XML 32 R18.htm IDEA: XBRL DOCUMENT v3.20.2
Subsequent Events
9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events

Note 11. Subsequent Events

Amendments to Debt Agreements: In October 2020, the Company amended its senior revolving credit facility and certain transaction documents of its RMIT 2019-1 securitization. The senior revolving credit facility was amended to, among other things, modify certain debt covenants, while the RMIT 2019-1 agreement was amended to permit the sale and transfer of electronically originated finance receivables to RMIT 2019-1.

Share Repurchase Program: In October 2020, the Board authorized the repurchase of up to $30 million of the Company’s outstanding shares of common stock. The authorization was effective immediately and extends through October 22, 2022. Stock repurchases under the share repurchase program may be made in the open market at prevailing market prices, through privately negotiated transactions, or through other structures in accordance with applicable federal securities laws, at times and in amounts as management deems appropriate. The timing and the amount of any common stock repurchases will be determined by the Company’s management based on its evaluation of market conditions, the Company’s liquidity needs, legal and contractual requirements and restrictions (including covenants in the Company’s credit agreements), share price, and other factors. Repurchases of common stock may be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program does not obligate the Company to purchase any particular number of shares and may be suspended, modified, or discontinued at any time without prior notice. The Company intends to fund the program with a combination of cash and debt.

Quarterly Cash Dividend: In October 2020, the Company announced that the Board initiated and declared a quarterly cash dividend of $0.20 per share. The initial dividend will be paid on December 4, 2020 to shareholders of record at the close of business on November 17, 2020. The declaration, amount, and payment of any future cash dividends on shares of the Company’s common stock will be at the discretion of the Board. The Board may take into account general and economic conditions, the Company’s financial condition and results of operations, its available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax, and regulatory restrictions and such other factors as the Board may deem relevant. In addition, the Company’s ability to pay cash dividends may be limited by covenants of any existing and future outstanding indebtedness the Company or its subsidiaries incur, including the Company’s senior revolving credit facility.