |
— |
127,646 |
||||||||
Tangible common equity |
$ 4,233,075 |
$ 51,864 |
$ 4,284,939 |
$ 4,117,752 |
$ 69,138 |
$ 4,186,890 |
$ 3,722,835 |
$ (7,645) |
$ 3,715,190 |
||||||||
Total Assets |
$ 35,991,228 |
$ 79,797 |
$ 36,071,025 |
$ 36,039,919 |
$ 106,375 |
$ 36,146,294 |
$ 34,665,571 |
$ (11,762) |
$ 34,653,809 |
||||||||
Deduct: Goodwill and intangibles |
127,766 |
— |
127,766 |
127,698 |
— |
127,698 |
127,646 |
— |
127,646 |
||||||||
Tangible assets |
$ 35,863,462 |
$ 79,797 |
$ 35,943,259 |
$ 35,912,221 |
$ 106,375 |
$ 36,018,596 |
$ 34,537,925 |
$ (11,762) |
$ 34,526,163 |
||||||||
Equity to assets ratio |
12.1% |
0.1% |
12.2% |
11.8% |
0.1% |
11.9% |
11.1% |
— |
11.1% |
||||||||
Tangible common equity to tangible assets |
11.8% |
0.1% |
11.9% |
11.5% |
0.1% |
11.6% |
10.8% |
— |
10.8% |
||||||||
September 30, 2014 |
June 30, 2014 |
March 31, 2014 |
|||||||||||||||
As Reported |
Corrections |
As Restated |
As Reported |
Corrections |
As Restated |
As Reported |
Corrections |
As Restated |
|||||||||
Total equity |
$ 3,303,213 |
$ 140,689 |
$ 3,443,902 |
$ 3,102,258 |
$ 162,170 |
$ 3,264,428 |
$ 2,908,018 |
$ 136,798 |
$ 3,044,816 |
||||||||
Deduct: Goodwill and intangibles |
127,991 |
— |
127,991 |
127,693 |
— |
127,693 |
128,447 |
— |
128,447 |
||||||||
Tangible common equity |
$ 3,175,222 |
$ 140,689 |
$ 3,315,911 |
$ 2,974,565 |
$ 162,170 |
$ 3,136,735 |
$ 2,779,571 |
$ 136,798 |
$ 2,916,369 |
||||||||
Total Assets |
$ 30,641,292 |
$ 140,689 |
$ 30,781,981 |
$ 29,732,396 |
$ 162,170 |
$ 29,894,566 |
$ 28,796,233 |
$ 136,798 |
$ 28,933,031 |
||||||||
Deduct: Goodwill and intangibles |
127,991 |
— |
127,991 |
127,693 |
— |
127,693 |
128,447 |
— |
128,447 |
||||||||
Tangible assets |
$ 30,513,301 |
$ 140,689 |
$ 30,653,990 |
$ 29,604,703 |
$ 162,170 |
$ 29,766,873 |
$ 28,667,786 |
$ 136,798 |
$ 28,804,584 |
||||||||
Equity to assets ratio |
10.8% |
0.4% |
11.2% |
10.4% |
0.5% |
10.9% |
10.1% |
0.4% |
10.5% |
||||||||
Tangible common equity to tangible assets |
10.4% |
0.4% |
10.8% |
10.0% |
0.5% |
10.5% |
9.7% |
0.4% |
10.1% |
||||||||
For the Year Ended |
|||||||||||||||||
Charge-offs, net of recoveries on retail installment contracts acquired individually |
$ 1,959,634 |
||||||||||||||||
Deduct: LOCM adjustment on retail installment contracts acquired individually |
(73,388) |
||||||||||||||||
Adjusted Net charge-offs on retail installment contracts acquired individually |
$ 1,886,246 |
||||||||||||||||
Average Gross retail installment contracts acquired individually |
$ 26,818,625 |
||||||||||||||||
Net charge-off ratio on retail installment contracts acquired individually |
7.3% |
||||||||||||||||
Adjusted Net charge-off ratio on retail installment contracts acquired individually |
7.0% |
||||||||||||||||
Three Months Ended |
|||||||||||||||||
Charge-offs, net of recoveries on retail installment contracts acquired individually |
$ 610,657 |
||||||||||||||||
Deduct: LOCM adjustment on retail installment contracts acquired individually |
(64,140) |
||||||||||||||||
Adjusted Net charge-offs on retail installment contracts acquired individually |
$ 546,517 |
||||||||||||||||
Average Gross retail installment contracts acquired individually |
$ 27,687,564 |
||||||||||||||||
Net charge-off ratio on retail installment contracts acquired individually |
8.8% |
||||||||||||||||
Adjusted Net charge-off ratio on retail installment contracts acquired individually |
7.9% |
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SOURCE Santander Consumer USA Holdings Inc.
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