Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 01, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001464343 | |
Entity Registrant Name | Atlanticus Holdings Corp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | GA | |
Entity Tax Identification Number | 58-2336689 | |
Entity File Number | 0-53717 | |
Entity Address, Address Line One | Five Concourse Parkway, Suite 300 | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30328 | |
City Area Code | 770 | |
Local Phone Number | 828-2000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 14,445,295 | |
Senior Notes [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Senior Notes due 2026 | |
Trading Symbol | ATLCL | |
Security Exchange Name | NASDAQ | |
Series B Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series B Preferred Stock, no par value per share | |
Trading Symbol | ATLCP | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock, no par value per share | |
Trading Symbol | ATLC | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Assets | |||
Unrestricted cash and cash equivalents | $ 352,908 | $ 409,660 | |
Restricted cash and cash equivalents | 33,783 | 96,968 | |
Loans, interest and fees receivable: | |||
Loans, interest and fees receivable, at fair value | 1,728,091 | 1,026,424 | |
Loans, interest and fees receivable, gross | 107,410 | 470,293 | |
Allowances for uncollectible loans, interest and fees receivable (including $55.1 million associated with variable interest entities at December 31, 2021) | (1,766) | (57,201) | |
Deferred revenue (including $8.2 million associated with variable interest entities at December 31, 2021) | (16,560) | (29,281) | |
Net loans, interest and fees receivable | 1,817,175 | 1,410,235 | |
Property at cost, net of depreciation | 7,004 | 7,335 | |
Operating lease right-of-use assets | 12,047 | 4,016 | |
Prepaid expenses and other assets | 29,414 | 15,649 | |
Total assets | 2,252,331 | 1,943,863 | |
Liabilities | |||
Accounts payable and accrued expenses | 43,490 | 42,287 | |
Operating lease liabilities | 19,959 | 4,842 | |
Notes Payable, net held by VIEs | 1,544,108 | 1,278,864 | |
Senior notes, net | 144,027 | 142,951 | |
Income tax liability | 54,603 | 47,770 | |
Total liabilities | 1,806,187 | 1,516,714 | |
Commitments and contingencies (Note 11) | |||
Shareholders' Equity | |||
Common stock, no par value, 150,000,000 shares authorized: 14,445,295 and 14,804,408 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | 0 | 0 | |
Paid-in capital | 127,025 | 227,763 | |
Retained earnings | 180,424 | 60,236 | |
Total shareholders’ equity | 307,449 | 287,999 | |
Noncontrolling interests | (1,180) | (500) | |
Total equity | 306,269 | 287,499 | |
Total liabilities, preferred stock and equity | 2,252,331 | 1,943,863 | |
Series A Preferred Stock [Member] | |||
Liabilities | |||
Series A preferred stock, 400,000 shares issued and outstanding at September 30, 2022 (liquidation preference - $40.0 million); 400,000 shares issued and outstanding at December 31, 2021 (Note 5) (1) | [1] | 40,000 | 40,000 |
Class B preferred units issued to noncontrolling interests (Note 5) | [1] | 40,000 | 40,000 |
Series B Preferred Stock [Member] | |||
Liabilities | |||
Series A preferred stock, 400,000 shares issued and outstanding at September 30, 2022 (liquidation preference - $40.0 million); 400,000 shares issued and outstanding at December 31, 2021 (Note 5) (1) | 99,875 | 99,650 | |
Class B preferred units issued to noncontrolling interests (Note 5) | 99,875 | 99,650 | |
Shareholders' Equity | |||
Series B preferred stock, no par value, 3,193,262 shares issued and outstanding at September 30, 2022 (liquidation preference - $79.8 million); 3,188,533 shares issued and outstanding at December 31, 2021 (1) | [1] | $ 0 | $ 0 |
[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. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Unrestricted cash and cash equivalents | $ 352,908 | $ 409,660 |
Restricted cash and cash equivalents | 33,783 | 96,968 |
Loans, interest and fees receivable, at fair value | 1,728,091 | 1,026,424 |
Loans, interest and fees receivable, gross | 107,410 | 470,293 |
Allowances for uncollectible loans, interest and fees receivable | 1,766 | 57,201 |
Deferred revenue | 16,560 | 29,281 |
Notes payable, at face value | $ 1,544,108 | $ 1,278,864 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 14,445,295 | 14,804,408 |
Common stock, outstanding (in shares) | 14,445,295 | 14,804,408 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 400,000 | 400,000 |
Preferred stock, shares outstanding (in shares) | 400,000 | 400,000 |
Preferred stock, liquidation preference | $ 40,000 | $ 40,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares issued (in shares) | 3,193,262 | 3,188,533 |
Preferred stock, shares outstanding (in shares) | 3,193,262 | 3,188,533 |
Preferred stock, liquidation preference | $ 79,800 | $ 79,800 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Unrestricted cash and cash equivalents | 186,600 | 209,500 |
Restricted cash and cash equivalents | 15,800 | 75,900 |
Loans, interest and fees receivable, at fair value | 1,618,200 | 925,500 |
Loans, interest and fees receivable, gross | 0 | 369,600 |
Allowances for uncollectible loans, interest and fees receivable | 0 | 55,100 |
Deferred revenue | 0 | 8,200 |
Notes payable, at face value | $ 1,473,000 | $ 1,223,400 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue: | ||||
Consumer loans, including past due fees | $ 218,016 | $ 141,177 | $ 574,369 | $ 366,127 |
Fees and related income on earning assets | 48,518 | 54,085 | 169,055 | 140,658 |
Other revenue | 11,340 | 8,655 | 34,016 | 20,546 |
Total operating revenue, net | 277,874 | 203,917 | 777,440 | 527,331 |
Other non-operating revenue | 80 | 32 | 380 | 3,458 |
Total revenue | 277,954 | 203,949 | 777,820 | 530,789 |
Interest expense | (21,514) | (12,370) | (57,849) | (38,458) |
Provision for losses on loans, interest and fees receivable recorded at net realizable value | (381) | (9,238) | (710) | (24,469) |
Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | (163,624) | (58,727) | (414,863) | (144,981) |
Net margin | 92,435 | 123,614 | 304,398 | 322,881 |
Operating expense: | ||||
Salaries and benefits | 10,363 | 8,455 | 31,888 | 24,577 |
Card and loan servicing | 24,775 | 19,239 | 71,447 | 54,838 |
Marketing and solicitation | 11,053 | 16,462 | 51,857 | 40,441 |
Depreciation | 488 | 268 | 1,630 | 900 |
Other | 6,440 | 5,128 | 28,086 | 16,068 |
Total operating expense | 53,119 | 49,552 | 184,908 | 136,824 |
Loss on repurchase and redemption of convertible senior notes | 0 | 16,184 | 0 | 29,439 |
Income before income taxes | 39,316 | 57,878 | 119,490 | 156,618 |
Income tax expense | (6,946) | (10,781) | (8,568) | (28,668) |
Net income | 32,370 | 47,097 | 110,922 | 127,950 |
Net loss (income) attributable to noncontrolling interests | 201 | (123) | 684 | (25) |
Net income attributable to controlling interests | 32,571 | 46,974 | 111,606 | 127,925 |
Preferred dividends and discount accretion | (6,296) | (6,629) | (18,759) | (16,054) |
Net income attributable to common shareholders | $ 26,275 | $ 40,345 | $ 92,847 | $ 111,871 |
Net income attributable to common shareholders per common share—basic (in dollars per share) | $ 1.81 | $ 2.67 | $ 6.32 | $ 7.41 |
Net income attributable to common shareholders per common share—diluted (in dollars per share) | $ 1.41 | $ 1.96 | $ 4.85 | $ 5.43 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Deficit) (Unaudited) - USD ($) | Cumulative Effect, Period of Adoption, Adjustment [Member] Preferred Stock [Member] Series B Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Preferred Stock [Member] Series A Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Class B Preferred Units [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock [Member] Series B Preferred Stock [Member] | Preferred Stock [Member] Series A Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Class B Preferred Units [Member] | Series B Preferred Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 0 | 16,115,353 | |||||||||||||||
Balance at Dec. 31, 2020 | $ 0 | $ 40,000,000 | $ 0 | $ 194,950,000 | $ (117,666,000) | $ (774,000) | $ 99,350,000 | $ 76,510,000 | |||||||||
Accretion of discount associated with issuance of subsidiary equity | 0 | 0 | 0 | (75,000) | 0 | 0 | 75,000 | (75,000) | |||||||||
Preferred dividends | $ 0 | 0 | $ 0 | (4,612,000) | 0 | 0 | 0 | (4,612,000) | |||||||||
Stock option exercises and proceeds related thereto (in shares) | 0 | 494,900 | |||||||||||||||
Stock option exercises and proceeds related thereto | $ 0 | 0 | $ 0 | 1,696,000 | 0 | 0 | 0 | 1,696,000 | |||||||||
Compensatory stock issuances, net of forfeitures (in shares) | 0 | 39,942 | |||||||||||||||
Compensatory stock issuances, net of forfeitures | $ 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Deferred stock-based compensation costs | $ 0 | 0 | $ 0 | 545,000 | 0 | 0 | 0 | 545,000 | |||||||||
Redemption and retirement of shares (in shares) | 0 | (9,928) | |||||||||||||||
Redemption and retirement of shares | $ 0 | 0 | $ 0 | (297,000) | 0 | 0 | 0 | (297,000) | |||||||||
Net income | $ 0 | 0 | $ 0 | 0 | 44,075,000 | (48,000) | 0 | 44,027,000 | |||||||||
Balance (in shares) at Mar. 31, 2021 | 0 | 16,640,267 | |||||||||||||||
Balance at Mar. 31, 2021 | $ 0 | 40,000,000 | $ 0 | 192,207,000 | (73,591,000) | (822,000) | 99,425,000 | 117,794,000 | |||||||||
Balance (in shares) at Dec. 31, 2020 | 0 | 16,115,353 | |||||||||||||||
Balance at Dec. 31, 2020 | $ 0 | 40,000,000 | $ 0 | 194,950,000 | (117,666,000) | (774,000) | 99,350,000 | $ 76,510,000 | |||||||||
Redemption and retirement of shares (in shares) | (127,987) | ||||||||||||||||
Redemption and retirement of shares | $ (5,794,000) | ||||||||||||||||
Balance (in shares) at Sep. 30, 2021 | 388,533 | 16,553,615 | |||||||||||||||
Balance at Sep. 30, 2021 | $ 0 | 40,000,000 | $ 0 | 252,438,000 | 10,259,000 | (745,000) | 99,575,000 | 261,952,000 | |||||||||
Balance (in shares) at Mar. 31, 2021 | 0 | 16,640,267 | |||||||||||||||
Balance at Mar. 31, 2021 | $ 0 | 40,000,000 | $ 0 | 192,207,000 | (73,591,000) | (822,000) | 99,425,000 | 117,794,000 | |||||||||
Accretion of discount associated with issuance of subsidiary equity | 0 | 0 | 0 | (75,000) | 0 | 0 | 75,000 | (75,000) | |||||||||
Preferred dividends | $ 0 | 0 | $ 0 | (4,663,000) | 0 | 0 | 0 | (4,663,000) | |||||||||
Stock option exercises and proceeds related thereto (in shares) | 0 | 833 | |||||||||||||||
Stock option exercises and proceeds related thereto | $ 0 | 0 | $ 0 | 1,000 | 0 | 0 | 0 | 1,000 | |||||||||
Compensatory stock issuances, net of forfeitures (in shares) | 0 | 5,808 | |||||||||||||||
Compensatory stock issuances, net of forfeitures | $ 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Contributions by owners of noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 4,000 | 0 | 4,000 | |||||||||
Deferred stock-based compensation costs | $ 0 | 0 | $ 0 | 687,000 | 0 | 0 | 0 | 687,000 | |||||||||
Redemption and retirement of shares (in shares) | 0 | (8,747) | |||||||||||||||
Redemption and retirement of shares | $ 0 | 0 | $ 0 | (304,000) | 0 | 0 | 0 | (304,000) | |||||||||
Net income | $ 0 | 0 | $ 0 | 0 | 36,876,000 | (50,000) | 0 | 36,826,000 | |||||||||
Issuance of series B preferred stock, net (in shares) | 2,800,000 | 0 | |||||||||||||||
Issuance of series B preferred stock, net | $ 0 | 0 | $ 0 | 66,148,000 | 0 | 0 | 0 | 66,148,000 | |||||||||
Balance (in shares) at Jun. 30, 2021 | 2,800,000 | 16,638,161 | |||||||||||||||
Balance at Jun. 30, 2021 | $ 0 | 40,000,000 | $ 0 | 254,001,000 | (36,715,000) | (868,000) | 99,500,000 | 216,418,000 | |||||||||
Accretion of discount associated with issuance of subsidiary equity | 0 | 0 | 0 | (75,000) | 0 | 0 | 75,000 | (75,000) | |||||||||
Preferred dividends | $ 0 | 0 | $ 0 | (6,554,000) | 0 | 0 | 0 | (6,554,000) | |||||||||
Stock option exercises and proceeds related thereto (in shares) | 0 | 10,266 | |||||||||||||||
Stock option exercises and proceeds related thereto | $ 0 | 0 | $ 0 | 45,000 | 0 | 0 | 0 | 45,000 | |||||||||
Compensatory stock issuances, net of forfeitures (in shares) | 0 | 14,500 | |||||||||||||||
Compensatory stock issuances, net of forfeitures | $ 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Deferred stock-based compensation costs | $ 0 | 0 | $ 0 | 1,092,000 | 0 | 0 | 0 | $ 1,092,000 | |||||||||
Redemption and retirement of shares (in shares) | 0 | (109,312) | (109,312) | ||||||||||||||
Redemption and retirement of shares | $ 0 | 0 | $ 0 | (5,193,000) | 0 | 0 | 0 | $ (5,193,000) | |||||||||
Net income | $ 0 | 0 | $ 0 | 0 | 46,974,000 | 123,000 | 0 | 47,097,000 | |||||||||
Issuance of series B preferred stock, net (in shares) | 388,533 | 0 | |||||||||||||||
Issuance of series B preferred stock, net | $ 0 | 0 | $ 0 | 9,122,000 | 0 | 0 | 0 | 9,122,000 | |||||||||
Balance (in shares) at Sep. 30, 2021 | 388,533 | 16,553,615 | |||||||||||||||
Balance at Sep. 30, 2021 | $ 0 | 40,000,000 | $ 0 | 252,438,000 | 10,259,000 | (745,000) | 99,575,000 | 261,952,000 | |||||||||
Balance (in shares) at Dec. 31, 2021 | 3,188,533 | 14,804,408 | |||||||||||||||
Balance at Dec. 31, 2021 | $ 0 | $ 0 | $ 0 | $ 0 | $ 8,582,000 | $ 0 | $ 0 | $ 8,582,000 | $ 0 | 40,000,000 | $ 0 | 227,763,000 | 60,236,000 | (500,000) | 99,650,000 | 287,499,000 | |
Accretion of discount associated with issuance of subsidiary equity | 0 | 0 | 0 | (75,000) | 0 | 0 | 75,000 | (75,000) | |||||||||
Preferred dividends | $ 0 | 0 | $ 0 | (6,131,000) | 0 | 0 | 0 | (6,131,000) | |||||||||
Stock option exercises and proceeds related thereto (in shares) | 0 | 1,000,534 | |||||||||||||||
Stock option exercises and proceeds related thereto | $ 0 | 0 | $ 0 | 2,788,000 | 0 | 0 | 0 | 2,788,000 | |||||||||
Compensatory stock issuances, net of forfeitures (in shares) | 0 | 113,165 | |||||||||||||||
Compensatory stock issuances, net of forfeitures | $ 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Contributions by owners of noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 4,000 | 0 | 4,000 | |||||||||
Deferred stock-based compensation costs | $ 0 | 0 | $ 0 | 1,111,000 | 0 | 0 | 0 | 1,111,000 | |||||||||
Redemption and retirement of shares (in shares) | 0 | (1,005,212) | |||||||||||||||
Redemption and retirement of shares | $ 0 | 0 | $ 0 | (65,214,000) | 0 | 0 | 0 | (65,214,000) | |||||||||
Net income | $ 0 | 0 | $ 0 | 0 | 45,010,000 | (255,000) | 0 | 44,755,000 | |||||||||
Balance (in shares) at Mar. 31, 2022 | 3,188,533 | 14,912,895 | |||||||||||||||
Balance at Mar. 31, 2022 | $ 0 | 40,000,000 | $ 0 | 160,242,000 | 113,828,000 | (751,000) | 99,725,000 | 273,319,000 | |||||||||
Balance (in shares) at Dec. 31, 2021 | 3,188,533 | 14,804,408 | |||||||||||||||
Balance at Dec. 31, 2021 | $ 0 | $ 0 | $ 0 | $ 0 | $ 8,582,000 | $ 0 | $ 0 | $ 8,582,000 | $ 0 | 40,000,000 | $ 0 | 227,763,000 | 60,236,000 | (500,000) | 99,650,000 | $ 287,499,000 | |
Stock option exercises and proceeds related thereto (in shares) | 1,204,404 | ||||||||||||||||
Redemption and retirement of shares (in shares) | (3,500) | ||||||||||||||||
Redemption and retirement of shares | $ (70,000) | ||||||||||||||||
Balance (in shares) at Sep. 30, 2022 | 3,193,262 | 14,445,295 | |||||||||||||||
Balance at Sep. 30, 2022 | $ 0 | 40,000,000 | $ 0 | 127,025,000 | 180,424,000 | (1,180,000) | 99,875,000 | $ 306,269,000 | |||||||||
Balance (in shares) at Mar. 31, 2022 | 3,188,533 | 14,912,895 | |||||||||||||||
Balance at Mar. 31, 2022 | $ 0 | 40,000,000 | $ 0 | 160,242,000 | 113,828,000 | (751,000) | 99,725,000 | 273,319,000 | |||||||||
Accretion of discount associated with issuance of subsidiary equity | 0 | 0 | 0 | (75,000) | 0 | 0 | 75,000 | (75,000) | |||||||||
Preferred dividends | $ 0 | 0 | $ 0 | (6,182,000) | 0 | 0 | 0 | (6,182,000) | |||||||||
Stock option exercises and proceeds related thereto (in shares) | 0 | 3,402 | |||||||||||||||
Stock option exercises and proceeds related thereto | $ 0 | 0 | $ 0 | 33,000 | 0 | 0 | 0 | 33,000 | |||||||||
Compensatory stock issuances, net of forfeitures (in shares) | 0 | (183) | |||||||||||||||
Compensatory stock issuances, net of forfeitures | $ 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Deferred stock-based compensation costs | $ 0 | 0 | $ 0 | 1,186,000 | 0 | 0 | 0 | 1,186,000 | |||||||||
Redemption and retirement of shares (in shares) | 0 | (355,036) | |||||||||||||||
Redemption and retirement of shares | $ 0 | 0 | $ 0 | (12,861,000) | 0 | 0 | 0 | (12,861,000) | |||||||||
Net income | $ 0 | 0 | $ 0 | 0 | 34,025,000 | (228,000) | 0 | 33,797,000 | |||||||||
Balance (in shares) at Jun. 30, 2022 | 3,188,533 | 14,561,078 | |||||||||||||||
Balance at Jun. 30, 2022 | $ 0 | 40,000,000 | $ 0 | 142,343,000 | 147,853,000 | (979,000) | 99,800,000 | 289,217,000 | |||||||||
Accretion of discount associated with issuance of subsidiary equity | 0 | 0 | 0 | (75,000) | 0 | 0 | 75,000 | (75,000) | |||||||||
Preferred dividends | $ 0 | 0 | $ 0 | (6,239,000) | 0 | 0 | 0 | (6,239,000) | |||||||||
Stock option exercises and proceeds related thereto (in shares) | 0 | 200,468 | |||||||||||||||
Stock option exercises and proceeds related thereto | $ 0 | 0 | $ 0 | 808,000 | 0 | 0 | 0 | 808,000 | |||||||||
Compensatory stock issuances, net of forfeitures (in shares) | 0 | (2,358) | |||||||||||||||
Compensatory stock issuances, net of forfeitures | $ 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Deferred stock-based compensation costs | $ 0 | 0 | $ 0 | 930,000 | 0 | 0 | 0 | 930,000 | |||||||||
Redemption and retirement of shares (in shares) | (3,500) | (313,893) | (3,500) | ||||||||||||||
Redemption and retirement of shares | $ 0 | 0 | $ 0 | (10,951,000) | 0 | 0 | 0 | $ (70,000) | (10,951,000) | ||||||||
Net income | 0 | 0 | 0 | 0 | 32,571,000 | (201,000) | 0 | 32,370,000 | |||||||||
Discount associated with repurchase of preferred stock | $ 0 | 0 | $ 0 | 18,000 | 0 | 0 | 0 | 18,000 | |||||||||
Issuance of series B preferred stock, net (in shares) | 8,229 | 0 | |||||||||||||||
Issuance of series B preferred stock, net | $ 0 | 0 | $ 0 | 191,000 | 0 | 0 | 0 | 191,000 | |||||||||
Balance (in shares) at Sep. 30, 2022 | 3,193,262 | 14,445,295 | |||||||||||||||
Balance at Sep. 30, 2022 | $ 0 | $ 40,000,000 | $ 0 | $ 127,025,000 | $ 180,424,000 | $ (1,180,000) | $ 99,875,000 | $ 306,269,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities | ||
Net income | $ 110,922 | $ 127,950 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion, net | 4,094 | 448 |
Provision for losses on loans, interest and fees receivable | 710 | 24,469 |
Interest expense from accretion of discount on notes | 0 | 453 |
Income from accretion of merchant fees and discount associated with receivables purchases | (109,312) | (130,166) |
Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | 414,863 | 144,981 |
Amortization of deferred loan costs | 3,646 | 3,761 |
Income from equity-method investments | 0 | (16) |
Loss on repurchase and redemption of convertible senior notes | 0 | 29,439 |
Deferred stock-based compensation costs | 3,227 | 2,324 |
Lease liability payments | (3,845) | (7,837) |
Gain on sale of property | 0 | (599) |
Changes in assets and liabilities: | ||
Increase in uncollected fees on earning assets | (182,379) | (70,980) |
Increase in income tax liability | 4,326 | 12,085 |
Increase in accounts payable and accrued expenses | 3,011 | 2,127 |
Other | (3,623) | 957 |
Net cash provided by operating activities | 245,640 | 139,396 |
Investing activities | ||
Investments in equity-method investee | 0 | (398) |
Proceeds from equity-method investee | 0 | 560 |
Proceeds from recoveries on charged off receivables | 21,490 | 9,110 |
Investments in earning assets | (1,946,759) | (1,432,768) |
Proceeds from earning assets | 1,402,124 | 1,128,653 |
Sale of property | 0 | 1,100 |
Purchases and development of property, net of disposals | (1,299) | (144) |
Net cash used in investing activities | (524,444) | (293,887) |
Financing activities | ||
Noncontrolling interests contributions | 4 | 4 |
Proceeds from issuance of Series B preferred stock, net of issuance costs | 191 | 75,270 |
Preferred dividends | (18,559) | (15,582) |
Proceeds from exercise of stock options | 3,629 | 1,742 |
Purchase and retirement of outstanding stock | (89,008) | (5,794) |
Proceeds from borrowings | 481,236 | 507,227 |
Repayment of borrowings | (218,565) | (452,554) |
Net cash provided by financing activities | 158,928 | 110,313 |
Effect of exchange rate changes on cash | (61) | (9) |
Net decrease in cash and cash equivalents and restricted cash | (119,937) | (44,187) |
Cash and cash equivalents and restricted cash at beginning of period | 506,628 | 258,961 |
Cash and cash equivalents and restricted cash at end of period | 386,691 | 214,774 |
Supplemental cash flow information | ||
Cash paid for interest | 53,463 | 35,203 |
Net cash income tax payments | 4,242 | 16,584 |
(Decrease) increase in accrued and unpaid preferred dividends | $ (7) | $ 247 |
Note 1 - Description of Our Bus
Note 1 - Description of Our Business | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Description of Our Business Our accompanying consolidated financial statements include the accounts of Atlanticus Holdings Corporation (the “Company”) and those entities we control. We are a purpose driven financial technology company. We are primarily focused on facilitating consumer credit through the use of our financial technology and related services. Through our subsidiaries, we provide technology and other support services to lenders who offer an array of financial products and services to consumers who may We are principally engaged in providing products and services to lenders in the U.S. and, in most cases, we invest in the receivables originated by lenders who utilize our technology platform and other related services. From time to time, we also purchase receivables portfolios from third third Within our Credit as a Service ("CaaS") segment, we apply our technology solutions, in combination with the experiences gained, and infrastructure built from servicing over $27 26 third may not We also report within our CaaS segment: 1 2 None not Within our Auto Finance segment, our CAR subsidiary operations principally purchase and/or service loans secured by automobiles from or for, and also provide floor plan financing for, a pre-qualified network of independent automotive dealers and automotive finance companies in the buy-here, pay-here, used car business. We purchase auto loans at a discount and with dealer retentions or holdbacks that provide risk protection. Also within our Auto Finance segment, we are providing certain installment lending products in addition to our traditional loans secured by automobiles. In March 2020, 19" 19 2021 2022 19 2021; 19 19 19 not 19 third |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies and Consolidated Financial Statement Components The following is a summary of significant accounting policies we follow in preparing our consolidated financial statements, as well as a description of significant components of our consolidated financial statements. Basis of Presentation and Use of Estimates We prepare our consolidated financial statements in accordance with generally accepted accounting principles in the U.S. (“GAAP”). The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our consolidated financial statements, as well as the reported amounts of revenues and expenses during each reporting period. We base these estimates on information available to us as of the date of the financial statements. Actual results could differ materially from these estimates. Certain estimates, such as credit losses, payment rates, costs of funds, discount rates and the yields earned on credit card receivables, significantly affect the reported amount (and changes thereon) of our Loans, interest and fees receivables, at fair value and Notes payable associated with structured financings recorded at fair value on our consolidated balance sheets and consolidated statements of income. Additionally, estimates of credit losses have a significant effect on loans, interest and fees receivable, net, as shown on our consolidated balance sheets, as well as on the provision for losses on loans, interest and fees receivable within our consolidated statements of income. We have eliminated all significant intercompany balances and transactions for financial reporting purposes. Loans, Interest and Fees Receivable We maintain two 90 180 30 not We adopted Accounting Standards Update ("ASU") 2016 13, January 1, 2022. one Loans, Interest and Fees Receivable, at Fair Value. January 1, 2022 Under the fair value option, direct loan origination fees (such as annual and merchant fees) are taken into income when billed to the consumer or upon loan acquisition and direct loan origination costs are expensed in the period incurred. The Company estimates the fair value of the loans using a discounted cash flow model, which considers various unobservable inputs such as remaining cumulative charge-offs, remaining cumulative prepayments, average life and discount rate. The Company re-evaluates the fair value of loans receivable at the close of each measurement period. Changes in the fair value of loans, interest and fees receivable are recorded as a component of "Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value" in the consolidated statements of income in the period of the fair value changes. Changes in the fair value of loans, interest and fees receivable recorded at fair value include the impact of current period charge-offs associated with these receivables. Further details concerning our loans, interest and fees receivable held at fair value are presented within Note 7, Loans, Interest and Fees Receivable, Gross. January 1, 2022 not three nine September 30, 2022 2021, We show both an allowance for uncollectible loans, interest and fees receivable and unearned fees (or “deferred revenue”) for our loans, interest and fees receivable that are not not may may A considerable amount of judgment is required to assess the ultimate amount of uncollectible loans, interest and fees receivable, and we continuously evaluate and update our methodologies to determine the most appropriate allowance necessary. We may may Certain of our loans, interest and fees receivable (including those receivables associated with our private label credit and general purpose credit card receivables prior to their adoption of fair value accounting) also contain components of deferred revenue including merchant fees on the purchases of receivables for our private label credit receivables, loan discounts on the purchase of our auto finance receivables and annual fee billings for our general purpose credit card receivables. Our private label credit, general purpose credit card and auto finance loans, interest and fees receivable include principal balances and associated fees and interest due from customers which are earned each period a loan is outstanding, net of the unearned portion of merchant fees, annual fees and loan discounts. As of September 30, 2022 December 31, 2021, September 30, 2022 December 31, 2021. As a result of the COVID- 19 March 2020 March 2020, 19 19 may 19. 19 19 not September 30, 2022 19 Our CaaS segment consists of two For the Three Months Ended September 30, 2022 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ — $ (1.6 ) $ — $ (1.6 ) Provision for loan losses — (0.4 ) — (0.4 ) Charge-offs — 0.6 — 0.6 Recoveries — (0.4 ) — (0.4 ) Balance at end of period $ — $ (1.8 ) $ — $ (1.8 ) For the Nine Months Ended September 30, 2022 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (43.4 ) $ (1.4 ) $ (12.4 ) $ (57.2 ) Cumulative effects from adoption of fair value under the CECL standard 43.4 — 12.4 55.8 Cumulative effects from adoption of the CECL standard — (0.2 ) — (0.2 ) Provision for loan losses — (0.7 ) — (0.7 ) Charge-offs — 1.4 — 1.4 Recoveries — (0.9 ) — (0.9 ) Balance at end of period $ — $ (1.8 ) $ — $ (1.8 ) As of September 30, 2022 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at end of period individually evaluated for impairment $ — $ — $ — $ — Balance at end of period collectively evaluated for impairment $ — $ (1.8 ) $ — $ (1.8 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ — $ 107.4 $ — $ 107.4 Loans, interest and fees receivable individually evaluated for impairment $ — $ — $ — $ — Loans, interest and fees receivable collectively evaluated for impairment $ — $ 107.4 $ — $ 107.4 For the Three Months Ended September 30, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (68.0 ) $ (1.4 ) $ (25.8 ) $ (95.2 ) Provision for loan losses (9.5 ) (0.1 ) 0.4 (9.2 ) Charge-offs 20.1 0.3 7.0 27.4 Recoveries (1.6 ) (0.2 ) (1.2 ) (3.0 ) Balance at end of period $ (59.0 ) $ (1.4 ) $ (19.6 ) $ (80.0 ) For the Nine Months Ended September 30, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (88.2 ) $ (1.7 ) $ (35.1 ) $ (125.0 ) Provision for loan losses (24.8 ) — 0.3 (24.5 ) Charge-offs 60.3 1.1 20.7 82.1 Recoveries (6.3 ) (0.8 ) (5.5 ) (12.6 ) Balance at end of period $ (59.0 ) $ (1.4 ) $ (19.6 ) $ (80.0 ) As of December 31, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at end of period individually evaluated for impairment $ — $ (0.1 ) $ — $ (0.1 ) Balance at end of period collectively evaluated for impairment $ (43.4 ) $ (1.3 ) $ (12.4 ) $ (57.1 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 259.5 $ 94.6 $ 116.2 $ 470.3 Loans, interest and fees receivable individually evaluated for impairment $ — $ 0.4 $ — $ 0.4 Loans, interest and fees receivable collectively evaluated for impairment $ 259.5 $ 94.2 $ 116.2 $ 469.9 Delinquent loans, interest and fees receivable reflect the principal, fee and interest components of loans we did not not Recoveries, noted above, consist of amounts received from the efforts of third third three nine September 30, 2022, third third three nine September 30, 2021, third third We consider loan delinquencies a key indicator of credit quality because this measure provides the best ongoing estimate of how a particular class of receivable is performing. An aging of our delinquent loans, interest and fees receivable, gross (in millions) by class of receivable as of September 30, 2022 December 31, 2021 As of September 30, 2022 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ — $ 7.2 $ — $ 7.2 60-89 days past due — 2.6 — 2.6 90 or more days past due — 1.8 — 1.8 Delinquent loans, interest and fees receivable, gross — 11.6 — 11.6 Current loans, interest and fees receivable, gross — 95.8 — 95.8 Total loans, interest and fees receivable, gross $ — $ 107.4 $ — $ 107.4 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.1 $ — $ 1.1 As of December 31, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 7.3 $ 7.2 $ 3.3 $ 17.8 60-89 days past due 6.9 2.6 2.6 12.1 90 or more days past due 17.9 2.0 6.8 26.7 Delinquent loans, interest and fees receivable, gross 32.1 11.8 12.7 56.6 Current loans, interest and fees receivable, gross 227.4 82.8 103.5 413.7 Total loans, interest and fees receivable, gross $ 259.5 $ 94.6 $ 116.2 $ 470.3 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.5 $ — $ 1.5 Troubled Debt Restructurings As part of ongoing collection efforts, once an account, the receivable of which is included in our CaaS segment, becomes 90 may no one 19 six 19 30 not not not 19 The following table details by class of receivable, the number and amount of modified loans, including TDRs that have been re-aged, as of September 30, 2022 December 31, 2021 As of September 30, 2022 December 31, 2021 Private label credit General purpose credit card Private label credit General purpose credit card Number of TDRs 22,401 84,339 14,919 39,322 Number of TDRs that have been re-aged 1,342 3,572 812 2,035 Amount of TDRs on non-accrual status (in thousands) $ 28,165 $ 58,723 $ 17,152 $ 25,154 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 2,584 $ 3,102 $ 1,205 $ 1,553 Carrying value of TDRs (in thousands) $ 15,088 $ 23,233 $ 11,173 $ 15,502 TDRs - Performing (carrying value, in thousands)* $ 11,536 $ 18,667 $ 8,797 $ 13,387 TDRs - Nonperforming (carrying value, in thousands)* $ 3,552 $ 4,566 $ 2,376 $ 2,115 *“TDRs - Performing” include accounts that are current on all amounts owed, while “TDRs - Nonperforming” include all accounts with past due amounts owed. We do not The Company modified 133,134 and 57,142 accounts in the amount of $138.4 million and $62.2 million during the twelve September 30, 2022 September 30, 2021 twelve Twelve Months Ended September 30, 2022 September 30, 2021 Private label credit General purpose credit card Private label credit General purpose credit card Number of accounts 5,738 20,656 2,502 5,624 Loan balance at time of charge off (in thousands) $ 9,043 $ 16,490 $ 3,420 $ 4,489 Income Taxes We experienced effective tax rates of 17.6% and 7.1%, respectively, for the three nine September 30, 2022, three nine September 30, 2021. Our effective tax rates for the three nine September 30, 2021 2022 1 2 third 2021 nine September 30, 2021. Partially offsetting the favorable rate effects discussed above in all 2021 2022 1 2 162 1986. We report interest expense associated with our income tax liabilities (including accrued liabilities for uncertain tax positions) within our income tax line item on our consolidated statements of income. We likewise report within such line item the reversal of interest expense associated with our accrued liabilities for uncertain tax positions to the extent we resolve such liabilities in a manner favorable to our accruals therefor. We had de minimis interest expense or reversals thereof during the three nine September 30, 2022, 2021. Revenue Recognition and Revenue from Contracts with Customers Consumer Loans, Including Past Due Fees Consumer loans, including past due fees reflect interest income, including finance charges, and late fees on loans in accordance with the terms of the related customer agreements. Discounts received associated with auto loans that are not Fees and Related Income on Earning Assets Fees and related income on earning assets primarily include fees associated with credit products, including the receivables underlying the private label and general purpose credit cards we service, and our legacy credit card receivables which include the recognition of annual fee billings and cash advance fees among others. Fees are assessed on credit card accounts underlying our credit card receivables according to the terms of the related cardholder agreements and we recognize these fees as income when they are charged to the customers’ accounts. Fees and related income on earning assets, net of amounts that we consider uncollectible, are included in loans, interest and fees receivable and revenue when the fees are earned based upon the contractual terms of the loans. The election of the fair value option to account for certain loans receivable resulted in increased fees recognized on credit products throughout the periods presented. Revenue from Contracts with Customers The majority of our revenue is earned from financial instruments and is not No. 2014 09, None For the Three Months Ended September 30, 2022 CaaS Auto Finance Total Interchange revenues, net (1) $ 6,194 $ — $ 6,194 Servicing income 879 215 1,094 Service charges and other customer related fees 4,030 22 4,052 Total revenue from contracts with customers $ 11,103 $ 237 $ 11,340 ( 1 For the Nine Months Ended September 30, 2022 CaaS Auto Finance Total Interchange revenues, net (1) $ 19,273 $ — $ 19,273 Servicing income 2,513 692 3,205 Service charges and other customer related fees 11,484 54 11,538 Total revenue from contracts with customers $ 33,270 $ 746 $ 34,016 ( 1 For the Three Months Ended September 30, 2021 CaaS Auto Finance Total Interchange revenues, net (1) $ 5,276 $ — $ 5,276 Servicing income 529 325 854 Service charges and other customer related fees 2,510 15 2,525 Total revenue from contracts with customers $ 8,315 $ 340 $ 8,655 ( 1 For the Nine Months Ended September 30, 2021 CaaS Auto Finance Total Interchange revenues, net (1) $ 12,167 $ — $ 12,167 Servicing income 1,266 949 2,215 Service charges and other customer related fees 6,119 45 6,164 Total revenue from contracts with customers $ 19,552 $ 994 $ 20,546 ( 1 Loss on repurchase and redemption of convertible senior notes In periods where we repurchased or redeemed 5.875% convertible senior notes (“convertible senior notes”), we recorded any discount or premium paid for the repurchase or redemption (including accrued interest) relative to the amortized book value of the notes. In the three nine September 30, 2021, Recent Accounting Pronouncements In June 2016, 2016 13, 2018 19, 2019 04, 2019 10 2019 11 May 2019, 2019 05, 326 20, 2016 13 January 1, 2022, 2016 13 In March 2020, No. 2020 04, 848 no December 1, 2022, January 2021, 2021 01, 848 848 not On March 31, 2022, 2022 02, 326 December 15, 2022. not |
Note 3 - Segment Reporting
Note 3 - Segment Reporting | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 3. Segment Reporting We operate primarily within one two As of both September 30, 2022 December 31, 2021, not We measure the profitability of our reportable segments based on their income after allocation of specific costs and corporate overhead; however, our segment results do not Summary operating segment information (in thousands) is as follows: Three Months Ended September 30, 2022 CaaS Auto Finance Total Revenue: Consumer loans, including past due fees $ 208,881 $ 9,135 $ 218,016 Fees and related income on earning assets 48,493 25 48,518 Other revenue 11,103 237 11,340 Other non-operating revenue 58 22 80 Total revenue 268,535 9,419 277,954 Interest expense (20,898 ) (616 ) (21,514 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value — (381 ) (381 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (163,624 ) — (163,624 ) Net margin $ 84,013 $ 8,422 $ 92,435 Income before income taxes $ 36,163 $ 3,153 $ 39,316 Income tax expense $ (6,055 ) $ (891 ) $ (6,946 ) Nine Months Ended September 30, 2022 CaaS Auto Finance Total Revenue: Consumer loans, including past due fees $ 548,174 $ 26,195 $ 574,369 Fees and related income on earning assets 168,992 63 169,055 Other revenue 33,270 746 34,016 Other non-operating revenue 321 59 380 Total revenue 750,757 27,063 777,820 Interest expense (56,613 ) (1,236 ) (57,849 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value — (710 ) (710 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (414,863 ) — (414,863 ) Net margin $ 279,281 $ 25,117 $ 304,398 Income (loss) before income taxes $ 119,740 $ (250 ) $ 119,490 Income tax (expense) benefit $ (8,637 ) $ 69 $ (8,568 ) Total assets $ 2,158,183 $ 94,148 $ 2,252,331 Three Months Ended September 30, 2021 CaaS Auto Finance Total Revenue: Consumer loans, including past due fees $ 132,747 $ 8,430 $ 141,177 Fees and related income on earning assets 54,065 20 54,085 Other revenue 8,315 340 8,655 Other non-operating revenue — 32 32 Total revenue 195,127 8,822 203,949 Interest expense (12,109 ) (261 ) (12,370 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (9,192 ) (46 ) (9,238 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (58,727 ) — (58,727 ) Net margin $ 115,099 $ 8,515 $ 123,614 Income before income taxes $ 55,134 $ 2,744 $ 57,878 Income tax expense $ (10,117 ) $ (664 ) $ (10,781 ) Nine Months Ended September 30, 2021 CaaS Auto Finance Total Revenue: Consumer loans, including past due fees $ 341,113 $ 25,014 $ 366,127 Fees and related income on earning assets 140,603 55 140,658 Other revenue 19,552 994 20,546 Other non-operating revenue 3,404 54 3,458 Total revenue 504,672 26,117 530,789 Interest expense (37,668 ) (790 ) (38,458 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (24,495 ) 26 (24,469 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (144,981 ) — (144,981 ) Net margin $ 297,528 $ 25,353 $ 322,881 Income before income taxes $ 148,410 $ 8,208 $ 156,618 Income tax expense $ (26,670 ) $ (1,998 ) $ (28,668 ) Total assets $ 1,400,701 $ 82,243 $ 1,482,944 |
Note 4 - Shareholders' Equity a
Note 4 - Shareholders' Equity and Preferred Stock | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 4. Shareholders’ Equity and Preferred Stock During the three nine September 30, 2022, three nine September 30, 2021, In June July 2021, 7.625% On August 10, 2022, may 415 1933, During the third 2022, three nine September 30, 2022, 14 |
Note 5 - Redeemable Preferred S
Note 5 - Redeemable Preferred Stock | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 5. Redeemable Preferred Stock On November 26, 2014, December 27, 2019, no may, January 1, 2025 $100 January 1, 2024. $100 12, Dove is a limited liability company owned by three one two two On November 14, 2019, third not may, October 14, 2024. March 2020, 12, |
Note 6 - Investment in Equity-m
Note 6 - Investment in Equity-method Investee | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 6. Investment in Equity-Method Investee Our former equity-method investment consisted of our 66.7% interest in a joint venture formed to purchase a credit card receivable portfolio. On September 30, 2021, In the following table, we summarize (in thousands) results of operations data for our former equity-method investee: Three Months Ended September 30, Nine months ended September 30, 2021 2021 Net margin $ 33 $ 94 Net income $ 11 $ 23 Net income attributable to our equity investment investee $ 8 $ 16 |
Note 7 - Fair Values of Assets
Note 7 - Fair Values of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 7. Fair Values of Assets and Liabilities As previously discussed, we adopted ASU 2016 13, may 19 We update our fair value analysis each quarter, with changes since the prior reporting period reflected as a component of "Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value" in the consolidated statements of income. Changes in interest rates, credit spreads, discount rates, realized and projected credit losses and cash flow timing will lead to changes in the fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value and therefore impact earnings. Fair value differs from amortized cost accounting in the following ways: • Receivables and notes are recorded at their fair value, not • The fair value of the loans takes into consideration net charge-offs for the remaining life of the loans with no • Certain fee billings (such as annual or merchant fees) and expenses of loans and notes are no • The net present value of cash flows associated with future fee billings on existing receivables are included in fair value. • Changes in the fair value of loans and notes impact recorded revenues; and • Net charge-offs are recognized as they occur rather than through the establishment of an allowance and provision for losses. For all of our other receivables, we have not Where applicable as noted above, we account for our financial assets and liabilities at fair value based upon a three 1 2 1 2 3 may Valuations and Techniques for Assets Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The table below summarizes (in thousands) by fair value hierarchy the September 30, 2022 December 31, 2021 1 2 not Assets – As of September 30, 2022 (1) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Amount of Assets Loans, interest and fees receivable, net for which it is practicable to estimate fair value $ — $ — $ 97,303 $ 89,084 Loans, interest and fees receivable, at fair value $ — $ — $ 1,728,091 $ 1,728,091 Assets – As of December 31, 2021 (1) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Amount of Assets Loans, interest and fees receivable, net for which it is practicable to estimate fair value $ — $ — $ 402,380 $ 383,811 Loans, interest and fees receivable, at fair value $ — $ — $ 1,026,424 $ 1,026,424 ( 1 For cash, deposits and investments in equity securities, the carrying amount is a reasonable estimate of fair value. For those asset classes above that are required to be carried at fair value in our consolidated financial statements, gains and losses associated with fair value changes are detailed on our consolidated statements of income as a component of "Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value". For our loans, interest and fees receivable included in the above table, we assess the fair value of these assets based on our estimate of future cash flows net of servicing costs, and to the extent that such cash flow estimates change from period to period, any such changes are considered to be attributable to changes in instrument-specific credit risk. For Level 3 nine 30, 2022 2021 Loans, Interest and Fees Receivables, at Fair Value 2022 2021 Balance at January 1, $ 1,026,424 $ 417,098 Cumulative effects from adoption of fair value under the CECL standard 314,985 — Net revaluations of loans, interest and fees receivable, at fair value, included in earnings (52,687 ) (83,052 ) Principal charge-offs, net of recoveries, included in earnings (243,186 ) (45,679 ) Finance and fees, included in earnings 642,181 234,430 Finance charge-offs, included in earnings (118,990 ) (16,948 ) Purchases 1,890,558 1,137,207 Settlements (1,731,194 ) (796,896 ) Balance at September 30, $ 1,728,091 $ 846,160 The unrealized gains and losses for assets within the Level 3 Net Revaluation of Loans, Interest and Fees Receivable. third For Level 3 September 30, 2022 December 31, 2021. Quantitative Information about Level 3 Fair Value Measurement Fair Value at September 30, 2022 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 1,728,091 Discounted cash flows Gross yield, net of finance charge charge-offs 25.4% to 37.7% (32.9%) Payment rate 5.3% to 12.4% (11.0%) Expected principal credit loss rate 6.1% to 32.5% (32.3%) Servicing rate 3.4% to 7.1% (3.8%) Discount rate 9.9% to 10.5% (10.3%) Quantitative Information about Level 3 Fair Value Measurement Fair Value at December 31, 2021 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 1,026,424 Discounted cash flows Gross yield, net of finance charge charge-offs 27.8% to 46.9% (40.9%) Payment rate 5.4% to 12.9% (10.6%) Expected principal credit loss rate 7.8% to 26.4% (23.5%) Servicing rate 3.4% to 5.7% (4.6%) Discount rate 12.3% to 13.5% (12.9%) Valuations and Techniques for Liabilities Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the liability. The table below summarizes (in thousands) by fair value hierarchy the September 30, 2022 December 31, 2021 1 2 not Liabilities – As of September 30, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Amount of Liabilities Liabilities not carried at fair value Revolving credit facilities $ — $ — $ 1,520,875 $ 1,520,875 Amortizing debt facilities $ — $ — $ 23,233 $ 23,233 Senior notes, net $ 131,460 $ — $ — $ 144,027 Liabilities – As of December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Amount of Liabilities Liabilities not carried at fair value Revolving credit facilities $ — $ — $ 1,255,518 $ 1,255,518 Amortizing debt facilities $ — $ — $ 23,346 $ 23,346 Senior notes, net $ 153,000 $ — $ — $ 142,951 For our notes payable where market prices are not third not 10, For our material Level 3 nine September 30, 2021 ( no September 30, 2022): Notes Payable Associated with Structured Financings, at Fair Value 2021 Balance at January 1, $ 2,919 Net revaluations of notes payable associated with structured financings, at fair value, included in earnings (698 ) Balance at September 30, $ 2,221 The unrealized gains and losses for liabilities within the Level 3 3 Net Revaluation of Notes Payable Associated with Structured Financings, at Fair Value. not third Other Relevant Data Other relevant data (in thousands) as of September 30, 2022 December 31, 2021 As of September 30, 2022 Loans, Interest and Fees Receivable at Fair Value Loans, Interest and Fees Receivable Pledged as Collateral under Structured Financings at Fair Value Aggregate unpaid gross balance of loans, interest and fees receivable that are reported at fair value $ 870 $ 2,049,484 Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value $ 840 $ 1,852,196 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 878 $ 1,727,213 Aggregate fair value of receivables carried at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) $ 7 $ 6,431 Unpaid principal balance of receivables within loans, interest and fees receivable that are reported at fair value and are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) over the fair value of such loans, interest and fees receivable $ 7 $ 132,877 As of December 31, 2021 Loans, Interest and Fees Receivable at Fair Value Loans, Interest and Fees Receivable Pledged as Collateral under Structured Financings at Fair Value Aggregate unpaid gross balance of loans, interest and fees receivable that are reported at fair value $ 1,249 $ 1,234,039 Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value $ 1,204 $ 1,131,895 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 1,215 $ 1,025,209 Aggregate fair value of receivables carried at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) $ 8 $ 4,640 Unpaid principal balance of receivables within loans, interest and fees receivable that are reported at fair value and are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) over the fair value of such loans, interest and fees receivable $ 13 $ 59,656 |
Note 8 - Variable Interest Enti
Note 8 - Variable Interest Entities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 8. Variable Interest Entities The Company contributes certain receivables to VIEs. These entities are sometimes established to facilitate third not The following table presents a summary of VIEs in which we had continuing involvement or held a variable interest (in millions): As of September 30, 2022 December 31, 2021 Unrestricted cash and cash equivalents $ 186.6 $ 209.5 Restricted cash and cash equivalents 15.8 75.9 Loans, interest and fees receivable, at fair value 1,618.2 925.5 Loans, interest and fees receivable, gross — 369.6 Allowances for uncollectible loans, interest and fees receivable — (55.1 ) Deferred revenue — (8.2 ) Total Assets held by VIEs $ 1,820.6 $ 1,517.2 Notes Payable, net held by VIEs $ 1,473.0 $ 1,223.4 Maximum exposure to loss due to involvement with VIEs $ 1,614.4 $ 1,289.1 |
Note 9 - Leases
Note 9 - Leases | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9. Leases We have operating leases primarily associated with our corporate offices and regional service centers as well as for certain equipment. Our leases have remaining lease terms of 1 to 12 years, some of which include options, at our discretion, to extend the leases for additional periods generally on one For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Operating lease cost, gross $ 672 $ 1,740 $ 3,769 $ 5,187 Sublease income (33 ) (1,292 ) (2,142 ) (3,876 ) Net Operating lease cost $ 639 $ 448 $ 1,627 $ 1,311 Cash paid under operating leases, gross $ 210 $ 2,635 $ 3,845 $ 7,837 Weighted average remaining lease term - months 136 Weighted average discount rate 6.5 % As of September 30, 2022 Gross Lease Payment Payments received from Sublease Net Lease Payment 2022 (excluding the nine months ended September 30, 2022) $ 184 $ (24 ) $ 160 2023 1,622 (39 ) 1,583 2024 2,777 — 2,777 2025 2,629 — 2,629 2026 2,489 — 2,489 Thereafter 19,805 — 19,805 Total lease payments 29,506 (63 ) 29,443 Less imputed interest (9,547 ) Total $ 19,959 In August 2021, third June 2022 third In addition, we occasionally lease certain equipment under cancelable and non-cancelable leases, which are accounted for as capital leases in our consolidated financial statements. As of September 30, 2022 no one |
Note 10 - Notes Payable
Note 10 - Notes Payable | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. Notes Payable Notes Payable, at Face Value Other notes payable outstanding as of September 30, 2022 December 31, 2021 As of September 30, 2022 December 31, 2021 Revolving credit facilities at a weighted average interest rate equal to 4.9 4.3 1,728.1 1,391.6 Revolving credit facility, not to exceed $ 55.0 November 1, 2024 $ 47.8 $ 32.1 Revolving credit facility, not to exceed $ 50.0 October 30, 2023 — 48.7 Revolving credit facility, not to exceed $ 20.0 July 15, 2023 14.9 5.7 Revolving credit facility, not to exceed $ 100.0 March 15, 2024 30.0 — Revolving credit facility, not to exceed $ 200.0 May 15, 2024 200.0 200.0 Revolving credit facility, not to exceed $ 25.0 April 21, 2023 7.6 19.2 Revolving credit facility, not to exceed $ 100.0 January 15, 2025 100.0 100.0 Revolving credit facility, not to exceed $ 250.0 October 15, 2025 250.0 250.0 Revolving credit facility, not to exceed $ 25.0 June 16, 2025 25.0 10.0 Revolving credit facility, not to exceed $ 300.0 December 15, 2026 300.0 300.0 Revolving credit facility, not to exceed $ 75.0 March 15, 2025 — — Revolving credit facility, not to exceed $ 300.0 May 15, 2026 300.0 300.0 Revolving credit facility, not to exceed $ 250.0 May 15, 2030 150.0 — Revolving credit facility, not to exceed $ 100.0 August 5, 2024 10.0 — Revolving credit facility, not to exceed $ 100.0 March 15, 2028 100.0 — Other facilities Other debt 5.8 5.9 Unsecured term debt (expiring August 26, 2024 8.0 17.4 17.4 Total notes payable before unamortized debt issuance costs and discounts 1,558.5 1,289.0 Unamortized debt issuance costs and discounts (14.4 ) (10.1 ) Total notes payable outstanding, net $ 1,544.1 $ 1,278.9 ( 1 Loan is subject to certain affirmative covenants, including a coverage ratio, a leverage ratio and a collateral performance test, the failure of which could result in required early repayment of all or a portion of the outstanding balance by our CAR Auto Finance operations. ( 2 These notes reflect modifications to either extend the maturity date, increase the loan amount or both, and are treated as accounting modifications. ( 3 See below for additional information. ( 4 Loans are subject to certain affirmative covenants tied to default rates and other performance metrics the failure of which could result in required early repayment of the remaining unamortized balances of the notes. ( 5 Loans are associated with VIEs. See Note 8, ( 6 Creditors do not * As of September 30, 2022 In October 2015, September 30, 2022). October 30, 2023 In October 2016, September 30, 2022). October 2016, September 30, 2022, November 1, 2024. no In 2018, $100.0 September 30, 2022) March 15, 2024, September 30, 2022, In December 2017, September 30, 2022). April 21, 2023 In June 2019, September 30, 2022). In August 2019, August 2024. In November 2019, May 15, 2024). three In July 2020, three In October 2020, August 2025 October 2025. In January 2021, September 30, 2022) June 16, 2025 In June 2021, May 15, 2026 December 15, 2026). four In September 2021, September 30, 2022) 18 March 2025. In November 2021, May 15, 2026). three In May 2022, September 30, 2022) May 15, 2030). five In August 2022, $100.0 September 30, 2022) August 5, 2024. In September 2022, As of September 30, 2022, Senior Notes, net In November 2021, February 1, May 1, August 1 November 1 November 30, 2026. three nine September 30, 2022 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. Commitments and Contingencies General Under finance products available in the private label credit and general purpose credit card channels, consumers have the ability to borrow up to the maximum credit limit assigned to each individual’s account. Unfunded commitments under these products aggregated $2.2 billion at September 30, 2022. Additionally, our CAR operations provide floor-plan financing for a pre-qualified network of independent automotive dealers and automotive finance companies in the buy-here, pay-here used car business. The floor plan financing allows dealers and finance companies to borrow up to the maximum pre-approved credit limit allowed in order to finance ongoing inventory needs. These loans are secured by the underlying auto inventory and, in certain cases where we have other lending products outstanding with the dealer, are secured by the collateral under those lending arrangements as well, including any outstanding dealer reserves. As of September 30, 2022, Under agreements with third September 30, 2022 Under agreements with third September 30, 2022, Under the account terms, consumers have the option of enrolling in a credit protection program with our lending partner which would make the minimum payments owed on their accounts for a period of up to six September 30, 2022. We also are subject to certain minimum payments under cancelable and non-cancelable lease arrangements. For further information regarding these commitments, see Note 9, Litigation We are involved in various legal proceedings that are incidental to the conduct of our business. There are currently no |
Note 12 - Net Income Attributab
Note 12 - Net Income Attributable to Controlling Interests Per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Net Income Attributable to Controlling Interests Per Common Share We compute net income attributable to controlling interests per common share by dividing net income attributable to controlling interests by the weighted-average number of shares of common stock (including participating securities) outstanding during the period, as discussed below. Diluted computations applicable in financial reporting periods in which we report income reflect the potential dilution to the basic income per share of common stock computations that could occur if securities or other contracts to issue common stock were exercised, were converted into common stock or were to result in the issuance of common stock that would share in our results of operations. In performing our net income attributable to controlling interests per share of common stock computations, we apply accounting rules that require us to include all unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted calculations. Common stock and certain unvested share-based payment awards earn dividends equally, and we have included all outstanding restricted stock awards in our basic and diluted calculations for current and prior periods. The following table sets forth the computations of net income attributable to controlling interests per share of common stock (in thousands, except per share data): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Numerator: Net income attributable to controlling interests $ 32,571 $ 46,974 $ 111,606 $ 127,925 Preferred stock and preferred unit dividends and accretion (6,296 ) (6,629 ) (18,759 ) (16,054 ) Net income attributable to common shareholders—basic 26,275 40,345 92,847 111,871 Effect of dilutive preferred stock dividends and accretion 605 605 1,795 1,795 Net income attributable to common shareholders—diluted $ 26,880 $ 40,950 $ 94,642 $ 113,666 Denominator: Basic (including unvested share-based payment awards) (1) 14,500 15,118 14,688 15,104 Effect of dilutive stock compensation arrangements and exchange of preferred stock 4,530 5,732 4,835 5,832 Diluted (including unvested share-based payment awards) (1) 19,030 20,850 19,523 20,936 Net income attributable to common shareholders per share—basic $ 1.81 $ 2.67 $ 6.32 $ 7.41 Net income attributable to common shareholders per share—diluted $ 1.41 $ 1.96 $ 4.85 $ 5.43 ( 1 Shares related to unvested share-based payment awards included in our basic and diluted share counts were 146,617 and 133,702 for the three nine September 30, 2022 three nine September 30, 2021, As their effects were anti-dilutive, we excluded stock options to purchase 0.1 million shares and 0.0 shares from our net income attributable to controlling interests per share of common stock calculations for the three nine September 30, 2022, three nine September 30, 2021, For the three nine September 30, 2022 2021, 5, For the three nine September 30, 2021, |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 13. Stock-Based Compensation We currently have two 2014 2014 2014 may 2014 May 2019. September 30, 2022, 2014 Exercises and vestings under our stock-based compensation plans resulted in no income tax-related charges to paid-in capital during the three nine September 30, 2022 2021. Restricted Stock and Restricted Stock Units During the nine September 30, 2022 2021, nine September 30, 2022 2021, may September 30, 2022, No Stock Options The exercise price per share of the options awarded under the Fourth Amended 2014 may not three nine September 30, 2022 2021, Number of Shares Weighted-Average Exercise Price Weighted-Average of Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2021 2,017,969 $ 6.74 Issued — $ — Exercised (1,204,404 ) $ 3.01 Expired/Forfeited (4,332 ) $ 15.30 Outstanding at September 30, 2022 809,233 $ 12.25 1.8 $ 12,801,797 Exercisable at September 30, 2022 639,745 $ 8.37 1.4 $ 11,924,577 Options issued during the three nine September 30, 2021 three nine September 30, 2022. September 30, 2022 December 31, 2021, September 30, 2022. |
Note 14 - ATM Program
Note 14 - ATM Program | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stock Issuance Program [Text Block] | 14. ATM Program During the third 2022, 4, |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15. Subsequent Events We evaluate subsequent events that occur after our consolidated balance sheet date but before our consolidated financial statements are issued. There are two 1 2 not We have evaluated subsequent events occurring after September 30, 2022, not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Use of Estimates We prepare our consolidated financial statements in accordance with generally accepted accounting principles in the U.S. (“GAAP”). The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our consolidated financial statements, as well as the reported amounts of revenues and expenses during each reporting period. We base these estimates on information available to us as of the date of the financial statements. Actual results could differ materially from these estimates. Certain estimates, such as credit losses, payment rates, costs of funds, discount rates and the yields earned on credit card receivables, significantly affect the reported amount (and changes thereon) of our Loans, interest and fees receivables, at fair value and Notes payable associated with structured financings recorded at fair value on our consolidated balance sheets and consolidated statements of income. Additionally, estimates of credit losses have a significant effect on loans, interest and fees receivable, net, as shown on our consolidated balance sheets, as well as on the provision for losses on loans, interest and fees receivable within our consolidated statements of income. We have eliminated all significant intercompany balances and transactions for financial reporting purposes. |
Receivable [Policy Text Block] | Loans, Interest and Fees Receivable We maintain two 90 180 30 not We adopted Accounting Standards Update ("ASU") 2016 13, January 1, 2022. one Loans, Interest and Fees Receivable, at Fair Value. January 1, 2022 Under the fair value option, direct loan origination fees (such as annual and merchant fees) are taken into income when billed to the consumer or upon loan acquisition and direct loan origination costs are expensed in the period incurred. The Company estimates the fair value of the loans using a discounted cash flow model, which considers various unobservable inputs such as remaining cumulative charge-offs, remaining cumulative prepayments, average life and discount rate. The Company re-evaluates the fair value of loans receivable at the close of each measurement period. Changes in the fair value of loans, interest and fees receivable are recorded as a component of "Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value" in the consolidated statements of income in the period of the fair value changes. Changes in the fair value of loans, interest and fees receivable recorded at fair value include the impact of current period charge-offs associated with these receivables. Further details concerning our loans, interest and fees receivable held at fair value are presented within Note 7, Loans, Interest and Fees Receivable, Gross. January 1, 2022 not three nine September 30, 2022 2021, We show both an allowance for uncollectible loans, interest and fees receivable and unearned fees (or “deferred revenue”) for our loans, interest and fees receivable that are not not may may A considerable amount of judgment is required to assess the ultimate amount of uncollectible loans, interest and fees receivable, and we continuously evaluate and update our methodologies to determine the most appropriate allowance necessary. We may may Certain of our loans, interest and fees receivable (including those receivables associated with our private label credit and general purpose credit card receivables prior to their adoption of fair value accounting) also contain components of deferred revenue including merchant fees on the purchases of receivables for our private label credit receivables, loan discounts on the purchase of our auto finance receivables and annual fee billings for our general purpose credit card receivables. Our private label credit, general purpose credit card and auto finance loans, interest and fees receivable include principal balances and associated fees and interest due from customers which are earned each period a loan is outstanding, net of the unearned portion of merchant fees, annual fees and loan discounts. As of September 30, 2022 December 31, 2021, September 30, 2022 December 31, 2021. As a result of the COVID- 19 March 2020 March 2020, 19 19 may 19. 19 19 not September 30, 2022 19 Our CaaS segment consists of two For the Three Months Ended September 30, 2022 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ — $ (1.6 ) $ — $ (1.6 ) Provision for loan losses — (0.4 ) — (0.4 ) Charge-offs — 0.6 — 0.6 Recoveries — (0.4 ) — (0.4 ) Balance at end of period $ — $ (1.8 ) $ — $ (1.8 ) For the Nine Months Ended September 30, 2022 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (43.4 ) $ (1.4 ) $ (12.4 ) $ (57.2 ) Cumulative effects from adoption of fair value under the CECL standard 43.4 — 12.4 55.8 Cumulative effects from adoption of the CECL standard — (0.2 ) — (0.2 ) Provision for loan losses — (0.7 ) — (0.7 ) Charge-offs — 1.4 — 1.4 Recoveries — (0.9 ) — (0.9 ) Balance at end of period $ — $ (1.8 ) $ — $ (1.8 ) As of September 30, 2022 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at end of period individually evaluated for impairment $ — $ — $ — $ — Balance at end of period collectively evaluated for impairment $ — $ (1.8 ) $ — $ (1.8 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ — $ 107.4 $ — $ 107.4 Loans, interest and fees receivable individually evaluated for impairment $ — $ — $ — $ — Loans, interest and fees receivable collectively evaluated for impairment $ — $ 107.4 $ — $ 107.4 For the Three Months Ended September 30, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (68.0 ) $ (1.4 ) $ (25.8 ) $ (95.2 ) Provision for loan losses (9.5 ) (0.1 ) 0.4 (9.2 ) Charge-offs 20.1 0.3 7.0 27.4 Recoveries (1.6 ) (0.2 ) (1.2 ) (3.0 ) Balance at end of period $ (59.0 ) $ (1.4 ) $ (19.6 ) $ (80.0 ) For the Nine Months Ended September 30, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (88.2 ) $ (1.7 ) $ (35.1 ) $ (125.0 ) Provision for loan losses (24.8 ) — 0.3 (24.5 ) Charge-offs 60.3 1.1 20.7 82.1 Recoveries (6.3 ) (0.8 ) (5.5 ) (12.6 ) Balance at end of period $ (59.0 ) $ (1.4 ) $ (19.6 ) $ (80.0 ) As of December 31, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at end of period individually evaluated for impairment $ — $ (0.1 ) $ — $ (0.1 ) Balance at end of period collectively evaluated for impairment $ (43.4 ) $ (1.3 ) $ (12.4 ) $ (57.1 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 259.5 $ 94.6 $ 116.2 $ 470.3 Loans, interest and fees receivable individually evaluated for impairment $ — $ 0.4 $ — $ 0.4 Loans, interest and fees receivable collectively evaluated for impairment $ 259.5 $ 94.2 $ 116.2 $ 469.9 Delinquent loans, interest and fees receivable reflect the principal, fee and interest components of loans we did not not Recoveries, noted above, consist of amounts received from the efforts of third third three nine September 30, 2022, third third three nine September 30, 2021, third third We consider loan delinquencies a key indicator of credit quality because this measure provides the best ongoing estimate of how a particular class of receivable is performing. An aging of our delinquent loans, interest and fees receivable, gross (in millions) by class of receivable as of September 30, 2022 December 31, 2021 As of September 30, 2022 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ — $ 7.2 $ — $ 7.2 60-89 days past due — 2.6 — 2.6 90 or more days past due — 1.8 — 1.8 Delinquent loans, interest and fees receivable, gross — 11.6 — 11.6 Current loans, interest and fees receivable, gross — 95.8 — 95.8 Total loans, interest and fees receivable, gross $ — $ 107.4 $ — $ 107.4 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.1 $ — $ 1.1 As of December 31, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 7.3 $ 7.2 $ 3.3 $ 17.8 60-89 days past due 6.9 2.6 2.6 12.1 90 or more days past due 17.9 2.0 6.8 26.7 Delinquent loans, interest and fees receivable, gross 32.1 11.8 12.7 56.6 Current loans, interest and fees receivable, gross 227.4 82.8 103.5 413.7 Total loans, interest and fees receivable, gross $ 259.5 $ 94.6 $ 116.2 $ 470.3 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.5 $ — $ 1.5 Troubled Debt Restructurings As part of ongoing collection efforts, once an account, the receivable of which is included in our CaaS segment, becomes 90 may no one 19 six 19 30 not not not 19 The following table details by class of receivable, the number and amount of modified loans, including TDRs that have been re-aged, as of September 30, 2022 December 31, 2021 As of September 30, 2022 December 31, 2021 Private label credit General purpose credit card Private label credit General purpose credit card Number of TDRs 22,401 84,339 14,919 39,322 Number of TDRs that have been re-aged 1,342 3,572 812 2,035 Amount of TDRs on non-accrual status (in thousands) $ 28,165 $ 58,723 $ 17,152 $ 25,154 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 2,584 $ 3,102 $ 1,205 $ 1,553 Carrying value of TDRs (in thousands) $ 15,088 $ 23,233 $ 11,173 $ 15,502 TDRs - Performing (carrying value, in thousands)* $ 11,536 $ 18,667 $ 8,797 $ 13,387 TDRs - Nonperforming (carrying value, in thousands)* $ 3,552 $ 4,566 $ 2,376 $ 2,115 *“TDRs - Performing” include accounts that are current on all amounts owed, while “TDRs - Nonperforming” include all accounts with past due amounts owed. We do not The Company modified 133,134 and 57,142 accounts in the amount of $138.4 million and $62.2 million during the twelve September 30, 2022 September 30, 2021 twelve Twelve Months Ended September 30, 2022 September 30, 2021 Private label credit General purpose credit card Private label credit General purpose credit card Number of accounts 5,738 20,656 2,502 5,624 Loan balance at time of charge off (in thousands) $ 9,043 $ 16,490 $ 3,420 $ 4,489 |
Income Tax, Policy [Policy Text Block] | Income Taxes We experienced effective tax rates of 17.6% and 7.1%, respectively, for the three nine September 30, 2022, three nine September 30, 2021. Our effective tax rates for the three nine September 30, 2021 2022 1 2 third 2021 nine September 30, 2021. Partially offsetting the favorable rate effects discussed above in all 2021 2022 1 2 162 1986. We report interest expense associated with our income tax liabilities (including accrued liabilities for uncertain tax positions) within our income tax line item on our consolidated statements of income. We likewise report within such line item the reversal of interest expense associated with our accrued liabilities for uncertain tax positions to the extent we resolve such liabilities in a manner favorable to our accruals therefor. We had de minimis interest expense or reversals thereof during the three nine September 30, 2022, 2021. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition and Revenue from Contracts with Customers Consumer Loans, Including Past Due Fees Consumer loans, including past due fees reflect interest income, including finance charges, and late fees on loans in accordance with the terms of the related customer agreements. Discounts received associated with auto loans that are not Fees and Related Income on Earning Assets Fees and related income on earning assets primarily include fees associated with credit products, including the receivables underlying the private label and general purpose credit cards we service, and our legacy credit card receivables which include the recognition of annual fee billings and cash advance fees among others. Fees are assessed on credit card accounts underlying our credit card receivables according to the terms of the related cardholder agreements and we recognize these fees as income when they are charged to the customers’ accounts. Fees and related income on earning assets, net of amounts that we consider uncollectible, are included in loans, interest and fees receivable and revenue when the fees are earned based upon the contractual terms of the loans. The election of the fair value option to account for certain loans receivable resulted in increased fees recognized on credit products throughout the periods presented. Revenue from Contracts with Customers The majority of our revenue is earned from financial instruments and is not No. 2014 09, None For the Three Months Ended September 30, 2022 CaaS Auto Finance Total Interchange revenues, net (1) $ 6,194 $ — $ 6,194 Servicing income 879 215 1,094 Service charges and other customer related fees 4,030 22 4,052 Total revenue from contracts with customers $ 11,103 $ 237 $ 11,340 ( 1 For the Nine Months Ended September 30, 2022 CaaS Auto Finance Total Interchange revenues, net (1) $ 19,273 $ — $ 19,273 Servicing income 2,513 692 3,205 Service charges and other customer related fees 11,484 54 11,538 Total revenue from contracts with customers $ 33,270 $ 746 $ 34,016 ( 1 For the Three Months Ended September 30, 2021 CaaS Auto Finance Total Interchange revenues, net (1) $ 5,276 $ — $ 5,276 Servicing income 529 325 854 Service charges and other customer related fees 2,510 15 2,525 Total revenue from contracts with customers $ 8,315 $ 340 $ 8,655 ( 1 For the Nine Months Ended September 30, 2021 CaaS Auto Finance Total Interchange revenues, net (1) $ 12,167 $ — $ 12,167 Servicing income 1,266 949 2,215 Service charges and other customer related fees 6,119 45 6,164 Total revenue from contracts with customers $ 19,552 $ 994 $ 20,546 ( 1 |
Credit Loss, Financial Instrument [Policy Text Block] | Loss on repurchase and redemption of convertible senior notes In periods where we repurchased or redeemed 5.875% convertible senior notes (“convertible senior notes”), we recorded any discount or premium paid for the repurchase or redemption (including accrued interest) relative to the amortized book value of the notes. In the three nine September 30, 2021, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, 2018 19, 2019 04, 2019 10 2019 11 May 2019, 2019 05, 326 20, 2016 13 January 1, 2022, 2016 13 In March 2020, No. 2020 04, 848 no December 1, 2022, January 2021, 2021 01, 848 848 not On March 31, 2022, 2022 02, 326 December 15, 2022. not |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | For the Three Months Ended September 30, 2022 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ — $ (1.6 ) $ — $ (1.6 ) Provision for loan losses — (0.4 ) — (0.4 ) Charge-offs — 0.6 — 0.6 Recoveries — (0.4 ) — (0.4 ) Balance at end of period $ — $ (1.8 ) $ — $ (1.8 ) For the Nine Months Ended September 30, 2022 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (43.4 ) $ (1.4 ) $ (12.4 ) $ (57.2 ) Cumulative effects from adoption of fair value under the CECL standard 43.4 — 12.4 55.8 Cumulative effects from adoption of the CECL standard — (0.2 ) — (0.2 ) Provision for loan losses — (0.7 ) — (0.7 ) Charge-offs — 1.4 — 1.4 Recoveries — (0.9 ) — (0.9 ) Balance at end of period $ — $ (1.8 ) $ — $ (1.8 ) As of September 30, 2022 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at end of period individually evaluated for impairment $ — $ — $ — $ — Balance at end of period collectively evaluated for impairment $ — $ (1.8 ) $ — $ (1.8 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ — $ 107.4 $ — $ 107.4 Loans, interest and fees receivable individually evaluated for impairment $ — $ — $ — $ — Loans, interest and fees receivable collectively evaluated for impairment $ — $ 107.4 $ — $ 107.4 For the Three Months Ended September 30, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (68.0 ) $ (1.4 ) $ (25.8 ) $ (95.2 ) Provision for loan losses (9.5 ) (0.1 ) 0.4 (9.2 ) Charge-offs 20.1 0.3 7.0 27.4 Recoveries (1.6 ) (0.2 ) (1.2 ) (3.0 ) Balance at end of period $ (59.0 ) $ (1.4 ) $ (19.6 ) $ (80.0 ) For the Nine Months Ended September 30, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (88.2 ) $ (1.7 ) $ (35.1 ) $ (125.0 ) Provision for loan losses (24.8 ) — 0.3 (24.5 ) Charge-offs 60.3 1.1 20.7 82.1 Recoveries (6.3 ) (0.8 ) (5.5 ) (12.6 ) Balance at end of period $ (59.0 ) $ (1.4 ) $ (19.6 ) $ (80.0 ) As of December 31, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at end of period individually evaluated for impairment $ — $ (0.1 ) $ — $ (0.1 ) Balance at end of period collectively evaluated for impairment $ (43.4 ) $ (1.3 ) $ (12.4 ) $ (57.1 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 259.5 $ 94.6 $ 116.2 $ 470.3 Loans, interest and fees receivable individually evaluated for impairment $ — $ 0.4 $ — $ 0.4 Loans, interest and fees receivable collectively evaluated for impairment $ 259.5 $ 94.2 $ 116.2 $ 469.9 |
Financing Receivable, Past Due [Table Text Block] | As of September 30, 2022 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ — $ 7.2 $ — $ 7.2 60-89 days past due — 2.6 — 2.6 90 or more days past due — 1.8 — 1.8 Delinquent loans, interest and fees receivable, gross — 11.6 — 11.6 Current loans, interest and fees receivable, gross — 95.8 — 95.8 Total loans, interest and fees receivable, gross $ — $ 107.4 $ — $ 107.4 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.1 $ — $ 1.1 As of December 31, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 7.3 $ 7.2 $ 3.3 $ 17.8 60-89 days past due 6.9 2.6 2.6 12.1 90 or more days past due 17.9 2.0 6.8 26.7 Delinquent loans, interest and fees receivable, gross 32.1 11.8 12.7 56.6 Current loans, interest and fees receivable, gross 227.4 82.8 103.5 413.7 Total loans, interest and fees receivable, gross $ 259.5 $ 94.6 $ 116.2 $ 470.3 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.5 $ — $ 1.5 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | As of September 30, 2022 December 31, 2021 Private label credit General purpose credit card Private label credit General purpose credit card Number of TDRs 22,401 84,339 14,919 39,322 Number of TDRs that have been re-aged 1,342 3,572 812 2,035 Amount of TDRs on non-accrual status (in thousands) $ 28,165 $ 58,723 $ 17,152 $ 25,154 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 2,584 $ 3,102 $ 1,205 $ 1,553 Carrying value of TDRs (in thousands) $ 15,088 $ 23,233 $ 11,173 $ 15,502 TDRs - Performing (carrying value, in thousands)* $ 11,536 $ 18,667 $ 8,797 $ 13,387 TDRs - Nonperforming (carrying value, in thousands)* $ 3,552 $ 4,566 $ 2,376 $ 2,115 Twelve Months Ended September 30, 2022 September 30, 2021 Private label credit General purpose credit card Private label credit General purpose credit card Number of accounts 5,738 20,656 2,502 5,624 Loan balance at time of charge off (in thousands) $ 9,043 $ 16,490 $ 3,420 $ 4,489 |
Disaggregation of Revenue [Table Text Block] | For the Three Months Ended September 30, 2022 CaaS Auto Finance Total Interchange revenues, net (1) $ 6,194 $ — $ 6,194 Servicing income 879 215 1,094 Service charges and other customer related fees 4,030 22 4,052 Total revenue from contracts with customers $ 11,103 $ 237 $ 11,340 For the Nine Months Ended September 30, 2022 CaaS Auto Finance Total Interchange revenues, net (1) $ 19,273 $ — $ 19,273 Servicing income 2,513 692 3,205 Service charges and other customer related fees 11,484 54 11,538 Total revenue from contracts with customers $ 33,270 $ 746 $ 34,016 For the Three Months Ended September 30, 2021 CaaS Auto Finance Total Interchange revenues, net (1) $ 5,276 $ — $ 5,276 Servicing income 529 325 854 Service charges and other customer related fees 2,510 15 2,525 Total revenue from contracts with customers $ 8,315 $ 340 $ 8,655 For the Nine Months Ended September 30, 2021 CaaS Auto Finance Total Interchange revenues, net (1) $ 12,167 $ — $ 12,167 Servicing income 1,266 949 2,215 Service charges and other customer related fees 6,119 45 6,164 Total revenue from contracts with customers $ 19,552 $ 994 $ 20,546 |
Note 3 - Segment Reporting (Tab
Note 3 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, 2022 CaaS Auto Finance Total Revenue: Consumer loans, including past due fees $ 208,881 $ 9,135 $ 218,016 Fees and related income on earning assets 48,493 25 48,518 Other revenue 11,103 237 11,340 Other non-operating revenue 58 22 80 Total revenue 268,535 9,419 277,954 Interest expense (20,898 ) (616 ) (21,514 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value — (381 ) (381 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (163,624 ) — (163,624 ) Net margin $ 84,013 $ 8,422 $ 92,435 Income before income taxes $ 36,163 $ 3,153 $ 39,316 Income tax expense $ (6,055 ) $ (891 ) $ (6,946 ) Nine Months Ended September 30, 2022 CaaS Auto Finance Total Revenue: Consumer loans, including past due fees $ 548,174 $ 26,195 $ 574,369 Fees and related income on earning assets 168,992 63 169,055 Other revenue 33,270 746 34,016 Other non-operating revenue 321 59 380 Total revenue 750,757 27,063 777,820 Interest expense (56,613 ) (1,236 ) (57,849 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value — (710 ) (710 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (414,863 ) — (414,863 ) Net margin $ 279,281 $ 25,117 $ 304,398 Income (loss) before income taxes $ 119,740 $ (250 ) $ 119,490 Income tax (expense) benefit $ (8,637 ) $ 69 $ (8,568 ) Total assets $ 2,158,183 $ 94,148 $ 2,252,331 Three Months Ended September 30, 2021 CaaS Auto Finance Total Revenue: Consumer loans, including past due fees $ 132,747 $ 8,430 $ 141,177 Fees and related income on earning assets 54,065 20 54,085 Other revenue 8,315 340 8,655 Other non-operating revenue — 32 32 Total revenue 195,127 8,822 203,949 Interest expense (12,109 ) (261 ) (12,370 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (9,192 ) (46 ) (9,238 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (58,727 ) — (58,727 ) Net margin $ 115,099 $ 8,515 $ 123,614 Income before income taxes $ 55,134 $ 2,744 $ 57,878 Income tax expense $ (10,117 ) $ (664 ) $ (10,781 ) Nine Months Ended September 30, 2021 CaaS Auto Finance Total Revenue: Consumer loans, including past due fees $ 341,113 $ 25,014 $ 366,127 Fees and related income on earning assets 140,603 55 140,658 Other revenue 19,552 994 20,546 Other non-operating revenue 3,404 54 3,458 Total revenue 504,672 26,117 530,789 Interest expense (37,668 ) (790 ) (38,458 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (24,495 ) 26 (24,469 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (144,981 ) — (144,981 ) Net margin $ 297,528 $ 25,353 $ 322,881 Income before income taxes $ 148,410 $ 8,208 $ 156,618 Income tax expense $ (26,670 ) $ (1,998 ) $ (28,668 ) Total assets $ 1,400,701 $ 82,243 $ 1,482,944 |
Note 6 - Investment in Equity_2
Note 6 - Investment in Equity-method Investee (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three Months Ended September 30, Nine months ended September 30, 2021 2021 Net margin $ 33 $ 94 Net income $ 11 $ 23 Net income attributable to our equity investment investee $ 8 $ 16 |
Note 7 - Fair Values of Asset_2
Note 7 - Fair Values of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Assets – As of September 30, 2022 (1) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Amount of Assets Loans, interest and fees receivable, net for which it is practicable to estimate fair value $ — $ — $ 97,303 $ 89,084 Loans, interest and fees receivable, at fair value $ — $ — $ 1,728,091 $ 1,728,091 Assets – As of December 31, 2021 (1) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Amount of Assets Loans, interest and fees receivable, net for which it is practicable to estimate fair value $ — $ — $ 402,380 $ 383,811 Loans, interest and fees receivable, at fair value $ — $ — $ 1,026,424 $ 1,026,424 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Loans, Interest and Fees Receivables, at Fair Value 2022 2021 Balance at January 1, $ 1,026,424 $ 417,098 Cumulative effects from adoption of fair value under the CECL standard 314,985 — Net revaluations of loans, interest and fees receivable, at fair value, included in earnings (52,687 ) (83,052 ) Principal charge-offs, net of recoveries, included in earnings (243,186 ) (45,679 ) Finance and fees, included in earnings 642,181 234,430 Finance charge-offs, included in earnings (118,990 ) (16,948 ) Purchases 1,890,558 1,137,207 Settlements (1,731,194 ) (796,896 ) Balance at September 30, $ 1,728,091 $ 846,160 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value Measurement Fair Value at September 30, 2022 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 1,728,091 Discounted cash flows Gross yield, net of finance charge charge-offs 25.4% to 37.7% (32.9%) Payment rate 5.3% to 12.4% (11.0%) Expected principal credit loss rate 6.1% to 32.5% (32.3%) Servicing rate 3.4% to 7.1% (3.8%) Discount rate 9.9% to 10.5% (10.3%) Fair Value Measurement Fair Value at December 31, 2021 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 1,026,424 Discounted cash flows Gross yield, net of finance charge charge-offs 27.8% to 46.9% (40.9%) Payment rate 5.4% to 12.9% (10.6%) Expected principal credit loss rate 7.8% to 26.4% (23.5%) Servicing rate 3.4% to 5.7% (4.6%) Discount rate 12.3% to 13.5% (12.9%) |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Liabilities – As of September 30, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Amount of Liabilities Liabilities not carried at fair value Revolving credit facilities $ — $ — $ 1,520,875 $ 1,520,875 Amortizing debt facilities $ — $ — $ 23,233 $ 23,233 Senior notes, net $ 131,460 $ — $ — $ 144,027 Liabilities – As of December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Amount of Liabilities Liabilities not carried at fair value Revolving credit facilities $ — $ — $ 1,255,518 $ 1,255,518 Amortizing debt facilities $ — $ — $ 23,346 $ 23,346 Senior notes, net $ 153,000 $ — $ — $ 142,951 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Notes Payable Associated with Structured Financings, at Fair Value 2021 Balance at January 1, $ 2,919 Net revaluations of notes payable associated with structured financings, at fair value, included in earnings (698 ) Balance at September 30, $ 2,221 |
Fair Value Option, Disclosures [Table Text Block] | As of September 30, 2022 Loans, Interest and Fees Receivable at Fair Value Loans, Interest and Fees Receivable Pledged as Collateral under Structured Financings at Fair Value Aggregate unpaid gross balance of loans, interest and fees receivable that are reported at fair value $ 870 $ 2,049,484 Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value $ 840 $ 1,852,196 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 878 $ 1,727,213 Aggregate fair value of receivables carried at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) $ 7 $ 6,431 Unpaid principal balance of receivables within loans, interest and fees receivable that are reported at fair value and are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) over the fair value of such loans, interest and fees receivable $ 7 $ 132,877 As of December 31, 2021 Loans, Interest and Fees Receivable at Fair Value Loans, Interest and Fees Receivable Pledged as Collateral under Structured Financings at Fair Value Aggregate unpaid gross balance of loans, interest and fees receivable that are reported at fair value $ 1,249 $ 1,234,039 Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value $ 1,204 $ 1,131,895 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 1,215 $ 1,025,209 Aggregate fair value of receivables carried at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) $ 8 $ 4,640 Unpaid principal balance of receivables within loans, interest and fees receivable that are reported at fair value and are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) over the fair value of such loans, interest and fees receivable $ 13 $ 59,656 |
Note 8 - Variable Interest En_2
Note 8 - Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of September 30, 2022 December 31, 2021 Unrestricted cash and cash equivalents $ 186.6 $ 209.5 Restricted cash and cash equivalents 15.8 75.9 Loans, interest and fees receivable, at fair value 1,618.2 925.5 Loans, interest and fees receivable, gross — 369.6 Allowances for uncollectible loans, interest and fees receivable — (55.1 ) Deferred revenue — (8.2 ) Total Assets held by VIEs $ 1,820.6 $ 1,517.2 Notes Payable, net held by VIEs $ 1,473.0 $ 1,223.4 Maximum exposure to loss due to involvement with VIEs $ 1,614.4 $ 1,289.1 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Operating lease cost, gross $ 672 $ 1,740 $ 3,769 $ 5,187 Sublease income (33 ) (1,292 ) (2,142 ) (3,876 ) Net Operating lease cost $ 639 $ 448 $ 1,627 $ 1,311 Cash paid under operating leases, gross $ 210 $ 2,635 $ 3,845 $ 7,837 Weighted average remaining lease term - months 136 Weighted average discount rate 6.5 % |
Operating Lease, Liability and Payments to be Received, Maturity [Table Text Block] | Gross Lease Payment Payments received from Sublease Net Lease Payment 2022 (excluding the nine months ended September 30, 2022) $ 184 $ (24 ) $ 160 2023 1,622 (39 ) 1,583 2024 2,777 — 2,777 2025 2,629 — 2,629 2026 2,489 — 2,489 Thereafter 19,805 — 19,805 Total lease payments 29,506 (63 ) 29,443 Less imputed interest (9,547 ) Total $ 19,959 |
Note 10 - Notes Payable (Tables
Note 10 - Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of September 30, 2022 December 31, 2021 Revolving credit facilities at a weighted average interest rate equal to 4.9 4.3 1,728.1 1,391.6 Revolving credit facility, not to exceed $ 55.0 November 1, 2024 $ 47.8 $ 32.1 Revolving credit facility, not to exceed $ 50.0 October 30, 2023 — 48.7 Revolving credit facility, not to exceed $ 20.0 July 15, 2023 14.9 5.7 Revolving credit facility, not to exceed $ 100.0 March 15, 2024 30.0 — Revolving credit facility, not to exceed $ 200.0 May 15, 2024 200.0 200.0 Revolving credit facility, not to exceed $ 25.0 April 21, 2023 7.6 19.2 Revolving credit facility, not to exceed $ 100.0 January 15, 2025 100.0 100.0 Revolving credit facility, not to exceed $ 250.0 October 15, 2025 250.0 250.0 Revolving credit facility, not to exceed $ 25.0 June 16, 2025 25.0 10.0 Revolving credit facility, not to exceed $ 300.0 December 15, 2026 300.0 300.0 Revolving credit facility, not to exceed $ 75.0 March 15, 2025 — — Revolving credit facility, not to exceed $ 300.0 May 15, 2026 300.0 300.0 Revolving credit facility, not to exceed $ 250.0 May 15, 2030 150.0 — Revolving credit facility, not to exceed $ 100.0 August 5, 2024 10.0 — Revolving credit facility, not to exceed $ 100.0 March 15, 2028 100.0 — Other facilities Other debt 5.8 5.9 Unsecured term debt (expiring August 26, 2024 8.0 17.4 17.4 Total notes payable before unamortized debt issuance costs and discounts 1,558.5 1,289.0 Unamortized debt issuance costs and discounts (14.4 ) (10.1 ) Total notes payable outstanding, net $ 1,544.1 $ 1,278.9 |
Note 12 - Net Income Attribut_2
Note 12 - Net Income Attributable to Controlling Interests Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Numerator: Net income attributable to controlling interests $ 32,571 $ 46,974 $ 111,606 $ 127,925 Preferred stock and preferred unit dividends and accretion (6,296 ) (6,629 ) (18,759 ) (16,054 ) Net income attributable to common shareholders—basic 26,275 40,345 92,847 111,871 Effect of dilutive preferred stock dividends and accretion 605 605 1,795 1,795 Net income attributable to common shareholders—diluted $ 26,880 $ 40,950 $ 94,642 $ 113,666 Denominator: Basic (including unvested share-based payment awards) (1) 14,500 15,118 14,688 15,104 Effect of dilutive stock compensation arrangements and exchange of preferred stock 4,530 5,732 4,835 5,832 Diluted (including unvested share-based payment awards) (1) 19,030 20,850 19,523 20,936 Net income attributable to common shareholders per share—basic $ 1.81 $ 2.67 $ 6.32 $ 7.41 Net income attributable to common shareholders per share—diluted $ 1.41 $ 1.96 $ 4.85 $ 5.43 |
Note 13 - Stock-based Compens_2
Note 13 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted-Average Exercise Price Weighted-Average of Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2021 2,017,969 $ 6.74 Issued — $ — Exercised (1,204,404 ) $ 3.01 Expired/Forfeited (4,332 ) $ 15.30 Outstanding at September 30, 2022 809,233 $ 12.25 1.8 $ 12,801,797 Exercisable at September 30, 2022 639,745 $ 8.37 1.4 $ 11,924,577 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jan. 01, 2022 USD ($) | |
Retained Earnings (Accumulated Deficit), Total | $ 180,424 | $ 180,424 | $ 180,424 | $ 60,236 | ||||
Payments to Acquire Loans and Leases Held-for-investment, Total | 56,300 | $ 47,800 | 165,600 | $ 146,100 | ||||
Loans and Leases Receivable, Deferred Income | 16,560 | $ 16,560 | 16,560 | $ 29,281 | ||||
Weighted Average Remaining Accretion Period of Deferred Revenue (Month) | 27 months | 15 months | ||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | 16,600 | $ 16,600 | $ 16,600 | $ 20,400 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | $ 400 | $ 3,000 | $ 900 | $ 12,600 | ||||
Financing Receivable, Modifications, Number of Contracts | 133,134 | 57,142 | ||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 138,400 | $ 62,200 | ||||||
Effective Income Tax Rate Reconciliation, Percent, Total | 17.60% | 18.70% | 7.10% | 18.30% | ||||
Gain (Loss) on Extinguishment of Debt, Total | $ 0 | $ (16,184) | $ 0 | $ (29,439) | ||||
Loans Receivable, Fair Value Disclosure | 1,728,091 | 1,728,091 | 1,728,091 | 1,026,424 | ||||
Loans and Leases Receivable, Gross | 107,410 | 107,410 | 107,410 | 470,293 | ||||
Loans and Leases Receivable, Allowance | 1,766 | 1,766 | 1,766 | 57,201 | ||||
Accounts Payable and Accrued Liabilities, Total | 43,490 | 43,490 | $ 43,490 | $ 42,287 | ||||
Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | Convertible Debt [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | 5.875% | 5.875% | |||||
Extinguishment of Debt, Amount | $ 12,700 | $ 33,800 | ||||||
Repayments of Convertible Debt | 25,400 | 54,300 | ||||||
Gain (Loss) on Extinguishment of Debt, Total | (16,200) | (29,400) | ||||||
Receivables Recoveries from Employed Third-Party Collectors ][Member] | ||||||||
Financing Receivable, Allowance for Credit Loss, Recovery | 400 | 1,800 | 900 | 6,900 | ||||
Receivable Recoveries from Sales of Charged-Off Accounts to Third-Parties [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss, Recovery | $ 0 | $ 1,100 | $ 0 | $ 5,700 | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||
Retained Earnings (Accumulated Deficit), Total | $ 8,600 | |||||||
Loans and Leases Receivable, Deferred Income | (15,600) | |||||||
Loans Receivable, Fair Value Disclosure | 315,000 | |||||||
Loans and Leases Receivable, Gross | (375,700) | |||||||
Loans and Leases Receivable, Allowance | (55,600) | |||||||
Accounts Payable and Accrued Liabilities, Total | (600) | |||||||
Deferred Income Tax Liabilities, Net | $ 2,500 |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Summary of Allowance for Uncollectible Loans and Fees Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Balance at beginning of period | $ (1,600) | $ (95,200) | $ (57,200) | $ (125,000) | |
Provision for loan losses | (381) | (9,238) | (710) | (24,469) | |
Charge-offs | 600 | 27,400 | 1,400 | 82,100 | |
Recoveries | (400) | (3,000) | (900) | (12,600) | |
Balance at end of period | (1,800) | (80,000) | (1,800) | (80,000) | |
Balance at end of period individually evaluated for impairment | 0 | 0 | $ (100) | ||
Balance at end of period collectively evaluated for impairment | (1,800) | (1,800) | (57,100) | ||
Loans, interest and fees receivable, gross | 107,410 | 107,410 | 470,293 | ||
Loans, interest and fees receivable individually evaluated for impairment | 0 | 0 | 400 | ||
Loans, interest and fees receivable collectively evaluated for impairment | 107,400 | 107,400 | 469,900 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of Fair Value Under the CECL Standard [Member] | |||||
Balance at beginning of period | 55,800 | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of the CECL Standard [Member] | |||||
Balance at beginning of period | (200) | ||||
Credit Card Receivable [Member] | |||||
Balance at beginning of period | 0 | (68,000) | (43,400) | (88,200) | |
Provision for loan losses | 0 | (9,500) | 0 | (24,800) | |
Charge-offs | 0 | 20,100 | 0 | 60,300 | |
Recoveries | 0 | (1,600) | 0 | (6,300) | |
Balance at end of period | 0 | (59,000) | 0 | (59,000) | |
Balance at end of period individually evaluated for impairment | 0 | 0 | 0 | ||
Balance at end of period collectively evaluated for impairment | 0 | 0 | (43,400) | ||
Loans, interest and fees receivable, gross | 0 | 0 | 259,500 | ||
Loans, interest and fees receivable individually evaluated for impairment | 0 | 0 | 0 | ||
Loans, interest and fees receivable collectively evaluated for impairment | 0 | 0 | 259,500 | ||
Credit Card Receivable [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of Fair Value Under the CECL Standard [Member] | |||||
Balance at beginning of period | 43,400 | ||||
Credit Card Receivable [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of the CECL Standard [Member] | |||||
Balance at beginning of period | 0 | ||||
Automobile Loan [Member] | |||||
Balance at beginning of period | (1,600) | (1,400) | (1,400) | (1,700) | |
Provision for loan losses | (400) | (100) | (700) | 0 | |
Charge-offs | 600 | 300 | 1,400 | 1,100 | |
Recoveries | (400) | (200) | (900) | (800) | |
Balance at end of period | (1,800) | (1,400) | (1,800) | (1,400) | |
Balance at end of period individually evaluated for impairment | 0 | 0 | (100) | ||
Balance at end of period collectively evaluated for impairment | (1,800) | (1,800) | (1,300) | ||
Loans, interest and fees receivable, gross | 107,400 | 107,400 | 94,600 | ||
Loans, interest and fees receivable individually evaluated for impairment | 0 | 0 | 400 | ||
Loans, interest and fees receivable collectively evaluated for impairment | 107,400 | 107,400 | 94,200 | ||
Automobile Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of Fair Value Under the CECL Standard [Member] | |||||
Balance at beginning of period | 0 | ||||
Automobile Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of the CECL Standard [Member] | |||||
Balance at beginning of period | (200) | ||||
Other Unsecured Lending Products [Member] | |||||
Balance at beginning of period | 0 | (25,800) | (12,400) | (35,100) | |
Provision for loan losses | 0 | 400 | 0 | 300 | |
Charge-offs | 0 | 7,000 | 0 | 20,700 | |
Recoveries | 0 | (1,200) | 0 | (5,500) | |
Balance at end of period | 0 | $ (19,600) | 0 | $ (19,600) | |
Balance at end of period individually evaluated for impairment | 0 | 0 | 0 | ||
Balance at end of period collectively evaluated for impairment | 0 | 0 | (12,400) | ||
Loans, interest and fees receivable, gross | 0 | 0 | 116,200 | ||
Loans, interest and fees receivable individually evaluated for impairment | 0 | 0 | 0 | ||
Loans, interest and fees receivable collectively evaluated for impairment | $ 0 | 0 | $ 116,200 | ||
Other Unsecured Lending Products [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of Fair Value Under the CECL Standard [Member] | |||||
Balance at beginning of period | 12,400 | ||||
Other Unsecured Lending Products [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of the CECL Standard [Member] | |||||
Balance at beginning of period | $ 0 |
Note 2 - Significant Accounti_5
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Summary of Aging of Delinquent Loans and Fees Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Total loans, interest and fees receivable, gross | $ 107,410 | $ 470,293 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 1,500 | |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 7,200 | 17,800 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 2,600 | 12,100 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 1,800 | 26,700 |
Financial Asset, Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 11,600 | 56,600 |
Financial Asset, Not Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 95,800 | 413,700 |
Credit Card Receivable [Member] | ||
Total loans, interest and fees receivable, gross | 0 | 259,500 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 0 | 0 |
Credit Card Receivable [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 0 | 7,300 |
Credit Card Receivable [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 0 | 6,900 |
Credit Card Receivable [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 0 | 17,900 |
Credit Card Receivable [Member] | Financial Asset, Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 0 | 32,100 |
Credit Card Receivable [Member] | Financial Asset, Not Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 0 | 227,400 |
Automobile Loan [Member] | ||
Total loans, interest and fees receivable, gross | 107,400 | 94,600 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 1,500 | |
Automobile Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 7,200 | 7,200 |
Automobile Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 2,600 | 2,600 |
Automobile Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 1,800 | 2,000 |
Automobile Loan [Member] | Financial Asset, Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 11,600 | 11,800 |
Automobile Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 95,800 | 82,800 |
Other Unsecured Lending Products [Member] | ||
Total loans, interest and fees receivable, gross | 0 | 116,200 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 0 | 0 |
Other Unsecured Lending Products [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 0 | 3,300 |
Other Unsecured Lending Products [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 0 | 2,600 |
Other Unsecured Lending Products [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 0 | 6,800 |
Other Unsecured Lending Products [Member] | Financial Asset, Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 0 | 12,700 |
Other Unsecured Lending Products [Member] | Financial Asset, Not Past Due [Member] | ||
Total loans, interest and fees receivable, gross | $ 0 | $ 103,500 |
Note 2 - Significant Accounti_6
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Summary of Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | ||
Point-of-Sale [Member] | ||||
Number of TDRs | 22,401 | 14,919 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 28,165 | $ 17,152 | ||
Carrying value of TDRs (in thousands) | $ 15,088 | 11,173 | ||
Number of accounts | 5,738 | 2,502 | ||
Loan balance at time of charge off (in thousands) | $ 9,043 | $ 3,420 | ||
Point-of-Sale [Member] | Performing Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | 11,536 | 8,797 | |
Point-of-Sale [Member] | Nonperforming Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | $ 3,552 | $ 2,376 | |
Point-of-Sale [Member] | Extended Maturity [Member] | ||||
Number of TDRs | 1,342 | 812 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 2,584 | $ 1,205 | ||
Direct-to-Consumer [Member] | ||||
Number of TDRs | 84,339 | 39,322 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 58,723 | $ 25,154 | ||
Carrying value of TDRs (in thousands) | $ 23,233 | 15,502 | ||
Number of accounts | 20,656 | 5,624 | ||
Loan balance at time of charge off (in thousands) | $ 16,490 | $ 4,489 | ||
Direct-to-Consumer [Member] | Performing Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | 18,667 | 13,387 | |
Direct-to-Consumer [Member] | Nonperforming Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | $ 4,566 | $ 2,115 | |
Direct-to-Consumer [Member] | Extended Maturity [Member] | ||||
Number of TDRs | 3,572 | 2,035 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 3,102 | $ 1,553 | ||
[1]TDRs - Performing” include accounts that are current on all amounts owed, while “TDRs - Nonperforming” include all accounts with past due amounts owed |
Note 2 - Significant Accounti_7
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Components of Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Revenue from contracts with customers | $ 11,340 | $ 8,655 | $ 34,016 | $ 20,546 | |
Credit and Debit Card [Member] | |||||
Revenue from contracts with customers | [1] | 6,194 | 5,276 | 19,273 | 12,167 |
Servicing Income [Member] | |||||
Revenue from contracts with customers | 1,094 | 854 | 3,205 | 2,215 | |
Service Charges and Other Customer Related Fees [Member] | |||||
Revenue from contracts with customers | 4,052 | 2,525 | 11,538 | 6,164 | |
Credit and Other Investments [Member] | |||||
Revenue from contracts with customers | 11,103 | 8,315 | 33,270 | 19,552 | |
Credit and Other Investments [Member] | Credit and Debit Card [Member] | |||||
Revenue from contracts with customers | [1] | 6,194 | 5,276 | 19,273 | 12,167 |
Credit and Other Investments [Member] | Servicing Income [Member] | |||||
Revenue from contracts with customers | 879 | 529 | 2,513 | 1,266 | |
Credit and Other Investments [Member] | Service Charges and Other Customer Related Fees [Member] | |||||
Revenue from contracts with customers | 4,030 | 2,510 | 11,484 | 6,119 | |
Auto Finance [Member] | |||||
Revenue from contracts with customers | 237 | 340 | 746 | 994 | |
Auto Finance [Member] | Credit and Debit Card [Member] | |||||
Revenue from contracts with customers | [1] | 0 | 0 | 0 | 0 |
Auto Finance [Member] | Servicing Income [Member] | |||||
Revenue from contracts with customers | 215 | 325 | 692 | 949 | |
Auto Finance [Member] | Service Charges and Other Customer Related Fees [Member] | |||||
Revenue from contracts with customers | $ 22 | $ 15 | $ 54 | $ 45 | |
[1]Interchange revenue is presented net of customer reward expense. |
Note 3 - Segment Reporting (Det
Note 3 - Segment Reporting (Details Textual) | 9 Months Ended |
Sep. 30, 2022 | |
Number of Reportable Segments | 2 |
Note 3 - Segment Reporting - Su
Note 3 - Segment Reporting - Summary of Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Consumer loans, including past due fees | $ 218,016 | $ 141,177 | $ 574,369 | $ 366,127 | |
Fees and related income on earning assets | 48,518 | 54,085 | 169,055 | 140,658 | |
Other revenue | 11,340 | 8,655 | 34,016 | 20,546 | |
Other non-operating revenue | 80 | 32 | 380 | 3,458 | |
Total revenue | 277,954 | 203,949 | 777,820 | 530,789 | |
Interest expense | (21,514) | (12,370) | (57,849) | (38,458) | |
Provision for losses on loans, interest and fees receivable recorded at net realizable value | (381) | (9,238) | (710) | (24,469) | |
Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | (163,624) | (58,727) | (414,863) | (144,981) | |
Net margin | 92,435 | 123,614 | 304,398 | 322,881 | |
Income before income taxes | 39,316 | 57,878 | 119,490 | 156,618 | |
Income tax expense | (6,946) | (10,781) | (8,568) | (28,668) | |
Total assets | 2,252,331 | 1,482,944 | 2,252,331 | 1,482,944 | $ 1,943,863 |
Credit and Other Investments [Member] | |||||
Consumer loans, including past due fees | 208,881 | 132,747 | 548,174 | 341,113 | |
Fees and related income on earning assets | 48,493 | 54,065 | 168,992 | 140,603 | |
Other revenue | 11,103 | 8,315 | 33,270 | 19,552 | |
Other non-operating revenue | 58 | 0 | 321 | 3,404 | |
Total revenue | 268,535 | 195,127 | 750,757 | 504,672 | |
Interest expense | (20,898) | (12,109) | (56,613) | (37,668) | |
Provision for losses on loans, interest and fees receivable recorded at net realizable value | 0 | (9,192) | 0 | (24,495) | |
Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | (163,624) | (58,727) | (414,863) | (144,981) | |
Net margin | 84,013 | 115,099 | 279,281 | 297,528 | |
Income before income taxes | 36,163 | 55,134 | 119,740 | 148,410 | |
Income tax expense | (6,055) | (10,117) | (8,637) | (26,670) | |
Total assets | 2,158,183 | 1,400,701 | 2,158,183 | 1,400,701 | |
Auto Finance [Member] | |||||
Consumer loans, including past due fees | 9,135 | 8,430 | 26,195 | 25,014 | |
Fees and related income on earning assets | 25 | 20 | 63 | 55 | |
Other revenue | 237 | 340 | 746 | 994 | |
Other non-operating revenue | 22 | 32 | 59 | 54 | |
Total revenue | 9,419 | 8,822 | 27,063 | 26,117 | |
Interest expense | (616) | (261) | (1,236) | (790) | |
Provision for losses on loans, interest and fees receivable recorded at net realizable value | (381) | (46) | (710) | 26 | |
Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | 0 | 0 | 0 | 0 | |
Net margin | 8,422 | 8,515 | 25,117 | 25,353 | |
Income before income taxes | 3,153 | 2,744 | (250) | 8,208 | |
Income tax expense | (891) | (664) | 69 | (1,998) | |
Total assets | $ 94,148 | $ 82,243 | $ 94,148 | $ 82,243 |
Note 4 - Shareholders' Equity_2
Note 4 - Shareholders' Equity and Preferred Stock (Details Textual) - USD ($) | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Jul. 31, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Aug. 10, 2022 | |
Stock Repurchased and Retired During Period, Shares (in shares) | 109,312 | 127,987 | ||||||||
Stock Repurchased and Retired During Period, Value | $ 10,951,000 | $ 12,861,000 | $ 65,214,000 | $ 5,193,000 | $ 304,000 | $ 297,000 | $ 5,794,000 | |||
At Market Issuance Sales Agreement [Member] | ||||||||||
Stock Sales Agreement, Maximum Amount | $ 100,000,000 | |||||||||
Common Shares [Member] | ||||||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 313,893 | 1,674,141 | ||||||||
Stock Repurchased and Retired During Period, Value | $ 10,863,000 | $ 88,938,000 | ||||||||
Series B Preferred Stock [Member] | ||||||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 3,500 | 3,500 | ||||||||
Stock Repurchased and Retired During Period, Value | $ 70,000 | $ 70,000 | ||||||||
Series B Preferred Stock [Member] | Public Offering [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 3,188,533 | 8,229 | ||||||||
Preferred Stock, Dividend Rate, Percentage | 7.625% | |||||||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 25 | |||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 76,500,000 | $ 200,000 | ||||||||
Preferred Stock, Dividends Per Share, Declared (in dollars per share) | $ 1.90625 |
Note 5 - Redeemable Preferred_2
Note 5 - Redeemable Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | |||||
Dec. 27, 2019 | Mar. 31, 2020 | Sep. 30, 2022 | Dec. 31, 2021 | Nov. 14, 2019 | Nov. 26, 2014 | |
Class B Preferred Units [Member] | ||||||
Preferred Units, Issued (in shares) | 50,500,000 | |||||
Preferred Unit Purchase Price (in dollars per share) | $ 1 | |||||
Preferred Units Issued, Percentage of Preferred Return | 16% | |||||
Preferred Units Issued, Maximum Percentage Points of Preferred Return in Form of Issuance of Additional Units or Cash | 6% | |||||
Additional Preferred Units Issued (in shares) | 50,000,000 | |||||
Series A Preferred Stock [Member] | ||||||
Temporary Equity, Shares Issued (in shares) | 400,000 | 400,000 | 400,000 | |||
Temporary Equity, Liquidation Preference | $ 40 | $ 40 | $ 40 | |||
Preferred Stock, Dividend Rate, Percentage | 6% | |||||
Temporary Equity, Redemption Price Per Share (in dollars per share) | $ 100 | |||||
Temporary Equity, Conversion Price Per Share (in dollars per share) | $ 10 | |||||
Dove Ventures, LLC [Member] | Senior Secured Term Loan Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40 | |||||
Extinguishment of Debt, Amount | $ 40 |
Note 6 - Investment in Equity_3
Note 6 - Investment in Equity-method Investee (Details Textual) | Sep. 30, 2022 |
Equity Method Investment to Acquire Portfolio of Credit Card Receivables [Member] | |
Equity Method Investment, Ownership Percentage | 66.70% |
Note 6 - Investment in Equity_4
Note 6 - Investment in Equity-method Investee - Summary of Equity-method Investee (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net margin | $ 277,954 | $ 203,949 | $ 777,820 | $ 530,789 |
Net income | $ 32,370 | 47,097 | 110,922 | 127,950 |
Net income attributable to our equity investment investee | 8 | $ 0 | 16 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Net margin | 33 | 94 | ||
Net income | $ 11 | $ 23 |
Note 7 - Fair Values of Asset_3
Note 7 - Fair Values of Assets and Liabilities - Summary of Fair Value Hierarchy for Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Loans, interest and fees receivable, at fair value | $ 1,728,091 | $ 1,026,424 | |
Fair Value, Recurring [Member] | |||
Loans, interest and fees receivable, net for which it is practicable to estimate fair value | [1] | 89,084 | 383,811 |
Loans, interest and fees receivable, at fair value | [1] | 1,728,091 | 1,026,424 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Loans, interest and fees receivable, net for which it is practicable to estimate fair value | [1] | 0 | 0 |
Loans, interest and fees receivable, at fair value | [1] | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Loans, interest and fees receivable, net for which it is practicable to estimate fair value | [1] | 0 | 0 |
Loans, interest and fees receivable, at fair value | [1] | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Loans, interest and fees receivable, net for which it is practicable to estimate fair value | [1] | 97,303 | 402,380 |
Loans, interest and fees receivable, at fair value | [1] | $ 1,728,091 | $ 1,026,424 |
[1]For cash, deposits and investments in equity securities, the carrying amount is a reasonable estimate of fair value. |
Note 7 - Fair Values of Asset_4
Note 7 - Fair Values of Assets and Liabilities - Reconciliation of Level 3 Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Balance | $ 1,026,424 | $ 417,098 |
Net revaluations of loans, interest and fees receivable, at fair value, included in earnings | (52,687) | (83,052) |
Principal charge-offs, net of recoveries, included in earnings | (243,186) | (45,679) |
Finance and fees, included in earnings | 642,181 | 234,430 |
Finance charge-offs, included in earnings | (118,990) | (16,948) |
Purchases | 1,890,558 | 1,137,207 |
Settlements | (1,731,194) | (796,896) |
Balance | 1,728,091 | 846,160 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | $ 314,985 | $ 0 |
Note 7 - Fair Values of Asset_5
Note 7 - Fair Values of Assets and Liabilities - Quantitative Information about Level 3 Assets and Liabilities Fair Value Measurements (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Loans, interest and fees receivable, at fair value | $ 1,728,091 | $ 1,026,424 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | ||
Loans, interest and fees receivable, at fair value | $ 1,728,091 | $ 1,026,424 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.254 | 0.278 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.377 | 0.469 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.329 | 0.409 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.053 | 0.054 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.124 | 0.129 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.11 | 0.106 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.061 | 0.078 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.325 | 0.264 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.323 | 0.235 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.034 | 0.034 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.071 | 0.057 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.038 | 0.046 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.099 | 0.123 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.105 | 0.135 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.103 | 0.129 |
Note 7 - Fair Values of Asset_6
Note 7 - Fair Values of Assets and Liabilities - Summary of Fair Value Hierarchy for Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Revolving credit facilities | $ 1,520,875 | $ 1,255,518 |
Amortizing debt facilities | 23,233 | 23,346 |
Senior notes, net | 144,027 | 142,951 |
Senior notes, net | 144,027 | 142,951 |
Fair Value, Inputs, Level 1 [Member] | ||
Revolving credit facilities | 0 | 0 |
Amortizing debt facilities | 0 | 0 |
Senior notes, net | 131,460 | 153,000 |
Senior notes, net | 131,460 | 153,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Revolving credit facilities | 0 | 0 |
Amortizing debt facilities | 0 | 0 |
Senior notes, net | 0 | 0 |
Senior notes, net | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Revolving credit facilities | 1,520,875 | 1,255,518 |
Amortizing debt facilities | 23,233 | 23,346 |
Senior notes, net | 0 | 0 |
Senior notes, net | $ 0 | $ 0 |
Note 7 - Fair Values of Asset_7
Note 7 - Fair Values of Assets and Liabilities - Reconciliation of Level 3 Liabilities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021 USD ($) | |
Balance | $ 2,919 |
Net revaluations of notes payable associated with structured financings, at fair value, included in earnings | (698) |
Balance | $ 2,221 |
Note 7 - Fair Values of Asset_8
Note 7 - Fair Values of Assets and Liabilities - Summary of Other Relevant Data (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loans, interest and fees receivable, at fair value | $ 1,728,091 | $ 1,026,424 |
Loans and Fees Receivable at Fair Value [Member] | ||
Aggregate unpaid gross balance of loans, interest and fees receivable that are reported at fair value | 870 | 1,249 |
Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value | 840 | 1,204 |
Loans, interest and fees receivable, at fair value | 878 | 1,215 |
Aggregate fair value of receivables carried at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) | 7 | 8 |
Unpaid principal balance of receivables within loans, interest and fees receivable that are reported at fair value and are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) over the fair value of such loans, interest and fees receivable | 7 | 13 |
Loans and Fees Receivable Pledged as Collateral, Fair Value [Member] | ||
Aggregate unpaid gross balance of loans, interest and fees receivable that are reported at fair value | 2,049,484 | 1,234,039 |
Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value | 1,852,196 | 1,131,895 |
Loans, interest and fees receivable, at fair value | 1,727,213 | 1,025,209 |
Aggregate fair value of receivables carried at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) | 6,431 | 4,640 |
Unpaid principal balance of receivables within loans, interest and fees receivable that are reported at fair value and are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) over the fair value of such loans, interest and fees receivable | $ 132,877 | $ 59,656 |
Note 8 - Variable Interest En_3
Note 8 - Variable Interest Entities - Summary of Variable Interest Entities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Unrestricted cash and cash equivalents | $ 352,908 | $ 409,660 | |
Restricted cash and cash equivalents | 33,783 | 96,968 | |
Loans, interest and fees receivable, at fair value | 1,728,091 | 1,026,424 | |
Total loans, interest and fees receivable, gross | 107,410 | 470,293 | |
Allowances for uncollectible loans, interest and fees receivable | (1,766) | (57,201) | |
Deferred revenue | (16,560) | (29,281) | |
Total Assets held by VIEs | 2,252,331 | 1,943,863 | $ 1,482,944 |
Notes Payable, net held by VIEs | 1,544,108 | 1,278,864 | |
Maximum exposure to loss due to involvement with VIEs | 1,614,400 | 1,289,100 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Unrestricted cash and cash equivalents | 186,600 | 209,500 | |
Restricted cash and cash equivalents | 15,800 | 75,900 | |
Loans, interest and fees receivable, at fair value | 1,618,200 | 925,500 | |
Total loans, interest and fees receivable, gross | 0 | 369,600 | |
Allowances for uncollectible loans, interest and fees receivable | 0 | (55,100) | |
Deferred revenue | 0 | (8,200) | |
Total Assets held by VIEs | 1,820,600 | 1,517,200 | |
Notes Payable, net held by VIEs | $ 1,473,000 | $ 1,223,400 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Aug. 31, 2021 USD ($) ft² | |
Operating Leases, Options to Extend for Additional Periods, Revolving Periods (Year) | 1 year | |
Operating Lease in Atlanta, Georgia [Member] | ||
Area of Real Estate Property (Square Foot) | ft² | 73,000 | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Month) | 146 months | |
Lessee, Operating Lease, Lease Not yet Commenced, Commitment | $ | $ 27.8 | |
Minimum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 12 years |
Note 9 - Leases - Lease Cost (D
Note 9 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating lease cost, gross | $ 672 | $ 1,740 | $ 3,769 | $ 5,187 |
Sublease income | (33) | (1,292) | (2,142) | (3,876) |
Net Operating lease cost | 639 | 448 | 1,627 | 1,311 |
Cash paid under operating leases, gross | $ 210 | $ 2,635 | $ 3,845 | $ 7,837 |
Weighted average remaining lease term - months (Month) | 136 months | 136 months | ||
Weighted average discount rate | 6.50% | 6.50% |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
2022 (excluding the three months ended March 31, 2022), gross | $ 184 | |
2022 (excluding the three months ended March 31, 2022), payments received from sublease | (24) | |
2022 (excluding the three months ended March 31, 2022), net lease payment | 160 | |
2023, gross | 1,622 | |
2023, payments received from sublease | (39) | |
2023, net lease payment | 1,583 | |
2024, gross | 2,777 | |
2024, payments received from sublease | 0 | |
2024, net lease payment | 2,777 | |
2025, gross | 2,629 | |
2025, payments received from sublease | 0 | |
2025, net lease payment | 2,629 | |
2026, gross | 2,489 | |
2026, payments received from sublease | 0 | |
2026, net lease payment | 2,489 | |
Thereafter, gross | 19,805 | |
Thereafter, payments received from sublease | 0 | |
Thereafter, net lease payment | 19,805 | |
Gross, gross | 29,506 | |
Sublease income, payments received from sublease | (63) | |
Lease payments, net lease payment | 29,443 | |
Less imputed interest, gross | (9,547) | |
Total, net | $ 19,959 | $ 4,842 |
Note 10 - Notes Payable (Detail
Note 10 - Notes Payable (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||
Sep. 30, 2022 | Aug. 31, 2022 | May 31, 2022 | Nov. 30, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Nov. 30, 2019 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Jan. 31, 2021 | Aug. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2015 | |
Long-Term Line of Credit, Total | $ 1,520,875 | $ 1,520,875 | $ 1,520,875 | $ 1,255,518 | |||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 100,000 | $ 300,000 | $ 300,000 | $ 250,000 | $ 100,000 | $ 200,000 | |||||||||||||
Asset Backed Securities, Term of Revolving Structure (Year) | 3 years | 3 years | 24 months | 4 years | 41 months | 3 years | 3 years | ||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 18 months | 18 months | 18 months | 18 months | |||||||||||||||
Asset Backed Securities, Weighted Average Interest Rate | 7.30% | 3.53% | 4.24% | 4.10% | 5.47% | 4.91% | 7.30% | 7.30% | |||||||||||
Term Facility [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | ||||||||||||||||||
Long-Term Line of Credit, Total | $ 25,000 | $ 25,000 | $ 25,000 | ||||||||||||||||
Second Term Facility [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | ||||||||||||||||||
Long-Term Line of Credit, Total | $ 0 | 0 | 0 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | ||||||||||||||||||
Term Note [Member] | |||||||||||||||||||
Long-term Debt, Total | $ 17,400 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | ||||||||||||||||||
Senior Notes [Member] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.125% | ||||||||||||||||||
Debt Instrument, Face Amount | $ 150,000 | ||||||||||||||||||
Amortization of Debt Issuance Costs | $ 400 | $ 1,100 | |||||||||||||||||
Minimum [Member] | |||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 11 months | 12 months | |||||||||||||||||
Minimum [Member] | Term Facility [Member] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4% | 4% | 4% | ||||||||||||||||
Maximum [Member] | |||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 18 months | 18 months | |||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | ||||||||||||||||||
Long-Term Line of Credit, Total | $ 0 | $ 0 | $ 0 | ||||||||||||||||
Secured by the Financial and Operating Assets of CAR [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 55,000 | 55,000 | 55,000 | ||||||||||||||||
Long-Term Line of Credit, Total | 47,800 | 47,800 | 47,800 | ||||||||||||||||
Additional Trust Funding Notes Facilities [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | 100,000 | 100,000 | $ 100,000 | |||||||||||||||
Long-Term Line of Credit, Total | 30,000 | 30,000 | 30,000 | ||||||||||||||||
December 2017 Revolving Credit Facility [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | ||||||||||||||||||
Long-Term Line of Credit, Total | 7,600 | 7,600 | 7,600 | ||||||||||||||||
June 2019 Revolving Credit Facility [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | ||||||||||||||||||
Long-Term Line of Credit, Total | 14,900 | 14,900 | 14,900 | ||||||||||||||||
May 2022 Revolving Credit Facility [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | ||||||||||||||||||
Long-Term Line of Credit, Total | $ 150,000 | ||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure (Year) | 5 years | ||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 18 months | ||||||||||||||||||
Asset Backed Securities, Weighted Average Interest Rate | 6.33% | ||||||||||||||||||
August 2022 Revolving Credit Facility [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | ||||||||||||||||||
Long-Term Line of Credit, Total | $ 10,000 | $ 10,000 | $ 10,000 | ||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||
Debt Instrument, Variable Rate | 3.14% | 3.14% | 3.14% | ||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3% | ||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Secured by the Financial and Operating Assets of CAR [Member] | Minimum [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.40% | ||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Secured by the Financial and Operating Assets of CAR [Member] | Maximum [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3% | ||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | December 2017 Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||||||||||||||
Prime Rate [Member] | |||||||||||||||||||
Debt Instrument, Variable Rate | 6.25% | 6.25% | 6.25% | ||||||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Additional Trust Funding Notes Facilities [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.10% | ||||||||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | August 2022 Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% |
Note 10 - Notes Payable - Sched
Note 10 - Notes Payable - Schedule of Notes Payable at Face Value and Notes Payable to Related Parties (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | ||
Revolving credit facilities | $ 1,520,875 | $ 1,255,518 | ||
Amortizing debt facilities | 23,233 | 23,346 | ||
Total notes payable before unamortized debt issuance costs and discounts | 1,558,500 | [1] | 1,289,000 | |
Unamortized debt issuance costs and discounts | (14,400) | [1] | (10,100) | |
Total notes payable outstanding, net | 1,544,100 | [1] | 1,278,900 | |
Other Secured Debt [Member] | ||||
Amortizing debt facilities | 5,800 | [1] | 5,900 | |
Phoenix [Member] | ||||
Unsecured term debt (expiring August 26, 2024) with a weighted average interest rate equal to 8.0% (3) | [2] | 17,400 | [1] | 17,400 |
Revolving Credit Facility Expiring November 1, 2024 [Member] | ||||
Revolving credit facilities | [2],[3],[4] | 47,800 | [1] | 32,100 |
Revolving Credit Facility Expiring October 30, 2023 [Member] | ||||
Revolving credit facilities | [2],[4],[5],[6] | 0 | [1] | 48,700 |
Revolving Credit Facility Expiring July 15, 2023 [Member] | ||||
Revolving credit facilities | [2],[4],[5],[6] | 14,900 | [1] | 5,700 |
Revolving Credit Facility Expiring March 15, 2024 [Member] | ||||
Revolving credit facilities | [2],[4],[5],[6],[7] | 30,000 | [1] | 0 |
Revolving Credit Facility Expiring May 15, 2024 [Member] | ||||
Revolving credit facilities | [2],[5],[6],[7] | 200,000 | [1] | 200,000 |
Revolving Credit Facility Expiring April 21, 2023 [Member] | ||||
Revolving credit facilities | [2],[4],[5],[6] | 7,600 | [1] | 19,200 |
Revolving Credit Facility Expiring January 15, 2025 [Member] | ||||
Revolving credit facilities | [2],[5],[6],[7] | 100,000 | [1] | 100,000 |
Revolving Credit Facility Expiring October 15, 2025 [Member] | ||||
Revolving credit facilities | [2],[5],[6],[7] | 250,000 | [1] | 250,000 |
Revolving Credit Facility Expiring June 16, 2025 [Member] | ||||
Revolving credit facilities | [2],[5],[6] | 25,000 | [1] | 10,000 |
Revolving Credit Facility Expiring December 15, 2026 [Member] | ||||
Revolving credit facilities | [2],[5],[6],[7] | 300,000 | [1] | 300,000 |
Revolving Credit Facility Expiring March 15, 2025 [Member] | ||||
Revolving credit facilities | [2],[5],[6],[7] | 0 | [1] | 0 |
Revolving Credit Facility Expiring May 15, 2026 [Member] | ||||
Revolving credit facilities | [2],[5],[6],[7] | 300,000 | [1] | 300,000 |
Revolving Credit Facility Expiring May 15, 2030 [Member] | ||||
Revolving credit facilities | [2],[5],[6],[7] | 150,000 | [1] | 0 |
Revolving Credit Facility Expiring August 25, 2024 [Member] | ||||
Revolving credit facilities | [2],[5],[6],[7] | 10,000 | [1] | 0 |
Revolving Credit Facility Expiring March 15, 2028 [Member] | ||||
Revolving credit facilities | [2],[5],[6],[7] | $ 100,000 | [1] | $ 0 |
[1]As of September 30, 2022, the LIBOR rate was 3.14% and the prime rate was 6.25%.[2]See below for additional information.[3]Loan is subject to certain affirmative covenants, including a coverage ratio, a leverage ratio and a collateral performance test, the failure of which could result in required early repayment of all or a portion of the outstanding balance by our CAR Auto Finance operations.[4]These notes reflect modifications to either extend the maturity date, increase the loan amount or both, and are treated as accounting modifications.[5]Loans are associated with VIEs. See Note 8, "Variable Interest Entities" for more information.[6]Loans are subject to certain affirmative covenants tied to default rates and other performance metrics the failure of which could result in required early repayment of the remaining unamortized balances of the notes.[7]Creditors do not have recourse against the general assets of the Company but only to the collateral within the VIEs. |
Note 10 - Notes Payable - Sch_2
Note 10 - Notes Payable - Schedule of Notes Payable at Face Value and Notes Payable to Related Parties (Details) (Parentheticals) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | [1] | Dec. 31, 2021 | Oct. 31, 2015 | ||
Phoenix [Member] | |||||
Interest rate | [2] | 8% | 8% | ||
Debt maturity | [2] | Aug. 26, 2024 | Aug. 26, 2024 | ||
Revolving Credit Facility Expiring November 1, 2024 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[3],[4] | $ 55 | $ 55 | ||
Revolving credit facility, expiration date | [2],[3],[4] | Nov. 01, 2024 | Nov. 01, 2024 | ||
Revolving Credit Facility [Member] | |||||
Revolving credit facility, maximum borrowing capacity | $ 50 | ||||
Amount of securing assets | [2],[3],[4] | $ 1,728.1 | $ 1,391.6 | ||
Interest rate | [2],[3],[4] | 4.90% | 4.30% | ||
Revolving Credit Facility Expiring October 30, 2023 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[4],[5],[6] | $ 50 | $ 50 | ||
Revolving credit facility, expiration date | [2],[4],[5],[6] | Oct. 30, 2023 | Oct. 30, 2023 | ||
Revolving Credit Facility Expiring July 15, 2023 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[4],[5],[6] | $ 20 | $ 20 | ||
Revolving credit facility, expiration date | [2],[4],[5],[6] | Jul. 15, 2023 | Jul. 15, 2023 | ||
Revolving Credit Facility Expiring March 15, 2024 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[4],[5],[6],[7] | $ 100 | $ 100 | ||
Revolving credit facility, expiration date | [2],[4],[5],[6],[7] | Mar. 15, 2024 | Mar. 15, 2024 | ||
Revolving Credit Facility Expiring May 15, 2024 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[5],[6],[7] | $ 200 | $ 200 | ||
Revolving credit facility, expiration date | [2],[5],[6],[7] | May 15, 2024 | May 15, 2024 | ||
Revolving Credit Facility Expiring April 21, 2023 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[4],[5],[6] | $ 25 | $ 25 | ||
Revolving credit facility, expiration date | [2],[4],[5],[6] | Apr. 21, 2023 | Apr. 21, 2023 | ||
Revolving Credit Facility Expiring January 15, 2025 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[5],[6],[7] | $ 100 | $ 100 | ||
Revolving credit facility, expiration date | [2],[5],[6],[7] | Jan. 15, 2025 | Jan. 15, 2025 | ||
Revolving Credit Facility Expiring October 15, 2025 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[5],[6],[7] | $ 250 | $ 250 | ||
Revolving credit facility, expiration date | [2],[5],[6],[7] | Oct. 15, 2025 | Oct. 15, 2025 | ||
Revolving Credit Facility Expiring June 16, 2025 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[5],[6] | $ 25 | $ 25 | ||
Revolving credit facility, expiration date | [2],[5],[6] | Jun. 16, 2025 | Jun. 16, 2025 | ||
Revolving Credit Facility Expiring December 15, 2026 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[5],[6],[7] | $ 300 | $ 300 | ||
Revolving credit facility, expiration date | [2],[5],[6],[7] | Dec. 15, 2026 | Dec. 15, 2026 | ||
Revolving Credit Facility Expiring March 15, 2025 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[5],[6],[7] | $ 75 | $ 75 | ||
Revolving credit facility, expiration date | [2],[5],[6],[7] | Mar. 15, 2025 | Mar. 15, 2025 | ||
Revolving Credit Facility Expiring May 15, 2026 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[5],[6],[7] | $ 300 | $ 300 | ||
Revolving credit facility, expiration date | [2],[5],[6],[7] | May 15, 2026 | May 15, 2026 | ||
Revolving Credit Facility Expiring May 15, 2030 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[5],[6],[7] | $ 250 | $ 250 | ||
Revolving credit facility, expiration date | [2],[5],[6],[7] | May 15, 2030 | May 15, 2030 | ||
Revolving Credit Facility Expiring August 25, 2024 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[5],[6],[7] | $ 100 | $ 100 | ||
Revolving credit facility, expiration date | [2],[5],[6],[7] | Aug. 05, 2024 | Aug. 05, 2024 | ||
Revolving Credit Facility Expiring March 15, 2028 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[5],[6],[7] | $ 100 | $ 100 | ||
Revolving credit facility, expiration date | [2],[5],[6],[7] | Mar. 15, 2028 | Mar. 15, 2028 | ||
[1]As of September 30, 2022, the LIBOR rate was 3.14% and the prime rate was 6.25%.[2]See below for additional information.[3]Loan is subject to certain affirmative covenants, including a coverage ratio, a leverage ratio and a collateral performance test, the failure of which could result in required early repayment of all or a portion of the outstanding balance by our CAR Auto Finance operations.[4]These notes reflect modifications to either extend the maturity date, increase the loan amount or both, and are treated as accounting modifications.[5]Loans are associated with VIEs. See Note 8, "Variable Interest Entities" for more information.[6]Loans are subject to certain affirmative covenants tied to default rates and other performance metrics the failure of which could result in required early repayment of the remaining unamortized balances of the notes.[7]Creditors do not have recourse against the general assets of the Company but only to the collateral within the VIEs. |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Assets, Total | $ 2,252,331 | $ 1,943,863 | $ 1,482,944 |
Asset Pledged as Collateral [Member] | Contractual Obligations [Member] | |||
Assets, Total | 17,900 | ||
Unfunded Individual Credit Commitment [Member] | |||
Other Commitment, Total | 2,200,000 | ||
Unfunded Outstanding Floor-Plan Financing Commitment [Member] | |||
Other Commitment, Total | 12,200 | ||
Credit Protection Program [Member] | |||
Loss Contingency, Estimate of Possible Loss | $ 69,800 |
Note 12 - Net Income Attribut_3
Note 12 - Net Income Attributable to Controlling Interests Per Common Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Weighted Average Number of Shares, Unvested Share-based Payment Awards, Basic (in shares) | 146,617 | 278,425 | 133,702 | 376,301 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 100,000 | 0 | 0 | 100,000 |
Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities (in shares) | 0 | 100,000 | ||
Series A Preferred Stock [Member] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock (in shares) | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
Note 12 - Net Income Attribut_4
Note 12 - Net Income Attributable to Controlling Interests Per Common Share - Summary of Earning Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Net income attributable to controlling interests | $ 32,571 | $ 46,974 | $ 111,606 | $ 127,925 | |
Preferred stock and preferred unit dividends and accretion | (6,296) | (6,629) | (18,759) | (16,054) | |
Net income attributable to common shareholders—basic | 26,275 | 40,345 | 92,847 | 111,871 | |
Effect of dilutive preferred stock dividends and accretion | 605 | 605 | 1,795 | 1,795 | |
Net income attributable to common shareholders—diluted | $ 26,880 | $ 40,950 | $ 94,642 | $ 113,666 | |
Basic (including unvested share-based payment awards) (1) (in shares) | [1] | 14,500 | 15,118 | 14,688 | 15,104 |
Effect of dilutive stock compensation arrangements and exchange of preferred stock (in shares) | 4,530 | 5,732 | 4,835 | 5,832 | |
Diluted (including unvested share-based payment awards) (1) (in shares) | [1] | 19,030 | 20,850 | 19,523 | 20,936 |
Net income attributable to common shareholders per common share—basic (in dollars per share) | $ 1.81 | $ 2.67 | $ 6.32 | $ 7.41 | |
Net income attributable to common shareholders per common share—diluted (in dollars per share) | $ 1.41 | $ 1.96 | $ 4.85 | $ 5.43 | |
[1]Shares related to unvested share-based payment awards included in our basic and diluted share counts were 146,617 and 133,702 for the three and nine months ended September 30, 2022, respectively, compared to 278,425 and 376,301 for the three and nine months ended September 30, 2021, respectively |
Note 13 - Stock-based Compens_3
Note 13 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Share-based Compensation, Tax Charges to Additional Paid in Capital From Exercise and Vesting | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Amortization Period (Year) | 1 year 2 months 12 days | ||||
Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 103,957 | 53,584 | |||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount, Total | $ 4,900 | $ 1,700 | |||
Share-Based Payment Arrangement, Expense | $ 1,900 | 900 | |||
Restricted Stock [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 12 months | ||||
Restricted Stock [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 60 months | ||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 3,900 | $ 3,900 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 10 months 24 days | ||||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Payment Arrangement, Expense | 300 | $ 700 | $ 1,300 | 1,400 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fair Value | 0 | $ 2,100 | $ 3,200 | ||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,100 | $ 1,100 | $ 2,400 | ||
Employee Stock Purchase Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 51,727 | 51,727 | |||
The Fourth Amended 2014 Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 2,086,208 | 2,086,208 |
Note 13 - Stock-based Compens_4
Note 13 - Stock-based Compensation - Summary of Outstanding Options (Details) - USD ($) | 9 Months Ended |
Sep. 30, 2022 | |
Outstanding (in shares) | 2,017,969 |
Outstanding, weighted average exercise price (in dollars per share) | $ 6.74 |
Issued (in shares) | 0 |
Issued, weighted average exercise price (in dollars per share) | $ 0 |
Exercised (in shares) | (1,204,404) |
Exercised, weighted average exercise price (in dollars per share) | $ 3.01 |
Expired/Forfeited (in shares) | (4,332) |
Expired/Forfeited, weighted average exercise price (in dollars per share) | $ 15.30 |
Outstanding (in shares) | 809,233 |
Outstanding, weighted average exercise price (in dollars per share) | $ 12.25 |
Outstanding, weighted average remaining contractual life (Year) | 1 year 9 months 18 days |
Outstanding, aggregate intrinsic value | $ 12,801,797 |
Exercisable (in shares) | 639,745 |
Exercisable, weighted average exercise price (in dollars per share) | $ 8.37 |
Exercisable, weighted average remaining contractual life (Year) | 1 year 4 months 24 days |
Exercisable, aggregate intrinsic value | $ 11,924,577 |
Note 14 - ATM Program (Details
Note 14 - ATM Program (Details Textual) - Series B Preferred Stock [Member] - Public Offering [Member] - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended |
Jul. 31, 2021 | Sep. 30, 2022 | |
Stock Issued During Period, Shares, New Issues (in shares) | 3,188,533 | 8,229 |
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 76.5 | $ 0.2 |