Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 22, 2024 | Jun. 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 | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 196,200,000 | ||
Entity Common Stock, Shares Outstanding | 14,613,415 | ||
Auditor Name | BDO USA, P.C | ||
Auditor Location | Atlanta, GA | ||
Auditor Firm ID | 243 | ||
Senior Notes Due 2029 [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 9.25% Senior Notes due 2029 | ||
Trading Symbol | ATLCZ | ||
Security Exchange Name | NASDAQ | ||
Senior Notes Due 2026 [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 6.125% 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 | 7.625% Series B Cumulative Perpetual 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
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Unrestricted cash and cash equivalents | $ 339,338 | $ 384,984 | |
Restricted cash and cash equivalents | 44,315 | 48,208 | |
Loans, interest and fees receivable: | |||
Loans, interest and fees receivable, at fair value | 2,173,759 | 1,817,976 | |
Loans at amortized cost | 118,045 | 105,267 | |
Allowances for credit losses | (1,759) | (1,643) | |
Deferred revenue | (17,861) | (16,190) | |
Net loans, interest and fees receivable | 2,272,184 | 1,905,410 | |
Property at cost, net of depreciation | 11,445 | 10,013 | |
Operating lease right-of-use assets | 11,310 | 11,782 | |
Prepaid expenses and other assets | 27,853 | 27,417 | |
Total assets | 2,706,445 | 2,387,814 | |
Liabilities | |||
Accounts payable and accrued expenses | 61,634 | 44,332 | |
Operating lease liabilities | 20,180 | 20,112 | |
Notes Payable, net held by VIEs | 1,861,685 | 1,653,306 | |
Senior notes, net | 144,453 | 144,385 | |
Income tax liability | 85,826 | 60,689 | |
Total liabilities | 2,173,778 | 1,922,824 | |
Commitments and contingencies (Note 11) | |||
Shareholders' Equity | |||
Common stock, no par value, 150,000,000 shares authorized: 14,603,563 and 14,453,415 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively | 0 | 0 | |
Paid-in capital | 87,415 | 121,996 | |
Retained earnings | 307,260 | 204,415 | |
Total shareholders’ equity | 394,675 | 326,411 | |
Noncontrolling interests | (2,258) | (1,371) | |
Total equity | 392,417 | 325,040 | |
Total liabilities, shareholders' equity and temporary equity | 2,706,445 | 2,387,814 | |
Series A Preferred Stock [Member] | |||
Liabilities | |||
Series A preferred stock, 400,000 shares issued and outstanding at December 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 December 31, 2023 (liquidation preference - $40.0 million); 400,000 shares issued and outstanding at December 31, 2022 (Note 5) (1) | 100,250 | 99,950 | |
Class B preferred units issued to noncontrolling interests (Note 5) | 100,250 | 99,950 | |
Shareholders' Equity | |||
Series B preferred stock, no par value, 3,256,561 shares issued and outstanding at December 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 (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Unrestricted cash and cash equivalents | $ 339,338 | $ 384,984 |
Restricted cash and cash equivalents | 44,315 | 48,208 |
Loans, interest and fees receivable, at fair value | 2,173,759 | 1,817,976 |
Notes payable, at face value | $ 1,861,685 | $ 1,653,306 |
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) | 14,603,563 | 14,453,415 |
Common stock, outstanding (in shares) | 14,603,563 | 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) | 3,256,561 | 3,204,640 |
Preferred stock, shares outstanding (in shares) | 3,256,561 | 3,204,640 |
Preferred stock, liquidation preference | $ 81,400 | $ 81,400 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Unrestricted cash and cash equivalents | 158,000 | 202,200 |
Restricted cash and cash equivalents | 20,500 | 27,600 |
Loans, interest and fees receivable, at fair value | 2,128,600 | 1,735,900 |
Notes payable, at face value | $ 1,795,900 | $ 1,586,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue: | ||
Consumer loans, including past due fees | $ 879,123 | $ 786,235 |
Fees and related income on earning assets | 238,775 | 217,071 |
Other revenue | 37,348 | 42,798 |
Total operating revenue, net | 1,155,246 | 1,046,104 |
Other non-operating revenue | 630 | 809 |
Total revenue | 1,155,876 | 1,046,913 |
Interest expense | (109,342) | (81,851) |
Provision for credit losses | (2,152) | (1,252) |
Changes in fair value of loans | (689,577) | (577,069) |
Net margin | 354,805 | 386,741 |
Operating expenses: | ||
Salaries and benefits | 43,906 | 43,063 |
Card and loan servicing | 100,620 | 95,428 |
Marketing and solicitation | 52,421 | 62,403 |
Depreciation | 2,560 | 2,175 |
Other | 26,740 | 34,400 |
Total operating expenses | 226,247 | 237,469 |
Income before income taxes | 128,558 | 149,272 |
Income tax expense | (26,604) | (14,660) |
Net income | 101,954 | 134,612 |
Net loss attributable to noncontrolling interests | 891 | 985 |
Net income attributable to controlling interests | 102,845 | 135,597 |
Preferred stock and preferred unit dividends and discount accretion | (25,198) | (25,076) |
Net income attributable to common shareholders | $ 77,647 | $ 110,521 |
Net income attributable to common shareholders per common share—basic (in dollars per share) | $ 5.35 | $ 7.55 |
Net income attributable to common shareholders per common share—diluted (in dollars per share) | $ 4.24 | $ 5.83 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity and Temporary Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [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] | Total |
Balance (in shares) at Dec. 31, 2021 | 3,188,533 | 14,804,408 | ||||||||
Balance at Dec. 31, 2021 | $ 8,582 | $ 8,582 | $ 40,000 | $ 99,650 | $ 227,763 | $ 60,236 | $ (500) | $ 287,499 | ||
Accretion of discount associated with issuance of subsidiary equity | (300) | (300) | ||||||||
Discount associated with repurchase of preferred stock | 18 | 18 | ||||||||
Preferred stock and preferred unit dividends | (24,794) | (24,794) | ||||||||
Stock option exercises and proceeds related thereto (in shares) | 1,211,141 | |||||||||
Stock option exercises and proceeds related thereto | 3,731 | 3,731 | ||||||||
Compensatory stock issuances, net of forfeitures (in shares) | 112,027 | |||||||||
Issuance of series B preferred stock, net (in shares) | 19,607 | |||||||||
Issuance of series B preferred stock, net | 437 | 437 | ||||||||
Contributions by owners of noncontrolling interests | 114 | 114 | ||||||||
Stock-based compensation costs | 4,167 | 4,167 | ||||||||
Redemption and retirement of preferred shares (in shares) | (3,500) | |||||||||
Redemption and retirement of preferred shares | (87) | (87) | ||||||||
Redemption and retirement of common shares (in shares) | (1,674,161) | |||||||||
Redemption and retirement of common shares | (88,939) | (88,939) | ||||||||
Net income (loss) | 135,597 | (985) | 134,612 | |||||||
Balance (in shares) at Dec. 31, 2022 | 3,204,640 | 14,453,415 | ||||||||
Balance at Dec. 31, 2022 | 40,000 | 99,950 | 121,996 | 204,415 | (1,371) | 325,040 | ||||
Accretion of discount associated with issuance of subsidiary equity | (300) | (300) | ||||||||
Discount associated with repurchase of preferred stock | 16 | 16 | ||||||||
Preferred stock and preferred unit dividends | (24,914) | $ (24,914) | ||||||||
Stock option exercises and proceeds related thereto (in shares) | 576,758 | 576,758 | ||||||||
Stock option exercises and proceeds related thereto | 3,405 | $ 3,405 | ||||||||
Compensatory stock issuances, net of forfeitures (in shares) | 148,546 | |||||||||
Issuance of series B preferred stock, net (in shares) | 53,727 | |||||||||
Issuance of series B preferred stock, net | 1,118 | 1,118 | ||||||||
Contributions by owners of noncontrolling interests | 4 | 4 | ||||||||
Stock-based compensation costs | 3,783 | 3,783 | ||||||||
Redemption and retirement of preferred shares (in shares) | (1,806) | |||||||||
Redemption and retirement of preferred shares | (45) | (45) | ||||||||
Redemption and retirement of common shares (in shares) | (575,156) | |||||||||
Redemption and retirement of common shares | (17,644) | (17,644) | ||||||||
Net income (loss) | 102,845 | (891) | 101,954 | |||||||
Balance (in shares) at Dec. 31, 2023 | 3,256,561 | 14,603,563 | ||||||||
Balance at Dec. 31, 2023 | $ 40,000 | $ 100,250 | $ 87,415 | $ 307,260 | $ (2,258) | $ 392,417 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating activities | ||
Net income | $ 101,954 | $ 134,612 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion, net | 4,043 | 4,848 |
Provision for credit losses | 2,152 | 1,252 |
Deferred income tax expense | 37,825 | 20,975 |
Income from accretion of merchant fees and discount associated with receivables purchases | (146,880) | (137,179) |
Changes in fair value of loans | 689,577 | 577,069 |
Amortization of debt issuance costs | 7,179 | 5,101 |
Stock-based compensation costs | 3,783 | 4,167 |
Lease liability payments | (1,871) | (4,053) |
Changes in assets and liabilities: | ||
Increase in uncollected fees on earning assets | (247,353) | (252,704) |
Decrease in income tax liability | (12,688) | (10,563) |
Increase in accounts payable and accrued expenses | 18,414 | 4,260 |
Other | 3,182 | (155) |
Net cash provided by operating activities | 459,317 | 347,630 |
Investing activities | ||
Proceeds from recoveries on charged off receivables | 51,578 | 32,361 |
Investments in earning assets | (2,516,359) | (2,546,127) |
Proceeds from earning assets | 1,796,570 | 1,836,333 |
Purchases and development of property | (3,992) | (4,852) |
Net cash used in investing activities | (672,203) | (682,285) |
Financing activities | ||
Noncontrolling interests contributions | 4 | 114 |
Proceeds from issuance of Series B preferred stock, net of issuance costs | 1,118 | 437 |
Preferred stock and preferred unit dividends | (24,910) | (24,793) |
Proceeds from exercise of stock options | 3,405 | 3,731 |
Purchase and retirement of outstanding stock | (17,673) | (89,008) |
Proceeds from borrowings | 955,278 | 680,527 |
Repayment of borrowings | (753,877) | (309,753) |
Net cash provided by financing activities | 163,345 | 261,255 |
Effect of exchange rate changes on cash | 2 | (36) |
Net decrease in cash and cash equivalents and restricted cash | (49,539) | (73,436) |
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 | 383,653 | 433,192 |
Supplemental cash flow information | ||
Cash paid for interest | 99,450 | 75,357 |
Net cash income tax payments | 1,467 | 4,248 |
Accretion of discount associated with issuance of subsidiary equity | 300 | 300 |
Increase in accrued and unpaid preferred stock and preferred unit dividends | $ 4 | $ 1 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. OTHER INFORMATION During the three December 31, 2023, none 16a 1 10b5 1 10b5 1 408 1933, |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 1 - Description of Our Bus
Note 1 - Description of Our Business | 12 Months Ended |
Dec. 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 $39 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. As a result of the declaration of a national emergency and the associated government policy responses to COVID- 19 March 2020, 19 19 19. 19 19 not 19 May 11, 2023. 19 not |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components | 12 Months Ended |
Dec. 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, servicing costs, discount rates and yields earned on credit card receivables, significantly affect the reported amount (and changes thereon) of our Loans at fair value on our consolidated balance sheets and consolidated statements of income. We have eliminated all significant intercompany balances and transactions for financial reporting purposes. Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company’s policy is to consolidate the financial statements of entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by evaluating whether the entity is a voting interest entity or variable interest entity ("VIE") and if the accounting guidance requires consolidation. For more information on the Company's VIEs, see Note 8 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 Restricted Cash Restricted cash includes certain collections on loans, interest and fees receivable, the cash balances of which are required to be distributed to noteholders under our debt facilities. Our restricted cash balances also include minimum cash balances held in accounts at the request of certain of our business partners. Loans, Interest and Fees Receivable We maintain two 90 180 120 180 30 not We adopted Accounting Standards Update ("ASU") 2016 13, January 1, 2022. one Loans 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 credit losses, payment rates, servicing costs, discount rates and yields earned on credit card receivables. The Company re-evaluates the fair value of loans receivable at the close of each measurement period. Changes in the fair value of loans are recorded as a component of "Changes in fair value of loans" in the consolidated statements of income in the period of the fair value changes. Changes in the fair value of loans include the impact of current period charge-offs associated with these receivables. Further details concerning our loans at fair value are presented within Note 6, Loans at amortized cost. December 31, 2023 2022, We show an allowances for credit losses for our loans at amortized cost. A considerable amount of judgment is required to assess the ultimate amount of expected losses on loans at amortized cost, and we regularly evaluate and update our methodologies to determine the most appropriate allowance necessary. Our loans at amortized cost consist of smaller-balance, homogeneous loans in our Auto Finance segment. These loans are further divided into pools based on common characteristics such as contract or acquisition channel. For each pool, we determine the necessary allowances for credit losses using reasonable and supportable forecasts that analyze some or all of the following attributes unique to each type of receivable pool: historical loss rates on similar loans; current delinquency and roll-rate trends which may five may may Certain of our loans at amortized cost also contain components of deferred revenue related to loan discounts on the purchase of our auto finance receivables. As of December 31, 2023 December 31, 2022, A roll-forward (in millions) of our allowances for credit losses by class of receivable is as follows: For the Year Ended December 31, 2023 Auto Finance Allowances for credit losses: Balance at beginning of period $ (1.6 ) Provision for credit losses (2.2 ) Charge-offs 3.9 Recoveries (1.9 ) Balance at end of period $ (1.8 ) For the Year Ended December 31, 2022 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowances for credit losses: 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 — (1.3 ) — (1.3 ) Charge-offs — 2.6 — 2.6 Recoveries — (1.3 ) — (1.3 ) Balance at end of period $ — $ (1.6 ) $ — $ (1.6 ) Delinquent loans at amortized cost 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 receivables is performing. An aging of our delinquent loans at amortized cost (in millions) as of December 31, 2023 December 31, 2022 As of December 31, 2023 Auto Finance 30-59 days past due $ 9.4 60-89 days past due 3.4 90 or more days past due 3.5 Delinquent loans at amortized cost 16.3 Current loans at amortized cost 101.7 Total loans at amortized cost $ 118.0 Balance of loans greater than 90-days delinquent still accruing interest and fees $ 2.6 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 at amortized cost 13.6 Current loans at amortized cost 91.7 Total loans at amortized cost $ 105.3 Balance of loans greater than 90-days delinquent still accruing interest and fees $ 1.7 Loan Modifications and Restructurings We adopted Accounting Standards Update ("ASU") No. 2022 02, 326 January 1, 2023. not We review our Loans at amortized cost to determine if any modifications for borrowers experiencing financial difficulty were made that would qualify the receivable as a Financial Difficulty Modification ("FDM"). This could include a restructuring of the loan terms to alleviate the burden of the borrower's near-term cash requirements, such as a modification of terms to reduce or defer cash payments to help the borrower attempt to improve its financial condition. For the years ended December 31, 2023, no 2022 02, December 31, 2022, no Property at Cost, Net of Depreciation We capitalize costs related to internal development and implementation of software used in our operating activities. These capitalized costs consist almost exclusively of fees paid to third We record our property at cost less accumulated depreciation or amortization. We compute depreciation expense using the straight-line method over the estimated useful lives of our assets, which are approximately 5 years for furniture, fixtures and equipment, and 3 years for computers and software. We amortize leasehold improvements over the shorter of their estimated useful lives or the terms of their respective underlying leases. We periodically review our property to determine if it is impaired. We incurred no impairment costs in the years ended December 31, 2023 2022 Leases We determine if an arrangement contains a lease at inception, and leases are classified as either operating or finance leases at the lease commencement date. An arrangement contains a lease if it implicitly or explicitly identifies an asset to be used and conveys the right to control the use of the identified asset in exchange for consideration. Right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized upon commencement of the lease based on the present value of the lease payments over the lease term. When readily determinable, we use the implicit rate within the lease. As most of our leases do not may 12 not Prepaid Expenses and Other Assets Prepaid expenses and other assets include amounts paid to third third 1 commissions paid associated with our various office leases which we amortize into expense over the lease terms 2 3 Accounts Payable and Accrued Expenses Accounts payable and accrued expenses reflect both the billed and unbilled amounts owed at the end of a period for services rendered. Revenue Recognition and Revenue from Contracts with Customers Consumer Loans, Including Past Due Fees Consumer loans, including past due fees reflect interest income, including finance charges, and late fees on loans in accordance with the terms of the related customer agreements. Discounts received associated with auto loans that are not Fees and Related Income on Earning Assets Fees and related income on earning assets primarily include fees associated with credit products such as annual fee billings and cash advance fees, among others. These fees are assessed on the receivables underlying the private label and general purpose credit cards we service. Fees are assessed on private label and general purpose credit card accounts underlying our credit card receivables according to the terms of the related agreements and we recognize these fees as income when they are charged to the customers’ accounts. Fees and related income on earning assets, net of amounts that we consider uncollectible, are included in loans, interest and fees receivable and revenue when the fees are earned based upon the contractual terms of the loans. Other revenue Other revenue includes revenues associated with interchange revenues, servicing income and ancillary product offerings (primarily associated with a credit protection program offered by our issuing bank partner). We recognize these fees as income in the period earned. Other non-operating revenue Other non-operating revenue includes revenues associated with investments in equity method investees and other revenues not Revenue from Contracts with Customers The majority of our revenue is earned from financial instruments and is not 606, None For the Year Ended December 31, 2023 CaaS Auto Finance Total Interchange revenues, net (1) $ 21,453 $ — $ 21,453 Servicing income 3,340 749 4,089 Service charges and other customer related fees 11,731 75 11,806 Total revenue from contracts with customers $ 36,524 $ 824 $ 37,348 ( 1 For the Year Ended December 31, 2022 CaaS Auto Finance Total Interchange revenues, net (1) $ 24,926 $ — $ 24,926 Servicing income 3,259 888 4,147 Service charges and other customer related fees 13,658 67 13,725 Total revenue from contracts with customers $ 41,843 $ 955 $ 42,798 ( 1 Card and Loan Servicing Expenses Card and loan servicing costs primarily include collections and customer service expenses. Within this category of expenses are personnel, service bureau, cardholder correspondence and other direct costs associated with our collections and customer service efforts. Card and loan servicing costs also include outsourced collections and customer service expenses. We expense card and loan servicing costs as we incur them, with the exception of prepaid costs, which we expense over respective service periods. Marketing and Solicitation Expenses We expense product solicitation costs, including printing, credit bureaus, list processing, telemarketing, postage, and internet marketing fees, as we incur these costs or expend resources. Recent Accounting Pronouncements In June 2016, 2016 13, 2018 19, 2019 04, 2019 10, 2019 11 2020 03 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 On March 31, 2022, 2022 02, 326 January 1, 2023. not |
Note 3 - Segment Reporting
Note 3 - Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 3. Segment Reporting We operate primarily within one two two We have no We measure the profitability of our reportable segments based on their income after allocation of specific costs and corporate overhead; however, our segment results do not Summary operating segment information (in thousands) is as follows: Year Ended December 31, 2023 CaaS Auto Finance Total Revenue: Consumer loans, including past due fees $ 839,995 $ 39,128 $ 879,123 Fees and related income on earning assets 238,691 84 238,775 Other revenue 36,524 824 37,348 Total operating revenue, net 1,115,210 40,036 1,155,246 Other non-operating revenue 422 208 630 Total revenue 1,115,632 40,244 1,155,876 Interest expense (105,990 ) (3,352 ) (109,342 ) Provision for credit losses — (2,152 ) (2,152 ) Changes in fair value of loans (689,577 ) — (689,577 ) Net margin $ 320,065 $ 34,740 $ 354,805 Income before income taxes $ 116,522 $ 12,036 $ 128,558 Income tax expense $ (23,709 ) $ (2,895 ) $ (26,604 ) Total assets $ 2,602,615 $ 103,830 $ 2,706,445 Year Ended December 31, 2022 CaaS Auto Finance Total Revenue: Consumer loans, including past due fees $ 751,052 $ 35,183 $ 786,235 Fees and related income on earning assets 216,989 82 217,071 Other revenue 41,843 955 42,798 Total operating revenue, net 1,009,884 36,220 1,046,104 Other non-operating revenue 698 111 809 Total revenue 1,010,582 36,331 1,046,913 Interest expense (79,875 ) (1,976 ) (81,851 ) Provision for credit losses — (1,252 ) (1,252 ) Changes in fair value of loans (577,069 ) — (577,069 ) Net margin $ 353,638 $ 33,103 $ 386,741 Income before income taxes $ 146,577 $ 2,695 $ 149,272 Income tax expense $ (14,122 ) $ (538 ) $ (14,660 ) Total assets $ 2,295,092 $ 92,722 $ 2,387,814 |
Note 4 - Shareholders' Equity a
Note 4 - Shareholders' Equity and Preferred Stock | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 4. Shareholders’ Equity and Preferred Stock During the years ended December 31, 2023 2022, Preferred Stock In June July 2021, 7.625% $25.00 During the years ended December 31, 2023 2022, ATM Programs On August 10, 2022, December 29, 2023, no may 415 1933, During the years ended December 31, 2023 2022, December 31, 2023, |
Note 5 - Redeemable Preferred S
Note 5 - Redeemable Preferred Stock | 12 Months Ended |
Dec. 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 13, Dove is a limited liability company owned by three one two two On November 14, 2019, third not March 2020, may, $1.00 October 14, 2024. 13, |
Note 6 - Fair Values of Assets
Note 6 - Fair Values of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6. Fair Values of Assets and Liabilities Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. 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" 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 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 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 net margins; and • Net charge-offs are recognized as they occur rather than through the establishment of an allowance and provision for credit 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 December 31, 2023 December 31, 2022 1 2 not Assets – As of December 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 at amortized cost for which it is practicable to estimate fair value and which are carried at net amortized cost $ — $ — $ 105,409 $ 98,425 Loans at fair value $ — $ — $ 2,173,759 $ 2,173,759 ( 1 For cash, deposits and investments in equity securities, the carrying amount is a reasonable estimate of fair value. 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 at amortized cost for which it is practicable to estimate fair value and which are carried at net amortized cost $ — $ — $ 94,968 $ 87,434 Loans 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". 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 December 31, 2023 2022: Loans 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 Changes in fair value of loans at fair value, included in earnings 71,024 (32,574 ) Changes in fair value due to principal charge-offs, net of recoveries (538,146 ) (367,213 ) Changes in fair value due to finance and fee charge-offs (222,455 ) (177,282 ) Purchases 2,427,095 2,466,676 Finance and fees, added to the account balance 970,006 874,749 Settlements (2,351,741 ) (2,287,789 ) Balance at December 31, $ 2,173,759 $ 1,817,976 The unrealized gains and losses for assets within the Level 3 Loans at Fair Value. third For Level 3 December 31, 2023 December 31, 2022. Quantitative Information about Level 3 Fair Value Measurement Fair Value at December 31, 2023 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average)(1) Loans at fair value $ 2,173,759 Discounted cash flows Gross yield, net of finance charge charge-offs 28.3% to 38.4% (34.5%) Payment rate 9.5% to 9.6% (9.5%) Expected principal credit loss rate 30.8% to 35.6% (32.7%) Servicing rate 3.0% to 3.4% (3.2%) Discount rate 7.1% to 13.1% (10.0%) Fair Value Measurement Fair Value at December 31, 2022 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average)(1) Loans at fair value $ 1,817,976 Discounted cash flows Gross yield, net of finance charge charge-offs 24.7% to 36.1% (31.6%) 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 5.6% to 15.0% (10.1%) ( 1 Weighted average rates are calculated using the quotient of the gross outstanding balance of receivables at period end for each pool of receivables and the entire pool of receivables multiplied by the applicable rate for each pool of receivables Valuations and Techniques for Liabilities Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the liability. The table below summarizes (in thousands) by fair value hierarchy the December 31, 2023 2022 not Liabilities – As of December 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 $ — $ — $ 1,838,647 $ 1,838,647 Amortizing debt facilities $ — $ — $ 23,038 $ 23,038 Senior notes, net $ 138,229 $ — $ — $ 144,453 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 10, Other Relevant Data Other relevant data (in thousands) as of December 31, 2023 December 31, 2022 As of December 31, 2023 Loans at Fair Value Loans at Fair Value Pledged as Collateral under Structured Financings Aggregate unpaid gross balance of loans at fair value $ 507 $ 2,410,748 Aggregate unpaid principal balance included within loans at fair value $ 491 $ 2,176,845 Aggregate fair value of loans at fair value $ 508 $ 2,173,251 Aggregate fair value of loans at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) $ — $ 29,149 Unpaid principal balance of loans at fair value and are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) over the fair value of such loans, interest and fees receivable $ 9 $ 147,803 As of December 31, 2022 Loans at Fair Value Loans at Fair Value Pledged as Collateral under Structured Financings Aggregate unpaid gross balance of loans at fair value $ 786 $ 2,119,340 Aggregate unpaid principal balance included within loans at fair value $ 760 $ 1,910,090 Aggregate fair value of loans at fair value $ 765 $ 1,817,211 Aggregate fair value of loans 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 loans 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 - Property
Note 7 - Property | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Property Details (in thousands) of our property on our consolidated balance sheets are as follows: As of December 31, 2023 2022 Software $ 850 $ 850 Furniture and fixtures 3,286 2,872 Data processing and telephone equipment 684 502 Leasehold improvements 5,972 3,437 Other 7,576 6,910 Total cost 18,368 14,571 Less accumulated depreciation (6,923 ) (4,558 ) Property, net $ 11,445 $ 10,013 Depreciation expense totaled $2.6 million and $2.2 million for the years ended December 31, 2023 2022 |
Note 8 - Variable Interest Enti
Note 8 - Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 8. 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 December 31, 2023 December 31, 2022 Unrestricted cash and cash equivalents $ 158.0 $ 202.2 Restricted cash and cash equivalents 20.5 27.6 Loans at fair value 2,128.6 1,735.9 Total Assets held by VIEs $ 2,307.1 $ 1,965.7 Notes Payable, net held by VIEs $ 1,795.9 $ 1,586.0 Maximum exposure to loss due to involvement with VIEs $ 2,099.0 $ 1,756.0 |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9. 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 11 years, some of which include options, at our discretion, to extend the leases for additional periods generally on one For the Year Ended December 31, 2023 2022 Operating lease cost, gross $ 2,558 $ 4,431 Sublease income (96 ) (2,165 ) Net Operating lease cost $ 2,462 $ 2,266 Cash paid under operating leases, gross $ 1,871 $ 4,053 Weighted average remaining lease term - months 122 133 Weighted average discount rate 6.6 % 6.5 % As of December 31, 2023 Gross Lease Payment Payments received from Sublease Net Lease Payment 2024 $ 2,948 $ (40 ) $ 2,908 2025 2,807 — 2,807 2026 2,672 — 2,672 2027 2,555 — 2,555 2028 2,536 — 2,536 Thereafter 14,848 — 14,848 Total lease payments 28,366 (40 ) 28,326 Less imputed interest (8,186 ) Total $ 20,180 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 December 31, 2023, no one |
Note 10 - Notes Payable
Note 10 - Notes Payable | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. Notes Payable Notes Payable, at Face Value Other notes payable outstanding as of December 31, 2023 December 31, 2022 As of December 31, 2023 December 31, 2022 Revolving credit facilities at a weighted average interest rate equal to 6.3 5.1 2,252.9 1,856.2 Revolving credit facility, not to exceed $ 65.0 November 1, 2025 $ 42.7 $ 44.1 Revolving credit facility, not to exceed $ 50.0 October 30, 2025 38.6 50.0 Revolving credit facility, not to exceed $ 100.0 December 15, 2025 — — Revolving credit facility, not to exceed $ 50.0 July 20, 2025 47.5 24.6 Revolving credit facility, not to exceed $ 20.0 December 11, 2024 14.3 11.1 Revolving credit facility, not to exceed $ 200.0 September 2023 — 188.9 Revolving credit facility, not to exceed $ 88.9 November 2023 — 100.0 Revolving credit facility, not to exceed $ 250.0 October 15, 2025 250.0 250.0 Revolving credit facility, not to exceed $ 35.0 July 31, 2026 15.0 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 September 1, 2025 — — Revolving credit facility, not to exceed $ 300.0 May 15, 2026 300.0 300.0 Revolving credit facility, not to exceed $ 250.0 January 15, 2029 250.0 250.0 Revolving credit facility, not to exceed $ 100.0 August 5, 2024 50.0 — Revolving credit facility, not to exceed $ 100.0 March 15, 2027 100.0 100.0 Revolving credit facility, not to exceed $ 20.0 May 26, 2026 — — Revolving credit facility, not to exceed $ 300.0 February 15, 2028 300.0 — Revolving credit facility, not to exceed $ 150.0 May 17, 2027 150.0 — Other facilities Other debt 5.6 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 1,881.1 1,666.9 Unamortized debt issuance costs and discounts (19.4 ) (13.6 ) Total notes payable outstanding, net $ 1,861.7 $ 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 8, ( 6 Creditors do not * As of December 31, 2023 In October 2015, December 31, 2023). October 30, 2025 In October 2016, December 31, 2023). October 2016, December 31, 2023, November 1, 2025. no In December 2017, December 31, 2023 July 2023 July 20, 2025. no In 2018, December 31, 2023) December 15, 2025, December 31, 2023, In June 2019, December 31, 2023). December 11, 2024. In August 2019, August 2024. In November 2019, three September 2023. In July 2020, three November 2023. In October 2020, August 2025 October 2025. In January 2021, December 31, 2023) July 31, 2026 In June 2021, May 15, 2026 December 15, 2026). four In September 2021, December 31, 2023) 18 September 2025. In November 2021, May 15, 2026). three In May 2022, December 31, 2023) January 15, 2029). five In August 2022, December 31, 2023) August 5, 2024. In September 2022, March 15, 2027). In May 2023, December 31, 2023). May 26, 2026 In September 2023, February 15, 2028). three In November 2023, May 17, 2027). As of December 31, 2023, Senior Notes, net In November 2021, February 1, May 1, August 1 November 1 November 30, 2026. December 31, 2023 2022 December 31, 2023 2022, |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. 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 $2.5 billion at December 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 December 31, 2023, not Under agreements with third December 31, 2023 Under agreements with third December 31, 2023, Under the account terms, consumers have the option of enrolling with our issuing bank partners in a credit protection program, which would make the minimum payments owed on their accounts for a period of up to six December 31, 2023. Concentrations We acquire all of our fair value receivables under agreements with two third Our five December 31, 2023. December 31, 2023, one 10% Litigation We are involved in various legal proceedings that are incidental to the conduct of our business. There are currently no |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Taxes Deferred tax assets and liabilities reflect the effects of tax losses, credits, and the future income tax effects of temporary differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates that apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The current and deferred portions (in thousands) of our federal, foreign, and state and other income tax expenses or benefits are as follows: For the Year Ended December 31, 2023 2022 Federal income tax (expense): Current tax benefit $ 11,536 $ 4,352 Deferred tax (expense) (34,056 ) (16,623 ) Total federal income tax (expense) $ (22,520 ) $ (12,271 ) Foreign income tax (expense): Current tax (expense) $ (124 ) $ (183 ) Deferred tax benefit 10 3 Total foreign income tax (expense) $ (114 ) $ (180 ) State and other income tax (expense): Current tax (expense) benefit $ (191 ) $ 2,146 Deferred tax (expense) (3,779 ) (4,355 ) Total state and other income tax (expense) $ (3,970 ) $ (2,209 ) Total income tax (expense) $ (26,604 ) $ (14,660 ) We experienced an effective income tax expense rate of 20.6% and 9.8% for the years ended December 31, 2023, December 31, 2022, 1 2 162 We report income tax-related interest and penalties (including those associated with both our accrued liabilities for uncertain tax positions and unpaid tax liabilities) within our income tax line item on our consolidated statements of income. We likewise report the reversal of income tax-related interest and penalties within such line item to the extent we resolve our liabilities for uncertain tax positions or unpaid tax liabilities in a manner favorable to our accruals therefor. We recognized $0.4 million in potential interest expense associated with uncertain tax positions during the year ended December 31, 2023, 2022. The following table reconciles our effective income tax expense rate to the statutory rate for 2023 2022: For the Year Ended December 31, 2023 2022 Statutory federal expense rate 21.0 % 21.0 % (Decrease) increase in statutory federal tax expense rate resulting from: Share-based compensation (2.3 ) (10.5 ) Section 162(m) of the Code executive compensation deduction limitations 2.3 0.2 Net interest and penalties related to uncertain tax positions and unpaid tax liabilities 0.1 0.1 Interest expense on preferred stock classified as debt for tax purposes (2.6 ) (2.3 ) Foreign taxes (0.2 ) (0.2 ) State taxes, net of federal tax benefit 3.9 2.7 Valuation allowances changes affecting the provision for income taxes (1.5 ) (1.3 ) Prior year provision to return reconciling items, tax effects of non-controlling interests, and other (0.4 ) (0.1 ) Global intangible low-taxed income tax 0.3 0.2 Effective tax expense rate 20.6 % 9.8 % As of December 31, 2023, December 31, 2022, As of December 31, 2023 2022 Deferred tax assets: Capitalized research and experimentation expenditures and fixed assets $ 1,612 $ 1,445 Provision for credit loss 1,791 1,716 Credit card and other loans receivable fair value election differences 54,208 70,966 Equity-based compensation 1,594 1327 Accrued expenses 183 156 Accruals for state taxes and interest associated with unrecognized tax benefits and unpaid accrued tax liabilities 235 195 Federal net operating loss carry-forwards 35,199 22,626 Federal credit carry-forward 231 — Foreign net operating loss carry-forward 221 304 Other 1,609 1056 State tax benefits, primarily from net operating losses 26,550 28,796 Deferred tax assets, gross $ 123,433 $ 128,587 Valuation allowances (18,729 ) (20,699 ) Deferred tax assets, net of valuation allowances $ 104,704 $ 107,888 Deferred tax (liabilities): Prepaid expenses and other $ (1,096 ) $ (1,030 ) Equity in income of equity-method investee (945 ) (792 ) Market discount on acquired marked discount bonds (190,918 ) (155,879 ) Deferred costs (24 ) (641 ) Deferred tax (liabilities), gross $ (192,983 ) $ (158,342 ) Deferred tax (liabilities), net $ (88,279 ) $ (50,454 ) We undertook a detailed review of our deferred taxes and determined that a valuation allowance was required for certain deferred tax assets in state tax jurisdictions within the U.S. and in the U.K. We reduce our deferred tax assets by valuation allowances if it is more likely than not not not December 31, 2023, December 31, 2022, Certain of our deferred tax assets relate to federal, foreign, and state net operating losses, and we have no 2024; $26.5 Our subsidiaries file federal, foreign, and/or state and other income tax returns. In the normal course of our business, we are subject to examination by taxing authorities throughout the world, including such major jurisdictions as the U.S., the U.K., and various U.S. states and territories. With a few exceptions of a non-material nature, we are no 2019. Roll-forwards (in thousands) of our unrecognized tax benefits (excluding accrued interest related thereto of $1.1 million as of December 31, 2023, December 31, 2022) 2023 2022, 2023 2022 Balance at January 1, $ (22,692 ) $ (605 ) Reductions based on tax positions related to prior years 21,983 79 (Additions) based on tax positions related to prior years — (11,965 ) (Additions) based on tax positions related to the current year (29 ) (10,201 ) Balance at December 31, $ (738 ) $ (22,692 ) Our unrecognized tax benefits that, if recognized, would affect our effective tax expense rate are not $1.1million December 31, 2023, December 31, 2022, |
Note 13 - Net Income Attributab
Note 13 - Net Income Attributable to Controlling Interests Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. 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 use the treasury stock method to 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): December 31, 2023 2022 Numerator: Net income attributable to controlling interests $ 102,845 $ 135,597 Preferred stock and preferred unit dividends and discount accretion (25,198 ) (25,076 ) Net income attributable to common shareholders—basic 77,647 110,521 Effect of dilutive preferred stock dividends and discount accretion 2,400 2,400 Net income attributable to common shareholders—diluted $ 80,047 $ 112,921 Denominator: Basic (including unvested share-based payment awards) (1) 14,504 14,629 Effect of dilutive stock compensation arrangements and exchange of preferred stock 4,378 4,747 Diluted (including unvested share-based payment awards) (1) 18,882 19,376 Net income attributable to common shareholders per share—basic $ 5.35 $ 7.55 Net income attributable to common shareholders per share—diluted $ 4.24 $ 5.83 ( 1 Shares related to unvested share-based payment awards included in our basic and diluted share counts were 230,428 for the year ended December 31, 2023 , December 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 year ended December 31, 2023. December 31, 2022. For the years ended December 31, 2023 2022, 4.0 5, |
Note 14 - Stock-based Compensat
Note 14 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 14. Stock-Based Compensation We currently have two 2014 2014 may 2014 may 2014 May 2019. December 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 years ended December 31, 2023 2022. Restricted Stock and Restricted Stock Units During the years ended December 31, 2023 2022, December 31, 2023 2022, may December 31, 2023, No The table below includes additional information about outstanding restricted stock and restricted stock units: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 147,317 $ 40.88 Issued 152,446 $ 25.26 Vested (51,638 ) $ 33.51 Forfeited (3,900 ) $ 37.51 Outstanding at December 31, 2023 244,225 $ 32.75 Stock Options The exercise price per share of the options awarded under the Fourth Amended 2014 may not December 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 (576,758 ) $ 5.90 Expired/Forfeited (1,999 ) $ 15.30 Outstanding at December 31, 2023 223,406 $ 28.52 2.2 $ 2,502,824 Exercisable at December 31, 2023 178,790 $ 26.31 2.1 $ 2,366,192 Information on stock options granted, exercised and vested is as follows (in thousands, except per share data): Year ended December 31, 2023 2022 Weighted average fair value per share of options granted N/A N/A Cash received from options exercised, net $ 3,405 $ 3,731 Aggregate intrinsic value of options exercised $ 15,497 $ 74,296 Grant date fair value of shares vested $ 1,435 $ 1,802 No options were issued during the years ended December 31, 2023 2022. December 31, 2023 2022, December 31, 2023. |
Note 15 - Employee Benefit Plan
Note 15 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans, Other than Share-Based Compensation [Text Block] | 15. Employee Benefit Plans We maintain a defined contribution retirement plan ( "401 401 December 31, 2023 2022, Also, all employees, excluding executive officers, are eligible to participate in the ESPP. Under the ESPP, employees can elect to have up to 10% of their annual wages withheld to purchase our common stock up to a fair market value of $10,000. The amounts deducted and accumulated by each participant are used to purchase shares of common stock on or as promptly as practicable after the last business day of each month. The price of stock purchased under the ESPP is approximately 85% of the fair market value per share of our common stock on the purchase date. Employees contributed $108,351 to purchase 3,929 shares of common stock in 2023 2022 2023 2022 |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 16. Related Party Transactions Under a shareholders’ agreement which we entered into with certain shareholders, including David G. Hanna, Frank J. Hanna, III and certain trusts that were Hanna affiliates, following our initial public offering ( 1 one third may 2 50% third may In June 2007, 2023 2022, January 1, 2024 May 2024 In January 2013, December 31, 2023 2022, On November 26, 2014, December 27, 2019, three one two two 5 During 2022, 2022 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 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, servicing costs, discount rates and yields earned on credit card receivables, significantly affect the reported amount (and changes thereon) of our Loans at fair value on our consolidated balance sheets and consolidated statements of income. We have eliminated all significant intercompany balances and transactions for financial reporting purposes. |
Consolidation, Policy [Policy Text Block] | Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company’s policy is to consolidate the financial statements of entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by evaluating whether the entity is a voting interest entity or variable interest entity ("VIE") and if the accounting guidance requires consolidation. For more information on the Company's VIEs, see Note 8 |
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 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash includes certain collections on loans, interest and fees receivable, the cash balances of which are required to be distributed to noteholders under our debt facilities. Our restricted cash balances also include minimum cash balances held in accounts at the request of certain of our business partners. |
Receivable [Policy Text Block] | Loans, Interest and Fees Receivable We maintain two 90 180 120 180 30 not We adopted Accounting Standards Update ("ASU") 2016 13, January 1, 2022. one Loans 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 credit losses, payment rates, servicing costs, discount rates and yields earned on credit card receivables. The Company re-evaluates the fair value of loans receivable at the close of each measurement period. Changes in the fair value of loans are recorded as a component of "Changes in fair value of loans" in the consolidated statements of income in the period of the fair value changes. Changes in the fair value of loans include the impact of current period charge-offs associated with these receivables. Further details concerning our loans at fair value are presented within Note 6, Loans at amortized cost. December 31, 2023 2022, We show an allowances for credit losses for our loans at amortized cost. A considerable amount of judgment is required to assess the ultimate amount of expected losses on loans at amortized cost, and we regularly evaluate and update our methodologies to determine the most appropriate allowance necessary. Our loans at amortized cost consist of smaller-balance, homogeneous loans in our Auto Finance segment. These loans are further divided into pools based on common characteristics such as contract or acquisition channel. For each pool, we determine the necessary allowances for credit losses using reasonable and supportable forecasts that analyze some or all of the following attributes unique to each type of receivable pool: historical loss rates on similar loans; current delinquency and roll-rate trends which may five may may Certain of our loans at amortized cost also contain components of deferred revenue related to loan discounts on the purchase of our auto finance receivables. As of December 31, 2023 December 31, 2022, A roll-forward (in millions) of our allowances for credit losses by class of receivable is as follows: For the Year Ended December 31, 2023 Auto Finance Allowances for credit losses: Balance at beginning of period $ (1.6 ) Provision for credit losses (2.2 ) Charge-offs 3.9 Recoveries (1.9 ) Balance at end of period $ (1.8 ) For the Year Ended December 31, 2022 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowances for credit losses: 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 — (1.3 ) — (1.3 ) Charge-offs — 2.6 — 2.6 Recoveries — (1.3 ) — (1.3 ) Balance at end of period $ — $ (1.6 ) $ — $ (1.6 ) Delinquent loans at amortized cost 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 receivables is performing. An aging of our delinquent loans at amortized cost (in millions) as of December 31, 2023 December 31, 2022 As of December 31, 2023 Auto Finance 30-59 days past due $ 9.4 60-89 days past due 3.4 90 or more days past due 3.5 Delinquent loans at amortized cost 16.3 Current loans at amortized cost 101.7 Total loans at amortized cost $ 118.0 Balance of loans greater than 90-days delinquent still accruing interest and fees $ 2.6 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 at amortized cost 13.6 Current loans at amortized cost 91.7 Total loans at amortized cost $ 105.3 Balance of loans greater than 90-days delinquent still accruing interest and fees $ 1.7 Loan Modifications and Restructurings We adopted Accounting Standards Update ("ASU") No. 2022 02, 326 January 1, 2023. not We review our Loans at amortized cost to determine if any modifications for borrowers experiencing financial difficulty were made that would qualify the receivable as a Financial Difficulty Modification ("FDM"). This could include a restructuring of the loan terms to alleviate the burden of the borrower's near-term cash requirements, such as a modification of terms to reduce or defer cash payments to help the borrower attempt to improve its financial condition. For the years ended December 31, 2023, no 2022 02, December 31, 2022, no |
Property, Plant and Equipment, Policy [Policy Text Block] | Property at Cost, Net of Depreciation We capitalize costs related to internal development and implementation of software used in our operating activities. These capitalized costs consist almost exclusively of fees paid to third We record our property at cost less accumulated depreciation or amortization. We compute depreciation expense using the straight-line method over the estimated useful lives of our assets, which are approximately 5 years for furniture, fixtures and equipment, and 3 years for computers and software. We amortize leasehold improvements over the shorter of their estimated useful lives or the terms of their respective underlying leases. We periodically review our property to determine if it is impaired. We incurred no impairment costs in the years ended December 31, 2023 2022 |
Lessee, Leases [Policy Text Block] | Leases We determine if an arrangement contains a lease at inception, and leases are classified as either operating or finance leases at the lease commencement date. An arrangement contains a lease if it implicitly or explicitly identifies an asset to be used and conveys the right to control the use of the identified asset in exchange for consideration. Right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized upon commencement of the lease based on the present value of the lease payments over the lease term. When readily determinable, we use the implicit rate within the lease. As most of our leases do not may 12 not |
Prepaid Expenses and Other Assets [Policy Text Block] | Prepaid Expenses and Other Assets Prepaid expenses and other assets include amounts paid to third third 1 commissions paid associated with our various office leases which we amortize into expense over the lease terms 2 3 |
Accounts Payable and Accrued Expenses [Policy Text Block] | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses reflect both the billed and unbilled amounts owed at the end of a period for services rendered. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition and Revenue from Contracts with Customers Consumer Loans, Including Past Due Fees Consumer loans, including past due fees reflect interest income, including finance charges, and late fees on loans in accordance with the terms of the related customer agreements. Discounts received associated with auto loans that are not Fees and Related Income on Earning Assets Fees and related income on earning assets primarily include fees associated with credit products such as annual fee billings and cash advance fees, among others. These fees are assessed on the receivables underlying the private label and general purpose credit cards we service. Fees are assessed on private label and general purpose credit card accounts underlying our credit card receivables according to the terms of the related agreements and we recognize these fees as income when they are charged to the customers’ accounts. Fees and related income on earning assets, net of amounts that we consider uncollectible, are included in loans, interest and fees receivable and revenue when the fees are earned based upon the contractual terms of the loans. Other revenue Other revenue includes revenues associated with interchange revenues, servicing income and ancillary product offerings (primarily associated with a credit protection program offered by our issuing bank partner). We recognize these fees as income in the period earned. Other non-operating revenue Other non-operating revenue includes revenues associated with investments in equity method investees and other revenues not Revenue from Contracts with Customers The majority of our revenue is earned from financial instruments and is not 606, None For the Year Ended December 31, 2023 CaaS Auto Finance Total Interchange revenues, net (1) $ 21,453 $ — $ 21,453 Servicing income 3,340 749 4,089 Service charges and other customer related fees 11,731 75 11,806 Total revenue from contracts with customers $ 36,524 $ 824 $ 37,348 ( 1 For the Year Ended December 31, 2022 CaaS Auto Finance Total Interchange revenues, net (1) $ 24,926 $ — $ 24,926 Servicing income 3,259 888 4,147 Service charges and other customer related fees 13,658 67 13,725 Total revenue from contracts with customers $ 41,843 $ 955 $ 42,798 ( 1 Card and Loan Servicing Expenses Card and loan servicing costs primarily include collections and customer service expenses. Within this category of expenses are personnel, service bureau, cardholder correspondence and other direct costs associated with our collections and customer service efforts. Card and loan servicing costs also include outsourced collections and customer service expenses. We expense card and loan servicing costs as we incur them, with the exception of prepaid costs, which we expense over respective service periods. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Marketing and Solicitation Expenses We expense product solicitation costs, including printing, credit bureaus, list processing, telemarketing, postage, and internet marketing fees, as we incur these costs or expend resources. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, 2018 19, 2019 04, 2019 10, 2019 11 2020 03 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 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) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | For the Year Ended December 31, 2023 Auto Finance Allowances for credit losses: Balance at beginning of period $ (1.6 ) Provision for credit losses (2.2 ) Charge-offs 3.9 Recoveries (1.9 ) Balance at end of period $ (1.8 ) For the Year Ended December 31, 2022 Credit Cards Auto Finance Other Unsecured Lending Products Total Allowances for credit losses: 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 — (1.3 ) — (1.3 ) Charge-offs — 2.6 — 2.6 Recoveries — (1.3 ) — (1.3 ) Balance at end of period $ — $ (1.6 ) $ — $ (1.6 ) |
Financing Receivable, Past Due [Table Text Block] | As of December 31, 2023 Auto Finance 30-59 days past due $ 9.4 60-89 days past due 3.4 90 or more days past due 3.5 Delinquent loans at amortized cost 16.3 Current loans at amortized cost 101.7 Total loans at amortized cost $ 118.0 Balance of loans greater than 90-days delinquent still accruing interest and fees $ 2.6 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 at amortized cost 13.6 Current loans at amortized cost 91.7 Total loans at amortized cost $ 105.3 Balance of loans greater than 90-days delinquent still accruing interest and fees $ 1.7 |
Disaggregation of Revenue [Table Text Block] | For the Year Ended December 31, 2023 CaaS Auto Finance Total Interchange revenues, net (1) $ 21,453 $ — $ 21,453 Servicing income 3,340 749 4,089 Service charges and other customer related fees 11,731 75 11,806 Total revenue from contracts with customers $ 36,524 $ 824 $ 37,348 For the Year Ended December 31, 2022 CaaS Auto Finance Total Interchange revenues, net (1) $ 24,926 $ — $ 24,926 Servicing income 3,259 888 4,147 Service charges and other customer related fees 13,658 67 13,725 Total revenue from contracts with customers $ 41,843 $ 955 $ 42,798 |
Note 3 - Segment Reporting (Tab
Note 3 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 2023 CaaS Auto Finance Total Revenue: Consumer loans, including past due fees $ 839,995 $ 39,128 $ 879,123 Fees and related income on earning assets 238,691 84 238,775 Other revenue 36,524 824 37,348 Total operating revenue, net 1,115,210 40,036 1,155,246 Other non-operating revenue 422 208 630 Total revenue 1,115,632 40,244 1,155,876 Interest expense (105,990 ) (3,352 ) (109,342 ) Provision for credit losses — (2,152 ) (2,152 ) Changes in fair value of loans (689,577 ) — (689,577 ) Net margin $ 320,065 $ 34,740 $ 354,805 Income before income taxes $ 116,522 $ 12,036 $ 128,558 Income tax expense $ (23,709 ) $ (2,895 ) $ (26,604 ) Total assets $ 2,602,615 $ 103,830 $ 2,706,445 Year Ended December 31, 2022 CaaS Auto Finance Total Revenue: Consumer loans, including past due fees $ 751,052 $ 35,183 $ 786,235 Fees and related income on earning assets 216,989 82 217,071 Other revenue 41,843 955 42,798 Total operating revenue, net 1,009,884 36,220 1,046,104 Other non-operating revenue 698 111 809 Total revenue 1,010,582 36,331 1,046,913 Interest expense (79,875 ) (1,976 ) (81,851 ) Provision for credit losses — (1,252 ) (1,252 ) Changes in fair value of loans (577,069 ) — (577,069 ) Net margin $ 353,638 $ 33,103 $ 386,741 Income before income taxes $ 146,577 $ 2,695 $ 149,272 Income tax expense $ (14,122 ) $ (538 ) $ (14,660 ) Total assets $ 2,295,092 $ 92,722 $ 2,387,814 |
Note 6 - Fair Values of Asset_2
Note 6 - Fair Values of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Assets – As of December 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 at amortized cost for which it is practicable to estimate fair value and which are carried at net amortized cost $ — $ — $ 105,409 $ 98,425 Loans at fair value $ — $ — $ 2,173,759 $ 2,173,759 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 at amortized cost for which it is practicable to estimate fair value and which are carried at net amortized cost $ — $ — $ 94,968 $ 87,434 Loans at fair value $ — $ — $ 1,817,976 $ 1,817,976 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Loans 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 Changes in fair value of loans at fair value, included in earnings 71,024 (32,574 ) Changes in fair value due to principal charge-offs, net of recoveries (538,146 ) (367,213 ) Changes in fair value due to finance and fee charge-offs (222,455 ) (177,282 ) Purchases 2,427,095 2,466,676 Finance and fees, added to the account balance 970,006 874,749 Settlements (2,351,741 ) (2,287,789 ) Balance at December 31, $ 2,173,759 $ 1,817,976 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value Measurement Fair Value at December 31, 2023 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average)(1) Loans at fair value $ 2,173,759 Discounted cash flows Gross yield, net of finance charge charge-offs 28.3% to 38.4% (34.5%) Payment rate 9.5% to 9.6% (9.5%) Expected principal credit loss rate 30.8% to 35.6% (32.7%) Servicing rate 3.0% to 3.4% (3.2%) Discount rate 7.1% to 13.1% (10.0%) Fair Value Measurement Fair Value at December 31, 2022 (in thousands) Valuation Technique Unobservable Input Range (Weighted Average)(1) Loans at fair value $ 1,817,976 Discounted cash flows Gross yield, net of finance charge charge-offs 24.7% to 36.1% (31.6%) 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 5.6% to 15.0% (10.1%) |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Liabilities – As of December 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 $ — $ — $ 1,838,647 $ 1,838,647 Amortizing debt facilities $ — $ — $ 23,038 $ 23,038 Senior notes, net $ 138,229 $ — $ — $ 144,453 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 December 31, 2023 Loans at Fair Value Loans at Fair Value Pledged as Collateral under Structured Financings Aggregate unpaid gross balance of loans at fair value $ 507 $ 2,410,748 Aggregate unpaid principal balance included within loans at fair value $ 491 $ 2,176,845 Aggregate fair value of loans at fair value $ 508 $ 2,173,251 Aggregate fair value of loans at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) $ — $ 29,149 Unpaid principal balance of loans at fair value and are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) over the fair value of such loans, interest and fees receivable $ 9 $ 147,803 As of December 31, 2022 Loans at Fair Value Loans at Fair Value Pledged as Collateral under Structured Financings Aggregate unpaid gross balance of loans at fair value $ 786 $ 2,119,340 Aggregate unpaid principal balance included within loans at fair value $ 760 $ 1,910,090 Aggregate fair value of loans at fair value $ 765 $ 1,817,211 Aggregate fair value of loans 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 loans 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 - Property (Tables)
Note 7 - Property (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of December 31, 2023 2022 Software $ 850 $ 850 Furniture and fixtures 3,286 2,872 Data processing and telephone equipment 684 502 Leasehold improvements 5,972 3,437 Other 7,576 6,910 Total cost 18,368 14,571 Less accumulated depreciation (6,923 ) (4,558 ) Property, net $ 11,445 $ 10,013 |
Note 8 - Variable Interest En_2
Note 8 - Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As of December 31, 2023 December 31, 2022 Unrestricted cash and cash equivalents $ 158.0 $ 202.2 Restricted cash and cash equivalents 20.5 27.6 Loans at fair value 2,128.6 1,735.9 Total Assets held by VIEs $ 2,307.1 $ 1,965.7 Notes Payable, net held by VIEs $ 1,795.9 $ 1,586.0 Maximum exposure to loss due to involvement with VIEs $ 2,099.0 $ 1,756.0 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Year Ended December 31, 2023 2022 Operating lease cost, gross $ 2,558 $ 4,431 Sublease income (96 ) (2,165 ) Net Operating lease cost $ 2,462 $ 2,266 Cash paid under operating leases, gross $ 1,871 $ 4,053 Weighted average remaining lease term - months 122 133 Weighted average discount rate 6.6 % 6.5 % |
Operating Lease, Liability and Payments to be Received, Maturity [Table Text Block] | Gross Lease Payment Payments received from Sublease Net Lease Payment 2024 $ 2,948 $ (40 ) $ 2,908 2025 2,807 — 2,807 2026 2,672 — 2,672 2027 2,555 — 2,555 2028 2,536 — 2,536 Thereafter 14,848 — 14,848 Total lease payments 28,366 (40 ) 28,326 Less imputed interest (8,186 ) Total $ 20,180 |
Note 10 - Notes Payable (Tables
Note 10 - Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of December 31, 2023 December 31, 2022 Revolving credit facilities at a weighted average interest rate equal to 6.3 5.1 2,252.9 1,856.2 Revolving credit facility, not to exceed $ 65.0 November 1, 2025 $ 42.7 $ 44.1 Revolving credit facility, not to exceed $ 50.0 October 30, 2025 38.6 50.0 Revolving credit facility, not to exceed $ 100.0 December 15, 2025 — — Revolving credit facility, not to exceed $ 50.0 July 20, 2025 47.5 24.6 Revolving credit facility, not to exceed $ 20.0 December 11, 2024 14.3 11.1 Revolving credit facility, not to exceed $ 200.0 September 2023 — 188.9 Revolving credit facility, not to exceed $ 88.9 November 2023 — 100.0 Revolving credit facility, not to exceed $ 250.0 October 15, 2025 250.0 250.0 Revolving credit facility, not to exceed $ 35.0 July 31, 2026 15.0 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 September 1, 2025 — — Revolving credit facility, not to exceed $ 300.0 May 15, 2026 300.0 300.0 Revolving credit facility, not to exceed $ 250.0 January 15, 2029 250.0 250.0 Revolving credit facility, not to exceed $ 100.0 August 5, 2024 50.0 — Revolving credit facility, not to exceed $ 100.0 March 15, 2027 100.0 100.0 Revolving credit facility, not to exceed $ 20.0 May 26, 2026 — — Revolving credit facility, not to exceed $ 300.0 February 15, 2028 300.0 — Revolving credit facility, not to exceed $ 150.0 May 17, 2027 150.0 — Other facilities Other debt 5.6 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 1,881.1 1,666.9 Unamortized debt issuance costs and discounts (19.4 ) (13.6 ) Total notes payable outstanding, net $ 1,861.7 $ 1,653.3 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Year Ended December 31, 2023 2022 Federal income tax (expense): Current tax benefit $ 11,536 $ 4,352 Deferred tax (expense) (34,056 ) (16,623 ) Total federal income tax (expense) $ (22,520 ) $ (12,271 ) Foreign income tax (expense): Current tax (expense) $ (124 ) $ (183 ) Deferred tax benefit 10 3 Total foreign income tax (expense) $ (114 ) $ (180 ) State and other income tax (expense): Current tax (expense) benefit $ (191 ) $ 2,146 Deferred tax (expense) (3,779 ) (4,355 ) Total state and other income tax (expense) $ (3,970 ) $ (2,209 ) Total income tax (expense) $ (26,604 ) $ (14,660 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Year Ended December 31, 2023 2022 Statutory federal expense rate 21.0 % 21.0 % (Decrease) increase in statutory federal tax expense rate resulting from: Share-based compensation (2.3 ) (10.5 ) Section 162(m) of the Code executive compensation deduction limitations 2.3 0.2 Net interest and penalties related to uncertain tax positions and unpaid tax liabilities 0.1 0.1 Interest expense on preferred stock classified as debt for tax purposes (2.6 ) (2.3 ) Foreign taxes (0.2 ) (0.2 ) State taxes, net of federal tax benefit 3.9 2.7 Valuation allowances changes affecting the provision for income taxes (1.5 ) (1.3 ) Prior year provision to return reconciling items, tax effects of non-controlling interests, and other (0.4 ) (0.1 ) Global intangible low-taxed income tax 0.3 0.2 Effective tax expense rate 20.6 % 9.8 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, 2023 2022 Deferred tax assets: Capitalized research and experimentation expenditures and fixed assets $ 1,612 $ 1,445 Provision for credit loss 1,791 1,716 Credit card and other loans receivable fair value election differences 54,208 70,966 Equity-based compensation 1,594 1327 Accrued expenses 183 156 Accruals for state taxes and interest associated with unrecognized tax benefits and unpaid accrued tax liabilities 235 195 Federal net operating loss carry-forwards 35,199 22,626 Federal credit carry-forward 231 — Foreign net operating loss carry-forward 221 304 Other 1,609 1056 State tax benefits, primarily from net operating losses 26,550 28,796 Deferred tax assets, gross $ 123,433 $ 128,587 Valuation allowances (18,729 ) (20,699 ) Deferred tax assets, net of valuation allowances $ 104,704 $ 107,888 Deferred tax (liabilities): Prepaid expenses and other $ (1,096 ) $ (1,030 ) Equity in income of equity-method investee (945 ) (792 ) Market discount on acquired marked discount bonds (190,918 ) (155,879 ) Deferred costs (24 ) (641 ) Deferred tax (liabilities), gross $ (192,983 ) $ (158,342 ) Deferred tax (liabilities), net $ (88,279 ) $ (50,454 ) |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] | 2023 2022 Balance at January 1, $ (22,692 ) $ (605 ) Reductions based on tax positions related to prior years 21,983 79 (Additions) based on tax positions related to prior years — (11,965 ) (Additions) based on tax positions related to the current year (29 ) (10,201 ) Balance at December 31, $ (738 ) $ (22,692 ) |
Note 13 - Net Income Attribut_2
Note 13 - Net Income Attributable to Controlling Interests Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | December 31, 2023 2022 Numerator: Net income attributable to controlling interests $ 102,845 $ 135,597 Preferred stock and preferred unit dividends and discount accretion (25,198 ) (25,076 ) Net income attributable to common shareholders—basic 77,647 110,521 Effect of dilutive preferred stock dividends and discount accretion 2,400 2,400 Net income attributable to common shareholders—diluted $ 80,047 $ 112,921 Denominator: Basic (including unvested share-based payment awards) (1) 14,504 14,629 Effect of dilutive stock compensation arrangements and exchange of preferred stock 4,378 4,747 Diluted (including unvested share-based payment awards) (1) 18,882 19,376 Net income attributable to common shareholders per share—basic $ 5.35 $ 7.55 Net income attributable to common shareholders per share—diluted $ 4.24 $ 5.83 |
Note 14 - Stock-based Compens_2
Note 14 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 147,317 $ 40.88 Issued 152,446 $ 25.26 Vested (51,638 ) $ 33.51 Forfeited (3,900 ) $ 37.51 Outstanding at December 31, 2023 244,225 $ 32.75 |
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 (576,758 ) $ 5.90 Expired/Forfeited (1,999 ) $ 15.30 Outstanding at December 31, 2023 223,406 $ 28.52 2.2 $ 2,502,824 Exercisable at December 31, 2023 178,790 $ 26.31 2.1 $ 2,366,192 |
Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Year ended December 31, 2023 2022 Weighted average fair value per share of options granted N/A N/A Cash received from options exercised, net $ 3,405 $ 3,731 Aggregate intrinsic value of options exercised $ 15,497 $ 74,296 Grant date fair value of shares vested $ 1,435 $ 1,802 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components (Details Textual) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | |||
Dec. 13, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | |
Retained Earnings (Accumulated Deficit), Total | $ 307,260 | $ 204,415 | |||
Payment for Acquisition, Loan and Lease, Held-for-Investment | $ 233,600 | 214,700 | |||
Financing Receivable, Deferred Commitment Fee | $ 17,861 | $ 16,190 | |||
Weighted Average Remaining Accretion Period of Deferred Revenue (Month) | 26 months | 27 months | |||
Asset Impairment Charges | $ 0 | $ 0 | |||
Loans Receivable, Fair Value Disclosure | 2,173,759 | 1,817,976 | |||
Financing Receivable, before Allowance for Credit Loss | 118,045 | 105,267 | |||
Financing Receivable, Allowance for Credit Loss | 1,759 | 1,643 | $ 57,200 | ||
Financing Receivable, after Allowance for Credit Loss | 2,272,184 | 1,905,410 | |||
Accounts Payable and Accrued Liabilities, Total | $ 61,634 | $ 44,332 | |||
Furniture and Fixtures [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||
Computer Equipment [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Retained Earnings (Accumulated Deficit), Total | $ 8,600 | ||||
Loans Receivable, Fair Value Disclosure | 315,000 | ||||
Financing Receivable, before Allowance for Credit Loss | (375,700) | ||||
Financing Receivable, Allowance for Credit Loss | (55,600) | ||||
Financing Receivable, after Allowance for Credit Loss | (15,600) | ||||
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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance at beginning of period | $ (1,643) | $ (57,200) |
Provision for credit losses | (2,152) | (1,252) |
Charge-offs | 2,600 | |
Recoveries | (1,300) | |
Balance at end of period | (1,759) | (1,643) |
Provision for credit losses | (2,152) | (1,252) |
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) | |
Credit Card Receivable [Member] | ||
Balance at beginning of period | (1,600) | (43,400) |
Provision for credit losses | (2,200) | 0 |
Charge-offs | 3,900 | 0 |
Recoveries | (1,900) | 0 |
Balance at end of period | (1,800) | (1,600) |
Provision for credit losses | (2,200) | 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 | |
Automobile Loan [Member] | ||
Balance at beginning of period | $ (1,600) | (1,400) |
Provision for credit losses | (1,300) | |
Charge-offs | 2,600 | |
Recoveries | (1,300) | |
Balance at end of period | (1,600) | |
Provision for credit losses | (1,300) | |
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) | |
Other Unsecured Lending Products [Member] | ||
Balance at beginning of period | (12,400) | |
Provision for credit losses | 0 | |
Charge-offs | 0 | |
Recoveries | 0 | |
Provision for credit losses | 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 |
Note 2 - Significant Accounti_5
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Summary of Aging of Delinquent Loans and Fees Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing receivable, gross | $ 118,045 | $ 105,267 |
Automobile Loan [Member] | ||
Financing receivable, gross | 118,000 | 105,300 |
Balance of loans greater than 90-days delinquent still accruing interest and fees | 2,600 | 1,700 |
Automobile Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing receivable, gross | 9,400 | 8,500 |
Automobile Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing receivable, gross | 3,400 | 3,000 |
Automobile Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing receivable, gross | 3,500 | 2,100 |
Automobile Loan [Member] | Financial Asset, Past Due [Member] | ||
Financing receivable, gross | 16,300 | 13,600 |
Automobile Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Financing receivable, gross | $ 101,700 | $ 91,700 |
Note 2 - Significant Accounti_6
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Components of Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Revenue from contracts with customers | $ 37,348 | $ 42,798 | |
Credit and Debit Card [Member] | |||
Revenue from contracts with customers | [1] | 21,453 | 24,926 |
Servicing Income [Member] | |||
Revenue from contracts with customers | 4,089 | 4,147 | |
Service Charges and Other Customer Related Fees [Member] | |||
Revenue from contracts with customers | 11,806 | 13,725 | |
Credit and Other Investments [Member] | |||
Revenue from contracts with customers | 36,524 | 41,843 | |
Credit and Other Investments [Member] | Credit and Debit Card [Member] | |||
Revenue from contracts with customers | [1] | 21,453 | 24,926 |
Credit and Other Investments [Member] | Servicing Income [Member] | |||
Revenue from contracts with customers | 3,340 | 3,259 | |
Credit and Other Investments [Member] | Service Charges and Other Customer Related Fees [Member] | |||
Revenue from contracts with customers | 11,731 | 13,658 | |
Auto Finance [Member] | |||
Revenue from contracts with customers | 824 | 955 | |
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 | 749 | 888 | |
Auto Finance [Member] | Service Charges and Other Customer Related Fees [Member] | |||
Revenue from contracts with customers | $ 75 | $ 67 | |
[1]Interchange revenue is presented net of customer reward expense. |
Note 3 - Segment Reporting (Det
Note 3 - Segment Reporting (Details Textual) | 12 Months Ended |
Dec. 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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Consumer loans, including past due fees | $ 879,123 | $ 786,235 |
Fees and related income on earning assets | 238,775 | 217,071 |
Other revenue | 37,348 | 42,798 |
Total operating revenue, net | 1,155,246 | 1,046,104 |
Other non-operating revenue | 630 | 809 |
Total revenue | 1,155,876 | 1,046,913 |
Interest expense | (109,342) | (81,851) |
Provision for credit losses | (2,152) | (1,252) |
Changes in fair value of loans | (689,577) | (577,069) |
Net margin | 354,805 | 386,741 |
Income before income taxes | 128,558 | 149,272 |
Income tax expense | (26,604) | (14,660) |
Assets | 2,706,445 | 2,387,814 |
Credit and Other Investments [Member] | ||
Consumer loans, including past due fees | 839,995 | 751,052 |
Fees and related income on earning assets | 238,691 | 216,989 |
Other revenue | 36,524 | 41,843 |
Total operating revenue, net | 1,115,210 | 1,009,884 |
Other non-operating revenue | 422 | 698 |
Total revenue | 1,115,632 | 1,010,582 |
Interest expense | (105,990) | (79,875) |
Provision for credit losses | 0 | 0 |
Changes in fair value of loans | (689,577) | (577,069) |
Net margin | 320,065 | 353,638 |
Income before income taxes | 116,522 | 146,577 |
Income tax expense | (23,709) | (14,122) |
Assets | 2,602,615 | 2,295,092 |
Auto Finance [Member] | ||
Consumer loans, including past due fees | 39,128 | 35,183 |
Fees and related income on earning assets | 84 | 82 |
Other revenue | 824 | 955 |
Total operating revenue, net | 40,036 | 36,220 |
Other non-operating revenue | 208 | 111 |
Total revenue | 40,244 | 36,331 |
Interest expense | (3,352) | (1,976) |
Provision for credit losses | (2,152) | (1,252) |
Changes in fair value of loans | 0 | 0 |
Net margin | 34,740 | 33,103 |
Income before income taxes | 12,036 | 2,695 |
Income tax expense | (2,895) | (538) |
Assets | $ 103,830 | $ 92,722 |
Note 4 - Shareholders' Equity_2
Note 4 - Shareholders' Equity and Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 29, 2023 | Aug. 10, 2022 | |
Stock Repurchased and Retired During Period, Shares (in shares) | 575,156 | 1,674,161 | |||
Stock Repurchased and Retired During Period, Value | $ 17,600 | $ 88,900 | |||
Maximum [Member] | |||||
Common Stock Aggregate Offering Price | $ 50,000 | ||||
Series B Preferred Stock [Member] | |||||
Stock Repurchased and Retired During Period, Shares (in shares) | 1,806 | 3,500 | |||
Stock Repurchased and Retired During Period, Value | $ 29,000 | $ 69,000 | |||
Series B Preferred Stock [Member] | Maximum [Member] | |||||
Preferred Stock, Aggregate Offering Price | $ 100,000 | ||||
Series B Preferred Stock [Member] | Public Offering [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 3,188,533 | 53,727 | 19,607 | ||
Preferred Stock, Dividend Rate, Percentage | 7.625% | ||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 25 | ||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 76,500 | $ 1,100 | $ 400 | ||
Preferred Stock, Dividends Per Share, Declared (in dollars per share) | $ 1.90625 | ||||
Common Shares [Member] | Public Offering [Member] | |||||
Proceeds from Issuance of Common Stock | $ 0 |
Note 5 - Redeemable Preferred_2
Note 5 - Redeemable Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | |||||
Dec. 27, 2019 | Mar. 31, 2020 | Dec. 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 | $ 40 | $ 40 | |||
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 | |||||
Extinguishment of Debt, Amount | $ 40 |
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 | Dec. 31, 2023 | Dec. 31, 2022 | |
Loans, interest and fees receivable, at fair value | $ 2,173,759 | $ 1,817,976 | |
Fair Value, Recurring [Member] | |||
Loans at amortized cost for which it is practicable to estimate fair value and which are carried at net amortized cost | [1] | 98,425 | 87,434 |
Loans, interest and fees receivable, at fair value | [1] | 2,173,759 | 1,817,976 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Loans at amortized cost 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 at amortized cost 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 at amortized cost for which it is practicable to estimate fair value and which are carried at net amortized cost | [1] | 105,409 | 94,968 |
Loans, interest and fees receivable, at fair value | [1] | $ 2,173,759 | $ 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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 1,817,976 | $ 1,026,424 |
Changes in fair value of loans at fair value, included in earnings | 71,024 | (32,574) |
Changes in fair value due to principal charge-offs, net of recoveries | (538,146) | (367,213) |
Changes in fair value due to finance and fee charge-offs | (222,455) | (177,282) |
Purchases | 2,427,095 | 2,466,676 |
Finance and fees, added to the account balance | 970,006 | 874,749 |
Settlements | (2,351,741) | (2,287,789) |
Balance | 2,173,759 | 1,817,976 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | $ 0 | 314,985 |
Balance | $ 0 |
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 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Loans, interest and fees receivable, at fair value | $ 2,173,759 | $ 1,817,976 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | |||
Loans, interest and fees receivable, at fair value | $ 2,173,759 | $ 1,817,976 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Minimum [Member] | |||
Loans and fees receivable, measurement input | [1] | 0.283 | 0.247 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Maximum [Member] | |||
Loans and fees receivable, measurement input | [1] | 0.384 | 0.361 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Weighted Average [Member] | |||
Loans and fees receivable, measurement input | [1] | 0.345 | 0.316 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Minimum [Member] | |||
Loans and fees receivable, measurement input | [1] | 0.095 | 0.053 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Maximum [Member] | |||
Loans and fees receivable, measurement input | [1] | 0.096 | 0.114 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Weighted Average [Member] | |||
Loans and fees receivable, measurement input | [1] | 0.095 | 0.103 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Minimum [Member] | |||
Loans and fees receivable, measurement input | [1] | 0.308 | 0.092 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Maximum [Member] | |||
Loans and fees receivable, measurement input | [1] | 0.356 | 0.303 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Weighted Average [Member] | |||
Loans and fees receivable, measurement input | [1] | 0.327 | 0.302 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Minimum [Member] | |||
Loans and fees receivable, measurement input | [1] | 0.03 | 0.035 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Maximum [Member] | |||
Loans and fees receivable, measurement input | [1] | 0.034 | 0.064 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Weighted Average [Member] | |||
Loans and fees receivable, measurement input | [1] | 0.032 | 0.036 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | |||
Loans and fees receivable, measurement input | [1] | 0.071 | 0.098 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | |||
Loans and fees receivable, measurement input | [1] | 0.131 | 0.105 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | |||
Loans and fees receivable, measurement input | [1] | 0.10 | 0.101 |
[1]Weighted average rates are calculated using the quotient of the gross outstanding balance of receivables at period end for each pool of receivables and the entire pool of receivables multiplied by the applicable rate for each pool of receivables |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Revolving credit facilities | $ 1,838,647 | $ 1,630,111 |
Amortizing debt facilities | 23,038 | 23,195 |
Senior notes, net | 144,453 | 144,385 |
Senior notes, net | 144,453 | 144,385 |
Fair Value, Inputs, Level 1 [Member] | ||
Revolving credit facilities | 0 | 0 |
Amortizing debt facilities | 0 | 0 |
Senior notes, net | 138,229 | 125,640 |
Senior notes, net | 138,229 | 125,640 |
Fair Value, Inputs, Level 2 [Member] | ||
Revolving credit facilities | 0 | 0 |
Amortizing debt facilities | 0 | 0 |
Senior notes, net | 0 | 0 |
Senior notes, net | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Revolving credit facilities | 1,838,647 | 1,630,111 |
Amortizing debt facilities | 23,038 | 23,195 |
Senior notes, net | 0 | 0 |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Loans, interest and fees receivable, at fair value | $ 2,173,759 | $ 1,817,976 |
Loans and Fees Receivable at Fair Value [Member] | ||
Aggregate unpaid gross balance of loans at fair value | 507 | 786 |
Aggregate unpaid principal balance included within loans at fair value | 491 | 760 |
Loans, interest and fees receivable, at fair value | 508 | 765 |
Aggregate fair value of loans at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) | 0 | 3 |
Unpaid principal balance of loans at fair value and are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) over the fair value of such loans, interest and fees receivable | 9 | 4 |
Loans and Fees Receivable Pledged as Collateral, Fair Value [Member] | ||
Aggregate unpaid gross balance of loans at fair value | 2,410,748 | 2,119,340 |
Aggregate unpaid principal balance included within loans at fair value | 2,176,845 | 1,910,090 |
Loans, interest and fees receivable, at fair value | 2,173,251 | 1,817,211 |
Aggregate fair value of loans at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) | 29,149 | 8,362 |
Unpaid principal balance of loans 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 | $ 147,803 | $ 144,767 |
Note 7 - Property (Details Text
Note 7 - Property (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation | $ 2.6 | $ 2.2 |
Note 7 - Property - Schedule of
Note 7 - Property - Schedule of Property (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, plant and equipment | $ 18,368 | $ 14,571 |
Less accumulated depreciation | (6,923) | (4,558) |
Property, net | 11,445 | 10,013 |
Software and Software Development Costs [Member] | ||
Property, plant and equipment | 850 | 850 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment | 3,286 | 2,872 |
Data Processing and Telephone Equipment [Member] | ||
Property, plant and equipment | 684 | 502 |
Leasehold Improvements [Member] | ||
Property, plant and equipment | 5,972 | 3,437 |
Other Capitalized Property Plant and Equipment [Member] | ||
Property, plant and equipment | $ 7,576 | $ 6,910 |
Note 8 - Variable Interest En_3
Note 8 - Variable Interest Entities - Summary of Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Unrestricted cash and cash equivalents | $ 339,338 | $ 384,984 |
Restricted cash and cash equivalents | 44,315 | 48,208 |
Loans, interest and fees receivable, at fair value | 2,173,759 | 1,817,976 |
Total Assets held by VIEs | 2,706,445 | 2,387,814 |
Notes Payable, net held by VIEs | 1,861,685 | 1,653,306 |
Maximum exposure to loss due to involvement with VIEs | 2,099,000 | 1,756,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Unrestricted cash and cash equivalents | 158,000 | 202,200 |
Restricted cash and cash equivalents | 20,500 | 27,600 |
Loans, interest and fees receivable, at fair value | 2,128,600 | 1,735,900 |
Total Assets held by VIEs | 2,307,100 | 1,965,700 |
Notes Payable, net held by VIEs | $ 1,795,900 | $ 1,586,000 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) $ in Millions | 12 Months Ended | |
Dec. 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) | 11 years |
Note 9 - Leases - Lease Cost (D
Note 9 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating lease cost, gross | $ 2,558 | $ 4,431 |
Sublease income | (96) | (2,165) |
Net Operating lease cost | 2,462 | 2,266 |
Cash paid under operating leases, gross | $ 1,871 | $ 4,053 |
Weighted average remaining lease term - months (Month) | 122 months | 133 months |
Weighted average discount rate | 6.60% | 6.50% |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024, gross | $ 2,948 | |
2024, payments received from sublease | (40) | |
2024, net lease payment | 2,908 | |
2025, gross | 2,807 | |
2025, payments received from sublease | 0 | |
2025, net lease payment | 2,807 | |
2026, gross | 2,672 | |
2026, payments received from sublease | 0 | |
2026, net lease payment | 2,672 | |
2027, gross | 2,555 | |
2027, payments received from sublease | 0 | |
2027, net lease payment | 2,555 | |
2028, gross | 2,536 | |
2028, payments received from sublease | 0 | |
2028, net lease payment | 2,536 | |
Thereafter, gross | 14,848 | |
Thereafter, payments received from sublease | 0 | |
Thereafter, net lease payment | 14,848 | |
Gross, gross | 28,366 | |
Sublease income, payments received from sublease | (40) | |
Lease payments, net lease payment | 28,326 | |
Less imputed interest, gross | (8,186) | |
Total, net | $ 20,180 | $ 20,112 |
Note 10 - Notes Payable (Detail
Note 10 - Notes Payable (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Nov. 30, 2023 | Sep. 30, 2023 | 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 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | May 31, 2023 | Jan. 31, 2021 | Aug. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2015 | |||
Long-Term Line of Credit | $ 1,838,647 | $ 1,630,111 | |||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 250,000 | $ 100,000 | $ 200,000 | ||||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure (Year) | 41 months | 3 years | 3 years | ||||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 18 months | 18 months | |||||||||||||||||||||
Asset Backed Securities, Weighted Average Interest Rate | 4.10% | 5.47% | 4.91% | ||||||||||||||||||||
Term Note [Member] | |||||||||||||||||||||||
Long-term Debt, Total | $ 17,400 | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | ||||||||||||||||||||||
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% | ||||||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure (Year) | 24 months | ||||||||||||||||||||||
Senior Notes [Member] | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.125% | ||||||||||||||||||||||
Debt Instrument, Face Amount | $ 150,000 | ||||||||||||||||||||||
Amortization of Debt Issuance Costs | 1,400 | 1,400 | |||||||||||||||||||||
Debt Instrument, Repurchased Face Amount | 1,400 | 0 | |||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 12 months | ||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 18 months | ||||||||||||||||||||||
Revolving Credit Facility Expiring October 30, 2025 [Member] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | [1] | 50,000 | $ 50,000 | |||||||||||||||||||
Long-Term Line of Credit | [2],[3],[4],[5] | 38,600 | [1] | 50,000 | |||||||||||||||||||
Revolving Credit Facility Expiring November 1, 2025 1[Member] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 65,000 | ||||||||||||||||||||||
Long-Term Line of Credit | 42,700 | ||||||||||||||||||||||
Revolving Credit Facility Expiring July 20, 2025 [Member] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | [1] | 50,000 | $ 50,000 | |||||||||||||||||||
Long-Term Line of Credit | [2],[3],[4],[5] | 47,500 | [1] | 24,600 | |||||||||||||||||||
Revolving Credit Facility Expiring December 15, 2025 [Member] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | [1] | 100,000 | $ 100,000 | |||||||||||||||||||
Long-Term Line of Credit | [2],[3],[4],[5],[6] | 0 | [1] | 0 | |||||||||||||||||||
Revolving Credit Facility Expiring December 11, 2024 [Member] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000 | [1] | 20,000 | $ 20,000 | |||||||||||||||||||
Long-Term Line of Credit | [2],[3],[4],[5] | 14,300 | [1] | 11,100 | |||||||||||||||||||
Revolving Credit Facility Expiring July 31, 2026 [Member] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 35,000 | [1] | 35,000 | $ 35,000 | |||||||||||||||||||
Long-Term Line of Credit | [2],[3],[4],[5] | 15,000 | [1] | 25,000 | |||||||||||||||||||
Revolving Credit Facility Expiring December 15, 2026 [Member] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 300,000 | [1] | 300,000 | ||||||||||||||||||||
Long-Term Line of Credit | [2],[3],[4],[6] | 300,000 | [1] | 300,000 | |||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 300,000 | ||||||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure (Year) | 4 years | ||||||||||||||||||||||
Asset Backed Securities, Weighted Average Interest Rate | 4.24% | ||||||||||||||||||||||
Revolving Credit Facility Expiring December 15, 2026 [Member] | Minimum [Member] | |||||||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 11 months | ||||||||||||||||||||||
Revolving Credit Facility Expiring December 15, 2026 [Member] | Maximum [Member] | |||||||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 18 months | ||||||||||||||||||||||
Revolving Credit Facility Expiring May 15, 2026 [Member] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 300,000 | [1] | 300,000 | ||||||||||||||||||||
Long-Term Line of Credit | [2],[3],[4],[6] | 300,000 | [1] | 300,000 | |||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 300,000 | ||||||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure (Year) | 3 years | ||||||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 18 months | ||||||||||||||||||||||
Asset Backed Securities, Weighted Average Interest Rate | 3.53% | ||||||||||||||||||||||
Revolving Credit Facility Expiring January 15, 2029 [Member] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | 250,000 | [1] | 250,000 | |||||||||||||||||||
Long-Term Line of Credit | [2],[3],[4],[6] | 250,000 | [1] | 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% | ||||||||||||||||||||||
Revolving Credit Facility Expiring August 5, 2024 [Member] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | ||||||||||||||||||||||
Long-Term Line of Credit | 50,000 | ||||||||||||||||||||||
Revolving Credit Facility Expiring March 15, 2027 [Member] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | [1] | 100,000 | ||||||||||||||||||||
Long-Term Line of Credit | [2],[3],[4],[6] | 100,000 | [1] | 100,000 | |||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 100,000 | ||||||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure (Year) | 3 years | ||||||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 18 months | ||||||||||||||||||||||
Asset Backed Securities, Weighted Average Interest Rate | 7.32% | ||||||||||||||||||||||
Revolving Credit Facility Expiring May 26, 2026 [Member] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000 | [1] | 20,000 | $ 20,000 | |||||||||||||||||||
Long-Term Line of Credit | [2],[3],[4] | 0 | [1] | 0 | |||||||||||||||||||
Revolving Credit Facility Expiring February 15, 2028 [Member] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 300,000 | [1] | 300,000 | ||||||||||||||||||||
Long-Term Line of Credit | [2],[3],[4],[6] | 300,000 | [1] | 0 | |||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 300,000 | ||||||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure (Year) | 3 years | ||||||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 18 years | ||||||||||||||||||||||
Asset Backed Securities, Weighted Average Interest Rate | 9.51% | ||||||||||||||||||||||
Revolving Credit Facility Expiring May 17, 2027 [Member] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000 | [1] | 150,000 | ||||||||||||||||||||
Long-Term Line of Credit | [2],[3],[4],[6] | $ 150,000 | [1] | $ 0 | |||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 150,000 | ||||||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure (Year) | 2 years | ||||||||||||||||||||||
Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 18 years | ||||||||||||||||||||||
Asset Backed Securities, Weighted Average Interest Rate | 9.39% | ||||||||||||||||||||||
Prime Rate [Member] | |||||||||||||||||||||||
Debt Instrument, Variable Rate | 8.50% | ||||||||||||||||||||||
Prime Rate [Member] | Revolving Credit Facility Expiring July 31, 2026 [Member] | Minimum [Member] | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4% | ||||||||||||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||||||||||||||||
Debt Instrument, Variable Rate | 5.38% | ||||||||||||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Credit Facility Expiring October 30, 2025 [Member] | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3% | ||||||||||||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Credit Facility Expiring November 1, 2025 1[Member] | Minimum [Member] | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||||||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Credit Facility Expiring November 1, 2025 1[Member] | Maximum [Member] | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.60% | ||||||||||||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Credit Facility Expiring July 20, 2025 [Member] | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.60% | ||||||||||||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Credit Facility Expiring December 15, 2025 [Member] | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||||||||||||||||||||
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% | ||||||||||||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Credit Facility Expiring May 26, 2026 [Member] | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||||||||||||||||||||
[1]As of December 31, 2023, the Prime Rate was 8.50% and the Secured Overnight Financing Rate ("SOFR") was 5.38%.[2]Loans are associated with VIEs. See Note 8, "Variable Interest Entities" for more information.[3]Loans are subject to certain affirmative covenants tied to default rates and other performance metrics the failure of which could result in required early repayment of the remaining unamortized balances of the notes.[4]See below for additional information.[5]These notes reflect modifications to either extend the maturity date, increase the loan amount or both, and are treated as accounting modifications.[6]Creditors do not have recourse against the general assets of the Company but only to the collateral within the VIEs. |
Note 10 - Notes Payable - Sched
Note 10 - Notes Payable - Schedule of Notes Payable at Face Value and Notes Payable to Related Parties (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Revolving credit facilities | $ 1,838,647 | $ 1,630,111 | ||
Amortizing debt facilities | 23,038 | 23,195 | ||
Total notes payable before unamortized debt issuance costs and discounts | 1,881,100 | [1] | 1,666,900 | |
Unamortized debt issuance costs and discounts | (19,400) | [1] | (13,600) | |
Total notes payable outstanding, net | 1,861,700 | [1] | 1,653,300 | |
Other Secured Debt [Member] | ||||
Amortizing debt facilities | 5,600 | [1] | 5,800 | |
Phoenix [Member] | ||||
Unsecured term debt (expiring August 26, 2024) with a weighted average interest rate equal to 8.0% (3) | [2] | 17,400 | [1] | 17,400 |
Revolving Credit Facility Expiring November 1, 2025 [Member] | ||||
Revolving credit facilities | [2],[3],[4] | 42,700 | [1] | 44,100 |
Revolving Credit Facility Expiring October 30, 2025 [Member] | ||||
Revolving credit facilities | [2],[4],[5],[6] | 38,600 | [1] | 50,000 |
Revolving Credit Facility Expiring December 15, 2025 [Member] | ||||
Revolving credit facilities | [2],[4],[5],[6],[7] | 0 | [1] | 0 |
Revolving Credit Facility Expiring July 20, 2025 [Member] | ||||
Revolving credit facilities | [2],[4],[5],[6] | 47,500 | [1] | 24,600 |
Revolving Credit Facility Expiring December 11, 2024 [Member] | ||||
Revolving credit facilities | [2],[4],[5],[6] | 14,300 | [1] | 11,100 |
Revolving Credit Facility Paid Off September 2023 [Member] | ||||
Revolving credit facilities | 0 | [1] | 188,900 | |
Revolving Credit Facility Paid Off November 2023 [Member] | ||||
Revolving credit facilities | [2],[5],[6],[7] | 0 | [1] | 100,000 |
Revolving Credit Facility Expiring October 15, 2025 [Member] | ||||
Revolving credit facilities | [2],[5],[6],[7] | 250,000 | [1] | 250,000 |
Revolving Credit Facility Expiring July 31, 2026 [Member] | ||||
Revolving credit facilities | [2],[4],[5],[6] | 15,000 | [1] | 25,000 |
Revolving Credit Facility Expiring December 15, 2026 [Member] | ||||
Revolving credit facilities | [2],[5],[6],[7] | 300,000 | [1] | 300,000 |
Revolving Credit Facility Expiring September 1, 2025 [Member] | ||||
Revolving credit facilities | [2],[4],[5],[6],[7] | 0 | [1] | 0 |
Revolving Credit Facility Expiring May 15, 2026 [Member] | ||||
Revolving credit facilities | [2],[5],[6],[7] | 300,000 | [1] | 300,000 |
Revolving Credit Facility Expiring January 15, 2029 [Member] | ||||
Revolving credit facilities | [2],[5],[6],[7] | 250,000 | [1] | 250,000 |
Revolving Credit Facility Expiring August 25, 2024 [Member] | ||||
Revolving credit facilities | [2],[5],[6],[7] | 50,000 | [1] | 0 |
Revolving Credit Facility Expiring March 15, 2027 [Member] | ||||
Revolving credit facilities | [2],[5],[6],[7] | 100,000 | [1] | 100,000 |
Revolving Credit Facility Expiring May 26, 2026 [Member] | ||||
Revolving credit facilities | [2],[5],[6] | 0 | [1] | 0 |
Revolving Credit Facility Expiring February 15, 2028 [Member] | ||||
Revolving credit facilities | [2],[5],[6],[7] | 300,000 | [1] | 0 |
Revolving Credit Facility Expiring May 17, 2027 [Member] | ||||
Revolving credit facilities | [2],[5],[6],[7] | $ 150,000 | [1] | $ 0 |
[1]As of December 31, 2023, the Prime Rate was 8.50% and the Secured Overnight Financing Rate ("SOFR") was 5.38%.[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 8, "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 - Notes Payable - Sch_2
Note 10 - Notes Payable - Schedule of Notes Payable at Face Value and Notes Payable to Related Parties (Details) (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2023 | [1] | Dec. 31, 2022 | May 31, 2023 | May 31, 2022 | Jan. 31, 2021 | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2015 | |
Phoenix [Member] | ||||||||||
Interest rate | 8% | 8% | ||||||||
Debt maturity | Aug. 26, 2024 | Aug. 26, 2024 | ||||||||
Revolving Credit Facility Expiring November 1, 2025 [Member] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 65 | $ 65 | ||||||||
Revolving credit facility, expiration date | Nov. 01, 2025 | Nov. 01, 2025 | ||||||||
Revolving Credit Facility [Member] | ||||||||||
Amount of securing assets | $ 2,252.9 | $ 1,856.2 | ||||||||
Interest rate | 6.30% | 5.10% | ||||||||
Revolving Credit Facility Expiring October 30, 2025 [Member] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 50 | $ 50 | $ 50 | |||||||
Revolving credit facility, expiration date | Oct. 30, 2025 | Oct. 30, 2025 | ||||||||
Revolving Credit Facility Expiring December 15, 2025 [Member] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 100 | $ 100 | $ 100 | |||||||
Revolving credit facility, expiration date | Dec. 15, 2025 | Dec. 15, 2025 | ||||||||
Revolving Credit Facility Expiring July 20, 2025 [Member] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 50 | $ 50 | $ 50 | |||||||
Revolving credit facility, expiration date | Jul. 20, 2025 | Jul. 20, 2025 | ||||||||
Revolving Credit Facility Expiring December 11, 2024 [Member] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 20 | $ 20 | $ 20 | |||||||
Revolving credit facility, expiration date | Dec. 11, 2024 | Dec. 11, 2024 | ||||||||
Revolving Credit Facility Paid Off September 2023 [Member] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 200 | $ 200 | ||||||||
Revolving credit facility, pay off date | Sep. 30, 2023 | Sep. 30, 2023 | ||||||||
Revolving Credit Facility Paid Off November 2023 [Member] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 88.9 | $ 88.9 | ||||||||
Revolving credit facility, pay off date | Nov. 30, 2023 | Nov. 30, 2023 | ||||||||
Revolving Credit Facility Expiring October 15, 2025 [Member] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 250 | $ 250 | ||||||||
Revolving credit facility, expiration date | Oct. 15, 2025 | Oct. 15, 2025 | ||||||||
Revolving Credit Facility Expiring July 31, 2026 [Member] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 35 | $ 35 | $ 35 | |||||||
Revolving credit facility, expiration date | Jul. 31, 2026 | Jul. 31, 2026 | ||||||||
Revolving Credit Facility Expiring December 15, 2026 [Member] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 300 | $ 300 | ||||||||
Revolving credit facility, expiration date | Dec. 15, 2026 | Dec. 15, 2026 | ||||||||
Revolving Credit Facility Expiring September 1, 2025 [Member] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 75 | $ 75 | ||||||||
Revolving credit facility, expiration date | Sep. 01, 2025 | Sep. 01, 2025 | ||||||||
Revolving Credit Facility Expiring May 15, 2026 [Member] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 300 | $ 300 | ||||||||
Revolving credit facility, expiration date | May 15, 2026 | May 15, 2026 | ||||||||
Revolving Credit Facility Expiring January 15, 2029 [Member] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 250 | $ 250 | $ 250 | |||||||
Revolving credit facility, expiration date | Jan. 15, 2029 | Jan. 15, 2029 | ||||||||
Revolving Credit Facility Expiring August 25, 2024 [Member] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 100 | $ 100 | ||||||||
Revolving credit facility, expiration date | Aug. 05, 2024 | Aug. 05, 2024 | ||||||||
Revolving Credit Facility Expiring March 15, 2027 [Member] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 100 | $ 100 | ||||||||
Revolving credit facility, expiration date | Mar. 15, 2027 | Mar. 15, 2027 | ||||||||
Revolving Credit Facility Expiring May 26, 2026 [Member] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 20 | $ 20 | $ 20 | |||||||
Revolving credit facility, expiration date | May 26, 2026 | May 26, 2026 | ||||||||
Revolving Credit Facility Expiring February 15, 2028 [Member] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 300 | $ 300 | ||||||||
Revolving credit facility, expiration date | Feb. 15, 2028 | Feb. 15, 2028 | ||||||||
Revolving Credit Facility Expiring May 17, 2027 [Member] | ||||||||||
Revolving credit facility, maximum borrowing capacity | $ 150 | $ 150 | ||||||||
Revolving credit facility, expiration date | May 17, 2027 | May 17, 2027 | ||||||||
[1]As of December 31, 2023, the Prime Rate was 8.50% and the Secured Overnight Financing Rate ("SOFR") was 5.38%. |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Assets | $ 2,706,445 | $ 2,387,814 |
Customer Concentration Risk [Member] | Private Label Credit Receivable [Member] | ||
Number of Major Customers | 5 | |
Customer Concentration Risk [Member] | Private Label Credit Receivable [Member] | Five Largest Retail Partners [Member] | ||
Concentration Risk, Percentage | 70% | |
Asset Pledged as Collateral [Member] | Contractual Obligations [Member] | ||
Assets | $ 23,800 | |
Unfunded Individual Credit Commitment [Member] | ||
Other Commitment | 2,500 | |
Unfunded Outstanding Floor-Plan Financing Commitment [Member] | ||
Other Commitment | 10,200 | |
Credit Protection Program [Member] | ||
Loss Contingency, Estimate of Possible Loss | $ 75,200 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 20.60% | 9.80% |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 400 | |
Deferred Tax Assets, Valuation Allowance | 18,729 | $ 20,699 |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 35,199 | 22,626 |
Deferred Tax Assets, State Taxes | $ 26,550 | 28,796 |
Open Tax Year | 2019 2020 2021 2022 2023 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 1,100 | 900 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,100 | $ 900 |
Domestic Tax Authority [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 167,300 | |
State and Local Jurisdiction [Member] | ||
Deferred Tax Assets, Valuation Allowance | $ 18,200 |
Note 12 - Income Taxes - Schedu
Note 12 - Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current tax benefit, federal | $ 11,536 | $ 4,352 |
Deferred tax (expense), federal | (34,056) | (16,623) |
Total federal income tax (expense) | (22,520) | (12,271) |
Current tax (expense) | (124) | (183) |
Deferred tax benefit | 10 | 3 |
Total foreign income tax (expense) | (114) | (180) |
Current tax (expense) benefit | (191) | 2,146 |
Deferred tax (expense) | (3,779) | (4,355) |
Total state and other income tax (expense) | (3,970) | (2,209) |
Total income tax (expense) | $ (26,604) | $ (14,660) |
Note 12 - Income Taxes - Sche_2
Note 12 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statutory federal expense rate | 21% | 21% |
Share-based compensation | (2.30%) | (10.50%) |
Section 162(m) of the Code executive compensation deduction limitations | 2.30% | 0.20% |
Net interest and penalties related to uncertain tax positions and unpaid tax liabilities | 0.10% | 0.10% |
Interest expense on preferred stock classified as debt for tax purposes | (2.60%) | (2.30%) |
Foreign taxes | (0.20%) | (0.20%) |
State taxes, net of federal tax benefit | 3.90% | 2.70% |
Valuation allowances changes affecting the provision for income taxes | (1.50%) | (1.30%) |
Prior year provision to return reconciling items, tax effects of non-controlling interests, and other | (0.40%) | (0.10%) |
Global intangible low-taxed income tax | 0.30% | 0.20% |
Effective tax expense rate | 20.60% | 9.80% |
Note 12 - Income Taxes - Sche_3
Note 12 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Capitalized research and experimentation expenditures and fixed assets | $ 1,612 | $ 1,445 |
Provision for credit loss | 1,791 | 1,716 |
Credit card and other loans receivable fair value election differences | 54,208 | 70,966 |
Equity-based compensation | 1,594 | 1,327 |
Accrued expenses | 183 | 156 |
Accruals for state taxes and interest associated with unrecognized tax benefits and unpaid accrued tax liabilities | 235 | 195 |
Federal net operating loss carry-forwards | 35,199 | 22,626 |
Federal credit carry-forward | 231 | 0 |
Foreign net operating loss carry-forward | 221 | 304 |
Other | 1,609 | 1,056 |
State tax benefits, primarily from net operating losses | 26,550 | 28,796 |
Deferred tax assets, gross | 123,433 | 128,587 |
Valuation allowances | (18,729) | (20,699) |
Deferred tax assets, net of valuation allowances | 104,704 | 107,888 |
Prepaid expenses and other | (1,096) | (1,030) |
Equity in income of equity-method investee | (945) | (792) |
Market discount on acquired marked discount bonds | (190,918) | (155,879) |
Deferred costs | (24) | (641) |
Deferred tax (liabilities), gross | (192,983) | (158,342) |
Deferred tax (liabilities), net | $ (88,279) | $ (50,454) |
Note 12 - Income Taxes - Unreco
Note 12 - Income Taxes - Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ (22,692) | $ (605) |
Reductions based on tax positions related to prior years | 21,983 | 79 |
(Additions) based on tax positions related to prior years | 0 | (11,965) |
(Additions) based on tax positions related to the current year | (29) | (10,201) |
Balance | $ (738) | $ (22,692) |
Note 13 - Net Income Attribut_3
Note 13 - Net Income Attributable to Controlling Interests Per Common Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Weighted Average Number of Shares, Unvested Share-based Payment Awards, Basic (in shares) | 230,428 | 137,046 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 100,000 | 100,000 |
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 13 - Net Income Attribut_4
Note 13 - Net Income Attributable to Controlling Interests Per Common Share - Summary of Earning Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Net income attributable to controlling interests | $ 102,845 | $ 135,597 | |
Preferred stock and preferred unit dividends and discount accretion | (25,198) | (25,076) | |
Net income attributable to common shareholders—basic | 77,647 | 110,521 | |
Effect of dilutive preferred stock dividends and discount accretion | 2,400 | 2,400 | |
Net income attributable to common shareholders—diluted | $ 80,047 | $ 112,921 | |
Basic (including unvested share-based payment awards) (1) (in shares) | [1] | 14,504 | 14,629 |
Effect of dilutive stock compensation arrangements and exchange of preferred stock (in shares) | 4,378 | 4,747 | |
Diluted (including unvested share-based payment awards) (1) (in shares) | [1] | 18,882 | 19,376 |
Net income attributable to common shareholders per common share—basic (in dollars per share) | $ 5.35 | $ 7.55 | |
Net income attributable to common shareholders per common share—diluted (in dollars per share) | $ 4.24 | $ 5.83 | |
[1]Shares related to unvested share-based payment awards included in our basic and diluted share counts were 230,428 for the year ended December 31, 2023, compared to 137,046 for the year ended December 31, 2022. |
Note 14 - Stock-based Compens_3
Note 14 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation, Tax Charges to Additional Paid in Capital From Exercise and Vesting | $ 0 | $ 0 | |
Restricted Stock [Member] | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares) | 148,546 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 105,360 | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount | $ 3,700 | $ 4,900 | |
Share-Based Payment Arrangement, Expense | 3,100 | 2,600 | |
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 3,900 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 7 months 6 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 | $ 700 | 1,600 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 6 months | ||
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 | 0 | |
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 100 | $ 800 | |
Employee Stock Purchase Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 500,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 47,111 | ||
The Fourth Amended 2014 Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 5,750,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 2,134,266 |
Note 14 - Stock-based Compens_4
Note 14 - Stock-based Compensation - Summary of Restricted Stock and Restricted Stock Units (Details) - Restricted Stock and Restricted Stock Units [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Outstanding (in shares) | shares | 147,317 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 40.88 |
Issued (in shares) | shares | 152,446 |
Issued, weighted average grant date fair value (in dollars per share) | $ / shares | $ 25.26 |
Vested (in shares) | shares | (51,638) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 33.51 |
Forfeited (in shares) | shares | (3,900) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 37.51 |
Outstanding (in shares) | shares | 244,225 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 32.75 |
Note 14 - Stock-based Compens_5
Note 14 - Stock-based Compensation - Summary of Outstanding Options (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Outstanding (in shares) | shares | 802,163 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 12.23 |
Exercised (in shares) | shares | (576,758) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 5.9 |
Expired/Forfeited (in shares) | shares | (1,999) |
Expired/Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 15.3 |
Outstanding (in shares) | shares | 223,406 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 28.52 |
Outstanding, weighted average remaining contractual life (Year) | 2 years 2 months 12 days |
Outstanding, aggregate intrinsic value | $ | $ 2,502,824 |
Exercisable (in shares) | shares | 178,790 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 26.31 |
Exercisable, weighted average remaining contractual life (Year) | 2 years 1 month 6 days |
Exercisable, aggregate intrinsic value | $ | $ 2,366,192 |
Note 14 - Stock-based Compens_6
Note 14 - Stock-based Compensation - Information of Stock Options Granted, Exercised and Vested (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Proceeds from exercise of stock options | $ 3,405 | $ 3,731 |
Aggregate intrinsic value of options exercised | 15,497 | 74,296 |
Grant date fair value of shares vested | $ 1,435 | $ 1,802 |
Note 15 - Employee Benefit Pl_2
Note 15 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 748,734 | $ 341,245 |
Employee Stock Purchase Plan, Percent of Wages Withheld, Maximum | 10% | |
Employee Stock Purchase Plan, Max Annual Contribution by Employees | $ 10,000 | |
Percent of Purchase Price to Company's Common Stock on Last Day of Offering Period | 85% | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 108,351 | $ 107,995 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 3,929 | 3,280 |
Employee Stock Purchase Plan, Shares Authorized (in shares) | 100,000 | |
Employee Stock Purchase Plan, Employer Expense During Period | $ 35,691 | $ 35,348 |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Details Textual) | 12 Months Ended | |||||
Dec. 27, 2019 USD ($) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2020 ft² | Nov. 26, 2014 USD ($) | Jun. 30, 2007 ft² | |
Related Party Transaction, Percent of Common Stock Purchase to Trigger Share Sale | 50% | |||||
Debt Satisfied By Issuance of Series A Preferred Stock [Member] | ||||||
Debt Conversion, Original Debt, Amount | $ 40,000,000 | |||||
Series A Preferred Stock [Member] | ||||||
Temporary Equity, Shares Issued (in shares) | shares | 400,000 | 400,000 | 400,000 | |||
Chief Executive Officer [Member] | ||||||
Area of Real Estate Property (Square Foot) | ft² | 3,100 | 1,000 | ||||
Chief Executive Officer [Member] | Operating Lease in Atlanta, Georgia [Member] | ||||||
Related Party Transaction, Amounts of Transaction | $ 95,653 | $ 62,422 | ||||
Related Party Transaction, Aggregate Amount of Payments | 40,184 | |||||
Chief Executive Officer [Member] | Atlanticus Leased Employees by HBR [Member] | ||||||
Related Party Transaction, Amounts of Transaction | $ 605,374 | 404,302 | ||||
Dove Ventures, LLC [Member] | Senior Secured Term Loan Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | |||||
Axiom Bank [Member] | ||||||
Related Party Transaction, Amounts of Transaction | $ 1,000,000 |