Community Choice Financial Earnings 2018-09-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

10-Q 1 ccfi-20180930x10q.htm 10-Q ccfi_Current_Folio-10Q

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10‑Q

(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2018

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to to

Commission File Number: 001‑35537

COMMUNITY CHOICE FINANCIAL INC.

(Exact name of registrant as specified in its charter)

Ohio

(State or other jurisdiction of

incorporation or organization)

45‑1536453

(IRS Employer

Identification No.)

6785 Bobcat Way, Suite 200, Dublin, Ohio

(Address of principal executive offices)

43016

(Zip Code)

(888) 513‑9395

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ◻		Accelerated filer ◻

Non-accelerated filer ☒		Smaller reporting company ◻
		Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12‑b‑2 of the Act.) Yes ☐ No ☒

There is no market for the registrant’s equity. As of September 30, 2018, there were 7,990,020 shares outstanding.

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Community Choice Financial Inc. and Subsidiaries

Form 10-Q for the Quarterly Period Ended September 30, 2018

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		Page
	Financial Information

Item 1.	Financial Statements

	Consolidated Balance Sheets as of September 30, 2018 (unaudited) and December 31, 2017	3

	Consolidated Statements of Operations for the three months and nine months ended September 30, 2018 (unaudited) and September 30, 2017 (unaudited)	4

	Consolidated Statements of Stockholders’ Equity for the nine months ended September 30, 2018 (unaudited)	5

	Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 (unaudited) and September 30, 2017 (unaudited)	6

	Notes to unaudited Consolidated Financial Statements	7-31

Item 2.	Management’s Discussion and Analysis of Financial Condition and Result of Operations	32-54

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	54

Item 4.	Controls and Procedures	54

Part II	Other Information	55

Item 1.	Legal Proceedings	55

Item 1A.	Risk Factors	55


Item 6.	Exhibits	56

	Signatures	57

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Community Choice Financial Inc. and Subsidiaries

Consolidated Balance Sheets

September 30, 2018 and December 31, 2017

(In thousands, except per share data)


	September 30,		December 31,
	2018		2017
	(unaudited)
Assets
Current Assets
Cash and cash equivalents	$	50,914	$	66,627
Restricted cash		4,220		4,585
Finance receivables, net of allowance for loan losses of $13,767 and $13,517		79,054		89,707
Card related pre-funding and receivables		860		1,062
Other current assets		16,021		15,271
Total current assets		151,069		177,252
Noncurrent Assets
Finance receivables, net of allowance for loan losses of $1,853 and $2,810		3,123		4,632
Property, leasehold improvements and equipment, net		22,394		26,848
Other intangible assets		379		924
Security deposits		2,260		2,750
Total assets	$	179,225	$	212,406
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable and accrued liabilities	$	32,805	$	39,566
Money orders payable		6,840		7,169
Accrued interest		11,403		5,145
Current portion of capital lease obligation		9		371
Current portion of line of credit, net of deferred issuance costs of $34 and $-0-		2,966		—
Current portion of subsidiary notes payable, net of deferred issuance costs of $1,126 and $1		63,273		118
Current portion of senior secured notes, net of deferred issuance costs and unamortized discount of $3,446		243,844		—
Deferred revenue		2,535		2,535
Total current liabilities		363,675		54,904
Noncurrent Liabilities
Lease termination payable		555		818
Line of credit, net of deferred issuance costs of $-0- and $1,871		—		45,129
Subsidiary notes payable, net of deferred issuance costs of $12 and $762		958		61,077
Secured notes payable, net of deferred issuance cost of $4,827 and $-0-		37,173		—
Senior secured notes, net of deferred issuance costs of $109 and $1,664		12,391		248,126
Deferred revenue		5,619		7,520
Total liabilities		420,371		417,574
Commitments and Contingencies
Stockholders' Equity
Preferred stock, par value $.01 per share, 3,000 shares authorized, no shares issued and outstanding		—		—
Common stock, par value $.01 per share, 300,000 authorized shares and 7,990 outstanding shares at September 30, 2018 and December 31, 2017		90		90
Additional paid-in capital		129,700		129,675
Retained deficit		(370,886)		(334,883)
Treasury stock		(50)		(50)
Total stockholders' deficit		(241,146)		(205,168)
Total liabilities and stockholders' equity	$	179,225	$	212,406

See Notes to Unaudited Consolidated Financial Statements.

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Community Choice Financial Inc. and Subsidiaries

Consolidated Statements of Operations

Three Months and Nine Months Ended September 30, 2018 and 2017

(In thousands)

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2018		2017		2018		2017
Revenues:
Finance receivable fees	$	51,088	$	57,808	$	148,330	$	154,789
Credit service fees		19,421		22,026		56,108		55,311
Check cashing fees		11,821		11,192		35,075		35,097
Card fees		2,216		2,046		6,675		6,166
Other		3,500		4,572		10,834		12,801
Total revenues		88,046		97,644		257,022		264,164
Operating expenses:
Salaries		17,177		18,040		51,670		52,829
Provision for loan losses		28,809		43,133		74,267		86,532
Occupancy		6,378		6,626		18,950		19,857
Advertising and marketing		1,363		3,362		3,870		5,720
Lease termination		164		—		730		959
Depreciation and amortization		1,929		2,311		6,256		7,176
Other		10,385		14,113		32,394		38,411
Total operating expenses		66,205		87,585		188,137		211,484
Operating gross profit		21,841		10,059		68,885		52,680
Corporate and other expenses:
Corporate expenses		16,086		21,882		50,847		62,358
Lease termination		—		—		—		1,762
Depreciation and amortization		1,074		1,287		3,496		3,777
Interest expense, net		13,916		12,210		39,713		36,012
Loss on debt extinguishment		10,832		—		10,832		—
Total corporate and other expenses		41,908		35,379		104,888		103,909
Loss from continuing operations, before tax		(20,067)		(25,320)		(36,003)		(51,229)
Provision for income taxes		—		333		—		999
Net loss	$	(20,067)	$	(25,653)	$	(36,003)	$	(52,228)

See Notes to Unaudited Consolidated Financial Statements.

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Community Choice Financial Inc. and Subsidiaries

Consolidated Statements of Stockholders’ Equity

Nine Months Ended September 30, 2018

(Dollars in thousands)

(Unaudited)


						Additional
	Common Stock			Treasury		Paid-In		Retained
	Shares	Amount		Stock		Capital		Deficit		Total
Balance, December 31, 2017	7,990,020	$	90	$	(50)	$	129,675	$	(334,883)	$	(205,168)
Stock-based compensation expense	—		—		—		25		—		25
Net loss	—		—		—		—		(36,003)		(36,003)
Balance, September 30, 2018	7,990,020	$	90	$	(50)	$	129,700	$	(370,886)	$	(241,146)

See Notes to Unaudited Consolidated Financial Statements.

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Community Choice Financial Inc. and Subsidiaries

Consolidated Statements of Cash Flows

Nine Months Ended September 30, 2018 and 2017

(In thousands)

(Unaudited)
	Nine Months Ended
	September 30,
	2018		2017
Cash flows from operating activities
Net loss	$	(36,003)	$	(52,228)
Adjustments to reconcile net loss to net cash provided by operating activities:
Provision for loan losses		74,267		86,532
Loss on disposal of assets		390		2,280
Loss on debt extinguishment		10,832		—
Depreciation		9,207		10,580
Amortization of note discount and deferred debt issuance costs		5,777		2,988
Amortization of intangibles		545		373
Deferred income taxes		—		635
Stock-based compensation		25		42
Changes in assets and liabilities:
Short-term investments		—		500
Card related pre-funding and receivables		202		424
Other assets		(260)		637
Deferred revenue		(1,901)		(1,783)
Accrued interest		6,258		6,570
Money orders payable		(329)		153
Lease termination payable		(263)		654
Accounts payable and accrued expenses		(6,761)		11,454
Net cash provided by operating activities		61,986		69,811
Cash flows from investing activities
Net receivables originated		(62,105)		(96,400)
Net acquired assets, net of cash		—		(373)
Purchase of leasehold improvements and equipment		(5,143)		(6,315)
Net cash used in investing activities		(67,248)		(103,088)
Cash flows from financing activities
Proceeds from subsidiary note		3,500		20,000
Payments on subsidiary note		(89)		(7,385)
Proceeds from secured notes payable		42,000		—
Payments on capital lease obligations		(362)		(923)
Net advances (payments) on lines of credit		(44,000)		14,150
Debt issuance costs		(11,865)		(3,932)
Net cash provided by (used in) financing activities		(10,816)		21,910
Net decrease in cash and cash equivalents and restricted cash		(16,078)		(11,367)
Cash and cash equivalents and restricted cash:
Beginning		71,212		109,348
Ending	$	55,134	$	97,981

The following table reconciles cash and cash equivalents and restricted cash from the
Consolidated Balance Sheets to the above statements:

	December 31,
	2017		2016
Cash and cash equivalents	$	66,627	$	106,333
Restricted Cash		4,585		3,015
Total cash and cash equivalents and restricted cash	$	71,212	$	109,348

	September 30,
	2018		2017
Cash and cash equivalents	$	50,914	$	92,741
Restricted Cash		4,220		5,240
Total cash and cash equivalents and restricted cash	$	55,134	$	97,981

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Community Choice Financial Inc. and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(Dollars in thousands, except per share data)

Note 1. Ownership, Nature of Business, and Significant Accounting Policies

Nature of business: Community Choice Financial Inc. (together with its consolidated subsidiaries, “CCFI” or “the Company”) owned and operated 474 retail locations in 12 states and was licensed to deliver similar financial services over the internet in 29 states as of September 30, 2018. Through its network of retail locations and over the internet, the Company provides customers a variety of financial products and services, including secured and unsecured, short and medium‑term consumer loans, check cashing, prepaid debit cards, and other services that address the specific needs of its individual customers.

A summary of the Company’s significant accounting policies follows:

Basis of presentation: The accompanying interim unaudited consolidated financial statements of the Company have been prepared in accordance with the instructions to Form 10‑Q and accounting principles generally accepted in the United States (“GAAP”) for interim financial information. They do not include all information and footnotes required by GAAP for complete financial statements. Although management believes that the disclosures are adequate to prevent the information from being misleading, the interim unaudited consolidated financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2017, included in the Company’s Annual Report on Form 10‑K filed with the Securities & Exchange Commission on April 2, 2018. All adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of the Company’s financial condition, have been included. The results for any interim period are not necessarily indicative of results to be expected for the year ending December 31, 2018.

Basis of consolidation: The accompanying consolidated financial statements include the accounts of CCFI. All significant intercompany accounts and transactions have been eliminated in consolidation.

Business segments: FASB Accounting Standards Codification (“ASC”) Topic 280 Segment Reporting requires that a public enterprise report a measure of segment profit or loss, certain specific revenue and expense items, segment assets, information about the way operating segments were determined and other items. The Company reports operating segments in accordance with FASB ASC Topic 280. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in determining how to allocate resources and assess performance. The Company operates in two segments: Retail financial services and Internet financial services.

Equity method investments: Entities and investments over which the Company exercises significant influence over the activities of the entity but which do not meet the requirements for consolidation are accounted for using the equity method of accounting pursuant to ASC 323, whereby the Company records its share of the underlying income or loss of these entities. Intercompany profit arising from transactions with affiliates is eliminated to the extent of its beneficial interest. Under the equity method of accounting for these investments, there is no recognition of losses once the carrying value of the investment, inclusive of advances and loans, has been reduced to zero and there are no guarantee or funding obligations associated therewith.

On September 30, 2017, the Company entered into a joint venture with a third party to offer insurance products through select retail locations in a certain market. The joint venture is managed by the third party.

Revenue recognition: Transactions include loans, credit service fees, check cashing, bill payment, money transfer, money order sales, and other miscellaneous products and services. The full amount of the check cashing fee is recognized as revenue at the time of the transaction. Fees and direct costs incurred for the origination of loans are

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deferred and amortized over the loan period using the interest method. The Company acts in an agency capacity regarding bill payment services, money transfers, card products, and money orders offered and sold at its retail locations. The Company records the net amount retained as revenue because the supplier is the primary obligor in the arrangement, the amount earned by the Company is fixed, and the supplier is determined to have the ultimate credit risk. Revenue on loans determined to be troubled debt restructurings are recognized at the impaired loans’ original interest rates until the impaired loans are charged off or paid by the customer. Credit service organization (“CSO”) fees are recognized over the arranged credit service period.

Finance receivables: Finance receivables consist of short term and medium‑term consumer loans.

Short-term consumer loans can be unsecured or secured with a maturity up to ninety days. Unsecured short-term loan products typically range in principal from $100 to $1,000, with a maturity between fourteen and thirty days, and include a written agreement to defer the presentment of the customer’s personal check or preauthorized debit for the aggregate amount of the advance plus fees. This form of lending is based on applicable laws and regulations, which vary by state. State statutes vary from charging fees of 15% to 20%, to charging interest at 25% per annum plus origination fees. The customers repay the cash advance by making cash payments or allowing a check or preauthorized debit to be presented. Secured consumer loans with a maturity of ninety days or less are included in this category and represented 12.6% and 14.5% of short-term consumer loans at September 30, 2018 and December 31, 2017, respectively.

Medium-term consumer loans can be unsecured or secured with a maturity greater than ninety days and up to thirty-six months. Unsecured medium-term products typically range from $100 to $5,000, and are evidenced by a promissory note with a maturity between three and thirty-six months. These consumer loans vary in structure depending upon the applicable laws and regulations where they are offered. The medium-term consumer loans are payable in installments or provide for a line of credit with periodic payments. Secured consumer loans with a maturity greater than ninety days are included in this category and represented 14.0% and 12.6% of medium-term consumer loans at September 30, 2018, and December 31, 2017, respectively.

Allowance for loan losses: Provisions for loan losses are charged to income in amounts sufficient to maintain an adequate allowance for loan losses and an adequate accrual for losses related to guaranteed loans processed for third-party lenders under the CSO programs. The factors used in assessing the overall adequacy of the allowance for loan losses, the accrual for losses related to guaranteed loans made by third-party lenders and the resulting provision for loan losses include an evaluation by product, by market based on historical loan loss experience, and delinquency of certain medium-term consumer loans. The Company evaluates various qualitative factors that may or may not affect the computed initial estimate of the allowance for loan losses, by using internal valuation inputs including historical loan loss experience, delinquency, overall portfolio quality, and current economic conditions.

For short term unsecured consumer loans, the Company’s policy is to charge off loans when they become past due. The Company’s policy dictates that, where a customer has provided a check or ACH authorization for presentment upon the maturity of a loan, if the customer has not paid off the loan by the due date, the Company will deposit the customer’s check or draft the customer’s bank account for the amount due. If the check or draft is returned as unpaid, all accrued fees and outstanding principal are charged-off as uncollectible. For short term secured loans, the Company’s policy requires that balances be charged off when accounts are either thirty or sixty days past due depending on the product.

For medium term secured and unsecured consumer loans that have a term of one year or less, the Company’s policy requires that balances be charged off when accounts are sixty days past due. For medium term secured and unsecured consumer loans that have an initial maturity of greater than one year, the Company’s policy requires that balances be charged off when accounts are ninety-one days past due.

In certain markets, the Company reduced interest rates and favorably changed payment terms for medium-term consumer loans to assist borrowers in avoiding default and to mitigate risk of loss. These reduced interest rates and changed payment terms were limited to loans that the Company believed the customer had the ability to pay in the foreseeable future. These loans were accounted for as troubled debt restructurings and represent the only loans considered impaired due to the nature of the Company’s charge-off policy.

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Recoveries of amounts previously charged off are recorded to the allowance for loan losses or the accrual for third‑party losses in the period in which they are received.

Lease termination payable: The Company records a liability for the remaining lease obligations with the corresponding lease termination expense for closed retail locations disclosed in the operating expenses section, and closed corporate locations disclosed in the corporate and other expenses section, of the consolidated statements of operations, respectively.

Fair value of financial instruments: Financial assets and liabilities measured at fair value are grouped in three levels. The levels prioritize the inputs used to measure the fair value of the assets or liabilities. These levels are:

Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2—Inputs other than quoted prices that are observable for assets and liabilities, either directly or indirectly. These inputs include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are less attractive.

Level 3—Unobservable inputs for assets and liabilities reflecting the reporting entity’s own assumptions.

The Company follows the provisions of ASC 820‑10, Fair Value Measurements and Disclosures, which applies to all assets and liabilities that are being measured and reported on a fair value basis. ASC 820‑10 requires a disclosure that establishes a framework for measuring fair value within GAAP and expands the disclosure about fair value measurements. This standard enables a reader of consolidated financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The standard requires that assets and liabilities carried at fair value be classified and disclosed in one of the three categories.

In determining the appropriate levels, the Company performed a detailed analysis of the assets and liabilities that are subject to ASC 820-10. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3. The Company’s financial instruments consist primarily of cash and cash equivalents, finance receivables, restricted cash, and lines of credit. For all such instruments, other than senior secured notes and notes payable at September 30, 2018, and December 31, 2017, the carrying amounts in the consolidated financial statements approximate their fair values. Finance receivables are short term in nature and are originated at prevailing market rates and lines of credit bear interest at current market rates. The fair value of finance receivables at September 30, 2018 and December 31, 2017 approximates carrying value and is measured using internal valuation inputs including historical loan loss experience, delinquency, overall portfolio quality, and current economic conditions.

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The fair value of the Company’s 10.75% senior secured notes due 2019 (the “2019 notes”) and the 12.75% senior secured notes due 2020 (the “2020 notes”) were determined based on market yield on trades of the 2019 notes at the end of the recent reporting period.


	September 30, 2018
	Carrying
	Amount		Fair Value		Level
Financial assets:
Cash and cash equivalents	$	50,914	$	50,914	1
Restricted cash		4,220		4,220	1
Finance receivables		82,177		82,177	3
Financial liabilities:
10.75% Senior secured notes		247,290		192,886	1
12.75% Senior secured notes		12,500		6,626	2
Senior Note Payable		42,000		42,000	2
Subsidiary Note payable		65,369		65,369	2
Line of Credit		3,000		3,000	2


	December 31, 2017
	Carrying
	Amount		Fair Value		Level
Financial assets:
Cash and cash equivalents	$	66,627	$	66,627	1
Restricted cash		4,585		4,585	1
Finance receivables		94,339		94,339	3
Financial liabilities:
10.75% Senior secured notes		237,290		212,636	1
12.75% Senior secured notes		12,500		10,841	2
Subsidiary Note payable		61,958		61,958	2
Line of Credit		47,000		47,000	2

Treasury Stock: Treasury stock is reported at cost and consists of one million common shares at September 30, 2018 and December 31, 2017.

Subsequent events: The Company has evaluated its subsequent events (events occurring after September 30, 2018) through the issuance date of November 14, 2018.

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Note 2. Finance Receivables, Credit Quality Information and Allowance for Loan Losses

Finance receivables representing amounts due from customers for advances at September 30, 2018, and December 31, 2017, consisted of the following:


	September 30,		December 31,
	2018		2017
Short-term consumer loans	$	60,721	$	66,465
Medium-term consumer loans		39,379		46,903
Gross receivables	$	100,100	$	113,368
Unearned advance fees, net of deferred loan origination costs		(2,303)		(2,702)
Finance receivables before allowance for loan losses		97,797		110,666
Allowance for loan losses		(15,620)		(16,327)
Finance receivables, net	$	82,177	$	94,339

Finance receivables, net
Current portion	$	79,054	$	89,707
Non-current portion		3,123		4,632
Total finance receivables, net	$	82,177	$	94,339

Changes in the allowance for loan losses by product type for the three months ended September 30, 2018, are as follows:


													Allowance as
	Balance								Balance		Receivables		a percentage
	7/1/2018		Provision		Charge-Offs		Recoveries		9/30/2018		9/30/2018		of receivables
Short-term consumer loans	$	2,631	$	11,437	$	(19,549)	$	8,104	$	2,623	$	60,721	4.32	%
Medium-term consumer loans		11,926		8,326		(8,158)		903		12,997		39,379	33.00	%
	$	14,557	$	19,763	$	(27,707)	$	9,007	$	15,620	$	100,100	15.60	%

The provision for loan losses for the three months ended September 30, 2018, also includes losses from returned items from check cashing of $1,510.

The provision for short-term consumer loans of $11,437 is net of debt sales of $184 for the three months ended September 30, 2018.

The provision for medium-term consumer loans of $8,326 is net of debt sales of $248 for the three months ended September 30, 2018.

The Company evaluates all short-term and medium-term consumer loans collectively for impairment, except for individually evaluating medium-term loans that have been modified and classified as troubled debt restructurings. In certain markets, the Company reduced interest rates and favorably changed payment terms for medium-term consumer loans to assist borrowers in avoiding default and to mitigate risk of loss. The provision and subsequent charge off related to these loans totaled $43 and is included in the provision for medium-term consumer loans for the three months ended September 30, 2018. For these loans evaluated for impairment, there were $47 of payment defaults during the three months ended September 30, 2018. The troubled debt restructurings during the three months ended September 30, 2018 are subject to an allowance of $17 with a net carrying value of $20 at September 30, 2018.

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Changes in the allowance for loan losses by product type for the nine months ended September 30, 2018, are as follows:


													Allowance as
	Balance								Balance		Receivables		a percentage
	1/1/2018		Provision		Charge-Offs		Recoveries		9/30/2018		9/30/2018		of receivables
Short-term consumer loans	$	2,697	$	28,295	$	(53,590)	$	25,221	$	2,623	$	60,721	4.32	%
Medium-term consumer loans		13,630		22,807		(26,902)		3,462		12,997		39,379	33.00	%
	$	16,327	$	51,102	$	(80,492)	$	28,683	$	15,620	$	100,100	15.60	%

The provision for loan losses for the nine months ended September 30, 2018, also includes losses from returned items from check cashing of $3,901.

The provision for short-term consumer loans of $28,295 is net of debt sales of $1,007 for the nine months ended September 30, 2018.

The provision for medium-term consumer loans of $22,807 is net of debt sales of $1,027 for the nine months ended September 30, 2018.

The provision and subsequent charge off related to troubled debt restructurings totaled $84 and is included in the provision for medium-term consumer loans for the nine months ended September 30, 2018. For these loans evaluated for impairment, there were $168 of payment defaults during the nine months ended September 30, 2018. The troubled debt restructurings during the nine months ended September 30, 2018, are subject to an allowance of $33 with a net carrying value of $47 at September 30, 2018.

Changes in the allowance for loan losses by product type for the three months ended September 30, 2017, are as follows:

Price	-0.00	EPS	-18
Shares	8	P/E	0
MCap	-0	P/FCF	-0
Net Debt	-18	EBIT	-153
TEV	-18	TEV/EBIT	0
TTM 2018-09-30, in MM, except price, ratios

10-Q	2018-09-30	Filed 2018-11-14
10-Q	2018-06-30	Filed 2018-08-14
10-Q	2018-03-31	Filed 2018-05-14
10-K	2017-12-31	Filed 2018-04-02
10-Q	2017-09-30	Filed 2017-11-13
10-Q	2017-06-30	Filed 2017-08-11
10-Q	2017-03-31	Filed 2017-05-15
10-K	2016-12-31	Filed 2017-03-29
10-Q	2016-09-30	Filed 2016-11-10
10-Q	2016-06-30	Filed 2016-08-12
10-Q	2016-03-31	Filed 2016-05-12
10-K	2015-12-31	Filed 2016-03-30
10-Q	2015-09-30	Filed 2015-11-16
10-Q	2015-06-30	Filed 2015-08-12
10-Q	2015-03-31	Filed 2015-05-13
10-K	2014-12-31	Filed 2015-03-30
10-Q	2014-09-30	Filed 2014-11-10
10-Q	2014-06-30	Filed 2014-08-14
10-Q	2014-03-31	Filed 2014-05-14
10-K	2013-12-31	Filed 2014-03-28
10-Q	2013-09-30	Filed 2013-11-14
10-Q	2013-06-30	Filed 2013-08-14
10-Q	2013-03-31	Filed 2013-05-14
10-K	2012-12-31	Filed 2013-03-29
10-Q	2012-09-30	Filed 2012-11-13

8-K	2018-12-12
8-K	2018-12-03
8-K	2018-10-31
8-K	2018-10-10
8-K	2018-08-31
8-K	2018-08-21
8-K	2018-08-14
8-K	2018-06-12
8-K	2018-05-14
8-K	2018-04-02
8-K	2018-01-05

EX-31.1	ccfi-20180930ex3115417cb.htm
EX-31.2	ccfi-20180930ex3122a6621.htm
EX-32.1	ccfi-20180930ex321db0d5f.htm
EX-32.2	ccfi-20180930ex32281d7f5.htm

CCFI 10Q Quarterly Report

Community Choice Financial Earnings 2018-09-30