Atlanticus Holdings Corporation (NASDAQ: ATLC) (“Atlanticus,” “the
Company”, “we,” “our” or “us”), a financial technology company
which enables its bank, retail and healthcare partners to offer
more inclusive financial services to millions of everyday
Americans, today announced its financial results for the fourth
quarter and full year ended December 31, 2021.
Financial and Operating
Highlights
Fourth Quarter 2021 compared to Fourth Quarter
2020
- Total operating revenue increased
54.4% to $216.5 million.
- Purchase volume increased 58.5% to
$616.3 million.
- Number of total customers served(1)
at period end increased 52.5% to 2.7 million.
- Managed receivables(2) at period
end associated with Credit as a Service Segment increased
47.7% to $1.6 billion, and 11.4% over third quarter 2021.
- Net income attributable to
common shareholders increased 99.5% to $43.7 million, or $2.13 per
diluted common share, an increase of 88.5%.
Full Year 2021 compared to Full Year 2020
- Total operating revenue increased
32.8% to $743.9 million.
- Purchase volume increased 57.5% to
$2.2 billion.
- Net income attributable to
common shareholders increased 101.9% to $155.5 million, or $7.56
per diluted common share, an increase of 91.4%.
- Adjusted net income(2), which
adjusts for the $29.4 million ($24.1 million tax effected) loss on
repurchase and redemption of convertible senior notes, increased
133.1% to $179.6 million, or $8.70 per diluted common share, an
increase of 120.3%.
(1) In our calculation of total customers, we
include all customers with account activity and customers who have
open lines of credit at the end of the referenced period.
(2) Managed receivables and adjusted net income
are non-GAAP financial measures. See “Non-GAAP Financial Measures”
for important additional information.
Management Commentary
Jeff Howard, President and Chief Executive
Officer, stated, "In 2021 Atlanticus achieved another year of
exceptional growth in customers served, managed assets, revenue and
profitability, reflecting the appeal of our value-added financial
solutions for millions of everyday Americans and the strength of
our underlying data, analytics, and technology platform. We have
aggregated insightful, robust data over the course of our 25-year
history, enabling Atlanticus to successfully navigate the pandemic
and deliver outstanding results for our bank, retail and healthcare
partners and their customers. Our core competencies and enhanced
asset quality position Atlanticus for continued growth in the
coming year. We remain very excited about the future and steadfast
in our mission to expand access to financial services and empower
better financial outcomes for an increasing number of consumers.”
Mr. Howard further commented, “We are closely monitoring the impact
of inflation on the customers we serve. Few companies have the
depth of data, across time and through economic cycles, that we
have. As we’ve done throughout our history, we will leverage our
years of experience and data aggregation to guide changes in
underwriting and account management that are appropriate for the
economic environment.”
Fourth Quarter and Year Ended 2021 Financial
Results |
|
|
For the Fourth Quarter Ended Dec.
31, |
|
|
IncomeIncreases (Decreases) |
|
|
PercentageIncreases
(Decreases) |
(In Thousands) |
|
|
2021 |
|
|
|
2020 |
|
|
From 2020 to 2021 |
|
|
From 2020 to 2021 |
Total operating revenue |
|
$ |
216,524 |
|
|
$ |
140,215 |
|
|
$ |
76,309 |
|
|
54.4 |
% |
Other non-operating revenue |
|
|
743 |
|
|
|
2,453 |
|
|
|
(1,710 |
) |
|
(69.7 |
%) |
Total revenue |
|
|
217,267 |
|
|
|
142,668 |
|
|
|
74,599 |
|
|
52.3 |
% |
Interest expense |
|
|
(15,669 |
) |
|
|
(13,034 |
) |
|
|
(2,635 |
) |
|
20.2 |
% |
Provision for losses on loans, interest and fees receivable
recorded at net realizable value |
|
|
(11,986 |
) |
|
|
(25,825 |
) |
|
|
13,839 |
|
|
(53.6 |
%) |
Changes in fair value of loans, interest and fees
receivable and notes payable associated with structured financings
recorded at fair value |
|
|
(73,752 |
) |
|
|
(35,392 |
) |
|
|
(38,360 |
) |
|
108.4 |
% |
Net margin |
|
|
115,860 |
|
|
|
68,417 |
|
|
|
47,443 |
|
|
69.3 |
% |
Total operating expense |
|
|
(52,905 |
) |
|
|
(37,028 |
) |
|
|
(15,877 |
) |
|
42.9 |
% |
Net income |
|
$ |
49,839 |
|
|
$ |
26,631 |
|
|
$ |
23,208 |
|
|
87.1 |
% |
Net income attributable to controlling
interests |
|
$ |
49,977 |
|
|
$ |
26,675 |
|
|
$ |
23,302 |
|
|
87.4 |
% |
Preferred dividends and discount accretion |
|
|
(6,309 |
) |
|
|
(4,787 |
) |
|
|
(1,522 |
) |
|
31.8 |
% |
Net income attributable to common
shareholders |
|
$ |
43,668 |
|
|
$ |
21,888 |
|
|
$ |
21,780 |
|
|
99.5 |
% |
Net income attributable to common shareholders per common
share—basic |
|
$ |
2.91 |
|
|
$ |
1.51 |
|
|
$ |
1.40 |
|
|
92.7 |
% |
Net income attributable to common shareholders per common
share—diluted |
|
$ |
2.13 |
|
|
$ |
1.13 |
|
|
$ |
1.00 |
|
|
88.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
IncomeIncreases(Decreases) |
|
PercentageIncreases(Decreases) |
(In Thousands) |
|
|
2021 |
|
|
|
2020 |
|
|
from 2020 to2021 |
|
from 2020 to2021 |
Total operating revenue |
|
$ |
743,855 |
|
|
$ |
560,007 |
|
|
183,848 |
|
|
32.8 |
% |
Other non-operating revenue |
|
|
4,201 |
|
|
|
3,403 |
|
|
798 |
|
|
23.4 |
% |
Total revenue |
|
|
748,056 |
|
|
|
563,410 |
|
|
184,646 |
|
|
32.8 |
% |
Interest expense |
|
|
(54,127 |
) |
|
|
(51,548 |
) |
|
(2,579 |
) |
|
5.0 |
% |
Provision for losses on loans, interest and feesreceivable
recorded at net realizable value |
|
|
(36,455 |
) |
|
|
(142,719 |
) |
|
106,264 |
|
|
-74.5 |
% |
Changes in fair value of loans, interest and feesreceivable
and notes payable associated withstructured financings recorded at
fair value |
|
|
(218,733 |
) |
|
|
(108,548 |
) |
|
(110,185 |
) |
|
101.5 |
% |
Net margin |
|
|
438,741 |
|
|
|
260,595 |
|
|
178,146 |
|
|
68.4 |
% |
Total Operating Expense |
|
|
(189,729 |
) |
|
|
(146,204 |
) |
|
(43,525 |
) |
|
29.8 |
% |
Loss on repurchase of convertible senior
notes |
|
|
( 29,439 |
) |
|
|
- |
|
|
(29,439 |
) |
|
|
Net income |
|
$ |
177,789 |
|
|
$ |
93,917 |
|
|
83,872 |
|
|
89.3 |
% |
Net income attributable to controlling
interests |
|
$ |
177,902 |
|
|
$ |
94,120 |
|
|
83,782 |
|
|
89.0 |
% |
Preferred dividends and discount accretion |
|
|
(22,363 |
) |
|
|
(17,070 |
) |
|
(5,293 |
) |
|
31.0 |
% |
Net income attributable to controlling interests tocommon
shareholders |
|
$ |
155,539 |
|
|
$ |
77,050 |
|
|
78,489 |
|
|
101.9 |
% |
Net income attributable to common shareholders percommon
share—basic |
|
$ |
10.32 |
|
|
$ |
5.32 |
|
|
5.00 |
|
|
94.0 |
% |
Net income attributable to common shareholders percommon
share—diluted |
|
$ |
7.56 |
|
|
$ |
3.95 |
|
|
3.61 |
|
|
91.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed receivables
Managed receivables increased 47.7% to $1.6
billion as of December 31, 2021, from $1.1 billion as of December
31, 2020 as total customers served increased 52.5% to 2.7 million.
Managed receivables also increased 11.4% or $164.9 million from
September 30, 2021. Strong consumer spending behavior continued
during the fourth quarter of 2021, driven by increased demand for
private label credit and general purpose credit card products
throughout the year, as well as increased purchase levels through
the diverse retail partnerships and general purpose cards supported
by our platform. This growth helped to increase the overall
combined managed receivables levels, and we expect this trend to
continue into 2022.
Total revenue
Period-over-period increases in operating
revenue primarily relate to growth in private label credit and
general purpose credit card receivables.
During the quarter and year ended December 31,
2021, total operating revenue increased 54.4% to $216.5 million and
32.8% to $743.9 million, respectively. Total operating revenue
consists of interest income, finance charges, fees and ancillary,
interchange and servicing income on loan
portfolios.
Given our expectation for continued
period-over-period growth in private label credit and general
purpose credit card receivables, coupled with increased revenue
recognition as a result of our adoption of the fair value option
for all remaining loans receivable associated with our private
label credit and general purpose credit card platform currently
measured at amortized cost, we expect continued net
period-over-period growth in our total interest income and related
fees and charges for these operations in 2022.
Interest expense
Interest expense was $15.7 million and $54.1
million for the quarter and year ended December 31, 2021,
respectively, compared with $13.0 million and $51.5 million for the
quarter and year ended December 31, 2020, respectively.
Outstanding notes payable, net, associated with
private label credit and general purpose credit card products
increased to $1.2 billion as of December 31, 2021 from $827.1
million as of December 31, 2020 helping drive the increase in
interest expense. Additionally, the issuance of $150.0 million of
senior notes in November 2021 also served to increase interest
expense during the period. Offsetting these increases in interest
expense is an overall decrease in the weighted average cost of
funds, coupled with the repurchase and redemption of our
convertible senior notes. We anticipate additional debt financing
over the next few quarters as we continue to grow coupled with
increased effective interest rates resulting from anticipated
federal fund rate increases, and as such, we expect our quarterly
interest expense to be above that experienced in the prior periods
for these operations.
Provision for losses on loans, interest
and fees receivable recorded at net realizable value
Provision for losses on loans, interest and fees
receivable recorded at net realizable value decreased to $12.0
million and $36.5 million for the quarter and year ended December
31, 2021, respectively, compared to $25.8 million and $142.7
million for the quarter and year ended December 31, 2020,
respectively.
We have experienced a period-over-period
decrease in this category primarily reflecting: 1) the effects of
our adoption of the fair value option to account for certain loans
receivable that are acquired on or after January 1, 2020 which has
resulted in a decline in the outstanding receivables subject to
this provision and 2) the overall reduction in delinquencies (and
related charge-offs) associated with these receivables in part due
to government stimulus programs, which have served to increase
payments on outstanding receivables.
This reduction in provision has been offset
somewhat by additional reserves associated with accounts that
have been impacted due to COVID-19. On January 1, 2022, we
adopted fair value accounting for our remaining general purpose
credit card and private label credit receivables. Our provision for
losses on loans will relate to our Auto Finance Segment going
forward.
Total operating expense
Total operating expense increased 42.9% and
29.8% for the quarter and year ended December 31, 2021,
respectively, when compared to the same periods in 2020. Total
operating expense for the year ended December 31, 2021, as a
percentage of total assets, decreased slightly to 9.8% from 12.1%
for the year ended December 31, 2020.
Certain operating costs are variable based on
the levels of accounts and receivables we service (both for our own
receivables and for others) and the pace and breadth of our growth
in receivables. Increases in operating expenses were largely due to
increases in receivables acquisition volume as well as increased
marketing expenses that often precede the revenues generated from
the subsequently acquired assets.
Net Income Attributable to Common
Shareholders
Net income attributable to common shareholders
increased 99.5% to $43.7 million for the quarter ended December 31,
2021, compared to $21.9 million for the same period in 2020. Net
income attributable to common shareholders increased 101.9% to
$155.5 million for the year ended December 31, 2021, compared to
$77.1 million for the year ended December 31, 2020.
Net Income Attributable to Common
Shareholders Per Common Share – basic and diluted
Net income attributable to common shareholders
per basic common share increased to $2.91 and $10.32 for the
quarter and year ended December 31, 2021, respectively, compared to
$1.51 and $5.32 for the quarter and year ended December 31, 2020,
respectively.
Net income attributable to common shareholders
per common share diluted increased to $2.13 and $7.56 for the
quarter and year ended December 31, 2021, respectively, compared to
$1.13 and $3.95 for the quarter and year ended December 31, 2020,
respectively.
Balance Sheet and Cash Flow
Information
At December 31, 2021, unrestricted cash and cash
equivalents totaled $409.7 million.
During 2021, cash flow from operations equaled
$212.4 million, compared to $212.7 million during 2020.
About Atlanticus Holdings
Corporation
Empowering Better Financial Outcomes for
Everyday Americans
Atlanticus’ technology allows bank, retail, and
healthcare partners to offer more inclusive financial services to
everyday Americans through the use of proprietary analytics. We
apply the experience gained and infrastructure built from servicing
over 18 million customers and $27 billion in consumer
loans over our 25-year operating history to support lenders that
originate a range of consumer loan products. These products include
retail and healthcare private-label credit and general purpose
credit cards marketed through our omnichannel platform, including
retail point-of-sale, healthcare-point of-care, direct mail
solicitation, internet-based marketing, and partnerships with third
parties. Additionally, through our CAR
subsidiary, Atlanticus serves the individual needs of
automotive dealers and automotive non-prime financial organizations
with multiple financing and service programs.
Forward-Looking Statements
This press release contains forward-looking
statements that reflect the Company's current views with respect
to, among other things, its business, operations, financial
performance, managed receivables, total interest income and related
fees and charges, debt financing and interest expense, interest
rates, underwriting and economic developments. You generally can
identify these statements by the use of words such as “outlook,”
“potential,” “continue,” “may,” “seek,” “approximately,” “predict,”
“believe,” “expect,” “plan,” “intend,” “estimate” or “anticipate”
and similar expressions or the negative versions of these words or
comparable words, as well as future or conditional verbs such as
“will,” “should,” “would,” “likely” and “could.” These statements
are subject to certain risks and uncertainties that could cause
actual results to differ materially from those included in the
forward-looking statements. These risks and uncertainties include
those risks described in the Company's filings with the Securities
and Exchange Commission and include, but are not limited to, risks
related to the extent and duration of the COVID-19 pandemic and its
impact on the Company, bank partners, merchants, consumers, loan
demand, the capital markets, labor availability, supply chains and
the economy in general; the Company's ability to retain existing,
and attract new, merchants and funding sources; changes in market
interest rates; increases in loan delinquencies; its ability to
operate successfully in a highly regulated industry; the outcome of
litigation and regulatory matters; the effect of management
changes; cyberattacks and security vulnerabilities in its products
and services; and the Company's ability to compete successfully in
highly competitive markets. The forward-looking statements speak
only as of the date on which they are made, and, except to the
extent required by federal securities laws, the Company disclaims
any obligation to update any forward-looking statement to reflect
events or circumstances after the date on which the statement is
made or to reflect the occurrence of unanticipated events. In light
of these risks and uncertainties, there is no assurance that the
events or results suggested by the forward-looking statements will
in fact occur, and you should not place undue reliance on these
forward-looking statements.
Non-GAAP Financial Measures
This press release presents information about
managed receivables and adjusted net income, which are non-GAAP
financial measures provided as supplements to the results provided
in accordance with accounting principles generally accepted in the
United States of America (“GAAP”). These non-GAAP financial
measures aid in the evaluation of the performance of our credit
portfolios, including our risk management, servicing and collection
activities and our valuation of purchased receivables. The credit
performance of our managed receivables provides information
concerning the quality of loan origination and the related credit
risks inherent with the portfolios. Management relies heavily upon
financial data and results prepared on the “managed basis” in order
to manage our business, make planning decisions, evaluate our
performance and allocate resources.
These non-GAAP financial measures are presented
for supplemental informational purposes only. These non-GAAP
financial measures have limitations as analytical tools and should
not be considered in isolation from, or as a substitute for, GAAP
financial measures. These non-GAAP financial measures may differ
from the non-GAAP financial measures used by other companies. The
calculation of managed receivables is provided below under
“Calculation of Non-GAAP Financial Measure” for each of the fiscal
periods indicated.
Contact:Investor RelationsKalle
Ahl, Vice PresidentThe Equity Group Inc.(212)
836-9604kahl@equityny.com
|
Atlanticus Holdings Corporation and
SubsidiariesConsolidated Statements of Operations
(Unaudited)(Dollars in thousands, except per share
data) |
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Year Ended |
|
|
December 31, |
|
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Revenue: |
|
|
|
|
|
|
|
|
Consumer loans, including past
due fees |
|
$ |
152,656 |
|
|
$ |
103,714 |
|
|
$ |
518,783 |
|
|
$ |
410,616 |
|
Fees and related income on
earning assets |
|
|
53,808 |
|
|
|
31,428 |
|
|
|
194,466 |
|
|
|
133,960 |
|
Other revenue |
|
|
10,060 |
|
|
|
5,073 |
|
|
|
30,606 |
|
|
|
15,431 |
|
|
|
|
|
|
|
|
|
|
Total operating revenue,
net |
|
|
216,524 |
|
|
|
140,215 |
|
|
|
743,855 |
|
|
|
560,007 |
|
Other non-operating
revenue |
|
|
743 |
|
|
|
2,453 |
|
|
|
4,201 |
|
|
|
3,403 |
|
Total revenue |
|
|
217,267 |
|
|
|
142,668 |
|
|
|
748,056 |
|
|
|
563,410 |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(15,669 |
) |
|
|
(13,034 |
) |
|
|
(54,127 |
) |
|
|
(51,548 |
) |
Provision for losses on loans,
interest and fees receivable recorded at net realizable value |
|
|
(11,986 |
) |
|
|
(25,825 |
) |
|
|
(36,455 |
) |
|
|
(142,719 |
) |
Changes in fair value of
loans, interest and fees receivable and notes payable associated
with structured financings recorded at fair value |
|
|
(73,752 |
) |
|
|
(35,392 |
) |
|
|
(218,733 |
) |
|
|
(108,548 |
) |
Net margin |
|
|
115,860 |
|
|
|
68,417 |
|
|
|
438,741 |
|
|
|
260,595 |
|
|
|
|
|
|
|
|
|
|
Operating expense: |
|
|
|
|
|
|
|
|
Salaries and benefits |
|
|
9,447 |
|
|
|
8,437 |
|
|
|
34,024 |
|
|
|
29,079 |
|
Card and loan servicing |
|
|
20,559 |
|
|
|
15,300 |
|
|
|
75,397 |
|
|
|
63,047 |
|
Marketing and
solicitation |
|
|
16,194 |
|
|
|
8,489 |
|
|
|
56,635 |
|
|
|
35,012 |
|
Depreciation |
|
|
593 |
|
|
|
315 |
|
|
|
1,493 |
|
|
|
1,247 |
|
Other |
|
|
6,112 |
|
|
|
4,487 |
|
|
|
22,180 |
|
|
|
17,819 |
|
Total operating expense |
|
|
52,905 |
|
|
|
37,028 |
|
|
|
189,729 |
|
|
|
146,204 |
|
Loss on repurchase and
redemption of convertible senior notes |
|
|
- |
|
|
|
- |
|
|
|
29,439 |
|
|
|
- |
|
Income before income
taxes |
|
|
62,955 |
|
|
|
31,389 |
|
|
|
219,573 |
|
|
|
114,391 |
|
Income tax expense |
|
|
(13,116 |
) |
|
|
(4,758 |
) |
|
|
(41,784 |
) |
|
|
(20,474 |
) |
Net income |
|
|
49,839 |
|
|
|
26,631 |
|
|
|
177,789 |
|
|
|
93,917 |
|
Net loss attributable to
noncontrolling interests |
|
|
138 |
|
|
|
44 |
|
|
|
113 |
|
|
|
203 |
|
Net income attributable to
controlling interests |
|
|
49,977 |
|
|
|
26,675 |
|
|
|
177,902 |
|
|
|
94,120 |
|
Preferred dividends and
discount accretion |
|
|
(6,309 |
) |
|
|
(4,787 |
) |
|
|
(22,363 |
) |
|
|
(17,070 |
) |
Net income attributable to
common shareholders |
|
$ |
43,668 |
|
|
$ |
21,888 |
|
|
$ |
155,539 |
|
|
$ |
77,050 |
|
Net income attributable to
common shareholders per common share—basic |
|
$ |
2.91 |
|
|
$ |
1.51 |
|
|
$ |
10.32 |
|
|
$ |
5.32 |
|
Net income attributable to
common shareholders per common share—diluted |
|
$ |
2.13 |
|
|
$ |
1.13 |
|
|
$ |
7.56 |
|
|
$ |
3.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanticus Holdings Corporation and
SubsidiariesConsolidated Balance Sheets
(Unaudited)(Dollars in thousands) |
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
Assets |
|
|
|
Unrestricted cash and cash
equivalents (including $209.5 million and $96.6 million associated
with variable interest entities at December 31, 2021 and December
31, 2020, respectively) |
$ |
409,660 |
|
|
$ |
178,102 |
|
Restricted cash and cash
equivalents (including $75.9 million and $70.2 million associated
with variable interest entities at December 31, 2021 and December
31, 2020, respectively) |
|
96,968 |
|
|
|
80,859 |
|
Loans, interest and fees
receivable: |
|
|
|
Loans, interest and fees
receivable, at fair value (including $925.5 million and $374.2
million associated with variable interest entities at December 31,
2021 and December 31, 2020, respectively) |
|
1,026,424 |
|
|
|
417,098 |
|
Loans, interest and fees
receivable, gross (including $369.6 million and $560.2 million
associated with variable interest entities at December 31, 2021 and
December 31, 2020, respectively) |
|
470,293 |
|
|
|
667,556 |
|
Allowances for uncollectible
loans, interest and fees receivable (including $55.1 million and
$120.9 million associated with variable interest entities at
December 31, 2021 and December 31, 2020, respectively) |
|
(57,201 |
) |
|
|
(124,961 |
) |
Deferred revenue (including
$8.2 million and $10.3 million associated with variable interest
entities at December 31, 2021 and December 31, 2020,
respectively) |
|
(29,281 |
) |
|
|
(39,456 |
) |
Net loans, interest and fees
receivable |
|
1,410,235 |
|
|
|
920,237 |
|
Property at cost, net of
depreciation |
|
7,335 |
|
|
|
2,240 |
|
Investments in equity-method
investee |
|
— |
|
|
|
1,415 |
|
Operating lease right-of-use
assets |
|
4,016 |
|
|
|
9,181 |
|
Prepaid expenses and other
assets |
|
15,649 |
|
|
|
15,180 |
|
Total assets |
$ |
1,943,863 |
|
|
$ |
1,207,214 |
|
Liabilities |
|
|
|
Accounts payable and accrued
expenses |
$ |
42,287 |
|
|
$ |
41,731 |
|
Operating lease
liabilities |
|
4,842 |
|
|
|
13,776 |
|
Notes payable, net (including
$1,223.4 million and $827.1 million associated with variable
interest entities at December 31, 2021 and December 31, 2020,
respectively) |
|
1,278,864 |
|
|
|
882,610 |
|
Notes payable associated with
structured financings, at fair value (associated with variable
interest entities) |
|
— |
|
|
|
2,919 |
|
Convertible senior notes |
|
— |
|
|
|
24,386 |
|
Senior notes, net |
|
142,951 |
|
|
|
— |
|
Income tax liability |
|
47,770 |
|
|
|
25,932 |
|
Total liabilities |
|
1,516,714 |
|
|
|
991,354 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Preferred stock, no par value,
10,000,000 shares authorized: |
|
|
|
Series A preferred stock,
400,000 shares issued and outstanding at December 31, 2021
(liquidation preference - $40.0 million); 400,000 shares issued and
outstanding at December 31, 2020 (1) |
|
40,000 |
|
|
|
40,000 |
|
Class B preferred units issued
to noncontrolling interests |
|
99,650 |
|
|
|
99,350 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
Series B preferred stock, no
par value, 3,188,533 shares issued and outstanding at December 31,
2021 and 0 shares issued and outstanding at December 31, 2020
(liquidation preference - $79.7 million) (1) |
|
— |
|
|
|
— |
|
Common stock, no par value,
150,000,000 shares authorized: 14,804,408 and 16,115,353 shares
issued at December 31, 2021 and December 31, 2020, respectively;
14,804,408 and 16,115,353 (including 1,459,233 loaned shares to be
returned at December 31, 2020) shares outstanding at December 31,
2021 and December 31, 2020, respectively |
|
— |
|
|
|
— |
|
Paid-in capital |
|
227,763 |
|
|
|
194,950 |
|
Retained earnings (deficit
) |
|
60,236 |
|
|
|
(117,666 |
) |
Total shareholders’
equity |
|
287,999 |
|
|
|
77,284 |
|
Noncontrolling interests |
|
(500 |
) |
|
|
(774 |
) |
Total equity |
|
287,499 |
|
|
|
76,510 |
|
Total liabilities, preferred
stock and shareholders' equity |
$ |
1,943,863 |
|
|
$ |
1,207,214 |
|
|
|
|
|
|
|
|
|
(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. |
|
Calculation of Non-GAAP Financial Measure |
|
Loans, interest
and fees receivable, at face value |
|
At or for the Three Months Ended |
|
|
2021 |
|
2020 |
(in
Millions) |
Dec. 31 (1) |
Sep. 30 (1) |
Jun. 30 (1) |
Mar. 31 (1) |
Dec. 31 (1) |
Sept. 30 (1) |
Jun. 30 (1) |
Mar. 31 (1) |
Loans, interest and fees receivable, at fair value |
$ |
1,026.4 |
$ |
846.2 |
$ |
644.7 |
$ |
481.4 |
$ |
417.1 |
$ |
310.8 |
$ |
177.9 |
$ |
89.4 |
Fair value mark against
receivable (2) |
|
208.9 |
|
182.2 |
|
148.6 |
|
112.3 |
|
99.0 |
|
71.8 |
|
42.7 |
|
17.5 |
Loans, interest and fees
receivable, at face value |
$ |
1,235.3 |
$ |
1,028.4 |
$ |
793.3 |
$ |
593.7 |
$ |
516.1 |
$ |
382.6 |
$ |
220.6 |
$ |
106.9 |
(1) We elected the fair value option to account for certain
loans receivable associated with our private label credit and
general purpose credit card platform that are acquired on or after
January 1, 2020.
(2) The fair value mark against receivables reflects the
difference between the face value of a receivable and the net
present value of the expected cash flows associated with that
receivable.
|
Managed
receivables |
|
Below is the
calculation of managed receivables (in millions): |
|
At or for the Three Months Ended |
|
|
2021 |
|
2020 |
(in
Millions) |
Dec. 31 |
Sep. 30 |
Jun. 30 |
Mar. 31 |
Dec. 31 |
Sept. 30 |
Jun. 30 |
Mar. 31 |
Loans, interest and fees receivable, gross |
$ |
375.7 |
$ |
417.8 |
$ |
454.2 |
$ |
498.8 |
$ |
574.3 |
$ |
604.8 |
$ |
679.6 |
$ |
810.6 |
Loans, interest and fees
receivable, gross from fair value reconciliation above |
|
1,235.3 |
|
1,028.4 |
|
793.3 |
|
593.7 |
|
516.1 |
|
382.6 |
|
220.6 |
|
106.9 |
Total managed receivables |
$ |
1,611.0 |
$ |
1,446.2 |
$ |
1,247.5 |
$ |
1,092.5 |
$ |
1,090.4 |
$ |
987.4 |
$ |
900.2 |
$ |
917.5 |
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