Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 09, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001464343 | |
Entity Registrant Name | Atlanticus Holdings Corp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | GA | |
Entity Tax Identification Number | 58-2336689 | |
Entity File Number | 0-53717 | |
Entity Address, Address Line One | Five Concourse Parkway, Suite 300 | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30328 | |
City Area Code | 770 | |
Local Phone Number | 828-2000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,543,973 | |
Series B Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series B Preferred Stock, no par value per share | |
Trading Symbol | ATLCP | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock, no par value per share | |
Trading Symbol | ATLC | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Assets | |||
Unrestricted cash and cash equivalents | $ 265,869 | $ 178,102 | |
Restricted cash and cash equivalents | 67,884 | 80,859 | |
Loans, interest and fees receivable: | |||
Loans, interest and fees receivable, at fair value | 644,739 | 417,098 | |
Loans, interest and fees receivable, gross | 547,355 | 667,556 | |
Allowances for uncollectible loans, interest and fees receivable (including $92.2 million and $120.9 million associated with variable interest entities at June 30, 2021 and December 31, 2020, respectively) | (95,183) | (124,961) | |
Deferred revenue (including $6.7 million and $10.3 million associated with variable interest entities at June 30, 2021 and December 31, 2020, respectively) | (31,344) | (39,456) | |
Net loans, interest and fees receivable | 1,065,567 | 920,237 | |
Property at cost, net of depreciation | 1,704 | 2,240 | |
Investments in equity-method investee | 1,033 | 1,415 | |
Operating lease right-of-use assets | 6,970 | 9,181 | |
Prepaid expenses and other assets | 10,824 | 15,180 | |
Total assets | 1,419,851 | 1,207,214 | |
Liabilities | |||
Accounts payable and accrued expenses | 38,656 | 41,731 | |
Operating lease liabilities | 9,712 | 13,776 | |
Notes Payable, net held by VIEs | 966,566 | 882,610 | |
Notes payable associated with structured financings, at fair value (associated with variable interest entities) | 2,562 | 2,919 | |
Convertible senior notes | 9,226 | 24,386 | |
Income tax liability | 37,211 | 25,932 | |
Total liabilities | 1,063,933 | 991,354 | |
Commitments and contingencies (Note 11) | |||
Shareholders' Equity | |||
Common stock, no par value, 150,000,000 shares authorized: 16,638,161 shares issued and outstanding (including 1,459,233 loaned shares to be returned) at June 30, 2021; and 16,115,353 shares issued and outstanding (including 1,459,233 loaned shares to be returned) at December 31, 2020 | 0 | 0 | |
Paid-in capital | 254,001 | 194,950 | |
Retained deficit | (36,715) | (117,666) | |
Total shareholders’ equity | 217,286 | 77,284 | |
Noncontrolling interests | (868) | (774) | |
Total equity | 216,418 | 76,510 | |
Total liabilities, preferred stock and shareholders' equity | 1,419,851 | 1,207,214 | |
Series A Preferred Stock [Member] | |||
Liabilities | |||
Preferred stock | [1] | 40,000 | 40,000 |
Preferred stock | [1] | 40,000 | 40,000 |
Series B Preferred Stock [Member] | |||
Liabilities | |||
Preferred stock | 99,500 | 99,350 | |
Preferred stock | 99,500 | 99,350 | |
Shareholders' Equity | |||
Series B preferred stock, no par value, 2,800,000 shares issued and outstanding at June 30, 2021 and 0 shares issued and outstanding at December 31, 2020 (liquidation preference - $70.0 million) (1) | [1] | $ 0 | $ 0 |
[1] | Both the Series A preferred stock and the Series B preferred stock have no par value and are part of the same aggregate 10,000,000 shares authorized. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Unrestricted cash and cash equivalents | $ 265,869 | $ 178,102 |
Restricted cash and cash equivalents | 67,884 | 80,859 |
Loans, interest and fees receivable, at fair value | 644,739 | 417,098 |
Loans, interest and fees receivable, gross | 547,355 | 667,556 |
Allowances for uncollectible loans, interest and fees receivable | 95,183 | 124,961 |
Deferred revenue | 31,344 | 39,456 |
Notes payable, at face value | $ 966,566 | $ 882,610 |
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) | 16,638,161 | 16,115,353 |
Common stock, outstanding (in shares) | 16,638,161 | 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 | $ 40,000 |
Preferred stock, shares issued (in shares) | 400,000 | 400,000 |
Preferred stock, shares outstanding (in shares) | 400,000 | 400,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares issued (in shares) | 2,800,000 | 0 |
Preferred stock, shares outstanding (in shares) | 2,800,000 | 0 |
Preferred stock, liquidation preference | $ 70,000 | $ 70,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Unrestricted cash and cash equivalents | 156,900 | 96,600 |
Restricted cash and cash equivalents | 49,800 | 70,200 |
Loans, interest and fees receivable, at fair value | 587,600 | 374,200 |
Loans, interest and fees receivable, gross | 445,500 | 560,200 |
Allowances for uncollectible loans, interest and fees receivable | 92,200 | 120,900 |
Deferred revenue | 6,700 | 10,300 |
Notes payable, at face value | $ 911,800 | $ 827,100 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue: | ||||
Consumer loans, including past due fees | $ 122,654 | $ 100,112 | $ 224,950 | $ 203,259 |
Fees and related income on earning assets | 49,553 | 32,399 | 86,573 | 67,044 |
Other revenue | 7,312 | 2,910 | 11,891 | 5,636 |
Total operating revenue | 179,519 | 135,421 | 323,414 | 275,939 |
Other non-operating revenue | 2,586 | 325 | 3,426 | 315 |
Total revenue | 182,105 | 135,746 | 326,840 | 276,254 |
Interest expense | (13,790) | (12,252) | (26,088) | (25,836) |
Provision for losses on loans, interest and fees receivable recorded at net realizable value | (11,096) | (32,530) | (15,231) | (99,866) |
Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | (58,763) | (25,667) | (86,254) | (40,858) |
Net margin | 98,456 | 65,297 | 199,267 | 109,694 |
Operating expense: | ||||
Salaries and benefits | 7,883 | 6,508 | 16,122 | 14,018 |
Card and loan servicing | 18,212 | 15,601 | 35,599 | 31,438 |
Marketing and solicitation | 13,678 | 10,190 | 23,979 | 19,507 |
Depreciation | 320 | 320 | 632 | 605 |
Other | 5,972 | 4,586 | 10,940 | 9,387 |
Total operating expense | 46,065 | 37,205 | 87,272 | 74,955 |
Loss on repurchase of convertible senior notes | 5,448 | 0 | 13,255 | 0 |
Income before income taxes | 46,943 | 28,092 | 98,740 | 34,739 |
Income tax expense | (10,117) | (4,975) | (17,887) | (6,260) |
Net income | 36,826 | 23,117 | 80,853 | 28,479 |
Net loss attributable to noncontrolling interests | 50 | 48 | 98 | 111 |
Net income attributable to controlling interests | 36,876 | 23,165 | 80,951 | 28,590 |
Preferred dividends and discount accretion | (4,738) | (4,736) | (9,425) | (7,495) |
Net income attributable to common shareholders | $ 32,138 | $ 18,429 | $ 71,526 | $ 21,095 |
Net income attributable to common shareholders per common share—basic (in dollars per share) | $ 2.12 | $ 1.28 | $ 4.74 | $ 1.46 |
Net income attributable to common shareholders per common share—diluted (in dollars per share) | $ 1.56 | $ 0.93 | $ 3.47 | $ 1.12 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Deficit) (Unaudited) - USD ($) | Preferred Stock [Member]Series B Preferred Stock [Member] | Preferred Stock [Member]Series A Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Class B Preferred Units [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 0 | 15,885,314 | ||||||
Balance at Dec. 31, 2019 | $ 0 | $ 40,000,000 | $ 0 | $ 212,692,000 | $ (211,786,000) | $ (571,000) | $ 49,050,000 | $ 335,000 |
Accretion of discount associated with issuance of subsidiary equity | 0 | 0 | 0 | (75,000) | 0 | 0 | 75,000 | (75,000) |
Preferred dividends | $ 0 | 0 | $ 0 | (2,684,000) | 0 | 0 | 0 | (2,684,000) |
Stock option exercises and proceeds related thereto (in shares) | 0 | 2,000 | ||||||
Stock option exercises and proceeds related thereto | $ 0 | 0 | $ 0 | 6,000 | 0 | 0 | 0 | 6,000 |
Compensatory stock issuances, net of forfeitures (in shares) | 0 | 64,915 | ||||||
Compensatory stock issuances, net of forfeitures | $ 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Deferred stock-based compensation costs | $ 0 | 0 | $ 0 | 368,000 | 0 | 0 | 0 | 368,000 |
Redemption and retirement of shares (in shares) | 0 | (74,724) | ||||||
Redemption and retirement of shares | $ 0 | 0 | $ 0 | (559,000) | 0 | 0 | 0 | (559,000) |
Contributions by owners of noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 50,000,000 | 0 |
Comprehensive income | $ 0 | 0 | $ 0 | 0 | 5,425,000 | (63,000) | 0 | 5,362,000 |
Balance (in shares) at Mar. 31, 2020 | 0 | 15,877,505 | ||||||
Balance at Mar. 31, 2020 | $ 0 | 40,000,000 | $ 0 | 209,748,000 | (206,361,000) | (634,000) | 99,125,000 | 2,753,000 |
Balance (in shares) at Dec. 31, 2019 | 0 | 15,885,314 | ||||||
Balance at Dec. 31, 2019 | $ 0 | 40,000,000 | $ 0 | 212,692,000 | (211,786,000) | (571,000) | 49,050,000 | $ 335,000 |
Redemption and retirement of shares (in shares) | (85,723) | |||||||
Redemption and retirement of shares | $ (671,000) | |||||||
Net income | 28,479,000 | |||||||
Balance (in shares) at Jun. 30, 2020 | 0 | 15,904,173 | ||||||
Balance at Jun. 30, 2020 | $ 0 | 40,000,000 | $ 0 | 205,295,000 | (183,196,000) | (682,000) | 99,200,000 | 21,417,000 |
Balance (in shares) at Mar. 31, 2020 | 0 | 15,877,505 | ||||||
Balance at Mar. 31, 2020 | $ 0 | 40,000,000 | $ 0 | 209,748,000 | (206,361,000) | (634,000) | 99,125,000 | 2,753,000 |
Accretion of discount associated with issuance of subsidiary equity | 0 | 0 | 0 | (75,000) | 0 | 0 | 75,000 | (75,000) |
Preferred dividends | $ 0 | 0 | $ 0 | (4,661,000) | 0 | 0 | 0 | (4,661,000) |
Stock option exercises and proceeds related thereto (in shares) | 0 | 37,667 | ||||||
Stock option exercises and proceeds related thereto | $ 0 | 0 | $ 0 | 114,000 | 0 | 0 | 0 | 114,000 |
Deferred stock-based compensation costs | $ 0 | 0 | $ 0 | 281,000 | 0 | 0 | 0 | $ 281,000 |
Redemption and retirement of shares (in shares) | 0 | (10,999) | (10,999) | |||||
Redemption and retirement of shares | $ 0 | 0 | $ 0 | (112,000) | 0 | 0 | 0 | $ (112,000) |
Net income | 23,117,000 | |||||||
Comprehensive income | $ 0 | 0 | $ 0 | 0 | 23,165,000 | (48,000) | 0 | 23,117,000 |
Balance (in shares) at Jun. 30, 2020 | 0 | 15,904,173 | ||||||
Balance at Jun. 30, 2020 | $ 0 | 40,000,000 | $ 0 | 205,295,000 | (183,196,000) | (682,000) | 99,200,000 | 21,417,000 |
Balance (in shares) at Dec. 31, 2020 | 0 | 16,115,353 | ||||||
Balance at Dec. 31, 2020 | $ 0 | 40,000,000 | $ 0 | 194,950,000 | (117,666,000) | (774,000) | 99,350,000 | 76,510,000 |
Accretion of discount associated with issuance of subsidiary equity | 0 | 0 | 0 | (75,000) | 0 | 0 | 75,000 | (75,000) |
Preferred dividends | $ 0 | 0 | $ 0 | (4,612,000) | 0 | 0 | 0 | (4,612,000) |
Stock option exercises and proceeds related thereto (in shares) | 0 | 494,900 | ||||||
Stock option exercises and proceeds related thereto | $ 0 | 0 | $ 0 | 1,696,000 | 0 | 0 | 0 | 1,696,000 |
Compensatory stock issuances, net of forfeitures (in shares) | 0 | 39,942 | ||||||
Compensatory stock issuances, net of forfeitures | $ 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Deferred stock-based compensation costs | $ 0 | 0 | $ 0 | 545,000 | 0 | 0 | 0 | 545,000 |
Redemption and retirement of shares (in shares) | 0 | (9,928) | ||||||
Redemption and retirement of shares | $ 0 | 0 | $ 0 | (297,000) | 0 | 0 | 0 | (297,000) |
Net income | $ 0 | 0 | $ 0 | 0 | 44,075,000 | (48,000) | 0 | 44,027,000 |
Balance (in shares) at Mar. 31, 2021 | 0 | 16,640,267 | ||||||
Balance at Mar. 31, 2021 | $ 0 | 40,000,000 | $ 0 | 192,207,000 | (73,591,000) | (822,000) | 99,425,000 | 117,794,000 |
Balance (in shares) at Dec. 31, 2020 | 0 | 16,115,353 | ||||||
Balance at Dec. 31, 2020 | $ 0 | 40,000,000 | $ 0 | 194,950,000 | (117,666,000) | (774,000) | 99,350,000 | $ 76,510,000 |
Stock option exercises and proceeds related thereto (in shares) | 495,733 | |||||||
Redemption and retirement of shares (in shares) | (18,675) | |||||||
Redemption and retirement of shares | $ (601,000) | |||||||
Net income | 80,853,000 | |||||||
Balance (in shares) at Jun. 30, 2021 | 2,800,000 | 16,638,161 | ||||||
Balance at Jun. 30, 2021 | $ 0 | 40,000,000 | $ 0 | 254,001,000 | (36,715,000) | (868,000) | 99,500,000 | 216,418,000 |
Balance (in shares) at Mar. 31, 2021 | 0 | 16,640,267 | ||||||
Balance at Mar. 31, 2021 | $ 0 | 40,000,000 | $ 0 | 192,207,000 | (73,591,000) | (822,000) | 99,425,000 | 117,794,000 |
Accretion of discount associated with issuance of subsidiary equity | 0 | 0 | 0 | (75,000) | 0 | 0 | 75,000 | (75,000) |
Preferred dividends | $ 0 | 0 | $ 0 | (4,663,000) | 0 | 0 | 0 | (4,663,000) |
Stock option exercises and proceeds related thereto (in shares) | 0 | 833 | ||||||
Stock option exercises and proceeds related thereto | $ 0 | 0 | $ 0 | 1,000 | 0 | 0 | 0 | 1,000 |
Compensatory stock issuances, net of forfeitures (in shares) | 0 | 5,808 | ||||||
Compensatory stock issuances, net of forfeitures | $ 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Deferred stock-based compensation costs | $ 0 | 0 | $ 0 | 687,000 | 0 | 0 | 0 | $ 687,000 |
Redemption and retirement of shares (in shares) | 0 | (8,747) | (8,747) | |||||
Redemption and retirement of shares | $ 0 | 0 | $ 0 | (304,000) | 0 | 0 | 0 | $ (304,000) |
Net income | $ 0 | 0 | $ 0 | 0 | 36,876,000 | (50,000) | 0 | 36,826,000 |
Issuance of series B preferred stock, net (in shares) | 2,800,000 | 0 | ||||||
Issuance of series B preferred stock, net | $ 0 | 0 | $ 0 | 66,148,000 | 0 | 0 | 0 | 66,148,000 |
Contributions by owners of noncontrolling interests | $ 0 | 0 | $ 0 | 0 | 0 | 4,000 | 0 | 4,000 |
Balance (in shares) at Jun. 30, 2021 | 2,800,000 | 16,638,161 | ||||||
Balance at Jun. 30, 2021 | $ 0 | $ 40,000,000 | $ 0 | $ 254,001,000 | $ (36,715,000) | $ (868,000) | $ 99,500,000 | $ 216,418,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities | ||
Net income | $ 80,853 | $ 28,479 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion, net | 1,727 | 3,955 |
Provision for losses on loans, interest and fees receivable | 15,231 | 99,866 |
Interest expense from accretion of discount on notes | 435 | 288 |
Income from accretion of merchant fees and discount associated with receivables purchases | (50,410) | (66,526) |
Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | 86,254 | 40,858 |
Amortization of deferred loan costs | 2,934 | 2,583 |
Income from equity-method investments | (8) | (13) |
Loss on repurchase of convertible senior notes | 13,255 | 0 |
Deferred stock-based compensation costs | 1,232 | 649 |
Lease liability payments | (5,202) | (5,101) |
Changes in assets and liabilities: | ||
Increase in uncollected fees on earning assets | (36,636) | (19,847) |
Increase in income tax liability | 11,279 | 5,984 |
Decrease in accounts payable and accrued expenses | (769) | (10,605) |
Other | 4,346 | 3,389 |
Net cash provided by operating activities | 124,521 | 83,959 |
Investing activities | ||
Proceeds from equity-method investee | 390 | 546 |
Proceeds from recoveries on charged off receivables | 6,626 | 8,891 |
Investments in earning assets | (895,287) | (570,651) |
Proceeds from earning assets | 728,533 | 494,474 |
Purchases and development of property, net of disposals | (95) | (714) |
Net cash used in investing activities | (159,833) | (67,454) |
Financing activities | ||
Noncontrolling interests contributions | 4 | 50,000 |
Proceeds from issuance of Series B preferred stock, net of issuance costs | 66,148 | 0 |
Preferred dividends | (9,325) | (4,187) |
Proceeds from exercise of stock options | 1,697 | 121 |
Purchase and retirement of outstanding stock | (601) | (671) |
Proceeds from borrowings | 430,534 | 104,209 |
Repayment of borrowings | (378,363) | (164,284) |
Net cash provided by (used in) financing activities | 110,094 | (14,812) |
Effect of exchange rate changes on cash | 10 | (44) |
Net increase in cash and cash equivalents | 74,792 | 1,649 |
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 | 333,753 | 178,043 |
Supplemental cash flow information | ||
Cash paid for interest | 23,146 | 23,802 |
Net cash income tax payments | 6,608 | 276 |
(Decrease) increase in accrued and unpaid preferred dividends | $ (50) | $ 3,158 |
Note 1 - Description of Our Bus
Note 1 - Description of Our Business | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 three six June 30, 2021 2020, As of June 30, 2021 December 31, 2020 June 30, 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 June 30, 2021 19; 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 June 30, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (75.1 ) $ (1.5 ) $ (29.3 ) $ (105.9 ) Provision for loan losses (11.0 ) 0.2 (0.3 ) (11.1 ) Charge offs 21.2 0.2 6.4 27.8 Recoveries (3.1 ) (0.3 ) (2.6 ) (6.0 ) Balance at end of period $ (68.0 ) $ (1.4 ) $ (25.8 ) $ (95.2 ) For the Six Months Ended June 30, 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 (15.2 ) 0.1 (0.1 ) (15.2 ) Charge offs 40.2 0.8 13.7 54.7 Recoveries (4.8 ) (0.6 ) (4.3 ) (9.7 ) Balance at end of period $ (68.0 ) $ (1.4 ) $ (25.8 ) $ (95.2 ) As of June 30, 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 $ (68.0 ) $ (1.3 ) $ (25.8 ) $ (95.1 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 299.2 $ 93.2 $ 155.0 $ 547.4 Loans, interest and fees receivable individually evaluated for impairment $ — $ 0.2 $ — $ 0.2 Loans, interest and fees receivable collectively evaluated for impairment $ 299.2 $ 93.0 $ 155.0 $ 547.2 For the Three Months Ended June 30, 2020 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (128.4 ) $ (1.8 ) $ (56.7 ) $ (186.9 ) Provision for loan losses (30.2 ) (0.6 ) (1.7 ) (32.5 ) Charge offs 48.8 0.8 22.9 72.5 Recoveries (2.7 ) (0.2 ) (8.3 ) (11.2 ) Balance at end of period $ (112.5 ) $ (1.8 ) $ (43.8 ) $ (158.1 ) For the Six Months Ended June 30, 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 (81.2 ) (1.4 ) (17.3 ) (99.9 ) Charge offs 95.0 1.7 47.3 144.0 Recoveries (5.0 ) (0.5 ) (10.4 ) (15.9 ) Balance at end of period $ (112.5 ) $ (1.8 ) $ (43.8 ) $ (158.1 ) 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 six June 30, 2021, third third three June 30, 2020, third third An aging of our delinquent loans, interest and fees receivable, gross (in millions) by class of receivable as of June 30, 2021 December 31, 2020 As of June 30, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 10.4 $ 5.6 $ 5.0 $ 21.0 60-89 days past due 13.3 1.7 5.5 20.5 90 or more days past due 21.2 1.2 7.9 30.3 Delinquent loans, interest and fees receivable, gross 44.9 8.5 18.4 71.8 Current loans, interest and fees receivable, gross 254.3 84.7 136.6 475.6 Total loans, interest and fees receivable, gross $ 299.2 $ 93.2 $ 155.0 $ 547.4 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 0.8 $ — $ 0.8 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 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 June 30, 2021 December 31, 2020 As of June 30, 2021 December 31, 2020 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of TDRs 12,745 31,575 12,394 37,784 Number of TDRs that have been re-aged 1,716 5,827 2,788 7,846 Amount of TDRs on non-accrual status (in thousands) $ 14,846 $ 21,507 $ 14,537 $ 26,989 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 2,686 $ 4,602 $ 4,662 $ 6,890 Carrying value of TDRs (in thousands) $ 10,171 $ 14,612 $ 9,583 $ 14,287 TDRs - Performing (carrying value, in thousands)* $ 8,405 $ 13,233 $ 7,420 $ 11,855 TDRs - Nonperforming (carrying value, in thousands)* $ 1,766 $ 1,379 $ 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 52,686 and 62,040 accounts in the amount of $57.4 million and $74.4 million during the twelve June 30, 2021 June 30, 2020 twelve Twelve Months Ended June 30, 2021 June 30, 2020 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of accounts 2,162 6,204 4,065 6,744 Loan balance at time of charge off (in thousands) $ 2,779 $ 4,847 $ 5,764 $ 6,208 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 Income Taxes We experienced effective tax rates of 21.6% and 18.1%, for the three six June 30, 2021, three six June 30, 2020. Our effective tax rate for the three June 30, 2021, 1 2 two first 2021 162 1986 six June 30, 2021. six June 30, 2021, 1 first 2021 2 first 2021. Our effective tax rates for the three six June 30, 2020 1 2 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 accrued 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 six June 30, 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 5.875% convertible senior notes (“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 six June 30, 2021, 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 June 30, 2021 Other Investments Auto Finance Total Interchange revenues, net (1) $ 4,269 $ — $ 4,269 Servicing income 349 299 648 Service charges and other customer related fees 2,380 15 2,395 Total revenue from contracts with customers $ 6,998 $ 314 $ 7,312 ( 1 Credit and For the Six Months Ended June 30, 2021 Other Investments Auto Finance Total Interchange revenues, net (1) $ 6,891 $ — $ 6,891 Servicing income 737 624 1,361 Service charges and other customer related fees 3,609 30 3,639 Total revenue from contracts with customers $ 11,237 $ 654 $ 11,891 ( 1 Credit and For the Three Months Ended June 30, 2020 Other Investments Auto Finance Total Interchange revenues, net (1) $ 1,842 $ — $ 1,842 Servicing income 240 248 488 Service charges and other customer related fees 564 16 580 Total revenue from contracts with customers $ 2,646 $ 264 $ 2,910 ( 1 Credit and For the Six Months Ended June 30, 2020 Other Investments Auto Finance Total Interchange revenues, net (1) $ 3,822 $ — $ 3,822 Servicing income 624 468 1,092 Service charges and other customer related fees 689 33 722 Total revenue from contracts with customers $ 5,135 $ 501 $ 5,636 ( 1 Recent Accounting Pronouncements In June 2016, 2016 13, 2018 19, 2019 04, 2019 10 2019 11 May 2019, 2019 05, 326 20, first 2016 13 2019 05 December 15, 2019, December 15, 2022 In March 2020, No. 2020 04, 848 no December 1, 2022, January 2021, 2021 01, 848 848 not Subsequent Events We evaluate subsequent events that occur after our consolidated balance sheet date but before our consolidated financial statements are issued. There are two 1 2 not As described in greater detail under Note 4, July 8, 2021. We have evaluated subsequent events occurring after June 30, 2021 , not |
Note 3 - Segment Reporting
Note 3 - Segment Reporting | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 3. Segment Reporting We operate primarily within one Summary operating segment information (in thousands) is as follows: Three Months Ended June 30, 2021 Credit and Other Investments Auto Finance Total Revenue: Consumer loans, including past due fees $ 114,256 $ 8,398 $ 122,654 Fees and related income on earning assets 49,535 18 49,553 Other revenue 6,999 313 7,312 Other non-operating revenue 2,569 17 2,586 Total revenue 173,359 8,746 182,105 Interest expense (13,515 ) (275 ) (13,790 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (11,296 ) 200 (11,096 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (58,763 ) — (58,763 ) Net margin $ 89,785 $ 8,671 $ 98,456 Income before income taxes $ 43,972 $ 2,971 $ 46,943 Income tax expense $ (9,390 ) $ (727 ) $ (10,117 ) Six Months Ended June 30, 2021 Credit and Other Investments Auto Finance Total Revenue: Consumer loans, including past due fees $ 208,366 $ 16,584 $ 224,950 Fees and related income on earning assets 86,538 35 86,573 Other revenue 11,237 654 11,891 Other non-operating revenue 3,404 22 3,426 Total revenue 309,545 17,295 326,840 Interest expense (25,559 ) (529 ) (26,088 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (15,303 ) 72 (15,231 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (86,254 ) — (86,254 ) Net margin $ 182,429 $ 16,838 $ 199,267 Income before income taxes $ 93,276 $ 5,464 $ 98,740 Income tax expense $ (16,553 ) $ (1,334 ) $ (17,887 ) Total assets $ 1,338,017 $ 81,834 $ 1,419,851 Three Months Ended June 30, 2020 Credit and Other Investments Auto Finance Total Revenue: Consumer loans, including past due fees $ 92,206 $ 7,906 $ 100,112 Fees and related income on earning assets 32,386 13 32,399 Other revenue 2,646 264 2,910 Other non-operating revenue 315 10 325 Total revenue 127,553 8,193 135,746 Interest expense (11,977 ) (275 ) (12,252 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (31,899 ) (631 ) (32,530 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (25,667 ) — (25,667 ) Net margin $ 58,010 $ 7,287 $ 65,297 Income before income taxes $ 25,924 $ 2,168 $ 28,092 Income tax expense $ (4,403 ) $ (572 ) $ (4,975 ) Six Months Ended June 30, 2020 Credit and Other Investments Auto Finance Total Revenue: Consumer loans, including past due fees $ 187,459 $ 15,800 $ 203,259 Fees and related income on earning assets 67,013 31 67,044 Other revenue 5,135 501 5,636 Other non-operating revenue 302 13 315 Total revenue 259,909 16,345 276,254 Interest expense (25,152 ) (684 ) (25,836 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (98,429 ) (1,437 ) (99,866 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (40,858 ) — (40,858 ) Net margin $ 95,470 $ 14,224 $ 109,694 Income before income taxes $ 30,991 $ 3,748 $ 34,739 Income tax expense $ (5,279 ) $ (981 ) $ (6,260 ) Total assets $ 864,557 $ 79,692 $ 944,249 |
Note 4 - Shareholders' Equity a
Note 4 - Shareholders' Equity and Preferred Stock | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 4. Shareholders’ Equity and Preferred Stock On November 26, 2014, December 27, 2019, no may, January 1, 2025 $100 January 1, 2024. $100 12, Dove is a limited liability company owned by three one two two During the three six June 30, 2021 three six 30, 2020, We had 1,459,233 loaned shares outstanding at June 30, 2021 December 31, 2020 November 2005 On November 14, 2019, third not March 30, 2020, 12, On June 8, 2021, 30 may 5 July 8, 2021, second |
Note 5 - Investment in Equity-m
Note 5 - Investment in Equity-method Investee | 6 Months Ended |
Jun. 30, 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 June 30, 2021 In the following tables, we summarize (in thousands) balance sheet and results of operations data for our equity-method investee: As of June 30, 2021 December 31, 2020 Loans, interest and fees receivables, at fair value $ 1,457 $ 1,994 Total assets $ 1,530 $ 2,105 Total liabilities $ 8 $ 10 Members’ capital $ 1,522 $ 2,095 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net margin $ 6 $ 153 $ 61 $ 92 Net income (loss) $ (17 ) $ 118 $ 12 $ 19 Net income (loss) attributable to our equity investment investee $ (11 ) $ 79 $ 8 $ 13 |
Note 6 - Fair Values of Assets
Note 6 - Fair Values of Assets and Liabilities | 6 Months Ended |
Jun. 30, 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 June 30, 2021 December 31, 2020 1 2 not Assets – As of June 30, 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 $ — $ — $ 487,725 $ 420,828 Loans, interest and fees receivable, at fair value $ — $ — $ 644,739 $ 644,739 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 six 30, 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 (49,628 ) (40,698 ) Chargeoffs, net of recoveries (36,983 ) (640 ) Purchases 658,324 252,563 Settlements (473,200 ) (67,928 ) Finance and fees 129,128 30,203 Balance at June 30, $ 644,739 $ 177,886 The unrealized gains and losses for assets within the Level 3 Net Revaluation of Loans, Interest and Fees Receivable. third For Level 3 June 30, 2021 December 31, 2020 Quantitative Information about Level 3 Fair Value Measurement Fair Value at June 30, 2021 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 644,739 Discounted cash flows Gross yield, net of finance charge charge-offs 22.9% to 54.1% (42.6%) Payment rate 5.1% to 11.6% (9.4%) Expected principal credit loss rate 5.3% to 31.7% (26.5%) Servicing rate 3.2% to 11.3% (4.5%) 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 June 30, 2021 December 31, 2020 1 2 not Liabilities – As of June 30, 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 $ — $ — $ 945,451 $ 945,451 Amortizing debt facilities $ — $ — $ 21,115 $ 21,115 Convertible senior notes $ — $ 21,211 $ — $ 9,226 Liabilities carried at fair value Notes payable associated with structured financings, at fair value $ — $ — $ 2,562 $ 2,562 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 convertible senior notes, we assess fair value based upon the most recent trade data available from third third not 9, For our material Level 3 six June 30, 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 (357 ) (480 ) Repayments on outstanding notes payable, net — — Balance at June 30, $ 2,562 $ 3,440 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 June 30, 2021 December 31, 2020 Quantitative Information about Level 3 Fair Value Measurement Fair Value at June 30, 2021 (in thousands) Valuation Technique Unobservable Input Weighted Average Notes payable associated with structured financings, at fair value $ 2,562 Discounted cash flows Gross yield, net of finance charge charge-offs 27.1 % Payment rate 5.9 % Expected principal credit loss rate 9.2 % 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 June 30, 2021 December 31, 2020 As of June 30, 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 $ 516 $ 792,817 Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value $ 484 $ 742,697 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 389 $ 644,350 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) $ — $ 902 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 $ 5 $ 18,561 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 June 30, 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 $ 2,562 $ 2,919 |
Note 7 - Variable Interest Enti
Note 7 - Variable Interest Entities | 6 Months Ended |
Jun. 30, 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 June 30, 2021 December 31, 2020 Unrestricted cash and cash equivalents $ 156.9 $ 96.6 Restricted cash and cash equivalents 49.8 70.2 Loans, interest and fees receivable, at fair value 587.6 374.2 Loans, interest and fees receivable, gross 445.5 560.2 Allowances for uncollectible loans, interest and fees receivable (92.2 ) (120.9 ) Deferred revenue (6.7 ) (10.3 ) Total Assets held by VIEs $ 1,140.9 $ 970.0 Notes Payable, net held by VIEs $ 911.8 $ 827.1 Notes Payable, at fair value held by VIEs $ 2.6 $ 2.9 Maximum exposure to loss due to involvement with VIEs $ 962.3 $ 864.4 |
Note 8 - Leases
Note 8 - Leases | 6 Months Ended |
Jun. 30, 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 to 5 years, some of which include options, at our discretion, to extend the leases for additional periods generally on one For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Operating lease cost, gross $ 1,721 $ 1,725 $ 3,447 $ 3,445 Sublease income (1,291 ) (1,282 ) (2,584 ) (2,567 ) Net Operating lease cost $ 430 $ 443 $ 863 $ 878 Cash paid under operating leases, gross $ 2,618 $ 2,561 $ 5,202 $ 5,101 Weighted average remaining lease term - months 16 Weighted average discount rate 6.5 % As of June 30, 2021 Gross Lease Payment Payments received from Sublease Net Lease Payment 2021 (excluding the six months ended June 30, 2021) $ 5,267 $ (3,682 ) $ 1,585 2022 4,746 (3,112 ) 1,634 2023 465 — 465 2024 261 — 261 2025 139 — 139 Thereafter 63 — 63 Total lease payments 10,941 (6,794 ) 4,147 Less imputed interest (1,229 ) Total $ 9,712 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 June 30, 2021 no one |
Note 9 - Notes Payable
Note 9 - Notes Payable | 6 Months Ended |
Jun. 30, 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 June 30, 2021 December 31, 2020 As of June 30, 2021 December 31, 2020 Revolving credit facilities at a weighted average interest rate equal to 4.6 4.8 1,063.7 943.6 Revolving credit facility, not to exceed $ 55.0 November 1, 2023 $ 36.1 $ 34.9 Revolving credit facility, not to exceed $ 50.0 October 30, 2023 23.6 50.0 Revolving credit facility, not to exceed $ 70.0 May 2021 — 5.8 Revolving credit facility, not to exceed $ 100.0 October 15, 2022 10.0 10.0 Revolving credit facility, not to exceed $ 15.0 July 15, 2022 3.6 4.7 Revolving credit facility, not to exceed $ 100.0 August 15, 2022 2.5 2.5 Revolving credit facility, not to exceed $ 200.0 June 2021 — 200.0 Revolving credit facility, not to exceed $ 200.0 May 15, 2024 200.0 200.0 Revolving credit facility, not to exceed $ 25.0 April 21, 2023 18.0 7.8 Revolving credit facility, not to exceed $ 100.0 January 15, 2025 100.0 100.0 Revolving credit facility, not to exceed $ 250.0 October 15, 2025 250.0 250.0 Revolving credit facility, not to exceed $ 15.0 February 15, 2024 10.0 — Revolving credit facility, not to exceed $ 300.0 December 15, 2026 300.0 — Other facilities Other debt with a weighted average interest rate equal to 5.5 1.2 3.2 Unsecured term debt (expiring August 26, 2024 8.0 17.4 17.4 Amortizing debt facility (expiring September 30, 2021 4.6 2.5 5.0 Total notes payable before unamortized debt issuance costs and discounts 974.9 891.3 Unamortized debt issuance costs and discounts (8.3 ) (8.7 ) Total notes payable outstanding, net $ 966.6 $ 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 June 30, 2021 In October 2015, June 30, 2021). October 30, 2023 In October 2016, June 30, 2021). October 2016, June 30, 2021, November 1, 2023. no In February 2017, third May 2021. In 2018, two June 30, 2021) third October 15, 2022 August 15, 2022, may In December 2017, June 30, 2021). April 21, 2023 In June 2019, June 30, 2021). In June 2019, December 15, 2022). June 2021. In August 2019, August 2024. 10, In September 2019, June 30, 2021) September 30, 2021 In November 2019, May 15, 2024). three In July 2020, three In October 2020, August 2025 October 2025. In January 2021, June 30, 2021) February 15, 2024 In June 2021, December 15, 2026). four As of June 30, 2021 Notes Payable Associated with Structured Financings, at Fair Value Scheduled (in millions) in the table below are ( 1 30, 2021 December 31, 2020 2 June 30, 2021 December 31, 2020 3 June 30, 2021 December 31, 2020 Carrying Amounts at Fair Value as of June 30, 2021 December 31, 2020 Securitization facility (stated maturity of December 2021 101.3 101.3 5.6 5.7 2.6 2.9 $ 2.6 $ 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 June 30, 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 | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 10. Convertible Senior Notes In November 2005, In the three six June 30, 2021, The following summarizes (in thousands) components of our consolidated balance sheets associated with our convertible senior notes: As of June 30, 2021 December 31, 2020 Face amount of convertible senior notes $ 12,720 $ 33,839 Discount (3,494 ) (9,453 ) Net carrying value $ 9,226 $ 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 $ — $ — On June 17, 2021, July 19, 2021. $1,000 $1,000 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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 $2.0 billion at June 30, 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 June 30, 2021 , Under agreements with third June 30, 2021 Under agreements with third June 30, 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 June 30, 2021 ( June 30, 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 | 6 Months Ended |
Jun. 30, 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 For the Six Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator: Net income attributable to controlling interests $ 36,876 $ 23,165 $ 80,951 $ 28,590 Preferred stock and preferred unit dividends and accretion (4,738 ) (4,736 ) (9,425 ) (7,495 ) Net income attributable to common shareholders—basic 32,138 18,429 71,526 21,095 Effect of dilutive preferred stock dividends and accretion 598 596 1,190 1,193 Net income attributable to common shareholders—diluted $ 32,736 $ 19,025 $ 72,716 $ 22,288 Denominator: Basic (including unvested share-based payment awards) (1) 15,182 14,427 15,097 14,432 Effect of dilutive stock compensation arrangements and exchange of preferred stock 5,843 5,921 5,882 5,460 Diluted (including unvested share-based payment awards) (1) 21,025 20,348 20,979 19,892 Net income attributable to common shareholders per share—basic $ 2.12 $ 1.28 $ 4.74 $ 1.46 Net income attributable to common shareholders per share—diluted $ 1.56 $ 0.93 $ 3.47 $ 1.12 ( 1 Shares related to unvested share-based payment awards included in our basic and diluted share counts were 430,413 and 426,050 for the three six June 30, 2021 , three six June 30, 2020 As their effects were anti-dilutive, we excluded stock options to purchase 0.0 shares and 0.1 million shares from our net income attributable to controlling interests per share of common stock calculations for the three six June 30, 2021, three six June 30, 2020. For the three six June 30, 2021 2020, 4, For the three six June 30, 2021 2020 10, |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 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 two June 30, 2021, 2014 Exercises and vestings under our stock-based compensation plans resulted in no income tax-related charges to paid-in capital during the three six June 30, 2021 2020 Restricted Stock and Restricted Stock Units During the six June 30, 2021 2020, six June 30, 2021 2020, may June 30, 2021, No Stock Options The exercise price per share of the options awarded under the Fourth Amended 2014 may not 2021 zero 5 3 three six June 30, 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 55,000 $ 31.22 Exercised (495,733 ) $ 3.42 Expired/Forfeited (6,000 ) $ 15.30 Outstanding at June 30, 2021 1,976,733 $ 5.38 1.6 $ 67,851,195 Exercisable at June 30, 2021 1,541,401 $ 3.50 1.1 $ 55,805,456 Options issued during the three six June 30, 2021 No 2020. June 30, 2021 December 31, 2020 , |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 three six June 30, 2021 2020, As of June 30, 2021 December 31, 2020 June 30, 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 June 30, 2021 19; 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 June 30, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (75.1 ) $ (1.5 ) $ (29.3 ) $ (105.9 ) Provision for loan losses (11.0 ) 0.2 (0.3 ) (11.1 ) Charge offs 21.2 0.2 6.4 27.8 Recoveries (3.1 ) (0.3 ) (2.6 ) (6.0 ) Balance at end of period $ (68.0 ) $ (1.4 ) $ (25.8 ) $ (95.2 ) For the Six Months Ended June 30, 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 (15.2 ) 0.1 (0.1 ) (15.2 ) Charge offs 40.2 0.8 13.7 54.7 Recoveries (4.8 ) (0.6 ) (4.3 ) (9.7 ) Balance at end of period $ (68.0 ) $ (1.4 ) $ (25.8 ) $ (95.2 ) As of June 30, 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 $ (68.0 ) $ (1.3 ) $ (25.8 ) $ (95.1 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 299.2 $ 93.2 $ 155.0 $ 547.4 Loans, interest and fees receivable individually evaluated for impairment $ — $ 0.2 $ — $ 0.2 Loans, interest and fees receivable collectively evaluated for impairment $ 299.2 $ 93.0 $ 155.0 $ 547.2 For the Three Months Ended June 30, 2020 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (128.4 ) $ (1.8 ) $ (56.7 ) $ (186.9 ) Provision for loan losses (30.2 ) (0.6 ) (1.7 ) (32.5 ) Charge offs 48.8 0.8 22.9 72.5 Recoveries (2.7 ) (0.2 ) (8.3 ) (11.2 ) Balance at end of period $ (112.5 ) $ (1.8 ) $ (43.8 ) $ (158.1 ) For the Six Months Ended June 30, 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 (81.2 ) (1.4 ) (17.3 ) (99.9 ) Charge offs 95.0 1.7 47.3 144.0 Recoveries (5.0 ) (0.5 ) (10.4 ) (15.9 ) Balance at end of period $ (112.5 ) $ (1.8 ) $ (43.8 ) $ (158.1 ) 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 six June 30, 2021, third third three June 30, 2020, third third An aging of our delinquent loans, interest and fees receivable, gross (in millions) by class of receivable as of June 30, 2021 December 31, 2020 As of June 30, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 10.4 $ 5.6 $ 5.0 $ 21.0 60-89 days past due 13.3 1.7 5.5 20.5 90 or more days past due 21.2 1.2 7.9 30.3 Delinquent loans, interest and fees receivable, gross 44.9 8.5 18.4 71.8 Current loans, interest and fees receivable, gross 254.3 84.7 136.6 475.6 Total loans, interest and fees receivable, gross $ 299.2 $ 93.2 $ 155.0 $ 547.4 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 0.8 $ — $ 0.8 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 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 June 30, 2021 December 31, 2020 As of June 30, 2021 December 31, 2020 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of TDRs 12,745 31,575 12,394 37,784 Number of TDRs that have been re-aged 1,716 5,827 2,788 7,846 Amount of TDRs on non-accrual status (in thousands) $ 14,846 $ 21,507 $ 14,537 $ 26,989 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 2,686 $ 4,602 $ 4,662 $ 6,890 Carrying value of TDRs (in thousands) $ 10,171 $ 14,612 $ 9,583 $ 14,287 TDRs - Performing (carrying value, in thousands)* $ 8,405 $ 13,233 $ 7,420 $ 11,855 TDRs - Nonperforming (carrying value, in thousands)* $ 1,766 $ 1,379 $ 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 52,686 and 62,040 accounts in the amount of $57.4 million and $74.4 million during the twelve June 30, 2021 June 30, 2020 twelve Twelve Months Ended June 30, 2021 June 30, 2020 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of accounts 2,162 6,204 4,065 6,744 Loan balance at time of charge off (in thousands) $ 2,779 $ 4,847 $ 5,764 $ 6,208 |
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 |
Income Tax, Policy [Policy Text Block] | Income Taxes We experienced effective tax rates of 21.6% and 18.1%, for the three six June 30, 2021, three six June 30, 2020. Our effective tax rate for the three June 30, 2021, 1 2 two first 2021 162 1986 six June 30, 2021. six June 30, 2021, 1 first 2021 2 first 2021. Our effective tax rates for the three six June 30, 2020 1 2 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 accrued 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 six June 30, 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 5.875% convertible senior notes (“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 six June 30, 2021, 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 June 30, 2021 Other Investments Auto Finance Total Interchange revenues, net (1) $ 4,269 $ — $ 4,269 Servicing income 349 299 648 Service charges and other customer related fees 2,380 15 2,395 Total revenue from contracts with customers $ 6,998 $ 314 $ 7,312 ( 1 Credit and For the Six Months Ended June 30, 2021 Other Investments Auto Finance Total Interchange revenues, net (1) $ 6,891 $ — $ 6,891 Servicing income 737 624 1,361 Service charges and other customer related fees 3,609 30 3,639 Total revenue from contracts with customers $ 11,237 $ 654 $ 11,891 ( 1 Credit and For the Three Months Ended June 30, 2020 Other Investments Auto Finance Total Interchange revenues, net (1) $ 1,842 $ — $ 1,842 Servicing income 240 248 488 Service charges and other customer related fees 564 16 580 Total revenue from contracts with customers $ 2,646 $ 264 $ 2,910 ( 1 Credit and For the Six Months Ended June 30, 2020 Other Investments Auto Finance Total Interchange revenues, net (1) $ 3,822 $ — $ 3,822 Servicing income 624 468 1,092 Service charges and other customer related fees 689 33 722 Total revenue from contracts with customers $ 5,135 $ 501 $ 5,636 ( 1 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, 2018 19, 2019 04, 2019 10 2019 11 May 2019, 2019 05, 326 20, first 2016 13 2019 05 December 15, 2019, December 15, 2022 In March 2020, No. 2020 04, 848 no December 1, 2022, January 2021, 2021 01, 848 848 not |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events We evaluate subsequent events that occur after our consolidated balance sheet date but before our consolidated financial statements are issued. There are two 1 2 not As described in greater detail under Note 4, July 8, 2021. We have evaluated subsequent events occurring after June 30, 2021 , not |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | For the Three Months Ended June 30, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (75.1 ) $ (1.5 ) $ (29.3 ) $ (105.9 ) Provision for loan losses (11.0 ) 0.2 (0.3 ) (11.1 ) Charge offs 21.2 0.2 6.4 27.8 Recoveries (3.1 ) (0.3 ) (2.6 ) (6.0 ) Balance at end of period $ (68.0 ) $ (1.4 ) $ (25.8 ) $ (95.2 ) For the Six Months Ended June 30, 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 (15.2 ) 0.1 (0.1 ) (15.2 ) Charge offs 40.2 0.8 13.7 54.7 Recoveries (4.8 ) (0.6 ) (4.3 ) (9.7 ) Balance at end of period $ (68.0 ) $ (1.4 ) $ (25.8 ) $ (95.2 ) As of June 30, 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 $ (68.0 ) $ (1.3 ) $ (25.8 ) $ (95.1 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 299.2 $ 93.2 $ 155.0 $ 547.4 Loans, interest and fees receivable individually evaluated for impairment $ — $ 0.2 $ — $ 0.2 Loans, interest and fees receivable collectively evaluated for impairment $ 299.2 $ 93.0 $ 155.0 $ 547.2 For the Three Months Ended June 30, 2020 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (128.4 ) $ (1.8 ) $ (56.7 ) $ (186.9 ) Provision for loan losses (30.2 ) (0.6 ) (1.7 ) (32.5 ) Charge offs 48.8 0.8 22.9 72.5 Recoveries (2.7 ) (0.2 ) (8.3 ) (11.2 ) Balance at end of period $ (112.5 ) $ (1.8 ) $ (43.8 ) $ (158.1 ) For the Six Months Ended June 30, 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 (81.2 ) (1.4 ) (17.3 ) (99.9 ) Charge offs 95.0 1.7 47.3 144.0 Recoveries (5.0 ) (0.5 ) (10.4 ) (15.9 ) Balance at end of period $ (112.5 ) $ (1.8 ) $ (43.8 ) $ (158.1 ) 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 June 30, 2021 Credit Cards Auto Finance Other Unsecured Lending Products Total 30-59 days past due $ 10.4 $ 5.6 $ 5.0 $ 21.0 60-89 days past due 13.3 1.7 5.5 20.5 90 or more days past due 21.2 1.2 7.9 30.3 Delinquent loans, interest and fees receivable, gross 44.9 8.5 18.4 71.8 Current loans, interest and fees receivable, gross 254.3 84.7 136.6 475.6 Total loans, interest and fees receivable, gross $ 299.2 $ 93.2 $ 155.0 $ 547.4 Balance of loans greater than 90-days delinquent still accruing interest and fees $ — $ 0.8 $ — $ 0.8 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 June 30, 2021 December 31, 2020 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of TDRs 12,745 31,575 12,394 37,784 Number of TDRs that have been re-aged 1,716 5,827 2,788 7,846 Amount of TDRs on non-accrual status (in thousands) $ 14,846 $ 21,507 $ 14,537 $ 26,989 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 2,686 $ 4,602 $ 4,662 $ 6,890 Carrying value of TDRs (in thousands) $ 10,171 $ 14,612 $ 9,583 $ 14,287 TDRs - Performing (carrying value, in thousands)* $ 8,405 $ 13,233 $ 7,420 $ 11,855 TDRs - Nonperforming (carrying value, in thousands)* $ 1,766 $ 1,379 $ 2,163 $ 2,432 Twelve Months Ended June 30, 2021 June 30, 2020 Point-of-sale Direct-to-consumer Point-of-sale Direct-to-consumer Number of accounts 2,162 6,204 4,065 6,744 Loan balance at time of charge off (in thousands) $ 2,779 $ 4,847 $ 5,764 $ 6,208 |
Disaggregation of Revenue [Table Text Block] | Credit and For the Three Months Ended June 30, 2021 Other Investments Auto Finance Total Interchange revenues, net (1) $ 4,269 $ — $ 4,269 Servicing income 349 299 648 Service charges and other customer related fees 2,380 15 2,395 Total revenue from contracts with customers $ 6,998 $ 314 $ 7,312 Credit and For the Six Months Ended June 30, 2021 Other Investments Auto Finance Total Interchange revenues, net (1) $ 6,891 $ — $ 6,891 Servicing income 737 624 1,361 Service charges and other customer related fees 3,609 30 3,639 Total revenue from contracts with customers $ 11,237 $ 654 $ 11,891 Credit and For the Three Months Ended June 30, 2020 Other Investments Auto Finance Total Interchange revenues, net (1) $ 1,842 $ — $ 1,842 Servicing income 240 248 488 Service charges and other customer related fees 564 16 580 Total revenue from contracts with customers $ 2,646 $ 264 $ 2,910 Credit and For the Six Months Ended June 30, 2020 Other Investments Auto Finance Total Interchange revenues, net (1) $ 3,822 $ — $ 3,822 Servicing income 624 468 1,092 Service charges and other customer related fees 689 33 722 Total revenue from contracts with customers $ 5,135 $ 501 $ 5,636 |
Note 3 - Segment Reporting (Tab
Note 3 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, 2021 Credit and Other Investments Auto Finance Total Revenue: Consumer loans, including past due fees $ 114,256 $ 8,398 $ 122,654 Fees and related income on earning assets 49,535 18 49,553 Other revenue 6,999 313 7,312 Other non-operating revenue 2,569 17 2,586 Total revenue 173,359 8,746 182,105 Interest expense (13,515 ) (275 ) (13,790 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (11,296 ) 200 (11,096 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (58,763 ) — (58,763 ) Net margin $ 89,785 $ 8,671 $ 98,456 Income before income taxes $ 43,972 $ 2,971 $ 46,943 Income tax expense $ (9,390 ) $ (727 ) $ (10,117 ) Six Months Ended June 30, 2021 Credit and Other Investments Auto Finance Total Revenue: Consumer loans, including past due fees $ 208,366 $ 16,584 $ 224,950 Fees and related income on earning assets 86,538 35 86,573 Other revenue 11,237 654 11,891 Other non-operating revenue 3,404 22 3,426 Total revenue 309,545 17,295 326,840 Interest expense (25,559 ) (529 ) (26,088 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (15,303 ) 72 (15,231 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (86,254 ) — (86,254 ) Net margin $ 182,429 $ 16,838 $ 199,267 Income before income taxes $ 93,276 $ 5,464 $ 98,740 Income tax expense $ (16,553 ) $ (1,334 ) $ (17,887 ) Total assets $ 1,338,017 $ 81,834 $ 1,419,851 Three Months Ended June 30, 2020 Credit and Other Investments Auto Finance Total Revenue: Consumer loans, including past due fees $ 92,206 $ 7,906 $ 100,112 Fees and related income on earning assets 32,386 13 32,399 Other revenue 2,646 264 2,910 Other non-operating revenue 315 10 325 Total revenue 127,553 8,193 135,746 Interest expense (11,977 ) (275 ) (12,252 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (31,899 ) (631 ) (32,530 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (25,667 ) — (25,667 ) Net margin $ 58,010 $ 7,287 $ 65,297 Income before income taxes $ 25,924 $ 2,168 $ 28,092 Income tax expense $ (4,403 ) $ (572 ) $ (4,975 ) Six Months Ended June 30, 2020 Credit and Other Investments Auto Finance Total Revenue: Consumer loans, including past due fees $ 187,459 $ 15,800 $ 203,259 Fees and related income on earning assets 67,013 31 67,044 Other revenue 5,135 501 5,636 Other non-operating revenue 302 13 315 Total revenue 259,909 16,345 276,254 Interest expense (25,152 ) (684 ) (25,836 ) Provision for losses on loans, interest and fees receivable recorded at net realizable value (98,429 ) (1,437 ) (99,866 ) Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value (40,858 ) — (40,858 ) Net margin $ 95,470 $ 14,224 $ 109,694 Income before income taxes $ 30,991 $ 3,748 $ 34,739 Income tax expense $ (5,279 ) $ (981 ) $ (6,260 ) Total assets $ 864,557 $ 79,692 $ 944,249 |
Note 5 - Investment in Equity_2
Note 5 - Investment in Equity-method Investee (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | As of June 30, 2021 December 31, 2020 Loans, interest and fees receivables, at fair value $ 1,457 $ 1,994 Total assets $ 1,530 $ 2,105 Total liabilities $ 8 $ 10 Members’ capital $ 1,522 $ 2,095 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net margin $ 6 $ 153 $ 61 $ 92 Net income (loss) $ (17 ) $ 118 $ 12 $ 19 Net income (loss) attributable to our equity investment investee $ (11 ) $ 79 $ 8 $ 13 |
Note 6 - Fair Values of Asset_2
Note 6 - Fair Values of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Assets – As of June 30, 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 $ — $ — $ 487,725 $ 420,828 Loans, interest and fees receivable, at fair value $ — $ — $ 644,739 $ 644,739 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 (49,628 ) (40,698 ) Chargeoffs, net of recoveries (36,983 ) (640 ) Purchases 658,324 252,563 Settlements (473,200 ) (67,928 ) Finance and fees 129,128 30,203 Balance at June 30, $ 644,739 $ 177,886 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value Measurement Fair Value at June 30, 2021 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 644,739 Discounted cash flows Gross yield, net of finance charge charge-offs 22.9% to 54.1% (42.6%) Payment rate 5.1% to 11.6% (9.4%) Expected principal credit loss rate 5.3% to 31.7% (26.5%) Servicing rate 3.2% to 11.3% (4.5%) 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 June 30, 2021 (in thousands) Valuation Technique Unobservable Input Weighted Average Notes payable associated with structured financings, at fair value $ 2,562 Discounted cash flows Gross yield, net of finance charge charge-offs 27.1 % Payment rate 5.9 % Expected principal credit loss rate 9.2 % 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 June 30, 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 $ — $ — $ 945,451 $ 945,451 Amortizing debt facilities $ — $ — $ 21,115 $ 21,115 Convertible senior notes $ — $ 21,211 $ — $ 9,226 Liabilities carried at fair value Notes payable associated with structured financings, at fair value $ — $ — $ 2,562 $ 2,562 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 (357 ) (480 ) Repayments on outstanding notes payable, net — — Balance at June 30, $ 2,562 $ 3,440 |
Fair Value Option, Disclosures [Table Text Block] | As of June 30, 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 $ 516 $ 792,817 Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value $ 484 $ 742,697 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 389 $ 644,350 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) $ — $ 902 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 $ 5 $ 18,561 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 June 30, 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 $ 2,562 $ 2,919 |
Note 7 - Variable Interest En_2
Note 7 - Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of June 30, 2021 December 31, 2020 Unrestricted cash and cash equivalents $ 156.9 $ 96.6 Restricted cash and cash equivalents 49.8 70.2 Loans, interest and fees receivable, at fair value 587.6 374.2 Loans, interest and fees receivable, gross 445.5 560.2 Allowances for uncollectible loans, interest and fees receivable (92.2 ) (120.9 ) Deferred revenue (6.7 ) (10.3 ) Total Assets held by VIEs $ 1,140.9 $ 970.0 Notes Payable, net held by VIEs $ 911.8 $ 827.1 Notes Payable, at fair value held by VIEs $ 2.6 $ 2.9 Maximum exposure to loss due to involvement with VIEs $ 962.3 $ 864.4 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Operating lease cost, gross $ 1,721 $ 1,725 $ 3,447 $ 3,445 Sublease income (1,291 ) (1,282 ) (2,584 ) (2,567 ) Net Operating lease cost $ 430 $ 443 $ 863 $ 878 Cash paid under operating leases, gross $ 2,618 $ 2,561 $ 5,202 $ 5,101 Weighted average remaining lease term - months 16 Weighted average discount rate 6.5 % |
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 six months ended June 30, 2021) $ 5,267 $ (3,682 ) $ 1,585 2022 4,746 (3,112 ) 1,634 2023 465 — 465 2024 261 — 261 2025 139 — 139 Thereafter 63 — 63 Total lease payments 10,941 (6,794 ) 4,147 Less imputed interest (1,229 ) Total $ 9,712 |
Note 9 - Notes Payable (Tables)
Note 9 - Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of June 30, 2021 December 31, 2020 Revolving credit facilities at a weighted average interest rate equal to 4.6 4.8 1,063.7 943.6 Revolving credit facility, not to exceed $ 55.0 November 1, 2023 $ 36.1 $ 34.9 Revolving credit facility, not to exceed $ 50.0 October 30, 2023 23.6 50.0 Revolving credit facility, not to exceed $ 70.0 May 2021 — 5.8 Revolving credit facility, not to exceed $ 100.0 October 15, 2022 10.0 10.0 Revolving credit facility, not to exceed $ 15.0 July 15, 2022 3.6 4.7 Revolving credit facility, not to exceed $ 100.0 August 15, 2022 2.5 2.5 Revolving credit facility, not to exceed $ 200.0 June 2021 — 200.0 Revolving credit facility, not to exceed $ 200.0 May 15, 2024 200.0 200.0 Revolving credit facility, not to exceed $ 25.0 April 21, 2023 18.0 7.8 Revolving credit facility, not to exceed $ 100.0 January 15, 2025 100.0 100.0 Revolving credit facility, not to exceed $ 250.0 October 15, 2025 250.0 250.0 Revolving credit facility, not to exceed $ 15.0 February 15, 2024 10.0 — Revolving credit facility, not to exceed $ 300.0 December 15, 2026 300.0 — Other facilities Other debt with a weighted average interest rate equal to 5.5 1.2 3.2 Unsecured term debt (expiring August 26, 2024 8.0 17.4 17.4 Amortizing debt facility (expiring September 30, 2021 4.6 2.5 5.0 Total notes payable before unamortized debt issuance costs and discounts 974.9 891.3 Unamortized debt issuance costs and discounts (8.3 ) (8.7 ) Total notes payable outstanding, net $ 966.6 $ 882.6 |
Structured Financing Notes Payable [Member] | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Carrying Amounts at Fair Value as of June 30, 2021 December 31, 2020 Securitization facility (stated maturity of December 2021 101.3 101.3 5.6 5.7 2.6 2.9 $ 2.6 $ 2.9 |
Note 10 - Convertible Senior _2
Note 10 - Convertible Senior Notes (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of June 30, 2021 December 31, 2020 Face amount of convertible senior notes $ 12,720 $ 33,839 Discount (3,494 ) (9,453 ) Net carrying value $ 9,226 $ 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) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended For the Six Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator: Net income attributable to controlling interests $ 36,876 $ 23,165 $ 80,951 $ 28,590 Preferred stock and preferred unit dividends and accretion (4,738 ) (4,736 ) (9,425 ) (7,495 ) Net income attributable to common shareholders—basic 32,138 18,429 71,526 21,095 Effect of dilutive preferred stock dividends and accretion 598 596 1,190 1,193 Net income attributable to common shareholders—diluted $ 32,736 $ 19,025 $ 72,716 $ 22,288 Denominator: Basic (including unvested share-based payment awards) (1) 15,182 14,427 15,097 14,432 Effect of dilutive stock compensation arrangements and exchange of preferred stock 5,843 5,921 5,882 5,460 Diluted (including unvested share-based payment awards) (1) 21,025 20,348 20,979 19,892 Net income attributable to common shareholders per share—basic $ 2.12 $ 1.28 $ 4.74 $ 1.46 Net income attributable to common shareholders per share—diluted $ 1.56 $ 0.93 $ 3.47 $ 1.12 |
Note 13 - Stock-based Compens_2
Note 13 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 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 55,000 $ 31.22 Exercised (495,733 ) $ 3.42 Expired/Forfeited (6,000 ) $ 15.30 Outstanding at June 30, 2021 1,976,733 $ 5.38 1.6 $ 67,851,195 Exercisable at June 30, 2021 1,541,401 $ 3.50 1.1 $ 55,805,456 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components (Details Textual) $ in Thousands | Jul. 19, 2021USD ($) | Jul. 08, 2021shares | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Nov. 30, 2005 |
Payments to Acquire Loans and Leases Held-for-investment, Total | $ 47,800 | $ 45,200 | $ 98,300 | $ 92,600 | ||||||
Loans and Leases Receivable, Deferred Income, Total | 31,344 | $ 31,344 | $ 31,344 | $ 39,456 | ||||||
Weighted Average Remaining Accretion Period of Deferred Revenue (Month) | 15 months | 14 months | ||||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | 24,100 | $ 24,100 | $ 24,100 | $ 28,200 | ||||||
Financing Receivable, Allowance for Credit Loss, Recovery | $ 6,000 | $ 11,200 | $ 9,700 | $ 15,900 | ||||||
Financing Receivable, Modifications, Number of Contracts | 52,686 | 62,040 | ||||||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 57,400 | $ 74,400 | ||||||||
Effective Income Tax Rate Reconciliation, Percent, Total | 21.60% | 17.70% | 18.10% | 18.00% | ||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (5,448) | $ 0 | $ (13,255) | $ 0 | ||||||
Series B Preferred Stock [Member] | Subsequent Event [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 388,533 | |||||||||
Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | Convertible Debt [Member] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||||||||
Extinguishment of Debt, Amount | 6,400 | 21,100 | ||||||||
Repayments of Convertible Debt | 10,200 | 28,900 | ||||||||
Gain (Loss) on Extinguishment of Debt, Total | (5,400) | $ (13,300) | ||||||||
Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | Convertible Debt [Member] | Subsequent Event [Member] | ||||||||||
Repayments of Convertible Debt | $ 900 | |||||||||
Minimum [Member] | ||||||||||
Accounts Payable, Extension of Payment Terms (Month) | 10 months | |||||||||
Maximum [Member] | ||||||||||
Accounts Payable, Extension of Payment Terms (Month) | 37 months | |||||||||
Receivables Recoveries from Employed Third-Party Collectors ][Member] | ||||||||||
Financing Receivable, Allowance for Credit Loss, Recovery | 2,700 | 3,800 | $ 5,100 | 7,000 | ||||||
Receivable Recoveries from Sales of Charged-Off Accounts to Third-Parties [Member] | ||||||||||
Financing Receivable, Allowance for Credit Loss, Recovery | $ 3,300 | $ 7,400 | $ 4,600 | $ 8,900 |
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 | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Balance at beginning of period | $ (105,900) | $ (186,900) | $ (125,000) | $ (186,300) | |
Provision for loan losses | (11,096) | (32,530) | (15,231) | (99,866) | |
Charge offs | 27,800 | 72,500 | 54,700 | 144,000 | |
Recoveries | (6,000) | (11,200) | (9,700) | (15,900) | |
Balance at end of period | (95,200) | (158,100) | (95,200) | (158,100) | |
Balance at end of period individually evaluated for impairment | (100) | (100) | $ (300) | ||
Balance at end of period collectively evaluated for impairment | (95,100) | (95,100) | (124,700) | ||
Loans, interest and fees receivable, gross | 547,355 | 547,355 | 667,556 | ||
Loans, interest and fees receivable individually evaluated for impairment | 200 | 200 | 2,300 | ||
Loans, interest and fees receivable collectively evaluated for impairment | 547,200 | 547,200 | 665,300 | ||
Credit Card Receivable [Member] | |||||
Balance at beginning of period | (75,100) | (128,400) | (88,200) | (121,300) | |
Provision for loan losses | (11,000) | (30,200) | (15,200) | (81,200) | |
Charge offs | 21,200 | 48,800 | 40,200 | 95,000 | |
Recoveries | (3,100) | (2,700) | (4,800) | (5,000) | |
Balance at end of period | (68,000) | (112,500) | (68,000) | (112,500) | |
Balance at end of period individually evaluated for impairment | 0 | 0 | 0 | ||
Balance at end of period collectively evaluated for impairment | (68,000) | (68,000) | (88,200) | ||
Loans, interest and fees receivable, gross | 299,200 | 299,200 | 364,200 | ||
Loans, interest and fees receivable individually evaluated for impairment | 0 | 0 | 0 | ||
Loans, interest and fees receivable collectively evaluated for impairment | 299,200 | 299,200 | 364,200 | ||
Automobile Loan [Member] | |||||
Balance at beginning of period | (1,500) | (1,800) | (1,700) | (1,600) | |
Provision for loan losses | 200 | (600) | 100 | (1,400) | |
Charge offs | 200 | 800 | 800 | 1,700 | |
Recoveries | (300) | (200) | (600) | (500) | |
Balance at end of period | (1,400) | (1,800) | (1,400) | (1,800) | |
Balance at end of period individually evaluated for impairment | (100) | (100) | (300) | ||
Balance at end of period collectively evaluated for impairment | (1,300) | (1,300) | (1,400) | ||
Loans, interest and fees receivable, gross | 93,200 | 93,200 | 93,200 | ||
Loans, interest and fees receivable individually evaluated for impairment | 200 | 200 | 2,300 | ||
Loans, interest and fees receivable collectively evaluated for impairment | 93,000 | 93,000 | 90,900 | ||
Other Unsecured Lending Products [Member] | |||||
Balance at beginning of period | (29,300) | (56,700) | (35,100) | (63,400) | |
Provision for loan losses | (300) | (1,700) | (100) | (17,300) | |
Charge offs | 6,400 | 22,900 | 13,700 | 47,300 | |
Recoveries | (2,600) | (8,300) | (4,300) | (10,400) | |
Balance at end of period | (25,800) | $ (43,800) | (25,800) | $ (43,800) | |
Balance at end of period individually evaluated for impairment | 0 | 0 | 0 | ||
Balance at end of period collectively evaluated for impairment | (25,800) | (25,800) | (35,100) | ||
Loans, interest and fees receivable, gross | 155,000 | 155,000 | 210,200 | ||
Loans, interest and fees receivable individually evaluated for impairment | 0 | 0 | 0 | ||
Loans, interest and fees receivable collectively evaluated for impairment | $ 155,000 | $ 155,000 | $ 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 | Jun. 30, 2021 | Dec. 31, 2020 |
Total loans, interest and fees receivable, gross | $ 547,355 | $ 667,556 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 800 | 1,500 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 21,000 | 25,100 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 20,500 | 14,600 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 30,300 | 31,500 |
Financial Asset, Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 71,800 | 71,200 |
Financial Asset, Not Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 475,600 | 596,400 |
Credit Card Receivable [Member] | ||
Total loans, interest and fees receivable, gross | 299,200 | 364,200 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 0 | 0 |
Credit Card Receivable [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 10,400 | 12,400 |
Credit Card Receivable [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 13,300 | 8,000 |
Credit Card Receivable [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 21,200 | 19,900 |
Credit Card Receivable [Member] | Financial Asset, Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 44,900 | 40,300 |
Credit Card Receivable [Member] | Financial Asset, Not Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 254,300 | 323,900 |
Automobile Loan [Member] | ||
Total loans, interest and fees receivable, gross | 93,200 | 93,200 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 800 | 1,500 |
Automobile Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 5,600 | 7,600 |
Automobile Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 1,700 | 2,800 |
Automobile Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 1,200 | 2,100 |
Automobile Loan [Member] | Financial Asset, Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 8,500 | 12,500 |
Automobile Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 84,700 | 80,700 |
Other Unsecured Lending Products [Member] | ||
Total loans, interest and fees receivable, gross | 155,000 | 210,200 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 0 | 0 |
Other Unsecured Lending Products [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 5,000 | 5,100 |
Other Unsecured Lending Products [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 5,500 | 3,800 |
Other Unsecured Lending Products [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 7,900 | 9,500 |
Other Unsecured Lending Products [Member] | Financial Asset, Past Due [Member] | ||
Total loans, interest and fees receivable, gross | 18,400 | 18,400 |
Other Unsecured Lending Products [Member] | Financial Asset, Not Past Due [Member] | ||
Total loans, interest and fees receivable, gross | $ 136,600 | $ 191,800 |
Note 2 - Significant Accounti_6
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Summary of Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | ||
Point-of-Sale [Member] | ||||
Number of TDRs | 12,745 | 12,394 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 14,846 | $ 14,537 | ||
Carrying value of TDRs (in thousands) | $ 10,171 | 9,583 | ||
Number of accounts | 2,162 | 4,065 | ||
Loan balance at time of charge off (in thousands) | $ 2,779 | $ 5,764 | ||
Point-of-Sale [Member] | Performing Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | 8,405 | 7,420 | |
Point-of-Sale [Member] | Nonperforming Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | $ 1,766 | $ 2,163 | |
Point-of-Sale [Member] | Extended Maturity [Member] | ||||
Number of TDRs | 1,716 | 2,788 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 2,686 | $ 4,662 | ||
Direct-to-Consumer [Member] | ||||
Number of TDRs | 31,575 | 37,784 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 21,507 | $ 26,989 | ||
Carrying value of TDRs (in thousands) | $ 14,612 | 14,287 | ||
Number of accounts | 6,204 | 6,744 | ||
Loan balance at time of charge off (in thousands) | $ 4,847 | $ 6,208 | ||
Direct-to-Consumer [Member] | Performing Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | 13,233 | 11,855 | |
Direct-to-Consumer [Member] | Nonperforming Financial Instruments [Member] | ||||
Carrying value of TDRs (in thousands) | [1] | $ 1,379 | $ 2,432 | |
Direct-to-Consumer [Member] | Extended Maturity [Member] | ||||
Number of TDRs | 5,827 | 7,846 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 4,602 | $ 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 | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Revenue from contracts with customers | $ 7,312 | $ 2,910 | $ 11,891 | $ 5,636 | |
Credit and Debit Card [Member] | |||||
Revenue from contracts with customers | [1] | 4,269 | 1,842 | 6,891 | 3,822 |
Servicing Income [Member] | |||||
Revenue from contracts with customers | 648 | 488 | 1,361 | 1,092 | |
Service Charges and Other Customer Related Fees [Member] | |||||
Revenue from contracts with customers | 2,395 | 580 | 3,639 | 722 | |
Credit and Other Investments [Member] | |||||
Revenue from contracts with customers | 6,998 | 2,646 | 11,237 | 5,135 | |
Credit and Other Investments [Member] | Credit and Debit Card [Member] | |||||
Revenue from contracts with customers | [1] | 4,269 | 1,842 | 6,891 | 3,822 |
Credit and Other Investments [Member] | Servicing Income [Member] | |||||
Revenue from contracts with customers | 349 | 240 | 737 | 624 | |
Credit and Other Investments [Member] | Service Charges and Other Customer Related Fees [Member] | |||||
Revenue from contracts with customers | 2,380 | 564 | 3,609 | 689 | |
Auto Finance [Member] | |||||
Revenue from contracts with customers | 314 | 264 | 654 | 501 | |
Auto Finance [Member] | Credit and Debit Card [Member] | |||||
Revenue from contracts with customers | [1] | 0 | 0 | 0 | 0 |
Auto Finance [Member] | Servicing Income [Member] | |||||
Revenue from contracts with customers | 299 | 248 | 624 | 468 | |
Auto Finance [Member] | Service Charges and Other Customer Related Fees [Member] | |||||
Revenue from contracts with customers | $ 15 | $ 16 | $ 30 | $ 33 | |
[1] | Interchange revenue is presented net of customer reward expense. |
Note 3 - Segment Reporting (Det
Note 3 - Segment Reporting (Details Textual) | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Consumer loans, including past due fees | $ 122,654 | $ 100,112 | $ 224,950 | $ 203,259 | |
Fees and related income on earning assets | 49,553 | 32,399 | 86,573 | 67,044 | |
Other revenue | 7,312 | 2,910 | 11,891 | 5,636 | |
Other non-operating revenue | 2,586 | 325 | 3,426 | 315 | |
Total revenue | 182,105 | 135,746 | 326,840 | 276,254 | |
Interest expense | (13,790) | (12,252) | (26,088) | (25,836) | |
Provision for losses on loans, interest and fees receivable recorded at net realizable value | (11,096) | (32,530) | (15,231) | (99,866) | |
Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | (58,763) | (25,667) | (86,254) | (40,858) | |
Net margin | 98,456 | 65,297 | 199,267 | 109,694 | |
Income before income taxes | 46,943 | 28,092 | 98,740 | 34,739 | |
Income tax benefit (expense) | (10,117) | (4,975) | (17,887) | (6,260) | |
Total assets | 1,419,851 | 944,249 | 1,419,851 | 944,249 | $ 1,207,214 |
Credit and Other Investments [Member] | |||||
Consumer loans, including past due fees | 114,256 | 92,206 | 208,366 | 187,459 | |
Fees and related income on earning assets | 49,535 | 32,386 | 86,538 | 67,013 | |
Other revenue | 6,999 | 2,646 | 11,237 | 5,135 | |
Other non-operating revenue | 2,569 | 315 | 3,404 | 302 | |
Total revenue | 173,359 | 127,553 | 309,545 | 259,909 | |
Interest expense | (13,515) | (11,977) | (25,559) | (25,152) | |
Provision for losses on loans, interest and fees receivable recorded at net realizable value | (11,296) | (31,899) | (15,303) | (98,429) | |
Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | (58,763) | (25,667) | (86,254) | (40,858) | |
Net margin | 89,785 | 58,010 | 182,429 | 95,470 | |
Income before income taxes | 43,972 | 25,924 | 93,276 | 30,991 | |
Income tax benefit (expense) | (9,390) | (4,403) | (16,553) | (5,279) | |
Total assets | 1,338,017 | 864,557 | 1,338,017 | 864,557 | |
Auto Finance [Member] | |||||
Consumer loans, including past due fees | 8,398 | 7,906 | 16,584 | 15,800 | |
Fees and related income on earning assets | 18 | 13 | 35 | 31 | |
Other revenue | 313 | 264 | 654 | 501 | |
Other non-operating revenue | 17 | 10 | 22 | 13 | |
Total revenue | 8,746 | 8,193 | 17,295 | 16,345 | |
Interest expense | (275) | (275) | (529) | (684) | |
Provision for losses on loans, interest and fees receivable recorded at net realizable value | 200 | (631) | 72 | (1,437) | |
Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | 0 | 0 | 0 | 0 | |
Net margin | 8,671 | 7,287 | 16,838 | 14,224 | |
Income before income taxes | 2,971 | 2,168 | 5,464 | 3,748 | |
Income tax benefit (expense) | (727) | (572) | (1,334) | (981) | |
Total assets | $ 81,834 | $ 79,692 | $ 81,834 | $ 79,692 |
Note 4 - Shareholders' Equity_2
Note 4 - Shareholders' Equity and Preferred Stock (Details Textual) - USD ($) | Jul. 08, 2021 | Jun. 08, 2021 | Mar. 30, 2020 | Dec. 27, 2019 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Nov. 14, 2019 | Nov. 26, 2014 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 8,747 | 10,999 | 18,675 | 85,723 | |||||||||
Stock Repurchased and Retired During Period, Value | $ 304,000 | $ 297,000 | $ 112,000 | $ 559,000 | $ 601,000 | $ 671,000 | |||||||
Own-share Lending Arrangement, Shares, Outstanding (in shares) | 1,459,233 | 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] | |||||||||||||
Preferred stock, shares issued (in shares) | 400,000 | 400,000 | 400,000 | 400,000 | |||||||||
Preferred stock, shares authorized (in shares) | 10,000,000 | ||||||||||||
Preferred stock, shares outstanding (in shares) | 400,000 | 400,000 | 400,000 | 400,000 | |||||||||
Preferred stock, liquidation preference | $ 40,000,000 | $ 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 | ||||||||||||
Series B Preferred Stock [Member] | |||||||||||||
Preferred Stock, No Par Value (in dollars per share) | $ 0 | $ 0 | $ 0 | ||||||||||
Series B Preferred Stock [Member] | Subsequent Event [Member] | |||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 388,533 | ||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 9,700,000 | ||||||||||||
Series B Preferred Stock [Member] | Public Offering [Member] | |||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.625% | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,800,000 | ||||||||||||
Preferred Stock, No Par Value (in dollars per share) | $ 0 | ||||||||||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | 25 | ||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 25 | ||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 70,000,000 | ||||||||||||
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ 25 | ||||||||||||
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) | Jun. 30, 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 | 6 Months Ended | ||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Total assets | $ 1,419,851 | $ 944,249 | $ 1,419,851 | $ 944,249 | $ 1,207,214 | |||
Total liabilities | 1,063,933 | 1,063,933 | 991,354 | |||||
Members’ capital | 216,418 | $ 117,794 | 21,417 | 216,418 | 21,417 | 76,510 | $ 2,753 | $ 335 |
Net margin | 182,105 | 135,746 | 326,840 | 276,254 | ||||
Net income (loss) | 36,826 | $ 44,027 | 23,117 | 80,853 | 28,479 | |||
Net income (loss) attributable to our equity investment investee | 8 | 13 | ||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||||
Loans, interest and fees receivables, at fair value | 1,457 | 1,457 | 1,994 | |||||
Total assets | 1,530 | 1,530 | 2,105 | |||||
Total liabilities | 8 | 8 | 10 | |||||
Members’ capital | 1,522 | 1,522 | $ 2,095 | |||||
Net margin | 6 | 153 | 61 | 92 | ||||
Net income (loss) | (17) | 118 | 12 | 19 | ||||
Net income (loss) attributable to our equity investment investee | $ (11) | $ 79 | $ 8 | $ 13 |
Note 6 - Fair Values of Asset_3
Note 6 - Fair Values of Assets and Liabilities - Summary of Fair Value Hierarchy for Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Loans, interest and fees receivable, at fair value | $ 644,739 | $ 417,098 | |
Fair Value, Recurring [Member] | |||
Loans, interest and fees receivable, net for which it is practicable to estimate fair value | [1] | 420,828 | 503,139 |
Loans, interest and fees receivable, at fair value | [1] | 644,739 | 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] | 0 | 0 |
Loans, interest and fees receivable, at fair value | [1] | 0 | 0 |
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] | 0 | 0 |
Loans, interest and fees receivable, at fair value | [1] | 0 | 0 |
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] | 487,725 | 586,908 |
Loans, interest and fees receivable, at fair value | [1] | $ 644,739 | $ 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_4
Note 6 - Fair Values of Assets and Liabilities - Reconciliation of Level 3 Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Balance | $ 417,098 | $ 4,386 |
Net revaluations of loans, interest and fees receivable, at fair value | (49,628) | (40,698) |
Chargeoffs, net of recoveries | (36,983) | (640) |
Purchases | 658,324 | 252,563 |
Settlements | (473,200) | (67,928) |
Finance and fees | 129,128 | 30,203 |
Balance | $ 644,739 | $ 177,886 |
Note 6 - Fair Values of Asset_5
Note 6 - Fair Values of Assets and Liabilities - Quantitative Information about Level 3 Assets and Liabilities Fair Value Measurements (Details) $ in Thousands | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Loans, interest and fees receivable, at fair value | $ 644,739 | $ 417,098 |
Notes Payable Associated with Structured Financings, Fair Value | 2,562 | 2,919 |
Valuation Technique, Discounted Cash Flow [Member] | ||
Notes Payable Associated with Structured Financings, Fair Value | 2,562 | 2,919 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | ||
Loans, interest and fees receivable, at fair value | $ 644,739 | $ 417,098 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.229 | 0.227 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.541 | 0.565 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.426 | 0.433 |
Notes payable associated with structured financings, measurement input | 0.271 | 0.237 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.051 | 0.039 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.116 | 0.114 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.094 | 0.085 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Weighted Average [Member] | ||
Notes payable associated with structured financings, measurement input | 0.059 | 0.039 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.053 | 0.069 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.317 | 0.314 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.265 | 0.248 |
Notes payable associated with structured financings, measurement input | 0.092 | 0.079 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.032 | 0.029 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.113 | 0.142 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.045 | 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_6
Note 6 - Fair Values of Assets and Liabilities - Summary of Fair Value Hierarchy for Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Revolving credit facilities | $ 945,451 | $ 857,068 |
Amortizing debt facilities | 21,115 | 25,542 |
Convertible senior notes | 9,226 | 24,386 |
Notes Payable Associated with Structured Financings, Fair Value | 2,562 | 2,919 |
Fair Value, Inputs, Level 1 [Member] | ||
Revolving credit facilities | 0 | 0 |
Amortizing debt facilities | 0 | 0 |
Convertible senior notes | 0 | 0 |
Notes Payable Associated with Structured Financings, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Revolving credit facilities | 0 | 0 |
Amortizing debt facilities | 0 | 0 |
Convertible senior notes | 21,211 | 41,284 |
Notes Payable Associated with Structured Financings, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Revolving credit facilities | 945,451 | 857,068 |
Amortizing debt facilities | 21,115 | 25,542 |
Convertible senior notes | 0 | 0 |
Notes Payable Associated with Structured Financings, Fair Value | $ 2,562 | $ 2,919 |
Note 6 - Fair Values of Asset_7
Note 6 - Fair Values of Assets and Liabilities - Reconciliation of Level 3 Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Balance | $ 2,919 | $ 3,920 |
Net revaluations of notes payable associated with structured financings, at fair value | (357) | (480) |
Repayments on outstanding notes payable, net | 0 | 0 |
Balance | $ 2,562 | $ 3,440 |
Note 6 - Fair Values of Asset_8
Note 6 - Fair Values of Assets and Liabilities - Summary of Other Relevant Data (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Loans, interest and fees receivable, at fair value | $ 644,739 | $ 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 | 516 | 630 |
Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value | 484 | 589 |
Loans, interest and fees receivable, at fair value | 389 | 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) | 0 | 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 | 5 | 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 | 2,562 | 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 | 792,817 | 515,434 |
Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value | 742,697 | 487,779 |
Loans, interest and fees receivable, at fair value | 644,350 | 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) | 902 | 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 | $ 18,561 | $ 12,972 |
Note 7 - Variable Interest En_3
Note 7 - Variable Interest Entities - Summary of Variable Interest Entities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Unrestricted cash and cash equivalents | $ 265,869 | $ 178,102 | |
Restricted cash and cash equivalents | 67,884 | 80,859 | |
Loans, interest and fees receivable, at fair value | 644,739 | 417,098 | |
Total loans, interest and fees receivable, gross | 547,355 | 667,556 | |
Allowances for uncollectible loans, interest and fees receivable | (95,183) | (124,961) | |
Deferred revenue | (31,344) | (39,456) | |
Total Assets held by VIEs | 1,419,851 | 1,207,214 | $ 944,249 |
Notes Payable, net held by VIEs | 966,566 | 882,610 | |
Notes Payable, at fair value held by VIEs | 2,562 | 2,919 | |
Maximum exposure to loss due to involvement with VIEs | 962,300 | 864,400 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Unrestricted cash and cash equivalents | 156,900 | 96,600 | |
Restricted cash and cash equivalents | 49,800 | 70,200 | |
Loans, interest and fees receivable, at fair value | 587,600 | 374,200 | |
Total loans, interest and fees receivable, gross | 445,500 | 560,200 | |
Allowances for uncollectible loans, interest and fees receivable | (92,200) | (120,900) | |
Deferred revenue | (6,700) | (10,300) | |
Total Assets held by VIEs | 1,140,900 | 970,000 | |
Notes Payable, net held by VIEs | 911,800 | 827,100 | |
Notes Payable, at fair value held by VIEs | $ 2,600 | $ 2,900 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating lease cost, gross | $ 1,721 | $ 1,725 | $ 3,447 | $ 3,445 |
Sublease income | (1,291) | (1,282) | (2,584) | (2,567) |
Net Operating lease cost | 430 | 443 | 863 | 878 |
Cash paid under operating leases, gross | $ 2,618 | $ 2,561 | $ 5,202 | $ 5,101 |
Weighted average remaining lease term - months (Month) | 16 months | 16 months | ||
Weighted average discount rate | 6.50% | 6.50% |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
2021 (excluding the three months ended March 31, 2021), gross | $ 5,267 | |
2021 (excluding the three months ended March 31, 2021), payments received from sublease | (3,682) | |
2021 (excluding the three months ended March 31, 2021), net lease payment | 1,585 | |
2022, gross | 4,746 | |
2022, payments received from sublease | (3,112) | |
2022, net lease payment | 1,634 | |
2023, gross | 465 | |
2023, payments received from sublease | 0 | |
2023, net lease payment | 465 | |
2024, gross | 261 | |
2024, payments received from sublease | 0 | |
2024, net lease payment | 261 | |
2025, gross | 139 | |
2025, payments received from sublease | 0 | |
2025, net lease payment | 139 | |
Thereafter, gross | 63 | |
Thereafter, payments received from sublease | 0 | |
Thereafter, net lease payment | 63 | |
Gross, gross | 10,941 | |
Sublease income, payments received from sublease | (6,794) | |
Lease payments, net lease payment | 4,147 | |
Less imputed interest, gross | (1,229) | |
Total, net | $ 9,712 | $ 13,776 |
Note 9 - Notes Payable (Details
Note 9 - Notes Payable (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||
Jun. 30, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Nov. 30, 2019 | Jun. 30, 2019 | Oct. 31, 2016 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 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 | $ 945,451 | $ 945,451 | $ 857,068 | |||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 300,000 | $ 250,000 | $ 100,000 | $ 200,000 | $ 200,000 | $ 430,534 | $ 104,209 | |||||||||||
Asset Backed Securities, Term of Revolving Structure (Year) | 4 years | 41 months | 3 years | 3 years | ||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 18 months | 18 months | ||||||||||||||||
Asset Backed Securities, Weighted Average Interest Rate | 4.24% | 4.10% | 5.47% | 4.91% | 4.24% | |||||||||||||
Notes Payable Associated with Structured Financings, Fair Value | $ 2,562 | $ 2,562 | 2,919 | |||||||||||||||
Aggregate Exposure to Pretax Equity Loss, Structured Financing at Fair Value | 0 | 0 | ||||||||||||||||
Term Facility [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | |||||||||||||||||
Long-term Line of Credit, Total | 10,000 | 10,000 | ||||||||||||||||
Convertible Debt [Member] | Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 12,720 | $ 12,720 | $ 33,839 | $ 54,400 | $ 300,000 | |||||||||||||
Debt Instrument, Repurchase Amount | 16,300 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||||||||||||||||
Term Note [Member] | ||||||||||||||||||
Long-term Debt, Total | $ 17,400 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||||||||||
Minimum [Member] | ||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 10 months | 12 months | ||||||||||||||||
Minimum [Member] | Term Facility [Member] | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | ||||||||||||||||
Maximum [Member] | ||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 18 months | 18 months | ||||||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | |||||||||||||||||
Long-term Line of Credit, Total | $ 23,600 | $ 23,600 | ||||||||||||||||
Revolving Credit Facility [Member] | Term Note [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | |||||||||||||||||
Long-term Line of Credit, Total | 2,500 | 2,500 | ||||||||||||||||
Secured by the Financial and Operating Assets of CAR [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 55,000 | $ 40,000 | 55,000 | |||||||||||||||
Long-term Line of Credit, Total | 36,100 | 36,100 | ||||||||||||||||
Trust Funding Notes Facility [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 70,000 | 70,000 | $ 90,000 | |||||||||||||||
Trust Funding Notes Facility [Member] | Other Nonoperating Income (Expense) [Member] | ||||||||||||||||||
Removal of Accrual Related to Contingent Liability | 1,500 | |||||||||||||||||
Additional Trust Funding Notes Facilities [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | |||||||||||||||||
Long-term Line of Credit, Total | 12,500 | 12,500 | ||||||||||||||||
December 2017 Revolving Credit Facility [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | |||||||||||||||||
Long-term Line of Credit, Total | 18,000 | 18,000 | ||||||||||||||||
June 2019 Revolving Credit Facility [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | |||||||||||||||||
Long-term Line of Credit, Total | $ 3,600 | $ 3,600 | ||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Debt Instrument, Variable Rate | 0.10% | 0.10% | ||||||||||||||||
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] | Minimum [Member] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Additional Trust Funding Notes Facilities [Member] | Maximum [Member] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.50% | |||||||||||||||||
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% | 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 | Jun. 30, 2021 | Dec. 31, 2020 | |
Revolving credit facilities | $ 945,451 | $ 857,068 | |
Amortizing debt facilities | 21,115 | 25,542 | |
Total notes payable before unamortized debt issuance costs and discounts | [1] | 974,900 | 891,300 |
Unamortized debt issuance costs and discounts | [1] | (8,300) | (8,700) |
Total notes payable outstanding, net | [1] | 966,600 | 882,600 |
Other Secured Debt [Member] | |||
Amortizing debt facilities | [1] | 1,200 | 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] | 2,500 | 5,000 |
Revolving Credit Facility Expiring November 1, 2023 [Member] | |||
Revolving credit facilities | [1],[2],[5],[6] | 36,100 | 34,900 |
Revolving Credit Facility Expiring October 30, 2022 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[5] | 23,600 | 50,000 |
Revolving Credit Facility Repaid in May 2021 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[5],[7] | 0 | 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] | 3,600 | 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 Repaid in June 2021 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[7] | 0 | 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] | 18,000 | 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 | 0 |
Revolving Credit Facility Expiring December 15, 2026 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4],[7] | $ 300,000 | $ 0 |
[1] | As of June 30, 2021, the LIBOR rate was 0.10% 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 Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Oct. 31, 2015 | ||
Other Secured Debt [Member] | ||||
Interest rate | 5.50% | 5.50% | ||
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 | $ 55 | |
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 | |||
Amount of securing assets | $ 1,063.7 | $ 943.6 | ||
Interest rate | 4.60% | 4.80% | ||
Revolving Credit Facility Expiring October 30, 2022 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[3],[4],[5],[6] | $ 50 | $ 50 | |
Revolving credit facility, expiration date | [1],[3],[4],[5],[6] | Oct. 30, 2022 | Oct. 30, 2022 | |
Revolving Credit Facility Repaid in May 2021 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[3],[4],[5],[6],[7] | $ 70 | $ 70 | |
Revolving credit facility, expiration date | May 31, 2021 | May 31, 2021 | ||
Revolving Credit Facility Expiring October 15, 2022 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[3],[4],[5],[6],[7] | $ 100 | $ 100 | |
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 | $ 15 | |
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 | $ 100 | |
Revolving credit facility, expiration date | [1],[3],[4],[5],[6],[7] | Aug. 15, 2022 | Aug. 15, 2022 | |
Revolving Credit Facility Repaid in June 2021 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[3],[5],[6],[7] | $ 200 | $ 200 | |
Revolving credit facility, expiration date | Jun. 30, 2021 | Jun. 30, 2021 | ||
Revolving Credit Facility Expiring May 15, 2024 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[3],[5],[6],[7] | $ 200 | $ 200 | |
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 | $ 25 | ||
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 | $ 100 | |
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 | $ 250 | |
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 | $ 15 | |
Revolving credit facility, expiration date | [1],[3],[5],[6],[7] | Feb. 15, 2024 | Feb. 15, 2024 | |
Revolving Credit Facility Expiring December 15, 2026 [Member] | ||||
Revolving credit facility, maximum borrowing capacity | [1],[3],[5],[6],[7] | $ 300 | $ 300 | |
Revolving credit facility, expiration date | [1],[3],[5],[6],[7] | Dec. 15, 2026 | Dec. 15, 2026 | |
[1] | As of June 30, 2021, the LIBOR rate was 0.10% 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 | Jun. 30, 2021 | Dec. 31, 2020 |
Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of June 30, 2021 ($101.3 million as of December 31, 2020) bearing interest at a weighted average 5.6% interest rate, based upon LIBOR, at June 30, 2021 (5.7% at December 31, 2020), which is secured by credit card receivables and restricted cash aggregating $2.6 million as of June 30, 2021 ($2.9 million as of December 31, 2020) in carrying amount | $ 2,562 | $ 2,919 |
Securitization Financing Facility [Member] | ||
Securitization facility (stated maturity of December 2021), outstanding face amount of $101.3 million as of June 30, 2021 ($101.3 million as of December 31, 2020) bearing interest at a weighted average 5.6% interest rate, based upon LIBOR, at June 30, 2021 (5.7% at December 31, 2020), which is secured by credit card receivables and restricted cash aggregating $2.6 million as of June 30, 2021 ($2.9 million as of December 31, 2020) in carrying amount | $ 2,600 | $ 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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 | $ 2.6 | $ 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) | Jul. 19, 2021USD ($) | Jun. 17, 2021USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Aug. 31, 2019USD ($) | Nov. 30, 2005USD ($) |
Gain (Loss) on Extinguishment of Debt, Total | $ (5,448,000) | $ 0 | $ (13,255,000) | $ 0 | |||||
Conversion of Convertible Senior Notes to Common Stock [Member] | |||||||||
Debt Conversion, Original Debt, Amount | $ 11,800,000 | ||||||||
Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | Convertible Debt [Member] | |||||||||
Debt Instrument, Face Amount | 12,720,000 | 12,720,000 | $ 33,839,000 | $ 54,400,000 | $ 300,000,000 | ||||
Extinguishment of Debt, Amount | 6,400,000 | 21,100,000 | |||||||
Repayments of Convertible Debt | 10,200,000 | 28,900,000 | |||||||
Gain (Loss) on Extinguishment of Debt, Total | (5,400,000) | $ (13,300,000) | |||||||
Debt Instrument, Convertible, Conversion Ratio | 40.63 | ||||||||
Debt Instrument, Convertible, Cash Paid Per $1,000 Principal Held | $ 1,000 | $ 1,000 | |||||||
Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | Convertible Debt [Member] | Subsequent Event [Member] | |||||||||
Repayments of Convertible Debt | $ 900,000 |
Note 10 - Convertible Senior _4
Note 10 - Convertible Senior Notes - Summary of Convertible Senior Notes (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Aug. 31, 2019 | Nov. 30, 2005 | |
Net carrying value | $ 9,226 | $ 24,386 | ||
Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | Convertible Debt [Member] | ||||
Face amount of convertible senior notes | 12,720 | 33,839 | $ 54,400 | $ 300,000 |
Discount | (3,494) | (9,453) | ||
Net carrying value | 9,226 | 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 | $ 0 | $ 0 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) $ in Millions | Jun. 30, 2021USD ($) |
Pledged Assets, Other, Not Separately Reported on Statement of Financial Position, Total | $ 18 |
Unfunded Individual Credit Commitment [Member] | |
Other Commitment, Total | 2 |
Unfunded Outstanding Floor-Plan Financing Commitment [Member] | |
Other Commitment, Total | 11.6 |
Credit Protection Program [Member] | |
Loss Contingency, Estimate of Possible Loss | 26.5 |
Loss Contingency Accrual, Ending Balance | $ 0.3 |
Note 12 - Net Income Attribut_3
Note 12 - Net Income Attributable to Controlling Interests Per Common Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Weighted Average Number of Shares, Restricted Stock (in shares) | 430,413 | 418,081 | 426,050 | 445,984 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 | 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) | 200,000 | 0 | 200,000 | 0 |
Series A Preferred Stock [Member] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock (in shares) | 4,000,000 | 4,000,000 | 4,000,000 | 3,587,737 |
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 | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Net income attributable to controlling interests | $ 36,876 | $ 23,165 | $ 80,951 | $ 28,590 | |
Preferred stock and preferred unit dividends and accretion | (4,738) | (4,736) | (9,425) | (7,495) | |
Net income attributable to common shareholders—basic | 32,138 | 18,429 | 71,526 | 21,095 | |
Effect of dilutive preferred stock dividends and accretion | 598 | 596 | 1,190 | 1,193 | |
Net income attributable to common shareholders—diluted | $ 32,736 | $ 19,025 | $ 72,716 | $ 22,288 | |
Basic (including unvested share-based payment awards) (1) (in shares) | [1] | 15,182 | 14,427 | 15,097 | 14,432 |
Effect of dilutive stock compensation arrangements and exchange of preferred stock (in shares) | 5,843 | 5,921 | 5,882 | 5,460 | |
Diluted (including unvested share-based payment awards) (1) (in shares) | [1] | 21,025 | 20,348 | 20,979 | 19,892 |
Net income attributable to common shareholders per common share—basic (in dollars per share) | $ 2.12 | $ 1.28 | $ 4.74 | $ 1.46 | |
Net income attributable to common shareholders per common share—diluted (in dollars per share) | $ 1.56 | $ 0.93 | $ 3.47 | $ 1.12 | |
[1] | Shares related to unvested share-based payment awards included in our basic and diluted share counts were 430,413 and 426,050 for the three and six months ended June 30, 2021, respectively, compared to 418,081 and 445,984 for the three and six months ended June 30, 2020, respectively. |
Note 13 - Stock-based Compens_3
Note 13 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | May 09, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net, Total | $ 0 | $ 0 | $ 0 | $ 0 | |||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 39,084 | 58,248 | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount, Total | $ 600 | $ 1,100 | |||||
Share-based Payment Arrangement, Expense | 500 | $ 400 | |||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 1,000 | $ 1,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 2 months 12 days | ||||||
Restricted Stock [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 12 months | ||||||
Restricted Stock [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 60 months | ||||||
Share-based Payment Arrangement, Option [Member] | |||||||
Share-based Payment Arrangement, Expense | 400 | $ 100 | $ 700 | $ 200 | |||
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 | 0.81% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fair Value | 90 | $ 1,100 | |||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,700 | $ 1,700 | $ 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) | 1,592,070 | 1,592,070 | |||||
Employee Stock Purchase Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 55,133 | 55,133 |
Note 13 - Stock-based Compens_4
Note 13 - Stock-based Compensation - Summary of Outstanding Options (Details) - USD ($) | 6 Months Ended |
Jun. 30, 2021 | |
Outstanding (in shares) | 2,423,466 |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.41 |
Issued (in shares) | 55,000 |
Issued, weighted average exercise price (in dollars per share) | $ 31.22 |
Exercised (in shares) | (495,733) |
Exercised, weighted average exercise price (in dollars per share) | $ 3.42 |
Expired/Forfeited (in shares) | (6,000) |
Expired/Forfeited, weighted average exercise price (in dollars per share) | $ 15.30 |
Outstanding (in shares) | 1,976,733 |
Outstanding, weighted average exercise price (in dollars per share) | $ 5.38 |
Outstanding, weighted average remaining contractual life (Year) | 1 year 7 months 6 days |
Outstanding, aggregate intrinsic value | $ 67,851,195 |
Exercisable (in shares) | 1,541,401 |
Exercisable, weighted average exercise price (in dollars per share) | $ 3.50 |
Exercisable, weighted average remaining contractual life (Year) | 1 year 1 month 6 days |
Exercisable, aggregate intrinsic value | $ 55,805,456 |