Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 07, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | Atlanticus Holdings Corp | |
Entity Central Index Key | 0001464343 | |
Trading Symbol | atlc | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 16,640,267 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common stock, no par value per share |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Unrestricted cash and cash equivalents | $ 203,050 | $ 178,102 |
Restricted cash and cash equivalents | 40,477 | 80,859 |
Loans, interest and fees receivable: | ||
Loans, interest and fees receivable, at fair value | 481,434 | 417,098 |
Loans, interest and fees receivable, gross | 592,934 | 667,556 |
Allowances for uncollectible loans, interest and fees receivable (including $102.7 million and $120.9 million associated with variable interest entities at March 31, 2021 and December 31, 2020, respectively) | (105,881) | (124,961) |
Deferred revenue (including $7.4 million and $10.3 million associated with variable interest entities at March 31, 2021 and December 31, 2020, respectively) | (33,995) | (39,456) |
Net loans, interest and fees receivable | 934,492 | 920,237 |
Property at cost, net of depreciation | 2,002 | 2,240 |
Investments in equity-method investee | 1,244 | 1,415 |
Operating lease right-of-use assets | 8,011 | 9,181 |
Prepaid expenses and other assets | 10,219 | 15,180 |
Total assets | 1,199,495 | 1,207,214 |
Liabilities | ||
Accounts payable and accrued expenses | 41,153 | 41,731 |
Operating lease liabilities | 11,697 | 13,776 |
Notes Payable, net held by VIEs | 839,251 | 882,610 |
Notes payable associated with structured financings, at fair value (associated with variable interest entities) | 2,791 | 2,919 |
Convertible senior notes | 13,818 | 24,386 |
Income tax liability | 33,566 | 25,932 |
Total liabilities | 942,276 | 991,354 |
Commitments and contingencies (Note 11) | ||
Shareholders' Equity | ||
Common stock, no par value, 150,000,000 shares authorized: 16,640,267 shares issued and outstanding (including 1,459,233 loaned shares to be returned) at March 31, 2021; and 16,115,353 shares issued and outstanding (including 1,459,233 loaned shares to be returned) at December 31, 2020 | ||
Paid-in capital | 192,207 | 194,950 |
Retained deficit | (73,591) | (117,666) |
Total shareholders’ equity | 118,616 | 77,284 |
Noncontrolling interests | (822) | (774) |
Total equity | 117,794 | 76,510 |
Total liabilities, preferred stock and shareholders' equity | 1,199,495 | 1,207,214 |
Series A Preferred Stock [Member] | ||
Liabilities | ||
Preferred stock | 40,000 | 40,000 |
Series B Preferred Stock [Member] | ||
Liabilities | ||
Preferred stock | $ 99,425 | $ 99,350 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Unrestricted cash and cash equivalents | $ 203,050,000 | $ 178,102,000 |
Restricted cash and cash equivalents | 40,477,000 | 80,859,000 |
Loans, interest and fees receivable, at fair value | 481,434,000 | 417,098,000 |
Loans, interest and fees receivable, gross | 592,934,000 | 667,556,000 |
Allowances for uncollectible loans, interest and fees receivable | 105,881,000 | 124,961,000 |
Deferred revenue | 33,995,000 | 39,456,000 |
Notes payable, at face value | $ 839,251,000 | $ 882,610,000 |
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) | 16,640,267 | 16,115,353 |
Common stock, outstanding (in shares) | 16,640,267 | 16,115,353 |
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 | $ 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 | $ 131,700,000 | $ 96,600,000 |
Restricted cash and cash equivalents | 29,000,000 | 70,200,000 |
Loans, interest and fees receivable, at fair value | 424,500,000 | 374,200,000 |
Loans, interest and fees receivable, gross | 489,000,000 | 560,200,000 |
Allowances for uncollectible loans, interest and fees receivable | 102,700,000 | 120,900,000 |
Deferred revenue | 7,400,000 | 10,300,000 |
Notes payable, at face value | $ 781,000,000 | $ 827,100,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue: | ||
Consumer loans, including past due fees | $ 102,296 | $ 103,147 |
Fees and related income on earning assets | 37,020 | 34,645 |
Other revenue | 4,579 | 2,726 |
Total operating revenue | 143,895 | 140,518 |
Other non-operating revenue | 840 | (10) |
Total revenue | 144,735 | 140,508 |
Interest expense | (12,298) | (13,584) |
Loss on repurchase of convertible senior notes | (7,807) | |
Provision for losses on loans, interest and fees receivable recorded at net realizable value | (4,135) | (67,336) |
Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | (27,491) | (15,191) |
Net margin | 93,004 | 44,397 |
Operating expense: | ||
Salaries and benefits | 8,239 | 7,510 |
Card and loan servicing | 17,387 | 15,837 |
Marketing and solicitation | 10,301 | 9,317 |
Depreciation | 312 | 285 |
Other | 4,968 | 4,801 |
Total operating expense | 41,207 | 37,750 |
Income before income taxes | 51,797 | 6,647 |
Income tax expense | (7,770) | (1,285) |
Net income | 44,027 | 5,362 |
Net loss attributable to noncontrolling interests | 48 | 63 |
Net income attributable to controlling interests | 44,075 | 5,425 |
Preferred dividends and discount accretion | (4,687) | (2,759) |
Net income attributable to common shareholders | $ 39,388 | $ 2,666 |
Net income attributable to common shareholders per common share—basic (in dollars per share) | $ 2.62 | $ 0.18 |
Net income attributable to common shareholders per common share—diluted (in dollars per share) | $ 1.91 | $ 0.17 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [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, 2019 | 15,885,314 | ||||||
Balance at Dec. 31, 2019 | $ 212,692,000 | $ (211,786,000) | $ (571,000) | $ 49,050,000 | $ 40,000,000 | $ 335,000 | |
Accretion of discount associated with issuance of subsidiary equity | (75,000) | 75,000 | (75,000) | ||||
Preferred dividends | (2,684,000) | (2,684,000) | |||||
Stock option exercises and proceeds related thereto (in shares) | 2,000 | ||||||
Stock option exercises and proceeds related thereto | 6,000 | 6,000 | |||||
Compensatory stock issuances, net of forfeitures (in shares) | 64,915 | ||||||
Compensatory stock issuances, net of forfeitures | |||||||
Deferred stock-based compensation costs | 368,000 | $ 368,000 | |||||
Redemption and retirement of shares (in shares) | (74,724) | (74,724) | |||||
Redemption and retirement of shares | (559,000) | $ (559,000) | |||||
Comprehensive income | 5,425,000 | (63,000) | 5,362,000 | ||||
Contributions by preferred unit holders | 50,000,000 | ||||||
Balance (in shares) at Mar. 31, 2020 | 15,877,505 | ||||||
Balance at Mar. 31, 2020 | 209,748,000 | (206,361,000) | (634,000) | 99,125,000 | 40,000,000 | 2,753,000 | |
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 | |
Accretion of discount associated with issuance of subsidiary equity | (75,000) | 75,000 | (75,000) | ||||
Preferred dividends | (4,612,000) | $ (4,612,000) | |||||
Stock option exercises and proceeds related thereto (in shares) | 494,900 | 494,900 | |||||
Stock option exercises and proceeds related thereto | 1,696,000 | $ 1,696,000 | |||||
Compensatory stock issuances, net of forfeitures (in shares) | 39,942 | ||||||
Compensatory stock issuances, net of forfeitures | |||||||
Deferred stock-based compensation costs | 545,000 | $ 545,000 | |||||
Redemption and retirement of shares (in shares) | (9,928) | (9,928) | |||||
Redemption and retirement of shares | (297,000) | $ (297,000) | |||||
Comprehensive income | 44,075,000 | (48,000) | 44,027,000 | ||||
Balance (in shares) at Mar. 31, 2021 | 16,640,267 | ||||||
Balance at Mar. 31, 2021 | $ 192,207,000 | $ (73,591,000) | $ (822,000) | $ 99,425,000 | $ 40,000,000 | $ 117,794,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities | ||
Net income | $ 44,027 | $ 5,362 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion, net | 844 | 1,962 |
Provision for losses on loans, interest and fees receivable | 4,135 | 67,336 |
Interest expense from accretion of discount on notes | 132 | 143 |
Income from accretion of merchant fees and discount associated with receivables purchases | (34,213) | (35,763) |
Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | 27,491 | 15,191 |
Amortization of deferred loan costs | 888 | 1,326 |
Income from equity-method investments | (19) | 66 |
Loss on repurchase of convertible senior notes | 7,807 | |
Deferred stock-based compensation costs | 545 | 368 |
Lease liability payments | (2,584) | (2,540) |
Changes in assets and liabilities: | ||
Increase in uncollected fees on earning assets | (9,517) | (13,206) |
Increase in income tax liability | 7,634 | 1,206 |
Increase (decrease) in accounts payable and accrued expenses | 658 | (6,605) |
Other | 4,952 | 101 |
Net cash provided by operating activities | 52,780 | 34,947 |
Investing activities | ||
Proceeds from equity-method investee | 190 | 285 |
Proceeds from recoveries on charged off receivables | 1,892 | 1,484 |
Investments in earning assets | (356,011) | (276,219) |
Proceeds from earning assets | 351,839 | 229,814 |
Purchases and development of property, net of disposals | (73) | (99) |
Net cash used in investing activities | (2,163) | (44,735) |
Financing activities | ||
Noncontrolling interests contributions | 50,000 | |
Preferred dividends | (4,701) | (1,497) |
Proceeds from exercise of stock options | 1,696 | 6 |
Purchase and retirement of outstanding stock | (297) | (559) |
Proceeds from borrowings | 53,314 | 61,074 |
Repayment of borrowings | (116,069) | (72,687) |
Net cash (used in) provided by financing activities | (66,057) | 36,337 |
Effect of exchange rate changes on cash | 6 | (42) |
Net (decrease) increase in cash and cash equivalents | (15,434) | 26,507 |
Cash and cash equivalents and restricted cash at beginning of period | 258,961 | 176,394 |
Cash and cash equivalents and restricted cash at end of period | 243,527 | 202,901 |
Supplemental cash flow information | ||
Cash paid for interest | 12,265 | 13,542 |
Net cash income tax payments | 136 | 79 |
(Decrease) increase in accrued and unpaid preferred dividends | $ (89) | $ 1,187 |
Note 1 - Description of Our Bus
Note 1 - Description of Our Business | 3 Months Ended |
Mar. 31, 2021 | |
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 We are principally engaged in providing products and services to lenders in the U.S. and, in most cases, we invest in the receivables originated by lenders who utilize our technology platform and other related services. From time to time, we also purchase receivables portfolios from third third Within our Credit 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 We also 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" March 11, 2021, $1.9 The duration and severity of the effects of COVID- 19 not 19 third |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components | 3 Months Ended |
Mar. 31, 2021 | |
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. Loans, Interest and Fees Receivable We maintain two 90 180 30 not Loans, Interest and Fees Receivable, at Fair Value. January 1, 2020 ( 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 $50.5 $47.4 three March 31, 2021 2020, As of March 31, 2021 December 31, 2020 $34.0 $39.5 15 14 $19.6 $28.2 March 31, 2021 December 31, 2020 As a result of the recent COVID- 19 March 13, 2020 March 22, 2020, 19 19 may 19. 19 19 not March 31, 2021 19; or hardship claims. A roll-forward (in millions) of our allowance for uncollectible loans, interest and fees receivable by class of receivable is as follows: For the Three Months Ended March 31, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (88.2 ) $ (1.7 ) $ (35.1 ) $ (125.0 ) Provision for loan losses (4.2 ) (0.1 ) 0.2 (4.1 ) Charge offs 19.0 0.6 7.3 26.9 Recoveries (1.7 ) (0.3 ) (1.7 ) (3.7 ) Balance at end of period $ (75.1 ) $ (1.5 ) $ (29.3 ) $ (105.9 ) As of March 31, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at end of period individually evaluated for impairment $ — $ (0.1 ) $ — $ (0.1 ) Balance at end of period collectively evaluated for impairment $ (75.1 ) $ (1.4 ) $ (29.3 ) $ (105.8 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 322.9 $ 94.1 $ 175.9 $ 592.9 Loans, interest and fees receivable individually evaluated for impairment $ — $ 1.7 $ — $ 1.7 Loans, interest and fees receivable collectively evaluated for impairment $ 322.9 $ 92.4 $ 175.9 $ 591.2 For the Three Months Ended March 31, 2020 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (121.3 ) $ (1.6 ) $ (63.4 ) $ (186.3 ) Provision for loan losses (51.0 ) (0.8 ) (15.5 ) (67.3 ) Charge offs 46.2 0.9 24.3 71.4 Recoveries (2.3 ) (0.3 ) (2.1 ) (4.7 ) Balance at end of period $ (128.4 ) $ (1.8 ) $ (56.7 ) $ (186.9 ) As of 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 Recoveries, noted above, consist of amounts received from the efforts of third third three March 31, 2021, $2.4 $1.3 third third three March 31, 2020, $3.2 $1.5 third third An aging of our delinquent loans, interest and fees receivable, gross (in millions) by class of receivable as of March 31, 2021 December 31, 2020 As of March 31, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 7.5 $ 4.6 $ 3.4 $ 15.5 60-89 days past due 5.0 1.8 2.2 9.0 90 or more days past due 21.2 1.7 6.8 29.7 Delinquent loans, interest and fees receivable, gross 33.7 8.1 12.4 54.2 Current loans, interest and fees receivable, gross 289.2 86.0 163.5 538.7 Total loans, interest and fees receivable, gross $ 322.9 $ 94.1 $ 175.9 $ 592.9 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.1 $ — $ 1.1 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 Troubled Debt Restructurings. 90 may not one 19 e.g. 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 March 31, 2021 December 31, 2020 As of March 31, 2021 December 31, 2020 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of TDRs 11,488 31,184 12,394 37,784 Number of TDRs that have been re-aged 2,528 7,453 2,788 7,846 Amount of TDRs on non-accrual status (in thousands) $ 13,539 $ 21,872 $ 14,537 $ 26,989 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 4,115 $ 6,387 $ 4,662 $ 6,890 Carrying value of TDRs (in thousands) $ 9,372 $ 12,607 $ 9,583 $ 14,287 TDRs - Performing (carrying value, in thousands)* $ 8,134 $ 11,500 $ 7,420 $ 11,855 TDRs - Nonperforming (carrying value, in thousands)* $ 1,238 $ 1,107 $ 2,163 $ 2,432 *“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 51,424 43,466 $59.2 $55.3 three March 31, 2021 March 31, 2020 twelve Twelve Months Ended March 31, 2021 March 31, 2020 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of accounts 2,448 6,304 3,310 4,740 Loan balance at time of charge off (in thousands) $ 3,364 $ 5,553 $ 4,965 $ 4,695 Accounts Payable and Accrued Expenses Accounts payable and accrued expenses reflect both the billed and unbilled amounts owed at the end of a period for services rendered. Commencing in July 2019, third 10 37 Income Taxes We experienced an effective tax rate of 15.0% three March 31, 2021, 19.3% three March 31, 2020. Our effective tax rate for the three March 31, 2021 1 2 3 1 162 1986, 2 Our effective tax rate for the three March 31, 2020 We report interest expense associated with our income tax liabilities (including accrued liabilities for uncertain tax positions) within our income tax line item on our consolidated statements of operations. We likewise report within such line item the reversal of interest expense associated with our accrual liabilities for uncertain tax positions to the extent we resolve such liabilities in a manner favorable to our accruals therefor. We had de minimis interest expense or reversals thereof during the three March 31, 2021, 2020. 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. 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. Loss on repurchase of convertible senior notes In periods where we repurchase outstanding convertible senior notes, we record any discount or premium paid for the repurchase (including accrued interest) relative to the amortized book value of the notes. In the three March 31, 2021, $14.7 $18.6 $7.8 Other non-operating revenue Other non-operating revenue includes revenues associated with investments in equity method investees and other revenues not Revenue from Contracts with Customers Components (in thousands) of our revenue from contracts with customers is as follows: Credit and For the Three Months Ended March 31, 2021 Other Investments Auto Finance Total Interchange revenues, net (1) $ 2,622 $ — $ 2,622 Servicing income 388 325 713 Service charges and other customer related fees 1,229 15 1,244 Total revenue from contracts with customers $ 4,239 $ 340 $ 4,579 ( 1 Credit and For the Three Months Ended March 31, 2020 Other Investments Auto Finance Total Interchange revenues, net (1) $ 1,980 $ — $ 1,980 Servicing income 384 220 604 Service charges and other customer related fees 125 17 142 Total revenue from contracts with customers $ 2,489 $ 237 $ 2,726 ( 1 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 Subsequent Events We evaluate subsequent events that occur after our consolidated balance sheet date but before our consolidated financial statements are issued. There are two 1 2 not We have evaluated subsequent events occurring after March 31, 2021 , not |
Note 3 - Segment Reporting
Note 3 - Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 3. Segment Reporting We operate primarily within one two Summary operating segment information (in thousands) is as follows: Three Months Ended March 31, 2021 Credit and Other Investments Auto Finance Total Revenue: Consumer loans, including past due fees $ 94,110 $ 8,186 $ 102,296 Fees and related income on earning assets 37,003 17 37,020 Other revenue 4,238 341 4,579 Other non-operating revenue 835 5 840 Total revenue 136,186 8,549 144,735 Interest expense (12,044 ) (254 ) (12,298 ) Loss on repurchase of convertible senior notes (7,807 ) — (7,807 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (4,007 ) (128 ) (4,135 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (27,491 ) — (27,491 ) Net margin $ 84,837 $ 8,167 $ 93,004 Income before income taxes $ 49,304 $ 2,493 $ 51,797 Income tax expense $ (7,163 ) $ (607 ) $ (7,770 ) Total assets $ 1,117,215 $ 82,280 $ 1,199,495 Three Months Ended March 31, 2020 Credit and Other Investments Auto Finance Total Revenue: Consumer loans, including past due fees $ 95,253 $ 7,894 $ 103,147 Fees and related income on earning assets 34,627 18 34,645 Other revenue 2,489 237 2,726 Other non-operating revenue (13 ) 3 (10 ) Total revenue 132,356 8,152 140,508 Interest expense (13,175 ) (409 ) (13,584 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (66,530 ) (806 ) (67,336 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (15,191 ) — (15,191 ) Net margin $ 37,460 $ 6,937 $ 44,397 Income before income taxes $ 5,067 $ 1,580 $ 6,647 Income tax expense $ (876 ) $ (409 ) $ (1,285 ) Total assets $ 891,748 $ 80,136 $ 971,884 |
Note 4 - Shareholders' Equity a
Note 4 - Shareholders' Equity and Preferred Stock | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 4. Shareholders' Equity and Preferred Stock On November 26, 2014, $40.0 December 27, 2019, 400,000 10,000,000 400,000 $40.0 $40.0 6% no may, January 1, 2025 $100 $100 January 1, 2024. $100 $10 12, Dove is a limited liability company owned by three one two two During the three March 31, 2021 2020, 9,928 74,724 $297,000 $559,000, We had 1,459,233 March 31, 2021 December 31, 2020 November 2005 On November 14, 2019, 50.5 $1.00 third 16% 6 not March 30, 2020, 50.0 12, |
Note 5 - Investment in Equity-m
Note 5 - Investment in Equity-method Investee | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 5. Investment in Equity-Method Investee Our equity-method investment outstanding at March 31, 2021 66.7% In the following tables, we summarize (in thousands) balance sheet and results of operations data for our equity-method investee: As of March 31, 2021 December 31, 2020 Loans, interest and fees receivables, at fair value $ 1,718 $ 1,994 Total assets $ 1,848 $ 2,105 Total liabilities $ 9 $ 10 Members' capital $ 1,839 $ 2,095 Three Months Ended March 31, 2021 2020 Net margin $ 55 $ (61 ) Net income $ 29 $ (99 ) Net income attributable to our equity investment investee $ 19 $ (66 ) |
Note 6 - Fair Values of Assets
Note 6 - Fair Values of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 December 31, 2020 1 2 not Assets – As of March 31, 2021 (1) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Amount of Assets Loans, interest and fees receivable, net for which it is practicable to estimate fair value $ — $ — $ 520,556 $ 453,058 Loans, interest and fees receivable, at fair value $ — $ — $ 481,434 $ 481,434 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 ( 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 three 31, 2021 2020 Loans, Interest and Fees Receivables, at Fair Value 2021 2020 Balance at January 1, $ 417,098 $ 4,386 Total gains—realized/unrealized: Net revaluations of loans, interest and fees receivable, at fair value (13,303 ) (15,487 ) Chargeoffs, net of recoveries (14,316 ) (266 ) Purchases 250,469 102,485 Settlements (211,065 ) (13,765 ) Finance and fees 52,551 12,041 Balance at March 31, $ 481,434 $ 89,394 The unrealized gains and losses for assets within the Level 3 Net Revaluation of Loans, Interest and Fees Receivable. third For Level 3 March 31, 2021 December 31, 2020 Quantitative Information about Level 3 Fair Value Measurement Fair Value at March 31, 2021 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 481,434 Discounted cash flows Gross yield, net of finance charge charge-offs 22.7% to 52.7% (40.7%) Payment rate 4.6% to 11.9% (9.1%) Expected principal credit loss rate 3.4% to 30.0% (25.5%) Servicing rate 3.0% to 10.3% (4.1%) Discount rate 12.7% to 13.5% (13.2%) 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%) Valuations and Techniques for Liabilities Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the liability. The table below summarizes (in thousands) by fair value hierarchy the March 31, 2021 December 31, 2020 1 2 not Liabilities – As of March 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Amount of Liabilities Liabilities not carried at fair value Revolving credit facilities $ — $ — $ 814,940 $ 814,940 Amortizing debt facilities $ — $ — $ 24,311 $ 24,311 Convertible senior notes $ — $ 24,416 $ — $ 13,818 Liabilities carried at fair value Notes payable associated with structured financings, at fair value $ — $ — $ 2,791 $ 2,791 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 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 9, For our material Level 3 three March 31, 2021 2020 Notes Payable Associated with Structured Financings, at Fair Value 2021 2020 Balance at January 1, $ 2,919 $ 3,920 Total (gains) losses—realized/unrealized: Net revaluations of notes payable associated with structured financings, at fair value (128 ) (562 ) Repayments on outstanding notes payable, net — — Balance at March 31, $ 2,791 $ 3,358 The unrealized gains and losses for liabilities within the Level 3 3 Net Revaluation of Notes Payable Associated with Structured Financings, at Fair Value. not third For material Level 3 March 31, 2021 December 31, 2020 Quantitative Information about Level 3 Fair Value Measurement Fair Value at March 31, 2021 (in thousands) Valuation Technique Unobservable Input Weighted Average Notes payable associated with structured financings, at fair value $ 2,791 Discounted cash flows Gross yield, net of finance charge charge-offs 25.0 % Payment rate 4.6 % Expected principal credit loss rate 7.5 % Discount rate 13.2 % 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 % Other Relevant Data Other relevant data (in thousands) as of March 31, 2021 December 31, 2020 As of March 31, 2021 Loans, Interest and Fees Receivable at Fair Value Loans, Interest and Fees Receivable Pledged as Collateral under Structured Financings at Fair Value Aggregate unpaid gross balance of loans, interest and fees receivable that are reported at fair value $ 574 $ 593,129 Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value $ 538 $ 560,225 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 494 $ 480,940 Aggregate fair value of receivables carried at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) $ — $ 2,023 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 $ 9 $ 17,097 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 Notes Payable Notes Payable Associated with Structured Financings, at Fair Value as of March 31, 2021 Notes Payable Associated with Structured Financings, at Fair Value as of December 31, 2020 Aggregate unpaid principal balance of notes payable $ 101,314 $ 101,314 Aggregate fair value of notes payable $ 2,791 $ 2,919 |
Note 7 - Variable Interest Enti
Note 7 - Variable Interest Entities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 7. Variable Interest Entities The following table presents a summary of VIEs in which we had continuing involvement or held a variable interest (in millions): As of March 31, 2021 December 31, 2020 Unrestricted cash and cash equivalents $ 131.7 $ 96.6 Restricted cash and cash equivalents 29.0 70.2 Loans, interest and fees receivable, at fair value 424.5 374.2 Loans, interest and fees receivable, gross 489.0 560.2 Allowances for uncollectible loans, interest and fees receivable (102.7 ) (120.9 ) Deferred revenue (7.4 ) (10.3 ) Total Assets held by VIEs $ 964.1 $ 970.0 Notes Payable, net held by VIEs $ 781.0 $ 827.1 Notes Payable, at fair value held by VIEs $ 2.8 $ 2.9 Maximum exposure to loss due to involvement with VIEs $ 916.8 $ 864.4 |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 8. Leases We have operating leases primarily associated with our corporate offices and regional service centers as well as for certain equipment. Our leases have remaining lease terms of 1 5 one For the Three Months Ended March 31, 2021 2020 Operating lease cost, gross $ 1,726 $ 1,720 Sublease income (1,293 ) (1,285 ) Net Operating lease cost $ 433 $ 435 Cash paid under operating leases, gross $ 2,584 $ 2,540 Weighted average remaining lease term - months 17 Weighted average discount rate 6.7 % As of March 31, 2021 Gross Lease Payment Payments received from Sublease Net Lease Payment 2021 (excluding the three months ended March 31, 2021) $ 7,848 $ (5,499 ) $ 2,349 2022 4,632 (3,112 ) 1,520 2023 350 — 350 2024 156 — 156 2025 84 — 84 Thereafter 4 — 4 Total lease payments 13,074 (8,611 ) 4,463 Less imputed interest (1,377 ) Total $ 11,697 In addition, we occasionally lease certain equipment under cancelable and non-cancelable leases, which are accounted for as capital leases in our consolidated financial statements. As of March 31, 2021 no one |
Note 9 - Notes Payable
Note 9 - Notes Payable | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Notes Payable Notes Payable, at Face Value and Notes Payable to Related Parties Other notes payable outstanding as of March 31, 2021 December 31, 2020 As of March 31, 2021 December 31, 2020 Revolving credit facilities at a weighted average interest rate equal to 5.0% as of March 31, 2021 (4.8% as of December 31, 2020) secured by the financial and operating assets of CAR and/or certain receivables and restricted cash with a combined aggregate carrying amount of $903.5 million as of March 31, 2021 ($943.6 million as of December 31, 2020) Revolving credit facility, not to exceed $55.0 million (expiring November 1, 2023) (1) (2) (3) $ 37.6 $ 34.9 Revolving credit facility, not to exceed $50.0 million (expiring October 30, 2022) (2) (3) (4) (5) — 50.0 Revolving credit facility, not to exceed $70.0 million (expiring February 8, 2022) (2) (3) (4) (5) (6) 5.8 5.8 Revolving credit facility, not to exceed $100.0 million (expiring October 15, 2022) (2) (3) (4) (5) (6) 10.0 10.0 Revolving credit facility, not to exceed $15.0 million (expiring July 15, 2021) (2) (3) (4) (5) 6.9 4.7 Revolving credit facility, not to exceed $100.0 million (expiring August 15, 2022) (2) (3) (4) (5) (6) 2.5 2.5 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 $25.0 million (expiring April 21, 2023) (2) (3) (4) (5) — 7.8 Revolving credit facility, not to exceed $100.0 million (expiring January 15, 2025) (3) (4) (5) (6) 100.0 100.0 Revolving credit facility, not to exceed $250.0 million (expiring October 15, 2025) (3) (4) (5) (6) 250.0 250.0 Revolving credit facility, not to exceed $15.0 million (expiring February 15, 2024) (3) (4) (5) 10.0 — Other facilities Other debt with a weighted average interest rate equal to 2.7% 3.2 3.2 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 (expiring September 30, 2021) with a weighted average interest rate equal to 4.6% (2) (3) (4) (5) 3.7 5.0 Total notes payable before unamortized debt issuance costs and discounts 847.1 891.3 Unamortized debt issuance costs and discounts (7.8 ) (8.7 ) Total notes payable outstanding, net $ 839.3 $ 882.6 ( 1 Loan is subject to certain affirmative covenants, including a coverage ratio, a leverage ratio and a collateral performance test, the failure of which could result in required early repayment of all or a portion of the outstanding balance by our CAR Auto Finance operations. ( 2 These notes reflect modifications to either extend the maturity date, increase the loan amount or both, and are treated as accounting modifications. ( 3 See below for additional information. ( 4 Loans are subject to certain affirmative covenants tied to default rates and other performance metrics the failure of which could result in required early repayment of the remaining unamortized balances of the notes. ( 5 Loans are associated with VIEs. ( 6 Creditors do not * As of March 31, 2021 0.11% 3.25%. In October 2015, $50.0 $0.0 March 31, 2021). 3.0%. October 30, 2022 In October 2016, $40.0 $37.6 March 31, 2021). 2.4% 3.0% October 2016, March 31, 2021, $55.0 November 1, 2023. no In February 2017, $90.0 $70.0 $5.8 March 31, 2021) third 14.0%. February 8, 2022 may In 2018, two $200.0 $12.5 March 31, 2021) third 3.15% 4.875%, October 15, 2022 August 15, 2022, may In December 2017, $25.0 $0.0 March 31, 2021). 3.5%. April 21, 2023 In June 2019, $15.0 $6.9 March 31, 2021). 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. 10, In September 2019, $30.0 $3.7 March 31, 2021) 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%. In January 2021, $15.0 $10.0 March 31, 2021) February 15, 2024 As of March 31, 2021 Notes Payable Associated with Structured Financings, at Fair Value Scheduled (in millions) in the table below are ( 1 31, 2021 December 31, 2020 2 March 31, 2021 December 31, 2020 3 March 31, 2021 December 31, 2020 Carrying Amounts at Fair Value as of March 31, 2021 December 31, 2020 Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of March 31, 2021 ($101.3 million as of December 31, 2020) bearing interest at a weighted average 5.6% interest rate, based upon LIBOR, at March 31, 2021 (5.7% at December 31, 2020), which is secured by credit card receivables and restricted cash aggregating $2.8 million as of March 31, 2021 ($2.9 million as of December 31, 2020) in carrying amount $ 2.8 $ 2.9 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 $2.8 $2.8 no March 31, 2021 . 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 |
Note 10 - Convertible Senior No
Note 10 - Convertible Senior Notes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 10. Convertible Senior Notes In November 2005, $300.0 5.875% November 30, 2035 No In the three March 31, 2021, $14.7 $18.6 $7.8 The following summarizes (in thousands) components of our consolidated balance sheets associated with our convertible senior notes: As of March 31, 2021 December 31, 2020 Face amount of convertible senior notes $ 19,113 $ 33,839 Discount (5,295 ) (9,453 ) Net carrying value $ 13,818 $ 24,386 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 $19.1 March 31, 2021 ( 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, $44.3 1,459,233 March 31, 2021). |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. Commitments and Contingencies General Under finance products available in the point-of-sale and direct-to-consumer channels, consumers have the ability to borrow up to the maximum credit limit assigned to each individual's account. Unfunded commitments under these products aggregated $1.8 March 31, 2021 . Additionally, our CAR operations provide floor-plan financing for a pre-qualified network of independent automotive dealers and automotive finance companies in the buy-here, pay-here used car business. The floor plan financing allows dealers and finance companies to borrow up to the maximum pre-approved credit limit allowed in order to finance ongoing inventory needs. These loans are secured by the underlying auto inventory and, in certain cases where we have other lending products outstanding with the dealer, are secured by the collateral under those lending arrangements as well, including any outstanding dealer reserves. As of March 31, 2021 , $11.6 Under agreements with third $11.4 March 31, 2021 Under agreements with third March 31, 2021 , 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 $23.4 March 31, 2021 ( $0.7 March 31, 2021 We also are subject to certain minimum payments under cancelable and non-cancelable lease arrangements. For further information regarding these commitments, see Note 8, . Litigation We are involved in various legal proceedings that are incidental to the conduct of our business. There are currently no |
Note 12 - Net Income Attributab
Note 12 - Net Income Attributable to Controlling Interests Per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Net Income Attributable to Controlling Interests Per Common Share The following table sets forth the computations of net income attributable to controlling interests per share of common stock (in thousands, except per share data): For the Three Months Ended March 31, 2021 2020 Numerator: Net income attributable to controlling interests $ 44,075 $ 5,425 Preferred stock and preferred unit dividends and accretion (4,687 ) (2,759 ) Net income attributable to common shareholders—basic 39,388 2,666 Effect of dilutive preferred stock dividends and accretion 592 597 Net income attributable to common shareholders—diluted $ 39,980 $ 3,263 Denominator: Basic (including unvested share-based payment awards) (1) 15,013 14,436 Effect of dilutive stock compensation arrangements and exchange of preferred stock 5,921 4,999 Diluted (including unvested share-based payment awards) (1) 20,934 19,435 Net income attributable to common shareholders per share—basic $ 2.62 $ 0.18 Net income attributable to common shareholders per share—diluted $ 1.91 $ 0.17 ( 1 Shares related to unvested share-based payment awards included in our basic and diluted share counts were 421,639 three March 31, 2021 , 473,887 three March 31, 2020 . As their effects were anti-dilutive, we excluded stock options to purchase 0.1 0.0 three March 31, 2021 2020, For the three March 31, 2021 2020, 4,000,000 3,175,474 4, For the three March 31, 2021 2020 0.1 0.0 $24.61 0.8 10, |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 13. Stock-Based Compensation We currently have two 2014 2014 2014 may 2014 May 2019. 2014 2,000,000 two March 31, 2021, 55,700 1,598,878 2014 Exercises and vestings under our stock-based compensation plans resulted in no three March 31, 2021 2020 Restricted Stock and Restricted Stock Units During the three March 31, 2021 2020, 33,276 58,248 $0.9 $0.6 $0.2 $0.3 three March 31, 2021 2020, 12 60 may March 31, 2021, $1.2 1.4 No Stock Options The exercise price per share of the options awarded under the Fourth Amended 2014 may not 10 2021 zero 5 80.3% 0.80% 5 $0.3 $0.1 three March 31, 2021 2020, Number of Shares Weighted-Average Exercise Price Weighted-Average of Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2020 2,423,466 $ 4.41 Issued 50,000 $ 31.54 Exercised (494,900 ) $ 3.43 Expired/Forfeited (2,000 ) $ 15.30 Outstanding at March 31, 2021 1,976,566 $ 5.34 1.7 $ 49,461,967 Exercisable at March 31, 2021 1,542,234 $ 3.49 1.3 $ 41,386,369 We had $2.1 $1.4 March 31, 2021 December 31, 2020 , |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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. |
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 ( 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 $50.5 $47.4 three March 31, 2021 2020, As of March 31, 2021 December 31, 2020 $34.0 $39.5 15 14 $19.6 $28.2 March 31, 2021 December 31, 2020 As a result of the recent COVID- 19 March 13, 2020 March 22, 2020, 19 19 may 19. 19 19 not March 31, 2021 19; or hardship claims. A roll-forward (in millions) of our allowance for uncollectible loans, interest and fees receivable by class of receivable is as follows: For the Three Months Ended March 31, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (88.2 ) $ (1.7 ) $ (35.1 ) $ (125.0 ) Provision for loan losses (4.2 ) (0.1 ) 0.2 (4.1 ) Charge offs 19.0 0.6 7.3 26.9 Recoveries (1.7 ) (0.3 ) (1.7 ) (3.7 ) Balance at end of period $ (75.1 ) $ (1.5 ) $ (29.3 ) $ (105.9 ) As of March 31, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at end of period individually evaluated for impairment $ — $ (0.1 ) $ — $ (0.1 ) Balance at end of period collectively evaluated for impairment $ (75.1 ) $ (1.4 ) $ (29.3 ) $ (105.8 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 322.9 $ 94.1 $ 175.9 $ 592.9 Loans, interest and fees receivable individually evaluated for impairment $ — $ 1.7 $ — $ 1.7 Loans, interest and fees receivable collectively evaluated for impairment $ 322.9 $ 92.4 $ 175.9 $ 591.2 For the Three Months Ended March 31, 2020 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (121.3 ) $ (1.6 ) $ (63.4 ) $ (186.3 ) Provision for loan losses (51.0 ) (0.8 ) (15.5 ) (67.3 ) Charge offs 46.2 0.9 24.3 71.4 Recoveries (2.3 ) (0.3 ) (2.1 ) (4.7 ) Balance at end of period $ (128.4 ) $ (1.8 ) $ (56.7 ) $ (186.9 ) As of 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 Recoveries, noted above, consist of amounts received from the efforts of third third three March 31, 2021, $2.4 $1.3 third third three March 31, 2020, $3.2 $1.5 third third An aging of our delinquent loans, interest and fees receivable, gross (in millions) by class of receivable as of March 31, 2021 December 31, 2020 As of March 31, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 7.5 $ 4.6 $ 3.4 $ 15.5 60-89 days past due 5.0 1.8 2.2 9.0 90 or more days past due 21.2 1.7 6.8 29.7 Delinquent loans, interest and fees receivable, gross 33.7 8.1 12.4 54.2 Current loans, interest and fees receivable, gross 289.2 86.0 163.5 538.7 Total loans, interest and fees receivable, gross $ 322.9 $ 94.1 $ 175.9 $ 592.9 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.1 $ — $ 1.1 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 |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructurings. 90 may not one 19 e.g. 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 March 31, 2021 December 31, 2020 As of March 31, 2021 December 31, 2020 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of TDRs 11,488 31,184 12,394 37,784 Number of TDRs that have been re-aged 2,528 7,453 2,788 7,846 Amount of TDRs on non-accrual status (in thousands) $ 13,539 $ 21,872 $ 14,537 $ 26,989 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 4,115 $ 6,387 $ 4,662 $ 6,890 Carrying value of TDRs (in thousands) $ 9,372 $ 12,607 $ 9,583 $ 14,287 TDRs - Performing (carrying value, in thousands)* $ 8,134 $ 11,500 $ 7,420 $ 11,855 TDRs - Nonperforming (carrying value, in thousands)* $ 1,238 $ 1,107 $ 2,163 $ 2,432 *“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 51,424 43,466 $59.2 $55.3 three March 31, 2021 March 31, 2020 twelve Twelve Months Ended March 31, 2021 March 31, 2020 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of accounts 2,448 6,304 3,310 4,740 Loan balance at time of charge off (in thousands) $ 3,364 $ 5,553 $ 4,965 $ 4,695 |
Accounts Payable and Accrued Expenses [Policy Text Block] | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses reflect both the billed and unbilled amounts owed at the end of a period for services rendered. Commencing in July 2019, third 10 37 |
Income Tax, Policy [Policy Text Block] | Income Taxes We experienced an effective tax rate of 15.0% three March 31, 2021, 19.3% three March 31, 2020. Our effective tax rate for the three March 31, 2021 1 2 3 1 162 1986, 2 Our effective tax rate for the three March 31, 2020 We report interest expense associated with our income tax liabilities (including accrued liabilities for uncertain tax positions) within our income tax line item on our consolidated statements of operations. We likewise report within such line item the reversal of interest expense associated with our accrual liabilities for uncertain tax positions to the extent we resolve such liabilities in a manner favorable to our accruals therefor. We had de minimis interest expense or reversals thereof during the three March 31, 2021, 2020. |
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. 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. Loss on repurchase of convertible senior notes In periods where we repurchase outstanding convertible senior notes, we record any discount or premium paid for the repurchase (including accrued interest) relative to the amortized book value of the notes. In the three March 31, 2021, $14.7 $18.6 $7.8 Other non-operating revenue Other non-operating revenue includes revenues associated with investments in equity method investees and other revenues not Revenue from Contracts with Customers Components (in thousands) of our revenue from contracts with customers is as follows: Credit and For the Three Months Ended March 31, 2021 Other Investments Auto Finance Total Interchange revenues, net (1) $ 2,622 $ — $ 2,622 Servicing income 388 325 713 Service charges and other customer related fees 1,229 15 1,244 Total revenue from contracts with customers $ 4,239 $ 340 $ 4,579 ( 1 Credit and For the Three Months Ended March 31, 2020 Other Investments Auto Finance Total Interchange revenues, net (1) $ 1,980 $ — $ 1,980 Servicing income 384 220 604 Service charges and other customer related fees 125 17 142 Total revenue from contracts with customers $ 2,489 $ 237 $ 2,726 ( 1 |
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 |
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 We have evaluated subsequent events occurring after March 31, 2021 , not |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | For the Three Months Ended March 31, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (88.2 ) $ (1.7 ) $ (35.1 ) $ (125.0 ) Provision for loan losses (4.2 ) (0.1 ) 0.2 (4.1 ) Charge offs 19.0 0.6 7.3 26.9 Recoveries (1.7 ) (0.3 ) (1.7 ) (3.7 ) Balance at end of period $ (75.1 ) $ (1.5 ) $ (29.3 ) $ (105.9 ) As of March 31, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at end of period individually evaluated for impairment $ — $ (0.1 ) $ — $ (0.1 ) Balance at end of period collectively evaluated for impairment $ (75.1 ) $ (1.4 ) $ (29.3 ) $ (105.8 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 322.9 $ 94.1 $ 175.9 $ 592.9 Loans, interest and fees receivable individually evaluated for impairment $ — $ 1.7 $ — $ 1.7 Loans, interest and fees receivable collectively evaluated for impairment $ 322.9 $ 92.4 $ 175.9 $ 591.2 For the Three Months Ended March 31, 2020 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (121.3 ) $ (1.6 ) $ (63.4 ) $ (186.3 ) Provision for loan losses (51.0 ) (0.8 ) (15.5 ) (67.3 ) Charge offs 46.2 0.9 24.3 71.4 Recoveries (2.3 ) (0.3 ) (2.1 ) (4.7 ) Balance at end of period $ (128.4 ) $ (1.8 ) $ (56.7 ) $ (186.9 ) As of 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 |
Financing Receivable, Past Due [Table Text Block] | As of March 31, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 7.5 $ 4.6 $ 3.4 $ 15.5 60-89 days past due 5.0 1.8 2.2 9.0 90 or more days past due 21.2 1.7 6.8 29.7 Delinquent loans, interest and fees receivable, gross 33.7 8.1 12.4 54.2 Current loans, interest and fees receivable, gross 289.2 86.0 163.5 538.7 Total loans, interest and fees receivable, gross $ 322.9 $ 94.1 $ 175.9 $ 592.9 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 1.1 $ — $ 1.1 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 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | As of March 31, 2021 December 31, 2020 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of TDRs 11,488 31,184 12,394 37,784 Number of TDRs that have been re-aged 2,528 7,453 2,788 7,846 Amount of TDRs on non-accrual status (in thousands) $ 13,539 $ 21,872 $ 14,537 $ 26,989 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 4,115 $ 6,387 $ 4,662 $ 6,890 Carrying value of TDRs (in thousands) $ 9,372 $ 12,607 $ 9,583 $ 14,287 TDRs - Performing (carrying value, in thousands)* $ 8,134 $ 11,500 $ 7,420 $ 11,855 TDRs - Nonperforming (carrying value, in thousands)* $ 1,238 $ 1,107 $ 2,163 $ 2,432 Twelve Months Ended March 31, 2021 March 31, 2020 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of accounts 2,448 6,304 3,310 4,740 Loan balance at time of charge off (in thousands) $ 3,364 $ 5,553 $ 4,965 $ 4,695 |
Disaggregation of Revenue [Table Text Block] | Credit and For the Three Months Ended March 31, 2021 Other Investments Auto Finance Total Interchange revenues, net (1) $ 2,622 $ — $ 2,622 Servicing income 388 325 713 Service charges and other customer related fees 1,229 15 1,244 Total revenue from contracts with customers $ 4,239 $ 340 $ 4,579 Credit and For the Three Months Ended March 31, 2020 Other Investments Auto Finance Total Interchange revenues, net (1) $ 1,980 $ — $ 1,980 Servicing income 384 220 604 Service charges and other customer related fees 125 17 142 Total revenue from contracts with customers $ 2,489 $ 237 $ 2,726 |
Note 3 - Segment Reporting (Tab
Note 3 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2021 Credit and Other Investments Auto Finance Total Revenue: Consumer loans, including past due fees $ 94,110 $ 8,186 $ 102,296 Fees and related income on earning assets 37,003 17 37,020 Other revenue 4,238 341 4,579 Other non-operating revenue 835 5 840 Total revenue 136,186 8,549 144,735 Interest expense (12,044 ) (254 ) (12,298 ) Loss on repurchase of convertible senior notes (7,807 ) — (7,807 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (4,007 ) (128 ) (4,135 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (27,491 ) — (27,491 ) Net margin $ 84,837 $ 8,167 $ 93,004 Income before income taxes $ 49,304 $ 2,493 $ 51,797 Income tax expense $ (7,163 ) $ (607 ) $ (7,770 ) Total assets $ 1,117,215 $ 82,280 $ 1,199,495 Three Months Ended March 31, 2020 Credit and Other Investments Auto Finance Total Revenue: Consumer loans, including past due fees $ 95,253 $ 7,894 $ 103,147 Fees and related income on earning assets 34,627 18 34,645 Other revenue 2,489 237 2,726 Other non-operating revenue (13 ) 3 (10 ) Total revenue 132,356 8,152 140,508 Interest expense (13,175 ) (409 ) (13,584 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (66,530 ) (806 ) (67,336 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (15,191 ) — (15,191 ) Net margin $ 37,460 $ 6,937 $ 44,397 Income before income taxes $ 5,067 $ 1,580 $ 6,647 Income tax expense $ (876 ) $ (409 ) $ (1,285 ) Total assets $ 891,748 $ 80,136 $ 971,884 |
Note 5 - Investment in Equity_2
Note 5 - Investment in Equity-method Investee (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | As of March 31, 2021 December 31, 2020 Loans, interest and fees receivables, at fair value $ 1,718 $ 1,994 Total assets $ 1,848 $ 2,105 Total liabilities $ 9 $ 10 Members' capital $ 1,839 $ 2,095 Three Months Ended March 31, 2021 2020 Net margin $ 55 $ (61 ) Net income $ 29 $ (99 ) Net income attributable to our equity investment investee $ 19 $ (66 ) |
Note 6 - Fair Values of Asset_2
Note 6 - Fair Values of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Assets – As of March 31, 2021 (1) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Amount of Assets Loans, interest and fees receivable, net for which it is practicable to estimate fair value $ — $ — $ 520,556 $ 453,058 Loans, interest and fees receivable, at fair value $ — $ — $ 481,434 $ 481,434 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 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Loans, Interest and Fees Receivables, at Fair Value 2021 2020 Balance at January 1, $ 417,098 $ 4,386 Total gains—realized/unrealized: Net revaluations of loans, interest and fees receivable, at fair value (13,303 ) (15,487 ) Chargeoffs, net of recoveries (14,316 ) (266 ) Purchases 250,469 102,485 Settlements (211,065 ) (13,765 ) Finance and fees 52,551 12,041 Balance at March 31, $ 481,434 $ 89,394 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value Measurement Fair Value at March 31, 2021 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 481,434 Discounted cash flows Gross yield, net of finance charge charge-offs 22.7% to 52.7% (40.7%) Payment rate 4.6% to 11.9% (9.1%) Expected principal credit loss rate 3.4% to 30.0% (25.5%) Servicing rate 3.0% to 10.3% (4.1%) Discount rate 12.7% to 13.5% (13.2%) 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 March 31, 2021 (in thousands) Valuation Technique Unobservable Input Weighted Average Notes payable associated with structured financings, at fair value $ 2,791 Discounted cash flows Gross yield, net of finance charge charge-offs 25.0 % Payment rate 4.6 % Expected principal credit loss rate 7.5 % Discount rate 13.2 % 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, Liabilities Measured on Recurring Basis [Table Text Block] | Liabilities – As of March 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Amount of Liabilities Liabilities not carried at fair value Revolving credit facilities $ — $ — $ 814,940 $ 814,940 Amortizing debt facilities $ — $ — $ 24,311 $ 24,311 Convertible senior notes $ — $ 24,416 $ — $ 13,818 Liabilities carried at fair value Notes payable associated with structured financings, at fair value $ — $ — $ 2,791 $ 2,791 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 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Notes Payable Associated with Structured Financings, at Fair Value 2021 2020 Balance at January 1, $ 2,919 $ 3,920 Total (gains) losses—realized/unrealized: Net revaluations of notes payable associated with structured financings, at fair value (128 ) (562 ) Repayments on outstanding notes payable, net — — Balance at March 31, $ 2,791 $ 3,358 |
Fair Value Option, Disclosures [Table Text Block] | As of March 31, 2021 Loans, Interest and Fees Receivable at Fair Value Loans, Interest and Fees Receivable Pledged as Collateral under Structured Financings at Fair Value Aggregate unpaid gross balance of loans, interest and fees receivable that are reported at fair value $ 574 $ 593,129 Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value $ 538 $ 560,225 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 494 $ 480,940 Aggregate fair value of receivables carried at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) $ — $ 2,023 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 $ 9 $ 17,097 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 Notes Payable Notes Payable Associated with Structured Financings, at Fair Value as of March 31, 2021 Notes Payable Associated with Structured Financings, at Fair Value as of December 31, 2020 Aggregate unpaid principal balance of notes payable $ 101,314 $ 101,314 Aggregate fair value of notes payable $ 2,791 $ 2,919 |
Note 7 - Variable Interest En_2
Note 7 - Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of March 31, 2021 December 31, 2020 Unrestricted cash and cash equivalents $ 131.7 $ 96.6 Restricted cash and cash equivalents 29.0 70.2 Loans, interest and fees receivable, at fair value 424.5 374.2 Loans, interest and fees receivable, gross 489.0 560.2 Allowances for uncollectible loans, interest and fees receivable (102.7 ) (120.9 ) Deferred revenue (7.4 ) (10.3 ) Total Assets held by VIEs $ 964.1 $ 970.0 Notes Payable, net held by VIEs $ 781.0 $ 827.1 Notes Payable, at fair value held by VIEs $ 2.8 $ 2.9 Maximum exposure to loss due to involvement with VIEs $ 916.8 $ 864.4 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Three Months Ended March 31, 2021 2020 Operating lease cost, gross $ 1,726 $ 1,720 Sublease income (1,293 ) (1,285 ) Net Operating lease cost $ 433 $ 435 Cash paid under operating leases, gross $ 2,584 $ 2,540 Weighted average remaining lease term - months 17 Weighted average discount rate 6.7 % |
Operating Lease, Liability and Payments to be Received, Maturity [Table Text Block] | Gross Lease Payment Payments received from Sublease Net Lease Payment 2021 (excluding the three months ended March 31, 2021) $ 7,848 $ (5,499 ) $ 2,349 2022 4,632 (3,112 ) 1,520 2023 350 — 350 2024 156 — 156 2025 84 — 84 Thereafter 4 — 4 Total lease payments 13,074 (8,611 ) 4,463 Less imputed interest (1,377 ) Total $ 11,697 |
Note 9 - Notes Payable (Tables)
Note 9 - Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of March 31, 2021 December 31, 2020 Revolving credit facilities at a weighted average interest rate equal to 5.0% as of March 31, 2021 (4.8% as of December 31, 2020) secured by the financial and operating assets of CAR and/or certain receivables and restricted cash with a combined aggregate carrying amount of $903.5 million as of March 31, 2021 ($943.6 million as of December 31, 2020) Revolving credit facility, not to exceed $55.0 million (expiring November 1, 2023) (1) (2) (3) $ 37.6 $ 34.9 Revolving credit facility, not to exceed $50.0 million (expiring October 30, 2022) (2) (3) (4) (5) — 50.0 Revolving credit facility, not to exceed $70.0 million (expiring February 8, 2022) (2) (3) (4) (5) (6) 5.8 5.8 Revolving credit facility, not to exceed $100.0 million (expiring October 15, 2022) (2) (3) (4) (5) (6) 10.0 10.0 Revolving credit facility, not to exceed $15.0 million (expiring July 15, 2021) (2) (3) (4) (5) 6.9 4.7 Revolving credit facility, not to exceed $100.0 million (expiring August 15, 2022) (2) (3) (4) (5) (6) 2.5 2.5 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 $25.0 million (expiring April 21, 2023) (2) (3) (4) (5) — 7.8 Revolving credit facility, not to exceed $100.0 million (expiring January 15, 2025) (3) (4) (5) (6) 100.0 100.0 Revolving credit facility, not to exceed $250.0 million (expiring October 15, 2025) (3) (4) (5) (6) 250.0 250.0 Revolving credit facility, not to exceed $15.0 million (expiring February 15, 2024) (3) (4) (5) 10.0 — Other facilities Other debt with a weighted average interest rate equal to 2.7% 3.2 3.2 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 (expiring September 30, 2021) with a weighted average interest rate equal to 4.6% (2) (3) (4) (5) 3.7 5.0 Total notes payable before unamortized debt issuance costs and discounts 847.1 891.3 Unamortized debt issuance costs and discounts (7.8 ) (8.7 ) Total notes payable outstanding, net $ 839.3 $ 882.6 |
Structured Financing Notes Payable [Member] | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Carrying Amounts at Fair Value as of March 31, 2021 December 31, 2020 Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of March 31, 2021 ($101.3 million as of December 31, 2020) bearing interest at a weighted average 5.6% interest rate, based upon LIBOR, at March 31, 2021 (5.7% at December 31, 2020), which is secured by credit card receivables and restricted cash aggregating $2.8 million as of March 31, 2021 ($2.9 million as of December 31, 2020) in carrying amount $ 2.8 $ 2.9 |
Note 10 - Convertible Senior _2
Note 10 - Convertible Senior Notes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of March 31, 2021 December 31, 2020 Face amount of convertible senior notes $ 19,113 $ 33,839 Discount (5,295 ) (9,453 ) Net carrying value $ 13,818 $ 24,386 Carrying amount of equity component included in paid-in capital $ 108,714 $ 108,714 Excess of instruments' if-converted values over face principal amounts $ — $ — |
Note 12 - Net Income Attribut_2
Note 12 - Net Income Attributable to Controlling Interests Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended March 31, 2021 2020 Numerator: Net income attributable to controlling interests $ 44,075 $ 5,425 Preferred stock and preferred unit dividends and accretion (4,687 ) (2,759 ) Net income attributable to common shareholders—basic 39,388 2,666 Effect of dilutive preferred stock dividends and accretion 592 597 Net income attributable to common shareholders—diluted $ 39,980 $ 3,263 Denominator: Basic (including unvested share-based payment awards) (1) 15,013 14,436 Effect of dilutive stock compensation arrangements and exchange of preferred stock 5,921 4,999 Diluted (including unvested share-based payment awards) (1) 20,934 19,435 Net income attributable to common shareholders per share—basic $ 2.62 $ 0.18 Net income attributable to common shareholders per share—diluted $ 1.91 $ 0.17 |
Note 13 - Stock-based Compens_2
Note 13 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 2,423,466 $ 4.41 Issued 50,000 $ 31.54 Exercised (494,900 ) $ 3.43 Expired/Forfeited (2,000 ) $ 15.30 Outstanding at March 31, 2021 1,976,566 $ 5.34 1.7 $ 49,461,967 Exercisable at March 31, 2021 1,542,234 $ 3.49 1.3 $ 41,386,369 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Payments to Acquire Loans and Leases Held-for-investment, Total | $ 50,500 | $ 47,400 | |
Loans and Leases Receivable, Deferred Income, Total | $ 33,995 | $ 39,456 | |
Weighted Average Remaining Accretion Period of Deferred Revenue (Month) | 1 year 90 days | 1 year 60 days | |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | $ 19,600 | $ 28,200 | |
Financing Receivable, Allowance for Credit Loss, Recovery | $ 3,700 | $ 4,700 | |
Financing Receivable, Modifications, Number of Contracts | 51,424 | 43,466 | |
Financing Receivable, Troubled Debt Restructuring | $ 59,200 | $ 55,300 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 15.00% | 19.30% | |
Gain (Loss) on Extinguishment of Debt, Total | $ (7,807) | ||
Convertible Debt [Member] | |||
Extinguishment of Debt, Amount | 14,700 | ||
Repayments of Convertible Debt | 18,600 | ||
Gain (Loss) on Extinguishment of Debt, Total | $ (7,800) | ||
Minimum [Member] | |||
Accounts Payable, Extension of Payment Terms (Month) | 300 days | ||
Maximum [Member] | |||
Accounts Payable, Extension of Payment Terms (Month) | 3 years 30 days | ||
Receivables Recoveries from Employed Third-Party Collectors ][Member] | |||
Financing Receivable, Allowance for Credit Loss, Recovery | $ 2,400 | 3,200 | |
Receivable Recoveries from Sales of Charged-Off Accounts to Third-Parties [Member] | |||
Financing Receivable, Allowance for Credit Loss, Recovery | $ 1,300 | $ 1,500 |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Summary of Allowance for Uncollectible Loans and Fees Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Balance at beginning of period | $ (125,000) | $ (186,300) | |
Provision for loan losses | (4,135) | (67,336) | |
Charge offs | 26,900 | 71,400 | |
Recoveries | (3,700) | (4,700) | |
Balance at end of period | (105,900) | (186,900) | |
Balance at end of period individually evaluated for impairment | (100) | $ (300) | |
Balance at end of period collectively evaluated for impairment | (105,800) | (124,700) | |
Total loans, interest and fees receivable, gross | 592,934 | 667,556 | |
Loans, interest and fees receivable individually evaluated for impairment | 1,700 | 2,300 | |
Loans, interest and fees receivable collectively evaluated for impairment | 591,200 | 665,300 | |
Credit Card Receivable [Member] | |||
Balance at beginning of period | (88,200) | (121,300) | |
Provision for loan losses | (4,200) | (51,000) | |
Charge offs | 19,000 | 46,200 | |
Recoveries | (1,700) | (2,300) | |
Balance at end of period | (75,100) | (128,400) | |
Balance at end of period individually evaluated for impairment | |||
Balance at end of period collectively evaluated for impairment | (75,100) | (88,200) | |
Total loans, interest and fees receivable, gross | 322,900 | 364,200 | |
Loans, interest and fees receivable individually evaluated for impairment | |||
Loans, interest and fees receivable collectively evaluated for impairment | 322,900 | 364,200 | |
Automobile Loan [Member] | |||
Balance at beginning of period | (1,700) | (1,600) | |
Provision for loan losses | (100) | (800) | |
Charge offs | 600 | 900 | |
Recoveries | (300) | (300) | |
Balance at end of period | (1,500) | (1,800) | |
Balance at end of period individually evaluated for impairment | (100) | (300) | |
Balance at end of period collectively evaluated for impairment | (1,400) | (1,400) | |
Total loans, interest and fees receivable, gross | 94,100 | 93,200 | |
Loans, interest and fees receivable individually evaluated for impairment | 1,700 | 2,300 | |
Loans, interest and fees receivable collectively evaluated for impairment | 92,400 | 90,900 | |
Other Unsecured Lending Products [Member] | |||
Balance at beginning of period | (35,100) | (63,400) | |
Provision for loan losses | 200 | (15,500) | |
Charge offs | 7,300 | 24,300 | |
Recoveries | (1,700) | (2,100) | |
Balance at end of period | (29,300) | $ (56,700) | |
Balance at end of period individually evaluated for impairment | |||
Balance at end of period collectively evaluated for impairment | (29,300) | (35,100) | |
Total loans, interest and fees receivable, gross | 175,900 | 210,200 | |
Loans, interest and fees receivable individually evaluated for impairment | |||
Loans, interest and fees receivable collectively evaluated for impairment | $ 175,900 | $ 210,200 |
Note 2 - Significant Accounti_5
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Summary of Aging of Delinquent Loans and Fees Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Delinquent loans and fees receivable, gross | $ 54,200 | $ 71,200 |
Current loans, interest and fees receivable, gross | 538,700 | 596,400 |
Total loans, interest and fees receivable, gross | 592,934 | 667,556 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 1,100 | 1,500 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 15,500 | 25,100 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 9,000 | 14,600 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 29,700 | 31,500 |
Credit Card Receivable [Member] | ||
Delinquent loans and fees receivable, gross | 33,700 | 40,300 |
Current loans, interest and fees receivable, gross | 289,200 | 323,900 |
Total loans, interest and fees receivable, gross | 322,900 | 364,200 |
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 | 7,500 | 12,400 |
Credit Card Receivable [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 5,000 | 8,000 |
Credit Card Receivable [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 21,200 | 19,900 |
Automobile Loan [Member] | ||
Delinquent loans and fees receivable, gross | 8,100 | 12,500 |
Current loans, interest and fees receivable, gross | 86,000 | 80,700 |
Total loans, interest and fees receivable, gross | 94,100 | 93,200 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 1,100 | 1,500 |
Automobile Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 4,600 | 7,600 |
Automobile Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 1,800 | 2,800 |
Automobile Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 1,700 | 2,100 |
Other Unsecured Lending Products [Member] | ||
Delinquent loans and fees receivable, gross | 12,400 | 18,400 |
Current loans, interest and fees receivable, gross | 163,500 | 191,800 |
Total loans, interest and fees receivable, gross | 175,900 | 210,200 |
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 | 3,400 | 5,100 |
Other Unsecured Lending Products [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | 2,200 | 3,800 |
Other Unsecured Lending Products [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Delinquent loans and fees receivable, gross | $ 6,800 | $ 9,500 |
Note 2 - Significant Accounti_6
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Summary of Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | ||
Amount of TDRs on non-accrual status (in thousands) | $ 59,200 | $ 55,300 | ||
Point-of-Sale [Member] | ||||
Number of TDRs | 11,488 | 12,394 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 13,539 | $ 14,537 | ||
Carrying value of TDRs (in thousands) | $ 9,372 | 9,583 | ||
Number of accounts | 2,448 | 3,310 | ||
Loan balance at time of charge off (in thousands) | $ 3,364 | $ 4,965 | ||
Point-of-Sale [Member] | Performing Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | 8,134 | 7,420 | |
Point-of-Sale [Member] | Nonperforming Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | $ 1,238 | $ 2,163 | |
Point-of-Sale [Member] | Extended Maturity [Member] | ||||
Number of TDRs | 2,528 | 2,788 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 4,115 | $ 4,662 | ||
Direct-to-Consumer [Member] | ||||
Number of TDRs | 31,184 | 37,784 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 21,872 | $ 26,989 | ||
Carrying value of TDRs (in thousands) | $ 12,607 | 14,287 | ||
Number of accounts | 6,304 | 4,740 | ||
Loan balance at time of charge off (in thousands) | $ 5,553 | $ 4,695 | ||
Direct-to-Consumer [Member] | Performing Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | 11,500 | 11,855 | |
Direct-to-Consumer [Member] | Nonperforming Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | $ 1,107 | $ 2,432 | |
Direct-to-Consumer [Member] | Extended Maturity [Member] | ||||
Number of TDRs | 7,453 | 7,846 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 6,387 | $ 6,890 | ||
[1] | "TDRs - Performing" include accounts that are current on all amounts owed, while "TDRs - Nonperforming" include all accounts with past due amounts owed. |
Note 2 - Significant Accounti_7
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Components of Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Revenue from contracts with customers | $ 4,579 | $ 2,726 | |
Credit and Debit Card [Member] | |||
Revenue from contracts with customers | [1] | 2,622 | 1,980 |
Servicing Income [Member] | |||
Revenue from contracts with customers | 713 | 604 | |
Service Charges and Other Customer Related Fees [Member] | |||
Revenue from contracts with customers | 1,244 | 142 | |
Credit and Other Investments [Member] | |||
Revenue from contracts with customers | 4,239 | 2,489 | |
Credit and Other Investments [Member] | Credit and Debit Card [Member] | |||
Revenue from contracts with customers | [1] | 2,622 | 1,980 |
Credit and Other Investments [Member] | Servicing Income [Member] | |||
Revenue from contracts with customers | 388 | 384 | |
Credit and Other Investments [Member] | Service Charges and Other Customer Related Fees [Member] | |||
Revenue from contracts with customers | 1,229 | 125 | |
Auto Finance [Member] | |||
Revenue from contracts with customers | 340 | 237 | |
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 | 325 | 220 | |
Auto Finance [Member] | Service Charges and Other Customer Related Fees [Member] | |||
Revenue from contracts with customers | $ 15 | $ 17 | |
[1] | Interchange revenue is presented net of customer reward expense. |
Note 3 - Segment Reporting (Det
Note 3 - Segment Reporting (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
Number of Reportable Segments | 2 |
Note 3 - Segment Reporting - Su
Note 3 - Segment Reporting - Summary of Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Consumer loans, including past due fees | $ 102,296 | $ 103,147 | |
Fees and related income on earning assets | 37,020 | 34,645 | |
Other revenue | 4,579 | 2,726 | |
Other non-operating revenue | 840 | (10) | |
Total revenue | 144,735 | 140,508 | |
Interest expense | (12,298) | (13,584) | |
Loss on repurchase of convertible senior notes | (7,807) | ||
Provision for losses on loans, interest and fees receivable recorded at net realizable value | (4,135) | (67,336) | |
Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | (27,491) | (15,191) | |
Net margin | 93,004 | 44,397 | |
Income before income taxes | 51,797 | 6,647 | |
Income tax benefit (expense) | (7,770) | (1,285) | |
Total assets | 1,199,495 | 971,884 | $ 1,207,214 |
Credit and Other Investments [Member] | |||
Consumer loans, including past due fees | 94,110 | 95,253 | |
Fees and related income on earning assets | 37,003 | 34,627 | |
Other revenue | 4,238 | 2,489 | |
Other non-operating revenue | 835 | (13) | |
Total revenue | 136,186 | 132,356 | |
Interest expense | (12,044) | (13,175) | |
Loss on repurchase of convertible senior notes | (7,807) | ||
Provision for losses on loans, interest and fees receivable recorded at net realizable value | (4,007) | (66,530) | |
Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | (27,491) | (15,191) | |
Net margin | 84,837 | 37,460 | |
Income before income taxes | 49,304 | 5,067 | |
Income tax benefit (expense) | (7,163) | (876) | |
Total assets | 1,117,215 | 891,748 | |
Auto Finance [Member] | |||
Consumer loans, including past due fees | 8,186 | 7,894 | |
Fees and related income on earning assets | 17 | 18 | |
Other revenue | 341 | 237 | |
Other non-operating revenue | 5 | 3 | |
Total revenue | 8,549 | 8,152 | |
Interest expense | (254) | (409) | |
Loss on repurchase of convertible senior notes | |||
Provision for losses on loans, interest and fees receivable recorded at net realizable value | (128) | (806) | |
Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | |||
Net margin | 8,167 | 6,937 | |
Income before income taxes | 2,493 | 1,580 | |
Income tax benefit (expense) | (607) | (409) | |
Total assets | $ 82,280 | $ 80,136 |
Note 4 - Shareholders' Equity_2
Note 4 - Shareholders' Equity and Preferred Stock (Details Textual) - USD ($) | Mar. 30, 2020 | Dec. 27, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | 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) | 9,928 | 74,724 | |||||
Stock Repurchased and Retired During Period, Value | $ 297,000 | $ 559,000 | |||||
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 | $ 40,000,000 | ||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||||
Temporary Equity, Redemption Price Per Share (in dollars per share) | $ 100 | ||||||
Temporary Equity, Conversion Price Per Share (in dollars per share) | $ 10 | ||||||
Dove Ventures, LLC [Member] | Senior Secured Term Loan Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | ||||||
Extinguishment of Debt, Amount | $ 40,000,000 |
Note 5 - Investment in Equity_3
Note 5 - Investment in Equity-method Investee (Details Textual) | Mar. 31, 2021 |
Equity Method Investment to Acquire Portfolio of Credit Card Receivables [Member] | |
Equity Method Investment, Ownership Percentage | 66.70% |
Note 5 - Investment in Equity_4
Note 5 - Investment in Equity-method Investee - Summary of Equity-method Investee (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total assets | $ 1,199,495 | $ 971,884 | $ 1,207,214 | |
Total liabilities | 942,276 | 991,354 | ||
Members’ capital | 117,794 | 2,753 | 76,510 | $ 335 |
Net margin | 144,735 | 140,508 | ||
Net income | 44,027 | 5,362 | ||
Net income attributable to our equity investment investee | 19 | (66) | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Loans, interest and fees receivables, at fair value | 1,718 | 1,994 | ||
Total assets | 1,848 | 2,105 | ||
Total liabilities | 9 | 10 | ||
Members’ capital | 1,839 | $ 2,095 | ||
Net margin | 55 | (61) | ||
Net income | 29 | (99) | ||
Net income attributable to our equity investment investee | $ 19 | $ (66) |
Note 6 - Fair Values of Asset_3
Note 6 - Fair Values of Assets and Liabilities (Details Textual) | Mar. 31, 2021 |
The 5.875% Convertible Senior Notes Due 2035 [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.875% |
Note 6 - Fair Values of Asset_4
Note 6 - Fair Values of Assets and Liabilities - Summary of Fair Value Hierarchy for Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Loans, interest and fees receivable, at fair value | $ 481,434 | $ 417,098 | |
Fair Value, Recurring [Member] | |||
Loans, interest and fees receivable, net for which it is practicable to estimate fair value | [1] | 453,058 | 503,139 |
Loans, interest and fees receivable, at fair value | [1] | 481,434 | 417,098 |
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] | 520,556 | 586,908 |
Loans, interest and fees receivable, at fair value | [1] | $ 481,434 | $ 417,098 |
[1] | For cash, deposits and investments in equity securities, the carrying amount is a reasonable estimate of fair value. |
Note 6 - Fair Values of Asset_5
Note 6 - Fair Values of Assets and Liabilities - Reconciliation of Level 3 Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance | $ 417,098 | $ 4,386 |
Net revaluations of loans, interest and fees receivable, at fair value | (13,303) | (15,487) |
Chargeoffs, net of recoveries | (14,316) | (266) |
Purchases | 250,469 | 102,485 |
Settlements | (211,065) | (13,765) |
Finance and fees | 52,551 | 12,041 |
Balance | $ 481,434 | $ 89,394 |
Note 6 - Fair Values of Asset_6
Note 6 - Fair Values of Assets and Liabilities - Quantitative Information about Level 3 Assets and Liabilities Fair Value Measurements (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Loans, interest and fees receivable, at fair value | $ 481,434 | $ 417,098 |
Notes Payable Associated with Structured Financings, Fair Value | 2,791 | 2,919 |
Valuation Technique, Discounted Cash Flow [Member] | ||
Notes Payable Associated with Structured Financings, Fair Value | 2,791 | 2,919 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | ||
Loans, interest and fees receivable, at fair value | $ 481,434 | $ 417,098 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.227 | 0.227 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.527 | 0.565 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.407 | 0.433 |
Notes payable associated with structured financings, measurement input | 0.25 | 0.237 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.046 | 0.039 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.119 | 0.114 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.091 | 0.085 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Weighted Average [Member] | ||
Notes payable associated with structured financings, measurement input | 0.046 | 0.039 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.034 | 0.069 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.3 | 0.314 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.255 | 0.248 |
Notes payable associated with structured financings, measurement input | 0.075 | 0.079 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.03 | 0.029 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.103 | 0.142 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.041 | 0.043 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.127 | 0.128 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.135 | 0.135 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.132 | 0.133 |
Notes payable associated with structured financings, measurement input | 0.132 | 0.132 |
Note 6 - Fair Values of Asset_7
Note 6 - Fair Values of Assets and Liabilities - Summary of Fair Value Hierarchy for Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Revolving credit facilities | $ 814,940 | $ 857,068 |
Amortizing debt facilities | 24,311 | 25,542 |
Convertible senior notes | 13,818 | 24,386 |
Notes Payable Associated with Structured Financings, Fair Value | 2,791 | 2,919 |
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 | 24,416 | 41,284 |
Notes Payable Associated with Structured Financings, Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Revolving credit facilities | 814,940 | 857,068 |
Amortizing debt facilities | 24,311 | 25,542 |
Convertible senior notes | ||
Notes Payable Associated with Structured Financings, Fair Value | $ 2,791 | $ 2,919 |
Note 6 - Fair Values of Asset_8
Note 6 - Fair Values of Assets and Liabilities - Reconciliation of Level 3 Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance | $ 2,919 | $ 3,920 |
Net revaluations of notes payable associated with structured financings, at fair value | (128) | (562) |
Repayments on outstanding notes payable, net | ||
Balance | $ 2,791 | $ 3,358 |
Note 6 - Fair Values of Asset_9
Note 6 - Fair Values of Assets and Liabilities - Summary of Other Relevant Data (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Loans, interest and fees receivable, at fair value | $ 481,434 | $ 417,098 |
Loans and Fees Receivable at Fair Value [Member] | ||
Aggregate unpaid gross balance of loans, interest and fees receivable that are reported at fair value | 574 | 630 |
Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value | 538 | 589 |
Loans, interest and fees receivable, at fair value | 494 | 540 |
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 | |
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 | 9 | 4 |
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 | 2,791 | 2,919 |
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 | 593,129 | 515,434 |
Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value | 560,225 | 487,779 |
Loans, interest and fees receivable, at fair value | 480,940 | 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) | 2,023 | 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 | $ 17,097 | $ 12,972 |
Note 7 - Variable Interest En_3
Note 7 - Variable Interest Entities - Summary of Variable Interest Entities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Unrestricted cash and cash equivalents | $ 203,050 | $ 178,102 | |
Restricted cash and cash equivalents | 40,477 | 80,859 | |
Loans, interest and fees receivable, at fair value | 481,434 | 417,098 | |
Loans, interest and fees receivable, gross | 592,934 | 667,556 | |
Allowances for uncollectible loans, interest and fees receivable | (105,881) | (124,961) | |
Deferred revenue | (33,995) | (39,456) | |
Total Assets held by VIEs | 1,199,495 | 1,207,214 | $ 971,884 |
Notes Payable, net held by VIEs | 839,251 | 882,610 | |
Notes Payable, at fair value held by VIEs | 2,791 | 2,919 | |
Maximum exposure to loss due to involvement with VIEs | 916,800 | 864,400 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Unrestricted cash and cash equivalents | 131,700 | 96,600 | |
Restricted cash and cash equivalents | 29,000 | 70,200 | |
Loans, interest and fees receivable, at fair value | 424,500 | 374,200 | |
Loans, interest and fees receivable, gross | 489,000 | 560,200 | |
Allowances for uncollectible loans, interest and fees receivable | (102,700) | (120,900) | |
Deferred revenue | (7,400) | (10,300) | |
Total Assets held by VIEs | 964,100 | 970,000 | |
Notes Payable, net held by VIEs | 781,000 | 827,100 | |
Notes Payable, at fair value held by VIEs | $ 2,800 | $ 2,900 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
Operating Leases, Options to Extend for Additional Periods, Revolving Periods (Year) | 1 year |
Minimum [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 5 years |
Note 8 - Leases - Lease Cost (D
Note 8 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating lease cost, gross | $ 1,726 | $ 1,720 |
Sublease income | (1,293) | (1,285) |
Net Operating lease cost | 433 | 435 |
Cash paid under operating leases, gross | $ 2,584 | $ 2,540 |
Weighted average remaining lease term - months (Month) | 1 year 150 days | |
Weighted average discount rate | 6.70% |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
2021 (excluding the three months ended March 31, 2021), gross | $ 7,848 | |
2021 (excluding the three months ended March 31, 2021), payments received from sublease | (5,499) | |
2021 (excluding the three months ended March 31, 2021), net lease payment | 2,349 | |
2022, gross | 4,632 | |
2022, payments received from sublease | (3,112) | |
2022, net lease payment | 1,520 | |
2023, gross | 350 | |
2023, payments received from sublease | ||
2023, net lease payment | 350 | |
2024, gross | 156 | |
2024, payments received from sublease | ||
2024, net lease payment | 156 | |
2025, gross | 84 | |
2025, payments received from sublease | ||
2025, net lease payment | 84 | |
Thereafter, gross | 4 | |
Thereafter, payments received from sublease | ||
Thereafter, net lease payment | 4 | |
Gross, gross | 13,074 | |
Sublease income, payments received from sublease | (8,611) | |
Lease payments, net lease payment | 4,463 | |
Less imputed interest, gross | (1,377) | |
Less imputed interest, payments received from sublease | ||
Less imputed interest, net | ||
Total, net | 11,697 | $ 13,776 |
Total, payments received from sublease | ||
Total, net |
Note 9 - Notes Payable (Details
Note 9 - Notes Payable (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||||||||||||||
Oct. 31, 2020 | Jul. 31, 2020 | Nov. 30, 2019 | Jun. 30, 2019 | Oct. 31, 2016 | Mar. 31, 2021 | Mar. 31, 2020 | Jan. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2019 | Aug. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 28, 2017 | Oct. 31, 2015 | Nov. 30, 2005 | |
Long-term Line of Credit, Total | $ 814,940,000 | $ 857,068,000 | ||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 250,000,000 | $ 100,000,000 | $ 200,000,000 | $ 200,000,000 | 53,314,000 | $ 61,074,000 | ||||||||||
Asset Backed Securities, Term of Revolving Structure (Year) | 3 years 150 days | 3 years | 3 years | 2 years | ||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 1 year 180 days | 1 year 180 days | ||||||||||||||
Asset Backed Securities, Weighted Average Interest Rate | 4.10% | 5.47% | 4.91% | 5.37% | ||||||||||||
Notes Payable Associated with Structured Financings, Fair Value | 2,791,000 | 2,919,000 | ||||||||||||||
Aggregate Exposure to Pretax Equity Loss, Structured Financing at Fair Value | 0 | |||||||||||||||
Term Facility [Member] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | |||||||||||||||
Long-term Line of Credit, Total | 10,000,000 | |||||||||||||||
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 | 19,113,000 | $ 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 | 0 | |||||||||||||||
Revolving Credit Facility [Member] | Term Note [Member] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000,000 | |||||||||||||||
Long-term Line of Credit, Total | 3,700,000 | |||||||||||||||
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 | 37,600,000 | |||||||||||||||
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% | |||||||||||||||
Additional Trust Funding Notes Facilities [Member] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | |||||||||||||||
Long-term Line of Credit, Total | 12,500,000 | |||||||||||||||
December 2017 Revolving Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | |||||||||||||||
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 | $ 6,900,000 | |||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Debt Instrument, Variable Rate | 0.11% | |||||||||||||||
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] | Additional Trust Funding Notes Facilities [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.875% | |||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | December 2017 Revolving Credit Facility [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||||
Prime Rate [Member] | ||||||||||||||||
Debt Instrument, Variable Rate | 3.25% | |||||||||||||||
Commercial Paper Rates [Member] | Additional Trust Funding Notes Facilities [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.15% |
Note 9 - Notes Payable - Schedu
Note 9 - Notes Payable - Schedule of Notes Payable at Face Value and Notes Payable to Related Parties (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Revolving credit facilities | $ 814,940 | $ 857,068 | |
Amortizing debt facilities | 24,311 | 25,542 | |
Total notes payable before unamortized debt issuance costs and discounts | [1] | 847,100 | 891,300 |
Unamortized debt issuance costs and discounts | [1] | (7,800) | (8,700) |
Total notes payable outstanding, net | [1] | 839,300 | 882,600 |
Other Secured Debt [Member] | |||
Amortizing debt facilities | [1] | 3,200 | 3,200 |
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 Two [Member] | |||
Amortizing debt facilities | [1],[2],[3],[4],[5] | 3,700 | 5,000 |
Revolving Credit Facility Expiring November 1, 2023 [Member] | |||
Revolving credit facilities | [1],[2],[5],[6] | 37,600 | 34,900 |
Revolving Credit Facility Expiring October 30, 2022 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[5] | 50,000 | |
Revolving Credit Facility Expiring February 8, 2022 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[5],[7] | 5,800 | 5,800 |
Revolving Credit Facility Expiring October 15, 2022 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[5],[7] | 10,000 | 10,000 |
Revolving Credit Facility Expiring July 15 2021 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[5] | 6,900 | 4,700 |
Revolving Credit Facility Expiring August 15, 2022 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[5],[7] | 2,500 | 2,500 |
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 | |
Revolving Credit Facility Expiring January 15, 2025 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[7] | 100,000 | 100,000 |
Revolving Credit Facility Expiring October 15, 2025 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[7] | 250,000 | 250,000 |
Revolving Credit Facility Expiring February 15, 2024 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4] | $ 10,000 | |
[1] | As of March 31, 2021, the LIBOR rate was 0.11% and the prime rate was 3.25%. | ||
[2] | See below for additional information. | ||
[3] | Loans are associated with VIEs. | ||
[4] | Loans are subject to certain affirmative covenants tied to default rates and other performance metrics the failure of which could result in required early repayment of the remaining unamortized balances of the notes. | ||
[5] | These notes reflect modifications to either extend the maturity date, increase the loan amount or both, and are treated as accounting modifications. | ||
[6] | Loan is subject to certain affirmative covenants, including a coverage ratio, a leverage ratio and a collateral performance test, the failure of which could result in required early repayment of all or a portion of the outstanding balance by our CAR Auto Finance operations. | ||
[7] | Creditors do not have recourse against the general assets of the Company but only to the collateral within the VIEs. |
Note 9 - Notes Payable - Sche_2
Note 9 - Notes Payable - Schedule of Notes Payable at Face Value and Notes Payable to Related Parties (Details) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Oct. 31, 2015 | ||
Other Secured Debt [Member] | ||||
Interest rate | 2.70% | 2.70% | ||
Phoenix [Member] | ||||
Interest rate | 8.00% | 8.00% | ||
Debt maturity | Aug. 26, 2024 | Aug. 26, 2024 | ||
Amortizing Debt Facility Two [Member] | ||||
Interest rate | 4.60% | 4.60% | ||
Debt maturity | Sep. 30, 2021 | Sep. 30, 2021 | ||
Revolving Credit Facility Expiring November 1, 2023 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4] | $ 55,000 | $ 55,000 | |
Revolving credit facility, expiration date | [1],[2],[3],[4] | Nov. 1, 2023 | Nov. 1, 2023 | |
Revolving Credit Facility [Member] | ||||
Revolving credit facility, maximum borrowing capacity | $ 50,000 | |||
Amount of securing assets | $ 903,500 | $ 943,600 | ||
Interest rate | 5.00% | 4.80% | ||
Revolving Credit Facility Expiring October 30, 2022 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[3],[4],[5],[6] | $ 50,000 | $ 50,000 | |
Revolving credit facility, expiration date | [1],[3],[4],[5],[6] | Oct. 30, 2022 | Oct. 30, 2022 | |
Revolving Credit Facility Expiring February 8, 2022 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[3],[4],[5],[6],[7] | $ 70,000 | $ 70,000 | |
Revolving credit facility, expiration date | [1],[3],[4],[5],[6],[7] | Feb. 8, 2022 | Feb. 8, 2022 | |
Revolving Credit Facility Expiring October 15, 2022 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[3],[4],[5],[6],[7] | $ 10,000 | $ 10,000 | |
Revolving credit facility, expiration date | [1],[3],[4],[5],[6],[7] | Oct. 15, 2021 | Oct. 15, 2021 | |
Revolving Credit Facility Expiring July 15 2021 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[3],[4],[5],[6] | $ 15,000 | $ 15,000 | |
Revolving credit facility, expiration date | [1],[3],[4],[5],[6] | Jul. 15, 2021 | Jul. 15, 2021 | |
Revolving Credit Facility Expiring August 15, 2022 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[3],[4],[5],[6],[7] | $ 100,000 | $ 100,000 | |
Revolving credit facility, expiration date | [1],[3],[4],[5],[6],[7] | Aug. 15, 2022 | Aug. 15, 2022 | |
Revolving Credit Facility Expiring December 15, 2022 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[3],[5],[6],[7] | $ 200,000 | $ 200,000 | |
Revolving credit facility, expiration date | [1],[3],[5],[6],[7] | Dec. 15, 2022 | Dec. 15, 2022 | |
Revolving Credit Facility Expiring May 15, 2024 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[3],[5],[6],[7] | $ 200,000 | $ 200,000 | |
Revolving credit facility, expiration date | [1],[3],[5],[6],[7] | May 15, 2024 | May 15, 2024 | |
Revolving Credit Facility Expiring April 21, 2021 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | $ 25,000 | $ 25,000 | ||
Revolving credit facility, expiration date | Apr. 21, 2023 | Apr. 21, 2023 | ||
Revolving Credit Facility Expiring January 15, 2025 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[3],[4],[5],[6] | $ 100,000 | $ 100,000 | |
Revolving credit facility, expiration date | [1],[3],[4],[5],[6] | Jan. 15, 2025 | Jan. 15, 2025 | |
Revolving Credit Facility Expiring October 15, 2025 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[3],[4],[5],[6] | $ 250,000 | $ 250,000 | |
Revolving credit facility, expiration date | [1],[3],[4],[5],[6] | Oct. 15, 2025 | Oct. 15, 2025 | |
Revolving Credit Facility Expiring February 15, 2024 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[3],[5],[6],[7] | $ 15,000 | $ 15,000 | |
Revolving credit facility, expiration date | [1],[3],[5],[6],[7] | Feb. 15, 2024 | Feb. 15, 2024 | |
[1] | As of March 31, 2021, the LIBOR rate was 0.11% and the prime rate was 3.25%. | |||
[2] | Loan is subject to certain affirmative covenants, including a coverage ratio, a leverage ratio and a collateral performance test, the failure of which could result in required early repayment of all or a portion of the outstanding balance by our CAR Auto Finance operations. | |||
[3] | See below for additional information. | |||
[4] | These notes reflect modifications to either extend the maturity date, increase the loan amount or both, and are treated as accounting modifications. | |||
[5] | Loans are associated with VIEs. | |||
[6] | Loans are subject to certain affirmative covenants tied to default rates and other performance metrics the failure of which could result in required early repayment of the remaining unamortized balances of the notes. | |||
[7] | Creditors do not have recourse against the general assets of the Company but only to the collateral within the VIEs. |
Note 9 - Notes Payable - Sche_3
Note 9 - Notes Payable - Schedule of Structured Financing Notes Payable (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of March 31, 2021 ($101.3 million as of December 31, 2020) bearing interest at a weighted average 5.6% interest rate, based upon LIBOR, at March 31, 2021 (5.7% at December 31, 2020), which is secured by credit card receivables and restricted cash aggregating $2.8 million as of March 31, 2021 ($2.9 million as of December 31, 2020) in carrying amount | $ 2,791 | $ 2,919 |
Securitization Financing Facility [Member] | ||
Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of March 31, 2021 ($101.3 million as of December 31, 2020) bearing interest at a weighted average 5.6% interest rate, based upon LIBOR, at March 31, 2021 (5.7% at December 31, 2020), which is secured by credit card receivables and restricted cash aggregating $2.8 million as of March 31, 2021 ($2.9 million as of December 31, 2020) in carrying amount | $ 2,800 | $ 2,900 |
Note 9 - Notes Payable - Sche_4
Note 9 - Notes Payable - Schedule of Structured Financing Notes Payable (Details) (Parentheticals) - Securitization Financing Facility [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt maturity | 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 | $ 2.8 | $ 2.9 |
London Interbank Offered Rate (LIBOR) [Member] | ||
Interest rate | 5.60% | 5.70% |
Note 10 - Convertible Senior _3
Note 10 - Convertible Senior Notes (Details Textual) | Nov. 30, 2005USD ($)shares | Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)shares | Aug. 31, 2019USD ($) |
Gain (Loss) on Extinguishment of Debt, Total | $ (7,807,000) | ||||
Own-share Lending Arrangement, Shares, Outstanding (in shares) | shares | 1,459,233 | 1,459,233 | |||
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 | $ 44,300,000 | ||||
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 | $ 300,000,000 | $ 19,113,000 | $ 33,839,000 | $ 54,400,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | ||||
Debt Instrument, Maturity Date | Nov. 30, 2035 | ||||
Extinguishment of Debt, Amount | 14,700,000 | ||||
Repayments of Convertible Debt | 18,600,000 | ||||
Gain (Loss) on Extinguishment of Debt, Total | $ 7,800,000 | ||||
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 |
Note 10 - Convertible Senior _4
Note 10 - Convertible Senior Notes - Summary of Convertible Senior Notes (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2019 | Nov. 30, 2005 | |
Net carrying value | $ 13,818,000 | $ 24,386,000 | ||
Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | Convertible Debt [Member] | ||||
Face amount of convertible senior notes | 19,113,000 | 33,839,000 | $ 54,400,000 | $ 300,000,000 |
Discount | (5,295,000) | (9,453,000) | ||
Net carrying value | 13,818,000 | 24,386,000 | ||
Carrying amount of equity component included in paid-in capital | 108,714,000 | 108,714,000 | ||
Excess of instruments’ if-converted values over face principal amounts |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) $ in Millions | Mar. 31, 2021USD ($) |
Pledged Assets, Other, Not Separately Reported on Statement of Financial Position, Total | $ 11.4 |
Unfunded Individual Credit Commitment [Member] | |
Other Commitment, Total | 1,800 |
Unfunded Outstanding Floor-Plan Financing Commitment [Member] | |
Other Commitment, Total | 11.6 |
Credit Protection Program [Member] | |
Loss Contingency, Estimate of Possible Loss | 23.4 |
Loss Contingency Accrual, Ending Balance | $ 0.7 |
Note 12 - Net Income Attribut_3
Note 12 - Net Income Attributable to Controlling Interests Per Common Share (Details Textual) xbrli-pure in Millions | 3 Months Ended | |
Mar. 31, 2021$ / sharesshares | Mar. 31, 2020shares | |
Weighted Average Number of Shares, Restricted Stock (in shares) | 421,639 | 473,887 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 100,000 | 0 |
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) | 100,000 | 0 |
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 24.61 | |
Debt Instrument, Convertible, Number of Equity Instruments | 0.8 | |
Series A Preferred Stock [Member] | ||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock (in shares) | 4,000,000 | 3,175,474 |
Note 12 - Net Income Attribut_4
Note 12 - Net Income Attributable to Controlling Interests Per Common Share - Summary of Earning Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Net income attributable to controlling interests | $ 44,075 | $ 5,425 | |
Preferred stock and preferred unit dividends and accretion | (4,687) | (2,759) | |
Net income attributable to common shareholders—basic | 39,388 | 2,666 | |
Effect of dilutive preferred stock dividends and accretion | 592 | 597 | |
Net income attributable to common shareholders—diluted | $ 39,980 | $ 3,263 | |
Basic (including unvested share-based payment awards) (1) (in shares) | [1] | 15,013 | 14,436 |
Effect of dilutive stock compensation arrangements and exchange of preferred stock (in shares) | 5,921 | 4,999 | |
Diluted (including unvested share-based payment awards) (1) (in shares) | [1] | 20,934 | 19,435 |
Net income attributable to common shareholders per common share—basic (in dollars per share) | $ 2.62 | $ 0.18 | |
Net income attributable to common shareholders per common share—diluted (in dollars per share) | $ 1.91 | $ 0.17 | |
[1] | Shares related to unvested share-based payment awards included in our basic and diluted share counts were 421,639 for the three months ended March 31, 2021, compared to 473,887 for the three months ended March 31, 2020. |
Note 13 - Stock-based Compens_3
Note 13 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | May 09, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
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) | 33,276 | 58,248 | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount, Total | $ 900 | $ 600 | ||
Share-based Payment Arrangement, Expense | 200 | 300 | ||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 1,200 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 146 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 | $ 300 | $ 100 | ||
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 Term (Year) | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 80.30% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.80% | |||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 2,100 | $ 1,400 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
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) | 1,598,878 | |||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 55,700 |
Note 13 - Stock-based Compens_4
Note 13 - Stock-based Compensation - Summary of Outstanding Options (Details) | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Outstanding (in shares) | shares | 2,423,466 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 4.41 |
Issued (in shares) | shares | 50,000 |
Issued, weighted average exercise price (in dollars per share) | $ / shares | $ 31.54 |
Exercised (in shares) | shares | (494,900) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 3.43 |
Expired/Forfeited (in shares) | shares | (2,000) |
Expired/Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 15.30 |
Outstanding (in shares) | shares | 1,976,566 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 5.34 |
Outstanding, weighted average remaining contractual life (Year) | 1 year 255 days |
Outstanding, aggregate intrinsic value | $ | $ 49,461,967 |
Exercisable (in shares) | shares | 1,542,234 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 3.49 |
Exercisable, weighted average remaining contractual life (Year) | 1 year 109 days |
Exercisable, aggregate intrinsic value | $ | $ 41,386,369 |