Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 08, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | Atlanticus Holdings Corp | |
Entity Central Index Key | 0001464343 | |
Trading Symbol | atlc | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 15,866,506 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common stock, no par value per share |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Unrestricted cash and cash equivalents | $ 177,311 | $ 135,379 |
Restricted cash and cash equivalents | 25,590 | 41,015 |
Loans, interest and fees receivable: | ||
Loans, interest and fees receivable, at fair value | 89,394 | 4,386 |
Loans, interest and fees receivable, gross | 900,808 | 998,209 |
Allowances for uncollectible loans, interest and fees receivable | (186,908) | (186,329) |
Deferred revenue | (66,534) | (90,307) |
Net loans, interest and fees receivable | 736,760 | 725,959 |
Property at cost, net of depreciation | 2,552 | 2,738 |
Investments in equity-method investee | 1,606 | 1,957 |
Deposits | 102 | 104 |
Operating lease right-of-use assets | 12,999 | 14,091 |
Prepaid expenses and other assets | 14,964 | 15,023 |
Total assets | 971,884 | 936,266 |
Liabilities | ||
Accounts payable and accrued expenses | 36,198 | 41,617 |
Operating lease liabilities | 20,304 | 22,259 |
Notes payable, at face value | 738,993 | 749,209 |
Notes payable associated with structured financings, at fair value (associated with variable interest entities) | 3,358 | 3,920 |
Convertible senior notes | 24,162 | 24,091 |
Income tax liability | 6,991 | 5,785 |
Total liabilities | 830,006 | 846,881 |
Commitments and contingencies (Note 11) | ||
Shareholders' Equity | ||
Common stock, no par value, 150,000,000 shares authorized: 15,877,505 shares issued and outstanding (including 1,459,233 loaned shares to be returned) at March 31, 2020; and 15,885,314 shares issued and outstanding (including 1,459,233 loaned shares to be returned) at December 31, 2019 | ||
Paid-in capital | 209,748 | 212,692 |
Accumulated other comprehensive income | ||
Retained deficit | (206,361) | (211,786) |
Total shareholders’ equity | 3,387 | 906 |
Noncontrolling interests | (634) | (571) |
Total equity | 2,753 | 335 |
Total liabilities, preferred stock and shareholders' equity | 971,884 | 936,266 |
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 | 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) | $ 99,125 | $ 49,050 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Unrestricted cash and cash equivalents | $ 177,311 | $ 135,379 |
Restricted cash and cash equivalents | 25,590 | 41,015 |
Loans, interest and fees receivable, at fair value | 89,394 | 4,386 |
Loans, interest and fees receivable, gross | 900,808 | 998,209 |
Allowances for uncollectible loans, interest and fees receivable | (186,908) | (186,329) |
Deferred revenue | (66,534) | (90,307) |
Notes payable, at face value | $ 738,993 | $ 749,209 |
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) | 15,877,505 | 15,885,314 |
Common stock, outstanding (in shares) | 15,877,505 | 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 | 10,000,000 |
Preferred stock, shares issued (in shares) | 400,000 | 400,000 |
Preferred stock, shares outstanding (in shares) | 400,000 | 400,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Unrestricted cash and cash equivalents | $ 73,500 | $ 78,700 |
Restricted cash and cash equivalents | 18,900 | 25,900 |
Loans, interest and fees receivable, at fair value | 68,300 | 3,900 |
Loans, interest and fees receivable, gross | 823,000 | 857,200 |
Allowances for uncollectible loans, interest and fees receivable | (169,600) | (168,800) |
Deferred revenue | (24,500) | (40,700) |
Notes payable, at face value | $ 682,700 | $ 701,100 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest income: | ||
Consumer loans, including past due fees | $ 103,056 | $ 50,390 |
Other | 91 | 69 |
Total interest income | 103,147 | 50,459 |
Interest expense | (13,584) | (11,146) |
Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable | 89,563 | 39,313 |
Fees and related income on earning assets | 19,776 | 11,264 |
Net losses upon impairment of loans, interest and fees receivable recorded at fair value | (266) | (254) |
Provision for losses on loans, interest and fees receivable recorded at net realizable value | (67,336) | (34,598) |
Net interest income, fees and related income on earning assets | 41,737 | 15,725 |
Other operating income: | ||
Servicing income | 2,726 | 2,060 |
Other income | 2,122 | 16,844 |
Equity in income (loss) of equity-method investee | (66) | 227 |
Total other operating income | 2,660 | 17,757 |
Other operating expense: | ||
Salaries and benefits | 7,510 | 6,591 |
Card and loan servicing | 15,837 | 10,444 |
Marketing and solicitation | 9,317 | 6,387 |
Depreciation | 285 | 289 |
Other | 4,801 | 3,878 |
Total other operating expense | 37,750 | 27,589 |
Income before income taxes | 6,647 | 5,893 |
Income tax (expense) benefit | (1,285) | (238) |
Net income | 5,362 | 5,655 |
Net loss attributable to noncontrolling interests | 63 | 58 |
Net income attributable to controlling interests | 5,425 | 5,713 |
Preferred dividends | (2,759) | |
Net income attributable to common shareholders | $ 2,666 | $ 5,713 |
Net income attributable to common shareholders per common share—basic (in dollars per share) | $ 0.18 | $ 0.40 |
Net income attributable to common shareholders per common share—diluted (in dollars per share) | $ 0.17 | $ 0.39 |
Servicing Income [Member] | ||
Other operating income: | ||
Servicing income | $ 604 | $ 686 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income | $ 5,362 | $ 5,655 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | (1,513) | |
Comprehensive income | 5,362 | 4,142 |
Comprehensive loss attributable to noncontrolling interests | 63 | 58 |
Comprehensive income attributable to controlling interests | 5,425 | 4,200 |
Comprehensive income attributable to controlling interests to common shareholders | $ 2,666 | $ 4,200 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Deficit) (Unaudited) - USD ($) | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Class B Preferred Units [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Preferred Stock [Member]Series A Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Class B Preferred Units [Member] | Preferred Stock [Member]Series A Preferred Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 15,563,574 | |||||||||||||||
Balance at Dec. 31, 2018 | $ 555,000 | $ 555,000 | $ 213,435,000 | $ 3,558,000 | $ (238,784,000) | $ (338,000) | $ (22,129,000) | |||||||||
Stock option exercises and proceeds related thereto (in shares) | 419,500 | |||||||||||||||
Stock option exercises and proceeds related thereto | 1,065,000 | 1,065,000 | ||||||||||||||
Deferred stock-based compensation costs | 412,000 | $ 412,000 | ||||||||||||||
Redemption and retirement of shares (in shares) | (5,944) | (5,944) | ||||||||||||||
Redemption and retirement of shares | (21,000) | $ (21,000) | ||||||||||||||
Comprehensive income | (1,513,000) | 5,713,000 | (58,000) | 4,142,000 | ||||||||||||
Balance (in shares) at Mar. 31, 2019 | 15,977,130 | |||||||||||||||
Balance at Mar. 31, 2019 | 214,891,000 | 2,045,000 | (232,516,000) | (396,000) | (15,976,000) | |||||||||||
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 | ||||||||||
Accretion of discount associated with issuance of subsidiary equity | (75,000) | 75,000 | (75,000) | |||||||||||||
Preferred dividends | (2,684,000) | $ (2,684,000) | ||||||||||||||
Stock option exercises and proceeds related thereto (in shares) | 2,000 | 2,000 | ||||||||||||||
Stock option exercises and proceeds related thereto | 6,000 | $ 6,000 | ||||||||||||||
Compensatory stock issuances, net of forfeitures (in shares) | 64,915 | |||||||||||||||
Compensatory stock issuances, net of forfeitures | ||||||||||||||||
Contributions by preferred unit holders | 50,000,000 | |||||||||||||||
Deferred stock-based compensation costs | 368,000 | $ 368,000 | ||||||||||||||
Redemption and retirement of shares (in shares) | (74,724) | (74,724) | ||||||||||||||
Redemption and retirement of shares | (559,000) | $ (559,000) | ||||||||||||||
Comprehensive income | 5,425,000 | (63,000) | 5,362,000 | |||||||||||||
Balance (in shares) at Mar. 31, 2020 | 15,877,505 | |||||||||||||||
Balance at Mar. 31, 2020 | $ 209,748,000 | $ (206,361,000) | $ (634,000) | $ 99,125,000 | $ 40,000,000 | $ 2,753,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities | ||
Net income | $ 5,362 | $ 5,655 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion, net | 1,962 | 1,769 |
Losses upon impairment of loans, interest and fees receivable recorded at fair value | 266 | 254 |
Provision for losses on loans, interest and fees receivable | 67,336 | 34,598 |
Interest expense from accretion of discount on notes | 143 | 233 |
Income from accretion of merchant fees and discount associated with receivables purchases | (35,763) | (21,862) |
Unrealized losses (gains) on loans, interest and fees receivable and underlying notes payable held at fair value | 14,925 | (874) |
Amortization of deferred loan costs | 1,326 | 696 |
Losses (income) from equity-method investments | 66 | (227) |
Deferred stock-based compensation costs | 368 | 412 |
Lease liability payments | (2,540) | (2,492) |
Changes in assets and liabilities: | ||
Increase in uncollected fees on earning assets | (13,206) | (165) |
(Decrease) increase in income tax liability | 1,206 | 48 |
Decrease (increase) in deposits | 2 | (1) |
(Decrease) increase in accounts payable and accrued expenses | (6,605) | 13,710 |
Other | 99 | (1,769) |
Net cash provided by operating activities | 34,947 | 29,985 |
Investing activities | ||
Proceeds from equity-method investee | 285 | 443 |
Investments in earning assets | (276,219) | (164,935) |
Proceeds from earning assets | 231,298 | 141,354 |
Purchases and development of property, net of disposals | (99) | (48) |
Net cash used in investing activities | (44,735) | (23,186) |
Financing activities | ||
Proceeds from issuance of preferred units | 50,000 | |
Preferred dividends | (1,497) | |
Proceeds from exercise of stock options | 6 | 1,065 |
Purchase and retirement of outstanding stock | (559) | (21) |
Proceeds from borrowings | 61,074 | 89,661 |
Repayment of borrowings | (72,687) | (73,105) |
Net cash provided by financing activities | 36,337 | 17,600 |
Effect of exchange rate changes on cash | (42) | 80 |
Net increase in cash and cash equivalents | 26,507 | 24,479 |
Cash and cash equivalents and restricted cash at beginning of period | 176,394 | 141,754 |
Cash and cash equivalents and restricted cash at end of period | 202,901 | 166,233 |
Supplemental cash flow information | ||
Cash paid for interest | 13,542 | 3,894 |
Net cash income tax payments | $ 79 | $ 190 |
Note 1 - Description of Our Bus
Note 1 - Description of Our Business | 3 Months Ended |
Mar. 31, 2020 | |
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 facilitating consumer credit through the use of our financial technology and related services. Through our subsidiaries, we provide technology and other support services to lenders who offer an array of financial products and services to consumers who may 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 bank partner 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. On March 13, 2020, 19” 19 19 The duration and severity of the effects of COVID- 19 not 19 third |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies and Consolidated Financial Statement Components The following is a summary of significant accounting policies we follow in preparing our consolidated financial statements, as well as a description of significant components of our consolidated financial statements. Basis of Presentation and Use of Estimates We prepare our consolidated financial statements in accordance with generally accepted accounting principles in the U.S. (“GAAP”). The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our consolidated financial statements, as well as the reported amounts of revenues and expenses during each reporting period. We base these estimates on information available to us as of the date of the financial statements. Actual results could differ materially from these estimates. Certain estimates, such as credit losses, payment rates, costs of funds, discount rates and the yields earned on credit card receivables, significantly affect the reported amount of credit card receivables that we report at fair value and our notes payable associated with structured financings, at fair value; these estimates likewise affect the changes in these amounts reflected within our fees and related income on earning assets line item on our consolidated statements of operations. Additionally, estimates of future credit losses have a significant effect on loans, interest and fees receivable, net, as shown on our consolidated balance sheets, as well as on the provision for losses on loans, interest and fees receivable within our consolidated statements of operations. We have eliminated all significant intercompany balances and transactions for financial reporting purposes. Loans, Interest and Fees Receivable We maintain two 90 180 30 not Loans, Interest and Fees Receivable, at Fair Value. January 1, 2020 ( Under the fair value option for both our Securitized Receivables and our Fair Value Receivables, direct loan origination fees (such as annual and merchant fees) are taken into income when billed to the consumer or upon loan acquisition and direct loan origination costs are expensed in the period incurred. The Company estimates the fair value of the loans using a discounted cash flow model, which considers various unobservable inputs such as remaining cumulative charge-offs, remaining cumulative prepayments, average life and discount rate. The Company re-evaluates the fair value of loans receivable at the close of each measurement period. Changes in fair value are recorded in "Changes in fair value of loans, interest and fees receivable recorded at fair value" as a component of "Fees and Related income on earning assets" in the consolidated statements of operations in the period of the fair value changes. Further details concerning our loans, interest and fees receivable held at fair value are presented within Note 6, Loans, Interest and Fees Receivable Gross. not $47.4 $49.4 three March 31, 2020 2019 We show both an allowance for uncollectible loans, interest and fees receivable and unearned fees (or “deferred revenue”) for our loans, interest and fees receivable that are not 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 on each anniversary of that date thereafter. As of March 31, 2020 December 31, 2019 $66.5 $90.3 11 $40.9 $48.1 March 31, 2020 December 31, 2019 A roll-forward (in millions) of our allowance for uncollectible loans, interest and fees receivable by class of receivable is as follows: For the Three Months Ended March 31, 2020 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (121.3 ) $ (1.6 ) $ (63.4 ) $ (186.3 ) Provision for loan losses (51.0 ) (0.8 ) (15.5 ) (67.3 ) Charge offs 46.2 0.9 24.3 71.4 Recoveries (2.3 ) (0.3 ) (2.1 ) (4.7 ) Balance at end of period $ (128.4 ) $ (1.8 ) $ (56.7 ) $ (186.9 ) As of March 31, 2020 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 $ — $ (0.5 ) $ (0.1 ) $ (0.6 ) Balance at end of period collectively evaluated for impairment $ (128.4 ) $ (1.3 ) $ (56.6 ) $ (186.3 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 476.4 $ 90.2 $ 334.2 $ 900.8 Loans, interest and fees receivable individually evaluated for impairment $ — $ 1.5 $ 0.1 $ 1.6 Loans, interest and fees receivable collectively evaluated for impairment $ 476.4 $ 88.7 $ 334.1 $ 899.2 For the Three Months Ended March 31, 2019 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (35.4 ) $ (1.3 ) $ (42.5 ) $ (79.2 ) Provision for loan losses (19.7 ) (0.9 ) (14.0 ) (34.6 ) Charge offs 12.3 0.9 17.1 30.3 Recoveries (0.3 ) (0.3 ) (1.2 ) (1.8 ) Balance at end of period $ (43.1 ) $ (1.6 ) $ (40.6 ) $ (85.3 ) As of 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 An aging of our delinquent loans, interest and fees receivable, gross (in millions) by class of receivable as of March 31, 2020 December 31, 2019 As of March 31, 2020 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 20.9 $ 6.7 $ 10.8 $ 38.4 60-89 days past due 21.0 2.1 10.0 33.1 90 or more days past due 54.8 2.5 27.7 85.0 Delinquent loans, interest and fees receivable, gross 96.7 11.3 48.5 156.5 Current loans, interest and fees receivable, gross 379.7 78.9 285.7 744.3 Total loans, interest and fees receivable, gross $ 476.4 $ 90.2 $ 334.2 $ 900.8 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.8 $ — $ 1.8 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 Troubled Debt Restructurings. 90 may not one 19 March 13, 2020 March 22, 2020, may 19. six 19 30 not not March 31, 2020, not The following table details by class of receivable, the number and amount of modified loans, including TDRs that have been re-aged, as of March 31, 2020 December 31, 2019 As of March 31, 2020 December 31, 2019 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of TDRs 12,277 23,139 10,682 14,553 Number of TDRs that have been re-aged 2,753 3,878 2,788 2,854 Amount of TDRs on non-accrual status (in thousands) $ 16,367 $ 19,365 $ 14,468 $ 13,037 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 5,068 $ 3,967 $ 5,118 $ 3,104 Carrying value of TDRs (in thousands) $ 10,399 $ 11,365 $ 8,864 $ 7,312 TDRs - Performing (carrying value, in thousands)* $ 8,377 $ 9,945 $ 6,754 $ 6,106 TDRs - Nonperforming (carrying value, in thousands)* $ 2,022 $ 1,420 $ 2,110 $ 1,206 *“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 43,466 19,383 $55.3 $29.2 twelve March 31, 2020 March 31, 2019 twelve Twelve Months Ended March 31, 2020 March 31, 2019 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of accounts 3,310 4,740 2,279 1,985 Loan balance at time of charge off (in thousands) $ 4,965 $ 4,695 $ 3,607 $ 2,168 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 Income Taxes We experienced an effective income tax expense rate of 19.3% three March 31, 2020, 4.0% three March 31, 2019. three March 31, 2020 three March 31, 2019 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. During the three March 31, 2020, 2019, $0.0 $0.1 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 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 installment or auto loans that are not 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 not January 1, 2020 The components (in thousands) of our fees and related income on earning assets are as follows: For the Three Months Ended March 31, 2020 2019 Fees on credit products $ 34,645 $ 10,296 Changes in fair value of loans, interest and fees receivable recorded at fair value (15,487 ) (1 ) Changes in fair value of notes payable associated with structured financings recorded at fair value 562 875 Other 56 94 Total fees and related income on earning assets $ 19,776 $ 11,264 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 the three March 31, 2019 $15.5 one may may Revenue from Contracts with Customers The majority of our revenue is earned from financial instruments and is not No. 2014 09, not Credit and For the Three Months Ended March 31, 2020 Other Investments Auto Finance Total Interchange revenues, net (1) $ 1,980 $ — $ 1,980 Servicing income 384 220 604 Service charges and other customer related fees 125 17 142 Total revenue from contracts with customers $ 2,489 $ 237 $ 2,726 ( 1 Credit and For the Three Months Ended March 31, 2019 Other Investments Auto Finance Total Interchange revenues, net (1) $ 928 $ — $ 928 Servicing income 419 267 686 Service charges and other customer related fees 429 17 446 Total revenue from contracts with customers $ 1,776 $ 284 $ 2,060 ( 1 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 August 2018, No. 2018 13, 820, December 15, 2019. 3 not Subsequent Events We evaluate subsequent events that occur after our consolidated balance sheet date but before our consolidated financial statements are issued. There are two 1 2 not March 31, 2020 , not |
Note 3 - Segment Reporting
Note 3 - Segment Reporting | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 3. Segment Reporting We operate primarily within one two two As of both March 31, 2020 December 31, 2019 not three March 31, 2020 2019 We measure the profitability of our reportable segments based on their income after allocation of specific costs and corporate overhead; however, our segment results do not Summary operating segment information (in thousands) is as follows: Three Months Ended March 31, 2020 Credit and Other Investments Auto Finance Total Interest income: Consumer loans, including past due fees $ 95,162 $ 7,894 $ 103,056 Other 91 — 91 Total interest income 95,253 7,894 103,147 Interest expense (13,175 ) (409 ) (13,584 ) Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable $ 82,078 $ 7,485 $ 89,563 Fees and related income on earning assets $ 19,755 $ 21 $ 19,776 Servicing income $ 384 $ 220 $ 604 Equity in loss of equity-method investee $ (66 ) $ — $ (66 ) Income before income taxes $ 5,067 $ 1,580 $ 6,647 Income tax expense $ (876 ) $ (409 ) $ (1,285 ) Total assets $ 891,748 $ 80,136 $ 971,884 Three Months Ended March 31, 2019 Credit and Other Investments Auto Finance Total Interest income: Consumer loans, including past due fees $ 42,672 $ 7,718 $ 50,390 Other 69 — 69 Total interest income 42,741 7,718 50,459 Interest expense (10,769 ) (377 ) (11,146 ) Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable $ 31,972 $ 7,341 $ 39,313 Fees and related income on earning assets $ 11,236 $ 28 $ 11,264 Servicing income $ 419 $ 267 $ 686 Equity in income of equity-method investee $ 227 $ — $ 227 Income before income taxes $ 4,207 $ 1,686 $ 5,893 Income tax benefit (expense) $ 239 $ (477 ) $ (238 ) Total assets $ 557,281 $ 78,953 $ 636,234 |
Note 4 - Shareholders' Equity a
Note 4 - Shareholders' Equity and Preferred Stock | 3 Months Ended |
Mar. 31, 2020 | |
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 12, Dove is a limited liability company owned by three one two two During the three March 31, 2020 2019, 74,724 5,944 $559,000 $21,000, We had 1,459,233 March 31, 2020 December 31, 2019 November 2005 On November 14, 2019, 50.5 $1.00 third 16% 6 not March 30, 2020, 50.0 12, |
Note 5 - Investment in Equity-m
Note 5 - Investment in Equity-method Investee | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 5. Investment in Equity-Method Investee Our equity-method investment outstanding at March 31, 2020 66.7% In the following tables, we summarize (in thousands) balance sheet and results of operations data for our equity-method investee: As of March 31, 2020 December 31, 2019 Loans, interest and fees receivables, at fair value $ 2,251 $ 2,757 Total assets $ 2,393 $ 2,922 Total liabilities $ 12 $ 13 Members’ capital $ 2,381 $ 2,909 Three Months Ended March 31, 2020 2019 Net interest income (loss), fees and related income on earning assets $ (61 ) $ 342 Net income (loss) $ (99 ) $ 289 Net income (loss) attributable to our equity investment investee $ (66 ) $ 227 |
Note 6 - Fair Values of Assets
Note 6 - Fair Values of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6. Fair Values of Assets and Liabilities As previously discussed, as of January 1, 2020, January 1, 2020. may 19 19 We previously 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. Fair value differs from amortized cost accounting in various ways. Under the fair value option credit losses are recognized through income as they are incurred rather than through the establishment of an allowance and provision for losses. We update our fair value analysis each quarter, with changes since the prior reporting period reflected as a component of Fees and related income on earning assets in the consolidated statements of operations. Changes in interest rates, credit spreads, realized and projected credit losses and cash flow timing will lead to changes in the fair value of our Loans, interest and fees receivable, at fair value and therefore impact earnings. The primary differences between fair value and amortized cost accounting are: • Receivables and notes are recorded at their fair value, not • The fair value of the loans takes into consideration net charge-offs for the remaining life of the loans with no • Certain fee billings (such as annual or merchant fees) and expenses of loans and notes are no • Changes in the fair value of loans and notes impact recorded revenues; and • Net charge-offs are recognized as they occur. 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 March 31, 2020 December 31, 2019 1 2 not Assets – As of March 31, 2020 (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 $ — $ — $ 763,539 $ 647,366 Loans, interest and fees receivable, at fair value $ — $ — $ 89,394 $ 89,394 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 ( 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 three 31, 2020 2019 Loans, Interest and Fees Receivables, at Fair Value 2020 2019 Balance at January 1, $ 4,386 $ 6,306 Total gains—realized/unrealized: Net revaluations of loans, interest and fees receivable, at fair value (15,487 ) (1 ) Purchases 102,485 — Settlements (14,031 ) (911 ) Finance and fees 12,041 — Balance at March 31, $ 89,394 $ 5,394 The unrealized gains and losses for assets within the Level 3 Net Revaluation of Loans, Interest and Fees Receivable. third For Level 3 March 31, 2020 December 31, 2019 Quantitative Information about Level 3 Fair Value Measurement Fair Value at March 31, 2020 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 89,394 Discounted cash flows Gross yield 25.5% to 57.6% (37.7%) Payment rate 4.1% to 9.9% (8.5%) Expected credit loss rate 14.1% to 49.0% (35.4%) Servicing rate 3.6% to 20.1% (4.8%) Discount rate 12.1% to 13.6% (12.5%) 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 25.5% to 53.7% (28.6%) Payment rate 4.0% to 9.5% (4.6%) Expected credit loss rate 10.5% to 41.7% (14.0%) Servicing rate 11.3% to 16.9% (11.9%) Discount rate 14.3% to 14.3% (14.3%) Valuations and Techniques for Liabilities Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the liability. The table below summarizes (in thousands) by fair value hierarchy the March 31, 2020 December 31, 2019 1 2 not Liabilities – As of March 31, 2020 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 $ — $ — $ 698,673 $ 698,673 Amortizing debt facilities $ — $ — $ 40,320 $ 40,320 Notes payable to related parties $ — $ — $ — $ — Convertible senior notes $ — $ 19,965 $ — $ 24,162 Liabilities carried at fair value Notes payable associated with structured financings, at fair value $ — $ — $ 3,358 $ 3,358 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 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 third third not 9, For our material Level 3 three March 31, 2020 2019 Notes Payable Associated with Structured Financings, at Fair Value 2020 2019 Balance at January 1, $ 3,920 $ 5,651 Total (gains) losses—realized/unrealized: Net revaluations of notes payable associated with structured financings, at fair value (562 ) (875 ) Repayments on outstanding notes payable, net — — Balance at March 31, $ 3,358 $ 4,776 The unrealized gains and losses for liabilities within the Level 3 3 Net Revaluation of Notes Payable Associated with Structured Financings, at Fair Value. not third For material Level 3 March 31, 2020 December 31, 2019 Quantitative Information about Level 3 Fair Value Measurement Fair Value at March 31, 2020 (in thousands) Valuation Technique Unobservable Input Weighted Average Notes payable associated with structured financings, at fair value $ 3,358 Discounted cash flows Gross yield 25.5 % Payment rate 4.1 % Expected credit loss rate 14.1 % Discount rate 13.6 % 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 25.5 % Payment rate 4.0 % Expected credit loss rate 10.5 % Discount rate 14.3 % Other Relevant Data Other relevant data (in thousands) as of March 31, 2020 December 31, 2019 As of March 31, 2020 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 included within loans, interest and fees receivable that are reported at fair value $ 93,859 $ 4,779 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 86,036 $ 3,358 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) $ 2 $ 10 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 $ 14 $ 128 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 included 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 Notes Payable Notes Payable Associated with Structured Financings, at Fair Value as of March 31, 2020 Notes Payable Associated with Structured Financings, at Fair Value as of December 31, 2019 Aggregate unpaid principal balance of notes payable $ 101,314 $ 101,314 Aggregate fair value of notes payable $ 3,358 $ 3,920 |
Note 7 - Variable Interest Enti
Note 7 - Variable Interest Entities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 7. 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 March 31, 2020 December 31, 2019 Unrestricted cash and cash equivalents $ 73.5 $ 78.7 Restricted cash and cash equivalents $ 18.9 $ 25.9 Loans, interest and fees receivable, at fair value $ 68.3 $ 3.9 Loans, interest and fees receivable, gross $ 823.0 $ 857.2 Allowances for uncollectible loans, interest and fees receivable $ (169.6 ) $ (168.8 ) Deferred revenue $ (24.5 ) $ (40.7 ) Total Assets held by VIEs $ 789.6 $ 756.2 Notes Payable, at face value held by VIEs $ 682.7 $ 701.1 Notes Payable, at fair value held by VIEs $ 3.4 $ 3.9 Maximum exposure to loss due to involvement with VIEs $ 634.1 $ 654.3 |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 8. Leases We have operating leases primarily associated with our corporate offices and regional service centers as well as for certain equipment. Our leases have remaining lease terms of 1 5 one For the Three Months Ended March 31, 2020 2019 Operating lease cost, gross $ 1,720 $ 1,709 Sublease income (1,285 ) (1,283 ) Net Operating lease cost $ 435 $ 426 Cash paid under operating leases, gross $ 2,540 $ 2,492 Weighted average remaining lease term - months 27 Weighted average discount rate 6.9 % As of March 31, 2020 Gross Lease Payment Payments received from Sublease Net Lease Payment 2020 (excluding the three months ended March 31, 2020) $ 7,698 $ (5,349 ) $ 2,349 2021 10,265 (7,315 ) 2,950 2022 4,448 (3,112 ) 1,336 2023 172 — 172 2024 77 — 77 Thereafter 24 — 24 Total lease payments 22,684 (15,776 ) 6,908 Less imputed interest (2,380 ) Total $ 20,304 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 March 31, 2020 no one |
Note 9 - Notes Payable
Note 9 - Notes Payable | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Notes Payable Notes Payable Associated with Structured Financings, at Fair Value Scheduled (in millions) in the table below are ( 1 March 31, 2020 December 31, 2019 2 March 31, 2020 December 31, 2019 3 March 31, 2020 December 31, 2019 Carrying Amounts at Fair Value as of March 31, 2020 December 31, 2019 Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of March 31, 2020 ($101.3 million as of December 31, 2019) bearing interest at a weighted average 6.1% interest rate, based upon LIBOR, at March 31, 2020 (6.9% at December 31, 2019), which is secured by credit card receivables and restricted cash aggregating $3.4 million as of March 31, 2020 ($3.9 million as of December 31, 2019) in carrying amount $ 3.4 $ 3.9 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 $3.4 $3.4 no March 31, 2020 . As discussed elsewhere, the legal entity holding the securitization facility discussed in the table above, is a VIE. Beyond our role as servicer of the underlying assets within the credit cards receivables structured financing, we have provided no no Notes Payable, at Face Value and Notes Payable to Related Parties Other notes payable outstanding as of March 31, 2020 December 31, 2019 As of March 31, 2020 December 31, 2019 Revolving credit facilities at a weighted average interest rate equal to 5.6% at March 31, 2020 (6.0% at December 31, 2019) secured by the financial and operating assets of CAR and/or certain receivables and restricted cash with a combined aggregate carrying amount of $755.3 million as of March 31, 2020 ($740.4 million at December 31, 2019) Revolving credit facility, not to exceed $55.0 million (expiring November 1, 2021) (1) (2) (3) $ 38.3 $ 39.1 Revolving credit facility, not to exceed $50.0 million (expiring October 30, 2022) (2) (3) (4) (5) 49.4 40.5 Revolving credit facility, not to exceed $70.0 million (expiring February 8, 2022) (3) (4) (5) (6) 15.8 25.8 Revolving credit facility, not to exceed $100.0 million (expiring June 11, 2021) (3) (4) (5) (6) — — Revolving credit facility, not to exceed $15.0 million (expiring July 15, 2021) (2) (4) (5) 14.3 14.6 Revolving credit facility, not to exceed $100.0 million (expiring November 16, 2020) (3) (4) (5) (6) — — 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) 200.0 200.0 Revolving credit facility, not to exceed $200.0 million (expiring May 15, 2024) (3) (4) (5) (6) 200.0 200.0 Revolving credit facility, not to exceed $15.0 million (expiring December 21, 2020) (2) (3) (4) (5) 9.0 8.6 Revolving credit facility, not to exceed $50.0 million (expiring September 19, 2021) (2) (3) (4) (5) 13.3 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 17.4 Amortizing debt facility (expiring December 31, 2020) (2) (4) (5) 13.1 19.4 Amortizing debt facility (expiring September 30, 2021) with an annual rate equal to 5.2% (2) (3) (4) (5) 8.7 10.0 Total notes payable before unamortized debt issuance costs and discounts 747.8 758.9 Unamortized debt issuance costs and discounts (8.8 ) (9.7 ) Total notes payable outstanding $ 739.0 $ 749.2 ( 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 March 31, 2020 0.99% 3.25%. In October 2015, $50.0 $49.4 March 31, 2020). 3.0%. October 30, 2022 In October 2016, $40.0 $38.3 March 31, 2020). 2.4% 3.0% October 2016, March 31, 2020 $55.0 November 1, 2021 no In December 2016, $20.0 $13.1 March 31, 2020). December 2016, March 31, 2020, December 31, 2020 $13.8 5.0%. In February 2017, $90.0 $70.0 $15.8 March 31, 2020) third 14.0%. February 8, 2022 may In December 2017, $15.0 $9.0 March 31, 2020). 3.5%. December 21, 2020 In 2018, two $200.0 $0.0 March 31, 2020) third 3.75% 4.875%, June 11, 2021 November 16, 2020 may In September 2018, $50.0 $13.3 March 31, 2020). 6.5%. In November 2018, $167.3 two 18 5.76%. In June 2019, $15.0 $14.3 March 31, 2020). 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 $8.7 March 31, 2020) 4.5%. September 30, 2021 In November 2019, $200.0 three 12 18 4.91%. As of March 31, 2020 |
Note 10 - Convertible Senior No
Note 10 - Convertible Senior Notes | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 December 31, 2019 Face amount of convertible senior notes $ 33,839 $ 33,839 Discount (9,677 ) (9,748 ) Net carrying value $ 24,162 $ 24,091 Carrying amount of equity component included in paid-in capital $ 108,714 $ 108,714 Excess of instruments’ if-converted values over face principal amounts $ — $ — |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
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 $1.2 March 31, 2020 . 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 March 31, 2020 , $9.1 Under agreements with third $6.6 March 31, 2020 Under agreements with third March 31, 2020 , Under the account terms, consumers have the option of enrolling in a credit protection program with our lending partner which would make the minimum payments owed on their accounts for a period of up to six $20.2 March 31, 2020 ( $1.4 March 31, 2020). 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 - Net Income Attributab
Note 12 - Net Income Attributable to Controlling Interests Per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Net Income Attributable to Controlling Interests Per Common Share The following table sets forth the computations of net income attributable to controlling interests per share of common stock (in thousands, except per share data): For the Three Months Ended March 31, 2020 2019 Numerator: Net income attributable to controlling interests $ 5,425 $ 5,713 Preferred stock and preferred unit dividends and accretion (2,759 ) — Net income attributable to common shareholders—basic 2,666 5,713 Effect of dilutive preferred stock dividends and accretion 597 — Net income attributable to common shareholders—diluted $ 3,263 $ 5,713 Denominator: Basic (including unvested share-based payment awards) (1) 14,436 14,355 Effect of dilutive stock compensation arrangements and exchange of preferred stock 4,999 362 Diluted (including unvested share-based payment awards) (1) 19,435 14,717 Net income attributable to common shareholders per share—basic $ 0.18 $ 0.40 Net income attributable to common shareholders per share—diluted $ 0.17 $ 0.39 ( 1 Shares related to unvested share-based payment awards included in our basic and diluted share counts were 473,887 three March 31, 2020 , 397,566 three March 31, 2019 . As their effects were anti-dilutive, we excluded stock options to purchase 0.0 1.0 three March 31, 2020 2019 For the three March 31, 2020 2019 no $24.61 1 .4 10 |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 13. Stock-Based Compensation We currently have two 2014 2014 2014 2019. 2014 2,000,000 two March 31, 2020 62,032 1,735,430 2014 Exercises and vestings under our stock-based compensation plans resulted in no three March 31, 2020 2019 Restricted Stock and Restricted Stock Units During the three March 31, 2020 2019 58,248 205,000 $0.6 $0.7 $0.3 $0.2 three March 31, 2020 2019 12 60 March 31, 2020 , $1.0 1.6 Stock Options Our Fourth Amended 2014 may may not 10 $0.1 $0.2 three March 31, 2020 2019 Number of Shares Weighted-Average Exercise Price Weighted-Average of Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2019 2,687,499 $ 3.66 Issued — $ — Exercised (2,000 ) $ 3.04 Cancelled/Forfeited — $ — Outstanding at March 31, 2020 2,685,499 $ 3.66 2.0 $ 16,818,820 Exercisable at March 31, 2020 2,076,502 $ 3.15 1.6 $ 14,049,640 We had $0.4 $0.5 March 31, 2020 December 31, 2019 , |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Use of Estimates We prepare our consolidated financial statements in accordance with generally accepted accounting principles in the U.S. (“GAAP”). The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our consolidated financial statements, as well as the reported amounts of revenues and expenses during each reporting period. We base these estimates on information available to us as of the date of the financial statements. Actual results could differ materially from these estimates. Certain estimates, such as credit losses, payment rates, costs of funds, discount rates and the yields earned on credit card receivables, significantly affect the reported amount of credit card receivables that we report at fair value and our notes payable associated with structured financings, at fair value; these estimates likewise affect the changes in these amounts reflected within our fees and related income on earning assets line item on our consolidated statements of operations. Additionally, estimates of future credit losses have a significant effect on loans, interest and fees receivable, net, as shown on our consolidated balance sheets, as well as on the provision for losses on loans, interest and fees receivable within our consolidated statements of operations. We have eliminated all significant intercompany balances and transactions for financial reporting purposes. |
Receivable [Policy Text Block] | Loans, Interest and Fees Receivable We maintain two 90 180 30 not Loans, Interest and Fees Receivable, at Fair Value. January 1, 2020 ( Under the fair value option for both our Securitized Receivables and our Fair Value Receivables, direct loan origination fees (such as annual and merchant fees) are taken into income when billed to the consumer or upon loan acquisition and direct loan origination costs are expensed in the period incurred. The Company estimates the fair value of the loans using a discounted cash flow model, which considers various unobservable inputs such as remaining cumulative charge-offs, remaining cumulative prepayments, average life and discount rate. The Company re-evaluates the fair value of loans receivable at the close of each measurement period. Changes in fair value are recorded in "Changes in fair value of loans, interest and fees receivable recorded at fair value" as a component of "Fees and Related income on earning assets" in the consolidated statements of operations in the period of the fair value changes. Further details concerning our loans, interest and fees receivable held at fair value are presented within Note 6, Loans, Interest and Fees Receivable Gross. not $47.4 $49.4 three March 31, 2020 2019 We show both an allowance for uncollectible loans, interest and fees receivable and unearned fees (or “deferred revenue”) for our loans, interest and fees receivable that are not 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 on each anniversary of that date thereafter. As of March 31, 2020 December 31, 2019 $66.5 $90.3 11 $40.9 $48.1 March 31, 2020 December 31, 2019 A roll-forward (in millions) of our allowance for uncollectible loans, interest and fees receivable by class of receivable is as follows: For the Three Months Ended March 31, 2020 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (121.3 ) $ (1.6 ) $ (63.4 ) $ (186.3 ) Provision for loan losses (51.0 ) (0.8 ) (15.5 ) (67.3 ) Charge offs 46.2 0.9 24.3 71.4 Recoveries (2.3 ) (0.3 ) (2.1 ) (4.7 ) Balance at end of period $ (128.4 ) $ (1.8 ) $ (56.7 ) $ (186.9 ) As of March 31, 2020 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 $ — $ (0.5 ) $ (0.1 ) $ (0.6 ) Balance at end of period collectively evaluated for impairment $ (128.4 ) $ (1.3 ) $ (56.6 ) $ (186.3 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 476.4 $ 90.2 $ 334.2 $ 900.8 Loans, interest and fees receivable individually evaluated for impairment $ — $ 1.5 $ 0.1 $ 1.6 Loans, interest and fees receivable collectively evaluated for impairment $ 476.4 $ 88.7 $ 334.1 $ 899.2 For the Three Months Ended March 31, 2019 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (35.4 ) $ (1.3 ) $ (42.5 ) $ (79.2 ) Provision for loan losses (19.7 ) (0.9 ) (14.0 ) (34.6 ) Charge offs 12.3 0.9 17.1 30.3 Recoveries (0.3 ) (0.3 ) (1.2 ) (1.8 ) Balance at end of period $ (43.1 ) $ (1.6 ) $ (40.6 ) $ (85.3 ) As of 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 An aging of our delinquent loans, interest and fees receivable, gross (in millions) by class of receivable as of March 31, 2020 December 31, 2019 As of March 31, 2020 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 20.9 $ 6.7 $ 10.8 $ 38.4 60-89 days past due 21.0 2.1 10.0 33.1 90 or more days past due 54.8 2.5 27.7 85.0 Delinquent loans, interest and fees receivable, gross 96.7 11.3 48.5 156.5 Current loans, interest and fees receivable, gross 379.7 78.9 285.7 744.3 Total loans, interest and fees receivable, gross $ 476.4 $ 90.2 $ 334.2 $ 900.8 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.8 $ — $ 1.8 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 |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructurings. 90 may not one 19 March 13, 2020 March 22, 2020, may 19. six 19 30 not not March 31, 2020, not The following table details by class of receivable, the number and amount of modified loans, including TDRs that have been re-aged, as of March 31, 2020 December 31, 2019 As of March 31, 2020 December 31, 2019 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of TDRs 12,277 23,139 10,682 14,553 Number of TDRs that have been re-aged 2,753 3,878 2,788 2,854 Amount of TDRs on non-accrual status (in thousands) $ 16,367 $ 19,365 $ 14,468 $ 13,037 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 5,068 $ 3,967 $ 5,118 $ 3,104 Carrying value of TDRs (in thousands) $ 10,399 $ 11,365 $ 8,864 $ 7,312 TDRs - Performing (carrying value, in thousands)* $ 8,377 $ 9,945 $ 6,754 $ 6,106 TDRs - Nonperforming (carrying value, in thousands)* $ 2,022 $ 1,420 $ 2,110 $ 1,206 *“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 43,466 19,383 $55.3 $29.2 twelve March 31, 2020 March 31, 2019 twelve Twelve Months Ended March 31, 2020 March 31, 2019 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of accounts 3,310 4,740 2,279 1,985 Loan balance at time of charge off (in thousands) $ 4,965 $ 4,695 $ 3,607 $ 2,168 |
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 |
Income Tax, Policy [Policy Text Block] | Income Taxes We experienced an effective income tax expense rate of 19.3% three March 31, 2020, 4.0% three March 31, 2019. three March 31, 2020 three March 31, 2019 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. During the three March 31, 2020, 2019, $0.0 $0.1 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 |
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 installment or auto loans that are not 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 not January 1, 2020 The components (in thousands) of our fees and related income on earning assets are as follows: For the Three Months Ended March 31, 2020 2019 Fees on credit products $ 34,645 $ 10,296 Changes in fair value of loans, interest and fees receivable recorded at fair value (15,487 ) (1 ) Changes in fair value of notes payable associated with structured financings recorded at fair value 562 875 Other 56 94 Total fees and related income on earning assets $ 19,776 $ 11,264 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 the three March 31, 2019 $15.5 one may may Revenue from Contracts with Customers The majority of our revenue is earned from financial instruments and is not No. 2014 09, not Credit and For the Three Months Ended March 31, 2020 Other Investments Auto Finance Total Interchange revenues, net (1) $ 1,980 $ — $ 1,980 Servicing income 384 220 604 Service charges and other customer related fees 125 17 142 Total revenue from contracts with customers $ 2,489 $ 237 $ 2,726 ( 1 Credit and For the Three Months Ended March 31, 2019 Other Investments Auto Finance Total Interchange revenues, net (1) $ 928 $ — $ 928 Servicing income 419 267 686 Service charges and other customer related fees 429 17 446 Total revenue from contracts with customers $ 1,776 $ 284 $ 2,060 ( 1 |
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 August 2018, No. 2018 13, 820, December 15, 2019. 3 not |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events We evaluate subsequent events that occur after our consolidated balance sheet date but before our consolidated financial statements are issued. There are two 1 2 not March 31, 2020 , not |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | For the Three Months Ended March 31, 2020 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (121.3 ) $ (1.6 ) $ (63.4 ) $ (186.3 ) Provision for loan losses (51.0 ) (0.8 ) (15.5 ) (67.3 ) Charge offs 46.2 0.9 24.3 71.4 Recoveries (2.3 ) (0.3 ) (2.1 ) (4.7 ) Balance at end of period $ (128.4 ) $ (1.8 ) $ (56.7 ) $ (186.9 ) As of March 31, 2020 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 $ — $ (0.5 ) $ (0.1 ) $ (0.6 ) Balance at end of period collectively evaluated for impairment $ (128.4 ) $ (1.3 ) $ (56.6 ) $ (186.3 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 476.4 $ 90.2 $ 334.2 $ 900.8 Loans, interest and fees receivable individually evaluated for impairment $ — $ 1.5 $ 0.1 $ 1.6 Loans, interest and fees receivable collectively evaluated for impairment $ 476.4 $ 88.7 $ 334.1 $ 899.2 For the Three Months Ended March 31, 2019 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (35.4 ) $ (1.3 ) $ (42.5 ) $ (79.2 ) Provision for loan losses (19.7 ) (0.9 ) (14.0 ) (34.6 ) Charge offs 12.3 0.9 17.1 30.3 Recoveries (0.3 ) (0.3 ) (1.2 ) (1.8 ) Balance at end of period $ (43.1 ) $ (1.6 ) $ (40.6 ) $ (85.3 ) As of 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 |
Financing Receivable, Past Due [Table Text Block] | As of March 31, 2020 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 20.9 $ 6.7 $ 10.8 $ 38.4 60-89 days past due 21.0 2.1 10.0 33.1 90 or more days past due 54.8 2.5 27.7 85.0 Delinquent loans, interest and fees receivable, gross 96.7 11.3 48.5 156.5 Current loans, interest and fees receivable, gross 379.7 78.9 285.7 744.3 Total loans, interest and fees receivable, gross $ 476.4 $ 90.2 $ 334.2 $ 900.8 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.8 $ — $ 1.8 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 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | As of March 31, 2020 December 31, 2019 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of TDRs 12,277 23,139 10,682 14,553 Number of TDRs that have been re-aged 2,753 3,878 2,788 2,854 Amount of TDRs on non-accrual status (in thousands) $ 16,367 $ 19,365 $ 14,468 $ 13,037 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 5,068 $ 3,967 $ 5,118 $ 3,104 Carrying value of TDRs (in thousands) $ 10,399 $ 11,365 $ 8,864 $ 7,312 TDRs - Performing (carrying value, in thousands)* $ 8,377 $ 9,945 $ 6,754 $ 6,106 TDRs - Nonperforming (carrying value, in thousands)* $ 2,022 $ 1,420 $ 2,110 $ 1,206 Twelve Months Ended March 31, 2020 March 31, 2019 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of accounts 3,310 4,740 2,279 1,985 Loan balance at time of charge off (in thousands) $ 4,965 $ 4,695 $ 3,607 $ 2,168 |
Components of Fees and Related Income on Earning Assets [Table Text Block] | For the Three Months Ended March 31, 2020 2019 Fees on credit products $ 34,645 $ 10,296 Changes in fair value of loans, interest and fees receivable recorded at fair value (15,487 ) (1 ) Changes in fair value of notes payable associated with structured financings recorded at fair value 562 875 Other 56 94 Total fees and related income on earning assets $ 19,776 $ 11,264 |
Disaggregation of Revenue [Table Text Block] | Credit and For the Three Months Ended March 31, 2020 Other Investments Auto Finance Total Interchange revenues, net (1) $ 1,980 $ — $ 1,980 Servicing income 384 220 604 Service charges and other customer related fees 125 17 142 Total revenue from contracts with customers $ 2,489 $ 237 $ 2,726 Credit and For the Three Months Ended March 31, 2019 Other Investments Auto Finance Total Interchange revenues, net (1) $ 928 $ — $ 928 Servicing income 419 267 686 Service charges and other customer related fees 429 17 446 Total revenue from contracts with customers $ 1,776 $ 284 $ 2,060 |
Note 3 - Segment Reporting (Tab
Note 3 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2020 Credit and Other Investments Auto Finance Total Interest income: Consumer loans, including past due fees $ 95,162 $ 7,894 $ 103,056 Other 91 — 91 Total interest income 95,253 7,894 103,147 Interest expense (13,175 ) (409 ) (13,584 ) Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable $ 82,078 $ 7,485 $ 89,563 Fees and related income on earning assets $ 19,755 $ 21 $ 19,776 Servicing income $ 384 $ 220 $ 604 Equity in loss of equity-method investee $ (66 ) $ — $ (66 ) Income before income taxes $ 5,067 $ 1,580 $ 6,647 Income tax expense $ (876 ) $ (409 ) $ (1,285 ) Total assets $ 891,748 $ 80,136 $ 971,884 Three Months Ended March 31, 2019 Credit and Other Investments Auto Finance Total Interest income: Consumer loans, including past due fees $ 42,672 $ 7,718 $ 50,390 Other 69 — 69 Total interest income 42,741 7,718 50,459 Interest expense (10,769 ) (377 ) (11,146 ) Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable $ 31,972 $ 7,341 $ 39,313 Fees and related income on earning assets $ 11,236 $ 28 $ 11,264 Servicing income $ 419 $ 267 $ 686 Equity in income of equity-method investee $ 227 $ — $ 227 Income before income taxes $ 4,207 $ 1,686 $ 5,893 Income tax benefit (expense) $ 239 $ (477 ) $ (238 ) Total assets $ 557,281 $ 78,953 $ 636,234 |
Note 5 - Investment in Equity_2
Note 5 - Investment in Equity-method Investee (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | As of March 31, 2020 December 31, 2019 Loans, interest and fees receivables, at fair value $ 2,251 $ 2,757 Total assets $ 2,393 $ 2,922 Total liabilities $ 12 $ 13 Members’ capital $ 2,381 $ 2,909 Three Months Ended March 31, 2020 2019 Net interest income (loss), fees and related income on earning assets $ (61 ) $ 342 Net income (loss) $ (99 ) $ 289 Net income (loss) attributable to our equity investment investee $ (66 ) $ 227 |
Note 6 - Fair Values of Asset_2
Note 6 - Fair Values of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Assets – As of March 31, 2020 (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 $ — $ — $ 763,539 $ 647,366 Loans, interest and fees receivable, at fair value $ — $ — $ 89,394 $ 89,394 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 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Loans, Interest and Fees Receivables, at Fair Value 2020 2019 Balance at January 1, $ 4,386 $ 6,306 Total gains—realized/unrealized: Net revaluations of loans, interest and fees receivable, at fair value (15,487 ) (1 ) Purchases 102,485 — Settlements (14,031 ) (911 ) Finance and fees 12,041 — Balance at March 31, $ 89,394 $ 5,394 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value Measurement Fair Value at March 31, 2020 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 89,394 Discounted cash flows Gross yield 25.5% to 57.6% (37.7%) Payment rate 4.1% to 9.9% (8.5%) Expected credit loss rate 14.1% to 49.0% (35.4%) Servicing rate 3.6% to 20.1% (4.8%) Discount rate 12.1% to 13.6% (12.5%) 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 25.5% to 53.7% (28.6%) Payment rate 4.0% to 9.5% (4.6%) Expected credit loss rate 10.5% to 41.7% (14.0%) Servicing rate 11.3% to 16.9% (11.9%) Discount rate 14.3% to 14.3% (14.3%) Fair Value Measurement Fair Value at March 31, 2020 (in thousands) Valuation Technique Unobservable Input Weighted Average Notes payable associated with structured financings, at fair value $ 3,358 Discounted cash flows Gross yield 25.5 % Payment rate 4.1 % Expected credit loss rate 14.1 % Discount rate 13.6 % 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 25.5 % Payment rate 4.0 % Expected credit loss rate 10.5 % Discount rate 14.3 % |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Liabilities – As of March 31, 2020 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 $ — $ — $ 698,673 $ 698,673 Amortizing debt facilities $ — $ — $ 40,320 $ 40,320 Notes payable to related parties $ — $ — $ — $ — Convertible senior notes $ — $ 19,965 $ — $ 24,162 Liabilities carried at fair value Notes payable associated with structured financings, at fair value $ — $ — $ 3,358 $ 3,358 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 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Notes Payable Associated with Structured Financings, at Fair Value 2020 2019 Balance at January 1, $ 3,920 $ 5,651 Total (gains) losses—realized/unrealized: Net revaluations of notes payable associated with structured financings, at fair value (562 ) (875 ) Repayments on outstanding notes payable, net — — Balance at March 31, $ 3,358 $ 4,776 |
Fair Value Option, Disclosures [Table Text Block] | As of March 31, 2020 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 included within loans, interest and fees receivable that are reported at fair value $ 93,859 $ 4,779 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 86,036 $ 3,358 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) $ 2 $ 10 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 $ 14 $ 128 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 included 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 Notes Payable Notes Payable Associated with Structured Financings, at Fair Value as of March 31, 2020 Notes Payable Associated with Structured Financings, at Fair Value as of December 31, 2019 Aggregate unpaid principal balance of notes payable $ 101,314 $ 101,314 Aggregate fair value of notes payable $ 3,358 $ 3,920 |
Note 7 - Variable Interest En_2
Note 7 - Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of March 31, 2020 December 31, 2019 Unrestricted cash and cash equivalents $ 73.5 $ 78.7 Restricted cash and cash equivalents $ 18.9 $ 25.9 Loans, interest and fees receivable, at fair value $ 68.3 $ 3.9 Loans, interest and fees receivable, gross $ 823.0 $ 857.2 Allowances for uncollectible loans, interest and fees receivable $ (169.6 ) $ (168.8 ) Deferred revenue $ (24.5 ) $ (40.7 ) Total Assets held by VIEs $ 789.6 $ 756.2 Notes Payable, at face value held by VIEs $ 682.7 $ 701.1 Notes Payable, at fair value held by VIEs $ 3.4 $ 3.9 Maximum exposure to loss due to involvement with VIEs $ 634.1 $ 654.3 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Three Months Ended March 31, 2020 2019 Operating lease cost, gross $ 1,720 $ 1,709 Sublease income (1,285 ) (1,283 ) Net Operating lease cost $ 435 $ 426 Cash paid under operating leases, gross $ 2,540 $ 2,492 Weighted average remaining lease term - months 27 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 (excluding the three months ended March 31, 2020) $ 7,698 $ (5,349 ) $ 2,349 2021 10,265 (7,315 ) 2,950 2022 4,448 (3,112 ) 1,336 2023 172 — 172 2024 77 — 77 Thereafter 24 — 24 Total lease payments 22,684 (15,776 ) 6,908 Less imputed interest (2,380 ) Total $ 20,304 |
Note 9 - Notes Payable (Tables)
Note 9 - Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of March 31, 2020 December 31, 2019 Revolving credit facilities at a weighted average interest rate equal to 5.6% at March 31, 2020 (6.0% at December 31, 2019) secured by the financial and operating assets of CAR and/or certain receivables and restricted cash with a combined aggregate carrying amount of $755.3 million as of March 31, 2020 ($740.4 million at December 31, 2019) Revolving credit facility, not to exceed $55.0 million (expiring November 1, 2021) (1) (2) (3) $ 38.3 $ 39.1 Revolving credit facility, not to exceed $50.0 million (expiring October 30, 2022) (2) (3) (4) (5) 49.4 40.5 Revolving credit facility, not to exceed $70.0 million (expiring February 8, 2022) (3) (4) (5) (6) 15.8 25.8 Revolving credit facility, not to exceed $100.0 million (expiring June 11, 2021) (3) (4) (5) (6) — — Revolving credit facility, not to exceed $15.0 million (expiring July 15, 2021) (2) (4) (5) 14.3 14.6 Revolving credit facility, not to exceed $100.0 million (expiring November 16, 2020) (3) (4) (5) (6) — — 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) 200.0 200.0 Revolving credit facility, not to exceed $200.0 million (expiring May 15, 2024) (3) (4) (5) (6) 200.0 200.0 Revolving credit facility, not to exceed $15.0 million (expiring December 21, 2020) (2) (3) (4) (5) 9.0 8.6 Revolving credit facility, not to exceed $50.0 million (expiring September 19, 2021) (2) (3) (4) (5) 13.3 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 17.4 Amortizing debt facility (expiring December 31, 2020) (2) (4) (5) 13.1 19.4 Amortizing debt facility (expiring September 30, 2021) with an annual rate equal to 5.2% (2) (3) (4) (5) 8.7 10.0 Total notes payable before unamortized debt issuance costs and discounts 747.8 758.9 Unamortized debt issuance costs and discounts (8.8 ) (9.7 ) Total notes payable outstanding $ 739.0 $ 749.2 |
Structured Financing Notes Payable [Member] | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Carrying Amounts at Fair Value as of March 31, 2020 December 31, 2019 Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of March 31, 2020 ($101.3 million as of December 31, 2019) bearing interest at a weighted average 6.1% interest rate, based upon LIBOR, at March 31, 2020 (6.9% at December 31, 2019), which is secured by credit card receivables and restricted cash aggregating $3.4 million as of March 31, 2020 ($3.9 million as of December 31, 2019) in carrying amount $ 3.4 $ 3.9 |
Note 10 - Convertible Senior _2
Note 10 - Convertible Senior Notes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of March 31, 2020 December 31, 2019 Face amount of convertible senior notes $ 33,839 $ 33,839 Discount (9,677 ) (9,748 ) Net carrying value $ 24,162 $ 24,091 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 - Net Income Attribut_2
Note 12 - Net Income Attributable to Controlling Interests Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended March 31, 2020 2019 Numerator: Net income attributable to controlling interests $ 5,425 $ 5,713 Preferred stock and preferred unit dividends and accretion (2,759 ) — Net income attributable to common shareholders—basic 2,666 5,713 Effect of dilutive preferred stock dividends and accretion 597 — Net income attributable to common shareholders—diluted $ 3,263 $ 5,713 Denominator: Basic (including unvested share-based payment awards) (1) 14,436 14,355 Effect of dilutive stock compensation arrangements and exchange of preferred stock 4,999 362 Diluted (including unvested share-based payment awards) (1) 19,435 14,717 Net income attributable to common shareholders per share—basic $ 0.18 $ 0.40 Net income attributable to common shareholders per share—diluted $ 0.17 $ 0.39 |
Note 13 - Stock-based Compens_2
Note 13 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2019 2,687,499 $ 3.66 Issued — $ — Exercised (2,000 ) $ 3.04 Cancelled/Forfeited — $ — Outstanding at March 31, 2020 2,685,499 $ 3.66 2.0 $ 16,818,820 Exercisable at March 31, 2020 2,076,502 $ 3.15 1.6 $ 14,049,640 |
Note 1 - Description of Our B_2
Note 1 - Description of Our Business (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Number of Reportable Segments | 2 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2018USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | |
Payments to Acquire Loans and Leases Held-for-investment, Total | $ 47,400 | $ 49,400 | |||||||
Loans and Leases Receivable, Deferred Income, Total | $ 66,534 | $ 66,534 | $ 90,307 | ||||||
Weighted Average Remaining Accretion Period of Deferred Revenue (Month) | 330 days | ||||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | $ 40,900 | $ 40,900 | 48,100 | ||||||
Financing Receivable, Modifications, Number of Contracts | 43,466 | 19,383 | |||||||
Financing Receivable, Troubled Debt Restructuring | $ 55,300 | $ 29,200 | $ 55,300 | $ 29,200 | |||||
Effective Income Tax Rate Reconciliation, Percent, Total | 19.30% | 4.00% | |||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 0 | $ 100 | |||||||
Income Tax Settlement Amount with Taxing Authority | $ 7,400 | ||||||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 3,700 | ||||||||
Payment of Income Tax Settlement | $ 5,400 | $ 500 | $ 700 | ||||||
Abatement Sought for Failure-to-pay Penalties | $ 900 | $ 900 | |||||||
Other Income [Member] | |||||||||
Reduction in Accruals | $ 15,500 | ||||||||
Minimum [Member] | |||||||||
Accounts Payable, Extension of Payment Terms (Month) | 300 days | ||||||||
Maximum [Member] | |||||||||
Accounts Payable, Extension of Payment Terms (Month) | 3 years 30 days |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Summary of Allowance for Uncollectible Loans and Fees Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Allowance for uncollectible loans, interest and fees receivable: | |||
Balance at beginning of period | $ (186,300) | $ (79,200) | |
Provision for loan losses | (67,336) | (34,598) | |
Charge offs | 71,400 | 30,300 | |
Recoveries | (4,700) | (1,800) | |
Balance at end of period | (186,900) | (85,300) | |
Balance at end of period individually evaluated for impairment | (600) | $ (500) | |
Balance at end of period collectively evaluated for impairment | (186,300) | (185,800) | |
Loans, interest and fees receivable: | |||
Loans, interest and fees receivable, gross | 900,808 | 998,209 | |
Loans, interest and fees receivable individually evaluated for impairment | 1,600 | 2,200 | |
Loans, interest and fees receivable collectively evaluated for impairment | 899,200 | 996,000 | |
Credit Card Receivable [Member] | |||
Allowance for uncollectible loans, interest and fees receivable: | |||
Balance at beginning of period | (121,300) | (35,400) | |
Provision for loan losses | (51,000) | (19,700) | |
Charge offs | 46,200 | 12,300 | |
Recoveries | (2,300) | (300) | |
Balance at end of period | (128,400) | (43,100) | |
Balance at end of period individually evaluated for impairment | |||
Balance at end of period collectively evaluated for impairment | (128,400) | (121,300) | |
Loans, interest and fees receivable: | |||
Loans, interest and fees receivable, gross | 476,400 | 509,200 | |
Loans, interest and fees receivable individually evaluated for impairment | |||
Loans, interest and fees receivable collectively evaluated for impairment | 476,400 | 509,200 | |
Automobile Loan [Member] | |||
Allowance for uncollectible loans, interest and fees receivable: | |||
Balance at beginning of period | (1,600) | (1,300) | |
Provision for loan losses | (800) | (900) | |
Charge offs | 900 | 900 | |
Recoveries | (300) | (300) | |
Balance at end of period | (1,800) | (1,600) | |
Balance at end of period individually evaluated for impairment | (500) | (400) | |
Balance at end of period collectively evaluated for impairment | (1,300) | (1,200) | |
Loans, interest and fees receivable: | |||
Loans, interest and fees receivable, gross | 90,200 | 89,800 | |
Loans, interest and fees receivable individually evaluated for impairment | 1,500 | 2,100 | |
Loans, interest and fees receivable collectively evaluated for impairment | 88,700 | 87,700 | |
Other Unsecured Lending Products [Member] | |||
Allowance for uncollectible loans, interest and fees receivable: | |||
Balance at beginning of period | (63,400) | (42,500) | |
Provision for loan losses | (15,500) | (14,000) | |
Charge offs | 24,300 | 17,100 | |
Recoveries | (2,100) | (1,200) | |
Balance at end of period | (56,700) | $ (40,600) | |
Balance at end of period individually evaluated for impairment | (100) | (100) | |
Balance at end of period collectively evaluated for impairment | (56,600) | (63,300) | |
Loans, interest and fees receivable: | |||
Loans, interest and fees receivable, gross | 334,200 | 399,200 | |
Loans, interest and fees receivable individually evaluated for impairment | 100 | 100 | |
Loans, interest and fees receivable collectively evaluated for impairment | $ 334,100 | $ 399,100 |
Note 2 - Significant Accounti_5
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Summary of Aging of Delinquent Loans and Fees Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Delinquent loans and fees receivable, gross | $ 156,500 | $ 153,200 |
Current loans, interest and fees receivable, gross | 744,300 | 845,000 |
Loans, interest and fees receivable, gross | 900,808 | 998,209 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 1,800 | 1,900 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 38,400 | 43,800 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 33,100 | 33,000 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 85,000 | 76,400 |
Credit Card Receivable [Member] | ||
Delinquent loans and fees receivable, gross | 96,700 | 86,800 |
Current loans, interest and fees receivable, gross | 379,700 | 422,400 |
Loans, interest and fees receivable, gross | 476,400 | 509,200 |
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 | 20,900 | 21,700 |
Credit Card Receivable [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 21,000 | 18,500 |
Credit Card Receivable [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 54,800 | 46,600 |
Automobile Loan [Member] | ||
Delinquent loans and fees receivable, gross | 11,300 | 13,700 |
Current loans, interest and fees receivable, gross | 78,900 | 76,100 |
Loans, interest and fees receivable, gross | 90,200 | 89,800 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 1,800 | 1,900 |
Automobile Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 6,700 | 8,100 |
Automobile Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 2,100 | 3,000 |
Automobile Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 2,500 | 2,600 |
Other Unsecured Lending Products [Member] | ||
Delinquent loans and fees receivable, gross | 48,500 | 52,700 |
Current loans, interest and fees receivable, gross | 285,700 | 346,500 |
Loans, interest and fees receivable, gross | 334,200 | 399,200 |
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 | 10,800 | 14,000 |
Other Unsecured Lending Products [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 10,000 | 11,500 |
Other Unsecured Lending Products [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | $ 27,700 | $ 27,200 |
Note 2 - Significant Accounti_6
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Summary of Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | ||
Amount of TDRs on non-accrual status (in thousands) | $ 55,300 | $ 29,200 | ||
Point-of-Sale [Member] | ||||
Number of TDRs | 12,277 | 10,682 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 16,367 | $ 14,468 | ||
Carrying value of TDRs (in thousands) | $ 10,399 | 8,864 | ||
Number of accounts | 3,310 | 2,279 | ||
Loan balance at time of charge off (in thousands) | $ 4,965 | $ 3,607 | ||
Point-of-Sale [Member] | Performing Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | 8,377 | 6,754 | |
Point-of-Sale [Member] | Nonperforming Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | $ 2,022 | $ 2,110 | |
Point-of-Sale [Member] | Extended Maturity [Member] | ||||
Number of TDRs | 2,753 | 2,788 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 5,068 | $ 5,118 | ||
Direct-to-Consumer [Member] | ||||
Number of TDRs | 23,139 | 14,553 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 19,365 | $ 13,037 | ||
Carrying value of TDRs (in thousands) | $ 11,365 | 7,312 | ||
Number of accounts | 4,740 | 1,985 | ||
Loan balance at time of charge off (in thousands) | $ 4,695 | $ 2,168 | ||
Direct-to-Consumer [Member] | Performing Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | 9,945 | 6,106 | |
Direct-to-Consumer [Member] | Nonperforming Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | $ 1,420 | $ 1,206 | |
Direct-to-Consumer [Member] | Extended Maturity [Member] | ||||
Number of TDRs | 3,878 | 2,854 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 3,967 | $ 3,104 | ||
[1] | "TDRs - Performing" include accounts that are current on all amounts owed, while "TDRs - Nonperforming" include all accounts with past due amounts owed. |
Note 2 - Significant Accounti_7
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Summary of Fees and Related Income on Earning Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fees on credit products | $ 34,645 | $ 10,296 |
Changes in fair value of loans, interest and fees receivable recorded at fair value | (15,487) | (1) |
Changes in fair value of notes payable associated with structured financings recorded at fair value | 562 | 875 |
Other | 56 | 94 |
Total fees and related income on earning assets | $ 19,776 | $ 11,264 |
Note 2 - Significant Accounti_8
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Components of Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Revenue from contracts with customers | $ 2,726 | $ 2,060 | |
Credit and Debit Card [Member] | |||
Revenue from contracts with customers | [1] | 1,980 | 928 |
Servicing Income [Member] | |||
Revenue from contracts with customers | 604 | 686 | |
Service Charges and Other Customer Related Fees [Member] | |||
Revenue from contracts with customers | 142 | 446 | |
Credit and Other Investments [Member] | |||
Revenue from contracts with customers | 2,489 | 1,776 | |
Credit and Other Investments [Member] | Credit and Debit Card [Member] | |||
Revenue from contracts with customers | [1] | 1,980 | 928 |
Credit and Other Investments [Member] | Servicing Income [Member] | |||
Revenue from contracts with customers | 384 | 419 | |
Credit and Other Investments [Member] | Service Charges and Other Customer Related Fees [Member] | |||
Revenue from contracts with customers | 125 | 429 | |
Auto Finance [Member] | |||
Revenue from contracts with customers | 237 | 284 | |
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 | 220 | 267 | |
Auto Finance [Member] | Service Charges and Other Customer Related Fees [Member] | |||
Revenue from contracts with customers | $ 17 | $ 17 | |
[1] | Interchange revenue is presented net of customer reward expense. |
Note 3 - Segment Reporting (Det
Note 3 - Segment Reporting (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | |
Number of Reportable Segments | 2 | ||
Assets, Total | $ 971,884 | $ 936,266 | $ 636,234 |
Non-US [Member] | |||
Assets, Total | $ 0 | $ 0 |
Note 3 - Segment Reporting - Su
Note 3 - Segment Reporting - Summary of Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Consumer loans, including past due fees | $ 103,056 | $ 50,390 | |
Other | 91 | 69 | |
Total interest income | 103,147 | 50,459 | |
Interest expense | (13,584) | (11,146) | |
Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable | 89,563 | 39,313 | |
Fees and related income on earning assets | 19,776 | 11,264 | |
Revenue from contracts with customers | 2,726 | 2,060 | |
Equity in income (loss) of equity-method investee | (66) | 227 | |
Income before income taxes | 6,647 | 5,893 | |
Income tax benefit (expense) | (1,285) | (238) | |
Assets, Total | 971,884 | 636,234 | $ 936,266 |
Servicing Income [Member] | |||
Revenue from contracts with customers | 604 | 686 | |
Credit and Other Investments [Member] | |||
Consumer loans, including past due fees | 95,162 | 42,672 | |
Other | 91 | 69 | |
Total interest income | 95,253 | 42,741 | |
Interest expense | (13,175) | (10,769) | |
Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable | 82,078 | 31,972 | |
Fees and related income on earning assets | 19,755 | 11,236 | |
Revenue from contracts with customers | 2,489 | 1,776 | |
Equity in income (loss) of equity-method investee | (66) | 227 | |
Income before income taxes | 5,067 | 4,207 | |
Income tax benefit (expense) | (876) | 239 | |
Assets, Total | 891,748 | 557,281 | |
Credit and Other Investments [Member] | Servicing Income [Member] | |||
Revenue from contracts with customers | 384 | 419 | |
Auto Finance [Member] | |||
Consumer loans, including past due fees | 7,894 | 7,718 | |
Other | |||
Total interest income | 7,894 | 7,718 | |
Interest expense | (409) | (377) | |
Net interest income before fees and related income on earning assets and provision for losses on loans, interest and fees receivable | 7,485 | 7,341 | |
Fees and related income on earning assets | 21 | 28 | |
Revenue from contracts with customers | 237 | 284 | |
Equity in income (loss) of equity-method investee | |||
Income before income taxes | 1,580 | 1,686 | |
Income tax benefit (expense) | (409) | (477) | |
Assets, Total | 80,136 | 78,953 | |
Auto Finance [Member] | Servicing Income [Member] | |||
Revenue from contracts with customers | $ 220 | $ 267 |
Note 4 - Shareholders' Equity_2
Note 4 - Shareholders' Equity and Preferred Stock (Details Textual) - USD ($) | Dec. 27, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Nov. 14, 2019 | Nov. 26, 2014 |
Stock Repurchased and Retired During Period, Shares (in shares) | 74,724 | 5,944 | ||||
Stock Repurchased and Retired During Period, Value | $ 559,000 | $ 21,000 | ||||
Own-share Lending Arrangement, Shares, Outstanding (in shares) | 1,459,233 | 1,459,233 | ||||
Class B Preferred Units [Member] | ||||||
Preferred Units, Issued (in shares) | 50,500,000 | |||||
Preferred Unit Purchase Price (in dollars per share) | $ 1 | |||||
Preferred Units Issued, Percentage of Preferred Return | 16.00% | |||||
Preferred Units Issued, Maximum Percentage Points of Preferred Return in Form of Issuance of Additional Units or Cash | 6.00% | |||||
Series A Preferred Stock [Member] | ||||||
Temporary Equity, Shares Issued (in shares) | 400,000 | 400,000 | 400,000 | |||
Temporary Equity, Shares Authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | |||
Temporary Equity, Shares Outstanding (in shares) | 400,000 | 400,000 | 400,000 | |||
Temporary Equity, Liquidation Preference | $ 40,000,000 | |||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | |||||
Temporary Equity, Redemption Price Per Share (in dollars per share) | $ 100 | |||||
Temporary Equity, Conversion Price Per Share (in dollars per share) | $ 10 | |||||
Dove Ventures, LLC [Member] | Senior Secured Term Loan Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | |||||
Extinguishment of Debt, Amount | $ 40,000,000 |
Note 5 - Investment in Equity_3
Note 5 - Investment in Equity-method Investee (Details Textual) | Mar. 31, 2020 |
Equity Method Investment to Acquire Portfolio of Credit Card Receivables [Member] | |
Equity Method Investment, Ownership Percentage | 66.70% |
Note 5 - Investment in Equity_4
Note 5 - Investment in Equity-method Investee - Summary of Equity-method Investee (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets, Total | $ 971,884 | $ 636,234 | $ 936,266 | |
Total liabilities | 830,006 | 846,881 | ||
Members’ capital | 2,753 | (15,976) | 335 | $ (22,129) |
Net income (loss) | 5,362 | 5,655 | ||
Equity in income (loss) of equity-method investee | (66) | 227 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Loans, interest and fees receivables, at fair value | 2,251 | 2,757 | ||
Assets, Total | 2,393 | 2,922 | ||
Total liabilities | 12 | 13 | ||
Members’ capital | 2,381 | $ 2,909 | ||
Net interest income (loss), fees and related income on earning assets | (61) | 342 | ||
Net income (loss) | (99) | 289 | ||
Equity in income (loss) of equity-method investee | $ (66) | $ 227 |
Note 6 - Fair Values of Asset_3
Note 6 - Fair Values of Assets and Liabilities (Details Textual) | Mar. 31, 2020 |
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 | Mar. 31, 2020 | Dec. 31, 2019 | |
Loans, interest and fees receivable, at fair value | $ 89,394 | $ 4,386 | |
Fair Value, Recurring [Member] | |||
Loans, interest and fees receivable, net for which it is practicable to estimate fair value | [1] | 647,366 | 721,573 |
Loans, interest and fees receivable, at fair value | [1] | 89,394 | 4,386 |
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] | 763,539 | 781,208 |
Loans, interest and fees receivable, at fair value | [1] | $ 89,394 | $ 4,386 |
[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 | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Balance | $ 4,386 | $ 6,306 |
Net revaluations of loans, interest and fees receivable, at fair value | (15,487) | (1) |
Purchases | 102,485 | |
Settlements | (14,031) | (911) |
Finance and fees | 12,041 | |
Balance | $ 89,394 | $ 5,394 |
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 | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Loans, interest and fees receivable, at fair value | $ 89,394 | $ 4,386 |
Notes Payable Associated with Structured Financings, Fair Value | 3,358 | 3,920 |
Valuation Technique, Discounted Cash Flow [Member] | ||
Notes Payable Associated with Structured Financings, Fair Value | 3,358 | 3,920 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | ||
Loans, interest and fees receivable, at fair value | $ 89,394 | $ 4,386 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.255 | 0.255 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.576 | 0.537 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.377 | 0.286 |
Notes payable associated with structured financings, measurement input | 0.255 | 0.255 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.041 | 0.04 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.099 | 0.095 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.085 | 0.046 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.141 | 0.105 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.49 | 0.417 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.354 | 0.14 |
Notes payable associated with structured financings, measurement input | 0.141 | 0.105 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Weighted Average [Member] | ||
Notes payable associated with structured financings, measurement input | 0.041 | 0.04 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.036 | 0.113 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.201 | 0.169 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.048 | 0.119 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.121 | 0.143 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.136 | 0.143 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.125 | 0.143 |
Notes payable associated with structured financings, measurement input | 0.136 | 0.143 |
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Revolving credit facilities | $ 698,673 | $ 720,687 |
Amortizing debt facilities | 40,320 | 28,522 |
Notes payable to related parties | ||
Convertible senior notes | 24,162 | 24,091 |
Notes Payable Associated with Structured Financings, Fair Value | 3,358 | 3,920 |
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 | 19,965 | 16,920 |
Notes Payable Associated with Structured Financings, Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Revolving credit facilities | 698,673 | 720,687 |
Amortizing debt facilities | 40,320 | 28,522 |
Notes payable to related parties | ||
Convertible senior notes | ||
Notes Payable Associated with Structured Financings, Fair Value | $ 3,358 | $ 3,920 |
Note 6 - Fair Values of Asset_8
Note 6 - Fair Values of Assets and Liabilities - Reconciliation of Level 3 Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Balance | $ 3,920 | $ 5,651 |
Net revaluations of notes payable associated with structured financings, at fair value | (562) | (875) |
Repayments on outstanding notes payable, net | ||
Balance | $ 3,358 | $ 4,776 |
Note 6 - Fair Values of Asset_9
Note 6 - Fair Values of Assets and Liabilities - Summary of Other Relevant Data (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Loans, interest and fees receivable, at fair value | $ 89,394 | $ 4,386 |
Loans and Fees Receivable at Fair Value [Member] | ||
Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value | 93,859 | 644 |
Loans, interest and fees receivable, at fair value | 86,036 | 466 |
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) | 2 | 1 |
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 | 14 | 28 |
Structured Financing Notes Payable [Member] | ||
Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value | 101,314 | 101,314 |
Aggregate fair value of notes payable | 3,358 | 3,920 |
Loans and Fees Receivable Pledged as Collateral, Fair Value [Member] | ||
Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value | 4,779 | 5,280 |
Loans, interest and fees receivable, at fair value | 3,358 | 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) | 10 | 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 | $ 128 | $ 185 |
Note 7 - Variable Interest En_3
Note 7 - Variable Interest Entities - Summary of Variable Interest Entities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Unrestricted cash and cash equivalents | $ 177,311 | $ 135,379 | |
Restricted cash and cash equivalents | 25,590 | 41,015 | |
Loans, interest and fees receivable, at fair value | 89,394 | 4,386 | |
Loans, interest and fees receivable, gross | 900,808 | 998,209 | |
Allowances for uncollectible loans, interest and fees receivable | (186,908) | (186,329) | |
Deferred revenue | (66,534) | (90,307) | |
Total Assets held by VIEs | 971,884 | 936,266 | $ 636,234 |
Notes Payable, at face value held by VIEs | 738,993 | 749,209 | |
Notes Payable, at fair value held by VIEs | 3,358 | 3,920 | |
Maximum exposure to loss due to involvement with VIEs | 634,100 | 654,300 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Unrestricted cash and cash equivalents | 73,500 | 78,700 | |
Restricted cash and cash equivalents | 18,900 | 25,900 | |
Loans, interest and fees receivable, at fair value | 68,300 | 3,900 | |
Loans, interest and fees receivable, gross | 823,000 | 857,200 | |
Allowances for uncollectible loans, interest and fees receivable | (169,600) | (168,800) | |
Deferred revenue | (24,500) | (40,700) | |
Total Assets held by VIEs | 789,600 | 756,200 | |
Notes Payable, at face value held by VIEs | 682,700 | 701,100 | |
Notes Payable, at fair value held by VIEs | $ 3,400 | $ 3,900 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Operating Leases, Options to Extend for Additional Periods, Revolving Periods (Year) | 1 year |
Minimum [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 5 years |
Note 8 - Leases - Lease Cost (D
Note 8 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash paid under operating leases, gross | $ 2,540 | $ 2,492 |
Accounting Standards Update 2016-02 [Member] | ||
Operating lease cost, gross | 1,720 | 1,709 |
Sublease income | (1,285) | (1,283) |
Net Operating lease cost | 435 | 426 |
Cash paid under operating leases, gross | $ 2,540 | $ 2,492 |
Weighted average remaining lease term - months (Month) | 2 years 90 days | |
Weighted average discount rate | 6.90% |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
2020 (excluding the three months ended March 31, 2020), gross | $ 7,698 | |
2020 (excluding the three months ended March 31, 2020), payments received from sublease | (5,349) | |
2020 (excluding the three months ended March 31, 2020), net lease payment | 2,349 | |
2021, gross | 10,265 | |
2021, payments received from sublease | (7,315) | |
2021, net lease payment | 2,950 | |
2022, gross | 4,448 | |
2022, payments received from sublease | (3,112) | |
2022, net lease payment | 1,336 | |
2023, gross | 172 | |
2023, payments received from sublease | ||
2023, net lease payment | 172 | |
2024, gross | 77 | |
2024, payments received from sublease | ||
2024, net lease payment | 77 | |
Thereafter, gross | 24 | |
Thereafter, payments received from sublease | ||
Thereafter, net lease payment | 24 | |
Gross | 22,684 | |
Sublease income, payments received from sublease | (15,776) | |
Lease payments, net lease payment | 6,908 | |
Less imputed interest, gross | (2,380) | |
Less imputed interest, payments received from sublease | ||
Less imputed interest, net | ||
Total, net | 20,304 | $ 22,259 |
Total, payments received from sublease | ||
Total, net |
Note 9 - Notes Payable (Details
Note 9 - Notes Payable (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||||||||||||||
Nov. 30, 2019 | Jun. 30, 2019 | Nov. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 31, 2016 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Aug. 26, 2019 | Dec. 31, 2018 | Feb. 28, 2017 | Oct. 31, 2015 | Nov. 30, 2005 | |
Notes Payable Associated with Structured Financings, Fair Value | $ 3,358 | $ 3,920 | ||||||||||||||
Aggregate Exposure to Pretax Equity Loss, Structured Financing at Fair Value | 0 | |||||||||||||||
Long-term Line of Credit, Total | 698,673 | 720,687 | ||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 200,000 | $ 200,000 | $ 167,300 | 61,074 | $ 89,661 | |||||||||||
Asset Backed Securities, Term of Revolving Structure (Year) | 3 years | 2 years | 2 years | |||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 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 | 33,839 | $ 54,400 | $ 300,000 | ||||||||||||
Debt Instrument, Repurchase Amount | $ 16,300 | |||||||||||||||
Term Note [Member] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||||||||
Long-term Debt, Total | $ 17,400 | |||||||||||||||
Minimum [Member] | ||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 1 year | 1 year | ||||||||||||||
Maximum [Member] | ||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 1 year 180 days | 1 year 180 days | ||||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | |||||||||||||||
Long-term Line of Credit, Total | 49,400 | |||||||||||||||
Revolving Credit Facility [Member] | Term Note [Member] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | |||||||||||||||
Long-term Line of Credit, Total | 8,700 | |||||||||||||||
Secured by the Financial and Operating Assets of CAR [Member] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000 | 55,000 | ||||||||||||||
Long-term Line of Credit, Total | $ 38,300 | |||||||||||||||
Line of Credit Facility, Expiration Date | Nov. 1, 2021 | |||||||||||||||
December 2016 Revolving Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | $ 13,800 | ||||||||||||||
Long-term Line of Credit, Total | $ 13,100 | |||||||||||||||
Trust Funding Notes Facility [Member] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 70,000 | $ 90,000 | ||||||||||||||
Long-term Line of Credit, Total | 15,800 | |||||||||||||||
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 | |||||||||||||||
Long-term Line of Credit, Total | 9,000 | |||||||||||||||
Additional Trust Funding Notes Facilities [Member] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | |||||||||||||||
Long-term Line of Credit, Total | 0 | |||||||||||||||
September 2018 Revolving Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | |||||||||||||||
Long-term Line of Credit, Total | 13,300 | |||||||||||||||
June 2019 Revolving Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | |||||||||||||||
Long-term Line of Credit, Total | $ 14,300 | |||||||||||||||
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 | |||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Debt Instrument, Variable Rate | 0.99% | |||||||||||||||
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 | 3.25% | |||||||||||||||
Commercial Paper Rates [Member] | Additional Trust Funding Notes Facilities [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% |
Note 9 - Notes Payable - Schedu
Note 9 - Notes Payable - Schedule of Structured Financing Notes Payable (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of March 31, 2020 ($101.3 million as of December 31, 2019) bearing interest at a weighted average 6.1% interest rate, based upon LIBOR, at March 31, 2020 (6.9% at December 31, 2019), which is secured by credit card receivables and restricted cash aggregating $3.4 million as of March 31, 2020 ($3.9 million as of December 31, 2019) in carrying amount | $ 3,358 | $ 3,920 |
Securitization Financing Facility [Member] | ||
Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of March 31, 2020 ($101.3 million as of December 31, 2019) bearing interest at a weighted average 6.1% interest rate, based upon LIBOR, at March 31, 2020 (6.9% at December 31, 2019), which is secured by credit card receivables and restricted cash aggregating $3.4 million as of March 31, 2020 ($3.9 million as of December 31, 2019) in carrying amount | $ 3,400 | $ 3,900 |
Note 9 - Notes Payable - Sche_2
Note 9 - Notes Payable - Schedule of Structured Financing Notes Payable (Details) (Parentheticals) - Securitization Financing Facility [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Amortizing securitization facility, maturity date | Dec. 31, 2021 | Dec. 31, 2021 |
Amortizing securitization facility, outstanding face amount | $ 101.3 | $ 101.3 |
Amortizing securitization facility, amount secured by credit card receivables and restricted cash | $ 3.4 | $ 3.9 |
London Interbank Offered Rate (LIBOR) [Member] | ||
Amortizing securitization facility, weighted average interest rate | 6.10% | 6.90% |
Note 9 - Notes Payable - Sche_3
Note 9 - Notes Payable - Schedule of Notes Payable at Face Value and Notes Payable to Related Parties (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Revolving credit facilities | $ 698,673 | $ 720,687 | |
Amortizing debt facilities | 40,320 | 28,522 | |
Total notes payable before unamortized debt issuance costs and discounts | [1] | 747,800 | 758,900 |
Unamortized debt issuance costs and discounts | [1] | (8,800) | (9,700) |
Total notes payable outstanding | [1] | 739,000 | 749,200 |
Other Secured Debt [Member] | |||
Amortizing debt facilities | [1] | 1,200 | 1,200 |
Phoenix [Member] | |||
Unsecured term debt (expiring August 26, 2024) with an annual rate equal to 8.0% (3) | [1],[2] | 17,400 | 17,400 |
Amortizing Debt Facility [Member] | |||
Amortizing debt facilities | [1],[3],[4],[5] | 13,100 | 19,400 |
Amortizing Debt Facility Two [Member] | |||
Amortizing debt facilities | [1],[2],[3],[4],[5] | 8,700 | 10,000 |
Revolving Credit Facility Expiring November 1, 2020 [Member] | |||
Revolving credit facilities | [1],[2],[5],[6] | 38,300 | 39,100 |
Revolving Credit Facility Expiring October 30, 2022 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[5] | 49,400 | 40,500 |
Revolving Credit Facility Expiring February 8, 2022 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[7] | 15,800 | 25,800 |
Revolving Credit Facility Expiring June 11, 2021 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[7] | ||
Revolving Credit Facility Expiring July 15 2021 [Member] | |||
Revolving credit facilities | [1],[3],[4],[5] | 14,300 | 14,600 |
Revolving Credit Facility Expiring November 16, 2020 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[7] | ||
Revolving Credit Facility Expiring November 15, 2023 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[7] | 167,300 | 167,300 |
Revolving Credit Facility Expiring December 15, 2022 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[7] | 200,000 | 200,000 |
Revolving Credit Facility Expiring May 15, 2024 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[7] | 200,000 | 200,000 |
Revolving Credit Facility Expiring December 21, 2020 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[5] | 9,000 | 8,600 |
Revolving Credit Facility Expiring September 19, 2021 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[5] | $ 13,300 | $ 15,000 |
[1] | As of March 31, 2020, the LIBOR rate was 0.99% and the prime rate was 3.25%. | ||
[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 - Sche_4
Note 9 - Notes Payable - Schedule of Notes Payable at Face Value and Notes Payable to Related Parties (Details) (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | ||
Other Secured Debt [Member] | |||
Amortizing securitization facility, maturity date | [1] | Sep. 8, 2023 | Sep. 8, 2023 |
Loan, interest rate | [1] | 5.50% | 5.50% |
Phoenix [Member] | |||
Amortizing securitization facility, maturity date | [1],[2] | Aug. 26, 2024 | Aug. 26, 2024 |
Loan, interest rate | [1],[2] | 8.00% | 8.00% |
Amortizing Debt Facility [Member] | |||
Amortizing securitization facility, maturity date | [1],[3],[4],[5] | Dec. 31, 2020 | Dec. 31, 2020 |
Revolving Credit Facility Expiring November 1, 2020 [Member] | |||
Revolving credit facility, maximum borrowing capacity | [1],[2],[5],[6] | $ 55 | $ 55 |
Revolving credit facility, expiration date | [1],[2],[5],[6] | Nov. 1, 2021 | Nov. 1, 2021 |
Revolving Credit Facility Expiring October 30, 2022 [Member] | |||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[5] | $ 50 | $ 50 |
Revolving credit facility, expiration date | [1],[2],[3],[4],[5] | Oct. 30, 2022 | Oct. 30, 2022 |
Revolving Credit Facility Expiring February 8, 2022 [Member] | |||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[7] | $ 70 | $ 70 |
Revolving credit facility, expiration date | [1],[2],[3],[4],[7] | Feb. 8, 2022 | Feb. 8, 2022 |
Revolving Credit Facility Expiring June 11, 2021 [Member] | |||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[7] | $ 100 | $ 100 |
Revolving credit facility, expiration date | [1],[2],[3],[4],[7] | Jun. 11, 2021 | Jun. 11, 2021 |
Revolving Credit Facility Expiring July 15 2021 [Member] | |||
Revolving credit facility, maximum borrowing capacity | [1],[3],[4],[5] | $ 15 | $ 15 |
Revolving credit facility, expiration date | [1],[3],[4],[5] | Jul. 15, 2021 | Jul. 15, 2021 |
Revolving Credit Facility Expiring November 16, 2020 [Member] | |||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[7] | $ 100 | $ 100 |
Revolving credit facility, expiration date | [1],[2],[3],[4],[7] | Nov. 16, 2020 | Nov. 16, 2020 |
Revolving Credit Facility Expiring November 15, 2023 [Member] | |||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[7] | $ 167.3 | $ 167.3 |
Revolving credit facility, expiration date | [1],[2],[3],[4],[7] | Nov. 15, 2023 | Nov. 15, 2023 |
Revolving Credit Facility Expiring December 15, 2022 [Member] | |||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[7] | $ 200 | $ 200 |
Revolving credit facility, expiration date | [1],[2],[3],[4],[7] | Dec. 15, 2022 | Dec. 15, 2022 |
Revolving Credit Facility Expiring May 15, 2024 [Member] | |||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[7] | $ 200 | $ 200 |
Revolving credit facility, expiration date | [1],[2],[3],[4],[7] | May 15, 2024 | May 15, 2024 |
Revolving Credit Facility Expiring December 21, 2020 [Member] | |||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[5] | $ 212,020 | $ 212,020 |
Revolving Credit Facility Expiring September 19, 2021 [Member] | |||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[5] | $ 50 | $ 50 |
Revolving credit facility, expiration date | [1],[2],[3],[4],[5] | Sep. 19, 2021 | Sep. 19, 2021 |
[1] | As of March 31, 2020, the LIBOR rate was 0.99% and the prime rate was 3.25%. | ||
[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) - USD ($) $ in Thousands | Aug. 26, 2019 | Nov. 30, 2005 | Mar. 31, 2020 | Dec. 31, 2019 |
Term Note [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||
Long-term Debt, Total | $ 17,400 | |||
Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | Convertible Debt [Member] | ||||
Debt Instrument, Face Amount | 54,400 | $ 300,000 | $ 33,839 | $ 33,839 |
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||
Debt Instrument, Maturity Date | Nov. 30, 2035 | |||
Debt Instrument, Repurchase Amount | 16,300 | |||
Gain (Loss) on Repurchase of Debt Instrument | $ 5,100 |
Note 10 - Convertible Senior _4
Note 10 - Convertible Senior Notes - Summary of Convertible Senior Notes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Aug. 26, 2019 | Nov. 30, 2005 | |
Net carrying value | $ 24,162 | $ 24,091 | ||
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 | 33,839 | $ 54,400 | $ 300,000 |
Discount | (9,677) | (9,748) | ||
Net carrying value | 24,162 | 24,091 | ||
Carrying amount of equity component included in paid-in capital | 108,714 | 108,714 | ||
Excess of instruments’ if-converted values over face principal amounts |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) $ in Millions | Mar. 31, 2020USD ($) |
Pledged Assets, Other, Not Separately Reported on Statement of Financial Position, Total | $ 6.6 |
Credit Protection Program [Member] | |
Loss Contingency, Estimate of Possible Loss | 20.2 |
Loss Contingency Accrual, Ending Balance | 1.4 |
Unfunded Individual Credit Commitment [Member] | |
Other Commitment, Total | 1,200 |
Unfunded Outstanding Floor-Plan Financing Commitment [Member] | |
Other Commitment, Total | $ 9.1 |
Note 12 - Net Income Attribut_3
Note 12 - Net Income Attributable to Controlling Interests Per Common Share (Details Textual) xbrli-pure in Millions | 3 Months Ended | |
Mar. 31, 2020$ / sharesshares | Mar. 31, 2019shares | |
Weighted Average Number of Shares, Restricted Stock (in shares) | 473,887 | 397,566 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 1,000,000 |
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 (in shares) | 0 | 0 |
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 24.61 | |
Debt Instrument, Convertible, Number of Equity Instruments | 1.4 |
Note 12 - Net Income Attribut_4
Note 12 - Net Income Attributable to Controlling Interests Per Common Share - Summary of Earning Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Net income attributable to controlling interests | $ 5,425 | $ 5,713 | |
Preferred stock and preferred unit dividends and accretion | (2,759) | ||
Net income attributable to common shareholders—basic | 2,666 | 5,713 | |
Effect of dilutive preferred stock dividends and accretion | 597 | ||
Net income attributable to common shareholders—diluted | $ 3,263 | $ 5,713 | |
Basic (including unvested share-based payment awards) (1) (in shares) | [1] | 14,436 | 14,355 |
Effect of dilutive stock compensation arrangements and exchange of preferred stock (in shares) | 4,999 | 362 | |
Diluted (including unvested share-based payment awards) (1) (in shares) | [1] | 19,435 | 14,717 |
Net income attributable to common shareholders per common share—basic (in dollars per share) | $ 0.18 | $ 0.40 | |
Net income attributable to common shareholders per common share—diluted (in dollars per share) | $ 0.17 | $ 0.39 | |
[1] | Shares related to unvested share-based payment awards included in our basic and diluted share counts were 473,887 for the three months ended March 31, 2020, compared to 397,566 for the three months ended March 31, 2019. |
Note 13 - Stock-based Compens_3
Note 13 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | May 09, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
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 | $ 400 | $ 500 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 58,248 | 205,000 | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount, Total | $ 600 | $ 700 | ||
Share-based Payment Arrangement, Expense | 300 | 200 | ||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 1,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 219 days | |||
Restricted Stock [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 1 year | |||
Restricted Stock [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 5 years | |||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Payment Arrangement, Expense | $ 100 | $ 200 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||
The Fourth Amended 2014 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 2,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period Extension (Year) | 2 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,735,430 | |||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 62,032 |
Note 13 - Stock-based Compens_4
Note 13 - Stock-based Compensation - Summary of Outstanding Options (Details) | 3 Months Ended |
Mar. 31, 2020USD ($)$ / sharesshares | |
Outstanding (in shares) | shares | 2,687,499 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 3.66 |
Issued (in shares) | shares | |
Issued, weighted average exercise price (in dollars per share) | $ / shares | |
Exercised (in shares) | shares | (2,000) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 3.04 |
Cancelled/Forfeited (in shares) | shares | |
Cancelled/Forfeited, weighted average exercise price (in dollars per share) | $ / shares | |
Outstanding (in shares) | shares | 2,685,499 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 3.66 |
Outstanding, weighted average remaining contractual life (Year) | 2 years |
Outstanding, aggregate intrinsic value | $ | $ 16,818,820 |
Exercisable (in shares) | shares | 2,076,502 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 3.15 |
Exercisable, weighted average remaining contractual life (Year) | 1 year 219 days |
Exercisable, aggregate intrinsic value | $ | $ 14,049,640 |