Company Quick10K Filing
Santander Consumer USA
Price25.85 EPS3
Shares350 P/E9
MCap9,044 P/FCF2
Net Debt-2,284 EBIT2,236
TEV6,760 TEV/EBIT3
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-01
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8-K 2020-06-10
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8-K 2018-06-01
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8-K 2018-04-19
8-K 2018-01-31

SC 10Q Quarterly Report

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-10.1 a2020q1exhibit101.htm
EX-31.1 a2020q1exhibit311.htm
EX-31.2 a2020q1exhibit312.htm
EX-32.1 a2020q1exhibit321.htm
EX-32.2 a2020q1exhibit322.htm

Santander Consumer USA Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

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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 March 31, 2020
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from to
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 StreetSuite 800DallasTexas75201
(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 April 29, 2020
Common Stock ($0.01 par value)SCNew York Stock Exchange321,118,420

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 filerAccelerated filerEmerging growth company
Non-accelerated filerSmaller 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  

1




INDEX


Cautionary Note Regarding Forward-Looking Information
PART I: FINANCIAL INFORMATION
Item 1. Unaudited Condensed Consolidated Financial Statements
Unaudited Condensed Consolidated Balance Sheets
Unaudited Condensed Consolidated Statements of Income and Comprehensive Income
Unaudited Condensed Consolidated Statements of Equity
Unaudited Condensed Consolidated Statements of Cash Flows
Note 1. Description of Business, Basis of Presentation, and Significant Accounting Policies and Practices
Note 2. Finance Receivables
Note 3. Leases
Note 4. Credit Loss Allowance and Credit Quality
Note 5. Debt
Note 6. Variable Interest Entities
Note 7. Derivative Financial Instruments
Note 8. Other Assets
Note 9. Income Taxes
Note 10. Commitments and Contingencies
Note 11. Related-Party Transactions
Note 12. Computation of Basic and Diluted Earnings per Common Share
Note 13. Fair Value of Financial Instruments
Note 14. Employee Benefit Plans
Note 15. Shareholders' Equity
Note 16. Investment Losses, Net
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
SIGNATURES
        
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. 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. Among the factors that could cause the Company’s actual performance to differ materially from those suggested by the forward-looking statements are:

the adverse impact of COVID-19 on our business, financial condition, liquidity and results of operations;
our agreement with FCA may not result in currently anticipated levels of growth and is subject to certain conditions that could result in termination of the agreement;
continually changing federal, state, and local laws and regulations could materially adversely affect our business;
adverse economic conditions in the United States and worldwide may negatively impact our results;
our business could suffer if our access to funding is reduced;
significant risks we face implementing our growth strategy, some of which are outside our control;
unexpected costs and delays in connection with exiting our personal lending business;
our business could suffer if we are unsuccessful in developing and maintaining relationships with automobile dealerships;
our financial condition, liquidity, and results of operations depend on the credit performance of our loans;
loss of our key management or other personnel, or an inability to attract such management and personnel;
certain regulations, including but not limited to oversight by the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), the European Central Bank (ECB), and the Federal Reserve Bank of Boston (FRBB), whose oversight and regulation may limit certain of our activities, including the timing and amount of dividends and other limitations on our business;
future changes in our relationship with SHUSA and Banco Santander that could adversely affect our operations; and
the other factors that are described in Part I, Item IA – Risk Factors of the 2019 Annual Report on Form 10-K, and impacts of the COVID-19 outbreak on our business, financial condition, liquidity and results of operations, as noted in the Form 8-K filed with the SEC on April 10, 2020.

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 and 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. Forward-looking statements reflect the current beliefs and expectations of the Company's management and only speak as of the date of this document, and the Company undertakes 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 the Company are expressly qualified by these cautionary statements.



3




Glossary

The following is a list of abbreviations, acronyms, and commonly used terms used in this Annual Report on Form 10-K.
ABSAsset-backed securities
ACL Allowance for credit loss
Advance RateThe maximum percentage of collateral that a lender is willing to lend.
AffiliatesA party that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with an entity.
ALGAutomotive Lease Guide
AmendmentAmendment to the Chrysler Agreement with FCA, dated June 28, 2019.
Amortized costs Includes unpaid principal balance (UPB), net of discounts and premiums
APRAnnual Percentage Rate
ASCAccounting Standards Codification
ASUAccounting Standards Update
BluestemBluestem Brands, Inc., an online retailer for whose customers SC provides financing
BoardSC’s Board of Directors
CBPCitizens Bank of Pennsylvania
CCAPChrysler Capital
CCARTChrysler Capital Auto Receivables Trust, a securitization platform
CECLCurrent Expected Credit Loss, Amendments based on ASU 2016-13, ASU 2019-04, and ASU 2019-11
CEOChief Executive Officer
CFPBConsumer Financial Protection Bureau
CFOChief Financial Officer
Chrysler AgreementTen-year master private-label financing agreement with FCA
Clean-up CallThe early redemption of a debt instrument by the issuer, generally when the underlying portfolio has amortized to 5% or 10% of its original balance
CommissionU.S. Securities and Exchange Commission
COVID-19Coronavirus disease 2019
Credit EnhancementA method such as overcollateralization, insurance, or a third-party guarantee, whereby a borrower reduces default risk
DCFDiscounted Cash Flow Analysis
Dealer LoanA Floorplan Loan, real estate loan, working capital loan, or other credit extended to an automobile dealer
Dodd-Frank ActComprehensive financial regulatory reform legislation enacted by the U.S. Congress on July 21, 2010
DOJU.S. Department of Justice
DRIVEDrive Auto Receivables Trust, a securitization platform
EIREffective interest rate
ECLExpected credit losses
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FCAFCA 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
FIRREAFinancial Institutions Reform, Recovery and Enforcement Act of 1989
Floorplan LoanA revolving line of credit that finances dealer inventory until sold
Federal Reserve BoardBoard of Governors of the Federal Reserve System
FRBBFederal Reserve Bank of Boston
4




FTCFederal Trade Commission
GAPGuaranteed Auto Protection
GAAPU.S. Generally Accepted Accounting Principles
IPOSC’s Initial Public Offering
ISDAInternational Swaps and Derivative Association
Managed AssetsManaged 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 DifferenceThe difference between the undiscounted contractual cash flows and the undiscounted expected cash flows of a portfolio acquired with deteriorated credit quality
OCCOffice of the Comptroller of the Currency
OvercollateralizationA credit enhancement method whereby more collateral is posted than is required to obtain financing
OEMOriginal equipment manufacturer
Private-labelFinancing branded in the name of the product manufacturer rather than in the name of the finance provider
PSRTPrivate Santander Retail Auto Lease Trust, a lease securitization platform
RCThe Risk Committee of the Board
RemarketingThe 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 ValueThe future value of a leased asset at the end of its lease term
Retail installment contractsIncludes retail installment contracts individually acquired or originated by the Company and purchased non-credit deteriorated finance receivables
RSURestricted stock unit
SAFSantander Auto Finance
SantanderBanco Santander, S.A.
SBNASantander Bank, N.A., a wholly-owned subsidiary of SHUSA. Formerly Sovereign Bank, N.A.
SCSantander Consumer USA Holdings Inc., a Delaware corporation, and its consolidated subsidiaries
SCISantander Consumer International Puerto Rico, LLC, a wholly-owned subsidiary of SC Illinois
SC IllinoisSantander Consumer USA Inc., an Illinois corporation and wholly-owned subsidiary of SC
SCRAServicemembers Civil Relief Act
SDARTSantander Drive Auto Receivables Trust, a securitization platform
SECU.S. Securities and Exchange Commission
SHUSASantander Holdings USA, Inc., a wholly-owned subsidiary of Santander and the majority stockholder of SC
SPAINSantander Prime Auto Issuing Note Trust, a securitization platform
SRTSantander Retail Auto Lease Trust, a lease securitization platform
SREVSantander Revolving Auto Loan Trust, a securitization platform
SubventionReimbursement 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
TDRTroubled Debt Restructuring
TrustsSpecial purpose financing trusts utilized in SC’s financing transactions
VIEVariable Interest Entity
Warehouse LineA 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 share amounts)
March 31, 2020December 31, 2019
Assets
Cash and cash equivalents - $443,123 and $41,785 held at affiliates, respectively
$501,588  $81,848  
Finance receivables held for sale, net912,126  1,007,105  
Finance receivables held for investment, at amortized cost30,829,863  30,810,487  
Allowance for credit loss (5,460,098) (3,043,468) 
Finance receivables held for investment, at amortized cost, net25,369,765  27,767,019  
Restricted cash and cash equivalents - $55 and $27 held at affiliates, respectively
1,987,004  2,079,239  
Accrued interest receivable299,035  288,615  
Leased vehicles, net16,746,907  16,461,982  
Furniture and equipment, net of accumulated depreciation of $90,259 and $85,347, respectively
60,020  59,873  
Goodwill74,056  74,056  
Intangible assets, net of amortization of $54,271 and $52,665, respectively
47,823  42,772  
Other assets - $14,665 and $30,841 held at affiliates, respectively
1,108,607  1,071,020  
Total assets$47,106,931  $48,933,529  
Liabilities and Equity
Liabilities:
Total borrowings and other debt obligations - $5,652,077 and $5,652,325 to/from affiliates, respectively
$40,216,880  $39,194,141  
Accounts payable and accrued expenses - $63,044 and $63,951 held at affiliates, respectively
458,429  563,277  
Deferred tax liabilities, net940,121  1,468,222  
Other liabilities - $2,622 and $24,730 held at affiliates, respectively
345,398  389,269  
Total liabilities41,960,828  41,614,909  
Commitments and contingencies (Notes 5 and 10)
Equity:
Common stock, $0.01 par value — 1,100,000,000 shares authorized;
363,074,722 and 362,798,115 shares issued and 321,117,187 and 339,201,748 shares outstanding, respectively
3,211  3,392  
Additional paid-in capital707,384  1,173,262  
Accumulated other comprehensive income (loss), net of taxes (63,655) (26,693) 
Retained earnings4,499,163  6,168,659  
Total stockholders’ equity5,146,103  7,318,620  
Total liabilities and equity$47,106,931  $48,933,529  

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:
 March 31, 2020December 31, 2019
Assets
Restricted cash and cash equivalents$1,614,616  $1,629,870  
Finance receivables held for investment, net24,519,932  26,532,328  
Leased vehicles, net16,746,907  16,461,982  
Various other assets700,085  625,359  
Total assets$43,581,540  $45,249,539  
Liabilities
Notes payable$35,358,666  $34,249,851  
Various other liabilities117,024  188,093  
Total liabilities$35,475,690  $34,437,944  

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 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
March 31,
 20202019
Interest on finance receivables and loans$1,273,819  $1,253,580  
Leased vehicle income747,979  649,560  
Other finance and interest income7,551  10,247  
Total finance and other interest income2,029,349  1,913,387  
Interest expense — Including $62,770 and $44,873 to affiliates, respectively
328,834  334,382  
Leased vehicle expense552,912  444,019  
Net finance and other interest income1,147,603  1,134,986  
Credit loss expense907,887  550,879  
Net finance and other interest income after credit loss expense239,716  584,107  
Profit sharing14,295  6,968  
Net finance and other interest income after credit loss expense and profit sharing225,421  577,139  
Investment losses, net — Including $3 and $0 from affiliates, respectively
(63,426) (67,097) 
Servicing fee income — Including $12,552 and $12,995 from affiliates, respectively
19,103  23,806  
Fees, commissions, and other — Including $3,306 and $6,781 from affiliates, respectively
95,130  94,376  
Total other income50,807  51,085  
Compensation expense133,326  127,894  
Repossession expense57,662  70,860  
Other operating costs — Including $1,097 and $933 to affiliates, respectively
91,685  92,203  
Total operating expenses282,673  290,957  
Income (loss) before income taxes(6,445) 337,267  
Income tax expense(2,458) 89,764  
Net income (loss)$(3,987) $247,503  
Net income (loss)$(3,987) $247,503  
Other comprehensive income (loss): 
Change in unrealized gains (losses) on cash flow hedges, net of tax of $(12,543), and $(6,794), respectively
(39,019) (21,039) 
Unrealized gains (losses) on available-for-sale debt securities net of tax of $661 and $(149), respectively
2,057  462  
Comprehensive income (loss)$(40,949) $226,926  
Net income per common share (basic)$(0.01) $0.70  
Net income per common share (diluted)$(0.01) $0.70  
Dividend declared per common share$0.22  $0.20  
Weighted average common shares (basic)334,026,052  351,515,464  
Weighted average common shares (diluted)334,346,122  352,051,887  


See notes to unaudited condensed consolidated financial statements.
8




SANTANDER CONSUMER USA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited) (In thousands except per share amounts)
Common StockAdditional
Paid-In Capital
Accumulated
Other
Comprehensive Income (Loss)
Retained EarningsTotal Stockholders' Equity
SharesAmount
Balance — January 1, 2019352,303  $3,523  $1,515,572  $33,515  $5,465,748  $7,018,358  
Stock issued in connection with employee incentive compensation plans391  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
—  —  —  —  (70,268) (70,268) 
Tax sharing with affiliate—  —  (2,982) —  —  (2,982) 
Available-for-sale securities, net of taxes—  —  —  462  —  462  
Net income—  —  —  —  247,503  247,503  
Other comprehensive income (loss), net of taxes—  —  —  (21,039) —  (21,039) 
Balance — March 31, 2019351,729  $3,517  $1,499,092  $12,938  $5,642,983  $7,158,530  
Balance — January 1, 2020339,202  $3,392  $1,173,262  $(26,693) $6,168,659  $7,318,620  
Stock issued in connection with employee incentive compensation plans277  3  (1,634) —  —  (1,631) 
Stock-based compensation expense—  —  4,038  —  —  4,038  
Stock repurchase/Treasury stock(18,361) (184) (468,282) —  —  (468,466) 
Cumulative-effect adjustment upon adoption of CECL standard (Note 1)—  —  —  —  (1,590,885) (1,590,885) 
Dividends-Common stock, $0.22/share
—  —  —  —  (74,624) (74,624) 
Available-for-sale securities, net of taxes—  —  —  2,057  —  2,057  
Net income (loss)—  —  —  —  (3,987) (3,987) 
Other comprehensive income (loss), net of taxes—  —  —  (39,019) —  (39,019) 
Balance — March 31, 2020321,118  $3,211  $707,384  $(63,655) $4,499,163  $5,146,103  

See notes to unaudited condensed consolidated financial statements.
9




SANTANDER CONSUMER USA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (Dollars in thousands)
 For the Three Months Ended 
 
March 31,
20202019
Cash flows from operating activities:
Net income (loss)$(3,987) $247,503  
Adjustments to reconcile net income to net cash provided by operating activities
Derivative mark to market8,923  5,162  
Credit loss expense907,887  550,879  
Depreciation and amortization578,497  472,886  
Accretion of discount(13,619) (26,708) 
Proceeds from sales of and collections on receivables held for sale24,263  36,710  
Change in revolving personal loans, net