Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Atlanticus Holdings Corp | |
Entity Central Index Key | 0001464343 | |
Trading Symbol | atlc | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 15,973,770 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Unrestricted cash and cash equivalents | $ 101,049 | $ 60,968 |
Restricted cash and cash equivalents | 65,184 | 80,786 |
Loans, interest and fees receivable: | ||
Loans, interest and fees receivable, at fair value | 5,394 | 6,306 |
Loans, interest and fees receivable, gross | 562,472 | 541,344 |
Allowances for uncollectible loans, interest and fees receivable | (85,319) | (79,211) |
Deferred revenue | (47,251) | (43,897) |
Net loans, interest and fees receivable | 435,296 | 424,542 |
Property at cost, net of depreciation | 3,385 | 3,625 |
Investments in equity-method investees | 2,260 | 2,476 |
Deposits | 125 | 124 |
Operating lease right-of-use assets | 17,013 | |
Prepaid expenses and other assets | 11,922 | 10,087 |
Total assets | 636,234 | 582,608 |
Liabilities | ||
Accounts payable and accrued expenses | 108,837 | 105,765 |
Total, net | 27,742 | |
Notes payable, at face value | 408,242 | 390,927 |
Notes payable to related parties | 40,000 | 40,000 |
Notes payable associated with structured financings, at fair value (associated with variable interest entities) | 4,776 | 5,651 |
Convertible senior notes | 62,313 | 62,142 |
Income tax liability | 300 | 252 |
Total liabilities | 652,210 | 604,737 |
Commitments and contingencies (Note 10) | ||
Equity | ||
Common stock, no par value, 150,000,000 shares authorized: 15,977,130 shares issued and outstanding (including 1,459,233 loaned shares to be returned) at March 31, 2019; and 15,563,574 shares issued and outstanding (including 1,459,233 loaned shares to be returned) at December 31, 2018 | ||
Paid-in capital | 214,891 | 213,435 |
Accumulated other comprehensive income | 2,045 | 3,558 |
Retained deficit | (232,516) | (238,784) |
Total shareholders’ deficit | (15,580) | (21,791) |
Noncontrolling interests | (396) | (338) |
Total deficit | (15,976) | (22,129) |
Total liabilities and deficit | $ 636,234 | $ 582,608 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Unrestricted cash and cash equivalents | $ 101,049 | $ 60,968 |
Restricted cash and cash equivalents | 65,184 | 80,786 |
Loans, interest and fees receivable, at fair value | 5,394 | 6,306 |
Loans, interest and fees receivable, gross | 562,472 | 541,344 |
Allowances for uncollectible loans, interest and fees receivable | (85,319) | (79,211) |
Deferred revenue | (47,251) | (43,897) |
Notes payable, at face value | $ 408,242 | $ 390,927 |
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) | 15,977,130 | 15,563,574 |
Common stock, outstanding (in shares) | 15,977,130 | 15,563,574 |
Own-share lending arrangement, outstanding (in shares) | 1,459,233 | 1,459,233 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Unrestricted cash and cash equivalents | $ 41,100 | $ 16,800 |
Restricted cash and cash equivalents | 45,700 | 61,000 |
Loans, interest and fees receivable, at fair value | 4,800 | 5,700 |
Loans, interest and fees receivable, gross | 453,100 | 403,400 |
Allowances for uncollectible loans, interest and fees receivable | (76,500) | (57,400) |
Deferred revenue | (16,900) | (13,200) |
Notes payable, at face value | $ 382,400 | $ 366,700 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest income: | ||
Consumer loans, including past due fees | $ 50,390 | $ 35,681 |
Other | 69 | 45 |
Total interest income | 50,459 | 35,726 |
Interest expense | (11,146) | (8,153) |
Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable | 39,313 | 27,573 |
Fees and related income on earning assets | 11,264 | 6,214 |
Net losses upon impairment of loans, interest and fees receivable recorded at fair value | (254) | (1,791) |
Provision for losses on loans, interest and fees receivable recorded at net realizable value | (34,598) | (15,991) |
Net interest income, fees and related income on earning assets | 15,725 | 16,005 |
Other operating income: | ||
Servicing income | 2,060 | 1,148 |
Other income | 16,844 | 516 |
Equity in income of equity-method investees | 227 | 9 |
Total other operating income | 17,757 | 1,157 |
Other operating expense: | ||
Salaries and benefits | 6,591 | 6,298 |
Card and loan servicing | 10,444 | 9,164 |
Marketing and solicitation | 6,387 | 2,346 |
Depreciation | 289 | 229 |
Other | 3,878 | 3,700 |
Total other operating expense | 27,589 | 21,737 |
Income (loss) before income taxes | 5,893 | (4,575) |
Income tax expense | (238) | (144) |
Net income (loss) | 5,655 | (4,719) |
Net loss attributable to noncontrolling interests | 58 | 49 |
Net income (loss) attributable to controlling interests | $ 5,713 | $ (4,670) |
Net income (loss) attributable to controlling interests per common share—basic (in dollars per share) | $ 0.40 | $ (0.34) |
Net income (loss) attributable to controlling interests per common share—diluted (in dollars per share) | $ 0.39 | $ (0.34) |
Servicing Income [Member] | ||
Other operating income: | ||
Servicing income | $ 686 | $ 632 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income (loss) | $ 5,655 | $ (4,719) |
Other comprehensive loss: | ||
Foreign currency translation adjustment | (1,513) | (2,345) |
Reclassifications of foreign currency translation adjustment to Other operating expense on the consolidated statements of operations | ||
Income tax expense related to other comprehensive loss | ||
Comprehensive income (loss) attributable to noncontrolling interests | 4,142 | (7,064) |
Comprehensive loss attributable to noncontrolling interests | 58 | 49 |
Comprehensive income (loss) attributable to controlling interests | $ 4,200 | $ (7,015) |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Deficit (Unaudited) - 3 months ended Mar. 31, 2019 - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 15,563,574 | |||||
Balance at Dec. 31, 2018 | $ 213,435,000 | $ 3,558,000 | $ (238,784,000) | $ (338,000) | $ (22,129,000) | |
Cumulative effects from adoption of new lease standard (Note 2) | 555,000 | $ 555,000 | ||||
Stock option exercises and proceeds related thereto (in shares) | 419,500 | 419,500 | ||||
Stock option exercises and proceeds related thereto | 1,065,000 | $ 1,065,000 | ||||
Deferred stock-based compensation costs | 412,000 | $ 412,000 | ||||
Redemption and retirement of shares (in shares) | (5,944) | (5,944) | ||||
Redemption and retirement of shares | (21,000) | $ (21,000) | ||||
Comprehensive income | (1,513,000) | 5,713,000 | (58,000) | 4,142,000 | ||
Balance (in shares) at Mar. 31, 2019 | 15,977,130 | |||||
Balance at Mar. 31, 2019 | $ 214,891,000 | $ 2,045,000 | $ (232,516,000) | $ (396,000) | $ (15,976,000) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities | ||
Net income (loss) | $ 5,655 | $ (4,719) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation, amortization and accretion, net | 1,769 | 229 |
Losses upon impairment of loans, interest and fees receivable recorded at fair value | 254 | 1,791 |
Provision for losses on loans, interest and fees receivable | 34,598 | 15,991 |
Interest expense from accretion of discount on notes | 233 | 216 |
Income from accretion of discount associated with receivables purchases | (21,862) | (18,020) |
Unrealized gain on loans, interest and fees receivable and underlying notes payable held at fair value | (874) | (1,313) |
Amortization of deferred loan costs | 696 | 390 |
Income from equity-method investments | (227) | (9) |
Deferred stock-based compensation costs | 412 | 254 |
Lease liability payments | (2,492) | (2,523) |
Changes in assets and liabilities: | ||
Increase in uncollected fees on earning assets | (165) | (802) |
Increase in income tax liability | 48 | 333 |
Increase in deposits | (1) | (20) |
Increase (decrease) in accounts payable and accrued expenses | 13,710 | (1,800) |
Other | (1,769) | (235) |
Net cash provided by (used in) operating activities | 29,985 | (10,237) |
Investing activities | ||
Proceeds from equity-method investees | 443 | 692 |
Investments in earning assets | (164,935) | (125,768) |
Proceeds from earning assets | 141,354 | 116,164 |
Purchases and development of property, net of disposals | (48) | (21) |
Net cash used in investing activities | (23,186) | (8,933) |
Financing activities | ||
Proceeds from exercise of stock options | 1,065 | |
Purchase and retirement of outstanding stock | (21) | (14) |
Proceeds from borrowings | 89,661 | 89,538 |
Repayment of borrowings | (73,105) | (73,996) |
Net cash provided by financing activities | 17,600 | 15,528 |
Effect of exchange rate changes on cash | 80 | (362) |
Net increase (decrease) in cash and cash equivalents | 24,479 | (4,004) |
Cash and cash equivalents and restricted cash at beginning of period | 141,754 | 70,658 |
Cash and cash equivalents and restricted cash at end of period | 166,233 | 66,654 |
Supplemental cash flow information | ||
Cash paid for interest | 3,894 | 8,718 |
Net cash income tax payments (refunds) | $ 190 | $ (189) |
Note 1 - Description of Our Bus
Note 1 - Description of Our Business | 3 Months Ended |
Mar. 31, 2019 | |
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 primarily focused on providing 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 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 two 3, Within our Credit and Other Investments segment, we facilitate consumer finance programs offered by our bank partners to originate consumer loans through multiple channels, including retail point-of-sale, direct mail solicitation, digital marketing and through partner relationships. In the retail credit (the “point-of-sale” operations) channel, we partner with retailers and service providers in various industries across the United States (“U.S.”) to enable them to provide credit to their customers for the purchase of goods and services. These services of our lending partners are often extended to consumers who may third third Beyond these activities within our Credit and Other Investments segment, we continue to service portfolios of legacy credit card receivables. One of our portfolios of legacy credit card receivables is encumbered by non-recourse structured financing, and for this portfolio our principal remaining economic interest is the servicing compensation we receive as an offset against our servicing costs given that the likely future collections on the portfolio are insufficient to allow for full repayment of the financing. Additionally, we report within our Credit and Other Investments segment: 1 2 None no 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. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components | 3 Months Ended |
Mar. 31, 2019 | |
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 of credit card receivables that we report at fair value and our notes payable associated with structured financings, at fair value; these estimates likewise affect the changes in these amounts reflected within our fees and related income on earning assets line item on our consolidated statements of operations. Additionally, estimates of future 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 operations. We have eliminated all significant intercompany balances and transactions for financial reporting purposes. Loans, Interest and Fees Receivable Our loans, interest and fees receivable include loans, interest and fees receivable, at fair value and loans, interest and fees receivable, gross. Some of these receivables are held by entities which qualify as variable interest entities ("VIE"), that are consolidated onto our consolidated balance sheet. As of March 31, 2019 December 31, 2018, $47.3 $43.9 11 $29.5 $30.0 March 31, 2019 December 31, 2018, A roll-forward (in millions) of our allowance for uncollectible loans, interest and fees receivable by class of receivable is as follows: For the three months ended March 31, 2019 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (35.4 ) $ (1.3 ) $ (42.5 ) $ (79.2 ) Provision for loan losses (19.7 ) (0.9 ) (14.0 ) (34.6 ) Charge offs 12.3 0.9 17.1 30.3 Recoveries (0.3 ) (0.3 ) (1.2 ) (1.8 ) Balance at end of period $ (43.1 ) $ (1.6 ) $ (40.6 ) $ (85.3 ) As of March 31, 2019 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 $ — $ (0.3 ) $ — $ (0.3 ) Balance at end of period collectively evaluated for impairment $ (43.1 ) $ (1.3 ) $ (40.6 ) $ (85.0 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 211.4 $ 90.2 $ 260.9 $ 562.5 Loans, interest and fees receivable individually evaluated for impairment $ — $ 0.6 $ 0.1 $ 0.7 Loans, interest and fees receivable collectively evaluated for impairment $ 211.4 $ 89.6 $ 260.8 $ 561.8 For the three months ended March 31, 2018 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (18.2 ) $ (2.3 ) $ (42.5 ) $ (63.0 ) Provision for loan losses (9.0 ) — (7.0 ) (16.0 ) Charge offs 6.5 0.7 15.1 22.3 Recoveries (0.1 ) (0.3 ) (1.2 ) (1.6 ) Balance at end of period $ (20.8 ) $ (1.9 ) $ (35.6 ) $ (58.3 ) As of December 31, 2018 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 $ — $ (0.2 ) $ (0.1 ) $ (0.3 ) Balance at end of period collectively evaluated for impairment $ (35.4 ) $ (1.1 ) $ (42.4 ) $ (78.9 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 188.6 $ 88.1 $ 264.6 $ 541.3 Loans, interest and fees receivable individually evaluated for impairment $ — $ 0.4 $ 0.1 $ 0.5 Loans, interest and fees receivable collectively evaluated for impairment $ 188.6 $ 87.7 $ 264.5 $ 540.8 An aging of our delinquent loans, interest and fees receivable, gross (in millions) by class of receivable as of March 31, 2019 December 31, 2018 As of March 31, 2019 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 8.3 $ 5.5 $ 7.8 $ 21.6 60-89 days past due 6.7 2.1 6.9 15.7 90 or more days past due 17.0 2.7 18.5 38.2 Delinquent loans, interest and fees receivable, gross 32.0 10.3 33.2 75.5 Current loans, interest and fees receivable, gross 179.4 79.9 227.7 487.0 Total loans, interest and fees receivable, gross $ 211.4 $ 90.2 $ 260.9 $ 562.5 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 2.0 $ — $ 2.0 As of December 31, 2018 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 7.1 $ 7.9 $ 9.7 $ 24.7 60-89 days past due 5.3 2.8 7.6 15.7 90 or more days past due 12.3 2.2 18.5 33.0 Delinquent loans, interest and fees receivable, gross 24.7 12.9 35.8 73.4 Current loans, interest and fees receivable, gross 163.9 75.2 228.8 467.9 Total loans, interest and fees receivable, gross $ 188.6 $ 88.1 $ 264.6 $ 541.3 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.5 $ — $ 1.5 Troubled Debt Restructurings. 90 may not one The following table details by class of receivable, the number and amount of loans that qualify as TDRs, as of March 31, 2019 December 31, 2018: As of March 31, 2019 December 31, 2018 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of TDRs 8,604 6,515 8,722 3,003 Number of TDRs that have been re-aged 2,737 1,503 2,414 236 Amount of TDRs on non-accrual status (in thousands) $ 11,712 $ 6,160 $ 12,178 $ 3,193 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 4,779 $ 1,608 $ 3,876 $ 262 Carrying value of TDRs (in thousands) $ 8,015 $ 4,033 $ 7,535 $ 1,524 TDRs - Performing (carrying value, in thousands)* $ 6,426 $ 3,449 $ 5,788 $ 1,208 TDRs - Nonperforming (carrying value, in thousands)* $ 1,589 $ 584 $ 1,747 $ 316 Given that the above TDRs have a high reserve rate prior to modification as TDRs, we do not The Company modified 19,383 15,723 $29.2 $26.4 twelve March 31, 2019 March 31, 2018, twelve . Twelve Months Ended March 31, 2019 March 31, 2018 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of accounts 2,279 1,985 2,753 1,245 Loan balance at time of charge off (in thousands) $ 3,607 $ 2,168 $ 4,322 $ 2,415 Prepaid Expenses and Other Assets Prepaid expenses and other assets include amounts paid to third third 1 2 3 Accounts Payable and Accrued Expenses Accounts payable and accrued expenses reflect both the billed and unbilled amounts owed at the end of a period for services rendered. Also included within accounts payable and accrued expenses are amounts which may one Income Taxes We experienced an effective income tax expense rate of 4.0% three March 31, 2019, 3.1% three March 31, 2018. three March 31, 2019, three March 31, 2018, We report income tax-related interest and penalties (including those associated with both our accrued liabilities for uncertain tax positions and unpaid tax liabilities) within our income tax line item on our consolidated statements of operations. We likewise report the reversal of income tax-related interest and penalties within such line item to the extent that we resolve our liabilities for uncertain tax positions or unpaid tax liabilities in a manner favorable to our accruals therefor. During the three March 31, 2019, 2018, $0.1 $0.2 In December 2014, 2007 2008 2003. 2015, $7.4 December 2014 June 2018 $7.4 $3.7 July 2018, $5.4 $3.7 three September 30, 2018, $0.5 $5.4 $0.2 March 2019, $0.9 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, which are recognized in accordance with the terms of the related customer agreements. Premiums and discounts paid or received associated with an installment or auto loan are generally deferred and amortized over the average life of the related loans using the effective interest method. Finance charges and fees, 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. Fees and Related Income on Earning Assets Fees and related income on earning assets primarily include: ( 1 2 3 4 We assess fees on credit card accounts underlying our credit card receivables according to the terms of the related cardholder agreements and, except for annual membership fees, we recognize these fees as income when they are charged to the customers’ accounts. We accrete annual membership fees associated with our credit card receivables into income on a straight-line basis over the cardholder privilege period which is generally 12 The components (in thousands) of our fees and related income on earning assets are as follows: For the three months ended March 31, 2019 2018 Fees on credit products $ 10,296 $ 4,905 Changes in fair value of loans, interest and fees receivable recorded at fair value (1 ) (18 ) Changes in fair value of notes payable associated with structured financings recorded at fair value 875 1,331 Other 94 (4 ) Total fees and related income on earning assets $ 11,264 $ 6,214 The above changes in the fair value of loans, interest and fees receivable recorded at fair value category exclude the impact of current period charge offs associated with these receivables which are separately stated in Net (losses upon) recovery of charge off of loans, interest and fees receivable recorded at fair value on our consolidated statements of operations. See Note 6, Other Income Included in Other income for the three March 31, 2019, $15.5 one may March 31, 2019, $92 $26 Revenue from Contracts with Customers The majority of our revenue is earned from financial instruments and is not not Credit and Three months ended March 31, 2019 Other Investments Auto Finance Total Interchange revenues, net (1) $ 928 $ — $ 928 Servicing income 419 267 686 Service charges and other customer related fees 429 17 446 Total revenue from contracts with customers $ 1,776 $ 284 $ 2,060 1 Credit and Three months ended March 31, 2018 Other Investments Auto Finance Total Interchange revenues, net (1) $ 444 $ — $ 444 Servicing income 402 230 632 Service charges and other customer related fees 25 47 72 Total revenue from contracts with customers $ 871 $ 277 $ 1,148 ( 1 Recent Accounting Pronouncements In June 2016, 2016 13, first 2016 13 December 15, 2019, In February 2016, No. 2016 02, January 1, 2019 not ASU 2016 02 not not not not Upon adoption, we recognized additional lease liabilities of $30.2 $18.6 $0.6 not 7, In May 2014, No. 2014 09, 2014 09 August 2015, one January 1, 2018. January 1, 2018 not 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 March 31, 2019, not |
Note 3 - Segment Reporting
Note 3 - Segment Reporting | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 3. Segment Reporting We operate primarily within one two two As of both March 31, 2019 December 31, 2018, not three March 31, 2019 2018 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 March 31, 2019 Credit and Other Investments Auto Finance Total Interest income: Consumer loans, including past due fees $ 42,672 $ 7,718 $ 50,390 Other 69 — 69 Total interest income 42,741 7,718 50,459 Interest expense (10,769 ) (377 ) (11,146 ) Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable $ 31,972 $ 7,341 $ 39,313 Fees and related income on earning assets $ 11,236 $ 28 $ 11,264 Servicing income $ 419 $ 267 $ 686 Equity in income of equity-method investees $ 227 $ — $ 227 Income before income taxes $ 4,207 $ 1,686 $ 5,893 Income tax benefit (expense) $ 239 $ (477 ) $ (238 ) Total assets $ 557,281 $ 78,953 $ 636,234 Three months ended March 31, 2018 Credit and Other Investments Auto Finance Total Interest income: Consumer loans, including past due fees $ 28,562 $ 7,119 $ 35,681 Other 45 — 45 Total interest income 28,607 7,119 35,726 Interest expense (7,892 ) (261 ) (8,153 ) Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable $ 20,715 $ 6,858 $ 27,573 Fees and related income on earning assets $ 6,197 $ 17 $ 6,214 Servicing income $ 402 $ 230 $ 632 Equity in income of equity-method investees $ 9 $ — $ 9 (Loss) income before income taxes $ (6,914 ) $ 2,339 $ (4,575 ) Income tax benefit (expense) $ 399 $ (543 ) $ (144 ) Total assets $ 365,882 $ 67,030 $ 432,912 |
Note 4 - Shareholders' Equity
Note 4 - Shareholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 4. Shareholders’ Equity During the three March 31, 2019 2018, 5,944 7,006 $21,000 $14,000, We had 1,459,233 March 31, 2019 December 31, 2018, November 2005 |
Note 5 - Investment in Equity-m
Note 5 - Investment in Equity-method Investee | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 5. Investment in Equity-Method Investee Our equity-method investment outstanding at March 31, 2019 66.7% In the following tables, we summarize (in thousands) balance sheet and results of operations data for our equity-method investee: As of March 31, 2019 December 31, 2018 Loans, interest and fees receivables, at fair value $ 3,232 $ 3,546 Total assets $ 3,407 $ 3,732 Total liabilities $ 17 $ 18 Members’ capital $ 3,390 $ 3,714 Three months ended March 31, 2019 2018 Net interest income, fees and related income on earning assets $ 342 $ 14 Net income (loss) $ 289 $ (61 ) Net income attributable to our equity investment investee $ 227 $ 9 |
Note 6 - Fair Values of Assets
Note 6 - Fair Values of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6. Fair Values of Assets and Liabilities 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 March 31, 2019 December 31, 2018 1 2 not Assets – As of March 31, 2019 (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 $ — $ — $ 476,959 $ 429,902 Loans, interest and fees receivable, at fair value $ — $ — $ 5,394 $ 5,394 Assets – As of December 31, 2018 (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 $ — $ — $ 470,496 $ 418,236 Loans, interest and fees receivable, at fair value $ — $ — $ 6,306 $ 6,306 ( 1 For cash, deposits and other short-term investments, 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 fees and related income on earning assets table within Note 2, For Level 3 three March 31, 2019 2018: Loans, Interest and Fees Receivables, at Fair Value 2019 2018 Balance at January 1, $ 6,306 $ 11,109 Total gains—realized/unrealized: Net revaluations of loans, interest and fees receivable, at fair value (1 ) (18 ) Settlements (911 ) (1,691 ) Impact of foreign currency translation — 13 Balance at March 31, $ 5,394 $ 9,413 The unrealized gains and losses for assets within the Level 3 Net Revaluation of Loans, Interest and Fees Receivable. third For Level 3 March 31, 2019 December 31, 2018: Quantitative Information about Level 3 Fair Value Measurements Fair Value Measurements Fair Value at March 31, 2019 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 5,394 Discounted cash flows Gross yield 25.2% to 33.5% (26.3%) Principal payment rate 2.1% to 3.1% (2.2%) Expected credit loss rate 10.6% to 11.2% (10.7%) Servicing rate 15.6% to 20.9% (16.3%) Discount rate 14.9% to 14.9% (14.9%) Quantitative Information about Level 3 Fair Value Measurements Fair Value Measurements Fair Value at December 31, 2018 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 6,306 Discounted cash flows Gross yield 25.8% to 30.8% (26.4%) Principal payment rate 2.2% to 3.0% (2.3%) Expected credit loss rate 8.7% to 11.3% (9.0%) Servicing rate 14.9% to 19.5% (15.5%) Discount rate 14.9% to 14.9% (14.9%) 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 March 31, 2019 December 31, 2018 1 2 not Liabilities – As of March 31, 2019 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 $ — $ — $ 407,022 $ 407,022 Amortizing debt facilities $ — $ — $ 1,220 $ 1,220 Notes payable to related parties $ — $ — $ 40,000 $ 40,000 Convertible senior notes $ — $ 47,230 $ — $ 62,313 Liabilities carried at fair value Notes payable associated with structured financings, at fair value $ — $ — $ 4,776 $ 4,776 Liabilities - As of December 31, 2018 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 $ — $ — $ 389,707 $ 389,707 Amortizing debt facilities $ — $ — $ 1,220 $ 1,220 Notes payable to related parties $ — $ — $ 40,000 $ 40,000 Convertible senior notes $ — $ 47,230 $ — $ 62,142 Liabilities carried at fair value Notes payable associated with structured financings, at fair value $ — $ — $ 5,651 $ 5,651 For our material Level 3 three March 31, 2019 2018. Notes Payable Associated with Structured Financings, at Fair Value 2019 2018 Beginning balance, January 1, $ 5,651 $ 9,240 Total (gains) losses—realized/unrealized: Net revaluations of notes payable associated with structured financings, at fair value (875 ) (1,331 ) Repayments on outstanding notes payable, net — — Ending balance, March 31, $ 4,776 $ 7,909 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 For material Level 3 March 31, 2019 December 31, 2018: Quantitative information about Level 3 Fair Value Measurements Fair Value Measurements Fair Value at March 31, 2019 (in thousands) Valuation Technique Unobservable Input Weighted Average Notes payable associated with structured financings, at fair value $ 4,776 Discounted cash flows Gross yield 25.2 % Principal payment rate 2.1 % Expected credit loss rate 10.6 % Discount rate 14.9 % Quantitative Information about Level 3 Fair Value Measurements Fair Value Measurements Fair Value at December 31, 2018 (in thousands) Valuation Technique Unobservable Input Weighted Average Notes payable associated with structured financings, at fair value $ 5,651 Discounted cash flows Gross yield 25.8 % Principal payment rate 2.2 % Expected credit loss rate 8.7 % Discount rate 14.9 % Other Relevant Data Other relevant data (in thousands) as of March 31, 2019 December 31, 2018 As of March 31, 2019 Loans, Interest and Fees Receivable at Fair Value Loans, Interest and Fees Receivable Pledged as Collateral under Structured Financings at Fair Value Aggregate unpaid principal balance within loans, interest and fees receivable that are reported at fair value $ 1,016 $ 7,009 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 618 $ 4,776 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) $ 4 $ 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 $ 28 $ 252 As of December 31, 2018 Loans, Interest and Fees Receivable at Fair Value Loans, Interest and Fees Receivable Pledged as Collateral under Structured Financings at Fair Value Aggregate unpaid principal balance within loans, interest and fees receivable that are reported at fair value $ 1,160 $ 7,708 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 655 $ 5,651 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) $ 3 $ 7 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 $ 35 $ 224 Notes Payable Notes Payable Associated with Structured Financings, at Fair Value as of March 31, 2019 Notes Payable Associated with Structured Financings, at Fair Value as of December 31, 2018 Aggregate unpaid principal balance of notes payable $ 101,314 $ 101,314 Aggregate fair value of notes payable $ 4,776 $ 5,651 |
Note 7 - Leases
Note 7 - Leases | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. 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 5 one For the three months ended March 31, 2019 2018 Operating lease cost, gross $ 1,709 $ 1,696 Sublease income (1,283 ) (1,270 ) Net Operating lease cost $ 426 $ 426 Cash paid under operating leases, gross $ 2,492 $ 2,523 Weighted average remaining lease term - months 38 Weighted average discount rate 6.9 % Maturities of lease liabilities were as follows: Gross Lease Payment Payments received from Sublease Net Lease Payment 2019 (excluding the three months ended March 31, 2019 $ 7,460 $ (5,201 ) $ 2,259 2020 9,999 (7,115 ) 2,884 2021 10,011 (7,315 ) 2,696 2022 4,254 (3,112 ) 1,142 2023 73 — 73 Thereafter 13 — 13 Total lease payments 31,810 $ (22,743 ) $ 9,067 Less imputed interest (4,068 ) Total $ 27,742 |
Note 8 - Notes Payable
Note 8 - Notes Payable | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Notes Payable The Company contributes certain receivables to VIEs. These entities are established to facilitate a more efficient means of obtaining 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 March 31, 2019 December 31, 2018 Unrestricted cash and cash equivalents $ 41.1 $ 16.8 Restricted cash and cash equivalents $ 45.7 $ 61.0 Loans, interest and fees receivable, at fair value $ 4.8 $ 5.7 Loans, interest and fees receivable, gross $ 453.1 $ 403.4 Allowances for uncollectible loans, interest and fees receivable $ (76.5 ) $ (57.4 ) Deferred revenue $ (16.9 ) $ (13.2 ) Total Assets held by VIEs $ 451.3 $ 416.3 Notes Payable, at face value held by VIEs $ 382.4 $ 366.7 Notes Payable, at fair value held by VIEs $ 4.8 $ 5.7 Maximum exposure to loss due to involvement with VIEs $ 454.5 $ 438.5 Notes Payable Associated with Structured Financings, at Fair Value Scheduled (in millions) in the table below are ( 1 March 31, 2019 December 31, 2018, 2 March 31, 2019 December 31, 2018, 3 March 31, 2019 December 31, 2018. Carrying Amounts at Fair Value as of March 31, 2019 December 31, 2018 Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of March 31, 2019 ($101.3 million as of December 31, 2018) bearing interest at a weighted average 7.5% interest rate, based upon LIBOR, at March 31, 2019 (7.5% at December 31, 2018), which is secured by credit card receivables and restricted cash aggregating $4.8 million as of March 31, 2019 ($5.7 million as of December 31, 2018) in carrying amount $ 4.8 $ 5.7 Contractual payment allocations within this credit card receivables structured financing provide for a priority distribution of cash flows to us to service the credit card receivables, a distribution of cash flows to pay interest and principal due on the notes, and a distribution of all excess cash flows (if any) to us. The structured financing facility included in the above table is amortizing down along with collections of the underlying receivables and there are no $4.8 $4.8 no March 31, 2019. As discussed elsewhere, the legal entity holding the securitization facility discussed in the table above, is a VIE. Beyond our role as servicer of the underlying assets within the credit cards receivables structured financing, we have provided no no Notes Payable, at Face Value and Notes Payable to Related Parties Other notes payable outstanding as of March 31, 2019 December 31, 2018 As of March 31, 2019 December 31, 2018 Revolving credit facilities at a weighted average interest rate equal to 7.7% at March 31, 2019 (7.6% at December 31, 2018) secured by the financial and operating assets of CAR and/or certain receivables and restricted cash with a combined aggregate carrying amount of $484.0 million as of March 31, 2019 ($468.8 million at December 31, 2018) Revolving credit facility, not to exceed $40.0 million (expiring November 1, 2020) (1) (2) 31.2 30.0 Revolving credit facility, not to exceed $50.0 million (expiring October 30, 2019) (2) (3) (4) 49.6 49.9 Revolving credit facility, not to exceed $90.0 million (expiring February 8, 2022) (3) (4) (5) (6) 69.0 61.0 Revolving credit facility, not to exceed $100.0 million (expiring June 11, 2020) (3) (4) (5) (6) 80.5 80.5 Revolving credit facility, not to exceed $100.0 million (expiring November 16, 2020) (3) (4) (5) (6) 16.0 8.0 Revolving credit facility, not to exceed $167.3 million (expiring November 15, 2023) (3) (4) (5) (6) 167.3 167.3 Other facilities Other secured debt (expiring September 8, 2023) that is secured by certain assets of the Company with an annual rate equal to 5.5% 1.2 1.2 Senior secured term loan to related parties (expiring November 21, 2019) that is secured by certain assets of the Company with an annual rate equal to 9.0% (4) 40.0 40.0 Total notes payable before unamortized debt issuance costs and discounts 454.8 437.9 Unamortized debt issuance costs and discounts (6.6 ) (7.0 ) Total notes payable outstanding $ 448.2 $ 430.9 ( 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 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. ( 4 Loans are associated with variable interest entities. ( 5 See below for additional information. ( 6 Creditors do not Not 9 30 4.5% 6.5%. March 31, 2019 $97.0 On November 26, 2014, $40.0 $40.0 March 31, 2019. November 2018, November 21, 2019. Our obligations under the agreement are guaranteed by certain subsidiary guarantors and secured by a pledge of certain assets of ours and the subsidiary guarantors. The loans bear interest at the rate of 9.0% November 21, 2019 Dove is a limited liability company owned by three one two two In October 2015, $50.0 $49.6 March 31, 2019). 5.0%. In October 2016, $40.0 $31.2 March 31, 2019). 2.4% 3.0% February 2019, November 1, 2020. no In February 2017, $90.0 $69.0 March 31, 2019) third 12.0% 14.0%. February 8, 2022 may In 2018, two $200.0 $96.5 March 31, 2019) third 4.25% 4.5%, June 11, 2020 November 16, 2020, may In November 2018, $167.3 two 18 5.76%. We are in compliance with the covenants underlying our various notes payable. |
Note 9 - Convertible Senior Not
Note 9 - Convertible Senior Notes | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 9. Convertible Senior Notes In November 2005, $300.0 5.875% November 30, 2035. No The following summarizes (in thousands) components of our consolidated balance sheets associated with our convertible senior notes: As of March 31, 2019 December 31, 2018 Face amount of convertible senior notes $ 88,280 $ 88,280 Discount (25,967 ) (26,138 ) Net carrying value $ 62,313 $ 62,142 Carrying amount of equity component included in paid-in capital $ 108,714 $ 108,714 Excess of instruments’ if-converted values over face principal amounts $ — $ — |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Commitments and Contingencies General Under finance products available in the point-of-sale and direct-to-consumer 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 $717.0 March 31, 2019. 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 financings allow 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 March 31, 2019, $8.0 Under agreements with third $11.4 March 31, 2019 Under agreements with third March 31, 2019, We also are subject to certain minimum payments under cancelable and non-cancelable lease arrangements. For further information regarding these commitments, see Note 7, Litigation We are involved in various legal proceedings that are incidental to the conduct of our business, none |
Note 11 - Net Income (Loss) Att
Note 11 - Net Income (Loss) Attributable to Controlling Interests Per Common Share | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. Net Income (Loss) Attributable to Controlling Interests Per Common Share The following table sets forth the computations of net income (loss) per common share (in thousands, except per share data): For the Three Months Ended March 31, 2019 2018 Numerator: Net income (loss) attributable to controlling interests $ 5,713 $ (4,670 ) Denominator: Basic (including unvested share-based payment awards) (1) 14,355 13,899 Effect of dilutive stock compensation arrangements (2) 362 — Diluted (including unvested share-based payment awards) (1) 14,717 13,899 Net income (loss) attributable to controlling interests per common share—basic $ 0.40 $ (0.34 ) Net income (loss) attributable to controlling interests per common share—diluted $ 0.39 $ (0.34 ) ( 1 Shares related to unvested share-based payment awards included in our basic and diluted share counts were 397,566 three March 31, 2019, 184,196 three March 31, 2018. ( 2 The effect of dilutive stock compensation arrangements is shown only for informational purposes where we are in a net loss position. In such situations, the effect of including outstanding options and restricted stock would be anti-dilutive, and they are thus excluded from all loss period calculations. For the three March 31, 2019 2018, no $24.61 3.6 9, |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12. Stock-Based Compensation As of March 31, 2019, two 2014 “2014 May 9, 2019, 2014 2014 2014 2014 2,000,000 2014 two March 31, 2019, 78,169 1,796,770 2014 2014 Exercises and vestings under our stock-based compensation plans resulted in no three March 31, 2019 2018. Restricted Stock and Restricted Stock Units During the three March 31, 2019 2018, 205,000 69,000 $0.7 $0.2 $0.2 $0.1 three March 31, 2019 2018, 12 60 March 31, 2019, $1.3 2.0 Stock Options Our 2014 may may not 10 $0.2 $0.2 three March 31, 2019 2018, Number of Shares Weighted-Average Exercise Price Weighted-Average of Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2018 3,121,200 $ 3.50 Issued 50,000 $ 3.13 Exercised (419,500 ) $ 2.54 Cancelled/Forfeited — $ — Outstanding at March 31, 2019 2,751,700 $ 3.64 2.9 $ 934,117 Exercisable at March 31, 2019 959,868 $ 3.34 2.1 $ 239,953 We had $1.0 $1.2 March 31, 2019 December 31, 2018, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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 of credit card receivables that we report at fair value and our notes payable associated with structured financings, at fair value; these estimates likewise affect the changes in these amounts reflected within our fees and related income on earning assets line item on our consolidated statements of operations. Additionally, estimates of future 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 operations. We have eliminated all significant intercompany balances and transactions for financial reporting purposes. |
Receivable [Policy Text Block] | Loans, Interest and Fees Receivable Our loans, interest and fees receivable include loans, interest and fees receivable, at fair value and loans, interest and fees receivable, gross. Some of these receivables are held by entities which qualify as variable interest entities ("VIE"), that are consolidated onto our consolidated balance sheet. As of March 31, 2019 December 31, 2018, $47.3 $43.9 11 $29.5 $30.0 March 31, 2019 December 31, 2018, A roll-forward (in millions) of our allowance for uncollectible loans, interest and fees receivable by class of receivable is as follows: For the three months ended March 31, 2019 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (35.4 ) $ (1.3 ) $ (42.5 ) $ (79.2 ) Provision for loan losses (19.7 ) (0.9 ) (14.0 ) (34.6 ) Charge offs 12.3 0.9 17.1 30.3 Recoveries (0.3 ) (0.3 ) (1.2 ) (1.8 ) Balance at end of period $ (43.1 ) $ (1.6 ) $ (40.6 ) $ (85.3 ) As of March 31, 2019 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 $ — $ (0.3 ) $ — $ (0.3 ) Balance at end of period collectively evaluated for impairment $ (43.1 ) $ (1.3 ) $ (40.6 ) $ (85.0 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 211.4 $ 90.2 $ 260.9 $ 562.5 Loans, interest and fees receivable individually evaluated for impairment $ — $ 0.6 $ 0.1 $ 0.7 Loans, interest and fees receivable collectively evaluated for impairment $ 211.4 $ 89.6 $ 260.8 $ 561.8 For the three months ended March 31, 2018 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (18.2 ) $ (2.3 ) $ (42.5 ) $ (63.0 ) Provision for loan losses (9.0 ) — (7.0 ) (16.0 ) Charge offs 6.5 0.7 15.1 22.3 Recoveries (0.1 ) (0.3 ) (1.2 ) (1.6 ) Balance at end of period $ (20.8 ) $ (1.9 ) $ (35.6 ) $ (58.3 ) As of December 31, 2018 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 $ — $ (0.2 ) $ (0.1 ) $ (0.3 ) Balance at end of period collectively evaluated for impairment $ (35.4 ) $ (1.1 ) $ (42.4 ) $ (78.9 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 188.6 $ 88.1 $ 264.6 $ 541.3 Loans, interest and fees receivable individually evaluated for impairment $ — $ 0.4 $ 0.1 $ 0.5 Loans, interest and fees receivable collectively evaluated for impairment $ 188.6 $ 87.7 $ 264.5 $ 540.8 An aging of our delinquent loans, interest and fees receivable, gross (in millions) by class of receivable as of March 31, 2019 December 31, 2018 As of March 31, 2019 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 8.3 $ 5.5 $ 7.8 $ 21.6 60-89 days past due 6.7 2.1 6.9 15.7 90 or more days past due 17.0 2.7 18.5 38.2 Delinquent loans, interest and fees receivable, gross 32.0 10.3 33.2 75.5 Current loans, interest and fees receivable, gross 179.4 79.9 227.7 487.0 Total loans, interest and fees receivable, gross $ 211.4 $ 90.2 $ 260.9 $ 562.5 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 2.0 $ — $ 2.0 As of December 31, 2018 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 7.1 $ 7.9 $ 9.7 $ 24.7 60-89 days past due 5.3 2.8 7.6 15.7 90 or more days past due 12.3 2.2 18.5 33.0 Delinquent loans, interest and fees receivable, gross 24.7 12.9 35.8 73.4 Current loans, interest and fees receivable, gross 163.9 75.2 228.8 467.9 Total loans, interest and fees receivable, gross $ 188.6 $ 88.1 $ 264.6 $ 541.3 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.5 $ — $ 1.5 |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructurings. 90 may not one The following table details by class of receivable, the number and amount of loans that qualify as TDRs, as of March 31, 2019 December 31, 2018: As of March 31, 2019 December 31, 2018 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of TDRs 8,604 6,515 8,722 3,003 Number of TDRs that have been re-aged 2,737 1,503 2,414 236 Amount of TDRs on non-accrual status (in thousands) $ 11,712 $ 6,160 $ 12,178 $ 3,193 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 4,779 $ 1,608 $ 3,876 $ 262 Carrying value of TDRs (in thousands) $ 8,015 $ 4,033 $ 7,535 $ 1,524 TDRs - Performing (carrying value, in thousands)* $ 6,426 $ 3,449 $ 5,788 $ 1,208 TDRs - Nonperforming (carrying value, in thousands)* $ 1,589 $ 584 $ 1,747 $ 316 Given that the above TDRs have a high reserve rate prior to modification as TDRs, we do not The Company modified 19,383 15,723 $29.2 $26.4 twelve March 31, 2019 March 31, 2018, twelve . Twelve Months Ended March 31, 2019 March 31, 2018 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of accounts 2,279 1,985 2,753 1,245 Loan balance at time of charge off (in thousands) $ 3,607 $ 2,168 $ 4,322 $ 2,415 |
Prepaid Expenses and Other Assets [Policy Text Block] | Prepaid Expenses and Other Assets Prepaid expenses and other assets include amounts paid to third third 1 2 3 |
Accounts Payable and Accrued Expenses [Policy Text Block] | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses reflect both the billed and unbilled amounts owed at the end of a period for services rendered. Also included within accounts payable and accrued expenses are amounts which may one |
Income Tax, Policy [Policy Text Block] | Income Taxes We experienced an effective income tax expense rate of 4.0% three March 31, 2019, 3.1% three March 31, 2018. three March 31, 2019, three March 31, 2018, We report income tax-related interest and penalties (including those associated with both our accrued liabilities for uncertain tax positions and unpaid tax liabilities) within our income tax line item on our consolidated statements of operations. We likewise report the reversal of income tax-related interest and penalties within such line item to the extent that we resolve our liabilities for uncertain tax positions or unpaid tax liabilities in a manner favorable to our accruals therefor. During the three March 31, 2019, 2018, $0.1 $0.2 In December 2014, 2007 2008 2003. 2015, $7.4 December 2014 June 2018 $7.4 $3.7 July 2018, $5.4 $3.7 three September 30, 2018, $0.5 $5.4 $0.2 March 2019, $0.9 |
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, which are recognized in accordance with the terms of the related customer agreements. Premiums and discounts paid or received associated with an installment or auto loan are generally deferred and amortized over the average life of the related loans using the effective interest method. Finance charges and fees, 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. Fees and Related Income on Earning Assets Fees and related income on earning assets primarily include: ( 1 2 3 4 We assess fees on credit card accounts underlying our credit card receivables according to the terms of the related cardholder agreements and, except for annual membership fees, we recognize these fees as income when they are charged to the customers’ accounts. We accrete annual membership fees associated with our credit card receivables into income on a straight-line basis over the cardholder privilege period which is generally 12 The components (in thousands) of our fees and related income on earning assets are as follows: For the three months ended March 31, 2019 2018 Fees on credit products $ 10,296 $ 4,905 Changes in fair value of loans, interest and fees receivable recorded at fair value (1 ) (18 ) Changes in fair value of notes payable associated with structured financings recorded at fair value 875 1,331 Other 94 (4 ) Total fees and related income on earning assets $ 11,264 $ 6,214 The above changes in the fair value of loans, interest and fees receivable recorded at fair value category exclude the impact of current period charge offs associated with these receivables which are separately stated in Net (losses upon) recovery of charge off of loans, interest and fees receivable recorded at fair value on our consolidated statements of operations. See Note 6, Other Income Included in Other income for the three March 31, 2019, $15.5 one may March 31, 2019, $92 $26 Revenue from Contracts with Customers The majority of our revenue is earned from financial instruments and is not not Credit and Three months ended March 31, 2019 Other Investments Auto Finance Total Interchange revenues, net (1) $ 928 $ — $ 928 Servicing income 419 267 686 Service charges and other customer related fees 429 17 446 Total revenue from contracts with customers $ 1,776 $ 284 $ 2,060 1 Credit and Three months ended March 31, 2018 Other Investments Auto Finance Total Interchange revenues, net (1) $ 444 $ — $ 444 Servicing income 402 230 632 Service charges and other customer related fees 25 47 72 Total revenue from contracts with customers $ 871 $ 277 $ 1,148 ( 1 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, first 2016 13 December 15, 2019, In February 2016, No. 2016 02, January 1, 2019 not ASU 2016 02 not not not not Upon adoption, we recognized additional lease liabilities of $30.2 $18.6 $0.6 not 7, In May 2014, No. 2014 09, 2014 09 August 2015, one January 1, 2018. January 1, 2018 not |
Subsequent Events, Policy [Policy Text Block] | 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 March 31, 2019, not |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | For the three months ended March 31, 2019 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (35.4 ) $ (1.3 ) $ (42.5 ) $ (79.2 ) Provision for loan losses (19.7 ) (0.9 ) (14.0 ) (34.6 ) Charge offs 12.3 0.9 17.1 30.3 Recoveries (0.3 ) (0.3 ) (1.2 ) (1.8 ) Balance at end of period $ (43.1 ) $ (1.6 ) $ (40.6 ) $ (85.3 ) As of March 31, 2019 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 $ — $ (0.3 ) $ — $ (0.3 ) Balance at end of period collectively evaluated for impairment $ (43.1 ) $ (1.3 ) $ (40.6 ) $ (85.0 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 211.4 $ 90.2 $ 260.9 $ 562.5 Loans, interest and fees receivable individually evaluated for impairment $ — $ 0.6 $ 0.1 $ 0.7 Loans, interest and fees receivable collectively evaluated for impairment $ 211.4 $ 89.6 $ 260.8 $ 561.8 For the three months ended March 31, 2018 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (18.2 ) $ (2.3 ) $ (42.5 ) $ (63.0 ) Provision for loan losses (9.0 ) — (7.0 ) (16.0 ) Charge offs 6.5 0.7 15.1 22.3 Recoveries (0.1 ) (0.3 ) (1.2 ) (1.6 ) Balance at end of period $ (20.8 ) $ (1.9 ) $ (35.6 ) $ (58.3 ) As of December 31, 2018 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 $ — $ (0.2 ) $ (0.1 ) $ (0.3 ) Balance at end of period collectively evaluated for impairment $ (35.4 ) $ (1.1 ) $ (42.4 ) $ (78.9 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 188.6 $ 88.1 $ 264.6 $ 541.3 Loans, interest and fees receivable individually evaluated for impairment $ — $ 0.4 $ 0.1 $ 0.5 Loans, interest and fees receivable collectively evaluated for impairment $ 188.6 $ 87.7 $ 264.5 $ 540.8 |
Financing Receivable, Past Due [Table Text Block] | As of March 31, 2019 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 8.3 $ 5.5 $ 7.8 $ 21.6 60-89 days past due 6.7 2.1 6.9 15.7 90 or more days past due 17.0 2.7 18.5 38.2 Delinquent loans, interest and fees receivable, gross 32.0 10.3 33.2 75.5 Current loans, interest and fees receivable, gross 179.4 79.9 227.7 487.0 Total loans, interest and fees receivable, gross $ 211.4 $ 90.2 $ 260.9 $ 562.5 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 2.0 $ — $ 2.0 As of December 31, 2018 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 7.1 $ 7.9 $ 9.7 $ 24.7 60-89 days past due 5.3 2.8 7.6 15.7 90 or more days past due 12.3 2.2 18.5 33.0 Delinquent loans, interest and fees receivable, gross 24.7 12.9 35.8 73.4 Current loans, interest and fees receivable, gross 163.9 75.2 228.8 467.9 Total loans, interest and fees receivable, gross $ 188.6 $ 88.1 $ 264.6 $ 541.3 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 March 31, 2019 December 31, 2018 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of TDRs 8,604 6,515 8,722 3,003 Number of TDRs that have been re-aged 2,737 1,503 2,414 236 Amount of TDRs on non-accrual status (in thousands) $ 11,712 $ 6,160 $ 12,178 $ 3,193 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 4,779 $ 1,608 $ 3,876 $ 262 Carrying value of TDRs (in thousands) $ 8,015 $ 4,033 $ 7,535 $ 1,524 TDRs - Performing (carrying value, in thousands)* $ 6,426 $ 3,449 $ 5,788 $ 1,208 TDRs - Nonperforming (carrying value, in thousands)* $ 1,589 $ 584 $ 1,747 $ 316 Twelve Months Ended March 31, 2019 March 31, 2018 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of accounts 2,279 1,985 2,753 1,245 Loan balance at time of charge off (in thousands) $ 3,607 $ 2,168 $ 4,322 $ 2,415 |
Components of Fees and Related Income on Earning Assets [Table Text Block] | For the three months ended March 31, 2019 2018 Fees on credit products $ 10,296 $ 4,905 Changes in fair value of loans, interest and fees receivable recorded at fair value (1 ) (18 ) Changes in fair value of notes payable associated with structured financings recorded at fair value 875 1,331 Other 94 (4 ) Total fees and related income on earning assets $ 11,264 $ 6,214 |
Disaggregation of Revenue [Table Text Block] | Credit and Three months ended March 31, 2019 Other Investments Auto Finance Total Interchange revenues, net (1) $ 928 $ — $ 928 Servicing income 419 267 686 Service charges and other customer related fees 429 17 446 Total revenue from contracts with customers $ 1,776 $ 284 $ 2,060 Credit and Three months ended March 31, 2018 Other Investments Auto Finance Total Interchange revenues, net (1) $ 444 $ — $ 444 Servicing income 402 230 632 Service charges and other customer related fees 25 47 72 Total revenue from contracts with customers $ 871 $ 277 $ 1,148 |
Note 3 - Segment Reporting (Tab
Note 3 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended March 31, 2019 Credit and Other Investments Auto Finance Total Interest income: Consumer loans, including past due fees $ 42,672 $ 7,718 $ 50,390 Other 69 — 69 Total interest income 42,741 7,718 50,459 Interest expense (10,769 ) (377 ) (11,146 ) Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable $ 31,972 $ 7,341 $ 39,313 Fees and related income on earning assets $ 11,236 $ 28 $ 11,264 Servicing income $ 419 $ 267 $ 686 Equity in income of equity-method investees $ 227 $ — $ 227 Income before income taxes $ 4,207 $ 1,686 $ 5,893 Income tax benefit (expense) $ 239 $ (477 ) $ (238 ) Total assets $ 557,281 $ 78,953 $ 636,234 Three months ended March 31, 2018 Credit and Other Investments Auto Finance Total Interest income: Consumer loans, including past due fees $ 28,562 $ 7,119 $ 35,681 Other 45 — 45 Total interest income 28,607 7,119 35,726 Interest expense (7,892 ) (261 ) (8,153 ) Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable $ 20,715 $ 6,858 $ 27,573 Fees and related income on earning assets $ 6,197 $ 17 $ 6,214 Servicing income $ 402 $ 230 $ 632 Equity in income of equity-method investees $ 9 $ — $ 9 (Loss) income before income taxes $ (6,914 ) $ 2,339 $ (4,575 ) Income tax benefit (expense) $ 399 $ (543 ) $ (144 ) Total assets $ 365,882 $ 67,030 $ 432,912 |
Note 5 - Investment in Equity_2
Note 5 - Investment in Equity-method Investee (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | As of March 31, 2019 December 31, 2018 Loans, interest and fees receivables, at fair value $ 3,232 $ 3,546 Total assets $ 3,407 $ 3,732 Total liabilities $ 17 $ 18 Members’ capital $ 3,390 $ 3,714 Three months ended March 31, 2019 2018 Net interest income, fees and related income on earning assets $ 342 $ 14 Net income (loss) $ 289 $ (61 ) Net income attributable to our equity investment investee $ 227 $ 9 |
Note 6 - Fair Values of Asset_2
Note 6 - Fair Values of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Assets – As of March 31, 2019 (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 $ — $ — $ 476,959 $ 429,902 Loans, interest and fees receivable, at fair value $ — $ — $ 5,394 $ 5,394 Assets – As of December 31, 2018 (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 $ — $ — $ 470,496 $ 418,236 Loans, interest and fees receivable, at fair value $ — $ — $ 6,306 $ 6,306 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Loans, Interest and Fees Receivables, at Fair Value 2019 2018 Balance at January 1, $ 6,306 $ 11,109 Total gains—realized/unrealized: Net revaluations of loans, interest and fees receivable, at fair value (1 ) (18 ) Settlements (911 ) (1,691 ) Impact of foreign currency translation — 13 Balance at March 31, $ 5,394 $ 9,413 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Quantitative Information about Level 3 Fair Value Measurements Fair Value Measurements Fair Value at March 31, 2019 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 5,394 Discounted cash flows Gross yield 25.2% to 33.5% (26.3%) Principal payment rate 2.1% to 3.1% (2.2%) Expected credit loss rate 10.6% to 11.2% (10.7%) Servicing rate 15.6% to 20.9% (16.3%) Discount rate 14.9% to 14.9% (14.9%) Quantitative Information about Level 3 Fair Value Measurements Fair Value Measurements Fair Value at December 31, 2018 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 6,306 Discounted cash flows Gross yield 25.8% to 30.8% (26.4%) Principal payment rate 2.2% to 3.0% (2.3%) Expected credit loss rate 8.7% to 11.3% (9.0%) Servicing rate 14.9% to 19.5% (15.5%) Discount rate 14.9% to 14.9% (14.9%) Quantitative information about Level 3 Fair Value Measurements Fair Value Measurements Fair Value at March 31, 2019 (in thousands) Valuation Technique Unobservable Input Weighted Average Notes payable associated with structured financings, at fair value $ 4,776 Discounted cash flows Gross yield 25.2 % Principal payment rate 2.1 % Expected credit loss rate 10.6 % Discount rate 14.9 % Quantitative Information about Level 3 Fair Value Measurements Fair Value Measurements Fair Value at December 31, 2018 (in thousands) Valuation Technique Unobservable Input Weighted Average Notes payable associated with structured financings, at fair value $ 5,651 Discounted cash flows Gross yield 25.8 % Principal payment rate 2.2 % Expected credit loss rate 8.7 % Discount rate 14.9 % |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Liabilities – As of March 31, 2019 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 $ — $ — $ 407,022 $ 407,022 Amortizing debt facilities $ — $ — $ 1,220 $ 1,220 Notes payable to related parties $ — $ — $ 40,000 $ 40,000 Convertible senior notes $ — $ 47,230 $ — $ 62,313 Liabilities carried at fair value Notes payable associated with structured financings, at fair value $ — $ — $ 4,776 $ 4,776 Liabilities - As of December 31, 2018 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 $ — $ — $ 389,707 $ 389,707 Amortizing debt facilities $ — $ — $ 1,220 $ 1,220 Notes payable to related parties $ — $ — $ 40,000 $ 40,000 Convertible senior notes $ — $ 47,230 $ — $ 62,142 Liabilities carried at fair value Notes payable associated with structured financings, at fair value $ — $ — $ 5,651 $ 5,651 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Notes Payable Associated with Structured Financings, at Fair Value 2019 2018 Beginning balance, January 1, $ 5,651 $ 9,240 Total (gains) losses—realized/unrealized: Net revaluations of notes payable associated with structured financings, at fair value (875 ) (1,331 ) Repayments on outstanding notes payable, net — — Ending balance, March 31, $ 4,776 $ 7,909 |
Fair Value Option, Disclosures [Table Text Block] | As of March 31, 2019 Loans, Interest and Fees Receivable at Fair Value Loans, Interest and Fees Receivable Pledged as Collateral under Structured Financings at Fair Value Aggregate unpaid principal balance within loans, interest and fees receivable that are reported at fair value $ 1,016 $ 7,009 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 618 $ 4,776 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) $ 4 $ 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 $ 28 $ 252 As of December 31, 2018 Loans, Interest and Fees Receivable at Fair Value Loans, Interest and Fees Receivable Pledged as Collateral under Structured Financings at Fair Value Aggregate unpaid principal balance within loans, interest and fees receivable that are reported at fair value $ 1,160 $ 7,708 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 655 $ 5,651 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) $ 3 $ 7 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 $ 35 $ 224 Notes Payable Notes Payable Associated with Structured Financings, at Fair Value as of March 31, 2019 Notes Payable Associated with Structured Financings, at Fair Value as of December 31, 2018 Aggregate unpaid principal balance of notes payable $ 101,314 $ 101,314 Aggregate fair value of notes payable $ 4,776 $ 5,651 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the three months ended March 31, 2019 2018 Operating lease cost, gross $ 1,709 $ 1,696 Sublease income (1,283 ) (1,270 ) Net Operating lease cost $ 426 $ 426 Cash paid under operating leases, gross $ 2,492 $ 2,523 Weighted average remaining lease term - months 38 Weighted average discount rate 6.9 % |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Gross Lease Payment Payments received from Sublease Net Lease Payment 2019 (excluding the three months ended March 31, 2019 $ 7,460 $ (5,201 ) $ 2,259 2020 9,999 (7,115 ) 2,884 2021 10,011 (7,315 ) 2,696 2022 4,254 (3,112 ) 1,142 2023 73 — 73 Thereafter 13 — 13 Total lease payments 31,810 $ (22,743 ) $ 9,067 Less imputed interest (4,068 ) Total $ 27,742 |
Note 8 - Notes Payable (Tables)
Note 8 - Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of March 31, 2019 December 31, 2018 Unrestricted cash and cash equivalents $ 41.1 $ 16.8 Restricted cash and cash equivalents $ 45.7 $ 61.0 Loans, interest and fees receivable, at fair value $ 4.8 $ 5.7 Loans, interest and fees receivable, gross $ 453.1 $ 403.4 Allowances for uncollectible loans, interest and fees receivable $ (76.5 ) $ (57.4 ) Deferred revenue $ (16.9 ) $ (13.2 ) Total Assets held by VIEs $ 451.3 $ 416.3 Notes Payable, at face value held by VIEs $ 382.4 $ 366.7 Notes Payable, at fair value held by VIEs $ 4.8 $ 5.7 Maximum exposure to loss due to involvement with VIEs $ 454.5 $ 438.5 |
Schedule of Debt [Table Text Block] | As of March 31, 2019 December 31, 2018 Revolving credit facilities at a weighted average interest rate equal to 7.7% at March 31, 2019 (7.6% at December 31, 2018) secured by the financial and operating assets of CAR and/or certain receivables and restricted cash with a combined aggregate carrying amount of $484.0 million as of March 31, 2019 ($468.8 million at December 31, 2018) Revolving credit facility, not to exceed $40.0 million (expiring November 1, 2020) (1) (2) 31.2 30.0 Revolving credit facility, not to exceed $50.0 million (expiring October 30, 2019) (2) (3) (4) 49.6 49.9 Revolving credit facility, not to exceed $90.0 million (expiring February 8, 2022) (3) (4) (5) (6) 69.0 61.0 Revolving credit facility, not to exceed $100.0 million (expiring June 11, 2020) (3) (4) (5) (6) 80.5 80.5 Revolving credit facility, not to exceed $100.0 million (expiring November 16, 2020) (3) (4) (5) (6) 16.0 8.0 Revolving credit facility, not to exceed $167.3 million (expiring November 15, 2023) (3) (4) (5) (6) 167.3 167.3 Other facilities Other secured debt (expiring September 8, 2023) that is secured by certain assets of the Company with an annual rate equal to 5.5% 1.2 1.2 Senior secured term loan to related parties (expiring November 21, 2019) that is secured by certain assets of the Company with an annual rate equal to 9.0% (4) 40.0 40.0 Total notes payable before unamortized debt issuance costs and discounts 454.8 437.9 Unamortized debt issuance costs and discounts (6.6 ) (7.0 ) Total notes payable outstanding $ 448.2 $ 430.9 |
Structured Financing Notes Payable [Member] | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Carrying Amounts at Fair Value as of March 31, 2019 December 31, 2018 Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of March 31, 2019 ($101.3 million as of December 31, 2018) bearing interest at a weighted average 7.5% interest rate, based upon LIBOR, at March 31, 2019 (7.5% at December 31, 2018), which is secured by credit card receivables and restricted cash aggregating $4.8 million as of March 31, 2019 ($5.7 million as of December 31, 2018) in carrying amount $ 4.8 $ 5.7 |
Note 9 - Convertible Senior N_2
Note 9 - Convertible Senior Notes (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of March 31, 2019 December 31, 2018 Face amount of convertible senior notes $ 88,280 $ 88,280 Discount (25,967 ) (26,138 ) Net carrying value $ 62,313 $ 62,142 Carrying amount of equity component included in paid-in capital $ 108,714 $ 108,714 Excess of instruments’ if-converted values over face principal amounts $ — $ — |
Note 11 - Net Income (Loss) A_2
Note 11 - Net Income (Loss) Attributable to Controlling Interests Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended March 31, 2019 2018 Numerator: Net income (loss) attributable to controlling interests $ 5,713 $ (4,670 ) Denominator: Basic (including unvested share-based payment awards) (1) 14,355 13,899 Effect of dilutive stock compensation arrangements (2) 362 — Diluted (including unvested share-based payment awards) (1) 14,717 13,899 Net income (loss) attributable to controlling interests per common share—basic $ 0.40 $ (0.34 ) Net income (loss) attributable to controlling interests per common share—diluted $ 0.39 $ (0.34 ) |
Note 12 - Stock-based Compens_2
Note 12 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018 3,121,200 $ 3.50 Issued 50,000 $ 3.13 Exercised (419,500 ) $ 2.54 Cancelled/Forfeited — $ — Outstanding at March 31, 2019 2,751,700 $ 3.64 2.9 $ 934,117 Exercisable at March 31, 2019 959,868 $ 3.34 2.1 $ 239,953 |
Note 1 - Description of Our B_2
Note 1 - Description of Our Business (Details Textual) | 3 Months Ended |
Mar. 31, 2019 | |
Number of Reportable Segments | 2 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components (Details Textual) $ in Thousands | Jan. 01, 2019USD ($) | Jun. 01, 2018USD ($) | Mar. 31, 2019USD ($) | Jul. 30, 2018USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2015USD ($) |
Loans and Leases Receivable, Deferred Income, Total | $ 47,251 | $ 47,251 | $ 47,251 | $ 43,897 | |||||||
Weighted Average Remaining Accretion Period of Deferred Revenue | 330 days | ||||||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | 29,500 | $ 29,500 | $ 29,500 | 30,000 | |||||||
Financing Receivable, Modifications, Number of Contracts | 19,383 | 15,723 | |||||||||
Financing Receivable, Troubled Debt Restructuring | 29,200 | $ 29,200 | $ 26,400 | $ 29,200 | $ 26,400 | ||||||
Effective Income Tax Rate Reconciliation, Percent, Total | 4.00% | 3.10% | |||||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 100 | $ 200 | |||||||||
Income Tax Settlement Amount with Taxing Authority | $ 7,400 | ||||||||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 3,700 | ||||||||||
Payment of Income Tax Settlement | 200 | $ 5,400 | |||||||||
Proceeds from Income Tax Refunds | $ 500 | ||||||||||
Abatement Sought for Failure-to-pay Penalties | 900 | 900 | 900 | ||||||||
Reclassification from Unrestricted Cash and Cash Equivalents | 26,000 | ||||||||||
Operating Lease, Liability, Total | 27,742 | 27,742 | 27,742 | ||||||||
Operating Lease, Right-of-Use Asset | 17,013 | 17,013 | 17,013 | ||||||||
Accounting Standards Update 2016-02 [Member] | |||||||||||
Operating Lease, Liability, Total | $ 30,200 | ||||||||||
Operating Lease, Right-of-Use Asset | 18,600 | ||||||||||
Cumulative Effect on Retained Earnings, before Tax | $ 600 | ||||||||||
Accounts Payable and Accrued Liabilities [Member] | |||||||||||
Accrual of Customer Claims | $ 92,000 | 92,000 | $ 92,000 | ||||||||
Other Income [Member] | |||||||||||
Reduction in Accruals | $ 15,500 |
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 | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Allowance for uncollectible loans, interest and fees receivable: | |||
Balance at beginning of period | $ (79,200) | $ (63,000) | |
Provision for loan losses | (34,598) | (15,991) | |
Charge offs | 30,300 | 22,300 | |
Recoveries | (1,800) | (1,600) | |
Balance at end of period | (85,300) | (58,300) | |
Balance at end of period individually evaluated for impairment | (300) | $ (300) | |
Balance at end of period collectively evaluated for impairment | (85,000) | (78,900) | |
Loans, interest and fees receivable: | |||
Loans, interest and fees receivable, gross | 562,472 | 541,344 | |
Loans, interest and fees receivable individually evaluated for impairment | 700 | 500 | |
Loans, interest and fees receivable collectively evaluated for impairment | 561,800 | 540,800 | |
Credit Card Receivable [Member] | |||
Allowance for uncollectible loans, interest and fees receivable: | |||
Balance at beginning of period | (35,400) | (18,200) | |
Provision for loan losses | (19,700) | (9,000) | |
Charge offs | 12,300 | 6,500 | |
Recoveries | (300) | (100) | |
Balance at end of period | (43,100) | (20,800) | |
Balance at end of period individually evaluated for impairment | |||
Balance at end of period collectively evaluated for impairment | (43,100) | (35,400) | |
Loans, interest and fees receivable: | |||
Loans, interest and fees receivable, gross | 211,400 | 188,600 | |
Loans, interest and fees receivable individually evaluated for impairment | |||
Loans, interest and fees receivable collectively evaluated for impairment | 211,400 | 188,600 | |
Automobile Loan [Member] | |||
Allowance for uncollectible loans, interest and fees receivable: | |||
Balance at beginning of period | (1,300) | (2,300) | |
Provision for loan losses | (900) | ||
Charge offs | 900 | 700 | |
Recoveries | (300) | (300) | |
Balance at end of period | (1,600) | (1,900) | |
Balance at end of period individually evaluated for impairment | (300) | (200) | |
Balance at end of period collectively evaluated for impairment | (1,300) | (1,100) | |
Loans, interest and fees receivable: | |||
Loans, interest and fees receivable, gross | 90,200 | 88,100 | |
Loans, interest and fees receivable individually evaluated for impairment | 600 | 400 | |
Loans, interest and fees receivable collectively evaluated for impairment | 89,600 | 87,700 | |
Other Unsecured Lending Products [Member] | |||
Allowance for uncollectible loans, interest and fees receivable: | |||
Balance at beginning of period | (42,500) | (42,500) | |
Provision for loan losses | (14,000) | (7,000) | |
Charge offs | 17,100 | 15,100 | |
Recoveries | (1,200) | (1,200) | |
Balance at end of period | (40,600) | $ (35,600) | |
Balance at end of period individually evaluated for impairment | (100) | ||
Balance at end of period collectively evaluated for impairment | (40,600) | (42,400) | |
Loans, interest and fees receivable: | |||
Loans, interest and fees receivable, gross | 260,900 | 264,600 | |
Loans, interest and fees receivable individually evaluated for impairment | 100 | 100 | |
Loans, interest and fees receivable collectively evaluated for impairment | $ 260,800 | $ 264,500 |
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Delinquent loans and fees receivable, gross | $ 75,500 | $ 73,400 |
Current loans, interest and fees receivable, gross | 487,000 | 467,900 |
Loans, interest and fees receivable, gross | 562,472 | 541,344 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 2,000 | 1,500 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 21,600 | 24,700 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 15,700 | 15,700 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 38,200 | 33,000 |
Credit Card Receivable [Member] | ||
Delinquent loans and fees receivable, gross | 32,000 | 24,700 |
Current loans, interest and fees receivable, gross | 179,400 | 163,900 |
Loans, interest and fees receivable, gross | 211,400 | 188,600 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | ||
Credit Card Receivable [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 8,300 | 7,100 |
Credit Card Receivable [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 6,700 | 5,300 |
Credit Card Receivable [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 17,000 | 12,300 |
Automobile Loan [Member] | ||
Delinquent loans and fees receivable, gross | 10,300 | 12,900 |
Current loans, interest and fees receivable, gross | 79,900 | 75,200 |
Loans, interest and fees receivable, gross | 90,200 | 88,100 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 2,000 | 1,500 |
Automobile Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 5,500 | 7,900 |
Automobile Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 2,100 | 2,800 |
Automobile Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 2,700 | 2,200 |
Other Unsecured Lending Products [Member] | ||
Delinquent loans and fees receivable, gross | 33,200 | 35,800 |
Current loans, interest and fees receivable, gross | 227,700 | 228,800 |
Loans, interest and fees receivable, gross | 260,900 | 264,600 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | ||
Other Unsecured Lending Products [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 7,800 | 9,700 |
Other Unsecured Lending Products [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 6,900 | 7,600 |
Other Unsecured Lending Products [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | $ 18,500 | $ 18,500 |
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 | |||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | ||
Amount of TDRs on non-accrual status (in thousands) | $ 29,200 | $ 26,400 | ||
Point-of-Sale [Member] | ||||
Number of TDRs | 8,604 | 8,722 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 11,712 | $ 12,178 | ||
Carrying value of TDRs (in thousands) | $ 8,015 | 7,535 | ||
Number of accounts | 2,279 | 2,753 | ||
Loan balance at time of charge off (in thousands) | $ 3,607 | $ 4,322 | ||
Point-of-Sale [Member] | Performing Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | 6,426 | 5,788 | |
Point-of-Sale [Member] | Nonperforming Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | $ 1,589 | $ 1,747 | |
Point-of-Sale [Member] | Extended Maturity [Member] | ||||
Number of TDRs | 2,737 | 2,414 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 4,779 | $ 3,876 | ||
Direct-to-Consumer [Member] | ||||
Number of TDRs | 6,515 | 3,003 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 6,160 | $ 3,193 | ||
Carrying value of TDRs (in thousands) | $ 4,033 | 1,524 | ||
Number of accounts | 1,985 | 1,245 | ||
Loan balance at time of charge off (in thousands) | $ 2,168 | $ 2,415 | ||
Direct-to-Consumer [Member] | Performing Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | 3,449 | 1,208 | |
Direct-to-Consumer [Member] | Nonperforming Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | $ 584 | $ 316 | |
Direct-to-Consumer [Member] | Extended Maturity [Member] | ||||
Number of TDRs | 1,503 | 236 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 1,608 | $ 262 | ||
[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 - Summary of Fees and Related Income on Earning Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fees on credit products | $ 10,296 | $ 4,905 |
Changes in fair value of loans, interest and fees receivable recorded at fair value | (1) | (18) |
Changes in fair value of notes payable associated with structured financings recorded at fair value | 875 | 1,331 |
Other | 94 | (4) |
Total fees and related income on earning assets | $ 11,264 | $ 6,214 |
Note 2 - Significant Accounti_8
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Components of Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Servicing income | $ 2,060 | $ 1,148 | |
Credit and Debit Card [Member] | |||
Servicing income | [1] | 928 | 444 |
Servicing Income [Member] | |||
Servicing income | 686 | 632 | |
Service Charges and Other Customer Related Fees [Member] | |||
Servicing income | 446 | 72 | |
Credit and Other Investments [Member] | |||
Servicing income | 1,776 | 871 | |
Credit and Other Investments [Member] | Credit and Debit Card [Member] | |||
Servicing income | [1] | 928 | 444 |
Credit and Other Investments [Member] | Servicing Income [Member] | |||
Servicing income | 419 | 402 | |
Credit and Other Investments [Member] | Service Charges and Other Customer Related Fees [Member] | |||
Servicing income | 429 | 25 | |
Auto Finance [Member] | |||
Servicing income | 284 | 277 | |
Auto Finance [Member] | Credit and Debit Card [Member] | |||
Servicing income | [1] | ||
Auto Finance [Member] | Servicing Income [Member] | |||
Servicing income | 267 | 230 | |
Auto Finance [Member] | Service Charges and Other Customer Related Fees [Member] | |||
Servicing income | $ 17 | $ 47 | |
[1] | Interchange revenue is presented net of customer reward expense |
Note 3 - Segment Reporting (Det
Note 3 - Segment Reporting (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) | |
Number of Reportable Segments | 2 | ||
Assets, Total | $ 636,234 | $ 582,608 | $ 432,912 |
Non-US [Member] | |||
Assets, Total | $ 0 | $ 0 |
Note 3 - Segment Reporting - Su
Note 3 - Segment Reporting - Summary of Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Consumer loans, including past due fees | $ 50,390 | $ 35,681 | |
Other | 69 | 45 | |
Total interest income | 50,459 | 35,726 | |
Interest expense | (11,146) | (8,153) | |
Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable | 39,313 | 27,573 | |
Fees and related income on earning assets | 11,264 | 6,214 | |
Servicing income | 2,060 | 1,148 | |
Equity in income of equity-method investees | 227 | 9 | |
Income before income taxes | 5,893 | (4,575) | |
Income tax benefit (expense) | (238) | (144) | |
Total assets | 636,234 | 432,912 | $ 582,608 |
Assets, Total | 636,234 | 432,912 | $ 582,608 |
Servicing Income [Member] | |||
Servicing income | 686 | 632 | |
Credit and Other Investments [Member] | |||
Consumer loans, including past due fees | 42,672 | 28,562 | |
Other | 69 | 45 | |
Total interest income | 42,741 | 28,607 | |
Interest expense | (10,769) | (7,892) | |
Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable | 31,972 | 20,715 | |
Fees and related income on earning assets | 11,236 | 6,197 | |
Servicing income | 1,776 | 871 | |
Equity in income of equity-method investees | 227 | 9 | |
Income before income taxes | 4,207 | (6,914) | |
Income tax benefit (expense) | 239 | 399 | |
Total assets | 557,281 | 365,882 | |
Assets, Total | 557,281 | 365,882 | |
Credit and Other Investments [Member] | Servicing Income [Member] | |||
Servicing income | 419 | 402 | |
Auto Finance [Member] | |||
Consumer loans, including past due fees | 7,718 | 7,119 | |
Other | |||
Total interest income | 7,718 | 7,119 | |
Interest expense | (377) | (261) | |
Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable | 7,341 | 6,858 | |
Fees and related income on earning assets | 28 | 17 | |
Servicing income | 284 | 277 | |
Equity in income of equity-method investees | |||
Income before income taxes | 1,686 | 2,339 | |
Income tax benefit (expense) | (477) | (543) | |
Total assets | 78,953 | 67,030 | |
Assets, Total | 78,953 | 67,030 | |
Auto Finance [Member] | Servicing Income [Member] | |||
Servicing income | $ 267 | $ 230 |
Note 4 - Shareholders' Equity (
Note 4 - Shareholders' Equity (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Stock Repurchased and Retired During Period, Shares | 5,944 | 7,006 | |
Stock Repurchased and Retired During Period, Value | $ 21,000 | $ 14,000 | |
Own-share Lending Arrangement, Shares, Outstanding | 1,459,233 | 1,459,233 |
Note 5 - Investment in Equity_3
Note 5 - Investment in Equity-method Investee (Details Textual) | Mar. 31, 2019 |
Equity Method Investment to Acquire Portfolio of Credit Card Receivables [Member] | |
Equity Method Investment, Ownership Percentage | 66.70% |
Note 5 - Investment in Equity_4
Note 5 - Investment in Equity-method Investee - Summary of Equity-method Investee (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Loans, interest and fees receivables, at fair value | $ 3,232 | $ 3,546 | |
Total assets | 3,407 | 3,732 | |
Total liabilities | 17 | 18 | |
Members’ capital | 3,390 | $ 3,714 | |
Net interest income, fees and related income on earning assets | 342 | $ 14 | |
Net income (loss) | 289 | (61) | |
Equity in income of equity-method investees | $ 227 | $ 9 |
Note 6 - Fair Values of Asset_3
Note 6 - Fair Values of Assets and Liabilities - Summary of Fair Value Hierarchy for Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Loans, interest and fees receivable, at fair value | $ 5,394 | $ 6,306 | |
Fair Value, Recurring [Member] | |||
Loans, interest and fees receivable, net for which it is practicable to estimate fair value | [1] | 429,902 | 418,236 |
Loans, interest and fees receivable, at fair value | [1] | 5,394 | 6,306 |
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] | ||
Loans, interest and fees receivable, at fair value | [1] | ||
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] | ||
Loans, interest and fees receivable, at fair value | [1] | ||
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] | 476,959 | 470,496 |
Loans, interest and fees receivable, at fair value | [1] | $ 5,394 | $ 6,306 |
[1] | For cash, deposits and other short-term investments, the carrying amount is a reasonable estimate of fair value. |
Note 6 - Fair Values of Asset_4
Note 6 - Fair Values of Assets and Liabilities - Reconciliation of Level 3 Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Balance | $ 6,306 | $ 11,109 |
Net revaluations of loans, interest and fees receivable, at fair value | (1) | (18) |
Settlements | (911) | (1,691) |
Impact of foreign currency translation | 13 | |
Balance | $ 5,394 | $ 9,413 |
Note 6 - Fair Values of Asset_5
Note 6 - Fair Values of Assets and Liabilities - Quantitative Information about Level 3 Assets and Liabilities Fair Value Measurements (Details) $ in Thousands | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Loans, interest and fees receivable, at fair value | $ 5,394 | $ 6,306 |
Notes Payable Associated with Structured Financings, Fair Value | 4,776 | 5,651 |
Valuation Technique, Discounted Cash Flow [Member] | ||
Notes Payable Associated with Structured Financings, Fair Value | 4,776 | 5,651 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | ||
Loans, interest and fees receivable, at fair value | $ 5,394 | $ 6,306 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.252 | 0.258 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.335 | 0.308 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.263 | 0.264 |
Notes payable associated with structured financings, measurement input | 0.252 | 0.258 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.021 | 0.022 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.031 | 0.03 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.022 | 0.023 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Weighted Average [Member] | ||
Notes payable associated with structured financings, measurement input | 0.021 | 0.022 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.106 | 0.087 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.112 | 0.113 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.107 | 0.09 |
Notes payable associated with structured financings, measurement input | 0.106 | 0.087 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.156 | 0.149 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.209 | 0.195 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.163 | 0.155 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.149 | 0.149 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.149 | 0.149 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.149 | 0.149 |
Notes payable associated with structured financings, measurement input | 0.149 | 0.149 |
Note 6 - Fair Values of Asset_6
Note 6 - Fair Values of Assets and Liabilities - Summary of Fair Value Hierarchy for Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Revolving credit facilities | $ 407,022 | $ 389,707 |
Amortizing debt facilities | 1,220 | 1,220 |
Notes payable to related parties | 40,000 | 40,000 |
Convertible senior notes | 62,313 | 62,142 |
Notes Payable Associated with Structured Financings, Fair Value | 4,776 | 5,651 |
Fair Value, Inputs, Level 1 [Member] | ||
Revolving credit facilities | ||
Amortizing debt facilities | ||
Notes payable to related parties | ||
Convertible senior notes | ||
Notes Payable Associated with Structured Financings, Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Revolving credit facilities | ||
Amortizing debt facilities | ||
Notes payable to related parties | ||
Convertible senior notes | 47,230 | 47,230 |
Notes Payable Associated with Structured Financings, Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Revolving credit facilities | 407,022 | 389,707 |
Amortizing debt facilities | 1,220 | 1,220 |
Notes payable to related parties | 40,000 | 40,000 |
Convertible senior notes | ||
Notes Payable Associated with Structured Financings, Fair Value | $ 4,776 | $ 5,651 |
Note 6 - Fair Values of Asset_7
Note 6 - Fair Values of Assets and Liabilities - Reconciliation of Level 3 Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Balance | $ 5,651 | $ 9,240 |
Net revaluations of notes payable associated with structured financings, at fair value | (875) | (1,331) |
Repayments on outstanding notes payable, net | ||
Balance | $ 4,776 | $ 7,909 |
Note 6 - Fair Values of Asset_8
Note 6 - Fair Values of Assets and Liabilities - Summary of Other Relevant Data (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Loans, interest and fees receivable, at fair value | $ 5,394 | $ 6,306 |
Loans and Fees Receivable at Fair Value [Member] | ||
Aggregate unpaid principal balance within loans, interest and fees receivable that are reported at fair value | 1,016 | 1,160 |
Loans, interest and fees receivable, at fair value | 618 | 655 |
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) | 4 | 3 |
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 | 28 | 35 |
Structured Financing Notes Payable [Member] | ||
Aggregate unpaid principal balance within loans, interest and fees receivable that are reported at fair value | 101,314 | 101,314 |
Aggregate fair value of notes payable | 4,776 | 5,651 |
Loans and Fees Receivable Pledged as Collateral, Fair Value [Member] | ||
Aggregate unpaid principal balance within loans, interest and fees receivable that are reported at fair value | 7,009 | 7,708 |
Loans, interest and fees receivable, at fair value | 4,776 | 5,651 |
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 | 7 |
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 | $ 252 | $ 224 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | 3 Months Ended |
Mar. 31, 2019 | |
Operating Leases, Options to Extend for Additional Periods, Revolving Periods | 1 year |
Minimum [Member] | |
Operating Lease, Remaining Lease Term | 1 year |
Maximum [Member] | |
Operating Lease, Remaining Lease Term | 5 years |
Note 7 - Leases - Lease Cost (D
Note 7 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating lease cost, gross | $ 1,709 | $ 1,696 |
Sublease income | (1,283) | (1,270) |
Net Operating lease cost | 426 | 426 |
Cash paid under operating leases, gross | $ 2,492 | $ 2,523 |
Weighted average remaining lease term - months (Month) | 3 years 60 days | |
Weighted average discount rate | 6.90% |
Note 7 - Leases - Maturities of
Note 7 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
2019, (excluding the three months ended March 31, 2019) gross | $ 7,460 | |
2019 (excluding the three months ended March 31, 2019), payments received from sublease | (5,201) | |
2019 (excluding the three months ended March 31, 2019), net lease payment | 2,259 | |
2020, gross | 9,999 | |
2020, payments received from sublease | (7,115) | |
2020, net lease payment | 2,884 | |
2021, gross | 10,011 | |
2021, payments received from sublease | (7,315) | |
2021, net lease payment | 2,696 | |
2022, gross | 4,254 | |
2022, payments received from sublease | (3,112) | |
2022, net lease payment | 1,142 | |
2023, gross | 73 | |
2023, payments received from sublease | ||
2023, net lease payment | 73 | |
Thereafter, gross | 13 | |
Thereafter, payments received from sublease | ||
Thereafter, net lease payment | 13 | |
Gross | 31,810 | |
Sublease income, payments received from sublease | (22,743) | |
Lease payments, net lease payment | 9,067 | |
Less imputed interest, gross | (4,068) | |
Total, net | $ 27,742 |
Note 8 - Notes Payable (Details
Note 8 - Notes Payable (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Feb. 28, 2019 | Nov. 30, 2018 | Feb. 28, 2017 | Oct. 31, 2016 | Oct. 31, 2015 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Nov. 26, 2014 | |
Credit Card Receivables and Restricted Cash Carrying Amount as Security for Notes Payable | $ 4,800 | ||||||||
Notes Payable Associated with Structured Financings, Fair Value | 4,776 | $ 5,651 | |||||||
Aggregate Exposure to Pretax Equity Loss, Structured Financing at Fair Value | 0 | ||||||||
Bank Commitments to Lend Additional Capital Upon Assignment of Collateral, Committed But Undrawn Capacity | 97,000 | ||||||||
Long-term Line of Credit, Total | 407,022 | 389,707 | |||||||
Proceeds from Issuance of Long-term Debt, Total | $ 167,300 | 89,661 | $ 89,538 | ||||||
Asset Backed Securities, Term of Revolving Structure | 2 years | ||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period | 1 year 180 days | ||||||||
Asset Backed Securities, Weighted Average Interest Rate | 5.76% | ||||||||
Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | ||||||||
Long-term Line of Credit, Total | 49,600 | ||||||||
Secured by the Financial and Operating Assets of CAR [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000 | ||||||||
Long-term Line of Credit, Total | 31,200 | ||||||||
Line of Credit Facility, Expiration Date | Nov. 1, 2020 | ||||||||
Trust Funding Notes Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 90,000 | ||||||||
Long-term Line of Credit, Total | 69,000 | ||||||||
Line of Credit Facility, Expiration Date | Feb. 8, 2022 | ||||||||
Additional Trust Funding Notes Facilities [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | ||||||||
Long-term Line of Credit, Total | 96,500 | ||||||||
Additional Trust Funding Notes Facility One [Member] | |||||||||
Line of Credit Facility, Expiration Date | Jun. 11, 2020 | ||||||||
Additional Trust Funding Notes Facility Two [Member] | |||||||||
Line of Credit Facility, Expiration Date | Nov. 16, 2020 | ||||||||
Dove Ventures, LLC [Member] | Senior Secured Term Loan Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000 | ||||||||
Long-term Line of Credit, Total | $ 40,000 | ||||||||
Line of Credit Facility, Expiration Date | Nov. 21, 2019 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Additional Trust Funding Notes Facilities [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||||||||
Commercial Paper Rates [Member] | Additional Trust Funding Notes Facilities [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.25% | ||||||||
Minimum [Member] | |||||||||
Bank Commitments to Lend Additional Capital Upon Assignment of Collateral, Remaining Term | 270 days | ||||||||
Minimum [Member] | Trust Funding Notes Facility [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | ||||||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Secured by the Financial and Operating Assets of CAR [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.40% | ||||||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Bank Commitments to Lend Additional Capital Upon Assignment of Available Collateral [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||||||||
Maximum [Member] | |||||||||
Bank Commitments to Lend Additional Capital Upon Assignment of Collateral, Remaining Term | 2 years 180 days | ||||||||
Maximum [Member] | Trust Funding Notes Facility [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 14.00% | ||||||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Secured by the Financial and Operating Assets of CAR [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Bank Commitments to Lend Additional Capital Upon Assignment of Available Collateral [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.50% |
Note 8 - Notes Payable - Summar
Note 8 - Notes Payable - Summary of Variable Interest Entities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Unrestricted cash and cash equivalents | $ 101,049 | $ 60,968 | |
Restricted cash and cash equivalents | 65,184 | 80,786 | |
Loans, interest and fees receivable, at fair value | 5,394 | 6,306 | |
Loans, interest and fees receivable, gross | 562,472 | 541,344 | |
Allowances for uncollectible loans, interest and fees receivable | (85,319) | (79,211) | |
Deferred revenue | (47,251) | (43,897) | |
Total Assets held by VIEs | 636,234 | 582,608 | $ 432,912 |
Notes Payable, at face value held by VIEs | 408,242 | 390,927 | |
Notes Payable, at fair value held by VIEs | 4,776 | 5,651 | |
Maximum exposure to loss due to involvement with VIEs | 454,500 | 438,500 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Unrestricted cash and cash equivalents | 41,100 | 16,800 | |
Restricted cash and cash equivalents | 45,700 | 61,000 | |
Loans, interest and fees receivable, at fair value | 4,800 | 5,700 | |
Loans, interest and fees receivable, gross | 453,100 | 403,400 | |
Allowances for uncollectible loans, interest and fees receivable | (76,500) | (57,400) | |
Deferred revenue | (16,900) | (13,200) | |
Total Assets held by VIEs | 451,300 | 416,300 | |
Notes Payable, at face value held by VIEs | 382,400 | 366,700 | |
Notes Payable, at fair value held by VIEs | $ 4,800 | $ 5,700 |
Note 8 - Notes Payable - Schedu
Note 8 - Notes Payable - Schedule of Structured Financing Notes Payable (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of March 31, 2019 ($101.3 million as of December 31, 2018) bearing interest at a weighted average 7.5% interest rate, based upon LIBOR, at March 31, 2019 (7.5% at December 31, 2018), which is secured by credit card receivables and restricted cash aggregating $4.8 million as of March 31, 2019 ($5.7 million as of December 31, 2018) in carrying amount | $ 4,776 | $ 5,651 |
Securitization Financing Facility [Member] | ||
Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of March 31, 2019 ($101.3 million as of December 31, 2018) bearing interest at a weighted average 7.5% interest rate, based upon LIBOR, at March 31, 2019 (7.5% at December 31, 2018), which is secured by credit card receivables and restricted cash aggregating $4.8 million as of March 31, 2019 ($5.7 million as of December 31, 2018) in carrying amount | $ 4,800 | $ 5,700 |
Note 8 - Notes Payable - Sche_2
Note 8 - Notes Payable - Schedule of Structured Financing Notes Payable (Details) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Amortizing securitization facility, amount secured by credit card receivables and restricted cash | $ 4,800 | |
Securitization Financing Facility [Member] | ||
Amortizing securitization facility, maturity date | Dec. 31, 2021 | Dec. 31, 2021 |
Amortizing securitization facility, outstanding face amount | $ 101,300 | $ 101,300 |
Amortizing securitization facility, amount secured by credit card receivables and restricted cash | $ 4,800 | $ 5,700 |
Securitization Financing Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Amortizing securitization facility, weighted average interest rate | 7.50% | 7.50% |
Note 8 - Notes Payable - Sche_3
Note 8 - Notes Payable - Schedule of Notes Payable at Face Value and Notes Payable to Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | ||
Revolving credit facilities | $ 407,022 | $ 389,707 | |
Amortizing debt facilities | 1,220 | 1,220 | |
Notes payable to related parties | 40,000 | 40,000 | |
Total notes payable before unamortized debt issuance costs and discounts | 454,800 | 437,900 | |
Unamortized debt issuance costs and discounts | (6,600) | (7,000) | |
Total notes payable outstanding | $ 448,200 | $ 430,900 | |
Other Secured Debt [Member] | |||
Amortizing securitization facility, maturity date | Sep. 8, 2023 | Sep. 8, 2023 | |
Amortizing debt facilities | $ 1,200 | $ 1,200 | |
Senior Secured Term Loan Facility [Member] | |||
Amortizing securitization facility, maturity date | [1] | Nov. 21, 2019 | Nov. 21, 2019 |
Notes payable to related parties | [2] | $ 40,000 | $ 40,000 |
Revolving Credit Facility Expiring November 1, 2020 [Member] | |||
Revolving credit facilities | [3],[4] | 31,200 | 30,000 |
Revolving Credit Facility Expiring October 30, 2019 [Member] | |||
Revolving credit facilities | [2],[4],[5] | 49,600 | 49,900 |
Revolving Credit Facility Expiring February 8, 2022 [Member] | |||
Revolving credit facilities | [2],[5],[6],[7] | 69,000 | 61,000 |
Revolving Credit Facility Expiring June 11, 2020 [Member] | |||
Revolving credit facilities | [2],[5],[6],[7] | 80,500 | 80,500 |
Revolving Credit Facility Expiring November 16, 2020 [Member] | |||
Revolving credit facilities | [2],[5],[6],[7] | 16,000 | 8,000 |
Revolving Credit Facility Expiring November 15, 2023 [Member] | |||
Revolving credit facilities | [2],[5],[6],[7] | $ 167,300 | $ 167,300 |
[1] | Loans are associated with variable interest entities. | ||
[2] | Loans are associated with variable interest entities. | ||
[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 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. | ||
[6] | Creditors do not have recourse against the general assets of the Company but only to the collateral within the VIEs. | ||
[7] | See below for additional information. |
Note 8 - Notes Payable - Sche_4
Note 8 - Notes Payable - Schedule of Notes Payable at Face Value and Notes Payable to Related Parties (Details) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2015 | ||
Other Secured Debt [Member] | ||||
Amortizing securitization facility, maturity date | Sep. 8, 2023 | Sep. 8, 2023 | ||
Loan, interest rate | 5.50% | 5.50% | ||
Senior Secured Term Loan Facility [Member] | ||||
Amortizing securitization facility, maturity date | [1] | Nov. 21, 2019 | Nov. 21, 2019 | |
Loan, interest rate | [1] | 9.00% | 9.00% | |
Revolving Credit Facility Expiring November 1, 2020 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [2],[3] | $ 40,000 | $ 40,000 | |
Revolving credit facility, expiration date | [2],[3] | Nov. 1, 2020 | Nov. 1, 2020 | |
Revolving Credit Facility Expiring October 30, 2019 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[3],[4] | $ 50,000 | $ 50,000 | |
Revolving credit facility, expiration date | [1],[3],[4] | Oct. 30, 2019 | Oct. 30, 2019 | |
Revolving Credit Facility Expiring February 8, 2022 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[4],[5],[6] | $ 90,000 | $ 90,000 | |
Revolving credit facility, expiration date | [1],[4],[5],[6] | Feb. 8, 2022 | Feb. 8, 2022 | |
Revolving Credit Facility Expiring June 11, 2020 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[4],[5],[6] | $ 100,000 | $ 100,000 | |
Revolving credit facility, expiration date | [1],[4],[5],[6] | Jun. 11, 2020 | Jun. 11, 2020 | |
Revolving Credit Facility Expiring November 16, 2020 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[4],[5],[6] | $ 100,000 | $ 100,000 | |
Revolving credit facility, expiration date | [1],[4],[5],[6] | Nov. 16, 2020 | Nov. 16, 2020 | |
Revolving Credit Facility Expiring November 15, 2023 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[4],[5],[6] | $ 167,300 | $ 167,300 | |
Revolving credit facility, expiration date | [1],[4],[5],[6] | Nov. 15, 2023 | Nov. 15, 2023 | |
Revolving Credit Facility [Member] | ||||
Revolving credit facility, maximum borrowing capacity | $ 50,000 | |||
Amortizing securitization facility, weighted average interest rate | 7.70% | 7.60% | ||
Amount of securing assets | $ 484,000 | $ 468,800 | ||
[1] | Loans are associated with variable interest entities. | |||
[2] | 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. | |||
[3] | These notes reflect modifications to either extend the maturity date, increase the loan amount or both, and are treated as accounting modifications. | |||
[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] | Creditors do not have recourse against the general assets of the Company but only to the collateral within the VIEs. | |||
[6] | See below for additional information. |
Note 9 - Convertible Senior N_3
Note 9 - Convertible Senior Notes (Details Textual) - Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] - Convertible Debt [Member] - USD ($) $ in Thousands | Nov. 30, 2005 | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument, Face Amount | $ 300,000 | $ 88,280 | $ 88,280 |
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | ||
Debt Instrument, Maturity Date | Nov. 30, 2035 |
Note 9 - Convertible Senior N_4
Note 9 - Convertible Senior Notes - Summary of Convertible Senior Notes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2005 | |
Net carrying value | $ 62,313 | $ 62,142 | |
Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | Convertible Debt [Member] | |||
Face amount of convertible senior notes | 88,280 | 88,280 | $ 300,000 |
Discount | (25,967) | (26,138) | |
Net carrying value | 62,313 | 62,142 | |
Carrying amount of equity component included in paid-in capital | 108,714 | 108,714 | |
Excess of instruments’ if-converted values over face principal amounts |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) $ in Millions | Mar. 31, 2019USD ($) |
Pledged Assets, Other, Not Separately Reported on Statement of Financial Position, Total | $ 11.4 |
Unfunded Individual Credit Commitment [Member] | |
Other Commitment, Total | 717 |
Unfunded Outstanding Floor-Plan Financing Commitment [Member] | |
Other Commitment, Total | $ 8 |
Note 11 - Net Income (Loss) A_3
Note 11 - Net Income (Loss) Attributable to Controlling Interests Per Common Share (Details Textual) | 3 Months Ended | |
Mar. 31, 2019$ / sharesshares | Mar. 31, 2018shares | |
Weighted Average Number of Shares, Restricted Stock | 397,566 | 184,196 |
Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | ||
Incremental Common Shares Attributable to Conversion of Debt Securities, Total | 0 | 0 |
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 24.61 | |
Debt Instrument, Convertible, Number of Equity Instruments | 3,600,000 |
Note 11 - Net Income (Loss) A_4
Note 11 - Net Income (Loss) 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 | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Net income (loss) attributable to controlling interests | $ 5,713 | $ (4,670) | |
Basic (including unvested share-based payment awards) (1) (in shares) | [1] | 14,355 | 13,899 |
Effect of dilutive stock compensation arrangements (2) (in shares) | [2] | 362 | |
Diluted (including unvested share-based payment awards) (1) (in shares) | [1] | 14,717 | 13,899 |
Net income (loss) attributable to controlling interests per common share—basic (in dollars per share) | $ 0.40 | $ (0.34) | |
Net income (loss) attributable to controlling interests per common share—diluted (in dollars per share) | $ 0.39 | $ (0.34) | |
[1] | Shares related to unvested share-based payment awards included in our basic and diluted share counts were 397,566 for the three months ended March 31, 2019, compared to 184,196 for the three months ended March 31, 2018. | ||
[2] | The effect of dilutive stock compensation arrangements is shown only for informational purposes where we are in a net loss position. In such situations, the effect of including outstanding options and restricted stock would be anti-dilutive, and they are thus excluded from all loss period calculations. |
Note 12 - Stock-based Compens_3
Note 12 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net, Total | $ 0 | $ 0 | |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,000 | $ 1,200 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 205,000 | 69,000 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount, Total | $ 700 | $ 200 | |
Share-based Payment Arrangement, Expense | 200 | 100 | |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 1,300 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | ||
Restricted Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Share-based Payment Arrangement, Option [Member] | |||
Share-based Payment Arrangement, Expense | $ 200 | $ 200 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
The 2014 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 2,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,796,770 | ||
The Fourth Amended 2014 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 2 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 78,169 |
Note 12 - Stock-based Compens_4
Note 12 - Stock-based Compensation - Summary of Outstanding Options (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)$ / sharesshares | |
Outstanding (in shares) | shares | 3,121,200 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 3.50 |
Issued (in shares) | shares | 50,000 |
Issued, weighted average exercise price (in dollars per share) | $ / shares | $ 3.13 |
Exercised (in shares) | shares | (419,500) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 2.54 |
Cancelled/Forfeited (in shares) | shares | |
Cancelled/Forfeited, weighted average exercise price (in dollars per share) | $ / shares | |
Outstanding (in shares) | shares | 2,751,700 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 3.64 |
Outstanding, weighted average remaining contractual life (Year) | 2 years 328 days |
Outstanding, aggregate intrinsic value | $ | $ 934,117 |
Exercisable (in shares) | shares | 959,868 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 3.34 |
Exercisable, weighted average remaining contractual life (Year) | 2 years 36 days |
Exercisable, aggregate intrinsic value | $ | $ 239,953 |