Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 30, 2023 | |
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 | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 14,464,185 | |
Senior Notes [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Senior Notes due 2026 | |
Trading Symbol | ATLCL | |
Security Exchange Name | NASDAQ | |
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 | Mar. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Unrestricted cash and cash equivalents | $ 389,835 | $ 384,984 | |
Restricted cash and cash equivalents | 44,677 | 48,208 | |
Loans, interest and fees receivable: | |||
Loans, interest and fees receivable, at fair value | 1,795,589 | 1,817,976 | |
Loans, interest and fees receivable, gross | 113,367 | 105,267 | |
Allowances for uncollectible loans, interest and fees receivable | (1,737) | (1,643) | |
Deferred revenue | (18,207) | (16,190) | |
Net loans, interest and fees receivable | 1,889,012 | 1,905,410 | |
Property at cost, net of depreciation | 12,160 | 10,013 | |
Operating lease right-of-use assets | 11,614 | 11,782 | |
Prepaid expenses and other assets | 27,997 | 27,417 | |
Total assets | 2,375,295 | 2,387,814 | |
Liabilities | |||
Accounts payable and accrued expenses | 42,006 | 44,332 | |
Operating lease liabilities | 20,363 | 20,112 | |
Notes Payable, net held by VIEs | 1,614,575 | 1,653,306 | |
Senior notes, net | 144,743 | 144,385 | |
Income tax liability | 68,845 | 60,689 | |
Total liabilities | 1,890,532 | 1,922,824 | |
Commitments and contingencies (Note 10) | |||
Shareholders' Equity | |||
Common stock, no par value, 150,000,000 shares authorized: 14,528,546 and 14,453,415 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 0 | 0 | |
Paid-in capital | 115,796 | 121,996 | |
Retained earnings | 230,627 | 204,415 | |
Total shareholders’ equity | 346,423 | 326,411 | |
Noncontrolling interests | (1,685) | (1,371) | |
Total equity | 344,738 | 325,040 | |
Total liabilities, preferred stock and equity | 2,375,295 | 2,387,814 | |
Series A Preferred Stock [Member] | |||
Liabilities | |||
Series A preferred stock, 400,000 shares issued and outstanding at March 31, 2023 (liquidation preference - $40.0 million); 400,000 shares issued and outstanding at December 31, 2022 (Note 5) (1) | [1] | 40,000 | 40,000 |
Class B preferred units issued to noncontrolling interests (Note 5) | [1] | 40,000 | 40,000 |
Series B Preferred Stock [Member] | |||
Liabilities | |||
Series A preferred stock, 400,000 shares issued and outstanding at March 31, 2023 (liquidation preference - $40.0 million); 400,000 shares issued and outstanding at December 31, 2022 (Note 5) (1) | 100,025 | 99,950 | |
Class B preferred units issued to noncontrolling interests (Note 5) | 100,025 | 99,950 | |
Shareholders' Equity | |||
Series B preferred stock, no par value, 3,254,161 shares issued and outstanding at March 31, 2023 (liquidation preference - $81.4 million); 3,204,640 shares issued and outstanding at December 31, 2022 (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 | Mar. 31, 2023 | Dec. 31, 2022 |
Unrestricted cash and cash equivalents | $ 389,835,000 | $ 384,984,000 |
Restricted cash and cash equivalents | 44,677,000 | 48,208,000 |
Loans, interest and fees receivable, at fair value | 1,795,589,000 | 1,817,976,000 |
Notes payable, at face value | $ 1,614,575,000 | $ 1,653,306,000 |
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) | 14,528,546 | 14,453,415 |
Common stock, outstanding (in shares) | 14,528,546 | 14,453,415 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 400,000 | 400,000 |
Preferred stock, shares outstanding (in shares) | 400,000 | 400,000 |
Preferred stock, liquidation preference | $ 40,000 | $ 40,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares issued (in shares) | 3,254,161 | 3,204,640 |
Preferred stock, shares outstanding (in shares) | 3,254,161 | 3,204,640 |
Preferred stock, liquidation preference | $ 81,400,000 | $ 81,400,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Unrestricted cash and cash equivalents | 186,800,000 | 202,200,000 |
Restricted cash and cash equivalents | 27,900,000 | 27,600,000 |
Loans, interest and fees receivable, at fair value | 1,735,300,000 | 1,735,900,000 |
Notes payable, at face value | $ 1,543,700,000 | $ 1,586,000,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue: | ||
Consumer loans, including past due fees | $ 209,701 | $ 164,806 |
Fees and related income on earning assets | 44,357 | 54,698 |
Other revenue | 6,924 | 10,266 |
Total operating revenue, net | 260,982 | 229,770 |
Other non-operating revenue | 59 | 61 |
Total revenue | 261,041 | 229,831 |
Interest expense | (24,234) | (17,410) |
Provision for credit losses | (704) | (147) |
Changes in fair value of loans, interest and fees receivable recorded at fair value | (149,822) | (104,680) |
Net margin | 86,281 | 107,594 |
Operating expenses: | ||
Salaries and benefits | 10,604 | 11,426 |
Card and loan servicing | 24,335 | 22,675 |
Marketing and solicitation | 10,406 | 20,573 |
Depreciation | 618 | 593 |
Other | 6,236 | 14,693 |
Total operating expenses | 52,199 | 69,960 |
Income before income taxes | 34,082 | 37,634 |
Income tax (expense) benefit | (8,188) | 7,121 |
Net income | 25,894 | 44,755 |
Net loss attributable to noncontrolling interests | 318 | 255 |
Net income attributable to controlling interests | 26,212 | 45,010 |
Preferred dividends and discount accretion | (6,227) | (6,206) |
Net income attributable to common shareholders | $ 19,985 | $ 38,804 |
Net income attributable to common shareholders per common share—basic (in dollars per share) | $ 1.38 | $ 2.62 |
Net income attributable to common shareholders per common share—diluted (in dollars per share) | $ 1.08 | $ 1.96 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity and Temporary Equity (Unaudited) - USD ($) | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Preferred Stock [Member] Series B Preferred Stock [Member] | Preferred Stock [Member] Class B Preferred Units [Member] | Preferred Stock [Member] Series A Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Series B Preferred Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 3,188,533 | 14,804,408 | ||||||||
Balance at Dec. 31, 2021 | $ 8,582,000 | $ 99,650,000 | $ 40,000,000 | $ 227,763,000 | $ 60,236,000 | $ (500,000) | $ 287,499,000 | |||
Accretion of discount associated with issuance of subsidiary equity | 75,000 | (75,000) | (75,000) | |||||||
Preferred dividends | (6,131,000) | (6,131,000) | ||||||||
Stock option exercises and proceeds related thereto (in shares) | 1,000,534 | |||||||||
Stock option exercises and proceeds related thereto | 2,788,000 | 2,788,000 | ||||||||
Compensatory stock issuances, net of forfeitures (in shares) | 113,165 | |||||||||
Contributions by owners of noncontrolling interests | 4,000 | 4,000 | ||||||||
Stock-based compensation costs | 1,111,000 | 1,111,000 | ||||||||
Net income (loss) | 45,010,000 | (255,000) | 44,755,000 | |||||||
Balance (in shares) at Mar. 31, 2022 | 3,188,533 | 14,912,895 | ||||||||
Balance at Mar. 31, 2022 | 99,725,000 | 40,000,000 | 160,242,000 | 113,828,000 | (751,000) | $ 273,319,000 | ||||
Redemption and retirement of shares (in shares) | 0 | (1,005,212) | 0 | (1,005,212) | ||||||
Redemption and retirement of shares | $ 0 | 0 | 0 | $ 0 | (65,214,000) | 0 | 0 | $ 0 | $ (65,214,000) | |
Balance (in shares) at Dec. 31, 2022 | 3,204,640 | 14,453,415 | ||||||||
Balance at Dec. 31, 2022 | 99,950,000 | 40,000,000 | 121,996,000 | 204,415,000 | (1,371,000) | 325,040,000 | ||||
Accretion of discount associated with issuance of subsidiary equity | 75,000 | (75,000) | (75,000) | |||||||
Discount associated with repurchase of preferred stock | $ 0 | 0 | 0 | $ 0 | 16,000 | 0 | 0 | 16,000 | ||
Preferred dividends | (6,168,000) | $ (6,168,000) | ||||||||
Stock option exercises and proceeds related thereto (in shares) | 1,258 | 1,258 | ||||||||
Stock option exercises and proceeds related thereto | 19,000 | $ 19,000 | ||||||||
Compensatory stock issuances, net of forfeitures (in shares) | 146,227 | |||||||||
Issuance of series B preferred stock, net (in shares) | 51,327 | |||||||||
Issuance of series B preferred stock, net | 1,069,000 | 1,069,000 | ||||||||
Contributions by owners of noncontrolling interests | 4,000 | 4,000 | ||||||||
Stock-based compensation costs | 931,000 | 931,000 | ||||||||
Redemption and retirement of preferred shares (in shares) | (1,806) | 0 | ||||||||
Redemption and retirement of preferred shares | $ 0 | 0 | 0 | $ 0 | (45,000) | 0 | 0 | (45,000) | ||
Redemption and retirement of common shares | $ (72,354,000) | (1,947,000) | (1,947,000) | |||||||
Net income (loss) | 26,212,000 | (318,000) | 25,894,000 | |||||||
Balance (in shares) at Mar. 31, 2023 | 3,254,161 | 14,528,546 | ||||||||
Balance at Mar. 31, 2023 | $ 100,025,000 | $ 40,000,000 | $ 115,796,000 | $ 230,627,000 | $ (1,685,000) | $ 344,738,000 | ||||
Redemption and retirement of shares (in shares) | (1,806) | (72,354) | ||||||||
Redemption and retirement of shares | $ (29,000) | $ (1,947,000) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Net income | $ 25,894 | $ 44,755 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion, net | 844 | 1,916 |
Provision for losses on loans, interest and fees receivable | 704 | 147 |
Income from accretion of merchant fees and discount associated with receivables purchases | (34,002) | (27,189) |
Changes in fair value of loans, interest and fees receivable recorded at fair value | 149,822 | 104,680 |
Amortization of deferred loan costs | 1,442 | 1,136 |
Stock-based compensation costs | 931 | 1,111 |
Lease liability payments | (180) | (2,635) |
Changes in assets and liabilities: | ||
Increase in uncollected fees on earning assets | (49,211) | (45,363) |
Increase (decrease) in income tax liability | 8,156 | (7,177) |
(Decrease) increase in accounts payable and accrued expenses | (1,866) | 9,499 |
Other | (836) | (131) |
Net cash provided by operating activities | 101,698 | 80,749 |
Investing activities | ||
Proceeds from recoveries on charged off receivables | 16,380 | 5,460 |
Investments in earning assets | (545,464) | (563,313) |
Proceeds from earning assets | 478,419 | 455,298 |
Purchases and development of property, net of disposals | (2,765) | (76) |
Net cash used in investing activities | (53,430) | (102,631) |
Financing activities | ||
Noncontrolling interests contributions | 4 | 4 |
Proceeds from issuance of Series B preferred stock, net of issuance costs | 1,069 | 0 |
Preferred dividends | (6,253) | (6,016) |
Proceeds from exercise of stock options | 19 | 2,788 |
Purchase and retirement of outstanding common and preferred stock | (1,976) | (65,214) |
Proceeds from borrowings | 55,464 | 41,247 |
Repayment of borrowings | (95,278) | (52,068) |
Net cash used in financing activities | (46,951) | (79,259) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 3 | (10) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 1,320 | (101,151) |
Cash and cash equivalents and restricted cash at beginning of period | 433,192 | 506,628 |
Cash and cash equivalents and restricted cash at end of period | 434,512 | 405,477 |
Supplemental cash flow information | ||
Cash paid for interest | 23,103 | 16,199 |
Net cash income tax payments | 32 | 56 |
(Decrease) increase in accrued and unpaid preferred dividends | $ (85) | $ 115 |
Note 1 - Description of Our Bus
Note 1 - Description of Our Business | 3 Months Ended |
Mar. 31, 2023 | |
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 a purpose driven financial technology company. 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 as a Service (“CaaS”) segment, we apply our technology solutions, in combination with the experiences gained, and infrastructure built from servicing over $30 25 third may not We also report within our CaaS segment: 1 2 None not 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. In March 2020, 19" 19 2021 2022 19 As a result of the COVID- 19 March 2020, 19 19 may 19. 19 19 not March 31, 2023 19 19 May 11, 2023. not |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components | 3 Months Ended |
Mar. 31, 2023 | |
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 on our consolidated balance sheets and consolidated statements of income. Additionally, estimates of 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 income. We have eliminated all significant intercompany balances and transactions for financial reporting purposes. Unrestricted Cash and Cash Equivalents Unrestricted cash and cash equivalents consist of cash, money market investments and overnight deposits. We consider all highly liquid cash investments with low interest rate risk and original maturities of three $4.5 Loans, Interest and Fees Receivable We maintain two 90 180 180 30 not We adopted Accounting Standards Update ("ASU") 2016 13, January 1, 2022. one Loans, Interest and Fees Receivable, at Fair Value. January 1, 2022 Under the fair value option, direct loan origination fees (such as annual and merchant fees) are taken into income when billed to the consumer or upon loan acquisition and direct loan origination costs are expensed in the period incurred. The Company estimates the fair value of the loans using a discounted cash flow model, which considers various unobservable inputs such as remaining cumulative charge-offs, remaining cumulative prepayments, average life and discount rate. The Company re-evaluates the fair value of loans receivable at the close of each measurement period. Changes in the fair value of loans, interest and fees receivable are recorded as a component of “Changes in fair value of loans, interest and fees receivable recorded at fair value” in the consolidated statements of income in the period of the fair value changes. Changes in the fair value of loans, interest and fees receivable recorded at fair value include the impact of current period charge-offs associated with these receivables. Further details concerning our loans, interest and fees receivable held at fair value are presented within Note 6, Loans, Interest and Fees Receivable, Gross. three March 31, 2023 2022, We show both an allowance for uncollectible loans, interest and fees receivable and unearned fees (or “deferred revenue”) for our loans, interest and fees receivable that are not may may Certain of our loans, interest and fees receivable also contain components of deferred revenue related to loan discounts on the purchase of our auto finance receivables. As of March 31, 2023 December 31, 2022, A roll-forward (in millions) of our allowance for uncollectible loans, interest and fees receivable by class of receivable is as follows: For the Three Months Ended March 31, 2023 Auto Finance Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (1.6 ) Provision for credit losses (0.7 ) Charge-offs 1.0 Recoveries (0.4 ) Balance at end of period $ (1.7 ) As of March 31, 2023 Auto Finance Allowance for uncollectible loans, interest and fees receivable: Balance at end of period individually evaluated for impairment $ — Balance at end of period collectively evaluated for impairment $ (1.7 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 113.4 Loans, interest and fees receivable individually evaluated for impairment $ — Loans, interest and fees receivable collectively evaluated for impairment $ 113.4 For the Three Months Ended March 31, 2022 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (43.4 ) $ (1.4 ) $ (12.4 ) $ (57.2 ) Cumulative effects from adoption of fair value under the CECL standard 43.4 — 12.4 55.8 Cumulative effects from adoption of the CECL standard — (0.2 ) — (0.2 ) Provision for credit losses — (0.1 ) — (0.1 ) Charge-offs — 0.4 — 0.4 Recoveries — (0.3 ) — (0.3 ) Balance at end of period $ — $ (1.6 ) $ — $ (1.6 ) As of December 31, 2022 Auto Finance Allowance for uncollectible loans, interest and fees receivable: Balance at end of period individually evaluated for impairment $ — Balance at end of period collectively evaluated for impairment $ (1.6 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 105.3 Loans, interest and fees receivable individually evaluated for impairment $ — Loans, interest and fees receivable collectively evaluated for impairment $ 105.3 Delinquent loans, interest and fees receivable reflect the principal, fee and interest components of loans we did not not Recoveries, noted above, consist of amounts received from the efforts of third We consider loan delinquencies a key indicator of credit quality because this measure provides the best ongoing estimate of how a particular class of receivable is performing. An aging of our delinquent loans, interest and fees receivable, gross (in millions) by class of receivable as of March 31, 2023 December 31, 2022 As of March 31, 2023 Auto Finance 30-59 days past due $ 6.1 60-89 days past due 2.0 90 or more days past due 1.9 Delinquent loans, interest and fees receivable, gross 10.0 Current loans, interest and fees receivable, gross 103.4 Total loans, interest and fees receivable, gross $ 113.4 Balance of loans greater than 90-days delinquent still accruing interest and fees $ 1.5 As of December 31, 2022 Auto Finance 30-59 days past due $ 8.5 60-89 days past due 3.0 90 or more days past due 2.1 Delinquent loans, interest and fees receivable, gross 13.6 Current loans, interest and fees receivable, gross 91.7 Total loans, interest and fees receivable, gross $ 105.3 Balance of loans greater than 90-days delinquent still accruing interest and fees $ 1.7 Troubled Debt Restructurings As part of ongoing collection efforts, once an account, the receivable of which is included in our CaaS segment, becomes 90 may no one 19 six 19 30 not not not 19 1, 2023, not The following table details by class of receivable, the number and amount of modified loans, including TDRs that have been re-aged, as of December 31, 2022 As of December 31, 2022 Private label credit General purpose credit card Number of TDRs 24,594 171,729 Number of TDRs that have been re-aged 2,499 28,598 Amount of TDRs on non-accrual status (in thousands) $ 31,350 $ 119,785 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 4,606 $ 24,440 Carrying value of TDRs (in thousands) $ 18,827 $ 70,519 TDRs - Performing (carrying value, in thousands)* $ 15,001 $ 59,735 TDRs - Nonperforming (carrying value, in thousands)* $ 3,826 $ 10,784 *“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 84,878 accounts in the amount of $89.5 million during the twelve March 31, 2022 1, 2023, not twelve Twelve Months Ended March 31, 2022 Private label credit General purpose credit card Number of accounts 3,853 10,487 Loan balance at time of charge off (in thousands) $ 5,897 $ 8,721 Income Taxes We experienced an effective tax rate of 23.8% for the three March 31, 2023, three March 31, 2022. Our effective tax rate for the three March 31, 2023, 1 2 3 4 162 1986, Our negative effective tax rate for the three March 31, 2022, ( 1 2 two 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 income. 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 interest expense of $0.9 million during the three March 31, 2023, three March 31, 2022. Revenue from Contracts with Customers The majority of our revenue is earned from financial instruments and is not 606, None For the Three Months Ended March 31, 2023 CaaS Auto Finance Total Interchange revenues, net (1) $ 4,616 $ — $ 4,616 Servicing income 705 191 896 Service charges and other customer related fees 1,393 19 1,412 Total revenue from contracts with customers $ 6,714 $ 210 $ 6,924 ( 1 For the Three Months Ended March 31, 2022 CaaS Auto Finance Total Interchange revenues, net (1) $ 5,698 $ — $ 5,698 Servicing income 830 252 1,082 Service charges and other customer related fees 3,470 16 3,486 Total revenue from contracts with customers $ 9,998 $ 268 $ 10,266 ( 1 Recent Accounting Pronouncements In June 2016, 2016 13, 2018 19, 2019 04, 2019 10 2019 11 May 2019, 2019 05, 326 20, 2016 13 January 1, 2022, 2016 13 In March 2020, No. 2020 04, 848 January 2021, 2021 01, 848 848 December 2022, 2022 06, 848 848”, 848 December 31, 2022 December 31, 2024. December 31, 2024. none no 2020 04, 2021 01 2022 06, On March 31, 2022, 2022 02, 326 January 1, 2023. not |
Note 3 - Segment Reporting
Note 3 - Segment Reporting | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 3. Segment Reporting We operate primarily within one two two As of both March 31, 2023 December 31, 2022, not We measure the profitability of our reportable segments based on their income after allocation of specific costs and corporate overhead; however, our segment results do not Summary operating segment information (in thousands) is as follows: Three Months Ended March 31, 2023 CaaS Auto Finance Total Revenue: Consumer loans, including past due fees $ 200,529 $ 9,172 $ 209,701 Fees and related income on earning assets 44,339 18 44,357 Other revenue 6,715 209 6,924 Other non-operating revenue 14 45 59 Total revenue 251,597 9,444 261,041 Interest expense (23,460 ) (774 ) (24,234 ) Provision for losses on loans, interest and fees receivable recorded at amortized cost — (704 ) (704 ) Changes in fair value of loans, interest and fees receivable recorded at fair value (149,822 ) — (149,822 ) Net margin $ 78,315 $ 7,966 $ 86,281 Income before income taxes $ 31,853 $ 2,229 $ 34,082 Income tax expense $ (7,567 ) $ (621 ) $ (8,188 ) Total assets $ 2,276,140 $ 99,155 $ 2,375,295 Three Months Ended March 31, 2022 CaaS Auto Finance Total Revenue: Consumer loans, including past due fees $ 156,465 $ 8,341 $ 164,806 Fees and related income on earning assets 54,680 18 54,698 Other revenue 9,998 268 10,266 Other non-operating revenue 35 26 61 Total revenue 221,178 8,653 229,831 Interest expense (17,163 ) (247 ) (17,410 ) Provision for losses on loans, interest and fees receivable recorded at amortized cost — (147 ) (147 ) Changes in fair value of loans, interest and fees receivable recorded at fair value (104,680 ) — (104,680 ) Net margin $ 99,335 $ 8,259 $ 107,594 Income before income taxes $ 43,598 $ (5,964 ) $ 37,634 Income tax expense $ 5,518 $ 1,603 $ 7,121 Total assets $ 1,835,155 $ 86,482 $ 1,921,637 |
Note 4 - Shareholders' Equity a
Note 4 - Shareholders' Equity and Preferred Stock | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 4. Shareholders’ Equity and Preferred Stock During the three March 31, 2023 2022, During the three March 31, 2023 2022, three March 31, 2023 2022, 13 |
Note 5 - Redeemable Preferred S
Note 5 - Redeemable Preferred Stock | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 5. Redeemable Preferred Stock On November 26, 2014, December 27, 2019, no may, January 1, 2025 $100 January 1, 2024. $100 11, Dove is a limited liability company owned by three one two two On November 14, 2019, third not may, October 14, 2024. March 2020, 11, |
Note 6 - Fair Values of Assets
Note 6 - Fair Values of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6. Fair Values of Assets and Liabilities 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 recorded at fair value" in the consolidated statements of income. Changes in interest rates, credit spreads, discount rates, realized and projected credit losses and cash flow timing will lead to changes in the fair value of loans, interest and fees receivable recorded at fair value and therefore impact earnings. Fair value differs from amortized cost accounting in the following ways: • Receivables 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 • The net present value of cash flows associated with future fee billings on existing receivables are included in fair value; • Changes in the fair value of loans impact recorded revenues; and • Net charge-offs are recognized as they occur rather than through the establishment of an allowance and provision for losses for those loans, interest and fees receivable carried at amortized cost. For receivables that are carried at net amortized cost, we include disclosures of the fair value of such receivables to the extent practicable within the disclosures below. Where applicable, we account for our financial assets and liabilities at fair value based upon a three 1 2 1 2 3 may Valuations and Techniques for Assets Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The table below summarizes (in thousands) by fair value hierarchy the March 31, 2023 December 31, 2022 1 2 not Assets – As of March 31, 2023 (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 and which are carried at net amortized cost $ — $ — $ 101,123 $ 93,423 Loans, interest and fees receivable, at fair value $ — $ — $ 1,795,589 $ 1,795,589 Assets – As of December 31, 2022 (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 and which are carried at net amortized cost $ — $ — $ 94,968 $ 87,434 Loans, interest and fees receivable, at fair value $ — $ — $ 1,817,976 $ 1,817,976 ( 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 income as a component of "Changes in fair value of loans, interest and fees receivable recorded at fair value". For our loans, interest and fees receivable included in the above table, we assess the fair value of these assets based on our estimate of future cash flows net of servicing costs, and to the extent that such cash flow estimates change from period to period, any such changes are considered to be attributable to changes in instrument-specific credit risk. For Level 3 three 31, 2023 2022 Loans, Interest and Fees Receivables, at Fair Value 2023 2022 Balance at January 1, $ 1,817,976 $ 1,026,424 Cumulative effects from adoption of fair value under the CECL standard — 314,985 Net revaluations of loans, interest and fees receivable, at fair value, included in earnings 42,061 (3,372 ) Principal charge-offs, net of recoveries, included in earnings (130,175 ) (68,797 ) Finance and fees, included in earnings 219,668 194,567 Finance charge-offs, included in earnings (61,708 ) (32,511 ) Purchases 516,523 537,573 Settlements (608,756 ) (563,104 ) Balance at March 31, $ 1,795,589 $ 1,405,765 The unrealized gains and losses for assets within the Level 3 Net Revaluation of Loans, Interest and Fees Receivable. third For Level 3 March 31, 2023 December 31, 2022. Quantitative Information about Level 3 Fair Value Measurement Fair Value at March 31, 2023 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 1,795,589 Discounted cash flows Gross yield, net of finance charge charge-offs 24.4% to 37.1% (31.9%) Payment rate 5.4% to 11.6% (10.3%) Expected principal credit loss rate 2.9% to 31.2% (30.9%) Servicing rate 3.3% to 6.3% (3.3%) Discount rate 9.4% to 10.5% (9.8%) Quantitative Information about Level 3 Fair Value Measurement Fair Value at December 31, 2022 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 1,817,976 Discounted cash flows Gross yield, net of finance charge charge-offs 24.7% to 36.1% (31.4%) Payment rate 5.0% to 11.4% (10.3%) Expected principal credit loss rate 9.2% to 30.3% (30.2%) Servicing rate 3.5% to 6.4% (3.6%) Discount rate 9.8% to 10.5% (10.1%) Valuations and Techniques for Liabilities Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the liability. The table below summarizes (in thousands) by fair value hierarchy the March 31, 2023 December 31, 2022 not Liabilities – As of March 31, 2023 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 $ — $ — $ 1,591,420 $ 1,591,420 Amortizing debt facilities $ — $ — $ 23,155 $ 23,155 Senior notes, net $ 135,900 $ — $ — $ 144,743 Liabilities – As of December 31, 2022 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 $ — $ — $ 1,630,111 $ 1,630,111 Amortizing debt facilities $ — $ — $ 23,195 $ 23,195 Senior notes, net $ 125,640 $ — $ — $ 144,385 For our notes payable where market prices are not third not 9, Other Relevant Data Other relevant data (in thousands) as of March 31, 2023 December 31, 2022 As of March 31, 2023 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 $ 708 $ 2,054,970 Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value $ 686 $ 1,858,134 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 765 $ 1,794,824 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 $ 22,802 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 $ 6 $ 116,890 As of December 31, 2022 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 $ 786 $ 2,119,340 Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value $ 760 $ 1,910,090 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 765 $ 1,817,211 Aggregate fair value of receivables carried at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) $ 3 $ 8,362 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 $ 144,767 |
Note 7 - Variable Interest Enti
Note 7 - Variable Interest Entities | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 7. Variable Interest Entities The Company contributes the vast majority of receivables to VIEs. These entities are sometimes established to facilitate third not The following table presents a summary of VIEs in which we had continuing involvement and held a variable interest (in millions): As of March 31, 2023 December 31, 2022 Unrestricted cash and cash equivalents $ 186.8 $ 202.2 Restricted cash and cash equivalents 27.9 27.6 Loans, interest and fees receivable, at fair value 1,735.3 1,735.9 Total Assets held by VIEs $ 1,950.0 $ 1,965.7 Notes Payable, net held by VIEs $ 1,543.7 $ 1,586.0 Maximum exposure to loss due to involvement with VIEs $ 1,723.9 $ 1,756.0 |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [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 12 years, some of which include options, at our discretion, to extend the leases for additional periods generally on one For the Three Months Ended March 31, 2023 2022 Operating lease cost, gross $ 639 $ 1,724 Sublease income (24 ) (1,302 ) Net Operating lease cost $ 615 $ 422 Cash paid under operating leases, gross $ 180 $ 2,635 Weighted average remaining lease term - months 134 Weighted average discount rate 6.5 % As of March 31, 2023 Gross Lease Payment Payments received from Sublease Net Lease Payment 2023 (excluding the three months ended March 31, 2023) $ 1,502 $ (16 ) $ 1,486 2024 2,813 — 2,813 2025 2,652 — 2,652 2026 2,512 — 2,512 2027 2,476 — 2,476 Thereafter 17,338 — 17,338 Total lease payments 29,293 (16 ) 29,277 Less imputed interest (8,930 ) Total $ 20,363 In August 2021, third June 2022 third In addition, we occasionally lease certain equipment under cancelable and non-cancelable leases, which are accounted for as capital leases in our consolidated financial statements. As of March 31, 2023, no one |
Note 9 - Notes Payable
Note 9 - Notes Payable | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Notes Payable Notes Payable, at Face Value Other notes payable outstanding as of March 31, 2023 December 31, 2022 As of March 31, 2023 December 31, 2022 Revolving credit facilities at a weighted average interest rate equal to 5.2 5.1 1,862.3 1,856.2 Revolving credit facility, not to exceed $ 65.0 November 1, 2025 $ 47.7 $ 44.1 Revolving credit facility, not to exceed $ 50.0 October 30, 2024 49.2 50.0 Revolving credit facility, not to exceed $ 100.0 March 15, 2024 — — Revolving credit facility, not to exceed $ 25.0 July 20, 2023 18.7 24.6 Revolving credit facility, not to exceed $ 20.0 July 15, 2023 7.7 11.1 Revolving credit facility, not to exceed $ 200.0 May 15, 2024 155.6 188.9 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 $ 25.0 June 16, 2025 25.0 25.0 Revolving credit facility, not to exceed $ 300.0 December 15, 2026 300.0 300.0 Revolving credit facility, not to exceed $ 75.0 March 15, 2025 — — Revolving credit facility, not to exceed $ 300.0 May 15, 2026 300.0 300.0 Revolving credit facility, not to exceed $ 250.0 May 15, 2030 250.0 250.0 Revolving credit facility, not to exceed $ 100.0 August 5, 2024 — — Revolving credit facility, not to exceed $ 100.0 March 15, 2028 100.0 100.0 Other facilities Other debt 5.7 5.8 Unsecured term debt (expiring August 26, 2024 8.0 17.4 17.4 Total notes payable before unamortized debt issuance costs and discounts 1,627.0 1,666.9 Unamortized debt issuance costs and discounts (12.4 ) (13.6 ) Total notes payable outstanding, net $ 1,614.6 $ 1,653.3 ( 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. See Note 7, ( 6 Creditors do not * As of March 31, 2023 In October 2015, March 31, 2023). October 30, 2024 In October 2016, March 31, 2023). October 2016, March 31, 2023, November 1, 2025. no In December 2017, March 31, 2023). April 2023 July 20, 2023. no In 2018, March 31, 2023) March 15, 2024, March 31, 2023, In June 2019, March 31, 2023). In August 2019, August 2024. In November 2019, May 15, 2024). three In July 2020, three In October 2020, August 2025 October 2025. In January 2021, March 31, 2023) June 16, 2025 In June 2021, May 15, 2026 December 15, 2026). four In September 2021, March 31, 2023) 18 March 2025. In November 2021, May 15, 2026). three In May 2022, March 31, 2023) May 15, 2030). five In August 2022, March 31, 2023) August 5, 2024. In September 2022, As of March 31, 2023, Senior Notes, net In November 2021, February 1, May 1, August 1 November 1 November 30, 2026. three March 31, 2023 2022 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Commitments and Contingencies General Under finance products available in the private label credit and general purpose credit card 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 $2.3 billion at March 31, 2023. Additionally, our CAR operations provide floor-plan financing for a pre-qualified network of independent automotive dealers and automotive finance companies in the buy-here, pay-here used car business. The floor plan financing allows dealers and finance companies to borrow up to the maximum pre-approved credit limit allowed in order to finance ongoing inventory needs. These loans are secured by the underlying auto inventory and, in certain cases where we have other lending products outstanding with the dealer, are secured by the collateral under those lending arrangements as well, including any outstanding dealer reserves. As of March 31, 2023, Under agreements with third March 31, 2023 Under agreements with third March 31, 2023, Under the account terms, consumers have the option of enrolling in a credit protection program with our issuing bank partner which would make the minimum payments owed on their accounts for a period of up to six March 31, 2023. 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 11 - Net Income Attributab
Note 11 - Net Income Attributable to Controlling Interests Per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. Net Income Attributable to Controlling Interests Per Common Share We compute net income attributable to controlling interests per common share by dividing net income attributable to controlling interests by the weighted average number of shares of common stock (including participating securities) outstanding during the period, as discussed below. Diluted computations applicable in financial reporting periods in which we report income reflect the potential dilution to the basic income per share of common stock computations that could occur if securities or other contracts to issue common stock were exercised, were converted into common stock or were to result in the issuance of common stock that would share in our results of operations. In performing our net income attributable to controlling interests per share of common stock computations, we apply accounting rules that require us to include all unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted calculations. Common stock and certain unvested share-based payment awards earn dividends equally, and we have included all outstanding restricted stock awards in our basic and diluted calculations for current and prior periods. The following table sets forth the computations of net income attributable to controlling interests per share of common stock (in thousands, except per share data): For the Three Months Ended March 31, 2023 2022 Numerator: Net income attributable to controlling interests $ 26,212 $ 45,010 Preferred stock and preferred unit dividends and accretion (6,227 ) (6,206 ) Net income attributable to common shareholders—basic 19,985 38,804 Effect of dilutive preferred stock dividends and accretion 592 592 Net income attributable to common shareholders—diluted $ 20,577 $ 39,396 Denominator: Basic (including unvested share-based payment awards) (1) 14,475 14,821 Effect of dilutive stock compensation arrangements and exchange of preferred stock 4,506 5,238 Diluted (including unvested share-based payment awards) (1) 18,981 20,059 Net income attributable to common shareholders per share—basic $ 1.38 $ 2.62 Net income attributable to common shareholders per share—diluted $ 1.08 $ 1.96 ( 1 Shares related to unvested share-based payment awards included in our basic and diluted share counts were 188,384 for the three March 31, 2023 three March 31, 2022. As their effects were anti-dilutive, we excluded stock options to purchase 0.1 million shares from our net income attributable to controlling interests per share of common stock calculations for the three March 31, 2023. three March 31, 2022. For both of the three March 31, 2023 2022, 5, |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 12. Stock-Based Compensation We currently have two 2014 2014 2014 may 2014 May 2019. March 31, 2023, 2014 Exercises and vestings under our stock-based compensation plans resulted in no income tax-related charges to paid-in capital during the three March 31, 2023 2022. Restricted Stock and Restricted Stock Units During the three March 31, 2023 2022, three March 31, 2023 2022, may March 31, 2023, No Stock Options The exercise price per share of the options awarded under the Fourth Amended 2014 may not three March 31, 2023 2022, Number of Shares Weighted Average Exercise Price Weighted Average of Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2022 802,163 $ 12.23 Issued — $ — Exercised (1,258 ) $ 15.30 Expired/Forfeited (999 ) $ 15.30 Outstanding at March 31, 2023 799,906 $ 12.22 1.3 $ 13,299,303 Exercisable at March 31, 2023 688,544 $ 9.25 1.0 $ 12,840,335 No options were issued during the three March 31, 2023 2022. $0.6 March 31, 2023 December 31, 2022, March 31, 2023. |
Note 13 - ATM Program
Note 13 - ATM Program | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Stock Issuance Program [Text Block] | 13. ATM Program On August 10, 2022, may 415 1933, For further information regarding the ATM Program, see Note 4, |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. Subsequent Events We evaluate subsequent events that occur after our consolidated balance sheet date but before our consolidated financial statements are issued. There are two 1 2 not We have evaluated subsequent events occurring after March 31, 2023, not In April 2023, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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 on our consolidated balance sheets and consolidated statements of income. Additionally, estimates of 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 income. We have eliminated all significant intercompany balances and transactions for financial reporting purposes. |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | Unrestricted Cash and Cash Equivalents Unrestricted cash and cash equivalents consist of cash, money market investments and overnight deposits. We consider all highly liquid cash investments with low interest rate risk and original maturities of three $4.5 |
Receivable [Policy Text Block] | Loans, Interest and Fees Receivable We maintain two 90 180 180 30 not We adopted Accounting Standards Update ("ASU") 2016 13, January 1, 2022. one Loans, Interest and Fees Receivable, at Fair Value. January 1, 2022 Under the fair value option, direct loan origination fees (such as annual and merchant fees) are taken into income when billed to the consumer or upon loan acquisition and direct loan origination costs are expensed in the period incurred. The Company estimates the fair value of the loans using a discounted cash flow model, which considers various unobservable inputs such as remaining cumulative charge-offs, remaining cumulative prepayments, average life and discount rate. The Company re-evaluates the fair value of loans receivable at the close of each measurement period. Changes in the fair value of loans, interest and fees receivable are recorded as a component of “Changes in fair value of loans, interest and fees receivable recorded at fair value” in the consolidated statements of income in the period of the fair value changes. Changes in the fair value of loans, interest and fees receivable recorded at fair value include the impact of current period charge-offs associated with these receivables. Further details concerning our loans, interest and fees receivable held at fair value are presented within Note 6, Loans, Interest and Fees Receivable, Gross. three March 31, 2023 2022, We show both an allowance for uncollectible loans, interest and fees receivable and unearned fees (or “deferred revenue”) for our loans, interest and fees receivable that are not may may Certain of our loans, interest and fees receivable also contain components of deferred revenue related to loan discounts on the purchase of our auto finance receivables. As of March 31, 2023 December 31, 2022, A roll-forward (in millions) of our allowance for uncollectible loans, interest and fees receivable by class of receivable is as follows: For the Three Months Ended March 31, 2023 Auto Finance Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (1.6 ) Provision for credit losses (0.7 ) Charge-offs 1.0 Recoveries (0.4 ) Balance at end of period $ (1.7 ) As of March 31, 2023 Auto Finance Allowance for uncollectible loans, interest and fees receivable: Balance at end of period individually evaluated for impairment $ — Balance at end of period collectively evaluated for impairment $ (1.7 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 113.4 Loans, interest and fees receivable individually evaluated for impairment $ — Loans, interest and fees receivable collectively evaluated for impairment $ 113.4 For the Three Months Ended March 31, 2022 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (43.4 ) $ (1.4 ) $ (12.4 ) $ (57.2 ) Cumulative effects from adoption of fair value under the CECL standard 43.4 — 12.4 55.8 Cumulative effects from adoption of the CECL standard — (0.2 ) — (0.2 ) Provision for credit losses — (0.1 ) — (0.1 ) Charge-offs — 0.4 — 0.4 Recoveries — (0.3 ) — (0.3 ) Balance at end of period $ — $ (1.6 ) $ — $ (1.6 ) As of December 31, 2022 Auto Finance Allowance for uncollectible loans, interest and fees receivable: Balance at end of period individually evaluated for impairment $ — Balance at end of period collectively evaluated for impairment $ (1.6 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 105.3 Loans, interest and fees receivable individually evaluated for impairment $ — Loans, interest and fees receivable collectively evaluated for impairment $ 105.3 Delinquent loans, interest and fees receivable reflect the principal, fee and interest components of loans we did not not Recoveries, noted above, consist of amounts received from the efforts of third We consider loan delinquencies a key indicator of credit quality because this measure provides the best ongoing estimate of how a particular class of receivable is performing. An aging of our delinquent loans, interest and fees receivable, gross (in millions) by class of receivable as of March 31, 2023 December 31, 2022 As of March 31, 2023 Auto Finance 30-59 days past due $ 6.1 60-89 days past due 2.0 90 or more days past due 1.9 Delinquent loans, interest and fees receivable, gross 10.0 Current loans, interest and fees receivable, gross 103.4 Total loans, interest and fees receivable, gross $ 113.4 Balance of loans greater than 90-days delinquent still accruing interest and fees $ 1.5 As of December 31, 2022 Auto Finance 30-59 days past due $ 8.5 60-89 days past due 3.0 90 or more days past due 2.1 Delinquent loans, interest and fees receivable, gross 13.6 Current loans, interest and fees receivable, gross 91.7 Total loans, interest and fees receivable, gross $ 105.3 Balance of loans greater than 90-days delinquent still accruing interest and fees $ 1.7 Troubled Debt Restructurings As part of ongoing collection efforts, once an account, the receivable of which is included in our CaaS segment, becomes 90 may no one 19 six 19 30 not not not 19 1, 2023, not The following table details by class of receivable, the number and amount of modified loans, including TDRs that have been re-aged, as of December 31, 2022 As of December 31, 2022 Private label credit General purpose credit card Number of TDRs 24,594 171,729 Number of TDRs that have been re-aged 2,499 28,598 Amount of TDRs on non-accrual status (in thousands) $ 31,350 $ 119,785 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 4,606 $ 24,440 Carrying value of TDRs (in thousands) $ 18,827 $ 70,519 TDRs - Performing (carrying value, in thousands)* $ 15,001 $ 59,735 TDRs - Nonperforming (carrying value, in thousands)* $ 3,826 $ 10,784 *“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 84,878 accounts in the amount of $89.5 million during the twelve March 31, 2022 1, 2023, not twelve Twelve Months Ended March 31, 2022 Private label credit General purpose credit card Number of accounts 3,853 10,487 Loan balance at time of charge off (in thousands) $ 5,897 $ 8,721 |
Income Tax, Policy [Policy Text Block] | Income Taxes We experienced an effective tax rate of 23.8% for the three March 31, 2023, three March 31, 2022. Our effective tax rate for the three March 31, 2023, 1 2 3 4 162 1986, Our negative effective tax rate for the three March 31, 2022, ( 1 2 two 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 income. 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 interest expense of $0.9 million during the three March 31, 2023, three March 31, 2022. |
Revenue from Contract with Customer [Policy Text Block] | Revenue from Contracts with Customers The majority of our revenue is earned from financial instruments and is not 606, None For the Three Months Ended March 31, 2023 CaaS Auto Finance Total Interchange revenues, net (1) $ 4,616 $ — $ 4,616 Servicing income 705 191 896 Service charges and other customer related fees 1,393 19 1,412 Total revenue from contracts with customers $ 6,714 $ 210 $ 6,924 ( 1 For the Three Months Ended March 31, 2022 CaaS Auto Finance Total Interchange revenues, net (1) $ 5,698 $ — $ 5,698 Servicing income 830 252 1,082 Service charges and other customer related fees 3,470 16 3,486 Total revenue from contracts with customers $ 9,998 $ 268 $ 10,266 ( 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, 2016 13 January 1, 2022, 2016 13 In March 2020, No. 2020 04, 848 January 2021, 2021 01, 848 848 December 2022, 2022 06, 848 848”, 848 December 31, 2022 December 31, 2024. December 31, 2024. none no 2020 04, 2021 01 2022 06, On March 31, 2022, 2022 02, 326 January 1, 2023. not |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | For the Three Months Ended March 31, 2023 Auto Finance Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (1.6 ) Provision for credit losses (0.7 ) Charge-offs 1.0 Recoveries (0.4 ) Balance at end of period $ (1.7 ) As of March 31, 2023 Auto Finance Allowance for uncollectible loans, interest and fees receivable: Balance at end of period individually evaluated for impairment $ — Balance at end of period collectively evaluated for impairment $ (1.7 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 113.4 Loans, interest and fees receivable individually evaluated for impairment $ — Loans, interest and fees receivable collectively evaluated for impairment $ 113.4 For the Three Months Ended March 31, 2022 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowance for uncollectible loans, interest and fees receivable: Balance at beginning of period $ (43.4 ) $ (1.4 ) $ (12.4 ) $ (57.2 ) Cumulative effects from adoption of fair value under the CECL standard 43.4 — 12.4 55.8 Cumulative effects from adoption of the CECL standard — (0.2 ) — (0.2 ) Provision for credit losses — (0.1 ) — (0.1 ) Charge-offs — 0.4 — 0.4 Recoveries — (0.3 ) — (0.3 ) Balance at end of period $ — $ (1.6 ) $ — $ (1.6 ) As of December 31, 2022 Auto Finance Allowance for uncollectible loans, interest and fees receivable: Balance at end of period individually evaluated for impairment $ — Balance at end of period collectively evaluated for impairment $ (1.6 ) Loans, interest and fees receivable: Loans, interest and fees receivable, gross $ 105.3 Loans, interest and fees receivable individually evaluated for impairment $ — Loans, interest and fees receivable collectively evaluated for impairment $ 105.3 |
Financing Receivable, Past Due [Table Text Block] | As of March 31, 2023 Auto Finance 30-59 days past due $ 6.1 60-89 days past due 2.0 90 or more days past due 1.9 Delinquent loans, interest and fees receivable, gross 10.0 Current loans, interest and fees receivable, gross 103.4 Total loans, interest and fees receivable, gross $ 113.4 Balance of loans greater than 90-days delinquent still accruing interest and fees $ 1.5 As of December 31, 2022 Auto Finance 30-59 days past due $ 8.5 60-89 days past due 3.0 90 or more days past due 2.1 Delinquent loans, interest and fees receivable, gross 13.6 Current loans, interest and fees receivable, gross 91.7 Total loans, interest and fees receivable, gross $ 105.3 Balance of loans greater than 90-days delinquent still accruing interest and fees $ 1.7 |
Financing Receivable, Modified [Table Text Block] | As of December 31, 2022 Private label credit General purpose credit card Number of TDRs 24,594 171,729 Number of TDRs that have been re-aged 2,499 28,598 Amount of TDRs on non-accrual status (in thousands) $ 31,350 $ 119,785 Amount of TDRs on non-accrual status above that have been re-aged (in thousands) $ 4,606 $ 24,440 Carrying value of TDRs (in thousands) $ 18,827 $ 70,519 TDRs - Performing (carrying value, in thousands)* $ 15,001 $ 59,735 TDRs - Nonperforming (carrying value, in thousands)* $ 3,826 $ 10,784 Twelve Months Ended March 31, 2022 Private label credit General purpose credit card Number of accounts 3,853 10,487 Loan balance at time of charge off (in thousands) $ 5,897 $ 8,721 |
Disaggregation of Revenue [Table Text Block] | For the Three Months Ended March 31, 2023 CaaS Auto Finance Total Interchange revenues, net (1) $ 4,616 $ — $ 4,616 Servicing income 705 191 896 Service charges and other customer related fees 1,393 19 1,412 Total revenue from contracts with customers $ 6,714 $ 210 $ 6,924 For the Three Months Ended March 31, 2022 CaaS Auto Finance Total Interchange revenues, net (1) $ 5,698 $ — $ 5,698 Servicing income 830 252 1,082 Service charges and other customer related fees 3,470 16 3,486 Total revenue from contracts with customers $ 9,998 $ 268 $ 10,266 |
Note 3 - Segment Reporting (Tab
Note 3 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2023 CaaS Auto Finance Total Revenue: Consumer loans, including past due fees $ 200,529 $ 9,172 $ 209,701 Fees and related income on earning assets 44,339 18 44,357 Other revenue 6,715 209 6,924 Other non-operating revenue 14 45 59 Total revenue 251,597 9,444 261,041 Interest expense (23,460 ) (774 ) (24,234 ) Provision for losses on loans, interest and fees receivable recorded at amortized cost — (704 ) (704 ) Changes in fair value of loans, interest and fees receivable recorded at fair value (149,822 ) — (149,822 ) Net margin $ 78,315 $ 7,966 $ 86,281 Income before income taxes $ 31,853 $ 2,229 $ 34,082 Income tax expense $ (7,567 ) $ (621 ) $ (8,188 ) Total assets $ 2,276,140 $ 99,155 $ 2,375,295 Three Months Ended March 31, 2022 CaaS Auto Finance Total Revenue: Consumer loans, including past due fees $ 156,465 $ 8,341 $ 164,806 Fees and related income on earning assets 54,680 18 54,698 Other revenue 9,998 268 10,266 Other non-operating revenue 35 26 61 Total revenue 221,178 8,653 229,831 Interest expense (17,163 ) (247 ) (17,410 ) Provision for losses on loans, interest and fees receivable recorded at amortized cost — (147 ) (147 ) Changes in fair value of loans, interest and fees receivable recorded at fair value (104,680 ) — (104,680 ) Net margin $ 99,335 $ 8,259 $ 107,594 Income before income taxes $ 43,598 $ (5,964 ) $ 37,634 Income tax expense $ 5,518 $ 1,603 $ 7,121 Total assets $ 1,835,155 $ 86,482 $ 1,921,637 |
Note 6 - Fair Values of Asset_2
Note 6 - Fair Values of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Assets – As of March 31, 2023 (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 and which are carried at net amortized cost $ — $ — $ 101,123 $ 93,423 Loans, interest and fees receivable, at fair value $ — $ — $ 1,795,589 $ 1,795,589 Assets – As of December 31, 2022 (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 and which are carried at net amortized cost $ — $ — $ 94,968 $ 87,434 Loans, interest and fees receivable, at fair value $ — $ — $ 1,817,976 $ 1,817,976 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Loans, Interest and Fees Receivables, at Fair Value 2023 2022 Balance at January 1, $ 1,817,976 $ 1,026,424 Cumulative effects from adoption of fair value under the CECL standard — 314,985 Net revaluations of loans, interest and fees receivable, at fair value, included in earnings 42,061 (3,372 ) Principal charge-offs, net of recoveries, included in earnings (130,175 ) (68,797 ) Finance and fees, included in earnings 219,668 194,567 Finance charge-offs, included in earnings (61,708 ) (32,511 ) Purchases 516,523 537,573 Settlements (608,756 ) (563,104 ) Balance at March 31, $ 1,795,589 $ 1,405,765 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value Measurement Fair Value at March 31, 2023 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 1,795,589 Discounted cash flows Gross yield, net of finance charge charge-offs 24.4% to 37.1% (31.9%) Payment rate 5.4% to 11.6% (10.3%) Expected principal credit loss rate 2.9% to 31.2% (30.9%) Servicing rate 3.3% to 6.3% (3.3%) Discount rate 9.4% to 10.5% (9.8%) Fair Value Measurement Fair Value at December 31, 2022 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Loans, interest and fees receivable, at fair value $ 1,817,976 Discounted cash flows Gross yield, net of finance charge charge-offs 24.7% to 36.1% (31.4%) Payment rate 5.0% to 11.4% (10.3%) Expected principal credit loss rate 9.2% to 30.3% (30.2%) Servicing rate 3.5% to 6.4% (3.6%) Discount rate 9.8% to 10.5% (10.1%) |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Liabilities – As of March 31, 2023 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 $ — $ — $ 1,591,420 $ 1,591,420 Amortizing debt facilities $ — $ — $ 23,155 $ 23,155 Senior notes, net $ 135,900 $ — $ — $ 144,743 Liabilities – As of December 31, 2022 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 $ — $ — $ 1,630,111 $ 1,630,111 Amortizing debt facilities $ — $ — $ 23,195 $ 23,195 Senior notes, net $ 125,640 $ — $ — $ 144,385 |
Fair Value Option, Disclosures [Table Text Block] | As of March 31, 2023 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 $ 708 $ 2,054,970 Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value $ 686 $ 1,858,134 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 765 $ 1,794,824 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 $ 22,802 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 $ 6 $ 116,890 As of December 31, 2022 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 $ 786 $ 2,119,340 Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value $ 760 $ 1,910,090 Aggregate fair value of loans, interest and fees receivable that are reported at fair value $ 765 $ 1,817,211 Aggregate fair value of receivables carried at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) $ 3 $ 8,362 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 $ 144,767 |
Note 7 - Variable Interest En_2
Note 7 - Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of March 31, 2023 December 31, 2022 Unrestricted cash and cash equivalents $ 186.8 $ 202.2 Restricted cash and cash equivalents 27.9 27.6 Loans, interest and fees receivable, at fair value 1,735.3 1,735.9 Total Assets held by VIEs $ 1,950.0 $ 1,965.7 Notes Payable, net held by VIEs $ 1,543.7 $ 1,586.0 Maximum exposure to loss due to involvement with VIEs $ 1,723.9 $ 1,756.0 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Three Months Ended March 31, 2023 2022 Operating lease cost, gross $ 639 $ 1,724 Sublease income (24 ) (1,302 ) Net Operating lease cost $ 615 $ 422 Cash paid under operating leases, gross $ 180 $ 2,635 Weighted average remaining lease term - months 134 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 2023 (excluding the three months ended March 31, 2023) $ 1,502 $ (16 ) $ 1,486 2024 2,813 — 2,813 2025 2,652 — 2,652 2026 2,512 — 2,512 2027 2,476 — 2,476 Thereafter 17,338 — 17,338 Total lease payments 29,293 (16 ) 29,277 Less imputed interest (8,930 ) Total $ 20,363 |
Note 9 - Notes Payable (Tables)
Note 9 - Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of March 31, 2023 December 31, 2022 Revolving credit facilities at a weighted average interest rate equal to 5.2 5.1 1,862.3 1,856.2 Revolving credit facility, not to exceed $ 65.0 November 1, 2025 $ 47.7 $ 44.1 Revolving credit facility, not to exceed $ 50.0 October 30, 2024 49.2 50.0 Revolving credit facility, not to exceed $ 100.0 March 15, 2024 — — Revolving credit facility, not to exceed $ 25.0 July 20, 2023 18.7 24.6 Revolving credit facility, not to exceed $ 20.0 July 15, 2023 7.7 11.1 Revolving credit facility, not to exceed $ 200.0 May 15, 2024 155.6 188.9 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 $ 25.0 June 16, 2025 25.0 25.0 Revolving credit facility, not to exceed $ 300.0 December 15, 2026 300.0 300.0 Revolving credit facility, not to exceed $ 75.0 March 15, 2025 — — Revolving credit facility, not to exceed $ 300.0 May 15, 2026 300.0 300.0 Revolving credit facility, not to exceed $ 250.0 May 15, 2030 250.0 250.0 Revolving credit facility, not to exceed $ 100.0 August 5, 2024 — — Revolving credit facility, not to exceed $ 100.0 March 15, 2028 100.0 100.0 Other facilities Other debt 5.7 5.8 Unsecured term debt (expiring August 26, 2024 8.0 17.4 17.4 Total notes payable before unamortized debt issuance costs and discounts 1,627.0 1,666.9 Unamortized debt issuance costs and discounts (12.4 ) (13.6 ) Total notes payable outstanding, net $ 1,614.6 $ 1,653.3 |
Note 11 - Net Income Attribut_2
Note 11 - Net Income Attributable to Controlling Interests Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended March 31, 2023 2022 Numerator: Net income attributable to controlling interests $ 26,212 $ 45,010 Preferred stock and preferred unit dividends and accretion (6,227 ) (6,206 ) Net income attributable to common shareholders—basic 19,985 38,804 Effect of dilutive preferred stock dividends and accretion 592 592 Net income attributable to common shareholders—diluted $ 20,577 $ 39,396 Denominator: Basic (including unvested share-based payment awards) (1) 14,475 14,821 Effect of dilutive stock compensation arrangements and exchange of preferred stock 4,506 5,238 Diluted (including unvested share-based payment awards) (1) 18,981 20,059 Net income attributable to common shareholders per share—basic $ 1.38 $ 2.62 Net income attributable to common shareholders per share—diluted $ 1.08 $ 1.96 |
Note 12 - Stock-based Compens_2
Note 12 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 802,163 $ 12.23 Issued — $ — Exercised (1,258 ) $ 15.30 Expired/Forfeited (999 ) $ 15.30 Outstanding at March 31, 2023 799,906 $ 12.22 1.3 $ 13,299,303 Exercisable at March 31, 2023 688,544 $ 9.25 1.0 $ 12,840,335 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components (Details Textual) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Retained Earnings (Accumulated Deficit), Total | $ 230,627 | $ 204,415 | |||
Payment for Acquisition, Loan and Lease, Held-for-Investment | 65,000 | $ 56,500 | |||
Financing Receivable, Deferred Commitment Fee | $ 18,207 | 16,190 | |||
Weighted Average Remaining Accretion Period of Deferred Revenue (Month) | 27 months | ||||
Financing Receivable, Modified, Number of Contracts | 84,878 | ||||
Financing Receivable, Modified, Accumulated | $ 89,500 | ||||
Effective Income Tax Rate Reconciliation, Percent | 23.80% | (18.80%) | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ (900) | ||||
Loans Receivable, Fair Value Disclosure | 1,795,589 | 1,817,976 | |||
Financing Receivable, before Allowance for Credit Loss | 113,367 | 105,267 | |||
Financing Receivable, Allowance for Credit Loss | 1,737 | $ 1,600 | 1,643 | $ 57,200 | |
Accounts Payable and Accrued Liabilities, Total | $ 42,006 | $ 44,332 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Retained Earnings (Accumulated Deficit), Total | $ 8,600 | ||||
Financing Receivable, Deferred Commitment Fee | (15,600) | ||||
Loans Receivable, Fair Value Disclosure | 315,000 | ||||
Financing Receivable, before Allowance for Credit Loss | (375,700) | ||||
Financing Receivable, Allowance for Credit Loss | (55,600) | ||||
Accounts Payable and Accrued Liabilities, Total | (600) | ||||
Deferred Income Tax Liabilities, Net | $ 2,500 |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Summary of Allowance for Uncollectible Loans and Fees Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Balance at beginning of period | $ (1,643) | $ (57,200) | |
Provision for credit losses | (704) | (147) | |
Charge-offs | 400 | ||
Recoveries | (300) | ||
Balance at end of period | (1,737) | (1,600) | |
Loans, interest and fees receivable, gross | 113,367 | $ 105,267 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of Fair Value Under the CECL Standard [Member] | |||
Balance at beginning of period | 55,800 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of the CECL Standard [Member] | |||
Balance at beginning of period | (200) | ||
Automobile Loan [Member] | |||
Balance at beginning of period | (1,600) | (1,400) | |
Provision for credit losses | (700) | (100) | |
Charge-offs | 1,000 | 400 | |
Recoveries | (400) | (300) | |
Balance at end of period | (1,700) | (1,600) | |
Balance at end of period individually evaluated for impairment | 0 | 0 | |
Balance at end of period collectively evaluated for impairment | (1,700) | (1,600) | |
Loans, interest and fees receivable, gross | 113,400 | 105,300 | |
Loans, interest and fees receivable individually evaluated for impairment | 0 | 0 | |
Loans, interest and fees receivable collectively evaluated for impairment | $ 113,400 | $ 105,300 | |
Automobile Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of Fair Value Under the CECL Standard [Member] | |||
Balance at beginning of period | 0 | ||
Automobile Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of the CECL Standard [Member] | |||
Balance at beginning of period | (200) | ||
Credit Card Receivable [Member] | |||
Balance at beginning of period | (43,400) | ||
Provision for credit losses | 0 | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Balance at end of period | 0 | ||
Credit Card Receivable [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of Fair Value Under the CECL Standard [Member] | |||
Balance at beginning of period | 43,400 | ||
Credit Card Receivable [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of the CECL Standard [Member] | |||
Balance at beginning of period | 0 | ||
Other Unsecured Lending Products [Member] | |||
Balance at beginning of period | (12,400) | ||
Provision for credit losses | 0 | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Balance at end of period | 0 | ||
Other Unsecured Lending Products [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of Fair Value Under the CECL Standard [Member] | |||
Balance at beginning of period | 12,400 | ||
Other Unsecured Lending Products [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of the CECL Standard [Member] | |||
Balance at beginning of period | $ 0 |
Note 2 - Significant Accounti_5
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Summary of Aging of Delinquent Loans and Fees Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing receivable, gross | $ 113,367 | $ 105,267 |
Automobile Loan [Member] | ||
Financing receivable, gross | 113,400 | 105,300 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 1,500 | 1,700 |
Automobile Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing receivable, gross | 6,100 | 8,500 |
Automobile Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing receivable, gross | 2,000 | 3,000 |
Automobile Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing receivable, gross | 1,900 | 2,100 |
Automobile Loan [Member] | Financial Asset, Past Due [Member] | ||
Financing receivable, gross | 10,000 | 13,600 |
Automobile Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Financing receivable, gross | $ 103,400 | $ 91,700 |
Note 2 - Significant Accounti_6
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Summary of Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | ||
Amount of TDRs on non-accrual status (in thousands) | $ 89,500 | ||
Private Label Credit [Member] | |||
Number of TDRs | 24,594 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 31,350 | ||
Carrying value of TDRs (in thousands) | 18,827 | ||
Number of accounts | 3,853 | ||
Loan balance at time of charge off (in thousands) | $ 5,897 | ||
Private Label Credit [Member] | Performing Financial Instruments [Member] | |||
Carrying value of TDRs (in thousands) | [1] | 15,001 | |
Private Label Credit [Member] | Nonperforming Financial Instruments [Member] | |||
Carrying value of TDRs (in thousands) | [1] | $ 3,826 | |
Private Label Credit [Member] | Extended Maturity [Member] | |||
Number of TDRs | 2,499 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 4,606 | ||
General Purpose Credit Card [Member] | |||
Number of TDRs | 171,729 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 119,785 | ||
Carrying value of TDRs (in thousands) | 70,519 | ||
Number of accounts | 10,487 | ||
Loan balance at time of charge off (in thousands) | $ 8,721 | ||
General Purpose Credit Card [Member] | Performing Financial Instruments [Member] | |||
Carrying value of TDRs (in thousands) | [1] | 59,735 | |
General Purpose Credit Card [Member] | Nonperforming Financial Instruments [Member] | |||
Carrying value of TDRs (in thousands) | [1] | $ 10,784 | |
General Purpose Credit Card [Member] | Extended Maturity [Member] | |||
Number of TDRs | 28,598 | ||
Amount of TDRs on non-accrual status (in thousands) | $ 24,440 | ||
[1]TDRs - Performing” include accounts that are current on all amounts owed, while “TDRs - Nonperforming” include all accounts with past due amounts owed |
Note 2 - Significant Accounti_7
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Components of Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Revenue from contracts with customers | $ 6,924 | $ 10,266 | |
Credit and Debit Card [Member] | |||
Revenue from contracts with customers | [1] | 4,616 | 5,698 |
Servicing Income [Member] | |||
Revenue from contracts with customers | 896 | 1,082 | |
Service Charges and Other Customer Related Fees [Member] | |||
Revenue from contracts with customers | 1,412 | 3,486 | |
Credit and Other Investments [Member] | |||
Revenue from contracts with customers | 6,714 | 9,998 | |
Credit and Other Investments [Member] | Credit and Debit Card [Member] | |||
Revenue from contracts with customers | [1] | 4,616 | 5,698 |
Credit and Other Investments [Member] | Servicing Income [Member] | |||
Revenue from contracts with customers | 705 | 830 | |
Credit and Other Investments [Member] | Service Charges and Other Customer Related Fees [Member] | |||
Revenue from contracts with customers | 1,393 | 3,470 | |
Auto Finance [Member] | |||
Revenue from contracts with customers | 210 | 268 | |
Auto Finance [Member] | Credit and Debit Card [Member] | |||
Revenue from contracts with customers | [1] | 0 | 0 |
Auto Finance [Member] | Servicing Income [Member] | |||
Revenue from contracts with customers | 191 | 252 | |
Auto Finance [Member] | Service Charges and Other Customer Related Fees [Member] | |||
Revenue from contracts with customers | $ 19 | $ 16 | |
[1]Interchange revenue is presented net of customer reward expense. |
Note 3 - Segment Reporting (Det
Note 3 - Segment Reporting (Details Textual) | 3 Months Ended |
Mar. 31, 2023 | |
Number of Reportable Segments | 2 |
Note 3 - Segment Reporting - Su
Note 3 - Segment Reporting - Summary of Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Consumer loans, including past due fees | $ 209,701 | $ 164,806 | |
Fees and related income on earning assets | 44,357 | 54,698 | |
Other revenue | 6,924 | 10,266 | |
Other non-operating revenue | 59 | 61 | |
Total revenue | 261,041 | 229,831 | |
Interest expense | (24,234) | (17,410) | |
Provision for credit losses | (704) | (147) | |
Changes in fair value of loans, interest and fees receivable recorded at fair value | (149,822) | (104,680) | |
Net margin | 86,281 | 107,594 | |
Income before income taxes | 34,082 | 37,634 | |
Income tax expense | (8,188) | 7,121 | |
Assets | 2,375,295 | 1,921,637 | $ 2,387,814 |
Credit and Other Investments [Member] | |||
Consumer loans, including past due fees | 200,529 | 156,465 | |
Fees and related income on earning assets | 44,339 | 54,680 | |
Other revenue | 6,715 | 9,998 | |
Other non-operating revenue | 14 | 35 | |
Total revenue | 251,597 | 221,178 | |
Interest expense | (23,460) | (17,163) | |
Provision for credit losses | 0 | 0 | |
Changes in fair value of loans, interest and fees receivable recorded at fair value | (149,822) | (104,680) | |
Net margin | 78,315 | 99,335 | |
Income before income taxes | 31,853 | 43,598 | |
Income tax expense | (7,567) | 5,518 | |
Assets | 2,276,140 | 1,835,155 | |
Auto Finance [Member] | |||
Consumer loans, including past due fees | 9,172 | 8,341 | |
Fees and related income on earning assets | 18 | 18 | |
Other revenue | 209 | 268 | |
Other non-operating revenue | 45 | 26 | |
Total revenue | 9,444 | 8,653 | |
Interest expense | (774) | (247) | |
Provision for credit losses | (704) | (147) | |
Changes in fair value of loans, interest and fees receivable recorded at fair value | 0 | 0 | |
Net margin | 7,966 | 8,259 | |
Income before income taxes | 2,229 | (5,964) | |
Income tax expense | (621) | 1,603 | |
Assets | $ 99,155 | $ 86,482 |
Note 4 - Shareholders' Equity_2
Note 4 - Shareholders' Equity and Preferred Stock (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Stock Repurchased and Retired During Period, Shares (in shares) | 72,354 | 1,005,212 |
Stock Repurchased and Retired During Period, Value | $ 1,947,000 | $ 65,214,000 |
Series B Preferred Stock [Member] | ||
Stock Repurchased and Retired During Period, Shares (in shares) | 1,806 | 0 |
Stock Repurchased and Retired During Period, Value | $ 29,000 | $ 0 |
Series B Preferred Stock [Member] | Public Offering [Member] | ||
Stock Issued During Period, Shares, New Issues (in shares) | 51,327 | 0 |
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 1.1 | $ 0 |
Note 5 - Redeemable Preferred_2
Note 5 - Redeemable Preferred Stock (Details Textual) - USD ($) | 1 Months Ended | |||||
Dec. 27, 2019 | Mar. 31, 2020 | Mar. 31, 2023 | Dec. 31, 2022 | Nov. 14, 2019 | Nov. 26, 2014 | |
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% | |||||
Preferred Units Issued, Maximum Percentage Points of Preferred Return in Form of Issuance of Additional Units or Cash | 6% | |||||
Additional Preferred Units Issued (in shares) | 50,000,000 | |||||
Series A Preferred Stock [Member] | ||||||
Temporary Equity, Shares Issued (in shares) | 400,000 | 400,000 | 400,000 | |||
Temporary Equity, Liquidation Preference | $ 40,000,000 | $ 40,000 | $ 40,000 | |||
Preferred Stock, Dividend Rate, Percentage | 6% | |||||
Temporary Equity, Redemption Price Per Share (in dollars per share) | $ 100 | |||||
Temporary Equity, Conversion Price Per Share (in dollars per share) | $ 10 | |||||
Dove Ventures, LLC [Member] | Senior Secured Term Loan Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | |||||
Extinguishment of Debt, Amount | $ 40,000,000 |
Note 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 | Mar. 31, 2023 | Dec. 31, 2022 | |
Loans, interest and fees receivable, at fair value | $ 1,795,589 | $ 1,817,976 | |
Fair Value, Recurring [Member] | |||
Loans, interest and fees receivable, net for which it is practicable to estimate fair value and which are carried at net amortized cost | [1] | 93,423 | 87,434 |
Loans, interest and fees receivable, at fair value | [1] | 1,795,589 | 1,817,976 |
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 and which are carried at net amortized cost | [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 and which are carried at net amortized cost | [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 and which are carried at net amortized cost | [1] | 101,123 | 94,968 |
Loans, interest and fees receivable, at fair value | [1] | $ 1,795,589 | $ 1,817,976 |
[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 | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Balance | $ 1,817,976 | $ 1,026,424 |
Net revaluations of loans, interest and fees receivable, at fair value, included in earnings | 42,061 | (3,372) |
Principal charge-offs, net of recoveries, included in earnings | (130,175) | (68,797) |
Finance and fees, included in earnings | 219,668 | 194,567 |
Finance charge-offs, included in earnings | (61,708) | (32,511) |
Purchases | 516,523 | 537,573 |
Settlements | (608,756) | (563,104) |
Balance | 1,795,589 | 1,405,765 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | $ 0 | $ 314,985 |
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 | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Loans, interest and fees receivable, at fair value | $ 1,795,589 | $ 1,817,976 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | ||
Loans, interest and fees receivable, at fair value | $ 1,795,589 | $ 1,817,976 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.247 | 0.247 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.361 | 0.361 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.319 | 0.314 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.053 | 0.053 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.114 | 0.114 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.103 | 0.103 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.092 | 0.092 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.303 | 0.303 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.309 | 0.302 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.035 | 0.035 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.064 | 0.064 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.033 | 0.036 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | ||
Loans and fees receivable, measurement input | 0.098 | 0.098 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | ||
Loans and fees receivable, measurement input | 0.105 | 0.105 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||
Loans and fees receivable, measurement input | 0.098 | 0.101 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Revolving credit facilities | $ 1,591,420 | $ 1,630,111 |
Amortizing debt facilities | 23,155 | 23,195 |
Senior notes, net | 144,743 | 144,385 |
Fair Value, Inputs, Level 1 [Member] | ||
Revolving credit facilities | 0 | 0 |
Amortizing debt facilities | 0 | 0 |
Senior notes, net | 135,900 | 125,640 |
Fair Value, Inputs, Level 2 [Member] | ||
Revolving credit facilities | 0 | 0 |
Amortizing debt facilities | 0 | 0 |
Senior notes, net | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Revolving credit facilities | 1,591,420 | 1,630,111 |
Amortizing debt facilities | 23,155 | 23,195 |
Senior notes, net | $ 0 | $ 0 |
Note 6 - Fair Values of Asset_7
Note 6 - Fair Values of Assets and Liabilities - Summary of Other Relevant Data (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Loans, interest and fees receivable, at fair value | $ 1,795,589 | $ 1,817,976 |
Loans and Fees Receivable at Fair Value [Member] | ||
Aggregate unpaid gross balance of loans, interest and fees receivable that are reported at fair value | 708 | 786 |
Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value | 686 | 760 |
Loans, interest and fees receivable, at fair value | 765 | 765 |
Aggregate fair value of receivables carried at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) | 1 | 3 |
Unpaid principal balance of receivables within loans, interest and fees receivable that are reported at fair value and are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) over the fair value of such loans, interest and fees receivable | 6 | 4 |
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 | 2,054,970 | 2,119,340 |
Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value | 1,858,134 | 1,910,090 |
Loans, interest and fees receivable, at fair value | 1,794,824 | 1,817,211 |
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) | 22,802 | 8,362 |
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 | $ 116,890 | $ 144,767 |
Note 7 - Variable Interest En_3
Note 7 - Variable Interest Entities - Summary of Variable Interest Entities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Unrestricted cash and cash equivalents | $ 389,835 | $ 384,984 | |
Restricted cash and cash equivalents | 44,677 | 48,208 | |
Loans, interest and fees receivable, at fair value | 1,795,589 | 1,817,976 | |
Total Assets held by VIEs | 2,375,295 | 2,387,814 | $ 1,921,637 |
Notes Payable, net held by VIEs | 1,614,575 | 1,653,306 | |
Maximum exposure to loss due to involvement with VIEs | 1,723,900 | 1,756,000 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Unrestricted cash and cash equivalents | 186,800 | 202,200 | |
Restricted cash and cash equivalents | 27,900 | 27,600 | |
Loans, interest and fees receivable, at fair value | 1,735,300 | 1,735,900 | |
Total Assets held by VIEs | 1,950,000 | 1,965,700 | |
Notes Payable, net held by VIEs | $ 1,543,700 | $ 1,586,000 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Aug. 31, 2021 USD ($) ft² | |
Operating Leases, Options to Extend for Additional Periods, Revolving Periods (Year) | 1 year | |
Operating Lease in Atlanta, Georgia [Member] | ||
Area of Real Estate Property (Square Foot) | ft² | 73,000 | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Month) | 146 months | |
Lessee, Operating Lease, Lease Not yet Commenced, Commitment | $ | $ 27.8 | |
Minimum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 12 years |
Note 8 - Leases - Lease Cost (D
Note 8 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating lease cost, gross | $ 639 | $ 1,724 |
Sublease income | (24) | (1,302) |
Net Operating lease cost | 615 | 422 |
Cash paid under operating leases, gross | $ 180 | $ 2,635 |
Weighted average remaining lease term - months (Month) | 134 months | |
Weighted average discount rate | 6.50% |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
2023 (excluding the three months ended March 31, 2023), gross | $ 1,502 | |
2023 (excluding the three months ended March 31, 2023), payments received from sublease | (16) | |
2023 (excluding the three months ended March 31, 2023), net lease payment | 1,486 | |
2024, gross | 2,813 | |
2024, payments received from sublease | 0 | |
2024, net lease payment | 2,813 | |
2025, gross | 2,652 | |
2025, payments received from sublease | 0 | |
2025, net lease payment | 2,652 | |
2026, gross | 2,512 | |
2026, payments received from sublease | 0 | |
2026, net lease payment | 2,512 | |
2027, gross | 2,476 | |
2027, payments received from sublease | 0 | |
2027, net lease payment | 2,476 | |
Thereafter, gross | 17,338 | |
Thereafter, payments received from sublease | 0 | |
Thereafter, net lease payment | 17,338 | |
Gross | 29,293 | |
Sublease income, payments received from sublease | (16) | |
Lease payments, net lease payment | 29,277 | |
Less imputed interest, gross | (8,930) | |
Total, net | $ 20,363 | $ 20,112 |
Note 9 - Notes Payable (Details
Note 9 - Notes Payable (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||||||||||||||||
Sep. 30, 2022 | Aug. 31, 2022 | May 31, 2022 | Nov. 30, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Nov. 30, 2019 | Oct. 31, 2016 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Jan. 31, 2021 | Aug. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2015 | |
Long-Term Line of Credit | $ 1,591,420 | $ 1,630,111 | |||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 100,000 | $ 300,000 | $ 300,000 | $ 250,000 | $ 100,000 | $ 200,000 | |||||||||||||
Asset Backed Securities, Term of Revolving Structure (Year) | 3 years | 3 years | 24 months | 4 years | 41 months | 3 years | 3 years | ||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 18 months | 18 months | 18 months | 18 months | |||||||||||||||
Asset Backed Securities, Weighted Average Interest Rate | 7.30% | 3.53% | 4.24% | 4.10% | 5.47% | 4.91% | |||||||||||||
Term Facility [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | ||||||||||||||||||
Long-Term Line of Credit | 25,000 | ||||||||||||||||||
Second Term Facility [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | ||||||||||||||||||
Long-Term Line of Credit | $ 0 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | ||||||||||||||||||
Term Note [Member] | |||||||||||||||||||
Long-term Debt, Total | $ 17,400 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | ||||||||||||||||||
Senior Notes [Member] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.125% | ||||||||||||||||||
Debt Instrument, Face Amount | $ 150,000 | ||||||||||||||||||
Amortization of Debt Issuance Costs | 400 | $ 400 | |||||||||||||||||
Minimum [Member] | |||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 11 months | 12 months | |||||||||||||||||
Minimum [Member] | Term Facility [Member] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4% | ||||||||||||||||||
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 | $ 25,000 | $ 50,000 | |||||||||||||||||
Long-Term Line of Credit | 49,200 | ||||||||||||||||||
Secured by the Financial and Operating Assets of CAR [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 65,000 | ||||||||||||||||||
Long-Term Line of Credit | 47,700 | ||||||||||||||||||
December 2017 Revolving Credit Facility [Member] | |||||||||||||||||||
Long-Term Line of Credit | 18,700 | ||||||||||||||||||
Additional Trust Funding Notes Facilities [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | $ 100,000 | |||||||||||||||||
Long-Term Line of Credit | 0 | ||||||||||||||||||
June 2019 Revolving Credit Facility [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | ||||||||||||||||||
Long-Term Line of Credit | $ 7,700 | ||||||||||||||||||
May 2022 Revolving Credit Facility [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | ||||||||||||||||||
Long-Term Line of Credit | 250,000 | ||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure (Year) | 5 years | ||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 18 months | ||||||||||||||||||
Asset Backed Securities, Weighted Average Interest Rate | 6.33% | ||||||||||||||||||
August 2022 Revolving Credit Facility [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | ||||||||||||||||||
Long-Term Line of Credit | $ 0 | ||||||||||||||||||
Prime Rate [Member] | |||||||||||||||||||
Debt Instrument, Variable Rate | 8% | ||||||||||||||||||
Secured Overnight Financing Rate (SOFR) [Member] | |||||||||||||||||||
Debt Instrument, Variable Rate | 4.87% | ||||||||||||||||||
Secured Overnight Financing Rate (SOFR) [Member] | Secured by the Financial and Operating Assets of CAR [Member] | Minimum [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||||||||||||
Secured Overnight Financing Rate (SOFR) [Member] | Secured by the Financial and Operating Assets of CAR [Member] | Maximum [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.60% | ||||||||||||||||||
Secured Overnight Financing Rate (SOFR) [Member] | December 2017 Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.60% | ||||||||||||||||||
Secured Overnight Financing Rate (SOFR) [Member] | Additional Trust Funding Notes Facilities [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.10% | ||||||||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3% | ||||||||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | August 2022 Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% |
Note 9 - Notes Payable - Schedu
Note 9 - Notes Payable - Schedule of Notes Payable at Face Value and Notes Payable to Related Parties (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Revolving credit facilities | $ 1,591,420 | $ 1,630,111 | |
Amortizing debt facilities | 23,155 | 23,195 | |
Total notes payable before unamortized debt issuance costs and discounts | [1] | 1,627,000 | 1,666,900 |
Unamortized debt issuance costs and discounts | [1] | (12,400) | (13,600) |
Total notes payable outstanding, net | [1] | 1,614,600 | 1,653,300 |
Other Secured Debt [Member] | |||
Amortizing debt facilities | [1] | 5,700 | 5,800 |
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 |
Revolving Credit Facility Expiring November 1, 2025 [Member] | |||
Revolving credit facilities | [1],[2],[3],[4] | 47,700 | 44,100 |
Revolving Credit Facility Expiring October 30, 2024 [Member] | |||
Revolving credit facilities | [1],[2],[4],[5],[6] | 49,200 | 50,000 |
Revolving Credit Facility Expiring March 15, 2024 [Member] | |||
Revolving credit facilities | [1],[2],[4],[5],[6],[7] | 0 | 0 |
Revolving Credit Facility Expiring July 20, 2023 [Member] | |||
Revolving credit facilities | [1],[2],[4],[5],[6] | 18,700 | 24,600 |
Revolving Credit Facility Expiring July 15, 2023 [Member] | |||
Revolving credit facilities | [1],[2],[4],[5],[6] | 7,700 | 11,100 |
Revolving Credit Facility Expiring May 15, 2024 [Member] | |||
Revolving credit facilities | [1],[2],[5],[6],[7] | 155,600 | 188,900 |
Revolving Credit Facility Expiring January 15, 2025 [Member] | |||
Revolving credit facilities | [1],[2],[5],[6],[7] | 100,000 | 100,000 |
Revolving Credit Facility Expiring October 15, 2025 [Member] | |||
Revolving credit facilities | [1],[2],[5],[6],[7] | 250,000 | 250,000 |
Revolving Credit Facility Expiring June 16, 2025 [Member] | |||
Revolving credit facilities | [1],[2],[5],[6] | 25,000 | 25,000 |
Revolving Credit Facility Expiring December 15, 2026 [Member] | |||
Revolving credit facilities | [1],[2],[5],[6],[7] | 300,000 | 300,000 |
Revolving Credit Facility Expiring March 15, 2025 [Member] | |||
Revolving credit facilities | [1],[2],[5],[6],[7] | 0 | 0 |
Revolving Credit Facility Expiring May 15, 2026 [Member] | |||
Revolving credit facilities | [1],[2],[5],[6],[7] | 300,000 | 300,000 |
Revolving Credit Facility Expiring May 15, 2030 [Member] | |||
Revolving credit facilities | [1],[2],[5],[6],[7] | 250,000 | 250,000 |
Revolving Credit Facility Expiring August 5, 2024 [Member] | |||
Revolving credit facilities | [1],[2],[5],[6],[7] | 0 | 0 |
Revolving Credit Facility Expiring March 15, 2028 [Member] | |||
Revolving credit facilities | [1],[2],[5],[6],[7] | $ 100,000 | $ 100,000 |
[1]As of March 31, 2023, the Prime Rate was 8.00% and the SOFR Rate was 4.87%.[2]See below for additional information.[3]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.[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. See Note 7, "Variable Interest Entities" for more information.[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_2
Note 9 - Notes Payable - Schedule of Notes Payable at Face Value and Notes Payable to Related Parties (Details) (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2017 | Oct. 31, 2015 | ||
Phoenix [Member] | |||||
Interest rate | [1],[2] | 8% | 8% | ||
Debt maturity | [1],[2] | Aug. 26, 2024 | Aug. 26, 2024 | ||
Revolving Credit Facility Expiring November 1, 2025 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4] | $ 65 | $ 65 | ||
Revolving credit facility, expiration date | [1],[2],[3],[4] | Nov. 01, 2025 | Nov. 01, 2025 | ||
Revolving Credit Facility [Member] | |||||
Revolving credit facility, maximum borrowing capacity | $ 25 | $ 50 | |||
Amount of securing assets | [1],[2],[3],[4] | $ 1,862.3 | $ 1,856.2 | ||
Interest rate | [1],[2],[3],[4] | 5.20% | 5.10% | ||
Revolving Credit Facility Expiring October 30, 2024 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[4],[5],[6] | $ 50 | $ 50 | ||
Revolving credit facility, expiration date | [1],[2],[4],[5],[6] | Oct. 30, 2024 | Oct. 30, 2024 | ||
Revolving Credit Facility Expiring March 15, 2024 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[4],[5],[6],[7] | $ 100 | $ 100 | ||
Revolving credit facility, expiration date | [1],[2],[4],[5],[6],[7] | Mar. 15, 2024 | Mar. 15, 2024 | ||
Revolving Credit Facility Expiring July 20, 2023 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[4],[5],[6] | $ 25 | $ 25 | ||
Revolving credit facility, expiration date | [1],[2],[4],[5],[6] | Jul. 20, 2023 | Jul. 20, 2023 | ||
Revolving Credit Facility Expiring July 15, 2023 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[4],[5],[6] | $ 20 | $ 20 | ||
Revolving credit facility, expiration date | [1],[2],[4],[5],[6] | Jul. 15, 2023 | Jul. 15, 2023 | ||
Revolving Credit Facility Expiring May 15, 2024 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[5],[6],[7] | $ 200 | $ 200 | ||
Revolving credit facility, expiration date | [1],[2],[5],[6],[7] | May 15, 2024 | May 15, 2024 | ||
Revolving Credit Facility Expiring January 15, 2025 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[5],[6],[7] | $ 100 | $ 100 | ||
Revolving credit facility, expiration date | [1],[2],[5],[6],[7] | Jan. 15, 2025 | Jan. 15, 2025 | ||
Revolving Credit Facility Expiring October 15, 2025 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[5],[6],[7] | $ 250 | $ 250 | ||
Revolving credit facility, expiration date | [1],[2],[5],[6],[7] | Oct. 15, 2025 | Oct. 15, 2025 | ||
Revolving Credit Facility Expiring June 16, 2025 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[5],[6] | $ 25 | $ 25 | ||
Revolving credit facility, expiration date | [1],[2],[5],[6] | Jun. 16, 2025 | Jun. 16, 2025 | ||
Revolving Credit Facility Expiring December 15, 2026 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[5],[6],[7] | $ 300 | $ 300 | ||
Revolving credit facility, expiration date | [1],[2],[5],[6],[7] | Dec. 15, 2026 | Dec. 15, 2026 | ||
Revolving Credit Facility Expiring March 15, 2025 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[5],[6],[7] | $ 75 | $ 75 | ||
Revolving credit facility, expiration date | [1],[2],[5],[6],[7] | Mar. 15, 2025 | Mar. 15, 2025 | ||
Revolving Credit Facility Expiring May 15, 2026 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[5],[6],[7] | $ 300 | $ 300 | ||
Revolving credit facility, expiration date | [1],[2],[5],[6],[7] | May 15, 2026 | May 15, 2026 | ||
Revolving Credit Facility Expiring May 15, 2030 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[5],[6],[7] | $ 250 | $ 250 | ||
Revolving credit facility, expiration date | [1],[2],[5],[6],[7] | May 15, 2030 | May 15, 2030 | ||
Revolving Credit Facility Expiring August 5, 2024 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[5],[6],[7] | $ 100 | $ 100 | ||
Revolving credit facility, expiration date | [1],[2],[5],[6],[7] | Aug. 05, 2024 | Aug. 05, 2024 | ||
Revolving Credit Facility Expiring March 15, 2028 [Member] | |||||
Revolving credit facility, maximum borrowing capacity | [1],[2],[5],[6],[7] | $ 100 | $ 100 | ||
Revolving credit facility, expiration date | [1],[2],[5],[6],[7] | Mar. 15, 2028 | Mar. 15, 2028 | ||
[1]As of March 31, 2023, the Prime Rate was 8.00% and the SOFR Rate was 4.87%.[2]See below for additional information.[3]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.[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. See Note 7, "Variable Interest Entities" for more information.[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 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Assets | $ 2,375,295 | $ 2,387,814 | $ 1,921,637 |
Asset Pledged as Collateral [Member] | Contractual Obligations [Member] | |||
Assets | 16,800 | ||
Unfunded Individual Credit Commitment [Member] | |||
Other Commitment | 2,300 | ||
Unfunded Outstanding Floor-Plan Financing Commitment [Member] | |||
Other Commitment | 11,500 | ||
Credit Protection Program [Member] | |||
Loss Contingency, Estimate of Possible Loss | $ 68,200 |
Note 11 - Net Income Attribut_3
Note 11 - Net Income Attributable to Controlling Interests Per Common Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Weighted Average Number of Shares, Unvested Share-based Payment Awards, Basic (in shares) | 188,384 | 100,331 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 100,000 | 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 |
Note 11 - Net Income Attribut_4
Note 11 - Net Income Attributable to Controlling Interests Per Common Share - Summary of Earning Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Net income attributable to controlling interests | $ 26,212 | $ 45,010 | |
Preferred stock and preferred unit dividends and accretion | (6,227) | (6,206) | |
Net income attributable to common shareholders—basic | 19,985 | 38,804 | |
Effect of dilutive preferred stock dividends and accretion | 592 | 592 | |
Net income attributable to common shareholders—diluted | $ 20,577 | $ 39,396 | |
Basic (including unvested share-based payment awards) (1) (in shares) | [1] | 14,475 | 14,821 |
Effect of dilutive stock compensation arrangements and exchange of preferred stock (in shares) | 4,506 | 5,238 | |
Diluted (including unvested share-based payment awards) (1) (in shares) | [1] | 18,981 | 20,059 |
Net income attributable to common shareholders per common share—basic (in dollars per share) | $ 1.38 | $ 2.62 | |
Net income attributable to common shareholders per common share—diluted (in dollars per share) | $ 1.08 | $ 1.96 | |
[1]Shares related to unvested share-based payment awards included in our basic and diluted share counts were 188,384 for the three months ended March 31, 2023 compared to 100,331 for the three months ended March 31, 2022. |
Note 12 - Stock-based Compens_3
Note 12 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Share-based Compensation, Tax Charges to Additional Paid in Capital From Exercise and Vesting | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Amortization Period (Year) | 10 months 24 days | ||
Restricted Stock [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 146,227 | 106,498 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount | $ 3,600 | $ 5,000 | |
Share-Based Payment Arrangement, Expense | 700 | 600 | |
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 6,300 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 9 months 18 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 | $ 200 | 500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 0 | ||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 600 | $ 800 | |
Employee Stock Purchase Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 49,608 | ||
The Fourth Amended 2014 Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,928,801 |
Note 12 - Stock-based Compens_4
Note 12 - Stock-based Compensation - Summary of Outstanding Options (Details) | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Outstanding (in shares) | shares | 802,163 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 12.23 |
Issued (in shares) | shares | 0 |
Issued, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Exercised (in shares) | shares | (1,258) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 15.30 |
Expired/Forfeited (in shares) | shares | (999) |
Expired/Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 15.30 |
Outstanding (in shares) | shares | 799,906 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 12.22 |
Outstanding, weighted average remaining contractual life (Year) | 1 year 3 months 18 days |
Outstanding, aggregate intrinsic value | $ | $ 13,299,303 |
Exercisable (in shares) | shares | 688,544 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 9.25 |
Exercisable, weighted average remaining contractual life (Year) | 1 year |
Exercisable, aggregate intrinsic value | $ | $ 12,840,335 |
Note 13 - ATM Program (Details
Note 13 - ATM Program (Details Textual) | Aug. 10, 2022 USD ($) |
Series B Preferred Stock [Member] | Maximum [Member] | |
Preferred Stock, Aggregate Offering Price | $ 100,000,000 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - shares | 3 Months Ended | 4 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Apr. 30, 2023 | |
Stock Repurchased and Retired During Period, Shares (in shares) | 72,354 | 1,005,212 | |
Common Stock [Member] | Subsequent Event [Member] | |||
Stock Repurchased and Retired During Period, Shares (in shares) | 64,242 |