Company: CPSS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001683168-25-003436
Chunk: 66

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 66
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Employee costs include base
salaries, commissions and bonuses paid to employees, and certain expenses related to the accounting treatment of outstanding stock options
and are one of our most significant operating expenses. These costs (other than those relating to stock options) generally fluctuate with
the level of applications and automobile contracts purchased and serviced.

Other operating expenses consist
largely of facilities expenses, telephone and other communication services, credit services, computer services, sales and advertising
expenses, and depreciation and amortization.

Total operating expenses were
$100.1 million for the three months ended March 31, 2025, compared to $85.2 million for the prior period, an increase of $14.9 million,
or 17.5%. The increase is primarily due to increases in interest expense and to a lesser extent, increases to sales costs.

 30 

Employee costs were $25.0 million
during the three months ended March 31, 2025, compared to $24.4 million for the same quarter in the prior year, an increase of $617,000,
or 2.5%. The table below summarizes our employees by category as well as contract purchases and units in our managed portfolio as of,
and for the three-month periods ended, March 31, 2025, and 2024:

    Three Months Ended March 31, 

    2025  
    2024 

    (Dollars in millions) 
  
    Contracts purchased (dollars) 
    $451.2  
    $346.3 
  
    Contracts purchased (units) 
     20,707  
     16,414 
  
    Managed portfolio outstanding (dollars) 
    $3,614.6  
    $3,021.2 
  
    Managed portfolio outstanding (units) 
     207,123  
     181,650 

    Number of Originations staff 
     200  
     191 
  
    Number of Sales staff 
     120  
     101 
  
    Number of Servicing staff 
     559  
     427 
  
    Number of other staff 
     64  
     183 
  
    Total number of employees 
     943  
     902 

General and administrative expenses
include costs associated with purchasing and servicing our portfolio of finance receivables, including expenses for facilities, credit
services, and telecommunications. General and administrative expenses