Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 20, 2020 | Jun. 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 Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 15,919,360 | ||
Entity Public Float | $ 21.7 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common stock, no par value per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Unrestricted cash and cash equivalents | $ 135,379 | $ 60,968 |
Restricted cash and cash equivalents | 41,015 | 80,786 |
Loans, interest and fees receivable: | ||
Loans, interest and fees receivable, at fair value | 4,386 | 6,306 |
Loans, interest and fees receivable, gross | 998,209 | 541,344 |
Allowances for uncollectible loans, interest and fees receivable | (186,329) | (79,211) |
Deferred revenue | (90,307) | (43,897) |
Net loans, interest and fees receivable | 725,959 | 424,542 |
Property at cost, net of depreciation | 2,738 | 3,625 |
Investments in equity-method investee | 1,957 | 2,476 |
Deposits | 104 | 124 |
Operating lease right-of-use assets | 14,091 | |
Prepaid expenses and other assets | 15,023 | 10,087 |
Total assets | 936,266 | 582,608 |
Liabilities | ||
Accounts payable and accrued expenses | 41,617 | 105,765 |
Operating lease liabilities | 22,259 | |
Notes payable, at face value | 749,209 | 390,927 |
Notes payable to related parties | 40,000 | |
Notes payable associated with structured financings, at fair value (associated with variable interest entities) | 3,920 | 5,651 |
Convertible senior notes | 24,091 | 62,142 |
Income tax liability | 5,785 | 252 |
Total liabilities | 846,881 | 604,737 |
Commitments and contingencies (Note 11) | ||
Shareholders' Equity | ||
Common stock, no par value, 150,000,000 shares authorized: 15,885,314 shares issued and outstanding (including 1,459,233 loaned shares to be returned) at December 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 | 212,692 | 213,435 |
Accumulated other comprehensive income | 3,558 | |
Retained deficit | (211,786) | (238,784) |
Total shareholders’ equity (deficit) | 906 | (21,791) |
Noncontrolling interests | (571) | (338) |
Total equity (deficit) | 335 | (22,129) |
Total liabilities, preferred stock and shareholders' equity (deficit) | 936,266 | 582,608 |
Series A Preferred Stock [Member] | ||
Liabilities | ||
Preferred stock, no par value, 10,000,000 shares authorized: Series A preferred stock, 400,000 shares issued and outstanding at December 31, 2019; 0 shares at December 31, 2018 (Note 4) | 40,000 | |
Series B Preferred Stock [Member] | ||
Liabilities | ||
Preferred stock, no par value, 10,000,000 shares authorized: Series A preferred stock, 400,000 shares issued and outstanding at December 31, 2019; 0 shares at December 31, 2018 (Note 4) | $ 49,050 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Unrestricted cash and cash equivalents | $ 135,379 | $ 60,968 |
Restricted cash and cash equivalents | 41,015 | 80,786 |
Loans, interest and fees receivable, at fair value | 4,386 | 6,306 |
Loans, interest and fees receivable, gross | 998,209 | 541,344 |
Allowances for uncollectible loans, interest and fees receivable | (186,329) | (79,211) |
Deferred revenue | (90,307) | (43,897) |
Notes payable, at face value | $ 749,209 | $ 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) | 15,885,314 | 15,563,574 |
Common stock, outstanding (in shares) | 15,885,314 | 15,563,574 |
Own-share lending arrangement, outstanding (in shares) | 1,459,233 | 1,459,233 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 0 |
Preferred stock, shares issued (in shares) | 400,000 | 0 |
Preferred stock, shares outstanding (in shares) | 400,000 | 0 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Unrestricted cash and cash equivalents | $ 78,700 | $ 16,800 |
Restricted cash and cash equivalents | 25,900 | 61,000 |
Loans, interest and fees receivable, at fair value | 3,900 | 5,700 |
Loans, interest and fees receivable, gross | 857,200 | 403,400 |
Allowances for uncollectible loans, interest and fees receivable | (168,800) | (57,400) |
Deferred revenue | (40,700) | (13,200) |
Notes payable, at face value | $ 701,100 | $ 366,700 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income: | ||
Consumer loans, including past due fees | $ 260,832 | $ 160,968 |
Other | 386 | 200 |
Total interest income | 261,218 | 161,168 |
Interest expense | (50,730) | (36,896) |
Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable | 210,488 | 124,272 |
Fees and related income on earning assets | 71,147 | 29,992 |
Net losses upon impairment of loans, interest and fees receivable recorded at fair value | (897) | (549) |
Provision for losses on loans, interest and fees receivable recorded at net realizable value | (248,383) | (100,338) |
Net interest income, fees and related income on earning assets | 32,355 | 53,377 |
Other operating income: | ||
Servicing income | 13,754 | 5,556 |
Other income | 117,903 | 39,820 |
Gain on repurchase of convertible senior notes | 5,127 | |
Equity in income of equity-method investee | 1,001 | 581 |
Total other operating income | 125,817 | 42,370 |
Other operating expense: | ||
Salaries and benefits | 26,229 | 23,430 |
Card and loan servicing | 49,459 | 37,145 |
Marketing and solicitation | 36,388 | 12,124 |
Depreciation | 1,137 | 987 |
Other | 13,196 | 18,579 |
Total other operating expense | 126,409 | 92,265 |
Income before income taxes | 31,763 | 3,482 |
Income tax (expense) benefit | (5,553) | 4,130 |
Net income | 26,210 | 7,612 |
Net loss attributable to noncontrolling interests | 233 | 244 |
Net income attributable to controlling interests | 26,443 | 7,856 |
Preferred dividends | (1,153) | |
Net income attributable to common shareholders | $ 25,290 | $ 7,856 |
Net income attributable to common shareholders per common share—basic (in dollars per share) | $ 1.74 | $ 0.56 |
Net income attributable to common shareholders per common share—diluted (in dollars per share) | $ 1.66 | $ 0.56 |
Servicing Income [Member] | ||
Other operating income: | ||
Servicing income | $ 1,786 | $ 1,969 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 26,210 | $ 7,612 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 2,282 | 5,774 |
Reclassifications of foreign currency translation gains to Other operating expense on the consolidated statements of operations | (5,840) | (38) |
Income tax expense related to other comprehensive income | ||
Comprehensive income | 22,652 | 13,348 |
Comprehensive loss attributable to noncontrolling interests | 233 | 244 |
Comprehensive income attributable to controlling interests | 22,885 | 13,592 |
Comprehensive income attributable to controlling interests to common shareholders | $ 21,732 | $ 13,592 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Temporary Equity Associated with Noncontrolling Interests [Member] | Preferred Stock [Member]Series A Preferred Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 15,291,884 | |||||||
Balance at Dec. 31, 2017 | $ 212,785,000 | $ (2,178,000) | $ (246,640,000) | $ (94,000) | $ (36,127,000) | |||
Stock options exercises and proceeds related thereto (in shares) | 20,300 | |||||||
Stock options exercises and proceeds related thereto | 50,000 | 50,000 | ||||||
Compensatory stock issuances, net of forfeitures (in shares) | 533,177 | |||||||
Compensatory stock issuances, net of forfeitures | ||||||||
Deferred stock-based compensation costs | 1,323,000 | $ 1,323,000 | ||||||
Redemption and retirement of shares (in shares) | (281,787) | (281,787) | ||||||
Redemption and retirement of shares | (723,000) | $ (723,000) | ||||||
Comprehensive income (loss) | 5,736,000 | 7,856,000 | (244,000) | 13,348,000 | ||||
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) | |||
Stock options exercises and proceeds related thereto (in shares) | 469,701 | 469,701 | ||||||
Stock options exercises and proceeds related thereto | 1,215,000 | $ 1,215,000 | ||||||
Compensatory stock issuances, net of forfeitures (in shares) | 209,500 | |||||||
Compensatory stock issuances, net of forfeitures | ||||||||
Deferred stock-based compensation costs | 1,712,000 | $ 1,712,000 | ||||||
Redemption and retirement of shares (in shares) | (357,461) | (357,461) | ||||||
Redemption and retirement of shares | (2,517,000) | $ (2,517,000) | ||||||
Comprehensive income (loss) | (3,558,000) | 26,443,000 | (233,000) | 22,652,000 | ||||
Cumulative effects from adoption of new lease standard (Note 2) | 555,000 | 555,000 | ||||||
Accretion of discount associated with issuance of subsidiary equity | (50,000) | 50,000 | (50,000) | |||||
Preferred dividends | (1,103,000) | (1,103,000) | ||||||
Contributions by preferred shareholders | 50,500,000 | 40,000,000 | ||||||
Costs associated with contributions by preferred shareholders | (1,500,000) | |||||||
Balance (in shares) at Dec. 31, 2019 | 15,885,314 | |||||||
Balance at Dec. 31, 2019 | $ 212,692,000 | $ (211,786,000) | $ (571,000) | $ 49,050,000 | $ 40,000,000 | $ 335,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities | ||
Net income | $ 26,210 | $ 7,612 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion, net | 7,693 | 987 |
Losses upon impairment of loans, interest and fees receivable recorded at fair value | 897 | 549 |
Provision for losses on loans, interest and fees receivable | 248,383 | 100,338 |
Interest expense from accretion of discount on notes | 818 | 890 |
Income from accretion of merchant fees and discount associated with receivables purchases | (116,252) | (75,517) |
Unrealized gain on loans, interest and fees receivable and underlying notes payable held at fair value | (2,982) | (4,195) |
Amortization of deferred loan costs | 3,518 | 2,128 |
Income from equity-method investments | (1,001) | (581) |
Gain on repurchase of convertible senior notes | (5,127) | |
Deferred stock-based compensation costs | 1,712 | 1,323 |
Lease liability payments | (10,080) | |
Changes in assets and liabilities: | ||
Decrease (increase) in uncollected fees on earning assets | 1,765 | (8,754) |
Increase (decrease) in income tax liability | 5,533 | (8,880) |
Decrease in deposits | 20 | 126 |
(Decrease) increase in accounts payable and accrued expenses | (52,720) | (5,411) |
Other | (8,424) | 32,241 |
Net cash provided by operating activities | 99,963 | 42,856 |
Investing activities | ||
Proceeds from equity-method investee | 1,520 | 2,349 |
Investments in earning assets | (1,098,764) | (607,981) |
Proceeds from earning assets | 663,805 | 472,497 |
Purchases and development of property, net of disposals | (250) | (1,383) |
Net cash used in investing activities | (433,689) | (134,518) |
Financing activities | ||
Noncontrolling interests contributions | 50,500 | |
Issuance costs for nonontrolling interests | (1,500) | |
Proceeds from issuance of preferred stock | 40,000 | |
Proceeds from exercise of stock options | 1,215 | 50 |
Purchase and retirement of outstanding stock | (2,517) | (723) |
Proceeds from borrowings | 873,340 | 632,043 |
Repayment of borrowings | (592,318) | (469,623) |
Net cash provided by financing activities | 368,720 | 161,747 |
Effect of exchange rate changes on cash | (354) | 1,011 |
Net increase in cash and cash equivalents | 34,640 | 71,096 |
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 | 176,394 | 141,754 |
Supplemental cash flow information | ||
Cash paid for interest | 46,302 | 33,467 |
Net cash income tax payments | $ 20 | $ 4,750 |
Note 1 - Description of Our Bus
Note 1 - Description of Our Business | 12 Months Ended |
Dec. 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 partner 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 Additionally, we report within our Credit and Other Investments segment: 1 2 3 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 | 12 Months Ended |
Dec. 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. Unrestricted Cash and Cash Equivalents Unrestricted cash and cash equivalents consist of cash, money market investments and overnight deposits. We consider all highly liquid cash investments with low interest rate risk and original maturities of three not Restricted Cash Restricted cash as of December 31, 2019 2018 Loans, Interest and Fees Receivable Loans, Interest and Fees Receivable, at Fair Value. 6, Loans, Interest and Fees Receivable. $182.9 $179.4 December 31, 2019 2018 We show both an allowance for uncollectible loans, interest and fees receivable and unearned fees (or “deferred revenue”) for our loans, interest and fees receivable (i.e., as opposed to those carried at fair value). Our loans, interest and fees receivable consist of smaller-balance, homogeneous loans, divided into two may may not These reserves are considered in conjunction with (and potentially reduced by) any unearned fees and discounts that may may may Certain of our loans, interest and fees receivable also contain components of deferred revenue including merchant fees on the purchases of receivables for our point-of-sale receivables and annual fee billings for our direct-to-consumer credit card receivables. Our point-of-sale and auto finance loans, interest and fees receivable include principal balances and associated fees and interest due from customers which are earned each period a loan is outstanding, net of the unearned portion of merchant fees and loan discounts. Additionally, many of our direct-to-consumer credit card receivables have an annual membership fee that is billed to the consumer on card activation and for each anniversary of that date thereafter. As of December 31, 2019 December 31, 2018 $90.3 $43.9 11 $48.1 $30.0 December 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 Year ended December 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 (161.5 ) (3.5 ) (83.4 ) (248.4 ) Charge offs 80.2 4.6 68.1 152.9 Recoveries (4.6 ) (1.4 ) (5.6 ) (11.6 ) Balance at end of period $ (121.3 ) $ (1.6 ) $ (63.4 ) $ (186.3 ) As of December 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 $ — $ (0.4 ) $ (0.1 ) $ (0.5 ) Balance at end of period collectively evaluated for impairment $ (121.3 ) $ (1.2 ) $ (63.3 ) $ (185.8 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 509.2 $ 89.8 $ 399.2 $ 998.2 Loans, interest and fees receivable individually evaluated for impairment $ — $ 2.1 $ 0.1 $ 2.2 Loans, interest and fees receivable collectively evaluated for impairment $ 509.2 $ 87.7 $ 399.1 $ 996.0 For the Year ended December 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 (46.6 ) (0.3 ) (53.4 ) (100.3 ) Charge offs 29.9 2.2 58.2 90.3 Recoveries (0.5 ) (0.9 ) (4.8 ) (6.2 ) Balance at end of period $ (35.4 ) $ (1.3 ) $ (42.5 ) $ (79.2 ) 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 Delinquent loans, interest and fees receivable reflect the principal, fee and interest components of loans we did not not 90 180 30 not Recoveries on accounts previously charged off are credited to the allowance for uncollectible loans, interest and fees receivable and effectively offset our provision for losses on loans, interest and fees receivable recorded at net realizable value on our consolidated statements of operations. (All of the above discussion relates only to our loans, interest and fees receivable for which we use net realizable value, as opposed to fair value accounting. For loans, interest and fees receivable recorded at fair value, recoveries offset losses upon impairment of the underlying loans, interest and fees receivable recorded at fair value, net of recoveries on our consolidated statements of operations.) We consider loan delinquencies a key indicator of credit quality because this measure provides the best ongoing estimate of how a particular class of receivables is performing. An aging of our delinquent loans, interest and fees receivable, gross (in millions) by class of receivable as of December 31, 2019 December 31, 2018 As of December 31, 2019 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 21.7 $ 8.1 $ 14.0 $ 43.8 60-89 days past due 18.5 3.0 11.5 33.0 90 or more days past due 46.6 2.6 27.2 76.4 Delinquent loans, interest and fees receivable, gross 86.8 13.7 52.7 153.2 Current loans, interest and fees receivable, gross 422.4 76.1 346.5 845.0 Total loans, interest and fees receivable, gross $ 509.2 $ 89.8 $ 399.2 $ 998.2 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.9 $ — $ 1.9 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 modified loans, including TDRs that have been re-aged, as of December 31, 2019 December 31, 2018 As of December 31, 2019 December 31, 2018 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of TDRs 10,682 14,553 6,095 3,584 Number of TDRs that have been re-aged 2,788 2,854 2,759 1,111 Amount of TDRs on non-accrual status (in thousands) $ 14,468 $ 13,037 $ 4,885 $ 1,942 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 5,118 $ 3,104 $ 3,782 $ 955 Carrying value of TDRs (in thousands) $ 8,864 $ 7,312 $ 3,333 $ 1,363 TDRs - Performing (carrying value, in thousands)* $ 6,754 $ 6,106 $ 2,525 $ 1,191 TDRs - Nonperforming (carrying value, in thousands)* $ 2,110 $ 1,206 $ 808 $ 172 *“TDRs - Performing” include accounts that are current on all amounts owed, while “TDRs - Nonperforming” include all accounts with past due amounts owed. Given that the above TDRs have a high reserve rate prior to modification as TDRs, we do not The Company modified 31,409 21,997 $43.3 $33.2 twelve December 31, 2019 December 31, 2018 twelve Twelve Months Ended December 31, 2019 December 31, 2018 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of accounts 2,835 3,339 6,903 5,415 Loan balance at time of charge off (in thousands) $ 4,397 $ 3,545 $ 9,634 $ 4,963 Property at Cost, Net of Depreciation We capitalize costs related to internal development and implementation of software used in our operating activities in accordance with applicable accounting literature. These capitalized costs consist almost exclusively of fees paid to third We record our property at cost less accumulated depreciation or amortization. We compute depreciation expense using the straight-line method over the estimated useful lives of our assets, which are approximately 5 3 We periodically review our property to determine if it is impaired. We incurred no 2019 no 2018 Investment in Equity-Method Investee We account for an investment using the equity method of accounting if we have the ability to exercise significant influence, but not We use the equity method for our 66.7% 2004 not We evaluate our investments in the equity-method investee for impairment each quarter by comparing the carrying amount of the investment to its fair value. Because no 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. Commencing in July 2019, third 10 37 may one Revenue Recognition and Revenue from Contracts with Customers Consumer Loans, Including Past Due Fees Consumer loans, including past due fees reflect interest income, including finance charges, and late fees on loans in accordance with the terms of the related customer agreements. Premiums, discounts and merchant fees 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: Year Ended December 31, 2019 2018 Fees on credit products $ 68,639 $ 25,694 Changes in fair value of loans, interest and fees receivable recorded at fair value 1,251 606 Changes in fair value of notes payable associated with structured financings recorded at fair value 1,731 3,589 Other (474 ) 103 Total fees and related income on earning assets $ 71,147 $ 29,992 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 impairment of loans, interest and fees receivable recorded at fair value on our consolidated statements of operations. See Note 6, Other income Other income includes revenues associated with ancillary product offerings and interchange revenues. We recognize these fees as income in the period earned. Included in Other income for 2019 $105.9 one may may December 31, 2019, no 2018, £34 $42.9 $36.2 Revenue from Contracts with Customers In the first 2018 No. 2014 09, no not not Credit and For the Year ended December 31, 2019 Other Investments Auto Finance Total Interchange revenues, net (1) $ 8,495 $ — $ 8,495 Servicing income 857 929 1,786 Service charges and other customer related fees 3,407 66 3,473 Total revenue from contracts with customers $ 12,759 $ 995 $ 13,754 ( 1 Credit and For the Year ended December 31, 2018 Other Investments Auto Finance Total Interchange revenues, net (1) $ 2,881 $ — $ 2,881 Servicing income 947 1,022 1,969 Service charges and other customer related fees 637 69 706 Total revenue from contracts with customers $ 4,465 $ 1,091 $ 5,556 ( 1 Card and Loan Servicing Expenses Card and loan servicing costs primarily include collections and customer service expenses. Within this category of expenses are personnel, service bureau, cardholder correspondence and other direct costs associated with our collections and customer service efforts. Card and loan servicing costs also include outsourced collections and customer service expenses. We expense card and loan servicing costs as we incur them, with the exception of prepaid costs, which we expense over respective service periods. Marketing and Solicitation Expenses We expense product solicitation costs, including printing, credit bureaus, list processing, telemarketing, postage, and internet marketing fees, as we incur these costs or expend resources. Recent Accounting Pronouncements In June 2016, 2016 13, 2018 19, 2019 04, 2019 10 2019 11 May 2019 2019 05 326 20, first 2016 13 2019 05 December 15, 2019, December 15, 2022 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 8, 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 December 31, 2019 , not As of January 1, 2020, January 1, 2020 ( January 1, 2020 2020 January 1, 2020 no On January 30, 2020, 19 March 2020, 19 The full impact of the COVID- 19 19 19 2020. |
Note 3 - Segment Reporting
Note 3 - Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 3. Segment Reporting We operate primarily within one two two As of both December 31, 2019 December 31, 2018 not December 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: Year ended December 31, 2019 Credit and Other Investments Auto Finance Total Interest income: Consumer loans, including past due fees $ 229,388 $ 31,444 $ 260,832 Other 386 — 386 Total interest income 229,774 31,444 261,218 Interest expense (49,065 ) (1,665 ) (50,730 ) Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable $ 180,709 $ 29,779 $ 210,488 Fees and related income on earning assets $ 70,984 $ 163 $ 71,147 Servicing income $ 857 $ 929 $ 1,786 Gain on repurchase of convertible senior notes $ 5,127 $ — $ 5,127 Equity in income of equity-method investee $ 1,001 $ — $ 1,001 Income before income taxes $ 25,005 $ 6,758 $ 31,763 Income tax expense $ (3,830 ) $ (1,723 ) $ (5,553 ) Total assets $ 856,354 $ 79,912 $ 936,266 Year ended December 31, 2018 Credit and Other Investments Auto Finance Total Interest income: Consumer loans, including past due fees $ 131,096 $ 29,872 $ 160,968 Other 200 — 200 Total interest income 131,296 29,872 161,168 Interest expense (35,564 ) (1,332 ) (36,896 ) Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable $ 95,732 $ 28,540 $ 124,272 Fees and related income on earning assets $ 29,912 $ 80 $ 29,992 Servicing income $ 947 $ 1,022 $ 1,969 Equity in income of equity-method investee $ 581 $ — $ 581 (Loss) income before income taxes $ (6,767 ) $ 10,249 $ 3,482 Income tax benefit (expense) $ 6,345 $ (2,215 ) $ 4,130 Total assets $ 507,232 $ 75,376 $ 582,608 |
Note 4 - Shareholders' Equity a
Note 4 - Shareholders' Equity and Preferred Stock | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 4. Shareholders’ Equity and Preferred Stock On November 26, 2014, $40.0 December 27, 2019, 400,000 10,000,000 400,000 $40.0 $40.0 6% no may, January 1, 2025 $100 $100 January 1, 2024. $100 $10 Dove is a limited liability company owned by three one two two During the years ended December 31, 2019 2018 357,461 281,787 $2,517,000 $723,000, We had 1,459,233 December 31, 2019 December 31, 2018 November 2005 On November 14, 2019, 50.5 $1.00 third 16% 6 not 50.5 |
Note 5 - Investment in Equity-m
Note 5 - Investment in Equity-method Investee | 12 Months Ended |
Dec. 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 December 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 December 31, 2019 December 31, 2018 Loans, interest and fees receivables, at fair value $ 2,757 $ 3,546 Total assets $ 2,922 $ 3,732 Total liabilities $ 13 $ 18 Members’ capital $ 2,909 $ 3,714 Year ended December 31, 2019 2018 Net interest income (loss), fees and related income on earning assets $ 1,505 $ 875 Net income $ 1,318 $ 613 Net income attributable to investee $ 1,001 $ 581 |
Note 6 - Fair Values of Assets
Note 6 - Fair Values of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6. Fair Values of Assets and Liabilities We elected the fair value option with respect to our investments in equity securities, included in other assets, as well as our credit card loans, interest and fees receivable portfolios, the retained interests in which we historically recorded at fair value under securitization structures that were off balance sheet prior to accounting rules changes requiring their consolidation into our financial statements. The legal structure qualifies as a VIE but is consolidated as the Company is the primary beneficiary. With respect to our equity securities, we decided to carry these assets at fair value due to our intent to invest and redeem these investments with expected frequency. For our credit card loans, interest and fees receivable portfolios underlying our formerly off-balance-sheet securitization structures, we elected the fair value option because, at the time of election, in contrast to substantially all of our other assets, we had significant experiences in determining the fair value of these assets in connection with our historical fair value accounting for our retained interests in their associated securitization structures. Because we elected to account for the credit card receivables underlying our formerly off-balance-sheet securitization structures at fair value, accounting rules require that we account for the notes payable issued by such securitization structures at fair value as well. For our other credit card receivables that have never been owned by our formerly off-balance-sheet securitization structures, we have not January 1, 2020, January 1, 2020. For all of our other debt other than the notes payable underlying our formerly off-balance sheet credit card securitization structures, we have not Where applicable as noted above, we account for our financial assets and liabilities at fair value based upon a three 1 2 1 2 3 may Valuations and Techniques for Assets Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The table below summarizes (in thousands) by fair value hierarchy the December 31, 2019 December 31, 2018 1 2 not Assets – As of December 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 $ — $ — $ 781,208 $ 721,573 Loans, interest and fees receivable, at fair value $ — $ — $ 4,386 $ 4,386 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 investments in equity securities, the carrying amount is a reasonable estimate of fair value. For those asset classes above that are required to be carried at fair value in our consolidated financial statements, gains and losses associated with fair value changes are detailed on our fees and related income on earning assets table within Note 2, For Level 3 December 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 1,251 606 Settlements (3,171 ) (5,395 ) Impact of foreign currency translation — (14 ) Balance at December 31, $ 4,386 $ 6,306 The unrealized gains and losses for assets within the Level 3 Net Revaluation of Loans, Interest and Fees Receivable. third For Level 3 December 31, 2019 December 31, 2018 Quantitative Information about Level 3 Fair Value Measurement Fair Value at December 31, 2019 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 4,386 Discounted cash flows Gross yield 27.5% to 59.4% (31.0%) Principal payment rate 2.2% to 5.5% (2.6%) Expected credit loss rate 10.5% to 39.4% (13.7%) Servicing rate 11.3% to 16.9% (11.9%) Discount rate 14.3% to 14.3% (14.3%) Quantitative Information about Level 3 Fair Value Measurement 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 December 31, 2019 December 31, 2018 1 2 not Liabilities – As of December 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 $ — $ — $ 720,687 $ 720,687 Amortizing debt facilities $ — $ — $ 28,522 $ 28,522 Notes payable to related parties $ — $ — $ — $ — Convertible senior notes $ — $ 16,920 $ — $ 24,091 Liabilities carried at fair value Notes payable associated with structured financings, at fair value $ — $ — $ 3,920 $ 3,920 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 notes payable, we assess the fair value of these liabilities based on our estimate of future cash flows generated from their underlying credit card receivables collateral, net of servicing compensation required under the note facilities, and to the extent that such cash flow estimates change from period to period, any such changes are considered to be attributable to changes in instrument-specific credit risk. Gains and losses associated with fair value changes for our notes payable associated with structured financing liabilities that are carried at fair value are detailed on our fees and related income on earning assets table within Note 2, 5.875% 2035 “5.875% third third not 9, For our material Level 3 December 31, 2019 2018 Notes Payable Associated with Structured Financings, at Fair Value 2019 2018 Balance at January 1, $ 5,651 $ 9,240 Total (gains) losses—realized/unrealized: Net revaluations of notes payable associated with structured financings, at fair value (1,731 ) (3,589 ) Repayments on outstanding notes payable, net — — Balance at December 31, $ 3,920 $ 5,651 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 December 31, 2019 December 31, 2018 Quantitative Information about Level 3 Fair Value Measurement Fair Value at December 31, 2019 (in thousands) Valuation Technique Unobservable Input Weighted Average Notes payable associated with structured financings, at fair value $ 3,920 Discounted cash flows Gross yield 27.5 % Principal payment rate 2.2 % Expected credit loss rate 10.5 % Discount rate 14.3 % Quantitative Information about Level 3 Fair Value Measurement 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 December 31, 2019 December 31, 2018 As of December 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 $ 644 $ 5,280 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 466 $ 3,920 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) $ 1 $ 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 $ 185 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 December 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 $ 3,920 $ 5,651 |
Note 7 - Property
Note 7 - Property | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Property Details (in thousands) of our property on our consolidated balance sheets are as follows: As of December 31, 2019 2018 Software $ 3,543 $ 3,467 Furniture and fixtures 6,431 6,307 Data processing and telephone equipment 7,675 7,625 Leasehold improvements 10,570 10,570 Other 1,156 1,156 Total cost 29,375 29,125 Less accumulated depreciation (26,637 ) (25,500 ) Property, net $ 2,738 $ 3,625 Depreciation expense totaled $1.1 $1.0 December 31, 2019 2018 |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 8. Leases We lease premises and certain equipment under cancelable and non-cancelable leases, some of which contain renewal options under various terms. Total rental expense associated with these operating leases was $1.7 2019 $1.7 2018 $5.1 $5.1 December 31, 2019 2018 fourth 2006, 15 335,372 not 254,710 $21.2 The components of lease expense associated with our lease liabilities and supplemental cash flow information related to those leases were as follows: For the Year ended December 31, 2019 2018 Operating lease cost, gross $ 6,875 $ 6,758 Sublease income (5,133 ) (5,080 ) Net Operating lease cost $ 1,742 $ 1,678 Cash paid under operating leases, gross $ 10,080 $ 9,913 Weighted average remaining lease term - months 29 Weighted average discount rate 6.9 % As of December 31, 2019 Gross Lease Payment Payments received from Sublease Net Lease Payment 2020 $ 10,213 $ (7,115 ) $ 3,098 2021 10,221 (7,315 ) 2,906 2022 4,407 (3,112 ) 1,295 2023 126 — 126 2024 30 — 30 Thereafter — — — Total lease payments 24,997 (17,542 ) 7,455 Less imputed interest (2,738 ) Total $ 22,259 In addition, we occasionally lease certain equipment under cancelable and non-cancelable leases, which are accounted for as capital leases in our consolidated financial statements. As of December 31, 2019 no one |
Note 9 - Notes Payable and Vari
Note 9 - Notes Payable and Variable Interest Entities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Notes Payable and Variable Interest Entities The Company contributes certain receivables to VIEs. These entities are sometimes established to facilitate third not The following table presents a summary of VIEs in which we had continuing involvement or held a variable interest (in millions): As of December 31, 2019 December 31, 2018 Unrestricted cash and cash equivalents $ 78.7 $ 16.8 Restricted cash and cash equivalents $ 25.9 $ 61.0 Loans, interest and fees receivable, at fair value $ 3.9 $ 5.7 Loans, interest and fees receivable, gross $ 857.2 $ 403.4 Allowances for uncollectible loans, interest and fees receivable $ (168.8 ) $ (57.4 ) Deferred revenue $ (40.7 ) $ (13.2 ) Total Assets held by VIEs $ 756.2 $ 416.3 Notes Payable, at face value held by VIEs $ 701.1 $ 366.7 Notes Payable, at fair value held by VIEs $ 3.9 $ 5.7 Maximum exposure to loss due to involvement with VIEs $ 654.3 $ 438.5 Notes Payable Associated with Structured Financings, at Fair Value Scheduled (in millions) in the table below are ( 1 December 31, 2019 December 31, 2018 2 December 31, 2019 December 31, 2018 3 December 31, 2019 December 31, 2018 Carrying Amounts at Fair Value as of December 31, 2019 December 31, 2018 Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of December 31, 2019 ($101.3 million as of December 31, 2018) bearing interest at a weighted average 6.9% interest rate, based upon LIBOR, at December 31, 2019 (7.5% at December 31, 2018), which is secured by credit card receivables and restricted cash aggregating $3.9 million as of December 31, 2019 ($5.7 million as of December 31, 2018) in carrying amount $ 3.9 $ 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 $3.9 $3.9 no December 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 December 31, 2019 December 31, 2018 As of December 31, 2019 December 31, 2018 Revolving credit facilities at a weighted average interest rate equal to 6.0% at December 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 $740.4 million as of December 31, 2019 ($468.8 million at December 31, 2018) Revolving credit facility, not to exceed $55.0 million (expiring November 1, 2021) (1) (2) (3) $ 39.1 $ 30.0 Revolving credit facility, not to exceed $50.0 million (expiring October 30, 2022) (2) (3) (4) (5) 40.5 49.9 Revolving credit facility, not to exceed $20.0 million (expiring March 31, 2020) (2) (4) (5) 19.4 — Revolving credit facility, not to exceed $70.0 million (expiring February 8, 2022) (3) (4) (5) (6) 25.8 61.0 Revolving credit facility, not to exceed $100.0 million (expiring June 11, 2021) (3) (4) (5) (6) — 80.5 Revolving credit facility, not to exceed $15.0 million (expiring July 15, 2021) (2) (4) (5) 14.6 — Revolving credit facility, not to exceed $100.0 million (expiring November 16, 2020) (3) (4) (5) (6) — 8.0 Revolving credit facility, not to exceed $167.3 million (expiring November 15, 2023) (3) (4) (5) (6) 167.3 167.3 Revolving credit facility, not to exceed $200.0 million (expiring December 15, 2022) (3) (4) (5) (6) 200.0 — Revolving credit facility, not to exceed $200.0 million (expiring May 15, 2024) (3) (4) (5) (6) 200.0 — Revolving credit facility, not to exceed $15.0 million (expiring December 21, 2020) (2) (3) (4) (5) 8.6 — Revolving credit facility, not to exceed $50.0 million (expiring September 19, 2021) (2) (3) (4) (5) 15.0 — 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 Unsecured term debt (expiring August 26, 2024) with an annual rate equal to 8.0% (3) 17.4 — Amortizing debt facility (expiring September 30, 2021) with an annual rate equal to 6.2% (2) (3) (4) (5) 10.0 — Senior secured term loan to related parties (paid-off on December 27, 2019) that was secured by certain assets of the Company with an annual rate equal to 9.0% (3) — 40.0 Total notes payable before unamortized debt issuance costs and discounts 758.9 437.9 Unamortized debt issuance costs and discounts (9.7 ) (7.0 ) Total notes payable outstanding $ 749.2 $ 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 See below for additional information. ( 4 Loans are subject to certain affirmative covenants tied to default rates and other performance metrics the failure of which could result in required early repayment of the remaining unamortized balances of the notes. ( 5 Loans are associated with variable interest entities. ( 6 Creditors do not * As of December 31, 2019, 1.75% 4.75%. On November 26, 2014, $40.0 December 27, 2019, 400,000 $40 $40.0 4 three one two two In October 2015, $50.0 $40.5 December 31, 2019 3.0%. October 30, 2022 In October 2016, $40.0 $39.1 December 31, 2019). 2.4% 3.0% October 2016, December 31, 2019, $55.0 November 1, 2021 no In December 2016, $20.0 $19.4 December 31, 2019). March 31, 2020 5.0%. In February 2017, $90.0 $70.0 $25.8 December 31, 2019) third 14.0%. February 8, 2022 may In December 2017, $15.0 $8.6 December 31, 2019). 3.5%. December 21, 2020 In 2018, two $200.0 $0.0 December 31, 2019) third 3.75% 4.875%, June 11, 2021 November 16, 2020 may In September 2018, $50.0 $15.0 December 31, 2019). 6.5%. In November 2018, $167.3 two 18 5.76%. In June 2019, $15.0 $14.6 December 31, 2019). In June 2019, $200.0 two 12 18 5.37%. In August 2019, $54.4 $16.3 $17.4 8.0% August 2024. 10 In September 2019, $30.0 $10.0 December 31, 2019) 4.5%. September 30, 2021 In November 2019, $200.0 three 12 18 4.91%. As of December 31, 2019, |
Note 10 - Convertible Senior No
Note 10 - Convertible Senior Notes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 10. Convertible Senior Notes In November 2005, $300.0 5.875% November 30, 2035 No On August 26, 2019, $54.4 $16.3 $17.4 8.0% August 2024. $5.1 9 The following summarizes (in thousands) components of our consolidated balance sheets associated with our convertible senior notes: As of December 31, 2019 December 31, 2018 Face amount of convertible senior notes $ 33,839 $ 88,280 Discount (9,748 ) (26,138 ) Net carrying value $ 24,091 $ 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 $ — $ — During certain periods and subject to certain conditions, the remaining $33.8 December 31, 2019 40.63 $1,000 $24.61 $1,000 $1,000 may 40.63 $1,000 6 not may In conjunction with the offering of the convertible senior notes, we entered into a 30 5,677,950 2008. 30 may A/A2, $13.1 1,459,233 December 31, 2019 We analogize the share lending agreement to a prepaid forward contract, which we have evaluated under applicable accounting guidance. We determined that the instrument was not not Accounting for Convertible Senior Notes Under applicable accounting literature, the accounting for the issuance of the notes includes ( 1 2 3 4 December 31, 2019 2018 $0.5 $0.6 $3.9 $5.2 December 31, 2019 2018 December 31, 2019 October 2035). 9.2% |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. 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 $1.1 December 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 floor plan financing allows dealers and finance companies to borrow up to the maximum pre-approved credit limit allowed in order to finance ongoing inventory needs. These loans are secured by the underlying auto inventory and, in certain cases where we have other lending products outstanding with the dealer, are secured by the collateral under those lending arrangements as well, including any outstanding dealer reserves. As of December 31, 2019 , $9.2 Under agreements with third $15.1 December 31, 2019 Under agreements with third December 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 8, . Litigation We are involved in various legal proceedings that are incidental to the conduct of our business. There are currently no |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Taxes Deferred tax assets and liabilities reflect the effects of tax losses, credits, and the future income tax effects of temporary differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates that apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The current and deferred portions (in thousands) of federal, foreign and state income tax benefit or expense are as follows: For the Year Ended December 31, 2019 2018 Federal income tax (expense) benefit: Current tax benefit (expense) $ 279 $ 5,932 Deferred tax (expense) benefit (5,395 ) (1,159 ) Total federal income tax (expense) benefit $ (5,116 ) $ 4,773 Foreign income tax benefit (expense): Current tax benefit (expense) $ 25 $ (53 ) Deferred tax (expense) benefit (15 ) 3 Total foreign income tax benefit (expense) $ 10 $ (50 ) State and other income tax (expense) benefit: Current tax expense $ (709 ) $ (3 ) Deferred tax benefit (expense) 262 (590 ) Total state and other income tax expense $ (447 ) $ (593 ) Total income tax (expense) benefit $ (5,553 ) $ 4,130 We experienced an effective income tax expense rate of 17.5% December 31, 2019, 118.6% December 31, 2018. December 31, 2019 December 31, 2018 2018 2008 2008 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 we resolve our liabilities for uncertain tax positions or unpaid tax liabilities in a manner favorable to our accruals therefor. For 2019, $0.1 2018, $1.2 In December 2014, 2007 2008 2003. 2015, $7.4 December 2014 June 2018 $7.4 $3.7 $3.7 2006 July 2018, $5.4 $3.7 three September 30, 2018, $0.5 $5.4 2019, $0.7 2006 $0.9 The following table reconciles our effective income tax expense or benefit rates for 2019 2018 For the Year Ended December 31, 2019 2018 Statutory expense rate 21.0 % 21.0 % Increase (decrease) in statutory tax expense rate resulting from: Federal valuation allowance (4.4 ) (132.0 ) Global intangible low-taxed income 0.8 9.6 Interest and penalties related to uncertain tax positions and IRS settlement adjustment 0.6 (27.2 ) Foreign taxes, net of valuation allowance (0.5 ) (8.2 ) Permanent and other prior year true ups and tax effect of non-controlling interest (1.1 ) 4.7 State taxes, net of valuation allowance 1.1 13.5 Effective expense (benefit) rate 17.5 % (118.6 )% As of December 31, 2019 December 31, 2018 As of December 31, 2019 2018 Deferred tax assets: Software development costs/fixed assets $ — $ 108 Goodwill and intangible assets 113 895 Provision for loan loss 36,172 19,479 Equity-based compensation 792 748 Accrued expenses 386 307 Accruals for state taxes and interest associated with unrecognized tax benefits 108 87 Federal net operating loss carry-forward 18,643 44,485 Minimum tax credit carry-forward 520 1,015 Foreign net operating loss carry-forward 537 256 Other 40 151 State tax benefits, primarily from net operating losses 40,937 42,318 Deferred tax assets, gross $ 98,248 $ 109,849 Valuation allowances (39,161 ) (40,830 ) Deferred tax assets net of valuation allowance $ 59,087 $ 69,019 Deferred tax liabilities: Prepaid expenses and other $ (1,217 ) $ (210 ) Software development costs/fixed assets (176 ) — Equity in income of equity-method investee (1,154 ) (1,092 ) Credit card fair value election differences (21,513 ) (21,021 ) Market discount on loans (29,834 ) (21,749 ) Deferred costs (542 ) (469 ) Convertible senior notes (9,309 ) (22,106 ) Cancellation of indebtedness income — (1,882 ) Deferred tax liabilities, gross $ (63,745 ) $ (68,529 ) Deferred tax (liabilities) assets, net $ (4,658 ) $ 490 We undertook a detailed review of our deferred taxes and determined that a valuation allowance was required for certain deferred tax assets in the U.S. for states and in the U.K. We reduce our deferred tax assets by a valuation allowance if it is more likely than not not not $39.2 $40.8 December 31, 2019 December 31, 2018, Certain of our deferred tax assets relate to federal, foreign and state net operating losses, capital losses, and credits, and we have no $18.0 $85.6 2029 2037 $0.6 $2.8 2021 Our subsidiaries file federal, state and/or foreign income tax returns. In the normal course of our business, we are subject to examination by taxing authorities throughout the world, including such major jurisdictions as the U.S., the U.K., and various U.S. states and territories. With a few exceptions of a non-material nature and considering our 2008 no 2015. Reconciliations (in thousands) of our unrecognized tax benefits from the beginning to the end of 2019 2018 2019 2018 Balance at January 1, $ (414 ) $ (373 ) Reductions based on tax positions related to prior years 13 51 Additions based on tax positions related to the current year (83 ) (71 ) Interest and penalties accrued (29 ) (21 ) Balance at December 31, $ (513 ) $ (414 ) Further, our unrecognized tax benefits that, if recognized, would affect the effective tax rate are not $0.5 $0.4 December 31, 2019 2018 |
Note 13 - Net Income Attributab
Note 13 - Net Income Attributable to Controlling Interests Per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. Net Income Attributable to Controlling Interests Per Common Share We compute net income (loss) attributable to controlling interests per common share by dividing net income (loss) attributable to controlling interests by the weighted-average number of shares of common stock (including participating securities) outstanding during the period, as discussed below. Diluted computations applicable in financial reporting periods in which we report income reflect the potential dilution to the basic income per share of common stock computations that could occur if securities or other contracts to issue common stock were exercised, were converted into common stock or were to result in the issuance of common stock that would share in our results of operations. In performing our net income (loss) attributable to controlling interests per share of common stock computations, we apply accounting rules that require us to include all unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted calculations. Common stock and certain unvested share-based payment awards earn dividends equally, and we have included all outstanding restricted stock awards in our basic and diluted calculations for current and prior periods. The following table sets forth the computations of net income attributable to controlling interests per share of common stock (in thousands, except per share data): For the Year Ended December 31, 2019 2018 Numerator: Net income attributable to controlling interests $ 26,443 $ 7,856 Preferred stock dividends and accretion (1,153 ) — Net income attributable to common shareholders $ 25,290 $ 7,856 Denominator: Basic (including unvested share-based payment awards) (1) 14,499 13,927 Effect of dilutive stock compensation arrangements 774 75 Diluted (including unvested share-based payment awards) (1) 15,273 14,002 Net income attributable to common shareholders per share—basic $ 1.74 $ 0.56 Net income attributable to common shareholders per share—diluted $ 1.66 $ 0.56 ( 1 Shares related to unvested share-based payment awards included in our basic and diluted share counts were 512,636 December 31, 2019 , 272,172 December 31, 2018 . As their effects were anti-dilutive, we excluded stock options to purchase 0.5 2.9 December 31, 2019 2018, 16 For the years ended December 31, 2019 2018 no $24.61 1 .4 10 |
Note 14 - Stock-based Compensat
Note 14 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 14. Stock-Based Compensation We currently have two 2014 2014 2014 2019. 2014 2,000,000 two 31, 2019, 65,771 1,791,565 2014 Exercises and vestings under our stock-based compensation plans resulted in no December 31, 2019 2018 Restricted Stock and Restricted Stock Units During the years ended December 31, 2019 2018 229,500 533,177 $0.9 $1.3 $1.0 $0.7 December 31, 2019 2018 12 60 December 31, 2019 , $0.7 2 .1 Stock Options Our Fourth Amended 2014 may may not 10 $0.7 $0.6 December 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 (469,701 ) $ 2.59 Cancelled/Forfeited (14,000 ) $ 3.13 Outstanding at December 31, 2019 2,687,499 $ 3.66 2.2 $ 14,386,956 Exercisable at December 31, 2019 1,076,836 $ 3.50 1.5 $ 5,930,463 We had $0.5 $1.2 December 31, 2019 December 31, 2018 , |
Note 15 - Employee Benefit Plan
Note 15 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans, Other than Share-based Compensation [Text Block] | 15. Employee Benefit Plans We maintain a defined contribution retirement plan ( “401 401 3 3% 401 $285,618 $285,477 2019 2018 Also, all employees, excluding executive officers, are eligible to participate in the ESPP. Under the ESPP, employees can elect to have up to 10% $10,000. 85% $108,466 19,641 2019 $51,593 23,681 2018 100,000 $31,954 $28,629 2019 2018 |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 16. Related Party Transactions Under a shareholders’ agreement which we entered into with certain shareholders, including David G. Hanna, Frank J. Hanna, III and certain trusts that were Hanna affiliates, following our initial public offering ( 1 one third 50% may 2 50% third may In June 2007, 1,000 600 $16,627 $18,089 2019 2018 January 1, 2020 May 2022 $41,527. In January 2013, four December 31, 2019 2018 $269,072 $270,932, On November 26, 2014, $40.0 December 27, 2019, 400,000 $40 $40.0 6% no may, January 1, 2025 $100 $100 January 1, 2024. $100 $10 three one two two |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 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. |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | Unrestricted Cash and Cash Equivalents Unrestricted cash and cash equivalents consist of cash, money market investments and overnight deposits. We consider all highly liquid cash investments with low interest rate risk and original maturities of three not |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash as of December 31, 2019 2018 |
Receivable [Policy Text Block] | Loans, Interest and Fees Receivable Loans, Interest and Fees Receivable, at Fair Value. 6, Loans, Interest and Fees Receivable. $182.9 $179.4 December 31, 2019 2018 We show both an allowance for uncollectible loans, interest and fees receivable and unearned fees (or “deferred revenue”) for our loans, interest and fees receivable (i.e., as opposed to those carried at fair value). Our loans, interest and fees receivable consist of smaller-balance, homogeneous loans, divided into two may may not These reserves are considered in conjunction with (and potentially reduced by) any unearned fees and discounts that may may may Certain of our loans, interest and fees receivable also contain components of deferred revenue including merchant fees on the purchases of receivables for our point-of-sale receivables and annual fee billings for our direct-to-consumer credit card receivables. Our point-of-sale and auto finance loans, interest and fees receivable include principal balances and associated fees and interest due from customers which are earned each period a loan is outstanding, net of the unearned portion of merchant fees and loan discounts. Additionally, many of our direct-to-consumer credit card receivables have an annual membership fee that is billed to the consumer on card activation and for each anniversary of that date thereafter. As of December 31, 2019 December 31, 2018 $90.3 $43.9 11 $48.1 $30.0 December 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 Year ended December 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 (161.5 ) (3.5 ) (83.4 ) (248.4 ) Charge offs 80.2 4.6 68.1 152.9 Recoveries (4.6 ) (1.4 ) (5.6 ) (11.6 ) Balance at end of period $ (121.3 ) $ (1.6 ) $ (63.4 ) $ (186.3 ) As of December 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 $ — $ (0.4 ) $ (0.1 ) $ (0.5 ) Balance at end of period collectively evaluated for impairment $ (121.3 ) $ (1.2 ) $ (63.3 ) $ (185.8 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 509.2 $ 89.8 $ 399.2 $ 998.2 Loans, interest and fees receivable individually evaluated for impairment $ — $ 2.1 $ 0.1 $ 2.2 Loans, interest and fees receivable collectively evaluated for impairment $ 509.2 $ 87.7 $ 399.1 $ 996.0 For the Year ended December 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 (46.6 ) (0.3 ) (53.4 ) (100.3 ) Charge offs 29.9 2.2 58.2 90.3 Recoveries (0.5 ) (0.9 ) (4.8 ) (6.2 ) Balance at end of period $ (35.4 ) $ (1.3 ) $ (42.5 ) $ (79.2 ) 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 Delinquent loans, interest and fees receivable reflect the principal, fee and interest components of loans we did not not 90 180 30 not Recoveries on accounts previously charged off are credited to the allowance for uncollectible loans, interest and fees receivable and effectively offset our provision for losses on loans, interest and fees receivable recorded at net realizable value on our consolidated statements of operations. (All of the above discussion relates only to our loans, interest and fees receivable for which we use net realizable value, as opposed to fair value accounting. For loans, interest and fees receivable recorded at fair value, recoveries offset losses upon impairment of the underlying loans, interest and fees receivable recorded at fair value, net of recoveries on our consolidated statements of operations.) We consider loan delinquencies a key indicator of credit quality because this measure provides the best ongoing estimate of how a particular class of receivables is performing. An aging of our delinquent loans, interest and fees receivable, gross (in millions) by class of receivable as of December 31, 2019 December 31, 2018 As of December 31, 2019 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 21.7 $ 8.1 $ 14.0 $ 43.8 60-89 days past due 18.5 3.0 11.5 33.0 90 or more days past due 46.6 2.6 27.2 76.4 Delinquent loans, interest and fees receivable, gross 86.8 13.7 52.7 153.2 Current loans, interest and fees receivable, gross 422.4 76.1 346.5 845.0 Total loans, interest and fees receivable, gross $ 509.2 $ 89.8 $ 399.2 $ 998.2 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.9 $ — $ 1.9 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 modified loans, including TDRs that have been re-aged, as of December 31, 2019 December 31, 2018 As of December 31, 2019 December 31, 2018 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of TDRs 10,682 14,553 6,095 3,584 Number of TDRs that have been re-aged 2,788 2,854 2,759 1,111 Amount of TDRs on non-accrual status (in thousands) $ 14,468 $ 13,037 $ 4,885 $ 1,942 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 5,118 $ 3,104 $ 3,782 $ 955 Carrying value of TDRs (in thousands) $ 8,864 $ 7,312 $ 3,333 $ 1,363 TDRs - Performing (carrying value, in thousands)* $ 6,754 $ 6,106 $ 2,525 $ 1,191 TDRs - Nonperforming (carrying value, in thousands)* $ 2,110 $ 1,206 $ 808 $ 172 *“TDRs - Performing” include accounts that are current on all amounts owed, while “TDRs - Nonperforming” include all accounts with past due amounts owed. Given that the above TDRs have a high reserve rate prior to modification as TDRs, we do not The Company modified 31,409 21,997 $43.3 $33.2 twelve December 31, 2019 December 31, 2018 twelve Twelve Months Ended December 31, 2019 December 31, 2018 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of accounts 2,835 3,339 6,903 5,415 Loan balance at time of charge off (in thousands) $ 4,397 $ 3,545 $ 9,634 $ 4,963 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property at Cost, Net of Depreciation We capitalize costs related to internal development and implementation of software used in our operating activities in accordance with applicable accounting literature. These capitalized costs consist almost exclusively of fees paid to third We record our property at cost less accumulated depreciation or amortization. We compute depreciation expense using the straight-line method over the estimated useful lives of our assets, which are approximately 5 3 We periodically review our property to determine if it is impaired. We incurred no 2019 no 2018 |
Equity Method Investments [Policy Text Block] | Investment in Equity-Method Investee We account for an investment using the equity method of accounting if we have the ability to exercise significant influence, but not We use the equity method for our 66.7% 2004 not We evaluate our investments in the equity-method investee for impairment each quarter by comparing the carrying amount of the investment to its fair value. Because no |
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. Commencing in July 2019, third 10 37 may one |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition and Revenue from Contracts with Customers Consumer Loans, Including Past Due Fees Consumer loans, including past due fees reflect interest income, including finance charges, and late fees on loans in accordance with the terms of the related customer agreements. Premiums, discounts and merchant fees 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: Year Ended December 31, 2019 2018 Fees on credit products $ 68,639 $ 25,694 Changes in fair value of loans, interest and fees receivable recorded at fair value 1,251 606 Changes in fair value of notes payable associated with structured financings recorded at fair value 1,731 3,589 Other (474 ) 103 Total fees and related income on earning assets $ 71,147 $ 29,992 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 impairment of loans, interest and fees receivable recorded at fair value on our consolidated statements of operations. See Note 6, Other income Other income includes revenues associated with ancillary product offerings and interchange revenues. We recognize these fees as income in the period earned. Included in Other income for 2019 $105.9 one may may December 31, 2019, no 2018, £34 $42.9 $36.2 Revenue from Contracts with Customers In the first 2018 No. 2014 09, no not not Credit and For the Year ended December 31, 2019 Other Investments Auto Finance Total Interchange revenues, net (1) $ 8,495 $ — $ 8,495 Servicing income 857 929 1,786 Service charges and other customer related fees 3,407 66 3,473 Total revenue from contracts with customers $ 12,759 $ 995 $ 13,754 ( 1 Credit and For the Year ended December 31, 2018 Other Investments Auto Finance Total Interchange revenues, net (1) $ 2,881 $ — $ 2,881 Servicing income 947 1,022 1,969 Service charges and other customer related fees 637 69 706 Total revenue from contracts with customers $ 4,465 $ 1,091 $ 5,556 ( 1 |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Card and Loan Servicing Expenses Card and loan servicing costs primarily include collections and customer service expenses. Within this category of expenses are personnel, service bureau, cardholder correspondence and other direct costs associated with our collections and customer service efforts. Card and loan servicing costs also include outsourced collections and customer service expenses. We expense card and loan servicing costs as we incur them, with the exception of prepaid costs, which we expense over respective service periods. |
Advertising Cost [Policy Text Block] | Marketing and Solicitation Expenses We expense product solicitation costs, including printing, credit bureaus, list processing, telemarketing, postage, and internet marketing fees, as we incur these costs or expend resources. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, 2018 19, 2019 04, 2019 10 2019 11 May 2019 2019 05 326 20, first 2016 13 2019 05 December 15, 2019, December 15, 2022 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 8, |
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 December 31, 2019 , not As of January 1, 2020, January 1, 2020 ( January 1, 2020 2020 January 1, 2020 no On January 30, 2020, 19 March 2020, 19 The full impact of the COVID- 19 19 19 2020. |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | For the Year ended December 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 (161.5 ) (3.5 ) (83.4 ) (248.4 ) Charge offs 80.2 4.6 68.1 152.9 Recoveries (4.6 ) (1.4 ) (5.6 ) (11.6 ) Balance at end of period $ (121.3 ) $ (1.6 ) $ (63.4 ) $ (186.3 ) As of December 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 $ — $ (0.4 ) $ (0.1 ) $ (0.5 ) Balance at end of period collectively evaluated for impairment $ (121.3 ) $ (1.2 ) $ (63.3 ) $ (185.8 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 509.2 $ 89.8 $ 399.2 $ 998.2 Loans, interest and fees receivable individually evaluated for impairment $ — $ 2.1 $ 0.1 $ 2.2 Loans, interest and fees receivable collectively evaluated for impairment $ 509.2 $ 87.7 $ 399.1 $ 996.0 For the Year ended December 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 (46.6 ) (0.3 ) (53.4 ) (100.3 ) Charge offs 29.9 2.2 58.2 90.3 Recoveries (0.5 ) (0.9 ) (4.8 ) (6.2 ) Balance at end of period $ (35.4 ) $ (1.3 ) $ (42.5 ) $ (79.2 ) 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 December 31, 2019 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 21.7 $ 8.1 $ 14.0 $ 43.8 60-89 days past due 18.5 3.0 11.5 33.0 90 or more days past due 46.6 2.6 27.2 76.4 Delinquent loans, interest and fees receivable, gross 86.8 13.7 52.7 153.2 Current loans, interest and fees receivable, gross 422.4 76.1 346.5 845.0 Total loans, interest and fees receivable, gross $ 509.2 $ 89.8 $ 399.2 $ 998.2 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.9 $ — $ 1.9 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 December 31, 2019 December 31, 2018 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of TDRs 10,682 14,553 6,095 3,584 Number of TDRs that have been re-aged 2,788 2,854 2,759 1,111 Amount of TDRs on non-accrual status (in thousands) $ 14,468 $ 13,037 $ 4,885 $ 1,942 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 5,118 $ 3,104 $ 3,782 $ 955 Carrying value of TDRs (in thousands) $ 8,864 $ 7,312 $ 3,333 $ 1,363 TDRs - Performing (carrying value, in thousands)* $ 6,754 $ 6,106 $ 2,525 $ 1,191 TDRs - Nonperforming (carrying value, in thousands)* $ 2,110 $ 1,206 $ 808 $ 172 Twelve Months Ended December 31, 2019 December 31, 2018 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of accounts 2,835 3,339 6,903 5,415 Loan balance at time of charge off (in thousands) $ 4,397 $ 3,545 $ 9,634 $ 4,963 |
Components of Fees and Related Income on Earning Assets [Table Text Block] | Year Ended December 31, 2019 2018 Fees on credit products $ 68,639 $ 25,694 Changes in fair value of loans, interest and fees receivable recorded at fair value 1,251 606 Changes in fair value of notes payable associated with structured financings recorded at fair value 1,731 3,589 Other (474 ) 103 Total fees and related income on earning assets $ 71,147 $ 29,992 |
Disaggregation of Revenue [Table Text Block] | Credit and For the Year ended December 31, 2019 Other Investments Auto Finance Total Interchange revenues, net (1) $ 8,495 $ — $ 8,495 Servicing income 857 929 1,786 Service charges and other customer related fees 3,407 66 3,473 Total revenue from contracts with customers $ 12,759 $ 995 $ 13,754 Credit and For the Year ended December 31, 2018 Other Investments Auto Finance Total Interchange revenues, net (1) $ 2,881 $ — $ 2,881 Servicing income 947 1,022 1,969 Service charges and other customer related fees 637 69 706 Total revenue from contracts with customers $ 4,465 $ 1,091 $ 5,556 |
Note 3 - Segment Reporting (Tab
Note 3 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year ended December 31, 2019 Credit and Other Investments Auto Finance Total Interest income: Consumer loans, including past due fees $ 229,388 $ 31,444 $ 260,832 Other 386 — 386 Total interest income 229,774 31,444 261,218 Interest expense (49,065 ) (1,665 ) (50,730 ) Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable $ 180,709 $ 29,779 $ 210,488 Fees and related income on earning assets $ 70,984 $ 163 $ 71,147 Servicing income $ 857 $ 929 $ 1,786 Gain on repurchase of convertible senior notes $ 5,127 $ — $ 5,127 Equity in income of equity-method investee $ 1,001 $ — $ 1,001 Income before income taxes $ 25,005 $ 6,758 $ 31,763 Income tax expense $ (3,830 ) $ (1,723 ) $ (5,553 ) Total assets $ 856,354 $ 79,912 $ 936,266 Year ended December 31, 2018 Credit and Other Investments Auto Finance Total Interest income: Consumer loans, including past due fees $ 131,096 $ 29,872 $ 160,968 Other 200 — 200 Total interest income 131,296 29,872 161,168 Interest expense (35,564 ) (1,332 ) (36,896 ) Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable $ 95,732 $ 28,540 $ 124,272 Fees and related income on earning assets $ 29,912 $ 80 $ 29,992 Servicing income $ 947 $ 1,022 $ 1,969 Equity in income of equity-method investee $ 581 $ — $ 581 (Loss) income before income taxes $ (6,767 ) $ 10,249 $ 3,482 Income tax benefit (expense) $ 6,345 $ (2,215 ) $ 4,130 Total assets $ 507,232 $ 75,376 $ 582,608 |
Note 5 - Investment in Equity_2
Note 5 - Investment in Equity-method Investee (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | As of December 31, 2019 December 31, 2018 Loans, interest and fees receivables, at fair value $ 2,757 $ 3,546 Total assets $ 2,922 $ 3,732 Total liabilities $ 13 $ 18 Members’ capital $ 2,909 $ 3,714 Year ended December 31, 2019 2018 Net interest income (loss), fees and related income on earning assets $ 1,505 $ 875 Net income $ 1,318 $ 613 Net income attributable to investee $ 1,001 $ 581 |
Note 6 - Fair Values of Asset_2
Note 6 - Fair Values of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Assets – As of December 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 $ — $ — $ 781,208 $ 721,573 Loans, interest and fees receivable, at fair value $ — $ — $ 4,386 $ 4,386 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 1,251 606 Settlements (3,171 ) (5,395 ) Impact of foreign currency translation — (14 ) Balance at December 31, $ 4,386 $ 6,306 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value Measurement Fair Value at December 31, 2019 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 4,386 Discounted cash flows Gross yield 27.5% to 59.4% (31.0%) Principal payment rate 2.2% to 5.5% (2.6%) Expected credit loss rate 10.5% to 39.4% (13.7%) Servicing rate 11.3% to 16.9% (11.9%) Discount rate 14.3% to 14.3% (14.3%) Fair Value Measurement 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%) Fair Value Measurement Fair Value at December 31, 2019 (in thousands) Valuation Technique Unobservable Input Weighted Average Notes payable associated with structured financings, at fair value $ 3,920 Discounted cash flows Gross yield 27.5 % Principal payment rate 2.2 % Expected credit loss rate 10.5 % Discount rate 14.3 % Fair Value Measurement 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 December 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 $ — $ — $ 720,687 $ 720,687 Amortizing debt facilities $ — $ — $ 28,522 $ 28,522 Notes payable to related parties $ — $ — $ — $ — Convertible senior notes $ — $ 16,920 $ — $ 24,091 Liabilities carried at fair value Notes payable associated with structured financings, at fair value $ — $ — $ 3,920 $ 3,920 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 Balance at January 1, $ 5,651 $ 9,240 Total (gains) losses—realized/unrealized: Net revaluations of notes payable associated with structured financings, at fair value (1,731 ) (3,589 ) Repayments on outstanding notes payable, net — — Balance at December 31, $ 3,920 $ 5,651 |
Fair Value Option, Disclosures [Table Text Block] | As of December 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 $ 644 $ 5,280 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 466 $ 3,920 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) $ 1 $ 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 $ 185 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 December 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 $ 3,920 $ 5,651 |
Note 7 - Property (Tables)
Note 7 - Property (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of December 31, 2019 2018 Software $ 3,543 $ 3,467 Furniture and fixtures 6,431 6,307 Data processing and telephone equipment 7,675 7,625 Leasehold improvements 10,570 10,570 Other 1,156 1,156 Total cost 29,375 29,125 Less accumulated depreciation (26,637 ) (25,500 ) Property, net $ 2,738 $ 3,625 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Year ended December 31, 2019 2018 Operating lease cost, gross $ 6,875 $ 6,758 Sublease income (5,133 ) (5,080 ) Net Operating lease cost $ 1,742 $ 1,678 Cash paid under operating leases, gross $ 10,080 $ 9,913 Weighted average remaining lease term - months 29 Weighted average discount rate 6.9 % |
Operating Lease, Liability and Payments to be Received, Maturity [Table Text Block] | Gross Lease Payment Payments received from Sublease Net Lease Payment 2020 $ 10,213 $ (7,115 ) $ 3,098 2021 10,221 (7,315 ) 2,906 2022 4,407 (3,112 ) 1,295 2023 126 — 126 2024 30 — 30 Thereafter — — — Total lease payments 24,997 (17,542 ) 7,455 Less imputed interest (2,738 ) Total $ 22,259 |
Note 9 - Notes Payable and Va_2
Note 9 - Notes Payable and Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of December 31, 2019 December 31, 2018 Unrestricted cash and cash equivalents $ 78.7 $ 16.8 Restricted cash and cash equivalents $ 25.9 $ 61.0 Loans, interest and fees receivable, at fair value $ 3.9 $ 5.7 Loans, interest and fees receivable, gross $ 857.2 $ 403.4 Allowances for uncollectible loans, interest and fees receivable $ (168.8 ) $ (57.4 ) Deferred revenue $ (40.7 ) $ (13.2 ) Total Assets held by VIEs $ 756.2 $ 416.3 Notes Payable, at face value held by VIEs $ 701.1 $ 366.7 Notes Payable, at fair value held by VIEs $ 3.9 $ 5.7 Maximum exposure to loss due to involvement with VIEs $ 654.3 $ 438.5 |
Schedule of Debt [Table Text Block] | As of December 31, 2019 December 31, 2018 Revolving credit facilities at a weighted average interest rate equal to 6.0% at December 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 $740.4 million as of December 31, 2019 ($468.8 million at December 31, 2018) Revolving credit facility, not to exceed $55.0 million (expiring November 1, 2021) (1) (2) (3) $ 39.1 $ 30.0 Revolving credit facility, not to exceed $50.0 million (expiring October 30, 2022) (2) (3) (4) (5) 40.5 49.9 Revolving credit facility, not to exceed $20.0 million (expiring March 31, 2020) (2) (4) (5) 19.4 — Revolving credit facility, not to exceed $70.0 million (expiring February 8, 2022) (3) (4) (5) (6) 25.8 61.0 Revolving credit facility, not to exceed $100.0 million (expiring June 11, 2021) (3) (4) (5) (6) — 80.5 Revolving credit facility, not to exceed $15.0 million (expiring July 15, 2021) (2) (4) (5) 14.6 — Revolving credit facility, not to exceed $100.0 million (expiring November 16, 2020) (3) (4) (5) (6) — 8.0 Revolving credit facility, not to exceed $167.3 million (expiring November 15, 2023) (3) (4) (5) (6) 167.3 167.3 Revolving credit facility, not to exceed $200.0 million (expiring December 15, 2022) (3) (4) (5) (6) 200.0 — Revolving credit facility, not to exceed $200.0 million (expiring May 15, 2024) (3) (4) (5) (6) 200.0 — Revolving credit facility, not to exceed $15.0 million (expiring December 21, 2020) (2) (3) (4) (5) 8.6 — Revolving credit facility, not to exceed $50.0 million (expiring September 19, 2021) (2) (3) (4) (5) 15.0 — 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 Unsecured term debt (expiring August 26, 2024) with an annual rate equal to 8.0% (3) 17.4 — Amortizing debt facility (expiring September 30, 2021) with an annual rate equal to 6.2% (2) (3) (4) (5) 10.0 — Senior secured term loan to related parties (paid-off on December 27, 2019) that was secured by certain assets of the Company with an annual rate equal to 9.0% (3) — 40.0 Total notes payable before unamortized debt issuance costs and discounts 758.9 437.9 Unamortized debt issuance costs and discounts (9.7 ) (7.0 ) Total notes payable outstanding $ 749.2 $ 430.9 |
Structured Financing Notes Payable [Member] | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Carrying Amounts at Fair Value as of December 31, 2019 December 31, 2018 Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of December 31, 2019 ($101.3 million as of December 31, 2018) bearing interest at a weighted average 6.9% interest rate, based upon LIBOR, at December 31, 2019 (7.5% at December 31, 2018), which is secured by credit card receivables and restricted cash aggregating $3.9 million as of December 31, 2019 ($5.7 million as of December 31, 2018) in carrying amount $ 3.9 $ 5.7 |
Note 10 - Convertible Senior _2
Note 10 - Convertible Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of December 31, 2019 December 31, 2018 Face amount of convertible senior notes $ 33,839 $ 88,280 Discount (9,748 ) (26,138 ) Net carrying value $ 24,091 $ 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 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Year Ended December 31, 2019 2018 Federal income tax (expense) benefit: Current tax benefit (expense) $ 279 $ 5,932 Deferred tax (expense) benefit (5,395 ) (1,159 ) Total federal income tax (expense) benefit $ (5,116 ) $ 4,773 Foreign income tax benefit (expense): Current tax benefit (expense) $ 25 $ (53 ) Deferred tax (expense) benefit (15 ) 3 Total foreign income tax benefit (expense) $ 10 $ (50 ) State and other income tax (expense) benefit: Current tax expense $ (709 ) $ (3 ) Deferred tax benefit (expense) 262 (590 ) Total state and other income tax expense $ (447 ) $ (593 ) Total income tax (expense) benefit $ (5,553 ) $ 4,130 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Year Ended December 31, 2019 2018 Statutory expense rate 21.0 % 21.0 % Increase (decrease) in statutory tax expense rate resulting from: Federal valuation allowance (4.4 ) (132.0 ) Global intangible low-taxed income 0.8 9.6 Interest and penalties related to uncertain tax positions and IRS settlement adjustment 0.6 (27.2 ) Foreign taxes, net of valuation allowance (0.5 ) (8.2 ) Permanent and other prior year true ups and tax effect of non-controlling interest (1.1 ) 4.7 State taxes, net of valuation allowance 1.1 13.5 Effective expense (benefit) rate 17.5 % (118.6 )% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, 2019 2018 Deferred tax assets: Software development costs/fixed assets $ — $ 108 Goodwill and intangible assets 113 895 Provision for loan loss 36,172 19,479 Equity-based compensation 792 748 Accrued expenses 386 307 Accruals for state taxes and interest associated with unrecognized tax benefits 108 87 Federal net operating loss carry-forward 18,643 44,485 Minimum tax credit carry-forward 520 1,015 Foreign net operating loss carry-forward 537 256 Other 40 151 State tax benefits, primarily from net operating losses 40,937 42,318 Deferred tax assets, gross $ 98,248 $ 109,849 Valuation allowances (39,161 ) (40,830 ) Deferred tax assets net of valuation allowance $ 59,087 $ 69,019 Deferred tax liabilities: Prepaid expenses and other $ (1,217 ) $ (210 ) Software development costs/fixed assets (176 ) — Equity in income of equity-method investee (1,154 ) (1,092 ) Credit card fair value election differences (21,513 ) (21,021 ) Market discount on loans (29,834 ) (21,749 ) Deferred costs (542 ) (469 ) Convertible senior notes (9,309 ) (22,106 ) Cancellation of indebtedness income — (1,882 ) Deferred tax liabilities, gross $ (63,745 ) $ (68,529 ) Deferred tax (liabilities) assets, net $ (4,658 ) $ 490 |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] | 2019 2018 Balance at January 1, $ (414 ) $ (373 ) Reductions based on tax positions related to prior years 13 51 Additions based on tax positions related to the current year (83 ) (71 ) Interest and penalties accrued (29 ) (21 ) Balance at December 31, $ (513 ) $ (414 ) |
Note 13 - Net Income Attribut_2
Note 13 - Net Income Attributable to Controlling Interests Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, 2019 2018 Numerator: Net income attributable to controlling interests $ 26,443 $ 7,856 Preferred stock dividends and accretion (1,153 ) — Net income attributable to common shareholders $ 25,290 $ 7,856 Denominator: Basic (including unvested share-based payment awards) (1) 14,499 13,927 Effect of dilutive stock compensation arrangements 774 75 Diluted (including unvested share-based payment awards) (1) 15,273 14,002 Net income attributable to common shareholders per share—basic $ 1.74 $ 0.56 Net income attributable to common shareholders per share—diluted $ 1.66 $ 0.56 |
Note 14 - Stock-based Compens_2
Note 14 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 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 (469,701 ) $ 2.59 Cancelled/Forfeited (14,000 ) $ 3.13 Outstanding at December 31, 2019 2,687,499 $ 3.66 2.2 $ 14,386,956 Exercisable at December 31, 2019 1,076,836 $ 3.50 1.5 $ 5,930,463 |
Note 1 - Description of Our B_2
Note 1 - Description of Our Business (Details Textual) | 12 Months Ended |
Dec. 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, £ in Millions | Jan. 01, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018GBP (£) |
Payments to Acquire Loans and Leases Held-for-investment, Total | $ 182,900 | $ 179,400 | ||
Loans and Leases Receivable, Deferred Income, Total | $ 90,307 | 43,897 | ||
Weighted Average Remaining Accretion Period of Deferred Revenue | 330 days | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | $ 48,100 | $ 30,000 | ||
Financing Receivable, Modifications, Number of Contracts | 31,409 | 21,997 | 21,997 | |
Financing Receivable, Troubled Debt Restructuring | $ 43,300 | $ 33,200 | ||
Asset Impairment Charges, Total | 0 | 0 | ||
Proceeds from Legal Settlements | 42,900 | £ 34 | ||
Gain (Loss) Related to Litigation Settlement, Total | 36,200 | |||
Operating Lease, Liability, Total | 22,259 | |||
Operating Lease, Right-of-Use Asset | 14,091 | |||
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 | |||
Other Income [Member] | ||||
Reduction in Accruals | $ 105,900 | |||
Equity Method Investment to Acquire Portfolio of Credit Card Receivables [Member] | ||||
Equity Method Investment, Ownership Percentage | 66.70% | |||
Furniture and Fixtures [Member] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Computer Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years |
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 | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for uncollectible loans, interest and fees receivable: | ||
Balance at beginning of period | $ (79,200) | $ (63,000) |
Provision for loan losses | (248,383) | (100,338) |
Charge offs | 152,900 | 90,300 |
Recoveries | (11,600) | (6,200) |
Balance at end of period | (186,300) | (79,200) |
Balance at end of period individually evaluated for impairment | (500) | (300) |
Balance at end of period collectively evaluated for impairment | (185,800) | (78,900) |
Loans, interest and fees receivable: | ||
Loans, interest and fees receivable, gross | 998,209 | 541,344 |
Loans, interest and fees receivable individually evaluated for impairment | 2,200 | 500 |
Loans, interest and fees receivable collectively evaluated for impairment | 996,000 | 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 | (161,500) | (46,600) |
Charge offs | 80,200 | 29,900 |
Recoveries | (4,600) | (500) |
Balance at end of period | (121,300) | (35,400) |
Balance at end of period individually evaluated for impairment | ||
Balance at end of period collectively evaluated for impairment | (121,300) | (35,400) |
Loans, interest and fees receivable: | ||
Loans, interest and fees receivable, gross | 509,200 | 188,600 |
Loans, interest and fees receivable individually evaluated for impairment | ||
Loans, interest and fees receivable collectively evaluated for impairment | 509,200 | 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 | (3,500) | (300) |
Charge offs | 4,600 | 2,200 |
Recoveries | (1,400) | (900) |
Balance at end of period | (1,600) | (1,300) |
Balance at end of period individually evaluated for impairment | (400) | (200) |
Balance at end of period collectively evaluated for impairment | (1,200) | (1,100) |
Loans, interest and fees receivable: | ||
Loans, interest and fees receivable, gross | 89,800 | 88,100 |
Loans, interest and fees receivable individually evaluated for impairment | 2,100 | 400 |
Loans, interest and fees receivable collectively evaluated for impairment | 87,700 | 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 | (83,400) | (53,400) |
Charge offs | 68,100 | 58,200 |
Recoveries | (5,600) | (4,800) |
Balance at end of period | (63,400) | (42,500) |
Balance at end of period individually evaluated for impairment | (100) | (100) |
Balance at end of period collectively evaluated for impairment | (63,300) | (42,400) |
Loans, interest and fees receivable: | ||
Loans, interest and fees receivable, gross | 399,200 | 264,600 |
Loans, interest and fees receivable individually evaluated for impairment | 100 | 100 |
Loans, interest and fees receivable collectively evaluated for impairment | $ 399,100 | $ 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 | Dec. 31, 2019 | Dec. 31, 2018 |
Delinquent loans and fees receivable, gross | $ 153,200 | $ 73,400 |
Current loans, interest and fees receivable, gross | 845,000 | 467,900 |
Loans, interest and fees receivable, gross | 998,209 | 541,344 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 1,900 | 1,500 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 43,800 | 24,700 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 33,000 | 15,700 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 76,400 | 33,000 |
Credit Card Receivable [Member] | ||
Delinquent loans and fees receivable, gross | 86,800 | 24,700 |
Current loans, interest and fees receivable, gross | 422,400 | 163,900 |
Loans, interest and fees receivable, gross | 509,200 | 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 | 21,700 | 7,100 |
Credit Card Receivable [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 18,500 | 5,300 |
Credit Card Receivable [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 46,600 | 12,300 |
Automobile Loan [Member] | ||
Delinquent loans and fees receivable, gross | 13,700 | 12,900 |
Current loans, interest and fees receivable, gross | 76,100 | 75,200 |
Loans, interest and fees receivable, gross | 89,800 | 88,100 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 1,900 | 1,500 |
Automobile Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 8,100 | 7,900 |
Automobile Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 3,000 | 2,800 |
Automobile Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 2,600 | 2,200 |
Other Unsecured Lending Products [Member] | ||
Delinquent loans and fees receivable, gross | 52,700 | 35,800 |
Current loans, interest and fees receivable, gross | 346,500 | 228,800 |
Loans, interest and fees receivable, gross | 399,200 | 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 | 14,000 | 9,700 |
Other Unsecured Lending Products [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 11,500 | 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 | $ 27,200 | $ 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 | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Amount of TDRs on non-accrual status (in thousands) | $ 43,300 | $ 33,200 | |
Point-of-Sale [Member] | |||
Number of TDRs | 10,682 | 6,095 | |
Amount of TDRs on non-accrual status (in thousands) | $ 14,468 | $ 4,885 | |
Carrying value of TDRs (in thousands) | $ 8,864 | $ 3,333 | |
Number of accounts | 2,835 | 6,903 | |
Loan balance at time of charge off (in thousands) | $ 4,397 | $ 9,634 | |
Point-of-Sale [Member] | Performing Financial Instruments [Member] | |||
Carrying value of TDRs (in thousands) | [1] | 6,754 | 2,525 |
Point-of-Sale [Member] | Nonperforming Financial Instruments [Member] | |||
Carrying value of TDRs (in thousands) | [1] | $ 2,110 | $ 808 |
Point-of-Sale [Member] | Extended Maturity [Member] | |||
Number of TDRs | 2,788 | 2,759 | |
Amount of TDRs on non-accrual status (in thousands) | $ 5,118 | $ 3,782 | |
Direct-to-Consumer [Member] | |||
Number of TDRs | 14,553 | 3,584 | |
Amount of TDRs on non-accrual status (in thousands) | $ 13,037 | $ 1,942 | |
Carrying value of TDRs (in thousands) | $ 7,312 | $ 1,363 | |
Number of accounts | 3,339 | 5,415 | |
Loan balance at time of charge off (in thousands) | $ 3,545 | $ 4,963 | |
Direct-to-Consumer [Member] | Performing Financial Instruments [Member] | |||
Carrying value of TDRs (in thousands) | [1] | 6,106 | 1,191 |
Direct-to-Consumer [Member] | Nonperforming Financial Instruments [Member] | |||
Carrying value of TDRs (in thousands) | [1] | $ 1,206 | $ 172 |
Direct-to-Consumer [Member] | Extended Maturity [Member] | |||
Number of TDRs | 2,854 | 1,111 | |
Amount of TDRs on non-accrual status (in thousands) | $ 3,104 | $ 955 | |
[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 | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fees on credit products | $ 68,639 | $ 25,694 |
Changes in fair value of loans, interest and fees receivable recorded at fair value | 1,251 | 606 |
Changes in fair value of notes payable associated with structured financings recorded at fair value | 1,731 | 3,589 |
Other | (474) | 103 |
Total fees and related income on earning assets | $ 71,147 | $ 29,992 |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenue from contracts with customers | $ 13,754 | $ 5,556 | |
Credit and Debit Card [Member] | |||
Revenue from contracts with customers | [1] | 8,495 | 2,881 |
Servicing Income [Member] | |||
Revenue from contracts with customers | 1,786 | 1,969 | |
Service Charges and Other Customer Related Fees [Member] | |||
Revenue from contracts with customers | 3,473 | 706 | |
Credit and Other Investments [Member] | |||
Revenue from contracts with customers | 12,759 | 4,465 | |
Credit and Other Investments [Member] | Credit and Debit Card [Member] | |||
Revenue from contracts with customers | [1] | 8,495 | 2,881 |
Credit and Other Investments [Member] | Servicing Income [Member] | |||
Revenue from contracts with customers | 857 | 947 | |
Credit and Other Investments [Member] | Service Charges and Other Customer Related Fees [Member] | |||
Revenue from contracts with customers | 3,407 | 637 | |
Auto Finance [Member] | |||
Revenue from contracts with customers | 995 | 1,091 | |
Auto Finance [Member] | Credit and Debit Card [Member] | |||
Revenue from contracts with customers | [1] | ||
Auto Finance [Member] | Servicing Income [Member] | |||
Revenue from contracts with customers | 929 | 1,022 | |
Auto Finance [Member] | Service Charges and Other Customer Related Fees [Member] | |||
Revenue from contracts with customers | $ 66 | $ 69 | |
[1] | Interchange revenue is presented net of customer reward expense. |
Note 3 - Segment Reporting (Det
Note 3 - Segment Reporting (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Reportable Segments | 2 | |
Assets, Total | $ 936,266 | $ 582,608 |
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 | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Consumer loans, including past due fees | $ 260,832 | $ 160,968 |
Other | 386 | 200 |
Total interest income | 261,218 | 161,168 |
Interest expense | (50,730) | (36,896) |
Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable | 210,488 | 124,272 |
Fees and related income on earning assets | 71,147 | 29,992 |
Revenue from contracts with customers | 13,754 | 5,556 |
Gain on repurchase of convertible senior notes | 5,127 | |
Equity in income of equity-method investee | 1,001 | 581 |
Income before income taxes | 31,763 | 3,482 |
Income tax benefit (expense) | (5,553) | 4,130 |
Assets, Total | 936,266 | 582,608 |
Servicing Income [Member] | ||
Revenue from contracts with customers | 1,786 | 1,969 |
Credit and Other Investments [Member] | ||
Consumer loans, including past due fees | 229,388 | 131,096 |
Other | 386 | 200 |
Total interest income | 229,774 | 131,296 |
Interest expense | (49,065) | (35,564) |
Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable | 180,709 | 95,732 |
Fees and related income on earning assets | 70,984 | 29,912 |
Revenue from contracts with customers | 12,759 | 4,465 |
Gain on repurchase of convertible senior notes | 5,127 | |
Equity in income of equity-method investee | 1,001 | 581 |
Income before income taxes | 25,005 | (6,767) |
Income tax benefit (expense) | (3,830) | 6,345 |
Assets, Total | 856,354 | 507,232 |
Credit and Other Investments [Member] | Servicing Income [Member] | ||
Revenue from contracts with customers | 857 | 947 |
Auto Finance [Member] | ||
Consumer loans, including past due fees | 31,444 | 29,872 |
Other | ||
Total interest income | 31,444 | 29,872 |
Interest expense | (1,665) | (1,332) |
Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable | 29,779 | 28,540 |
Fees and related income on earning assets | 163 | 80 |
Revenue from contracts with customers | 995 | 1,091 |
Gain on repurchase of convertible senior notes | ||
Equity in income of equity-method investee | ||
Income before income taxes | 6,758 | 10,249 |
Income tax benefit (expense) | (1,723) | (2,215) |
Assets, Total | 79,912 | 75,376 |
Auto Finance [Member] | Servicing Income [Member] | ||
Revenue from contracts with customers | $ 929 | $ 1,022 |
Note 4 - Shareholders' Equity_2
Note 4 - Shareholders' Equity and Preferred Stock (Details Textual) - USD ($) | Dec. 27, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 14, 2019 | Nov. 26, 2014 |
Stock Repurchased and Retired During Period, Shares | 357,461 | 281,787 | |||
Stock Repurchased and Retired During Period, Value | $ 2,517,000 | $ 723,000 | |||
Own-share Lending Arrangement, Shares, Outstanding | 1,459,233 | 1,459,233 | |||
Class B Preferred Units [Member] | |||||
Preferred Units, Issued | 50,500,000 | ||||
Preferred Unit Purchase Price | $ 1 | ||||
Preferred Units Issued, Percentage of Preferred Return | 16.00% | ||||
Preferred Units Issued, Maximum Percentage Points of Preferred Return in Form of Issuance of Additional Units or Cash | 6.00% | ||||
Preferred Units, Authorized | 50,500,000 | ||||
Series A Preferred Stock [Member] | |||||
Temporary Equity, Shares Issued | 400,000 | 400,000 | 0 | ||
Temporary Equity, Shares Authorized | 10,000,000 | 10,000,000 | 0 | ||
Temporary Equity, Shares Outstanding | 400,000 | 400,000 | 0 | ||
Temporary Equity, Liquidation Preference | $ 40,000,000 | ||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||
Temporary Equity, Redemption Price Per Share | $ 100 | ||||
Temporary Equity, Conversion Price Per Share | $ 10 | ||||
Dove Ventures, LLC [Member] | Senior Secured Term Loan Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | ||||
Extinguishment of Debt, Amount | $ 40,000,000 |
Note 5 - Investment in Equity_3
Note 5 - Investment in Equity-method Investee (Details Textual) | Dec. 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 | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Loans, interest and fees receivables, at fair value | $ 2,757 | $ 3,546 |
Total assets | 2,922 | 3,732 |
Total liabilities | 13 | 18 |
Members’ capital | 2,909 | 3,714 |
Net interest income (loss), fees and related income on earning assets | 1,505 | 875 |
Net income | 1,318 | 613 |
Net income attributable to investee | $ 1,001 | $ 581 |
Note 6 - Fair Values of Asset_3
Note 6 - Fair Values of Assets and Liabilities (Details Textual) | Dec. 31, 2019 |
The 5.875% Convertible Senior Notes Due 2035 [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.875% |
Note 6 - Fair Values of Asset_4
Note 6 - Fair Values of Assets and Liabilities - Summary of Fair Value Hierarchy for Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Loans, interest and fees receivable, at fair value | $ 4,386 | $ 6,306 | |
Fair Value, Recurring [Member] | |||
Loans, interest and fees receivable, net for which it is practicable to estimate fair value | [1] | 721,573 | 418,236 |
Loans, interest and fees receivable, at fair value | [1] | 4,386 | 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] | 781,208 | 470,496 |
Loans, interest and fees receivable, at fair value | [1] | $ 4,386 | $ 6,306 |
[1] | For cash, deposits and investments in equity securities, the carrying amount is a reasonable estimate of fair value. |
Note 6 - Fair Values of Asset_5
Note 6 - Fair Values of Assets and Liabilities - Reconciliation of Level 3 Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 6,306 | $ 11,109 |
Net revaluations of loans, interest and fees receivable, at fair value | 1,251 | 606 |
Settlements | (3,171) | (5,395) |
Impact of foreign currency translation | (14) | |
Balance | $ 4,386 | $ 6,306 |
Note 6 - Fair Values of Asset_6
Note 6 - Fair Values of Assets and Liabilities - Quantitative Information about Level 3 Assets and Liabilities Fair Value Measurements (Details) $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Loans, interest and fees receivable, at fair value | $ 4,386 | $ 6,306 |
Notes Payable Associated with Structured Financings, Fair Value | 3,920 | 5,651 |
Valuation Technique, Discounted Cash Flow [Member] | ||
Notes Payable Associated with Structured Financings, Fair Value | 3,920 | 5,651 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | ||
Loans, interest and fees receivable, at fair value | $ 4,386 | $ 6,306 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.275 | 0.258 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.594 | 0.308 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.31 | 0.264 |
Notes payable associated with structured financings, measurement input | 0.275 | 0.258 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.022 | 0.022 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.055 | 0.03 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.026 | 0.023 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.105 | 0.087 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.394 | 0.113 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.137 | 0.09 |
Notes payable associated with structured financings, measurement input | 0.105 | 0.087 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Weighted Average [Member] | ||
Notes payable associated with structured financings, measurement input | 0.022 | 0.022 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.113 | 0.149 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.169 | 0.195 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.119 | 0.155 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.143 | 0.149 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.143 | 0.149 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.143 | 0.149 |
Notes payable associated with structured financings, measurement input | 0.143 | 0.149 |
Note 6 - Fair Values of Asset_7
Note 6 - Fair Values of Assets and Liabilities - Summary of Fair Value Hierarchy for Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Revolving credit facilities | $ 720,687 | $ 389,707 |
Amortizing debt facilities | 28,522 | 1,220 |
Notes payable to related parties | 40,000 | |
Convertible senior notes | 24,091 | 62,142 |
Notes Payable Associated with Structured Financings, Fair Value | 3,920 | 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 | 16,920 | 47,230 |
Notes Payable Associated with Structured Financings, Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Revolving credit facilities | 720,687 | 389,707 |
Amortizing debt facilities | 28,522 | 1,220 |
Notes payable to related parties | 40,000 | |
Convertible senior notes | ||
Notes Payable Associated with Structured Financings, Fair Value | $ 3,920 | $ 5,651 |
Note 6 - Fair Values of Asset_8
Note 6 - Fair Values of Assets and Liabilities - Reconciliation of Level 3 Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 5,651 | $ 9,240 |
Net revaluations of notes payable associated with structured financings, at fair value | (1,731) | (3,589) |
Repayments on outstanding notes payable, net | ||
Balance | $ 3,920 | $ 5,651 |
Note 6 - Fair Values of Asset_9
Note 6 - Fair Values of Assets and Liabilities - Summary of Other Relevant Data (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans, interest and fees receivable, at fair value | $ 4,386 | $ 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 | 644 | 1,160 |
Loans, interest and fees receivable, at fair value | 466 | 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) | 1 | 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 | 3,920 | 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 | 5,280 | 7,708 |
Loans, interest and fees receivable, at fair value | 3,920 | 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 | $ 185 | $ 224 |
Note 7 - Property (Details Text
Note 7 - Property (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 1.1 | $ 1 |
Note 7 - Property - Schedule of
Note 7 - Property - Schedule of Property (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, plant and equipment | $ 29,375 | $ 29,125 |
Less accumulated depreciation | (26,637) | (25,500) |
Property, net | 2,738 | 3,625 |
Software and Software Development Costs [Member] | ||
Property, plant and equipment | 3,543 | 3,467 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment | 6,431 | 6,307 |
Data Processing and Telephone Equipment [Member] | ||
Property, plant and equipment | 7,675 | 7,625 |
Leasehold Improvements [Member] | ||
Property, plant and equipment | 10,570 | 10,570 |
Other Capitalized Property Plant and Equipment [Member] | ||
Property, plant and equipment | $ 1,156 | $ 1,156 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)ft² | Dec. 31, 2018USD ($) | |
Operating Leases, Rent Expense, Net, Total | $ 1,700 | $ 1,700 |
Operating Leases, Rent Expense, Sublease Rentals | $ 5,100 | $ 5,100 |
Lessee, Operating Lease, Term of Contract | 15 years | |
Area Under Operating Lease, Gross | ft² | 335,372 | |
Area Under Operating Lease, Net | ft² | 254,710 | |
Tenant Improvements | $ 21,200 | |
Capital Lease Obligations, Total | $ 0 |
Note 8 - Leases - Lease Cost (D
Note 8 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash paid under operating leases, gross | $ 10,080 | |
Accounting Standards Update 2016-02 [Member] | ||
Operating lease cost, gross | 6,875 | 6,758 |
Sublease income | (5,133) | (5,080) |
Net Operating lease cost | 1,742 | 1,678 |
Cash paid under operating leases, gross | $ 10,080 | $ 9,913 |
Weighted average remaining lease term - months (Month) | 2 years 150 days | |
Weighted average discount rate | 6.90% |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
2020, gross | $ 10,213 | |
2020, payments received from sublease | (7,115) | |
2020, net lease payment | 3,098 | |
2021, gross | 10,221 | |
2021, payments received from sublease | (7,315) | |
2021, net lease payment | 2,906 | |
2022, gross | 4,407 | |
2022, payments received from sublease | (3,112) | |
2022, net lease payment | 1,295 | |
2023, gross | 126 | |
2023, payments received from sublease | ||
2023, net lease payment | 126 | |
2024, gross | 30 | |
2024, payments received from sublease | ||
2024, net lease payment | 30 | |
Thereafter, gross | ||
Thereafter, payments received from sublease | ||
Thereafter, net lease payment | ||
Gross | 24,997 | |
Sublease income, payments received from sublease | (17,542) | |
Lease payments, net lease payment | 7,455 | |
Less imputed interest, gross | (2,738) | |
Less imputed interest, payments received from sublease | ||
Less imputed interest, net | ||
Operating Lease, Liability, Total | 22,259 | |
Total, payments received from sublease | ||
Total, net |
Note 9 - Notes Payable and Va_3
Note 9 - Notes Payable and Variable Interest Entities (Details Textual) - USD ($) | Dec. 27, 2019 | Nov. 30, 2019 | Jun. 30, 2019 | Nov. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Aug. 26, 2019 | Feb. 28, 2017 | Oct. 31, 2015 | Nov. 26, 2014 | Nov. 30, 2005 |
Credit Card Receivables and Restricted Cash Carrying Amount as Security for Notes Payable | $ 3,900,000 | $ 3,900,000 | |||||||||||||||
Notes Payable Associated with Structured Financings, Fair Value | 3,920,000 | 3,920,000 | $ 5,651,000 | ||||||||||||||
Aggregate Exposure to Pretax Equity Loss, Structured Financing at Fair Value | 0 | 0 | |||||||||||||||
Long-term Line of Credit, Total | 720,687,000 | 720,687,000 | 389,707,000 | ||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 200,000,000 | $ 200,000,000 | $ 167,300,000 | 873,340,000 | 632,043,000 | ||||||||||||
Asset Backed Securities, Term of Revolving Structure | 3 years | 2 years | 2 years | ||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period | 1 year 180 days | ||||||||||||||||
Asset Backed Securities, Weighted Average Interest Rate | 4.91% | 5.37% | 5.76% | ||||||||||||||
Convertible Debt [Member] | Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | ||||||||||||||||
Debt Instrument, Face Amount | $ 33,839,000 | $ 33,839,000 | $ 88,280,000 | $ 54,400,000 | $ 300,000,000 | ||||||||||||
Debt Instrument, Repurchase Amount | $ 16,300,000 | ||||||||||||||||
Term Note [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||||||||||||
Long-term Debt, Total | $ 17,400,000 | ||||||||||||||||
Minimum [Member] | |||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period | 1 year | 1 year | |||||||||||||||
Maximum [Member] | |||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period | 1 year 180 days | 1 year 180 days | |||||||||||||||
Debt Satisfied By Issuance of Series A Preferred Stock [Member] | |||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 40,000,000 | ||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||
Temporary Equity, Shares Issued | 400,000 | 400,000 | 400,000 | 0 | |||||||||||||
Temporary Equity, Liquidation Preference | $ 40,000,000 | ||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | ||||||||||||||||
Long-term Line of Credit, Total | $ 40,500,000 | $ 40,500,000 | |||||||||||||||
Revolving Credit Facility [Member] | Term Note [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000,000 | ||||||||||||||||
Long-term Line of Credit, Total | 10,000,000 | 10,000,000 | |||||||||||||||
Secured by the Financial and Operating Assets of CAR [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | 55,000,000 | 55,000,000 | ||||||||||||||
Long-term Line of Credit, Total | 39,100,000 | $ 39,100,000 | |||||||||||||||
Line of Credit Facility, Expiration Date | Nov. 1, 2021 | ||||||||||||||||
December 2016 Revolving Credit Facility [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | ||||||||||||||||
Long-term Line of Credit, Total | 19,400,000 | $ 19,400,000 | |||||||||||||||
Trust Funding Notes Facility [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 70,000,000 | 70,000,000 | $ 90,000,000 | ||||||||||||||
Long-term Line of Credit, Total | 25,800,000 | 25,800,000 | |||||||||||||||
Trust Funding Notes Facility [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 14.00% | ||||||||||||||||
December 2017 Revolving Credit Facility [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | ||||||||||||||||
Long-term Line of Credit, Total | 8,600,000 | 8,600,000 | |||||||||||||||
Additional Trust Funding Notes Facilities [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | ||||||||||||||||
Long-term Line of Credit, Total | 0 | 0 | |||||||||||||||
September 2018 Revolving Credit Facility [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | ||||||||||||||||
Long-term Line of Credit, Total | 15,000,000 | 15,000,000 | |||||||||||||||
June 2019 Revolving Credit Facility [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | ||||||||||||||||
Long-term Line of Credit, Total | $ 14,600,000 | $ 14,600,000 | |||||||||||||||
Additional Trust Funding Notes Facility One [Member] | |||||||||||||||||
Line of Credit Facility, Expiration Date | Jun. 11, 2021 | ||||||||||||||||
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 | $ 40,000,000 | ||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||
Debt Instrument, Variable Rate | 1.75% | 1.75% | |||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Term Note [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Secured by the Financial and Operating Assets of CAR [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.40% | ||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Secured by the Financial and Operating Assets of CAR [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | December 2016 Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | ||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | December 2017 Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Additional Trust Funding Notes Facilities [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.875% | ||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | September 2018 Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.50% | ||||||||||||||||
Prime Rate [Member] | |||||||||||||||||
Debt Instrument, Variable Rate | 4.75% | 4.75% | |||||||||||||||
Commercial Paper Rates [Member] | Additional Trust Funding Notes Facilities [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% |
Note 9 - Notes Payable and Va_4
Note 9 - Notes Payable and Variable Interest Entities - Summary of Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Unrestricted cash and cash equivalents | $ 135,379 | $ 60,968 |
Restricted cash and cash equivalents | 41,015 | 80,786 |
Loans, interest and fees receivable, at fair value | 4,386 | 6,306 |
Loans, interest and fees receivable, gross | 998,209 | 541,344 |
Allowances for uncollectible loans, interest and fees receivable | (186,329) | (79,211) |
Deferred revenue | (90,307) | (43,897) |
Total Assets held by VIEs | 936,266 | 582,608 |
Notes Payable, at face value held by VIEs | 749,209 | 390,927 |
Notes Payable, at fair value held by VIEs | 3,920 | 5,651 |
Maximum exposure to loss due to involvement with VIEs | 654,300 | 438,500 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Unrestricted cash and cash equivalents | 78,700 | 16,800 |
Restricted cash and cash equivalents | 25,900 | 61,000 |
Loans, interest and fees receivable, at fair value | 3,900 | 5,700 |
Loans, interest and fees receivable, gross | 857,200 | 403,400 |
Allowances for uncollectible loans, interest and fees receivable | (168,800) | (57,400) |
Deferred revenue | (40,700) | (13,200) |
Total Assets held by VIEs | 756,200 | 416,300 |
Notes Payable, at face value held by VIEs | 701,100 | 366,700 |
Notes Payable, at fair value held by VIEs | $ 3,900 | $ 5,700 |
Note 9 - Notes Payable and Va_5
Note 9 - Notes Payable and Variable Interest Entities - Schedule of Structured Financing Notes Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of December 31, 2019 ($101.3 million as of December 31, 2018) bearing interest at a weighted average 6.9% interest rate, based upon LIBOR, at December 31, 2019 (7.5% at December 31, 2018), which is secured by credit card receivables and restricted cash aggregating $3.9 million as of December 31, 2019 ($5.7 million as of December 31, 2018) in carrying amount | $ 3,920 | $ 5,651 |
Securitization Financing Facility [Member] | ||
Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of December 31, 2019 ($101.3 million as of December 31, 2018) bearing interest at a weighted average 6.9% interest rate, based upon LIBOR, at December 31, 2019 (7.5% at December 31, 2018), which is secured by credit card receivables and restricted cash aggregating $3.9 million as of December 31, 2019 ($5.7 million as of December 31, 2018) in carrying amount | $ 3,900 | $ 5,700 |
Note 9 - Notes Payable and Va_6
Note 9 - Notes Payable and Variable Interest Entities - Schedule of Structured Financing Notes Payable (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Amortizing securitization facility, amount secured by credit card receivables and restricted cash | $ 3,900 | |
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 | $ 3,900 | $ 5,700 |
Securitization Financing Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Amortizing securitization facility, weighted average interest rate | 6.90% | 7.50% |
Note 9 - Notes Payable and Va_7
Note 9 - Notes Payable and Variable Interest Entities - Schedule of Notes Payable at Face Value and Notes Payable to Related Parties (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revolving credit facilities | $ 720,687 | $ 389,707 | ||
Amortizing debt facilities | 28,522 | 1,220 | ||
Notes payable to related parties | 40,000 | |||
Total notes payable before unamortized debt issuance costs and discounts | 758,900 | [1] | 437,900 | |
Unamortized debt issuance costs and discounts | (9,700) | [1] | (7,000) | |
Total notes payable outstanding | 749,200 | [1] | 430,900 | |
Other Secured Debt [Member] | ||||
Amortizing debt facilities | 1,200 | [1] | 1,200 | |
Phoenix [Member] | ||||
Unsecured term debt (expiring August 26, 2024) with an annual rate equal to 8.0% (3) | [2] | 17,400 | [1] | |
Amortizing Debt Facility Two [Member] | ||||
Amortizing debt facilities | [2],[3],[4],[5] | 10,000 | ||
Senior Secured Term Loan Facility [Member] | ||||
Notes payable to related parties | [2] | [1] | 40,000 | |
Revolving Credit Facility Expiring November 1, 2020 [Member] | ||||
Revolving credit facilities | [2],[5],[6] | 39,100 | [1] | 30,000 |
Revolving Credit Facility Expiring October 30, 2022 [Member] | ||||
Revolving credit facilities | [2],[3],[4],[5] | 40,500 | [1] | 49,900 |
Revolving Credit Facility Expiring March 31, 2020 [Member] | ||||
Revolving credit facilities | [3],[4],[5] | 19,400 | [1] | |
Revolving Credit Facility Expiring February 8, 2022 [Member] | ||||
Revolving credit facilities | [2],[3],[4],[7] | 25,800 | [1] | 61,000 |
Revolving Credit Facility Expiring June 11, 2021 [Member] | ||||
Revolving credit facilities | [2],[3],[4],[7] | [1] | 80,500 | |
Revolving Credit Facility Expiring July 15 2021 [Member] | ||||
Revolving credit facilities | [3],[4],[5] | 14,600 | [1] | |
Revolving Credit Facility Expiring November 16, 2020 [Member] | ||||
Revolving credit facilities | [2],[3],[4],[7] | 8,000 | ||
Revolving Credit Facility Expiring November 15, 2023 [Member] | ||||
Revolving credit facilities | [2],[3],[4],[7] | 167,300 | [1] | 167,300 |
Revolving Credit Facility Expiring December 15, 2022 [Member] | ||||
Revolving credit facilities | [2],[3],[4],[7] | 200,000 | [1] | |
Revolving Credit Facility Expiring May 15, 2024 [Member] | ||||
Revolving credit facilities | [2],[3],[4],[7] | 200,000 | [1] | |
Revolving Credit Facility Expiring December 21, 2020 [Member] | ||||
Revolving credit facilities | [2],[3],[4],[5] | 8,600 | [1] | |
Revolving Credit Facility Expiring September 19, 2021 [Member] | ||||
Revolving credit facilities | $ 15,000 | [1],[2],[3],[4],[5] | ||
[1] | As of December 31, 2019, the LIBOR rate was 1.75% and the prime rate was 4.75%. | |||
[2] | See below for additional information. | |||
[3] | Loans are associated with variable interest entities. | |||
[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] | These notes reflect modifications to either extend the maturity date, increase the loan amount or both, and are treated as accounting modifications. | |||
[6] | 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. | |||
[7] | Creditors do not have recourse against the general assets of the Company but only to the collateral within the VIEs. |
Note 9 - Notes Payable and Va_8
Note 9 - Notes Payable and Variable Interest Entities - Schedule of Notes Payable at Face Value and Notes Payable to Related Parties (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2015 | |||
Other Secured Debt [Member] | |||||
Amortizing securitization facility, maturity date | Sep. 8, 2023 | [1] | Sep. 8, 2023 | ||
Loan, interest rate | 5.50% | [1] | 5.50% | ||
Phoenix [Member] | |||||
Amortizing securitization facility, maturity date | [2] | Aug. 26, 2024 | [1] | Aug. 26, 2024 | |
Loan, interest rate | [2] | 8.00% | [1] | 8.00% | |
Amortizing Debt Facility Two [Member] | |||||
Amortizing securitization facility, maturity date | [2],[3],[4],[5] | Sep. 30, 2021 | [1] | Sep. 30, 2021 | |
Loan, interest rate | [2],[3],[4],[5] | 6.20% | [1] | 6.20% | |
Senior Secured Term Loan Facility [Member] | |||||
Amortizing securitization facility, maturity date | [2] | Nov. 21, 2019 | [1] | Nov. 21, 2019 | |
Loan, interest rate | [2] | 9.00% | [1] | 9.00% | |
Revolving Credit Facility Expiring November 1, 2020 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[5],[6] | $ 55,000 | [1] | $ 55,000 | |
Revolving credit facility, expiration date | [2],[5],[6] | Nov. 1, 2021 | [1] | Nov. 1, 2021 | |
Revolving Credit Facility Expiring October 30, 2022 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[3],[4],[5] | $ 50,000 | [1] | $ 50,000 | |
Revolving credit facility, expiration date | [2],[3],[4],[5] | Oct. 30, 2022 | [1] | Oct. 30, 2022 | |
Revolving Credit Facility Expiring March 31, 2020 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [3],[4],[5] | $ 20,000 | [1] | $ 20,000 | |
Revolving credit facility, expiration date | Mar. 31, 2020 | [1],[3],[4],[5] | Mar. 31, 2020 | ||
Revolving Credit Facility Expiring February 8, 2022 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[3],[4],[7] | $ 70,000 | [1] | $ 70,000 | |
Revolving credit facility, expiration date | [2],[3],[4],[7] | Feb. 8, 2022 | [1] | Feb. 8, 2022 | |
Revolving Credit Facility Expiring June 11, 2021 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[3],[4],[7] | $ 100,000 | [1] | $ 100,000 | |
Revolving credit facility, expiration date | [2],[3],[4],[7] | Jun. 11, 2021 | [1] | Jun. 11, 2021 | |
Revolving Credit Facility Expiring July 15 2021 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [3],[4],[5] | $ 15,000 | [1] | $ 15,000 | |
Revolving credit facility, expiration date | [3],[4],[5] | Jul. 15, 2021 | [1] | Jul. 15, 2021 | |
Revolving Credit Facility Expiring November 16, 2020 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[3],[4],[7] | $ 100,000 | $ 100,000 | ||
Revolving credit facility, expiration date | [2],[3],[4],[7] | Nov. 16, 2020 | Nov. 16, 2020 | ||
Revolving Credit Facility Expiring November 15, 2023 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[3],[4],[7] | $ 167,300 | [1] | $ 167,300 | |
Revolving credit facility, expiration date | [2],[3],[4],[7] | Nov. 15, 2023 | [1] | Nov. 15, 2023 | |
Revolving Credit Facility Expiring December 15, 2022 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[3],[4],[7] | $ 200,000 | [1] | $ 200,000 | |
Revolving credit facility, expiration date | [2],[3],[4],[7] | Dec. 15, 2022 | [1] | Dec. 15, 2022 | |
Revolving Credit Facility Expiring May 15, 2024 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[3],[4],[7] | $ 152,024,000 | [1] | $ 152,024,000 | |
Revolving Credit Facility Expiring December 21, 2020 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [2],[3],[4],[5] | $ 15,000 | [1] | $ 15,000 | |
Revolving credit facility, expiration date | [2],[3],[4],[5] | Dec. 21, 2020 | [1] | Dec. 21, 2020 | |
Revolving Credit Facility Expiring September 19, 2021 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | $ 50,000 | [1] | $ 50,000 | ||
Revolving credit facility, expiration date | Sep. 19, 2021 | [1],[2],[3],[4],[5] | Sep. 19, 2021 | ||
Revolving Credit Facility [Member] | |||||
Revolving credit facility, maximum borrowing capacity | $ 50,000 | ||||
Amortizing securitization facility, weighted average interest rate | 6.00% | [1] | 7.60% | ||
Amount of securing assets | $ 740,400 | [1] | $ 468,800 | ||
[1] | As of December 31, 2019, the LIBOR rate was 1.75% and the prime rate was 4.75%. | ||||
[2] | See below for additional information. | ||||
[3] | Loans are associated with variable interest entities. | ||||
[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] | These notes reflect modifications to either extend the maturity date, increase the loan amount or both, and are treated as accounting modifications. | ||||
[6] | 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. | ||||
[7] | Creditors do not have recourse against the general assets of the Company but only to the collateral within the VIEs. |
Note 10 - Convertible Senior _3
Note 10 - Convertible Senior Notes (Details Textual) | Aug. 26, 2019USD ($) | Nov. 30, 2005USD ($)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares |
Gain (Loss) on Repurchase of Debt Instrument | $ 5,127,000 | |||
Own-share Lending Arrangement, Shares, Outstanding | shares | 1,459,233 | 1,459,233 | ||
Amortization of Debt Discount (Premium) | $ 818,000 | $ 890,000 | ||
Bear Sterns International Limited [Member] | ||||
Own-share Lending Arrangement, Shares, Outstanding | shares | 5,677,950 | 1,459,233 | ||
Own-share Lending Arrangement, Shares, Outstanding, Value | $ 13,100,000 | |||
Term Note [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||
Long-term Debt, Total | $ 17,400,000 | |||
Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | ||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 24.61 | |||
Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | Convertible Debt [Member] | ||||
Debt Instrument, Face Amount | 54,400,000 | $ 300,000,000 | $ 33,839,000 | 88,280,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||
Debt Instrument, Maturity Date | Nov. 30, 2035 | |||
Debt Instrument, Repurchase Amount | 16,300,000 | |||
Gain (Loss) on Repurchase of Debt Instrument | $ 5,100,000 | |||
Debt Instrument, Convertible, Conversion Ratio | 40.63 | |||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 24.61 | |||
Debt Instrument, Convertible, Cash Paid Per $1,000 Principal Held | $ 1,000 | |||
Amortization of Debt Discount (Premium) | 500,000 | 600,000 | ||
Interest Payable | $ 3,900,000 | $ 5,200,000 | ||
Debt, Weighted Average Interest Rate | 9.20% | 9.20% |
Note 10 - Convertible Senior _4
Note 10 - Convertible Senior Notes - Summary of Convertible Senior Notes (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Aug. 26, 2019 | Nov. 30, 2005 | |
Net carrying value | $ 24,091,000 | $ 62,142,000 | ||
Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | Convertible Debt [Member] | ||||
Face amount of convertible senior notes | 33,839,000 | 88,280,000 | $ 54,400,000 | $ 300,000,000 |
Discount | (9,748,000) | (26,138,000) | ||
Net carrying value | 24,091,000 | 62,142,000 | ||
Carrying amount of equity component included in paid-in capital | 108,714,000 | 108,714,000 | ||
Excess of instruments’ if-converted values over face principal amounts |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) $ in Millions | Dec. 31, 2019USD ($) |
Pledged Assets, Other, Not Separately Reported on Statement of Financial Position, Total | $ 15.1 |
Unfunded Individual Credit Commitment [Member] | |
Other Commitment, Total | 1,100 |
Unfunded Outstanding Floor-Plan Financing Commitment [Member] | |
Other Commitment, Total | $ 9.2 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 17.50% | (118.60%) | ||||
Income Tax Settlement Amount with Taxing Authority | $ 3,700 | $ 7,400 | ||||
Payments for Income Tax Settlement with Taxing Authority | $ 5,400 | $ 700 | ||||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ (500) | |||||
Income Tax Examination, Penalties Accrued | 900 | |||||
Deferred Tax Assets, Valuation Allowance, Total | 39,161 | $ 40,830 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 18,643 | 44,485 | ||||
Deferred Tax Assets, Capital Loss Carryforwards | 600 | |||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 500 | 400 | ||||
Capital Loss Carryforward [Member] | ||||||
Tax Credit Carryforward, Amount | 2,800 | |||||
Domestic Tax Authority [Member] | ||||||
Operating Loss Carryforwards, Total | 85,600 | |||||
Income Tax Expense (Benefit) [Member] | ||||||
Income Tax Examination, Penalties and Interest Expense, Total | $ 100 | |||||
Income Tax Examination, Penalties and Interest Expense, Net Reversal | $ 1,200 |
Note 12 - Income Taxes - Schedu
Note 12 - Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current tax benefit (expense) | $ 279 | $ 5,932 |
Deferred tax (expense) benefit | (5,395) | (1,159) |
Total federal income tax expense (benefit), federal | (5,116) | 4,773 |
Current tax benefit (expense), foreign | 25 | (53) |
Deferred tax (expense) benefit, foreign | (15) | 3 |
Total foreign income tax benefit (expense) | 10 | (50) |
Current tax (expense) benefit, foreign | (709) | (3) |
Deferred tax benefit (expense) | 262 | (590) |
Total state and other income tax expense | (447) | (593) |
Total federal income tax expense (benefit) | $ (5,553) | $ 4,130 |
Note 12 - Income Taxes - Sche_2
Note 12 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statutory expense rate | 21.00% | 21.00% |
Federal valuation allowance | (4.40%) | (132.00%) |
Global intangible low-taxed income | 0.80% | 9.60% |
Interest and penalties related to uncertain tax positions and IRS settlement adjustment | 0.60% | (27.20%) |
Foreign taxes, net of valuation allowance | (0.50%) | (8.20%) |
Permanent and other prior year true ups and tax effect of non-controlling interest | (1.10%) | 4.70% |
State taxes, net of valuation allowance | 1.10% | 13.50% |
Effective expense (benefit) rate | 17.50% | (118.60%) |
Note 12 - Income Taxes - Sche_3
Note 12 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Software development costs/fixed assets | $ 108 | |
Goodwill and intangible assets | 113 | 895 |
Provision for loan loss | 36,172 | 19,479 |
Equity-based compensation | 792 | 748 |
Accrued expenses | 386 | 307 |
Accruals for state taxes and interest associated with unrecognized tax benefits | 108 | 87 |
Federal net operating loss carry-forward | 18,643 | 44,485 |
Minimum tax credit carry-forward | 520 | 1,015 |
Foreign net operating loss carry-forward | 537 | 256 |
Other | 40 | 151 |
State tax benefits, primarily from net operating losses | 40,937 | 42,318 |
Deferred tax assets, gross | 98,248 | 109,849 |
Valuation allowances | (39,161) | (40,830) |
Deferred tax assets net of valuation allowance | 59,087 | 69,019 |
Prepaid expenses and other | (1,217) | (210) |
Software development costs/fixed assets | (176) | |
Equity in income of equity-method investee | (1,154) | (1,092) |
Credit card fair value election differences | (21,513) | (21,021) |
Market discount on loans | (29,834) | (21,749) |
Deferred costs | (542) | (469) |
Convertible senior notes | (9,309) | (22,106) |
Cancellation of indebtedness income | (1,882) | |
Deferred tax liabilities, gross | (63,745) | (68,529) |
Deferred tax liabilities, net | $ (4,658) | |
Deferred tax (liabilities) assets, net | $ 490 |
Note 12 - Income Taxes - Unreco
Note 12 - Income Taxes - Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ (414) | $ (373) |
Reductions based on tax positions related to prior years | 13 | 51 |
Additions based on tax positions related to the current year | (83) | (71) |
Interest and penalties accrued | (29) | (21) |
Balance | $ (513) | $ (414) |
Note 13 - Net Income Attribut_3
Note 13 - Net Income Attributable to Controlling Interests Per Common Share (Details Textual) xbrli-pure in Millions | 12 Months Ended | |
Dec. 31, 2019$ / sharesshares | Dec. 31, 2018shares | |
Weighted Average Number of Shares, Restricted Stock | 512,636 | 272,172 |
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 | 1.4 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 500,000 | 2,900,000 |
Note 13 - Net Income Attribut_4
Note 13 - Net Income Attributable to Controlling Interests Per Common Share - Summary of Earning Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Net income attributable to controlling interests | $ 26,443 | $ 7,856 | |
Preferred stock dividends and accretion | (1,153) | ||
Net income attributable to common shareholders | $ 25,290 | $ 7,856 | |
Basic (including unvested share-based payment awards) (1) (in shares) | [1] | 14,499 | 13,927 |
Effect of dilutive stock compensation arrangements (in shares) | 774 | 75 | |
Diluted (including unvested share-based payment awards) (1) (in shares) | [1] | 15,273 | 14,002 |
Net income attributable to common shareholders per common share—basic (in dollars per share) | $ 1.74 | $ 0.56 | |
Net income attributable to common shareholders per common share—diluted (in dollars per share) | $ 1.66 | $ 0.56 | |
[1] | Shares related to unvested share-based payment awards included in our basic and diluted share counts were 512,636 for the year ended December 31, 2019, compared to 272,172 for the year ended December 31, 2018. |
Note 14 - Stock-based Compens_3
Note 14 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | May 09, 2019 | Dec. 31, 2019 | 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 | $ 500 | $ 1,200 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 229,500 | 533,177 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount, Total | $ 900 | $ 1,300 | |
Share-based Payment Arrangement, Expense | 1,000 | 700 | |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 700 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 36 days | ||
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 | $ 700 | $ 600 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
The Fourth Amended 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, Expiration Period Extension | 2 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,791,565 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 65,771 |
Note 14 - Stock-based Compens_4
Note 14 - Stock-based Compensation - Summary of Outstanding Options (Details) | 12 Months Ended |
Dec. 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 | (469,701) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 2.59 |
Cancelled/Forfeited (in shares) | shares | (14,000) |
Cancelled/Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 3.13 |
Outstanding (in shares) | shares | 2,687,499 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 3.66 |
Outstanding, weighted average remaining contractual life (Year) | 2 years 73 days |
Outstanding, aggregate intrinsic value | $ | $ 14,386,956 |
Exercisable (in shares) | shares | 1,076,836 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 3.50 |
Exercisable, weighted average remaining contractual life (Year) | 1 year 182 days |
Exercisable, aggregate intrinsic value | $ | $ 5,930,463 |
Note 15 - Employee Benefit Pl_2
Note 15 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan Eligibility | 90 days | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 3.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 285,618 | $ 285,477 |
Employee Stock Purchase Plan, Percent of Wages Withheld, Maximum | 10.00% | |
Employee Stock Purchase Plan, Max Annual Contribution by Employees | $ 10,000 | |
Percent of Purchase Price to Company's Common Stock on Last Day of Offering Period | 85.00% | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 108,466 | $ 51,593 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 19,641 | 23,681 |
Employee Stock Purchase Plan, Shares Authorized | 100,000 | |
Employee Stock Purchase Plan, Employer Expense During Period | $ 31,954 | $ 28,629 |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Details Textual) | Dec. 27, 2019USD ($)$ / sharesshares | Dec. 31, 2019USD ($)ft²shares | Dec. 31, 2018USD ($)shares | Nov. 26, 2014USD ($) | Jun. 30, 2007ft² |
Related Party Transaction, Percent of Common Stock Purchase to Trigger Share Sale | 50.00% | ||||
Debt Satisfied By Issuance of Series A Preferred Stock [Member] | |||||
Debt Conversion, Original Debt, Amount | $ 40,000,000 | ||||
Series A Preferred Stock [Member] | |||||
Temporary Equity, Shares Issued | shares | 400,000 | 400,000 | 0 | ||
Temporary Equity, Liquidation Preference | $ 40,000,000 | ||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||
Temporary Equity, Redemption Price Per Share | $ / shares | $ 100 | ||||
Temporary Equity, Conversion Price Per Share | $ / shares | $ 10 | ||||
Chief Executive Officer [Member] | |||||
Area of Real Estate Property | ft² | 600 | 1,000 | |||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 16,627 | $ 18,089 | |||
Related Party Transaction, Due from (to) Related Party, Noncurrent, Total | 41,527 | ||||
Related Party Transaction, Amounts of Transaction | $ 269,072 | $ 270,932 | |||
Dove Ventures, LLC [Member] | Senior Secured Term Loan Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 |