Company Quick10K Filing
Quick10K
Santander Consumer USA Holdings
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$21.30 352 $7,490
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-12-31 Quarter: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-24 Earnings, Officers, Exhibits
8-K 2019-06-28 Other Events, Exhibits
8-K 2019-06-28 Enter Agreement, Exhibits
8-K 2019-06-11 Shareholder Vote
8-K 2019-05-24 Other Events, Exhibits
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-01-29 Earnings, Exhibits
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-09-14 Officers, Exhibits
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-07-11 Enter Agreement, Exhibits
8-K 2018-06-28 Other Events, Exhibits
8-K 2018-06-12 Shareholder Vote
8-K 2018-06-01 Regulation FD, Exhibits
8-K 2018-04-24 Earnings, Exhibits
8-K 2018-04-19 Officers
8-K 2018-01-31 Earnings, Exhibits
WRB Berkley W R 11,100
OGE Oklahoma Gas & Electric 8,140
SWI Solarwinds 5,870
GHC Graham Holdings 3,760
CLS Celestica 835
APTS Preferred Apartment Communities 688
HCKT Hackett Group 480
AFC Allied Capital 205
VUZI Vuzix 73
BBOX Black Box 0
SC 2019-06-30
Part I: Financial Information
Item 1. Condensed Consolidated Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii: Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 a2019q2exhibit311.htm
EX-31.2 a2019q2exhibit312.htm
EX-32.1 a2019q2exhibit321.htm
EX-32.2 a2019q2exhibit322.htm

Santander Consumer USA Holdings Earnings 2019-06-30

SC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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xbrli:pure iso4217:USD sc:contract sc:claim utreg:sqft



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2019
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number: 001-36270
SANTANDER CONSUMER USA HOLDINGS INC.
(Exact Name of Registrant as Specified in Its Charter) 
Delaware
 
32-0414408
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification Number)
1601 Elm Street
Suite 800
Dallas
Texas
75201
(Address of principal executive offices)
Registrant’s telephone number, including area code (214634-1110
Not Applicable
(Former name, former address, and formal fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol (s)
 
Name of each exchange on which registered
 
Outstanding shares at July 29,2019
Common Stock ($0.01 par value)
 
SC
 
New York Stock Exchange
NYSE
 
345,991,292
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 (Section 232.405 of this chapter) 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. (Check one):
Large accelerated filer
 
 
Accelerated filer
 
 
Emerging growth company
 
Non-accelerated filer
 
 
Smaller reporting 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 12b-2 of the Exchange Act) Yes   No  





INDEX
 

 
 
 
Item 1. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2. 
Item 3. 
Item 4. 
Item 1. 
Item 1A. 
Item 2. 
Item 3.
Item 4.
Item 5.
Item 6. 
 


2



Unless otherwise specified or the context otherwise requires, the use herein of the terms “we,” “our,” “us,” “SC,” and the “Company” refer to Santander Consumer USA Holdings Inc. and its consolidated subsidiaries.
Cautionary Note Regarding Forward-Looking Information
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements about the Company’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions, or future events or performance are not historical facts and may be forward-looking and reflect the current beliefs and expectations of the company’s management. 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,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends,” and similar words or phrases. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, these statements are not guarantees of future performance and involve risks and uncertainties which are subject to change based on various important factors, some of which are beyond the Company’s control. For more information regarding these risks and uncertainties as well as certain additional risks that the Company faces, refer to the Risk Factors detailed in Item 1A of Part I of the 2018 Annual Report on Form 10-K, as well as factors more fully described in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this report, including the exhibits hereto, and subsequent reports and registration statements filed from time to time with the SEC. Among the factors that could cause the Company’s actual results to differ materially from those suggested by the forward-looking statements are:

the Company operates in a highly regulated industry and continually changing federal, state, and local laws and regulations could materially adversely affect its business;
the Company’s ability to remediate any material weaknesses in internal controls over financial reporting completely and in a timely manner;
adverse economic conditions in the United States and worldwide may negatively impact the Company’s results;
the business could suffer if access to funding is reduced or if there is a change in the Company’s funding costs or ability to execute securitizations;
the Company faces significant risks implementing its growth strategy, some of which are outside of its control;
the Company may not realize the anticipated benefits from, and may incur unexpected costs and delays in connection with, exiting its personal lending business;
the Company’s agreement with FCA may not result in currently anticipated levels of growth and is subject to performance conditions that could result in termination of the agreement, and is subject to an option giving FCA the right to acquire an equity participation in the Chrysler Capital portion of the Company’s business;
the business could suffer if the Company is unsuccessful in developing and maintaining relationships with automobile dealerships;
the Company’s financial condition, liquidity, and results of operations depend on the credit performance of its loans;
loss of the Company’s key management or other personnel, or an inability to attract such management and personnel, could negatively impact its business;
the Company is directly and indirectly, through its relationship with SHUSA, subject to certain banking and financial services regulations, including oversight by the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), the European Central Bank, and the Federal Reserve Bank of Boston (FRBB); such oversight and regulation may limit certain of the Company’s activities, including the timing and amount of dividends and other limitations on the Company’s business; and
future changes in the Company’s ownership by, or relationship with, SHUSA or Santander could adversely affect its operations.

If one or more of the factors affecting the Company’s forward-looking information and statements renders forward-looking information or statements incorrect, the Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information or statements. Therefore, the Company cautions the reader 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 the Company’s results, and the reader should not consider these factors to be a complete set of all potential risks or uncertainties as new factors emerge from time to time. Management cannot assess the impact of any such factor on the Company’s 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 the Company undertakes no obligation to update any forward-looking information or

3



statements, whether written or oral, to reflect any change, except as required by law. All forward-looking information and statements attributable to the Company are expressly qualified by these cautionary statements.

Glossary

The following is a list of abbreviations, acronyms, and commonly used terms used in this Quarterly Report on Form 10-Q.
2018 Annual Report on Form 10-K
Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on February 26, 2019.
ABS
Asset-backed securities
Advance Rate
The maximum percentage of collateral that a lender is willing to lend.
Affiliates
A party that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with an entity.
ALG
Automotive Lease Guide
Amendment
Amendment to the Chrysler Agreement with FCA, dated June 28, 2019.
APR
Annual Percentage Rate
ASC
Accounting Standards Codification
ASU
Accounting Standards Update
Bluestem
Bluestem Brands, Inc., an online retailer for whose customers SC provides financing
Board
SC’s Board of Directors
CBP
Citizens Bank of Pennsylvania
CCAP
Chrysler Capital
CCART
Chrysler Capital Auto Receivables Trust, a securitization platform
CEO
Chief Executive Officer
CFPB
Consumer Financial Protection Bureau
CFO
Chief Financial Officer
Chrysler Agreement
Ten-year master private-label financing agreement with FCA
Clean-up Call
The early redemption of a debt instrument by the issuer, generally when the underlying portfolio has amortized to 5% or 10% of its original balance
Commission
U.S. Securities and Exchange Commission
Credit Enhancement
A method such as overcollateralization, insurance, or a third-party guarantee, whereby a borrower reduces default risk
DCF
Discounted Cash Flow Analysis
Dealer Loan
A Floorplan Loan, real estate loan, working capital loan, or other credit extended to an automobile dealer
Dodd-Frank Act
Comprehensive financial regulatory reform legislation enacted by the U.S. Congress on July 21, 2010
DOJ
U.S. Department of Justice
DRIVE
Drive Auto Receivables Trust, a securitization platform
Exchange Act
Securities Exchange Act of 1934, as amended
FASB
Financial Accounting Standards Board
FCA
FCA US LLC, formerly Chrysler Group LLC
FICO®
A common credit score created by Fair Isaac Corporation that is used on the credit reports that lenders use to assess an applicant’s credit risk. FICO® is computed using mathematical models that take into account five factors: payment history, current level of indebtedness, types of credit used, length of credit history, and new credit
FIRREA
Financial Institutions Reform, Recovery and Enforcement Act of 1989
Floorplan Loan
A revolving line of credit that finances dealer inventory until sold
Federal Reserve Board
Board of Governors of the Federal Reserve System
FRBB
Federal Reserve Bank of Boston
FTC
Federal Trade Commission

4



GAP
Guaranteed Auto Protection
GAAP
U.S. Generally Accepted Accounting Principles
IPO
SC’s Initial Public Offering
ISDA
International Swaps and Derivative Association
Managed Assets
Managed assets included assets (a) owned and serviced by the Company; (b) owned by the Company and serviced by others; and (c) serviced for others
Nonaccretable Difference
The difference between the undiscounted contractual cash flows and the undiscounted expected cash flows of a portfolio acquired with deteriorated credit quality
OCC
Office of the Comptroller of the Currency
Overcollateralization
A credit enhancement method whereby more collateral is posted than is required to obtain financing
OEM
Original equipment manufacturer
Private-label
Financing branded in the name of the product manufacturer rather than in the name of the finance provider
RC
The Risk Committee of the Board
Remarketing
The controlled disposal of vehicles at the end of the lease term or upon early termination or of financed vehicles obtained through repossession and their subsequent sale
Residual Value
The future value of a leased asset at the end of its lease term
Retail installment contracts acquired individually
Includes purchased non-credit impaired finance receivables
RSU
Restricted stock unit
SAF
Santander Auto Finance
Santander
Banco Santander, S.A.
SBNA
Santander Bank, N.A., a wholly-owned subsidiary of SHUSA. Formerly Sovereign Bank, N.A.
SC
Santander Consumer USA Holdings Inc., a Delaware corporation, and its consolidated subsidiaries
SCI
Santander Consumer International Puerto Rico, LLC , a wholly-owned subsidiary of SC Illinois
SC Illinois
Santander Consumer USA Inc., an Illinois corporation and wholly-owned subsidiary of SC
SCRA
Servicemembers Civil Relief Act
SDART
Santander Drive Auto Receivables Trust, a securitization platform
SEC
U.S. Securities and Exchange Commission
SHUSA
Santander Holdings USA, Inc., a wholly-owned subsidiary of Santander and the majority stockholder of SC
SPAIN
Santander Prime Auto Issuing Note Trust, a securitization platform
SRT
Santander Retail Auto Lease Trust, a lease securitization platform
Subvention
Reimbursement of the finance provider by a manufacturer for the difference between a market loan or lease rate and the below-market rate given to a customer
TDR
Troubled Debt Restructuring
Trusts
Special purpose financing trusts utilized in SC’s financing transactions
VIE
Variable Interest Entity
Warehouse Line
A revolving line of credit generally used to fund finance receivable originations


5



PART I: FINANCIAL INFORMATION
Item 1.
Condensed Consolidated Financial Statements (Unaudited)
SANTANDER CONSUMER USA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (Dollars in thousands, except per share amounts)
 
June 30,
2019
 
December 31,
2018
Assets
 
 
 
Cash and cash equivalents - $42,889 and $101,334 held at affiliates, respectively
$
99,756

 
$
148,436

Finance receivables held for sale, net
1,249,101

 
1,068,757

Finance receivables held for investment, net
25,838,749

 
25,117,454

Restricted cash and cash equivalents - $27 and $341 held at affiliates, respectively
2,272,621

 
2,102,048

Accrued interest receivable
277,813

 
303,686

Leased vehicles, net
15,313,369

 
13,978,855

Furniture and equipment, net of accumulated depreciation of $79,397 and $72,345, respectively
59,176

 
61,280

Federal, state and other income taxes receivable
83,427

 
97,087

Related party taxes receivable
4,581

 
734

Goodwill
74,056

 
74,056

Intangible assets, net of amortization of $49,426 and $45,324, respectively
34,117

 
35,195

Due from affiliates
19,581

 
8,920

Other assets
1,089,746

 
963,347

Total assets
$
46,416,093

 
$
43,959,855

Liabilities and Equity
 
 
 
Liabilities:
 
 
 
Notes payable — credit facilities
$
6,514,163

 
$
4,478,214

Notes payable — secured structured financings
26,248,528

 
26,901,530

Notes payable — related party
4,002,814

 
3,503,293

Accrued interest payable
46,817

 
49,370

Accounts payable and accrued expenses
431,004

 
422,951

Deferred tax liabilities, net
1,327,342

 
1,155,883

Due to affiliates
91,320

 
63,219

Other liabilities
416,844

 
367,037

Total liabilities
39,078,832

 
36,941,497

Commitments and contingencies (Notes 5 and 10)

 

Equity:
 
 
 
Common stock, $0.01 par value — 1,100,000,000 shares authorized;
 
 
 
362,571,219 and 362,028,916 shares issued and 348,130,140 and 352,302,759 shares outstanding, respectively
3,481

 
3,523

Additional paid-in capital
1,413,461

 
1,515,572

Accumulated other comprehensive income, net
(20,567
)
 
33,515

Retained earnings
5,940,886

 
5,465,748

Total stockholders’ equity
7,337,261

 
7,018,358

Total liabilities and equity
$
46,416,093

 
$
43,959,855


See notes to unaudited condensed consolidated financial statements.





6



SANTANDER CONSUMER USA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (Dollars in thousands)

The assets of consolidated VIEs, presented based upon the legal transfer of the underlying assets in order to reflect legal ownership, that can be used only to settle obligations of the consolidated VIE and the liabilities of these entities for which creditors (or beneficial interest holders) do not have recourse to the Company’s general credit were as follows:
 
June 30,
2019
 
December 31,
2018
Assets
 
 
 
Restricted cash and cash equivalents
$
1,697,692

 
$
1,582,158

Finance receivables held for sale, net
266,086

 

Finance receivables held for investment, net
25,004,109

 
24,151,971

Leased vehicles, net
15,313,369

 
13,978,855

Various other assets
604,431

 
685,383

Total assets
$
42,885,687

 
$
40,398,367

Liabilities
 
 
 
Notes payable
$
33,289,722

 
$
31,949,839

Various other liabilities
99,856

 
122,010

Total liabilities
$
33,389,578

 
$
32,071,849


Certain amounts shown above are greater than the amounts shown in the corresponding line items in the accompanying condensed consolidated balance sheets due to intercompany eliminations between the VIEs and other entities consolidated by the Company. For example, for most of its securitizations, the Company retains one or more of the lowest tranches of bonds. Rather than showing investment in bonds as an asset and the associated debt as a liability, these amounts are eliminated in consolidation as required by U.S. GAAP.

See notes to unaudited condensed consolidated financial statements.


7



SANTANDER CONSUMER USA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Unaudited) (Dollars in thousands, except per share amounts)
 
For the Three Months Ended 
 
June 30,
 
For the Six Months Ended 
 
June 30,
 
2019
 
2018
 
2019
 
2018
Interest on finance receivables and loans
$
1,261,098

 
$
1,211,006

 
$
2,514,678

 
$
2,379,546

Leased vehicle income
676,236

 
537,897

 
1,325,796

 
1,042,175

Other finance and interest income
11,437

 
8,494

 
21,684

 
15,631

Total finance and other interest income
1,948,771

 
1,757,397

 
3,862,158

 
3,437,352

Interest expense — Including $45,909, $43,640, $90,782, and $85,673 to affiliates, respectively
330,039

 
273,953

 
664,421

 
514,981

Leased vehicle expense
444,442

 
360,335

 
888,461

 
719,018

Net finance and other interest income
1,174,290

 
1,123,109

 
2,309,276

 
2,203,353

Provision for credit losses
430,676

 
406,544

 
981,555

 
916,885

Net finance and other interest income after provision for credit losses
743,614

 
716,565

 
1,327,721

 
1,286,468

Profit sharing
13,345

 
12,853

 
20,313

 
17,230

Net finance and other interest income after provision for credit losses and profit sharing
730,269

 
703,712

 
1,307,408

 
1,269,238

Investment losses, net — Including $0, $3,177, $0, and $20,080 from affiliates, respectively
(84,787
)
 
(82,634
)
 
(151,884
)
 
(169,154
)
Servicing fee income — Including $14,275, $11,375, $27, $270, and $21,447 from affiliates, respectively
25,002

 
27,538

 
48,808

 
53,720

Fees, commissions, and other — Including $12,186, $398, $18,967, and $769 from affiliates, respectively
90,196

 
77,480

 
184,572

 
162,871

Total other income
30,411

 
22,384

 
81,496

 
47,437

Compensation expense
122,678

 
118,598

 
250,572

 
240,603

Repossession expense
69,699

 
63,660

 
140,559

 
135,741

Other operating costs — Including $811, $3,111, $1,744, and $4,273 to affiliates, respectively
88,272

 
94,692

 
180,475

 
188,518

Total operating expenses
280,649

 
276,950

 
571,606

 
564,862

Income before income taxes
480,031

 
449,146

 
817,298

 
751,813

Income tax expense
111,764

 
114,120

 
201,528

 
172,172

Net income
$
368,267

 
$
335,026

 
$
615,770

 
$
579,640

 
 
 
 
 
 
 
 
Net income
$
368,267

 
$
335,026

 
$
615,770

 
$
579,640

Other comprehensive income (loss):
 
 
 
 
 
 
 
Change in unrealized gains (losses) on cash flow hedges, net of tax of $10,870, $79, $17,665, and $2,981, respectively
(34,045
)
 
(761
)
 
(55,084
)
 
12,039

Unrealized gains (losses) on available-for-sale debt securities net of tax of ($173), zero, ($321), and zero, respectively
539

 

 
1,001

 

Comprehensive income
$
334,761

 
$
334,265

 
$
561,687

 
$
591,679

Net income per common share (basic)
$
1.05

 
$
0.93

 
$
1.75

 
$
1.61

Net income per common share (diluted)
$
1.05

 
$
0.93

 
$
1.75

 
$
1.60

Dividend declared per common share
$
0.20

 
$
0.05

 
$
0.40

 
$
0.10

Weighted average common shares (basic)
351,106,197

 
361,268,112

 
351,309,700

 
360,987,233

Weighted average common shares (diluted)
351,556,349

 
362,057,614

 
351,825,554

 
361,829,283



See notes to unaudited condensed consolidated financial statements.

8



SANTANDER CONSUMER USA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited) (In thousands)
 
 
Common Stock
 
Additional
Paid-In Capital
 
Accumulated
Other
Comprehensive Income (Loss)
 
Retained Earnings
 
Total
Stockholders’ Equity
 
Shares
 
Amount
 
 
 
 
Balance — January 1, 2018
360,527

 
$
3,605

 
$
1,681,558

 
$
44,262

 
$
4,736,277

 
$
6,465,702

Cumulative-effect adjustment upon adoption of ASU 2018-02

 

 

 
6,149

 
(6,149
)
 

Stock issued in connection with employee incentive compensation plans
481

 
5

 
464

 

 

 
469

Stock-based compensation expense

 

 
4,208

 

 

 
4,208

Dividends-Common stock, $0.05/share

 

 

 

 
(18,028
)
 
(18,028
)
Tax sharing with affiliate

 

 
3,766

 

 

 
3,766

Net income

 

 

 

 
244,615

 
244,615

Other comprehensive income (loss), net of taxes

 

 

 
12,800

 

 
12,800

Balance — March 31, 2018
361,008

 
$
3,610

 
$
1,689,996

 
$
63,211

 
$
4,956,715

 
$
6,713,532

 
 
 
 
 
 
 
 
 
 
 
 
Stock issued in connection with employee incentive compensation plans
401

 
4

 
2,349

 

 

 
2,353

Stock-based compensation expense

 

 
1,586

 

 

 
1,586

Dividends-Common stock, $0.05/share

 

 

 

 
(18,064
)
 
(18,064
)
Tax sharing with affiliate

 

 
(35
)
 

 

 
(35
)
Net income

 

 

 

 
335,026

 
335,026

Other comprehensive income (loss), net of taxes

 

 

 
(762
)
 

 
(762
)
Balance — June 30, 2018
361,409

 
$
3,614

 
$
1,693,896

 
$
62,449

 
$
5,273,677

 
$
7,033,636

 










See notes to unaudited condensed consolidated financial statements.




9



SANTANDER CONSUMER USA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited) (In thousands)

 
Common Stock
 
Additional
Paid-In Capital
 
Accumulated
Other
Comprehensive Income (Loss)
 
Retained Earnings
 
Total
Stockholders’ Equity
 
Shares
 
Amount
 
 
 
 
Balance — January 1, 2019
352,303

 
$
3,523

 
$
1,515,572

 
$
33,515

 
$
5,465,748

 
$
7,018,358

Stock issued in connection with employee incentive compensation plans
391

 
4

 
(1,715
)
 

 

 
(1,711
)
Stock-based compensation expense

 

 
5,987

 

 

 
5,987

Stock repurchase/Treasury stock
(965
)
 
(10
)
 
(17,770
)
 

 

 
(17,780
)
Dividends-Common stock, $0.20/share

 

 

 
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