Atlanticus Holdings Corporation (NASDAQ: ATLC) (“Atlanticus,” “the
Company”, “we,” “our” or “us”), a financial technology company
which enables its bank, retail and healthcare partners to offer
more inclusive financial services to millions of everyday
Americans, today announced its financial results for the third
quarter ended September 30, 2021.
Financial and Operating
Highlights 2021 Third Quarter compared to 2020 Third
Quarter
- Total operating revenue increased
41.8% to $203.9 million.
- Purchase volume increased 55.7% to
$610.5 million.
- The number of total customers we
serve(1) increased 59.8% to 2.6 million. Since the start of the
third quarter 2021, customers served increased by over 388,000, or
17.7%.
- Managed receivables(2) associated
with our Credit and Other Investments Segment increased 46.5% to
$1.4 billion, and 15.9% over second quarter 2021.
- Net income attributable to
common shareholders increased 18.4% to $40.3 million, or $1.96 per
diluted common share, an increase of 14.0%.
- Adjusted net income(2), which
adjusts for the $16.2 million ($13.2 million tax effected) loss on
repurchase and redemption of convertible senior notes, increased
57.1% to $53.5 million, or $2.60 per diluted common share, an
increase of 50.9%.
- On a trailing twelve months basis,
net income attributable to common shareholders increased 137.1% to
$133.8 million, or $6.56 per diluted common share, an increase of
125.4%.
- On a trailing twelve months basis,
adjusted net income, which adjusts for the $29.4 million ($24.1
million tax effected) loss on repurchase and redemption of
convertible senior notes, increased 179.7% to $157.8 million or
$7.71 per diluted common share, an increase of 165.0%.
(1) In our calculation of total customers, we
include all customers with account activity and customers who have
open lines of credit at the end of the referenced period.
(2) Managed receivables and Adjusted net income
are non-GAAP financial measures. See “Non-GAAP Financial Measures”
for important additional information.
Management Commentary
Jeff Howard, President and Chief Executive
Officer, stated, "Atlanticus continued to deliver excellent
results, reporting significant growth across our two main operating
lines, general purpose credit card and point-of-sale finance
solutions. Our growth is a direct result of the success we are
having enabling our bank, retail, and healthcare partners to
empower better financial outcomes for millions of everyday
Americans. The strength of these partnerships and our ability to
rely on data aggregated through multiple economic cycles, allowed
us to continue to responsibly support our partners and their
customers throughout the pandemic. This led to significant growth
in customers served, managed assets, revenues and profits for the
quarter. In addition, we have seen our asset quality continue to
improve, with lower charge-off rates compared with both the prior
year and prior quarter periods. We are equally excited about the
opportunities that lie ahead as we continue to strive to enable
expanded access to credit for those overlooked by other financial
institutions.”
2021 Third Quarter Financial
Results
|
|
For the Third Quarter Ended Sept.
30, |
|
Income Increases (Decreases) |
|
PercentageIncreases
(Decreases) |
(In
Thousands) |
|
|
2021 |
|
|
|
2020 |
|
|
From 2020 to 2021 |
|
From 2020 to 2021 |
|
Total operating revenue |
|
$ |
203,917 |
|
|
$ |
143,853 |
|
|
$ |
60,064 |
|
|
41.8 |
% |
|
Other non-operating revenue |
|
|
32 |
|
|
|
635 |
|
|
|
(603 |
) |
|
(95.0 |
%) |
|
Total
revenue |
|
|
203,949 |
|
|
|
144,488 |
|
|
|
59,461 |
|
|
41.2 |
% |
|
Interest
expense |
|
|
(12,370 |
) |
|
|
(12,678 |
) |
|
|
308 |
|
|
(2.4 |
%) |
|
Provision for
losses on loans, interest and fees receivable recorded at net
realizable value |
|
|
(9,238 |
) |
|
|
(17,028 |
) |
|
|
7,790 |
|
|
(45.7 |
%) |
|
Changes in
fair value of loans, interest and fees receivable and notes payable
associated with structured financings recorded at fair
value |
|
|
(58,727 |
) |
|
|
(32,298 |
) |
|
|
(26,429 |
) |
|
81.8 |
% |
|
Net
margin |
|
|
123,614 |
|
|
|
82,484 |
|
|
$ |
41,130 |
|
|
49.9 |
% |
|
Total
operating expense |
|
|
(49,552 |
) |
|
|
(34,221 |
) |
|
$ |
(15,331 |
) |
|
44.8 |
% |
|
Loss on
repurchase and redemption of convertible senior notes |
|
|
(16,184 |
) |
|
|
- |
|
|
$ |
(16,184 |
) |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
47,097 |
|
|
$ |
38,807 |
|
|
$ |
8,290 |
|
|
21.4 |
% |
|
Net income
attributable to controlling interests |
|
$ |
46.974 |
|
|
|
38,855 |
|
|
|
8,119 |
|
|
20.9 |
% |
|
Preferred
dividends and discount accretion |
|
$ |
(6,629 |
) |
|
$ |
(4,788 |
) |
|
$ |
(1,841 |
) |
|
38.5 |
% |
|
Net income
attributable to common shareholders |
|
$ |
40,345 |
|
|
$ |
34,067 |
|
|
$ |
6,278 |
|
|
18.4 |
% |
|
Net income
attributable to common shareholders per common
share—basic |
|
$ |
2.67 |
|
|
$ |
2.35 |
|
|
$ |
0.32 |
|
|
13.6 |
% |
|
Net income
attributable to common shareholders per common
share—diluted |
|
$ |
1.96 |
|
|
$ |
1.72 |
|
|
$ |
0.24 |
|
|
14.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Managed receivables
Managed receivables increased to $1.4 billion as
of September 30, 2021, from $987.3 million as of September 30, 2020
as total customers served increased 59.8% to 2.6 million. Managed
receivables also increased $200 million from June 30, 2021.
Consumer spending behavior was strong, driven by increased demand
for general-purpose credit products, as well as increased purchase
levels through the diverse retail partnerships supported by our
platform. This growth helped to increase the overall combined
managed receivables levels, and we expect this trend to continue
through the remainder of the year.
Total revenue
Period-over-period increases in operating
revenue primarily relate to growth in point-of-sale receivables and
general purpose credit card receivables.
During the quarter ended September 30, 2021,
total operating revenue increased 41.8% to $203.9 million from
$143.9 million at September 30, 2020. Total operating revenue
increased 13.6% from $179.5 million at June 30, 2021. Total
operating revenue consists of: 1) interest income, finance charges
and late fees on consumer loans, 2) other fees on credit products
including annual and merchant fees and 3) ancillary,
interchange and servicing income on loan
portfolios.
Given our expectation for continued
period-over-period growth in point-of-sale and direct-to-consumer
receivables, we expect continued net period-over-period growth in
our total interest income and related fees and charges for these
operations throughout the remainder of 2021.
Interest expense
Interest expense was $12.4 million for the
quarter ended September 30, 2021, compared with $12.7 million in
the prior year period. Outstanding notes payable, net, associated
with our point-of-sale and direct-to-consumer
operations increased to $944.5 million as of September 30,
2021 from $689.3 million as of September 30, 2020. Despite this
increase, an overall decrease in the weighted average cost of funds
resulted in a year over year decline in interest expense. We
anticipate additional debt financing over the next few quarters as
we continue to grow, and as such, we expect our quarterly interest
expense to be above that experienced in the prior periods for these
operations.
Provision for losses on loans, interest
and fees receivable recorded at net realizable value
Provision for losses on loans, interest and fees
receivable recorded at net realizable value decreased to $9.2
million for the quarter ended September 30, 2021, compared to $17.0
million in the prior year period.
We have experienced a period-over-period
decrease in this category primarily reflecting: 1) the effects of
our adoption of the fair value option to account for certain loans
receivable that are acquired on or after January 1, 2020 which has
resulted in a decline in the outstanding receivables subject to
this provision and 2) the overall reduction in delinquencies (and
related charge-offs) associated with these receivables in part due
to government stimulus programs, which have served to increase
payments on outstanding receivables.
This reduction in provision has been offset
somewhat by additional reserves associated with accounts that
have been impacted due to COVID-19. Based on delinquencies
levels we are currently experiencing and the ongoing impacts of
recent government stimulus payments, we expect to see continued
period-over-period reductions in our provision for loan losses for
the coming quarters.
Total operating expense
Total operating expense increased 44.8% to $49.6
million, compared to $34.2 million in the prior year period. Total
annualized operating expense as a percentage of total assets
increased slightly to 13.4% from 13.2% in the prior year period.
Certain operating costs are variable based on the levels of
accounts and receivables we service and the pace and breadth of our
growth in receivables. Increases in operating expenses were largely
due to increases in receivables acquisition volume as well as
increased marketing expenses that often precede the revenues
generated from the subsequently acquired assets.
Net Income Attributable to Common
Shareholders
Net income attributable to common shareholders
increased 18.4% to $40.3 million for the quarter ended September
30, 2021, compared to $34.1 million in the prior year period.
Net Income Attributable to Common
Shareholders Per Common Share – basic and diluted
Net income attributable to common shareholders
per basic common share increased to $2.67 for the period ended
September 30, 2021, compared to $2.35 for the same period in 2020.
Net income attributable to common shareholders per common share
diluted increased to $1.96 for the period ended September 30, 2021,
compared to $1.72 for the same period in 2020.
Balance Sheet and Cash Flow
Information
At September 30, 2021, we had $167.0 million in
unrestricted cash and cash equivalents.
During the nine months ended September 30, 2021,
we generated $140.0 million of cash flows from operations compared
to our generating $147.8 million of cash flows from operations
during the nine months ended September 30, 2020. The decrease in
cash provided by operating activities was principally related to
slight decreases in finance and fee collections associated
with point-of-sale and direct-to-consumer receivables as government
stimulus payments declined and consumer payments returned to
normalized levels as well as a bulk sale of charge-off accounts in
the nine months ended September 30, 2020 which resulted in proceeds
of $5.0 million.
About Atlanticus Holdings
Corporation
Empowering Better Financial Outcomes for Everyday Americans
Atlanticus’ technology allows bank, retail, and
healthcare partners to offer more inclusive financial services to
everyday Americans through the use of proprietary analytics. We
apply the experience gained and infrastructure built from servicing
over 18 million customers and $26 billion in consumer
loans over our 25-year operating history to support lenders that
originate a range of consumer loan products. These products include
retail and healthcare credit and general-purpose credit cards
marketed through our omnichannel platform, including retail
point-of-sale, healthcare-point of-care, direct mail solicitation,
internet-based marketing, and partnerships with third parties.
Additionally, through our CAR
subsidiary, Atlanticus serves the individual needs of
automotive dealers and automotive non-prime financial organizations
with multiple financing and service programs.
Forward-Looking Statements
This press release contains forward-looking
statements that reflect the Company's current views with respect
to, among other things, its business, operations, financial
performance, managed receivables, total interest income and related
fees, loan losses, debt financing and interest expense. You
generally can identify these statements by the use of words such as
“outlook,” “potential,” “continue,” “may,” “seek,” “approximately,”
“predict,” “believe,” “expect,” “plan,” “intend,” “estimate” or
“anticipate” and similar expressions or the negative versions of
these words or comparable words, as well as future or conditional
verbs such as “will,” “should,” “would,” “likely” and “could.”
These statements are subject to certain risks and uncertainties
that could cause actual results to differ materially from those
included in the forward-looking statements. These risks and
uncertainties include those risks described in the Company's
filings with the Securities and Exchange Commission and include,
but are not limited to, risks related to the extent and duration of
the COVID-19 pandemic and its impact on the Company, bank partners,
merchants, consumers, loan demand, the capital markets, labor
availability, supply chains and the economy in general; the
Company's ability to retain existing, and attract new, merchants
and funding sources; changes in market interest rates; increases in
loan delinquencies; its ability to operate successfully in a highly
regulated industry; the outcome of litigation and regulatory
matters; the effect of management changes; cyberattacks and
security vulnerabilities in its products and services; and the
Company's ability to compete successfully in highly competitive
markets. The forward-looking statements speak only as of the date
on which they are made, and, except to the extent required by
federal securities laws, the Company disclaims any obligation to
update any forward-looking statement to reflect events or
circumstances after the date on which the statement is made or to
reflect the occurrence of unanticipated events. In light of these
risks and uncertainties, there is no assurance that the events or
results suggested by the forward-looking statements will in fact
occur, and you should not place undue reliance on these
forward-looking statements.
Non-GAAP Financial Measures
This press release presents information about
managed receivables and adjusted net income, which are non-GAAP
financial measures provided as supplements to the results provided
in accordance with accounting principles generally accepted in the
United States of America (“GAAP”). These non-GAAP financial
measures aid in the evaluation of the performance of our credit
portfolios, including our risk management, servicing and collection
activities and our valuation of purchased receivables. The credit
performance of our managed receivables provides information
concerning the quality of loan origination and the related credit
risks inherent with the portfolios. Management relies heavily upon
financial data and results prepared on the “managed basis” in order
to manage our business, make planning decisions, evaluate our
performance and allocate resources.
These non-GAAP financial measures are presented
for supplemental informational purposes only. These non-GAAP
financial measures have limitations as analytical tools and should
not be considered in isolation from, or as a substitute for, GAAP
financial measures. These non-GAAP financial measures may differ
from the non-GAAP financial measures used by other companies. The
calculation of managed receivables is provided below under
“Calculation of Non-GAAP Financial Measure” for each of the fiscal
periods indicated.
Contact:Investor RelationsAdam
PriorSenior Vice President The Equity Group Inc.(212)
836-9606aprior@equityny.com
Atlanticus Holdings Corporation and
SubsidiariesConsolidated Statements of Operations
(Unaudited)(Dollars in thousands, except per share
data)
|
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer loans, including past
due fees |
|
$ |
141,177 |
|
|
$ |
103,643 |
|
|
$ |
366,127 |
|
|
$ |
306,902 |
|
Fees and related income on
earning assets |
|
|
54,085 |
|
|
|
35,488 |
|
|
|
140,658 |
|
|
|
102,532 |
|
Other revenue |
|
|
8,655 |
|
|
|
4,722 |
|
|
|
20,546 |
|
|
|
10,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenue,
net |
|
|
203,917 |
|
|
|
143,853 |
|
|
|
527,331 |
|
|
|
419,792 |
|
Other non-operating
revenue |
|
|
32 |
|
|
|
635 |
|
|
|
3,458 |
|
|
|
950 |
|
Total revenue |
|
|
203,949 |
|
|
|
144,488 |
|
|
|
530,789 |
|
|
|
420,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(12,370 |
) |
|
|
(12,678 |
) |
|
|
(38,458 |
) |
|
|
(38,514 |
) |
Provision for losses on loans,
interest and fees receivable recorded at net realizable value |
|
|
(9,238 |
) |
|
|
(17,028 |
) |
|
|
(24,469 |
) |
|
|
(116,894 |
) |
Changes in fair value of
loans, interest and fees receivable and notes payable associated
with structured financings recorded at fair value |
|
|
(58,727 |
) |
|
|
(32,298 |
) |
|
|
(144,981 |
) |
|
|
(73,156 |
) |
Net margin |
|
|
123,614 |
|
|
|
82,484 |
|
|
|
322,881 |
|
|
|
192,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits |
|
|
8,455 |
|
|
|
6,624 |
|
|
|
24,577 |
|
|
|
20,642 |
|
Card and loan servicing |
|
|
19,239 |
|
|
|
16,309 |
|
|
|
54,838 |
|
|
|
47,747 |
|
Marketing and
solicitation |
|
|
16,462 |
|
|
|
7,016 |
|
|
|
40,441 |
|
|
|
26,523 |
|
Depreciation |
|
|
268 |
|
|
|
327 |
|
|
|
900 |
|
|
|
932 |
|
Other |
|
|
5,128 |
|
|
|
3,945 |
|
|
|
16,068 |
|
|
|
13,332 |
|
Total operating expense |
|
|
49,552 |
|
|
|
34,221 |
|
|
|
136,824 |
|
|
|
109,176 |
|
Loss on repurchase and
redemption of convertible senior notes |
|
|
16,184 |
|
|
|
— |
|
|
|
29,439 |
|
|
|
— |
|
Income before income
taxes |
|
|
57,878 |
|
|
|
48,263 |
|
|
|
156,618 |
|
|
|
83,002 |
|
Income tax expense |
|
|
(10,781 |
) |
|
|
(9,456 |
) |
|
|
(28,668 |
) |
|
|
(15,716 |
) |
Net income |
|
|
47,097 |
|
|
|
38,807 |
|
|
|
127,950 |
|
|
|
67,286 |
|
Net (income) loss attributable
to noncontrolling interests |
|
|
(123 |
) |
|
|
48 |
|
|
|
(25 |
) |
|
|
159 |
|
Net income attributable to
controlling interests |
|
|
46,974 |
|
|
|
38,855 |
|
|
|
127,925 |
|
|
|
67,445 |
|
Preferred dividends and
discount accretion |
|
|
(6,629 |
) |
|
|
(4,788 |
) |
|
|
(16,054 |
) |
|
|
(12,283 |
) |
Net income attributable to
common shareholders |
|
$ |
40,345 |
|
|
$ |
34,067 |
|
|
$ |
111,871 |
|
|
$ |
55,162 |
|
Net income attributable to
common shareholders per common share—basic |
|
$ |
2.67 |
|
|
$ |
2.35 |
|
|
$ |
7.41 |
|
|
$ |
3.81 |
|
Net income attributable to
common shareholders per common share—diluted |
|
$ |
1.96 |
|
|
$ |
1.72 |
|
|
$ |
5.43 |
|
|
$ |
2.85 |
|
Atlanticus Holdings Corporation and
SubsidiariesConsolidated Balance Sheets
(Unaudited)(Dollars in thousands)
|
|
September 30, |
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Unrestricted cash and cash
equivalents (including $93.5 million and $96.6 million associated
with variable interest entities at September 30, 2021 and December
31, 2020, respectively) |
|
$ |
166,966 |
|
|
$ |
178,102 |
|
Restricted cash and cash
equivalents (including $30.9 million and $70.2 million associated
with variable interest entities at September 30, 2021 and December
31, 2020, respectively) |
|
|
47,808 |
|
|
|
80,859 |
|
Loans, interest and fees
receivable: |
|
|
|
|
|
|
|
|
Loans, interest and fees receivable, at fair value (including
$753.8 million and $374.2 million associated with variable interest
entities at September 30, 2021 and December 31, 2020,
respectively) |
|
|
846,160 |
|
|
|
417,098 |
|
Loans, interest and fees receivable, gross (including $404.1
million and $560.2 million associated with variable interest
entities at September 30, 2021 and December 31, 2020,
respectively) |
|
|
511,140 |
|
|
|
667,556 |
|
Allowances for uncollectible loans, interest and fees receivable
(including $76.8 million and $120.9 million associated with
variable interest entities at September 30, 2021 and December 31,
2020, respectively) |
|
|
(80,029 |
) |
|
|
(124,961 |
) |
Deferred revenue (including $7.4 million and $10.3 million
associated with variable interest entities at September 30, 2021
and December 31, 2020, respectively) |
|
|
(29,824 |
) |
|
|
(39,456 |
) |
Net loans, interest and fees
receivable |
|
|
1,247,447 |
|
|
|
920,237 |
|
Property at cost, net of
depreciation |
|
|
984 |
|
|
|
2,240 |
|
Investments in equity-method
investee |
|
|
— |
|
|
|
1,415 |
|
Operating lease right-of-use
assets |
|
|
5,447 |
|
|
|
9,181 |
|
Prepaid expenses and other
assets |
|
|
14,292 |
|
|
|
15,180 |
|
Total assets |
|
$ |
1,482,944 |
|
|
$ |
1,207,214 |
|
Liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued
expenses |
|
$ |
38,627 |
|
|
$ |
41,731 |
|
Operating lease
liabilities |
|
|
7,231 |
|
|
|
13,776 |
|
Notes payable, net (including
$944.5 million and $827.1 million associated with variable interest
entities at September 30, 2021 and December 31, 2020,
respectively) |
|
|
995,322 |
|
|
|
882,610 |
|
Notes payable associated with
structured financings, at fair value (associated with variable
interest entities) |
|
|
2,221 |
|
|
|
2,919 |
|
Convertible senior notes |
|
|
— |
|
|
|
24,386 |
|
Income tax liability |
|
|
38,016 |
|
|
|
25,932 |
|
Total liabilities |
|
|
1,081,417 |
|
|
|
991,354 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, no par value,
10,000,000 shares authorized: |
|
|
|
|
|
|
|
|
Series A preferred stock,
400,000 shares issued and outstanding at September 30, 2021
(liquidation preference - $40.0 million); 400,000 shares issued and
outstanding at December 31, 2020 (1) |
|
|
40,000 |
|
|
|
40,000 |
|
Class B preferred units issued
to noncontrolling interests |
|
|
99,575 |
|
|
|
99,350 |
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
Series B preferred stock, no
par value, 3,188,533 shares issued and outstanding at September 30,
2021 and 0 shares issued and outstanding at December 31, 2020
(liquidation preference - $79.7 million) (1) |
|
|
— |
|
|
|
— |
|
Common stock, no par value,
150,000,000 shares authorized: 15,094,382 shares issued and
outstanding at September 30, 2021; and 16,115,353 shares issued and
outstanding (including 1,459,233 loaned shares to be returned) at
December 31, 2020 |
|
|
— |
|
|
|
— |
|
Paid-in capital |
|
|
252,438 |
|
|
|
194,950 |
|
Retained earnings (deficit
) |
|
|
10,259 |
|
|
|
(117,666 |
) |
Treasury stock, 1,459,233 and
0 shares at September 30, 2021 and December 31, 2020, respectively,
at cost |
|
|
- |
|
|
|
- |
|
Total shareholders’
equity |
|
|
262,697 |
|
|
|
77,284 |
|
Noncontrolling interests |
|
|
(745 |
) |
|
|
(774 |
) |
Total equity |
|
|
261,952 |
|
|
|
76,510 |
|
Total liabilities, preferred
stock and shareholders' equity |
|
$ |
1,482,944 |
|
|
$ |
1,207,214 |
|
(1) Both the Series A preferred stock and the Series B preferred
stock have no par value and are part of the same aggregate
10,000,000 shares authorized.
Calculation of Non-GAAP Financial
Measure
Loans, interest and fees receivable, at face value
|
|
At or for the Three Months Ended |
|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
(in
Millions) |
|
Sep. 30 (1) |
|
|
Jun. 30 (1) |
|
|
Mar. 31 (1) |
|
|
Dec. 31 (1) |
|
|
Sept. 30 (1) |
|
|
Jun. 30 (1) |
|
|
Mar. 31 (1) |
|
|
Dec. 31 |
|
Loans, interest and fees receivable, at fair value |
|
$ |
846.2 |
|
|
$ |
644.7 |
|
|
$ |
481.4 |
|
|
$ |
417.1 |
|
|
$ |
310.8 |
|
|
$ |
177.9 |
|
|
$ |
89.4 |
|
|
$ |
4.4 |
|
Fair value mark against
receivable (2) |
|
$ |
182.2 |
|
|
$ |
148.6 |
|
|
$ |
112.3 |
|
|
$ |
99.0 |
|
|
$ |
71.8 |
|
|
$ |
42.7 |
|
|
$ |
17.5 |
|
|
$ |
2.0 |
|
Loans, interest and fees
receivable, at face value |
|
$ |
1,028.4 |
|
|
$ |
793.3 |
|
|
$ |
593.7 |
|
|
$ |
516.1 |
|
|
$ |
382.6 |
|
|
$ |
220.6 |
|
|
$ |
106.9 |
|
|
$ |
6.4 |
|
(1) We elected the fair value option to account for certain
loans receivable associated with our point-of-sale and
direct-to-consumer platform that are acquired on or after January
1, 2020.
(2) The fair value mark against receivables reflects the
difference between the face value of a receivable and the net
present value of the expected cash flows associated with that
receivable.
Managed receivables
Below is the calculation of managed receivables (in
millions):
|
|
At or for the Three Months Ended |
|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
(in
Millions) |
|
Sep. 30 |
|
|
Jun. 30 |
|
|
Mar. 31 |
|
|
Dec. 31 |
|
|
Sept. 30 |
|
|
Jun. 30 |
|
|
Mar. 31 |
|
|
Dec. 31 |
|
Loans, interest and fees receivable, gross |
|
$ |
417.8 |
|
|
$ |
454.2 |
|
|
$ |
498.8 |
|
|
$ |
574.3 |
|
|
$ |
604.8 |
|
|
$ |
679.6 |
|
|
$ |
810.6 |
|
|
$ |
908.4 |
|
Loans, interest and fees
receivable, gross from fair value reconciliation above |
|
|
1,028.4 |
|
|
|
793.3 |
|
|
|
593.7 |
|
|
|
516.1 |
|
|
|
382.6 |
|
|
|
220.6 |
|
|
|
106.9 |
|
|
|
6.4 |
|
Total managed receivables |
|
$ |
1,446.2 |
|
|
$ |
1,247.5 |
|
|
$ |
1,092.5 |
|
|
$ |
1,090.4 |
|
|
$ |
987.4 |
|
|
$ |
900.2 |
|
|
$ |
917.5 |
|
|
$ |
914.8 |
|
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