Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 18, 2021 | Jun. 30, 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 Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 16,419,886 | ||
Entity Public Float | $ 68.9 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common stock, no par value per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Unrestricted cash and cash equivalents | $ 178,102 | $ 135,379 |
Restricted cash and cash equivalents | 80,859 | 41,015 |
Loans, interest and fees receivable: | ||
Loans, interest and fees receivable, at fair value | 417,098 | 4,386 |
Loans, interest and fees receivable, gross | 667,556 | 998,209 |
Allowances for uncollectible loans, interest and fees receivable (including $120.9 million and $168.8 million associated with variable interest entities at December 31, 2020 and December 31, 2019, respectively) | (124,961) | (186,329) |
Deferred revenue (including $10.3 million and $40.7 million associated with variable interest entities at December 31, 2020 and December 31, 2019, respectively) | (39,456) | (90,307) |
Net loans, interest and fees receivable | 920,237 | 725,959 |
Property at cost, net of depreciation | 2,240 | 2,738 |
Investments in equity-method investee | 1,415 | 1,957 |
Operating lease right-of-use assets | 9,181 | 14,091 |
Prepaid expenses and other assets | 15,180 | 15,127 |
Total assets | 1,207,214 | 936,266 |
Liabilities | ||
Accounts payable and accrued expenses | 41,731 | 41,617 |
Operating lease liabilities | 13,776 | 22,259 |
Notes Payable, net held by VIEs | 882,610 | 749,209 |
Notes payable associated with structured financings, at fair value (associated with variable interest entities) | 2,919 | 3,920 |
Convertible senior notes | 24,386 | 24,091 |
Income tax liability | 25,932 | 5,785 |
Total liabilities | 991,354 | 846,881 |
Commitments and contingencies (Note 11) | ||
Shareholders' Equity | ||
Common stock, no par value, 150,000,000 shares authorized: 16,115,353 shares issued and outstanding (including 1,459,233 loaned shares to be returned) at December 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 | 194,950 | 212,692 |
Accumulated other comprehensive income | ||
Retained deficit | (117,666) | (211,786) |
Total shareholders’ equity | 77,284 | 906 |
Noncontrolling interests | (774) | (571) |
Total equity | 76,510 | 335 |
Total liabilities, preferred stock and shareholders' equity | 1,207,214 | 936,266 |
Series A Preferred Stock [Member] | ||
Liabilities | ||
Preferred stock | 40,000 | 40,000 |
Series B Preferred Stock [Member] | ||
Liabilities | ||
Preferred stock | $ 99,350 | $ 49,050 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Unrestricted cash and cash equivalents | $ 178,102,000 | $ 135,379,000 |
Restricted cash and cash equivalents | 80,859,000 | 41,015,000 |
Loans, interest and fees receivable, at fair value | 417,098,000 | 4,386,000 |
Loans, interest and fees receivable, gross | 667,556,000 | 998,209,000 |
Allowances for uncollectible loans, interest and fees receivable | 124,961,000 | 186,329,000 |
Deferred revenue | 39,456,000 | 90,307,000 |
Notes payable, at face value | $ 882,610,000 | $ 749,209,000 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
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) | 16,115,353 | 15,885,314 |
Common stock, outstanding (in shares) | 16,115,353 | 15,885,314 |
Own-share lending arrangement, outstanding (in shares) | 1,459,233 | 1,459,233 |
Series A Preferred Stock [Member] | ||
Preferred stock, liquidation preference | $ 40,000,000 | |
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 | $ 96,600,000 | $ 78,700,000 |
Restricted cash and cash equivalents | 70,200,000 | 25,900,000 |
Loans, interest and fees receivable, at fair value | 374,200,000 | 3,900,000 |
Loans, interest and fees receivable, gross | 560,200,000 | 857,200,000 |
Allowances for uncollectible loans, interest and fees receivable | 120,900,000 | 168,800,000 |
Deferred revenue | 10,300,000 | 40,700,000 |
Notes payable, at face value | $ 827,100,000 | $ 691,500,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue: | ||
Consumer loans, including past due fees | $ 410,616 | $ 261,218 |
Fees and related income on earning assets | 133,960 | 68,639 |
Other revenue | 15,431 | 13,754 |
Total operating revenue | 560,007 | 343,611 |
Other non-operating revenue | 3,403 | 111,589 |
Total revenue | 563,410 | 455,200 |
Interest expense | (51,548) | (50,730) |
Provision for losses on loans, interest and fees receivable recorded at net realizable value | (142,719) | (248,383) |
Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | (108,548) | 2,085 |
Net margin | 260,595 | 158,172 |
Operating expense: | ||
Salaries and benefits | 29,079 | 26,229 |
Card and loan servicing | 63,047 | 49,459 |
Marketing and solicitation | 35,012 | 36,388 |
Depreciation | 1,247 | 1,137 |
Other | 17,819 | 13,196 |
Total operating expense | 146,204 | 126,409 |
Income before income taxes | 114,391 | 31,763 |
Income tax expense | (20,474) | (5,553) |
Net income | 93,917 | 26,210 |
Net loss attributable to noncontrolling interests | 203 | 233 |
Net income attributable to controlling interests | 94,120 | 26,443 |
Preferred dividends and discount accretion | (17,070) | (1,153) |
Net income attributable to common shareholders | $ 77,050 | $ 25,290 |
Net income attributable to common shareholders per common share—basic (in dollars per share) | $ 5.32 | $ 1.74 |
Net income attributable to common shareholders per common share—diluted (in dollars per share) | $ 3.95 | $ 1.66 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 93,917 | $ 26,210 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 2,282 | |
Reclassifications of foreign currency translation gains to Operating expense on the consolidated statements of operations | (5,840) | |
Comprehensive income | 93,917 | 22,652 |
Comprehensive loss attributable to noncontrolling interests | 203 | 233 |
Comprehensive income attributable to controlling interests | 94,120 | 22,885 |
Comprehensive income attributable to controlling interests to common shareholders | $ 77,050 | $ 21,732 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Deficit) - 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) | |||||||||
Accretion of discount associated with issuance of subsidiary equity | (50,000) | 50,000 | (50,000) | |||||||||||||
Preferred dividends | (1,103,000) | (1,103,000) | ||||||||||||||
Stock option exercises and proceeds related thereto (in shares) | 469,701 | |||||||||||||||
Stock option exercises and proceeds related thereto | 1,215,000 | 1,215,000 | ||||||||||||||
Compensatory stock issuances, net of forfeitures (in shares) | 209,500 | |||||||||||||||
Compensatory stock issuances, net of forfeitures | ||||||||||||||||
Contributions by preferred shareholders | 50,500,000 | 40,000,000 | ||||||||||||||
Costs associated with contributions by preferred shareholders | (1,500,000) | |||||||||||||||
Deferred stock-based compensation costs | 1,712,000 | $ 1,712,000 | ||||||||||||||
Redemption and retirement of shares (in shares) | (357,461) | (357,461) | ||||||||||||||
Redemption and retirement of shares | (2,517,000) | $ (2,517,000) | ||||||||||||||
Comprehensive income (loss) | (3,558,000) | 26,443,000 | (233,000) | 22,652,000 | ||||||||||||
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 | (300,000) | 300,000 | (300,000) | |||||||||||||
Preferred dividends | (16,770,000) | $ (16,770,000) | ||||||||||||||
Stock option exercises and proceeds related thereto (in shares) | 407,533 | 407,533 | ||||||||||||||
Stock option exercises and proceeds related thereto | 1,326,000 | $ 1,326,000 | ||||||||||||||
Compensatory stock issuances, net of forfeitures (in shares) | 68,040 | |||||||||||||||
Compensatory stock issuances, net of forfeitures | ||||||||||||||||
Contributions by preferred shareholders | 50,000,000 | |||||||||||||||
Deferred stock-based compensation costs | 1,355,000 | $ 1,355,000 | ||||||||||||||
Redemption and retirement of shares (in shares) | (245,534) | (245,534) | ||||||||||||||
Redemption and retirement of shares | (3,353,000) | $ (3,353,000) | ||||||||||||||
Comprehensive income (loss) | 94,120,000 | (203,000) | 93,917,000 | |||||||||||||
Balance (in shares) at Dec. 31, 2020 | 16,115,353 | |||||||||||||||
Balance at Dec. 31, 2020 | $ 194,950,000 | $ (117,666,000) | $ (774,000) | $ 99,350,000 | $ 40,000,000 | $ 76,510,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | ||
Net income | $ 93,917 | $ 26,210 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion, net | 7,952 | 7,693 |
Provision for losses on loans, interest and fees receivable | 142,719 | 248,383 |
Interest expense from accretion of discount on notes | 585 | 818 |
Income from accretion of merchant fees and discount associated with receivables purchases | (110,402) | (116,252) |
Unrealized losses (gains) on loans, interest and fees receivable and underlying notes payable held at fair value | 108,548 | (2,085) |
Amortization of deferred loan costs | 5,137 | 3,518 |
Income from equity-method investments | (456) | (1,001) |
Gain on repurchase of convertible senior notes | (5,127) | |
Deferred stock-based compensation costs | 1,355 | 1,712 |
Lease liability payments | (10,278) | (10,080) |
Changes in assets and liabilities: | ||
(Increase) decrease in uncollected fees on earning assets | (43,319) | 1,765 |
Increase in income tax liability | 20,147 | 5,533 |
Decrease in deposits | 20 | |
Decrease in accounts payable and accrued expenses | (3,096) | (52,720) |
Other | (75) | (8,424) |
Net cash provided by operating activities | 212,734 | 99,963 |
Investing activities | ||
Proceeds from equity-method investee | 998 | 1,520 |
Proceeds from recoveries on charged off receivables | 13,781 | 3,019 |
Investments in earning assets | (1,330,980) | (1,098,764) |
Proceeds from earning assets | 1,024,375 | 660,786 |
Purchases and development of property, net of disposals | (749) | (250) |
Net cash used in investing activities | (292,575) | (433,689) |
Financing activities | ||
Noncontrolling interests contributions | 50,000 | 50,500 |
Issuance costs for nonontrolling interests | (1,500) | |
Proceeds from issuance of preferred units | 40,000 | |
Preferred dividends | (13,561) | |
Proceeds from exercise of stock options | 1,326 | 1,215 |
Purchase and retirement of outstanding stock | (3,353) | (2,517) |
Proceeds from borrowings | 588,229 | 873,340 |
Repayment of borrowings | (460,256) | (592,318) |
Net cash provided by financing activities | 162,385 | 368,720 |
Effect of exchange rate changes on cash | 23 | (354) |
Net increase in cash and cash equivalents | 82,567 | 34,640 |
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 | 258,961 | 176,394 |
Supplemental cash flow information | ||
Cash paid for interest | 46,526 | 46,302 |
Net cash income tax payments | 327 | 20 |
Change in accrued and unpaid preferred dividends | $ 3,209 | $ 1,103 |
Note 1 - Description of Our Bus
Note 1 - Description of Our Business | 12 Months Ended |
Dec. 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 and healthcare point-of-sale (collectively "point-of-sale"), direct mail solicitation, digital marketing and through partner relationships. In the point-of-sale 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 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 On March 27, 2020, 19. one December 27, 2020, 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 | 12 Months Ended |
Dec. 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 (and changes thereon) of our Loans, interest and fees receivables, at fair value and Notes payable associated with structured financings recorded at fair value on our consolidated balance sheets and consolidated statements of 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. Certain prior year amounts on our consolidated statements of operations have been reclassified for consistency with the current year presentation. These reclassifications had no We have eliminated all significant intercompany balances and transactions for financial reporting purposes. Unrestricted Cash and Cash Equivalents Unrestricted cash and cash equivalents consist of cash, money market investments and overnight deposits. We consider all highly liquid cash investments with low interest rate risk and original maturities of three not Restricted Cash Restricted cash as of December 31, 2020 2019 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 the fair value of loans, interest and fees receivable are recorded as a component of "Changes in 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 $185.0 $182.9 December 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 may A considerable amount of judgment is required to assess the ultimate amount of uncollectible loans, interest and fees receivable, and we continuously evaluate and update our methodologies to determine the most appropriate allowance necessary. We may may Certain of our loans, interest and fees receivable 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 December 31, 2020 December 31, 2019, $39.5 $90.3 14 11 $28.2 $48.1 December 31, 2020 December 31, 2019, As a result of the recent COVID- 19 March 13, 2020 March 22, 2020, 19 19 may 19. 19 19 not December 31, 2020, 5.6% 19 December 31, 2020, 1.7% $28.3 A roll-forward (in millions) of our allowance for uncollectible loans, interest and fees receivable by class of receivable is as follows: For the Year Ended December 31, 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 (112.1 ) (2.0 ) (28.6 ) (142.7 ) Charge offs 155.1 3.0 72.1 230.2 Recoveries (9.9 ) (1.1 ) (15.2 ) (26.2 ) Balance at end of period $ (88.2 ) $ (1.7 ) $ (35.1 ) $ (125.0 ) As of December 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 $ — $ (0.3 ) $ — $ (0.3 ) Balance at end of period collectively evaluated for impairment $ (88.2 ) $ (1.4 ) $ (35.1 ) $ (124.7 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 364.2 $ 93.2 $ 210.2 $ 667.6 Loans, interest and fees receivable individually evaluated for impairment $ — $ 2.3 $ — $ 2.3 Loans, interest and fees receivable collectively evaluated for impairment $ 364.2 $ 90.9 $ 210.2 $ 665.3 For the Year Ended December 31, 2019 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (35.4 ) $ (1.3 ) $ (42.5 ) $ (79.2 ) Provision for loan losses (161.5 ) (3.5 ) (83.4 ) (248.4 ) Charge offs 80.2 4.6 68.1 152.9 Recoveries (4.6 ) (1.4 ) (5.6 ) (11.6 ) Balance at end of period $ (121.3 ) $ (1.6 ) $ (63.4 ) $ (186.3 ) As of December 31, 2019 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at end of period individually evaluated for impairment $ — $ (0.4 ) $ (0.1 ) $ (0.5 ) Balance at end of period collectively evaluated for impairment $ (121.3 ) $ (1.2 ) $ (63.3 ) $ (185.8 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 509.2 $ 89.8 $ 399.2 $ 998.2 Loans, interest and fees receivable individually evaluated for impairment $ — $ 2.1 $ 0.1 $ 2.2 Loans, interest and fees receivable collectively evaluated for impairment $ 509.2 $ 87.7 $ 399.1 $ 996.0 Delinquent loans, interest and fees receivable reflect the principal, fee and interest components of loans we did not not Recoveries, noted above, consist of amounts received from the efforts of third third December 31, 2020, $12.4 $13.8 third third We consider loan delinquencies a key indicator of credit quality because this measure provides the best ongoing estimate of how a particular class of receivables is performing. An aging of our delinquent loans, interest and fees receivable, gross (in millions) by class of receivable as of December 31, 2020 December 31, 2019 As of December 31, 2020 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 12.4 $ 7.6 $ 5.1 $ 25.1 60-89 days past due 8.0 2.8 3.8 14.6 90 or more days past due 19.9 2.1 9.5 31.5 Delinquent loans, interest and fees receivable, gross 40.3 12.5 18.4 71.2 Current loans, interest and fees receivable, gross 323.9 80.7 191.8 596.4 Total loans, interest and fees receivable, gross $ 364.2 $ 93.2 $ 210.2 $ 667.6 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.5 $ — $ 1.5 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 six 19 30 not not not 19 The following table details by class of receivable, the number and amount of modified loans, including TDRs that have been re-aged, as of December 31, 2020 December 31, 2019 As of December 31, 2020 December 31, 2019 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of TDRs 12,394 37,784 10,682 14,553 Number of TDRs that have been re-aged 2,788 7,846 2,788 2,854 Amount of TDRs on non-accrual status (in thousands) $ 14,537 $ 26,989 $ 14,468 $ 13,037 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 4,662 $ 6,890 $ 5,118 $ 3,104 Carrying value of TDRs (in thousands) $ 9,583 $ 14,287 $ 8,864 $ 7,312 TDRs - Performing (carrying value, in thousands)* $ 7,420 $ 11,855 $ 6,754 $ 6,106 TDRs - Nonperforming (carrying value, in thousands)* $ 2,163 $ 2,432 $ 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. We do not The Company modified 60,908 31,409 $70.3 $43.3 twelve December 31, 2020 December 31, 2019 twelve Twelve Months Ended December 31, 2020 December 31, 2019 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of accounts 3,065 7,665 2,835 3,339 Loan balance at time of charge off (in thousands) $ 4,352 $ 6,745 $ 4,397 $ 3,545 Property at Cost, Net of Depreciation We capitalize costs related to internal development and implementation of software used in our operating activities in accordance with applicable accounting literature. These capitalized costs consist almost exclusively of fees paid to third We record our property at cost less accumulated depreciation or amortization. We compute depreciation expense using the straight-line method over the estimated useful lives of our assets, which are approximately 5 3 We periodically review our property to determine if it is impaired. We incurred no 2020 no 2019 Investment in Equity-Method Investee We account for an investment using the equity method of accounting if we have the ability to exercise significant influence, but not We use the equity method for our 66.7% 2004 not We evaluate our investments in the equity-method investee for impairment each quarter by comparing the carrying amount of the investment to its fair value. Because no Prepaid Expenses and Other Assets Prepaid expenses and other assets include amounts paid to third third 1 2 3 Accounts Payable and Accrued Expenses Accounts payable and accrued expenses reflect both the billed and unbilled amounts owed at the end of a period for services rendered. Commencing in July 2019, third 10 37 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 fees associated with the credit products, including the receivables underlying our U.S. point-of-sale finance and direct-to-consumer platform, and our legacy credit card receivables which include the recognition of annual fee billings and cash advance fees among others. 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 January 1, 2020 2020. Other revenue Other revenue includes revenues associated with ancillary product offerings, interchange revenues and servicing income. We recognize these fees as income in the period earned. Other non-operating revenue Other non-operating revenue includes revenues associated with investments in equity method investees and other revenues not 2019 $105.9 one December 31, 2020, $2.0 Revenue from Contracts with Customers The majority of our revenue is earned from financial instruments and is not No. 2014 09, None Credit and For the Year Ended December 31, 2020 Other Investments Auto Finance Total Interchange revenues, net (1) $ 9,500 $ — $ 9,500 Servicing income 1,187 994 2,181 Service charges and other customer related fees 3,685 65 3,750 Total revenue from contracts with customers $ 14,372 $ 1,059 $ 15,431 ( 1 Credit and For the Year Ended December 31, 2019 Other Investments Auto Finance Total Interchange revenues, net (1) $ 8,495 $ — $ 8,495 Servicing income 857 929 1,786 Service charges and other customer related fees 3,407 66 3,473 Total revenue from contracts with customers $ 12,759 $ 995 $ 13,754 ( 1 Card and Loan Servicing Expenses Card and loan servicing costs primarily include collections and customer service expenses. Within this category of expenses are personnel, service bureau, cardholder correspondence and other direct costs associated with our collections and customer service efforts. Card and loan servicing costs also include outsourced collections and customer service expenses. We expense card and loan servicing costs as we incur them, with the exception of prepaid costs, which we expense over respective service periods. Marketing and Solicitation Expenses We expense product solicitation costs, including printing, credit bureaus, list processing, telemarketing, postage, and internet marketing fees, as we incur these costs or expend resources. Recent Accounting Pronouncements In June 2016, 2016 13, 2018 19, 2019 04, 2019 10 2019 11 May 2019 2019 05 326 20, first 2016 13 2019 05 December 15, 2019, December 15, 2022 In 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 December 31, 2020 , not On March 11, 2021, $1.9 |
Note 3 - Segment Reporting
Note 3 - Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 3. Segment Reporting We operate primarily within one two two As of both December 31, 2020 December 31, 2019 not December 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: Year Ended December 31, 2020 Credit and Other Investments Auto Finance Total Revenue: Consumer loans, including past due fees $ 378,817 $ 31,799 $ 410,616 Fees and related income on earning assets 133,891 69 133,960 Other revenue 14,372 1,059 15,431 Other non-operating revenue 3,360 43 3,403 Total revenue 530,440 32,970 563,410 Interest expense (50,387 ) (1,161 ) (51,548 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (140,683 ) (2,036 ) (142,719 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (108,548 ) — (108,548 ) Net margin $ 230,822 $ 29,773 $ 260,595 Income before income taxes $ 105,429 $ 8,962 $ 114,391 Income tax expense $ (18,257 ) $ (2,217 ) $ (20,474 ) Total assets $ 1,124,618 $ 82,596 $ 1,207,214 Year Ended December 31, 2019 Credit and Other Investments Auto Finance Total Revenue: Consumer loans, including past due fees $ 229,774 $ 31,444 $ 261,218 Fees and related income on earning assets 68,558 81 68,639 Other revenue 12,759 995 13,754 Other non-operating revenue 111,507 82 111,589 Total revenue 422,598 32,602 455,200 Interest expense (49,065 ) (1,665 ) (50,730 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (244,922 ) (3,461 ) (248,383 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value 2,085 — 2,085 Net margin $ 130,696 $ 27,476 $ 158,172 Income before income taxes $ 25,005 $ 6,758 $ 31,763 Income tax expense $ (3,830 ) $ (1,723 ) $ (5,553 ) Total assets $ 856,354 $ 79,912 $ 936,266 |
Note 4 - Shareholders' Equity a
Note 4 - Shareholders' Equity and Preferred Stock | 12 Months Ended |
Dec. 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 14, Dove is a limited liability company owned by three one two two During the years ended December 31, 2020 2019 245,534 357,461 $3,353,000 $2,517,000, We had 1,459,233 December 31, 2020 December 31, 2019 November 2005 On November 14, 2019, 50.5 $1.00 third 16% 6 not March 30, 2020, 50.0 14, |
Note 5 - Investment in Equity-m
Note 5 - Investment in Equity-method Investee | 12 Months Ended |
Dec. 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 December 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 December 31, 2020 December 31, 2019 Loans, interest and fees receivables, at fair value $ 1,994 $ 2,757 Total assets $ 2,105 $ 2,922 Total liabilities $ 10 $ 13 Members' capital $ 2,095 $ 2,909 Year ended December 31, 2020 2019 Net margin $ 819 $ 1,505 Net income $ 684 $ 1,318 Net income attributable to investee $ 456 $ 1,001 |
Note 6 - Fair Values of Assets
Note 6 - Fair Values of Assets and Liabilities | 12 Months Ended |
Dec. 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 We previously elected the fair value option with respect to 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 "Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value" in the consolidated statements of 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 loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value and therefore impact earnings. Fair value differs from amortized cost accounting in the following ways: • Receivables and notes are recorded at their fair value, not • The fair value of the loans takes into consideration net charge-offs for the remaining life of the loans with no • Certain fee billings (such as annual or merchant fees) and expenses of loans and notes are no • 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 receivables and debt (other than the notes payable underlying our formerly off-balance sheet credit card securitization structures), we have not Where applicable as noted above, we account for our financial assets and liabilities at fair value based upon a three 1 2 1 2 3 may Valuations and Techniques for Assets Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The table below summarizes (in thousands) by fair value hierarchy the December 31, 2020 December 31, 2019 1 2 not Assets – As of December 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 $ — $ — $ 586,908 $ 503,139 Loans, interest and fees receivable, at fair value $ — $ — $ 417,098 $ 417,098 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 consolidated statements of operations as a component of "Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value". For our loans, interest and fees receivable included in the above tables, we assess the fair value of these assets based on our estimate of future cash flows net of servicing costs, and to the extent that such cash flow estimates change from period to period, any such changes are considered to be attributable to changes in instrument-specific credit risk. For Level 3 December 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 (96,948 ) 1,251 Chargeoffs (12,601 ) (897 ) Purchases 713,579 — Settlements (295,301 ) (2,274 ) Finance and fees 103,983 — Balance at December 31, $ 417,098 $ 4,386 The unrealized gains and losses for assets within the Level 3 Net Revaluation of Loans, Interest and Fees Receivable. third For Level 3 December 31, 2020 December 31, 2019 Quantitative Information about Level 3 Fair Value Measurement Fair Value at December 31, 2020 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 417,098 Discounted cash flows Gross yield, net of finance charge charge-offs 22.7% to 56.5% (43.3%) Payment rate 3.9% to 11.4% (8.5%) Expected principal credit loss rate 6.9% to 31.4% (24.8%) Servicing rate 2.9% to 14.2% (4.3%) Discount rate 12.8% to 13.5% (13.3%) 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, net of finance charge charge-offs 25.5% to 53.7% (28.6%) Payment rate 4.0% to 9.5% (4.6%) Expected principal 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 December 31, 2020 December 31, 2019 1 2 not Liabilities – As of December 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 $ — $ — $ 857,068 $ 857,068 Amortizing debt facilities $ — $ — $ 25,542 $ 25,542 Convertible senior notes $ — $ 41,284 $ — $ 24,386 Liabilities carried at fair value Notes payable associated with structured financings, at fair value $ — $ — $ 2,919 $ 2,919 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 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 consolidated statements of operations as a component of "Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value". For our 5.875% 2035 third third not 10, For our material Level 3 December 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 (1,001 ) (1,731 ) Repayments on outstanding notes payable, net — — Balance at December 31, $ 2,919 $ 3,920 The unrealized gains and losses for liabilities within the Level 3 3 Net Revaluation of Notes Payable Associated with Structured Financings, at Fair Value. not third For material Level 3 December 31, 2020 December 31, 2019 Quantitative Information about Level 3 Fair Value Measurement Fair Value at December 31, 2020 (in thousands) Valuation Technique Unobservable Input Weighted Average Notes payable associated with structured financings, at fair value $ 2,919 Discounted cash flows Gross yield, net of finance charge charge-offs 23.7 % Payment rate 3.9 % Expected principal credit loss rate 7.9 % Discount rate 13.2 % 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, net of finance charge charge-offs 25.5 % Payment rate 4.0 % Expected principal credit loss rate 10.5 % Discount rate 14.3 % Other Relevant Data Other relevant data (in thousands) as of December 31, 2020 December 31, 2019 As of December 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 gross balance of loans, interest and fees receivable that are reported at fair value $ 630 $ 515,434 Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value $ 589 $ 487,779 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 540 $ 416,558 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 $ 1,847 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 $ 4 $ 12,972 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 gross balance of loans, interest and fees receivable that are reported at fair value $ 713 $ 5,691 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 December 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 $ 2,919 $ 3,920 |
Note 7 - Property
Note 7 - Property | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Property Details (in thousands) of our property on our consolidated balance sheets are as follows: As of December 31, 2020 2019 Software $ 4,122 $ 3,543 Furniture and fixtures 6,548 6,431 Data processing and telephone equipment 7,728 7,675 Leasehold improvements 10,570 10,570 Other 1,156 1,156 Total cost 30,124 29,375 Less accumulated depreciation (27,884 ) (26,637 ) Property, net $ 2,240 $ 2,738 Depreciation expense totaled $1.2 $1.1 December 31, 2020 2019 |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Dec. 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 Year Ended December 31, 2020 2019 Operating lease cost, gross $ 6,879 $ 6,875 Sublease income (5,133 ) (5,133 ) Net Operating lease cost $ 1,746 $ 1,742 Cash paid under operating leases, gross $ 10,278 $ 10,080 Weighted average remaining lease term - months 19 Weighted average discount rate 6.8 % As of December 31, 2020 Gross Lease Payment Payments received from Sublease Net Lease Payment 2021 $ 10,380 $ (7,315 ) $ 3,065 2022 4,568 (3,112 ) 1,456 2023 285 — 285 2024 100 — 100 2025 34 — 34 Thereafter — — — Total lease payments 15,367 (10,427 ) 4,940 Less imputed interest (1,591 ) Total $ 13,776 In addition, we occasionally lease certain equipment under cancelable and non-cancelable leases, which are accounted for as capital leases in our consolidated financial statements. As of December 31, 2020 no one |
Note 9 - Variable Interest Enti
Note 9 - Variable Interest Entities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 9. Variable Interest Entities The Company contributes certain receivables to VIEs. These entities are sometimes established to facilitate third not The following table presents a summary of VIEs in which we had continuing involvement or held a variable interest (in millions): As of December 31, 2020 December 31, 2019 Unrestricted cash and cash equivalents $ 96.6 $ 78.7 Restricted cash and cash equivalents 70.2 25.9 Loans, interest and fees receivable, at fair value 374.2 3.9 Loans, interest and fees receivable, gross 560.2 857.2 Allowances for uncollectible loans, interest and fees receivable (120.9 ) (168.8 ) Deferred revenue (10.3 ) (40.7 ) Total Assets held by VIEs $ 970.0 $ 756.2 Notes Payable, net held by VIEs $ 827.1 $ 691.5 Notes Payable, at fair value held by VIEs $ 2.9 $ 3.9 Maximum exposure to loss due to involvement with VIEs $ 864.4 $ 653.2 |
Note 10 - Notes Payable
Note 10 - Notes Payable | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. Notes Payable Notes Payable Associated with Structured Financings, at Fair Value Scheduled (in millions) in the table below are ( 1 December 31, 2020 December 31, 2019 2 December 31, 2020 December 31, 2019 3 December 31, 2020 December 31, 2019 Carrying Amounts at Fair Value as of December 31, 2020 December 31, 2019 Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of December 31, 2020 ($101.3 million as of December 31, 2019) bearing interest at a weighted average 5.7% interest rate, based upon LIBOR, at December 31, 2020 (6.9% at December 31, 2019), which is secured by credit card receivables and restricted cash aggregating $2.9 million as of December 31, 2020 ($3.9 million as of December 31, 2019) in carrying amount $ 2.9 $ 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 $2.9 $2.9 no December 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 Other notes payable outstanding as of December 31, 2020 December 31, 2019 As of December 31, 2020 December 31, 2019 Revolving credit facilities at a weighted average interest rate equal to 4.8% as of December 31, 2020 (6.0% as of 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 $943.6 million as of December 31, 2020 ($740.4 million as of December 31, 2019) Revolving credit facility, not to exceed $55.0 million (expiring November 1, 2023) (1) (2) (3) $ 34.9 $ 39.1 Revolving credit facility, not to exceed $50.0 million (expiring October 30, 2022) (2) (3) (4) (5) 50.0 40.5 Revolving credit facility, not to exceed $70.0 million (expiring February 8, 2022) (2) (3) (4) (5) (6) 5.8 25.8 Revolving credit facility, not to exceed $10.0 million (expiring October 15, 2021) (2) (3) (4) (5) (6) 10.0 — Revolving credit facility, not to exceed $15.0 million (expiring July 15, 2021) (2) (3) (4) (5) 4.7 14.6 Revolving credit facility, not to exceed $100.0 million (expiring August 15, 2022) (2) (3) (4) (5) (6) 2.5 — Revolving credit facility, not to exceed $167.3 million (repaid in October 2020) (3) (4) (5) (6) — 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 April 21, 2021) (2) (3) (4) (5) 7.8 8.6 Revolving credit facility, not to exceed $50.0 million (repaid in July 2020) (2) (3) (4) (5) — 15.0 Revolving credit facility, not to exceed $100.0 million (expiring January 15, 2025) (3) (4) (5) (6) 100.0 — Revolving credit facility, not to exceed $250.0 million (expiring October 15, 2025) (3) (4) (5) (6) 250.0 — Other facilities Other debt with a weighted average interest rate equal to 2.7% 3.2 1.2 Unsecured term debt (expiring August 26, 2024) with a weighted average interest rate equal to 8.0% (3) 17.4 17.4 Amortizing debt facility (repaid in July 2020) (2) (3) (4) (5) — 19.4 Amortizing debt facility (expiring September 30, 2021) with a weighted average interest rate equal to 4.7% (2) (3) (4) (5) 5.0 10.0 Total notes payable before unamortized debt issuance costs and discounts 891.3 758.9 Unamortized debt issuance costs and discounts (8.7 ) (9.7 ) Total notes payable outstanding, net $ 882.6 $ 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 December 31, 2020 0.15% 3.25%. In October 2015, $50.0 $50.0 December 31, 2020 3.0%. October 30, 2022 In October 2016, $40.0 $34.9 December 31, 2020 2.4% 3.0% October 2016, December 31, 2020 $55.0 November 1, 2023. no In December 2016, $20.0 $0.0 December 31, 2020 December 2016, July 2020 not 5.0%. In February 2017, $90.0 $70.0 $5.8 December 31, 2020 third 14.0%. February 8, 2022 may In December 2017, $15.0 $7.8 December 31, 2020 3.5%. April 21, 2021 In 2018, two $200.0 $110.00 $12.5 December 31, 2020 third 3.75% 4.875%, October 15, 2021 August 15, 2022, may In September 2018, $50.0 $0.0 December 31, 2020 6.5%. July 2020 not In November 2018, $167.3 two 18 5.76%. October 2020 not In June 2019, $15.0 $4.7 December 31, 2020 In June 2019, $200.0 December 15, 2022). two 12 18 5.37%. In August 2019, $54.4 $16.3 $17.4 8.0% August 2024. 11, In September 2019, $30.0 $5.0 December 31, 2020 4.5%. September 30, 2021 In November 2019, $200.0 May 15, 2024). three 12 18 4.91%. In July 2020, $100.0 three 18 5.47%. In October 2020, $250.0 41 18 August 2025 October 2025. 4.1%. As of December 31, 2020 |
Note 11 - Convertible Senior No
Note 11 - Convertible Senior Notes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 11. 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 10, The following summarizes (in thousands) components of our consolidated balance sheets associated with our convertible senior notes: As of December 31, 2020 December 31, 2019 Face amount of convertible senior notes $ 33,839 $ 33,839 Discount (9,453 ) (9,748 ) Net carrying value $ 24,386 $ 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 $ — $ — During certain periods and subject to certain conditions, the remaining $33.8 December 31, 2020 40.63 $1,000 $24.61 $1,000 $1,000 may 40.63 $1,000 6 not may In conjunction with the offering of the convertible senior notes, we entered into a 30 5,677,950 2008. 30 may A/A2, $35.9 1,459,233 December 31, 2020 We analogize the share lending agreement to a prepaid forward contract, which we have evaluated under applicable accounting guidance. We determined that the instrument was not not Accounting for Convertible Senior Notes Under applicable accounting literature, the accounting for the issuance of the notes includes ( 1 2 3 4 December 31, 2020 2019 $0.3 $0.5 $2.0 $3.9 December 31, 2020 2019 December 31, 2020 October 2035). 9.2% |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. 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 $1.6 December 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 December 31, 2020 , $9.9 Under agreements with third $10.6 December 31, 2020 Under agreements with third December 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 $27.5 December 31, 2020 ( $0.5 December 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 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Income Taxes Deferred tax assets and liabilities reflect the effects of tax losses, credits, and the future income tax effects of temporary differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates that apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The current and deferred portions (in thousands) of federal, foreign and state income tax benefit or expense are as follows: For the Year Ended December 31, 2020 2019 Federal income tax (expense) benefit: Current tax benefit $ 1,351 $ 279 Deferred tax (expense) (21,752 ) (5,395 ) Total federal income tax (expense) $ (20,401 ) $ (5,116 ) Foreign income tax (expense) benefit: Current tax (expense) benefit $ (143 ) $ 25 Deferred tax (expense) (5 ) (15 ) Total foreign income tax (expense) benefit $ (148 ) $ 10 State and other income tax benefit (expense): Current tax (expense) $ (1,228 ) $ (709 ) Deferred tax benefit 1,303 262 Total state and other income tax benefit (expense) $ 75 $ (447 ) Total income tax (expense) $ (20,474 ) $ (5,553 ) We experienced an effective income tax expense rate of 17.9% 17.5% December 31, 2020 December 31, 2019, December 31, 2020 1 2 2020 2008 December 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. For 2020, $1.0 2019, $0.1 . The following table reconciles our effective income tax expense or benefit rates for 2020 2019 For the Year Ended December 31, 2020 2019 Statutory federal expense rate 21.0 % 21.0 % Increase (decrease) in statutory tax expense rate resulting from: Federal valuation allowance — (4.4 ) Global intangible low-taxed income 0.2 0.8 Interest and penalties related to uncertain tax positions and IRS settlement adjustment (0.6 ) 0.6 Interest expense on preferred stock as debt treatment (2.6 ) — Foreign taxes, net of valuation allowance (0.2 ) (0.5 ) Permanent and other prior year true ups and tax effect of non-controlling interest 0.2 (1.1 ) State taxes, net of valuation allowance (0.1 ) 1.1 Effective expense rate 17.9 % 17.5 % As of December 31, 2020 December 31, 2019 As of December 31, 2020 2019 Deferred tax assets: Software development costs/fixed assets $ 75 $ — Goodwill and intangible assets — 113 Provision for loan loss 30,080 36,172 Credit card fair value election differences 173 — Equity-based compensation 715 792 Accrued expenses 466 386 Accruals for state taxes and interest associated with unrecognized tax benefits 121 108 Federal net operating loss and capital loss carry-forwards 11,279 18,643 Federal tax credits and minimum tax credit carry-forward 25 520 Foreign net operating loss carry-forward 306 537 Interest expense on preferred stock with debt treatment for tax purposes 631 — Other 202 40 State tax benefits, primarily from net operating losses 36,052 40,937 Deferred tax assets, gross $ 80,125 $ 98,248 Valuation allowances (31,701 ) (39,161 ) Deferred tax assets net of valuation allowance $ 48,424 $ 59,087 Deferred tax (liabilities): Prepaid expenses and other $ (225 ) $ (1,217 ) Software development costs/fixed assets — (176 ) Equity in income of equity-method investee (1,457 ) (1,154 ) Credit card fair value election differences — (21,513 ) Market discount on loans (61,255 ) (29,834 ) Deferred costs (545 ) (542 ) Convertible senior notes (10,057 ) (9,309 ) Deferred tax (liabilities), gross $ (73,539 ) $ (63,745 ) Deferred tax (liabilities), net $ (25,115 ) $ (4,658 ) We undertook a detailed review of our deferred taxes and determined that a valuation allowance was required for certain deferred tax assets in state tax jurisdictions within the U.S. and in the U.K. We reduce our deferred tax assets by valuation allowances if it is more likely than not not not $31.7 $39.2 December 31, 2020 December 31, 2019, $2.0 December 31, 2019 December 31, 2020. Certain of our deferred tax assets relate to federal, foreign and state net operating losses, capital losses, and credits, and we have no $10.7 $51.0 2030 2037 $0.6 $2.4 2021 Our subsidiaries file federal, state and/or foreign income tax returns. In the normal course of our business, we are subject to examination by taxing authorities throughout the world, including such major jurisdictions as the U.S., the U.K., and various U.S. states and territories. With a few exceptions of a non-material nature, we are no 2016. Reconciliations (in thousands) of our unrecognized tax benefits from the beginning to the end of 2020 2019 2020 2019 Balance at January 1, $ (513 ) $ (414 ) Reductions based on tax positions related to prior years — 13 Additions based on tax positions related to prior years 48 — Additions based on tax positions related to the current year (82 ) (83 ) Interest and penalties accrued (30 ) (29 ) Balance at December 31, $ (577 ) $ (513 ) Further, our unrecognized tax benefits that, if recognized, would affect the effective tax rate are not $0.6 $0.5 December 31, 2020 2019 |
Note 14 - Net Income Attributab
Note 14 - Net Income Attributable to Controlling Interests Per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 14. Net Income Attributable to Controlling Interests Per Common Share We compute net income (loss) attributable to controlling interests per common share by dividing net income (loss) attributable to controlling interests by the weighted-average number of shares of common stock (including participating securities) outstanding during the period, as discussed below. Diluted computations applicable in financial reporting periods in which we report income reflect the potential dilution to the basic income per share of common stock computations that could occur if securities or other contracts to issue common stock were exercised, were converted into common stock or were to result in the issuance of common stock that would share in our results of operations. In performing our net income (loss) attributable to controlling interests per share of common stock computations, we apply accounting rules that require us to include all unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted calculations. Common stock and certain unvested share-based payment awards earn dividends equally, and we have included all outstanding restricted stock awards in our basic and diluted calculations for current and prior periods. The following table sets forth the computations of net income attributable to controlling interests per share of common stock (in thousands, except per share data): December 31, 2020 2019 Numerator: Net income attributable to controlling interests $ 94,120 $ 26,443 Preferred stock and preferred unit dividends and accretion (17,070 ) (1,153 ) Net income attributable to common shareholders—basic 77,050 25,290 Effect of dilutive preferred stock dividends and accretion 2,400 26 Net income attributable to common shareholders—diluted $ 79,450 $ 25,316 Denominator: Basic (including unvested share-based payment awards) (1) 14,486 14,499 Effect of dilutive stock compensation arrangements and exchange of preferred stock 5,616 774 Diluted (including unvested share-based payment awards) (1) 20,102 15,273 Net income attributable to common shareholders per share—basic $ 5.32 $ 1.74 Net income attributable to common shareholders per share—diluted $ 3.95 $ 1.66 ( 1 Shares related to unvested share-based payment awards included in our basic and diluted share counts were 431,262 December 31, 2020 , 512,636 December 31, 2019 . As their effects were anti-dilutive, we excluded stock options to purchase 0.1 0.5 December 31, 2020 2019 For the year ended December 31, 2020 3,793,869 No December 31, 2019. 4, For the years ended December 31, 2020 2019 no $24.61 1 .4 11 |
Note 15 - Stock-based Compensat
Note 15 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 15. Stock-Based Compensation We currently have two 2014 2014 2014 may 2014 May 2019. 2014 2,000,000 two December 31, 2020 56,562 1,670,226 2014 Exercises and vestings under our stock-based compensation plans resulted in no December 31, 2020 2019 Restricted Stock and Restricted Stock Units During the years ended December 31, 2020 2019 61,373 229,500 $0.6 $0.9 $0.8 $1.0 December 31, 2020 2019 12 60 December 31, 2020 , $0.5 1 .1 No Stock Options The exercise price per share of the options awarded under the Fourth Amended 2014 may not 10 2020 zero 5 77.7% 0.46% 5 $0.5 $0.7 December 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 143,500 $ 15.30 Exercised (407,533 ) $ 3.25 Expired/Forfeited — $ — Outstanding at December 31, 2020 2,423,466 $ 4.41 1.6 $ 48,992,890 Exercisable at December 31, 2020 1,835,467 $ 3.20 1.1 $ 39,325,783 Information on stock options granted, exercised and vested is as follows (in thousands, except per share data): Year ended December 31, 2020 2019 Weighted average fair value per share of options granted $ 9.47 $ 1.90 Cash received from options exercised, net $ 1,326 $ 1,215 Aggregate intrinsic value of options exercised $ 5,726 $ 671 Grant date fair value of shares vested $ 944 $ 618 Options issued during the year ended December 31, 2020 $1.4 $1.4 $0.5 December 31, 2020 December 31, 2019 , |
Note 16 - Employee Benefit Plan
Note 16 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans, Other than Share-based Compensation [Text Block] | 16. Employee Benefit Plans We maintain a defined contribution retirement plan ( “401 401 3 3% $197,214 $285,618 2020 2019 Also, all employees, excluding executive officers, are eligible to participate in the ESPP. Under the ESPP, employees can elect to have up to 10% $10,000. 85% $106,775 9,209 2020 $108,466 19,641 2019 100,000 $31,748 $31,954 2020 2019 |
Note 17 - Related Party Transac
Note 17 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 17. Related Party Transactions Under a shareholders' agreement which we entered into with certain shareholders, including David G. Hanna, Frank J. Hanna, III and certain trusts that were Hanna affiliates, following our initial public offering ( 1 one third 50% may 2 50% third may In June 2007, 1,000 600 $16,960 $16,627 2020 2019 January 1, 2021 May 2022 $24,567. In January 2013, four December 31, 2020 2019 $334,526 $269,072, On November 26, 2014, $40.0 December 27, 2019, 400,000 $40 $40.0 6% no may, January 1, 2025 $100 $100 January 1, 2024. $100 $10 three one two two |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 (and changes thereon) of our Loans, interest and fees receivables, at fair value and Notes payable associated with structured financings recorded at fair value on our consolidated balance sheets and consolidated statements of 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. Certain prior year amounts on our consolidated statements of operations have been reclassified for consistency with the current year presentation. These reclassifications had no We have eliminated all significant intercompany balances and transactions for financial reporting purposes. |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | Unrestricted Cash and Cash Equivalents Unrestricted cash and cash equivalents consist of cash, money market investments and overnight deposits. We consider all highly liquid cash investments with low interest rate risk and original maturities of three not |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash as of December 31, 2020 2019 |
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 the fair value of loans, interest and fees receivable are recorded as a component of "Changes in 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 $185.0 $182.9 December 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 may A considerable amount of judgment is required to assess the ultimate amount of uncollectible loans, interest and fees receivable, and we continuously evaluate and update our methodologies to determine the most appropriate allowance necessary. We may may Certain of our loans, interest and fees receivable 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 December 31, 2020 December 31, 2019, $39.5 $90.3 14 11 $28.2 $48.1 December 31, 2020 December 31, 2019, As a result of the recent COVID- 19 March 13, 2020 March 22, 2020, 19 19 may 19. 19 19 not December 31, 2020, 5.6% 19 December 31, 2020, 1.7% $28.3 A roll-forward (in millions) of our allowance for uncollectible loans, interest and fees receivable by class of receivable is as follows: For the Year Ended December 31, 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 (112.1 ) (2.0 ) (28.6 ) (142.7 ) Charge offs 155.1 3.0 72.1 230.2 Recoveries (9.9 ) (1.1 ) (15.2 ) (26.2 ) Balance at end of period $ (88.2 ) $ (1.7 ) $ (35.1 ) $ (125.0 ) As of December 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 $ — $ (0.3 ) $ — $ (0.3 ) Balance at end of period collectively evaluated for impairment $ (88.2 ) $ (1.4 ) $ (35.1 ) $ (124.7 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 364.2 $ 93.2 $ 210.2 $ 667.6 Loans, interest and fees receivable individually evaluated for impairment $ — $ 2.3 $ — $ 2.3 Loans, interest and fees receivable collectively evaluated for impairment $ 364.2 $ 90.9 $ 210.2 $ 665.3 For the Year Ended December 31, 2019 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (35.4 ) $ (1.3 ) $ (42.5 ) $ (79.2 ) Provision for loan losses (161.5 ) (3.5 ) (83.4 ) (248.4 ) Charge offs 80.2 4.6 68.1 152.9 Recoveries (4.6 ) (1.4 ) (5.6 ) (11.6 ) Balance at end of period $ (121.3 ) $ (1.6 ) $ (63.4 ) $ (186.3 ) As of December 31, 2019 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at end of period individually evaluated for impairment $ — $ (0.4 ) $ (0.1 ) $ (0.5 ) Balance at end of period collectively evaluated for impairment $ (121.3 ) $ (1.2 ) $ (63.3 ) $ (185.8 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 509.2 $ 89.8 $ 399.2 $ 998.2 Loans, interest and fees receivable individually evaluated for impairment $ — $ 2.1 $ 0.1 $ 2.2 Loans, interest and fees receivable collectively evaluated for impairment $ 509.2 $ 87.7 $ 399.1 $ 996.0 Delinquent loans, interest and fees receivable reflect the principal, fee and interest components of loans we did not not Recoveries, noted above, consist of amounts received from the efforts of third third December 31, 2020, $12.4 $13.8 third third We consider loan delinquencies a key indicator of credit quality because this measure provides the best ongoing estimate of how a particular class of receivables is performing. An aging of our delinquent loans, interest and fees receivable, gross (in millions) by class of receivable as of December 31, 2020 December 31, 2019 As of December 31, 2020 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 12.4 $ 7.6 $ 5.1 $ 25.1 60-89 days past due 8.0 2.8 3.8 14.6 90 or more days past due 19.9 2.1 9.5 31.5 Delinquent loans, interest and fees receivable, gross 40.3 12.5 18.4 71.2 Current loans, interest and fees receivable, gross 323.9 80.7 191.8 596.4 Total loans, interest and fees receivable, gross $ 364.2 $ 93.2 $ 210.2 $ 667.6 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.5 $ — $ 1.5 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 six 19 30 not not not 19 The following table details by class of receivable, the number and amount of modified loans, including TDRs that have been re-aged, as of December 31, 2020 December 31, 2019 As of December 31, 2020 December 31, 2019 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of TDRs 12,394 37,784 10,682 14,553 Number of TDRs that have been re-aged 2,788 7,846 2,788 2,854 Amount of TDRs on non-accrual status (in thousands) $ 14,537 $ 26,989 $ 14,468 $ 13,037 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 4,662 $ 6,890 $ 5,118 $ 3,104 Carrying value of TDRs (in thousands) $ 9,583 $ 14,287 $ 8,864 $ 7,312 TDRs - Performing (carrying value, in thousands)* $ 7,420 $ 11,855 $ 6,754 $ 6,106 TDRs - Nonperforming (carrying value, in thousands)* $ 2,163 $ 2,432 $ 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. We do not The Company modified 60,908 31,409 $70.3 $43.3 twelve December 31, 2020 December 31, 2019 twelve Twelve Months Ended December 31, 2020 December 31, 2019 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of accounts 3,065 7,665 2,835 3,339 Loan balance at time of charge off (in thousands) $ 4,352 $ 6,745 $ 4,397 $ 3,545 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property at Cost, Net of Depreciation We capitalize costs related to internal development and implementation of software used in our operating activities in accordance with applicable accounting literature. These capitalized costs consist almost exclusively of fees paid to third We record our property at cost less accumulated depreciation or amortization. We compute depreciation expense using the straight-line method over the estimated useful lives of our assets, which are approximately 5 3 We periodically review our property to determine if it is impaired. We incurred no 2020 no 2019 |
Equity Method Investments [Policy Text Block] | Investment in Equity-Method Investee We account for an investment using the equity method of accounting if we have the ability to exercise significant influence, but not We use the equity method for our 66.7% 2004 not We evaluate our investments in the equity-method investee for impairment each quarter by comparing the carrying amount of the investment to its fair value. Because no |
Prepaid Expenses and Other Assets [Policy Text Block] | Prepaid Expenses and Other Assets Prepaid expenses and other assets include amounts paid to third third 1 2 3 |
Accounts Payable and Accrued Expenses [Policy Text Block] | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses reflect both the billed and unbilled amounts owed at the end of a period for services rendered. Commencing in July 2019, third 10 37 |
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 fees associated with the credit products, including the receivables underlying our U.S. point-of-sale finance and direct-to-consumer platform, and our legacy credit card receivables which include the recognition of annual fee billings and cash advance fees among others. 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 January 1, 2020 2020. Other revenue Other revenue includes revenues associated with ancillary product offerings, interchange revenues and servicing income. We recognize these fees as income in the period earned. Other non-operating revenue Other non-operating revenue includes revenues associated with investments in equity method investees and other revenues not 2019 $105.9 one December 31, 2020, $2.0 Revenue from Contracts with Customers The majority of our revenue is earned from financial instruments and is not No. 2014 09, None Credit and For the Year Ended December 31, 2020 Other Investments Auto Finance Total Interchange revenues, net (1) $ 9,500 $ — $ 9,500 Servicing income 1,187 994 2,181 Service charges and other customer related fees 3,685 65 3,750 Total revenue from contracts with customers $ 14,372 $ 1,059 $ 15,431 ( 1 Credit and For the Year Ended December 31, 2019 Other Investments Auto Finance Total Interchange revenues, net (1) $ 8,495 $ — $ 8,495 Servicing income 857 929 1,786 Service charges and other customer related fees 3,407 66 3,473 Total revenue from contracts with customers $ 12,759 $ 995 $ 13,754 ( 1 |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Card and Loan Servicing Expenses Card and loan servicing costs primarily include collections and customer service expenses. Within this category of expenses are personnel, service bureau, cardholder correspondence and other direct costs associated with our collections and customer service efforts. Card and loan servicing costs also include outsourced collections and customer service expenses. We expense card and loan servicing costs as we incur them, with the exception of prepaid costs, which we expense over respective service periods. |
Advertising Cost [Policy Text Block] | Marketing and Solicitation Expenses We expense product solicitation costs, including printing, credit bureaus, list processing, telemarketing, postage, and internet marketing fees, as we incur these costs or expend resources. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, 2018 19, 2019 04, 2019 10 2019 11 May 2019 2019 05 326 20, first 2016 13 2019 05 December 15, 2019, December 15, 2022 In 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 December 31, 2020 , not On March 11, 2021, $1.9 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | For the Year Ended December 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 (112.1 ) (2.0 ) (28.6 ) (142.7 ) Charge offs 155.1 3.0 72.1 230.2 Recoveries (9.9 ) (1.1 ) (15.2 ) (26.2 ) Balance at end of period $ (88.2 ) $ (1.7 ) $ (35.1 ) $ (125.0 ) As of December 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 $ — $ (0.3 ) $ — $ (0.3 ) Balance at end of period collectively evaluated for impairment $ (88.2 ) $ (1.4 ) $ (35.1 ) $ (124.7 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 364.2 $ 93.2 $ 210.2 $ 667.6 Loans, interest and fees receivable individually evaluated for impairment $ — $ 2.3 $ — $ 2.3 Loans, interest and fees receivable collectively evaluated for impairment $ 364.2 $ 90.9 $ 210.2 $ 665.3 For the Year Ended December 31, 2019 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (35.4 ) $ (1.3 ) $ (42.5 ) $ (79.2 ) Provision for loan losses (161.5 ) (3.5 ) (83.4 ) (248.4 ) Charge offs 80.2 4.6 68.1 152.9 Recoveries (4.6 ) (1.4 ) (5.6 ) (11.6 ) Balance at end of period $ (121.3 ) $ (1.6 ) $ (63.4 ) $ (186.3 ) As of December 31, 2019 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at end of period individually evaluated for impairment $ — $ (0.4 ) $ (0.1 ) $ (0.5 ) Balance at end of period collectively evaluated for impairment $ (121.3 ) $ (1.2 ) $ (63.3 ) $ (185.8 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 509.2 $ 89.8 $ 399.2 $ 998.2 Loans, interest and fees receivable individually evaluated for impairment $ — $ 2.1 $ 0.1 $ 2.2 Loans, interest and fees receivable collectively evaluated for impairment $ 509.2 $ 87.7 $ 399.1 $ 996.0 |
Financing Receivable, Past Due [Table Text Block] | As of December 31, 2020 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 12.4 $ 7.6 $ 5.1 $ 25.1 60-89 days past due 8.0 2.8 3.8 14.6 90 or more days past due 19.9 2.1 9.5 31.5 Delinquent loans, interest and fees receivable, gross 40.3 12.5 18.4 71.2 Current loans, interest and fees receivable, gross 323.9 80.7 191.8 596.4 Total loans, interest and fees receivable, gross $ 364.2 $ 93.2 $ 210.2 $ 667.6 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.5 $ — $ 1.5 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 December 31, 2020 December 31, 2019 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of TDRs 12,394 37,784 10,682 14,553 Number of TDRs that have been re-aged 2,788 7,846 2,788 2,854 Amount of TDRs on non-accrual status (in thousands) $ 14,537 $ 26,989 $ 14,468 $ 13,037 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 4,662 $ 6,890 $ 5,118 $ 3,104 Carrying value of TDRs (in thousands) $ 9,583 $ 14,287 $ 8,864 $ 7,312 TDRs - Performing (carrying value, in thousands)* $ 7,420 $ 11,855 $ 6,754 $ 6,106 TDRs - Nonperforming (carrying value, in thousands)* $ 2,163 $ 2,432 $ 2,110 $ 1,206 Twelve Months Ended December 31, 2020 December 31, 2019 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of accounts 3,065 7,665 2,835 3,339 Loan balance at time of charge off (in thousands) $ 4,352 $ 6,745 $ 4,397 $ 3,545 |
Disaggregation of Revenue [Table Text Block] | Credit and For the Year Ended December 31, 2020 Other Investments Auto Finance Total Interchange revenues, net (1) $ 9,500 $ — $ 9,500 Servicing income 1,187 994 2,181 Service charges and other customer related fees 3,685 65 3,750 Total revenue from contracts with customers $ 14,372 $ 1,059 $ 15,431 Credit and For the Year Ended December 31, 2019 Other Investments Auto Finance Total Interchange revenues, net (1) $ 8,495 $ — $ 8,495 Servicing income 857 929 1,786 Service charges and other customer related fees 3,407 66 3,473 Total revenue from contracts with customers $ 12,759 $ 995 $ 13,754 |
Note 3 - Segment Reporting (Tab
Note 3 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 2020 Credit and Other Investments Auto Finance Total Revenue: Consumer loans, including past due fees $ 378,817 $ 31,799 $ 410,616 Fees and related income on earning assets 133,891 69 133,960 Other revenue 14,372 1,059 15,431 Other non-operating revenue 3,360 43 3,403 Total revenue 530,440 32,970 563,410 Interest expense (50,387 ) (1,161 ) (51,548 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (140,683 ) (2,036 ) (142,719 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (108,548 ) — (108,548 ) Net margin $ 230,822 $ 29,773 $ 260,595 Income before income taxes $ 105,429 $ 8,962 $ 114,391 Income tax expense $ (18,257 ) $ (2,217 ) $ (20,474 ) Total assets $ 1,124,618 $ 82,596 $ 1,207,214 Year Ended December 31, 2019 Credit and Other Investments Auto Finance Total Revenue: Consumer loans, including past due fees $ 229,774 $ 31,444 $ 261,218 Fees and related income on earning assets 68,558 81 68,639 Other revenue 12,759 995 13,754 Other non-operating revenue 111,507 82 111,589 Total revenue 422,598 32,602 455,200 Interest expense (49,065 ) (1,665 ) (50,730 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (244,922 ) (3,461 ) (248,383 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value 2,085 — 2,085 Net margin $ 130,696 $ 27,476 $ 158,172 Income before income taxes $ 25,005 $ 6,758 $ 31,763 Income tax expense $ (3,830 ) $ (1,723 ) $ (5,553 ) Total assets $ 856,354 $ 79,912 $ 936,266 |
Note 5 - Investment in Equity_2
Note 5 - Investment in Equity-method Investee (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | As of December 31, 2020 December 31, 2019 Loans, interest and fees receivables, at fair value $ 1,994 $ 2,757 Total assets $ 2,105 $ 2,922 Total liabilities $ 10 $ 13 Members' capital $ 2,095 $ 2,909 Year ended December 31, 2020 2019 Net margin $ 819 $ 1,505 Net income $ 684 $ 1,318 Net income attributable to investee $ 456 $ 1,001 |
Note 6 - Fair Values of Asset_2
Note 6 - Fair Values of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Assets – As of December 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 $ — $ — $ 586,908 $ 503,139 Loans, interest and fees receivable, at fair value $ — $ — $ 417,098 $ 417,098 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 (96,948 ) 1,251 Chargeoffs (12,601 ) (897 ) Purchases 713,579 — Settlements (295,301 ) (2,274 ) Finance and fees 103,983 — Balance at December 31, $ 417,098 $ 4,386 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value Measurement Fair Value at December 31, 2020 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 417,098 Discounted cash flows Gross yield, net of finance charge charge-offs 22.7% to 56.5% (43.3%) Payment rate 3.9% to 11.4% (8.5%) Expected principal credit loss rate 6.9% to 31.4% (24.8%) Servicing rate 2.9% to 14.2% (4.3%) Discount rate 12.8% to 13.5% (13.3%) 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, net of finance charge charge-offs 25.5% to 53.7% (28.6%) Payment rate 4.0% to 9.5% (4.6%) Expected principal 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 December 31, 2020 (in thousands) Valuation Technique Unobservable Input Weighted Average Notes payable associated with structured financings, at fair value $ 2,919 Discounted cash flows Gross yield, net of finance charge charge-offs 23.7 % Payment rate 3.9 % Expected principal credit loss rate 7.9 % Discount rate 13.2 % 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, net of finance charge charge-offs 25.5 % Payment rate 4.0 % Expected principal credit loss rate 10.5 % Discount rate 14.3 % |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Liabilities – As of December 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 $ — $ — $ 857,068 $ 857,068 Amortizing debt facilities $ — $ — $ 25,542 $ 25,542 Convertible senior notes $ — $ 41,284 $ — $ 24,386 Liabilities carried at fair value Notes payable associated with structured financings, at fair value $ — $ — $ 2,919 $ 2,919 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 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 (1,001 ) (1,731 ) Repayments on outstanding notes payable, net — — Balance at December 31, $ 2,919 $ 3,920 |
Fair Value Option, Disclosures [Table Text Block] | As of December 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 gross balance of loans, interest and fees receivable that are reported at fair value $ 630 $ 515,434 Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value $ 589 $ 487,779 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 540 $ 416,558 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 $ 1,847 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 $ 4 $ 12,972 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 gross balance of loans, interest and fees receivable that are reported at fair value $ 713 $ 5,691 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 December 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 $ 2,919 $ 3,920 |
Note 7 - Property (Tables)
Note 7 - Property (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of December 31, 2020 2019 Software $ 4,122 $ 3,543 Furniture and fixtures 6,548 6,431 Data processing and telephone equipment 7,728 7,675 Leasehold improvements 10,570 10,570 Other 1,156 1,156 Total cost 30,124 29,375 Less accumulated depreciation (27,884 ) (26,637 ) Property, net $ 2,240 $ 2,738 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Year Ended December 31, 2020 2019 Operating lease cost, gross $ 6,879 $ 6,875 Sublease income (5,133 ) (5,133 ) Net Operating lease cost $ 1,746 $ 1,742 Cash paid under operating leases, gross $ 10,278 $ 10,080 Weighted average remaining lease term - months 19 Weighted average discount rate 6.8 % |
Operating Lease, Liability and Payments to be Received, Maturity [Table Text Block] | Gross Lease Payment Payments received from Sublease Net Lease Payment 2021 $ 10,380 $ (7,315 ) $ 3,065 2022 4,568 (3,112 ) 1,456 2023 285 — 285 2024 100 — 100 2025 34 — 34 Thereafter — — — Total lease payments 15,367 (10,427 ) 4,940 Less imputed interest (1,591 ) Total $ 13,776 |
Note 9 - Variable Interest En_2
Note 9 - Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of December 31, 2020 December 31, 2019 Unrestricted cash and cash equivalents $ 96.6 $ 78.7 Restricted cash and cash equivalents 70.2 25.9 Loans, interest and fees receivable, at fair value 374.2 3.9 Loans, interest and fees receivable, gross 560.2 857.2 Allowances for uncollectible loans, interest and fees receivable (120.9 ) (168.8 ) Deferred revenue (10.3 ) (40.7 ) Total Assets held by VIEs $ 970.0 $ 756.2 Notes Payable, net held by VIEs $ 827.1 $ 691.5 Notes Payable, at fair value held by VIEs $ 2.9 $ 3.9 Maximum exposure to loss due to involvement with VIEs $ 864.4 $ 653.2 |
Note 10 - Notes Payable (Tables
Note 10 - Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of December 31, 2020 December 31, 2019 Revolving credit facilities at a weighted average interest rate equal to 4.8% as of December 31, 2020 (6.0% as of 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 $943.6 million as of December 31, 2020 ($740.4 million as of December 31, 2019) Revolving credit facility, not to exceed $55.0 million (expiring November 1, 2023) (1) (2) (3) $ 34.9 $ 39.1 Revolving credit facility, not to exceed $50.0 million (expiring October 30, 2022) (2) (3) (4) (5) 50.0 40.5 Revolving credit facility, not to exceed $70.0 million (expiring February 8, 2022) (2) (3) (4) (5) (6) 5.8 25.8 Revolving credit facility, not to exceed $10.0 million (expiring October 15, 2021) (2) (3) (4) (5) (6) 10.0 — Revolving credit facility, not to exceed $15.0 million (expiring July 15, 2021) (2) (3) (4) (5) 4.7 14.6 Revolving credit facility, not to exceed $100.0 million (expiring August 15, 2022) (2) (3) (4) (5) (6) 2.5 — Revolving credit facility, not to exceed $167.3 million (repaid in October 2020) (3) (4) (5) (6) — 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 April 21, 2021) (2) (3) (4) (5) 7.8 8.6 Revolving credit facility, not to exceed $50.0 million (repaid in July 2020) (2) (3) (4) (5) — 15.0 Revolving credit facility, not to exceed $100.0 million (expiring January 15, 2025) (3) (4) (5) (6) 100.0 — Revolving credit facility, not to exceed $250.0 million (expiring October 15, 2025) (3) (4) (5) (6) 250.0 — Other facilities Other debt with a weighted average interest rate equal to 2.7% 3.2 1.2 Unsecured term debt (expiring August 26, 2024) with a weighted average interest rate equal to 8.0% (3) 17.4 17.4 Amortizing debt facility (repaid in July 2020) (2) (3) (4) (5) — 19.4 Amortizing debt facility (expiring September 30, 2021) with a weighted average interest rate equal to 4.7% (2) (3) (4) (5) 5.0 10.0 Total notes payable before unamortized debt issuance costs and discounts 891.3 758.9 Unamortized debt issuance costs and discounts (8.7 ) (9.7 ) Total notes payable outstanding, net $ 882.6 $ 749.2 |
Structured Financing Notes Payable [Member] | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Carrying Amounts at Fair Value as of December 31, 2020 December 31, 2019 Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of December 31, 2020 ($101.3 million as of December 31, 2019) bearing interest at a weighted average 5.7% interest rate, based upon LIBOR, at December 31, 2020 (6.9% at December 31, 2019), which is secured by credit card receivables and restricted cash aggregating $2.9 million as of December 31, 2020 ($3.9 million as of December 31, 2019) in carrying amount $ 2.9 $ 3.9 |
Note 11 - Convertible Senior _2
Note 11 - Convertible Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of December 31, 2020 December 31, 2019 Face amount of convertible senior notes $ 33,839 $ 33,839 Discount (9,453 ) (9,748 ) Net carrying value $ 24,386 $ 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 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Year Ended December 31, 2020 2019 Federal income tax (expense) benefit: Current tax benefit $ 1,351 $ 279 Deferred tax (expense) (21,752 ) (5,395 ) Total federal income tax (expense) $ (20,401 ) $ (5,116 ) Foreign income tax (expense) benefit: Current tax (expense) benefit $ (143 ) $ 25 Deferred tax (expense) (5 ) (15 ) Total foreign income tax (expense) benefit $ (148 ) $ 10 State and other income tax benefit (expense): Current tax (expense) $ (1,228 ) $ (709 ) Deferred tax benefit 1,303 262 Total state and other income tax benefit (expense) $ 75 $ (447 ) Total income tax (expense) $ (20,474 ) $ (5,553 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Year Ended December 31, 2020 2019 Statutory federal expense rate 21.0 % 21.0 % Increase (decrease) in statutory tax expense rate resulting from: Federal valuation allowance — (4.4 ) Global intangible low-taxed income 0.2 0.8 Interest and penalties related to uncertain tax positions and IRS settlement adjustment (0.6 ) 0.6 Interest expense on preferred stock as debt treatment (2.6 ) — Foreign taxes, net of valuation allowance (0.2 ) (0.5 ) Permanent and other prior year true ups and tax effect of non-controlling interest 0.2 (1.1 ) State taxes, net of valuation allowance (0.1 ) 1.1 Effective expense rate 17.9 % 17.5 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, 2020 2019 Deferred tax assets: Software development costs/fixed assets $ 75 $ — Goodwill and intangible assets — 113 Provision for loan loss 30,080 36,172 Credit card fair value election differences 173 — Equity-based compensation 715 792 Accrued expenses 466 386 Accruals for state taxes and interest associated with unrecognized tax benefits 121 108 Federal net operating loss and capital loss carry-forwards 11,279 18,643 Federal tax credits and minimum tax credit carry-forward 25 520 Foreign net operating loss carry-forward 306 537 Interest expense on preferred stock with debt treatment for tax purposes 631 — Other 202 40 State tax benefits, primarily from net operating losses 36,052 40,937 Deferred tax assets, gross $ 80,125 $ 98,248 Valuation allowances (31,701 ) (39,161 ) Deferred tax assets net of valuation allowance $ 48,424 $ 59,087 Deferred tax (liabilities): Prepaid expenses and other $ (225 ) $ (1,217 ) Software development costs/fixed assets — (176 ) Equity in income of equity-method investee (1,457 ) (1,154 ) Credit card fair value election differences — (21,513 ) Market discount on loans (61,255 ) (29,834 ) Deferred costs (545 ) (542 ) Convertible senior notes (10,057 ) (9,309 ) Deferred tax (liabilities), gross $ (73,539 ) $ (63,745 ) Deferred tax (liabilities), net $ (25,115 ) $ (4,658 ) |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] | 2020 2019 Balance at January 1, $ (513 ) $ (414 ) Reductions based on tax positions related to prior years — 13 Additions based on tax positions related to prior years 48 — Additions based on tax positions related to the current year (82 ) (83 ) Interest and penalties accrued (30 ) (29 ) Balance at December 31, $ (577 ) $ (513 ) |
Note 14 - Net Income Attribut_2
Note 14 - Net Income Attributable to Controlling Interests Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | December 31, 2020 2019 Numerator: Net income attributable to controlling interests $ 94,120 $ 26,443 Preferred stock and preferred unit dividends and accretion (17,070 ) (1,153 ) Net income attributable to common shareholders—basic 77,050 25,290 Effect of dilutive preferred stock dividends and accretion 2,400 26 Net income attributable to common shareholders—diluted $ 79,450 $ 25,316 Denominator: Basic (including unvested share-based payment awards) (1) 14,486 14,499 Effect of dilutive stock compensation arrangements and exchange of preferred stock 5,616 774 Diluted (including unvested share-based payment awards) (1) 20,102 15,273 Net income attributable to common shareholders per share—basic $ 5.32 $ 1.74 Net income attributable to common shareholders per share—diluted $ 3.95 $ 1.66 |
Note 15 - Stock-based Compens_2
Note 15 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 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 143,500 $ 15.30 Exercised (407,533 ) $ 3.25 Expired/Forfeited — $ — Outstanding at December 31, 2020 2,423,466 $ 4.41 1.6 $ 48,992,890 Exercisable at December 31, 2020 1,835,467 $ 3.20 1.1 $ 39,325,783 |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Year ended December 31, 2020 2019 Weighted average fair value per share of options granted $ 9.47 $ 1.90 Cash received from options exercised, net $ 1,326 $ 1,215 Aggregate intrinsic value of options exercised $ 5,726 $ 671 Grant date fair value of shares vested $ 944 $ 618 |
Note 1 - Description of Our B_2
Note 1 - Description of Our Business (Details Textual) | 12 Months Ended |
Dec. 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 | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Payments to Acquire Loans and Leases Held-for-investment, Total | $ 185,000 | $ 182,900 |
Loans and Leases Receivable, Deferred Income, Total | $ 39,456 | $ 90,307 |
Weighted Average Remaining Accretion Period of Deferred Revenue (Month) | 1 year 60 days | 330 days |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | $ 28,200 | $ 48,100 |
Percentage of Financing Receivable, Short-term Payment Deferral | 5.60% | |
Percentage of Financing Receivable, Short-term Payment Deferral, Actively Enrolled | 1.70% | |
Financing Receivable, Short-term Payment Deferral | $ 28,300 | |
Financing Receivable, Allowance for Credit Loss, Recovery | $ 26,200 | $ 11,600 |
Financing Receivable, Modifications, Number of Contracts | 60,908 | 31,409 |
Financing Receivable, Troubled Debt Restructuring | $ 70,300 | $ 43,300 |
Asset Impairment Charges, Total | $ 0 | 0 |
Other Income [Member] | ||
Reduction in Accruals | $ 105,900 | |
Equity Method Investment to Acquire Portfolio of Credit Card Receivables [Member] | ||
Equity Method Investment, Ownership Percentage | 66.70% | |
A Consumer Finance Technology Company [Member] | ||
Cost-method Investments, Realized Gains | $ 2,000 | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |
Computer Equipment [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Receivables Recoveries from Employed Third-Party Collectors ][Member] | ||
Financing Receivable, Allowance for Credit Loss, Recovery | $ 12,400 | |
Receivable Recoveries from Sales of Charged-Off Accounts to Third-Parties [Member] | ||
Financing Receivable, Allowance for Credit Loss, Recovery | $ 13,800 |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Summary of Allowance for Uncollectible Loans and Fees Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for uncollectible loans, interest and fees receivable: | ||
Balance at beginning of period | $ (186,300) | $ (79,200) |
Provision for loan losses | (142,719) | (248,383) |
Charge offs | 230,200 | 152,900 |
Recoveries | (26,200) | (11,600) |
Balance at end of period | (125,000) | (186,300) |
Balance at end of period individually evaluated for impairment | (300) | (500) |
Balance at end of period collectively evaluated for impairment | (124,700) | (185,800) |
Loans, interest and fees receivable: | ||
Loans, interest and fees receivable, gross | 667,556 | 998,209 |
Loans, interest and fees receivable individually evaluated for impairment | 2,300 | 2,200 |
Loans, interest and fees receivable collectively evaluated for impairment | 665,300 | 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 | (112,100) | (161,500) |
Charge offs | 155,100 | 80,200 |
Recoveries | (9,900) | (4,600) |
Balance at end of period | (88,200) | (121,300) |
Balance at end of period individually evaluated for impairment | ||
Balance at end of period collectively evaluated for impairment | (88,200) | (121,300) |
Loans, interest and fees receivable: | ||
Loans, interest and fees receivable, gross | 364,200 | 509,200 |
Loans, interest and fees receivable individually evaluated for impairment | ||
Loans, interest and fees receivable collectively evaluated for impairment | 364,200 | 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 | (2,000) | (3,500) |
Charge offs | 3,000 | 4,600 |
Recoveries | (1,100) | (1,400) |
Balance at end of period | (1,700) | (1,600) |
Balance at end of period individually evaluated for impairment | (300) | (400) |
Balance at end of period collectively evaluated for impairment | (1,400) | (1,200) |
Loans, interest and fees receivable: | ||
Loans, interest and fees receivable, gross | 93,200 | 89,800 |
Loans, interest and fees receivable individually evaluated for impairment | 2,300 | 2,100 |
Loans, interest and fees receivable collectively evaluated for impairment | 90,900 | 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 | (28,600) | (83,400) |
Charge offs | 72,100 | 68,100 |
Recoveries | (15,200) | (5,600) |
Balance at end of period | (35,100) | (63,400) |
Balance at end of period individually evaluated for impairment | (100) | |
Balance at end of period collectively evaluated for impairment | (35,100) | (63,300) |
Loans, interest and fees receivable: | ||
Loans, interest and fees receivable, gross | 210,200 | 399,200 |
Loans, interest and fees receivable individually evaluated for impairment | 100 | |
Loans, interest and fees receivable collectively evaluated for impairment | $ 210,200 | $ 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 | Dec. 31, 2020 | Dec. 31, 2019 |
Delinquent loans and fees receivable, gross | $ 71,200 | $ 153,200 |
Current loans, interest and fees receivable, gross | 596,400 | 845,000 |
Loans, interest and fees receivable, gross | 667,556 | 998,209 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 1,500 | 1,900 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 25,100 | 43,800 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 14,600 | 33,000 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 31,500 | 76,400 |
Credit Card Receivable [Member] | ||
Delinquent loans and fees receivable, gross | 40,300 | 86,800 |
Current loans, interest and fees receivable, gross | 323,900 | 422,400 |
Loans, interest and fees receivable, gross | 364,200 | 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 | 12,400 | 21,700 |
Credit Card Receivable [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 8,000 | 18,500 |
Credit Card Receivable [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 19,900 | 46,600 |
Automobile Loan [Member] | ||
Delinquent loans and fees receivable, gross | 12,500 | 13,700 |
Current loans, interest and fees receivable, gross | 80,700 | 76,100 |
Loans, interest and fees receivable, gross | 93,200 | 89,800 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 1,500 | 1,900 |
Automobile Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 7,600 | 8,100 |
Automobile Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 2,800 | 3,000 |
Automobile Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 2,100 | 2,600 |
Other Unsecured Lending Products [Member] | ||
Delinquent loans and fees receivable, gross | 18,400 | 52,700 |
Current loans, interest and fees receivable, gross | 191,800 | 346,500 |
Loans, interest and fees receivable, gross | 210,200 | 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 | 5,100 | 14,000 |
Other Unsecured Lending Products [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 3,800 | 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 | $ 9,500 | $ 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 | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | ||
Amount of TDRs on non-accrual status (in thousands) | $ 70,300 | $ 43,300 | |
Point-of-Sale [Member] | |||
Number of TDRs | 12,394 | 10,682 | |
Amount of TDRs on non-accrual status (in thousands) | $ 14,537 | $ 14,468 | |
Carrying value of TDRs (in thousands) | $ 9,583 | $ 8,864 | |
Number of accounts | 3,065 | 2,835 | |
Loan balance at time of charge off (in thousands) | $ 4,352 | $ 4,397 | |
Point-of-Sale [Member] | Performing Financial Instruments [Member] | |||
Carrying value of TDRs (in thousands) | [1] | 7,420 | 6,754 |
Point-of-Sale [Member] | Nonperforming Financial Instruments [Member] | |||
Carrying value of TDRs (in thousands) | [1] | $ 2,163 | $ 2,110 |
Point-of-Sale [Member] | Extended Maturity [Member] | |||
Number of TDRs | 2,788 | 2,788 | |
Amount of TDRs on non-accrual status (in thousands) | $ 4,662 | $ 5,118 | |
Direct-to-Consumer [Member] | |||
Number of TDRs | 37,784 | 14,553 | |
Amount of TDRs on non-accrual status (in thousands) | $ 26,989 | $ 13,037 | |
Carrying value of TDRs (in thousands) | $ 14,287 | $ 7,312 | |
Number of accounts | 7,665 | 3,339 | |
Loan balance at time of charge off (in thousands) | $ 6,745 | $ 3,545 | |
Direct-to-Consumer [Member] | Performing Financial Instruments [Member] | |||
Carrying value of TDRs (in thousands) | [1] | 11,855 | 6,106 |
Direct-to-Consumer [Member] | Nonperforming Financial Instruments [Member] | |||
Carrying value of TDRs (in thousands) | [1] | $ 2,432 | $ 1,206 |
Direct-to-Consumer [Member] | Extended Maturity [Member] | |||
Number of TDRs | 7,846 | 2,854 | |
Amount of TDRs on non-accrual status (in thousands) | $ 6,890 | $ 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 - Components of Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Revenue from contracts with customers | $ 15,431 | $ 13,754 | |
Credit and Debit Card [Member] | |||
Revenue from contracts with customers | [1] | 9,500 | 8,495 |
Servicing Income [Member] | |||
Revenue from contracts with customers | 2,181 | 1,786 | |
Service Charges and Other Customer Related Fees [Member] | |||
Revenue from contracts with customers | 3,750 | 3,473 | |
Credit and Other Investments [Member] | |||
Revenue from contracts with customers | 14,372 | 12,759 | |
Credit and Other Investments [Member] | Credit and Debit Card [Member] | |||
Revenue from contracts with customers | [1] | 9,500 | 8,495 |
Credit and Other Investments [Member] | Servicing Income [Member] | |||
Revenue from contracts with customers | 1,187 | 857 | |
Credit and Other Investments [Member] | Service Charges and Other Customer Related Fees [Member] | |||
Revenue from contracts with customers | 3,685 | 3,407 | |
Auto Finance [Member] | |||
Revenue from contracts with customers | 1,059 | 995 | |
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 | 994 | 929 | |
Auto Finance [Member] | Service Charges and Other Customer Related Fees [Member] | |||
Revenue from contracts with customers | $ 65 | $ 66 | |
[1] | Interchange revenue is presented net of customer reward expense. |
Note 3 - Segment Reporting (Det
Note 3 - Segment Reporting (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Reportable Segments | 2 | |
Assets, Total | $ 1,207,214 | $ 936,266 |
Non-US [Member] | ||
Assets, Total | $ 0 | $ 0 |
Note 3 - Segment Reporting - Su
Note 3 - Segment Reporting - Summary of Operating Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Consumer loans, including past due fees | $ 410,616 | $ 261,218 |
Fees and related income on earning assets | 133,960 | 68,639 |
Other revenue | 15,431 | 13,754 |
Other non-operating revenue | 3,403 | 111,589 |
Total revenue | 563,410 | 455,200 |
Interest expense | (51,548) | (50,730) |
Provision for losses on loans, interest and fees receivable recorded at net realizable value | (142,719) | (248,383) |
Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | (108,548) | 2,085 |
Net margin | 260,595 | 158,172 |
Income before income taxes | 114,391 | 31,763 |
Income tax benefit (expense) | (20,474) | (5,553) |
Assets, Total | 1,207,214 | 936,266 |
Credit and Other Investments [Member] | ||
Consumer loans, including past due fees | 378,817 | 229,774 |
Fees and related income on earning assets | 133,891 | 68,558 |
Other revenue | 14,372 | 12,759 |
Other non-operating revenue | 3,360 | 111,507 |
Total revenue | 530,440 | 422,598 |
Interest expense | (50,387) | (49,065) |
Provision for losses on loans, interest and fees receivable recorded at net realizable value | (140,683) | (244,922) |
Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | (108,548) | 2,085 |
Net margin | 230,822 | 130,696 |
Income before income taxes | 105,429 | 25,005 |
Income tax benefit (expense) | (18,257) | (3,830) |
Assets, Total | 1,124,618 | 856,354 |
Auto Finance [Member] | ||
Consumer loans, including past due fees | 31,799 | 31,444 |
Fees and related income on earning assets | 69 | 81 |
Other revenue | 1,059 | 995 |
Other non-operating revenue | 43 | 82 |
Total revenue | 32,970 | 32,602 |
Interest expense | (1,161) | (1,665) |
Provision for losses on loans, interest and fees receivable recorded at net realizable value | (2,036) | (3,461) |
Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | ||
Net margin | 29,773 | 27,476 |
Income before income taxes | 8,962 | 6,758 |
Income tax benefit (expense) | (2,217) | (1,723) |
Assets, Total | $ 82,596 | $ 79,912 |
Note 4 - Shareholders' Equity_2
Note 4 - Shareholders' Equity and Preferred Stock (Details Textual) - USD ($) | Mar. 30, 2020 | Dec. 27, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 14, 2019 | Nov. 26, 2014 |
Temporary Equity, Shares Authorized (in shares) | 10,000,000 | 10,000,000 | ||||
Stock Repurchased and Retired During Period, Shares (in shares) | 245,534 | 357,461 | ||||
Stock Repurchased and Retired During Period, Value | $ 3,353,000 | $ 2,517,000 | ||||
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% | |||||
Additional Preferred Units Issued (in shares) | 50,000,000 | |||||
Series A Preferred Stock [Member] | ||||||
Temporary Equity, Shares Issued (in shares) | 400,000 | 400,000 | 400,000 | |||
Temporary Equity, Shares Authorized (in shares) | 10,000,000 | |||||
Temporary Equity, Shares Outstanding (in shares) | 400,000 | 400,000 | 400,000 | |||
Temporary Equity, Liquidation Preference | $ 40,000,000 | $ 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) | Dec. 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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets, Total | $ 1,207,214 | $ 936,266 | |
Total liabilities | 991,354 | 846,881 | |
Members’ capital | 76,510 | 335 | $ (22,129) |
Net margin | 563,410 | 455,200 | |
Net income | 93,917 | 26,210 | |
Net income attributable to investee | 456 | 1,001 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||
Loans, interest and fees receivables, at fair value | 1,994 | 2,757 | |
Assets, Total | 2,105 | 2,922 | |
Total liabilities | 10 | 13 | |
Members’ capital | 2,095 | 2,909 | |
Net margin | 819 | 1,505 | |
Net income | 684 | 1,318 | |
Net income attributable to investee | $ 456 | $ 1,001 |
Note 6 - Fair Values of Asset_3
Note 6 - Fair Values of Assets and Liabilities (Details Textual) | Dec. 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 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loans, interest and fees receivable, at fair value | $ 417,098 | $ 4,386 | |
Fair Value, Recurring [Member] | |||
Loans, interest and fees receivable, net for which it is practicable to estimate fair value | [1] | 503,139 | 721,573 |
Loans, interest and fees receivable, at fair value | [1] | 417,098 | 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] | 586,908 | 781,208 |
Loans, interest and fees receivable, at fair value | [1] | $ 417,098 | $ 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 | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 4,386 | $ 6,306 |
Net revaluations of loans, interest and fees receivable, at fair value | (96,948) | 1,251 |
Chargeoffs | (12,601) | (897) |
Purchases | 713,579 | |
Settlements | (295,301) | (2,274) |
Finance and fees | 103,983 | |
Balance | $ 417,098 | $ 4,386 |
Note 6 - Fair Values of Asset_6
Note 6 - Fair Values of Assets and Liabilities - Quantitative Information about Level 3 Assets and Liabilities Fair Value Measurements (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Loans, interest and fees receivable, at fair value | $ 417,098 | $ 4,386 |
Notes Payable Associated with Structured Financings, Fair Value | 2,919 | 3,920 |
Valuation Technique, Discounted Cash Flow [Member] | ||
Notes Payable Associated with Structured Financings, Fair Value | 2,919 | 3,920 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | ||
Loans, interest and fees receivable, at fair value | $ 417,098 | $ 4,386 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.227 | 0.255 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.565 | 0.537 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.433 | 0.286 |
Notes payable associated with structured financings, measurement input | 0.237 | 0.255 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.039 | 0.04 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.114 | 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, Prepayment Rate [Member] | Weighted Average [Member] | ||
Notes payable associated with structured financings, measurement input | 0.039 | 0.04 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.069 | 0.105 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.314 | 0.417 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.248 | 0.14 |
Notes payable associated with structured financings, measurement input | 0.079 | 0.105 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.029 | 0.113 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.142 | 0.169 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.043 | 0.119 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.128 | 0.143 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.135 | 0.143 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.133 | 0.143 |
Notes payable associated with structured financings, measurement input | 0.132 | 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 | Dec. 31, 2020 | Dec. 31, 2019 |
Revolving credit facilities | $ 857,068 | $ 720,687 |
Amortizing debt facilities | 25,542 | 28,522 |
Convertible senior notes | 24,386 | 24,091 |
Notes Payable Associated with Structured Financings, Fair Value | 2,919 | 3,920 |
Fair Value, Inputs, Level 1 [Member] | ||
Revolving credit facilities | ||
Amortizing debt facilities | ||
Convertible senior notes | ||
Notes Payable Associated with Structured Financings, Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Revolving credit facilities | ||
Amortizing debt facilities | ||
Convertible senior notes | 41,284 | 16,920 |
Notes Payable Associated with Structured Financings, Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Revolving credit facilities | 857,068 | 720,687 |
Amortizing debt facilities | 25,542 | 28,522 |
Convertible senior notes | ||
Notes Payable Associated with Structured Financings, Fair Value | $ 2,919 | $ 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 | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 3,920 | $ 5,651 |
Net revaluations of notes payable associated with structured financings, at fair value | (1,001) | (1,731) |
Repayments on outstanding notes payable, net | ||
Balance | $ 2,919 | $ 3,920 |
Note 6 - Fair Values of Asset_9
Note 6 - Fair Values of Assets and Liabilities - Summary of Other Relevant Data (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans, interest and fees receivable, at fair value | $ 417,098 | $ 4,386 |
Loans and Fees Receivable at Fair Value [Member] | ||
Aggregate unpaid gross balance of loans, interest and fees receivable that are reported at fair value | 630 | 713 |
Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value | 589 | 644 |
Loans, interest and fees receivable, at fair value | 540 | 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) | 1 | 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 | 4 | 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 | 2,919 | 3,920 |
Loans and Fees Receivable Pledged as Collateral, Fair Value [Member] | ||
Aggregate unpaid gross balance of loans, interest and fees receivable that are reported at fair value | 515,434 | 5,691 |
Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value | 487,779 | 5,280 |
Loans, interest and fees receivable, at fair value | 416,558 | 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) | 1,847 | 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 | $ 12,972 | $ 185 |
Note 7 - Property (Details Text
Note 7 - Property (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation, Total | $ 1.2 | $ 1.1 |
Note 7 - Property - Schedule of
Note 7 - Property - Schedule of Property (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment | $ 30,124 | $ 29,375 |
Less accumulated depreciation | (27,884) | (26,637) |
Property, net | 2,240 | 2,738 |
Software and Software Development Costs [Member] | ||
Property, plant and equipment | 4,122 | 3,543 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment | 6,548 | 6,431 |
Data Processing and Telephone Equipment [Member] | ||
Property, plant and equipment | 7,728 | 7,675 |
Leasehold Improvements [Member] | ||
Property, plant and equipment | 10,570 | 10,570 |
Other Capitalized Property Plant and Equipment [Member] | ||
Property, plant and equipment | $ 1,156 | $ 1,156 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | 12 Months Ended |
Dec. 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 | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating lease cost, gross | $ 6,879 | $ 6,875 |
Sublease income | (5,133) | (5,133) |
Net Operating lease cost | 1,746 | 1,742 |
Cash paid under operating leases, gross | $ 10,278 | $ 10,080 |
Weighted average remaining lease term - months (Month) | 1 year 210 days | |
Weighted average discount rate | 6.80% |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021, gross | $ 10,380 | |
2021, payments received from sublease | (7,315) | |
2021, net lease payment | 3,065 | |
2022, gross | 4,568 | |
2022, payments received from sublease | (3,112) | |
2022, net lease payment | 1,456 | |
2023, gross | 285 | |
2023, payments received from sublease | ||
2023, net lease payment | 285 | |
2024, gross | 100 | |
2024, payments received from sublease | ||
2024, net lease payment | 100 | |
2025, gross | 34 | |
2025, payments received from sublease | ||
2025, net lease payment | 34 | |
Thereafter, gross | ||
Thereafter, payments received from sublease | ||
Thereafter, net lease payment | ||
Gross | 15,367 | |
Sublease income, payments received from sublease | (10,427) | |
Lease payments, net lease payment | 4,940 | |
Less imputed interest, gross | (1,591) | |
Less imputed interest, payments received from sublease | ||
Less imputed interest, net | ||
Total, net | 13,776 | $ 22,259 |
Total, payments received from sublease | ||
Total, net |
Note 9 - Variable Interest En_3
Note 9 - Variable Interest Entities - Summary of Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Unrestricted cash and cash equivalents | $ 178,102 | $ 135,379 |
Restricted cash and cash equivalents | 80,859 | 41,015 |
Loans, interest and fees receivable, at fair value | 417,098 | 4,386 |
Loans, interest and fees receivable, gross | 667,556 | 998,209 |
Allowances for uncollectible loans, interest and fees receivable | (124,961) | (186,329) |
Deferred revenue | (39,456) | (90,307) |
Total Assets held by VIEs | 1,207,214 | 936,266 |
Notes Payable, net held by VIEs | 882,610 | 749,209 |
Notes Payable, at fair value held by VIEs | 2,919 | 3,920 |
Maximum exposure to loss due to involvement with VIEs | 864,400 | 653,200 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Unrestricted cash and cash equivalents | 96,600 | 78,700 |
Restricted cash and cash equivalents | 70,200 | 25,900 |
Loans, interest and fees receivable, at fair value | 374,200 | 3,900 |
Loans, interest and fees receivable, gross | 560,200 | 857,200 |
Allowances for uncollectible loans, interest and fees receivable | (120,900) | (168,800) |
Deferred revenue | (10,300) | (40,700) |
Total Assets held by VIEs | 970,000 | 756,200 |
Notes Payable, net held by VIEs | 827,100 | 691,500 |
Notes Payable, at fair value held by VIEs | $ 2,900 | $ 3,900 |
Note 10 - Notes Payable (Detail
Note 10 - Notes Payable (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||||||||
Oct. 31, 2020 | Jul. 31, 2020 | Nov. 30, 2019 | Jun. 30, 2019 | Nov. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 31, 2016 | Dec. 31, 2020 | 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 | $ 2,919,000 | $ 3,920,000 | |||||||||||||||
Aggregate Exposure to Pretax Equity Loss, Structured Financing at Fair Value | 0 | ||||||||||||||||
Long-term Line of Credit, Total | 857,068,000 | 720,687,000 | |||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 250,000,000 | $ 100,000,000 | $ 200,000,000 | $ 200,000,000 | $ 167,300,000 | 588,229,000 | 873,340,000 | ||||||||||
Asset Backed Securities, Term of Revolving Structure (Year) | 3 years 150 days | 3 years | 3 years | 2 years | 2 years | ||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 1 year 180 days | 1 year 180 days | 1 year 180 days | ||||||||||||||
Asset Backed Securities, Weighted Average Interest Rate | 4.10% | 5.47% | 4.91% | 5.37% | 5.76% | ||||||||||||
Convertible Debt [Member] | Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | ||||||||||||||||
Debt Instrument, Face Amount | 33,839,000 | $ 33,839,000 | $ 54,400,000 | $ 300,000,000 | |||||||||||||
Debt Instrument, Repurchase Amount | $ 16,300,000 | ||||||||||||||||
Term Note [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||||||||||||
Long-term Debt, Total | $ 17,400,000 | ||||||||||||||||
Minimum [Member] | |||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (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 | $ 50,000,000 | ||||||||||||||||
Long-term Line of Credit, Total | 50,000,000 | ||||||||||||||||
Revolving Credit Facility [Member] | Term Note [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000,000 | ||||||||||||||||
Long-term Line of Credit, Total | 5,000,000 | ||||||||||||||||
Secured by the Financial and Operating Assets of CAR [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | 55,000,000 | |||||||||||||||
Long-term Line of Credit, Total | 34,900,000 | ||||||||||||||||
December 2016 Revolving Credit Facility [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | ||||||||||||||||
Long-term Line of Credit, Total | 0 | ||||||||||||||||
Trust Funding Notes Facility [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 70,000,000 | $ 90,000,000 | |||||||||||||||
Long-term Line of Credit, Total | 5,800,000 | ||||||||||||||||
Trust Funding Notes Facility [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 14.00% | ||||||||||||||||
December 2017 Revolving Credit Facility [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | ||||||||||||||||
Long-term Line of Credit, Total | 7,800,000 | ||||||||||||||||
Additional Trust Funding Notes Facilities [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 110,000,000 | $ 200,000,000 | |||||||||||||||
Long-term Line of Credit, Total | 12,500,000 | ||||||||||||||||
September 2018 Revolving Credit Facility [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | ||||||||||||||||
Long-term Line of Credit, Total | 0 | ||||||||||||||||
June 2019 Revolving Credit Facility [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | ||||||||||||||||
Long-term Line of Credit, Total | $ 4,700,000 | ||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||
Debt Instrument, Variable Rate | 0.15% | ||||||||||||||||
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 10 - Notes Payable - Sched
Note 10 - Notes Payable - Schedule of Structured Financing Notes Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of December 31, 2020 ($101.3 million as of December 31, 2019) bearing interest at a weighted average 5.7% interest rate, based upon LIBOR, at December 31, 2020 (6.9% at December 31, 2019), which is secured by credit card receivables and restricted cash aggregating $2.9 million as of December 31, 2020 ($3.9 million as of December 31, 2019) in carrying amount | $ 2,919 | $ 3,920 |
Securitization Financing Facility [Member] | ||
Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of December 31, 2020 ($101.3 million as of December 31, 2019) bearing interest at a weighted average 5.7% interest rate, based upon LIBOR, at December 31, 2020 (6.9% at December 31, 2019), which is secured by credit card receivables and restricted cash aggregating $2.9 million as of December 31, 2020 ($3.9 million as of December 31, 2019) in carrying amount | $ 2,900 | $ 3,900 |
Note 10 - Notes Payable - Sch_2
Note 10 - Notes Payable - Schedule of Structured Financing Notes Payable (Details) (Parentheticals) - Securitization Financing Facility [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 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 | $ 2.9 | $ 3.9 |
London Interbank Offered Rate (LIBOR) [Member] | ||
Amortizing securitization facility, weighted average interest rate | 5.70% | 6.90% |
Note 10 - Notes Payable - Sch_3
Note 10 - Notes Payable - Schedule of Notes Payable at Face Value and Notes Payable to Related Parties (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Revolving credit facilities | $ 857,068 | $ 720,687 | |
Amortizing debt facilities | 25,542 | 28,522 | |
Total notes payable before unamortized debt issuance costs and discounts | [1] | 891,300 | 758,900 |
Unamortized debt issuance costs and discounts | [1] | (8,700) | (9,700) |
Total notes payable outstanding, net | [1] | 882,600 | 749,200 |
Other Secured Debt [Member] | |||
Amortizing debt facilities | [1] | 3,200 | 1,200 |
Phoenix [Member] | |||
Unsecured term debt (expiring August 26, 2024) with a weighted average interest rate equal to 8.0% (3) | [1],[2] | 17,400 | 17,400 |
Amortizing Debt Facility [Member] | |||
Amortizing debt facilities | [1],[2],[3],[4],[5] | 19,400 | |
Amortizing Debt Facility Two [Member] | |||
Amortizing debt facilities | [1],[2],[3],[4],[5] | 5,000 | 10,000 |
Revolving Credit Facility Expiring November 1, 2020 [Member] | |||
Revolving credit facilities | [1],[2],[5],[6] | 34,900 | 39,100 |
Revolving Credit Facility Expiring October 30, 2022 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[5] | 50,000 | 40,500 |
Revolving Credit Facility Expiring February 8, 2022 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[5],[7] | 5,800 | 25,800 |
Revolving Credit Facility Expiring October 15, 2021 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[5],[7] | 10,000 | |
Revolving Credit Facility Expiring July 15 2021 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[5] | 4,700 | 14,600 |
Revolving Credit Facility Expiring August 15, 2022 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[5],[7] | 2,500 | |
Revolving Credit Facility Repaid October 2020 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[7] | 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 April 21, 2021 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[5] | 7,800 | 8,600 |
Revolving Credit Facility Expiring Repaid July 2020 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[5] | 15,000 | |
Revolving Credit Facility Expiring January 15, 2025 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[7] | 100,000 | |
Revolving Credit Facility Expiring October 15, 2025 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[7] | $ 250,000 | |
[1] | As of December 31, 2020, the LIBOR rate was 0.15% 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 - Notes Payable - Sch_4
Note 10 - Notes Payable - Schedule of Notes Payable at Face Value and Notes Payable to Related Parties (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2015 | ||
Amortizing Debt Facility [Member] | ||||
Amortizing securitization facility, maturity date | [1],[2],[3],[4],[5] | Dec. 31, 2020 | Dec. 31, 2020 | |
Revolving Credit Facility Expiring November 1, 2020 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[4],[5],[6] | $ 55,000 | $ 55,000 | |
Revolving credit facility, expiration date | [1],[4],[5],[6] | Nov. 1, 2023 | Nov. 1, 2023 | |
Revolving Credit Facility Expiring October 30, 2022 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[5] | $ 50,000 | $ 50,000 | |
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],[5],[7] | $ 70,000 | $ 70,000 | |
Revolving credit facility, expiration date | [1],[2],[3],[4],[5],[7] | Feb. 8, 2022 | Feb. 8, 2022 | |
Revolving Credit Facility Expiring October 15, 2021 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[5],[7] | $ 10,000 | $ 10,000 | |
Revolving credit facility, expiration date | [1],[2],[3],[4],[5],[7] | Oct. 15, 2021 | Oct. 15, 2021 | |
Revolving Credit Facility Expiring July 15 2021 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[5] | $ 15,000 | $ 15,000 | |
Revolving credit facility, expiration date | [1],[2],[3],[4],[5] | Jul. 15, 2021 | Jul. 15, 2021 | |
Revolving Credit Facility Expiring August 15, 2022 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[5],[7] | $ 100,000 | $ 100,000 | |
Revolving credit facility, expiration date | [1],[2],[3],[4],[5],[7] | Aug. 15, 2022 | Aug. 15, 2022 | |
Revolving Credit Facility Repaid October 2020 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[7] | $ 167,300 | $ 167,300 | |
Revolving credit facility, expiration date | [1],[2],[3],[4],[7] | Oct. 31, 2020 | Oct. 31, 2020 | |
Revolving Credit Facility Expiring December 15, 2022 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[7] | $ 200,000 | $ 200,000 | |
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] | $ 200,000 | $ 200,000 | |
Revolving credit facility, expiration date | [1],[2],[3],[4],[7] | May 15, 2024 | May 15, 2024 | |
Revolving Credit Facility Expiring April 21, 2021 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[5] | $ 15,000 | $ 15,000 | |
Revolving credit facility, expiration date | [1],[2],[3],[4],[5] | Apr. 21, 2021 | Apr. 21, 2021 | |
Revolving Credit Facility Expiring Repaid July 2020 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[5] | $ 50,000 | $ 50,000 | |
Revolving credit facility, expiration date | [1],[2],[3],[4],[5] | Jul. 31, 2020 | Jul. 31, 2020 | |
Revolving Credit Facility Expiring January 15, 2025 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[7] | $ 100,000 | $ 100,000 | |
Revolving credit facility, expiration date | [1],[2],[3],[4],[7] | Jan. 15, 2025 | Jan. 15, 2025 | |
Revolving Credit Facility Expiring October 15, 2025 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[7] | $ 250,000 | $ 250,000 | |
Revolving credit facility, expiration date | [1],[2],[3],[4],[7] | Oct. 15, 2025 | Oct. 15, 2025 | |
Revolving Credit Facility [Member] | ||||
Revolving credit facility, maximum borrowing capacity | $ 50,000 | |||
Amortizing securitization facility, weighted average interest rate | [1] | 4.80% | 6.00% | |
Amount of securing assets | [1] | $ 943,600 | $ 740,400 | |
[1] | As of December 31, 2020, the LIBOR rate was 0.15% and the prime rate was 3.25%. | |||
[2] | Loans are associated with variable interest entities. | |||
[3] | Loans are subject to certain affirmative covenants tied to default rates and other performance metrics the failure of which could result in required early repayment of the remaining unamortized balances of the notes. | |||
[4] | See below for additional information. | |||
[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 11 - Convertible Senior _3
Note 11 - Convertible Senior Notes (Details Textual) | Aug. 26, 2019USD ($) | Nov. 30, 2005USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares |
Gain (Loss) on Repurchase of Debt Instrument | $ 5,127,000 | |||
Own-share Lending Arrangement, Shares, Outstanding (in shares) | shares | 1,459,233 | 1,459,233 | ||
Amortization of Debt Discount (Premium) | $ 585,000 | $ 818,000 | ||
Bear Sterns International Limited [Member] | ||||
Own-share Lending Arrangement, Shares, Outstanding (in shares) | shares | 5,677,950 | 1,459,233 | ||
Own-share Lending Arrangement, Shares, Outstanding, Value | $ 35,900,000 | |||
Term Note [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||
Long-term Debt, Total | $ 17,400,000 | |||
Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | ||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 24.61 | |||
Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | Convertible Debt [Member] | ||||
Debt Instrument, Face Amount | 54,400,000 | $ 300,000,000 | $ 33,839,000 | 33,839,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||
Debt Instrument, Maturity Date | Nov. 30, 2035 | |||
Debt Instrument, Repurchase Amount | 16,300,000 | |||
Gain (Loss) on Repurchase of Debt Instrument | $ 5,100,000 | |||
Debt Instrument, Convertible, Conversion Ratio | 40.63 | |||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 24.61 | |||
Debt Instrument, Convertible, Cash Paid Per $1,000 Principal Held | $ 1,000 | |||
Amortization of Debt Discount (Premium) | 300,000 | 500,000 | ||
Interest Payable | $ 2,000,000 | $ 3,900,000 | ||
Debt, Weighted Average Interest Rate | 9.20% | 9.20% |
Note 11 - Convertible Senior _4
Note 11 - Convertible Senior Notes - Summary of Convertible Senior Notes (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Aug. 26, 2019 | Nov. 30, 2005 | |
Net carrying value | $ 24,386,000 | $ 24,091,000 | ||
Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | Convertible Debt [Member] | ||||
Face amount of convertible senior notes | 33,839,000 | 33,839,000 | $ 54,400,000 | $ 300,000,000 |
Discount | (9,453,000) | (9,748,000) | ||
Net carrying value | 24,386,000 | 24,091,000 | ||
Carrying amount of equity component included in paid-in capital | 108,714,000 | 108,714,000 | ||
Excess of instruments’ if-converted values over face principal amounts |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) $ in Millions | Dec. 31, 2020USD ($) |
Pledged Assets, Other, Not Separately Reported on Statement of Financial Position, Total | $ 10.6 |
Unfunded Individual Credit Commitment [Member] | |
Other Commitment, Total | 1.6 |
Unfunded Outstanding Floor-Plan Financing Commitment [Member] | |
Other Commitment, Total | 9.9 |
Credit Protection Program [Member] | |
Loss Contingency, Estimate of Possible Loss | 27.5 |
Loss Contingency Accrual, Ending Balance | $ 0.5 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 17.90% | 17.50% |
Deferred Tax Assets, Valuation Allowance, Total | $ 31,701 | $ 39,161 |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 10,700 | |
Deferred Tax Assets, Capital Loss Carryforwards | $ 600 | |
Open Tax Year | 2016 2017 2018 2019 2020 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 600 | 500 |
Capital Loss Carryforward [Member] | ||
Tax Credit Carryforward, Amount | 2,400 | |
State and Local Jurisdiction [Member] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (2,000) | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | 51,000 | |
Income Tax Expense (Benefit) [Member] | ||
Income Tax Examination, Penalties and Interest Expense, Net Reversal | $ 1,000 | |
Income Tax Examination, Penalties and Interest Expense, Total | $ 100 |
Note 13 - Income Taxes - Schedu
Note 13 - Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current tax benefit, federal | $ 1,351 | $ 279 |
Deferred tax (expense), federal | (21,752) | (5,395) |
Total federal income tax (expense) | (20,401) | (5,116) |
Current tax benefit (expense), foreign | (143) | 25 |
Deferred tax (expense), foreign | (5) | (15) |
Total foreign income tax (expense) benefit | (148) | 10 |
Current tax (expense), state and other | (1,228) | (709) |
Deferred tax benefit, state and other | 1,303 | 262 |
Total state and other income tax benefit (expense) | 75 | (447) |
Total income tax (expense) | $ (20,474) | $ (5,553) |
Note 13 - Income Taxes - Sche_2
Note 13 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statutory federal expense rate | 21.00% | 21.00% |
Federal valuation allowance | (4.40%) | |
Global intangible low-taxed income | 0.20% | 0.80% |
Interest and penalties related to uncertain tax positions and IRS settlement adjustment | (0.60%) | 0.60% |
Interest expense on preferred stock as debt treatment | (2.60%) | |
Foreign taxes, net of valuation allowance | (0.20%) | (0.50%) |
Permanent and other prior year true ups and tax effect of non-controlling interest | 0.20% | (1.10%) |
State taxes, net of valuation allowance | (0.10%) | 1.10% |
Effective expense rate | 17.90% | 17.50% |
Note 13 - Income Taxes - Sche_3
Note 13 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Software development costs/fixed assets | $ 75 | |
Goodwill and intangible assets | 113 | |
Provision for loan loss | 30,080 | 36,172 |
Credit card fair value election differences | 173 | |
Equity-based compensation | 715 | 792 |
Accrued expenses | 466 | 386 |
Accruals for state taxes and interest associated with unrecognized tax benefits | 121 | 108 |
Federal net operating loss and capital loss carry-forwards | 11,279 | 18,643 |
Federal tax credits and minimum tax credit carry-forward | 25 | 520 |
Foreign net operating loss carry-forward | 306 | 537 |
Interest expense on preferred stock with debt treatment for tax purposes | 631 | |
Other | 202 | 40 |
State tax benefits, primarily from net operating losses | 36,052 | 40,937 |
Deferred tax assets, gross | 80,125 | 98,248 |
Valuation allowances | (31,701) | (39,161) |
Deferred tax assets net of valuation allowance | 48,424 | 59,087 |
Prepaid expenses and other | (225) | (1,217) |
Software development costs/fixed assets | (176) | |
Equity in income of equity-method investee | (1,457) | (1,154) |
Credit card fair value election differences | (21,513) | |
Market discount on loans | (61,255) | (29,834) |
Deferred costs | (545) | (542) |
Convertible senior notes | (10,057) | (9,309) |
Deferred tax (liabilities), gross | (73,539) | (63,745) |
Deferred tax (liabilities), net | $ (25,115) | $ (4,658) |
Note 13 - Income Taxes - Unreco
Note 13 - Income Taxes - Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ (513) | $ (414) |
Reductions based on tax positions related to prior years | 13 | |
Additions based on tax positions related to prior years | 48 | |
Additions based on tax positions related to the current year | (82) | (83) |
Interest and penalties accrued | (30) | (29) |
Balance | $ (577) | $ (513) |
Note 14 - Net Income Attribut_3
Note 14 - Net Income Attributable to Controlling Interests Per Common Share (Details Textual) xbrli-pure in Millions | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2020shares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019shares | |
Weighted Average Number of Shares, Restricted Stock (in shares) | 431,262 | 512,636 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 100,000 | 500,000 | |
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 | ||
Series A Preferred Stock [Member] | |||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock (in shares) | 3,793,869 | 0 |
Note 14 - Net Income Attribut_4
Note 14 - Net Income Attributable to Controlling Interests Per Common Share - Summary of Earning Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Net income attributable to controlling interests | $ 94,120 | $ 26,443 | |
Preferred stock and preferred unit dividends and accretion | (17,070) | (1,153) | |
Net income attributable to common shareholders—basic | 77,050 | 25,290 | |
Effect of dilutive preferred stock dividends and accretion | 2,400 | 26 | |
Net income attributable to common shareholders—diluted | $ 79,450 | $ 25,316 | |
Basic (including unvested share-based payment awards) (1) (in shares) | [1] | 14,486 | 14,499 |
Effect of dilutive stock compensation arrangements and exchange of preferred stock (in shares) | 5,616 | 774 | |
Diluted (including unvested share-based payment awards) (1) (in shares) | [1] | 20,102 | 15,273 |
Net income attributable to common shareholders per common share—basic (in dollars per share) | $ 5.32 | $ 1.74 | |
Net income attributable to common shareholders per common share—diluted (in dollars per share) | $ 3.95 | $ 1.66 | |
[1] | Shares related to unvested share-based payment awards included in our basic and diluted share counts were 431,262 for the year ended December 31, 2020, compared to 512,636 for the year ended December 31, 2019. |
Note 15 - Stock-based Compens_3
Note 15 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | May 09, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net, Total | $ 0 | $ 0 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 61,373 | 229,500 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount, Total | $ 600 | $ 900 | |
Share-based Payment Arrangement, Expense | 800 | 1,000 | |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 500 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 36 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 | $ 500 | 700 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 77.70% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.46% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fair Value | $ 1,400 | ||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,400 | $ 500 | |
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) | 1,670,226 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 56,562 |
Note 15 - Stock-based Compens_4
Note 15 - Stock-based Compensation - Summary of Outstanding Options (Details) | 12 Months Ended |
Dec. 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 | 143,500 |
Issued, weighted average exercise price (in dollars per share) | $ / shares | $ 15.30 |
Exercised (in shares) | shares | (407,533) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 3.25 |
Expired/Forfeited (in shares) | shares | |
Expired/Forfeited, weighted average exercise price (in dollars per share) | $ / shares | |
Outstanding (in shares) | shares | 2,423,466 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 4.41 |
Outstanding, weighted average remaining contractual life (Year) | 1 year 219 days |
Outstanding, aggregate intrinsic value | $ | $ 48,992,890 |
Exercisable (in shares) | shares | 1,835,467 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 3.20 |
Exercisable, weighted average remaining contractual life (Year) | 1 year 36 days |
Exercisable, aggregate intrinsic value | $ | $ 39,325,783 |
Note 15 - Stock-based Compens_5
Note 15 - Stock-based Compensation - Information of Stock Options Granted, Exercised and Vested (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted average fair value per share of options granted (in dollars per share) | $ 9.47 | $ 1.90 |
Proceeds from exercise of stock options | $ 1,326 | $ 1,215 |
Aggregate intrinsic value of options exercised | 5,726 | 671 |
Grant date fair value of shares vested | $ 944 | $ 618 |
Note 16 - Employee Benefit Pl_2
Note 16 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan Eligibility (Month) | 90 days | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 3.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 197,214 | $ 285,618 |
Employee Stock Purchase Plan, Percent of Wages Withheld, Maximum | 10.00% | |
Employee Stock Purchase Plan, Max Annual Contribution by Employees | $ 10,000 | |
Percent of Purchase Price to Company's Common Stock on Last Day of Offering Period | 85.00% | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 106,775 | $ 108,466 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 9,209 | 19,641 |
Employee Stock Purchase Plan, Shares Authorized (in shares) | 100,000 | |
Employee Stock Purchase Plan, Employer Expense During Period | $ 31,748 | $ 31,954 |
Note 17 - Related Party Trans_2
Note 17 - Related Party Transactions (Details Textual) | Dec. 27, 2019USD ($)$ / sharesshares | Dec. 31, 2020USD ($)ft²shares | Dec. 31, 2019USD ($)shares | Nov. 26, 2014USD ($) | Jun. 30, 2007ft² |
Related Party Transaction, Percent of Common Stock Purchase to Trigger Share Sale | 50.00% | ||||
Debt Satisfied By Issuance of Series A Preferred Stock [Member] | |||||
Debt Conversion, Original Debt, Amount | $ 40,000,000 | ||||
Series A Preferred Stock [Member] | |||||
Temporary Equity, Shares Issued (in shares) | shares | 400,000 | 400,000 | 400,000 | ||
Temporary Equity, Liquidation Preference | $ 40,000,000 | $ 40,000,000 | |||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||
Temporary Equity, Redemption Price Per Share (in dollars per share) | $ / shares | $ 100 | ||||
Temporary Equity, Conversion Price Per Share (in dollars per share) | $ / shares | $ 10 | ||||
Chief Executive Officer [Member] | |||||
Area of Real Estate Property (Square Foot) | ft² | 600 | 1,000 | |||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 16,960 | $ 16,627 | |||
Related Party Transaction, Due from (to) Related Party, Noncurrent, Total | 24,567 | ||||
Related Party Transaction, Amounts of Transaction | $ 334,526 | $ 269,072 | |||
Dove Ventures, LLC [Member] | Senior Secured Term Loan Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 |