XML 26 R14.htm IDEA: XBRL DOCUMENT

Leased Merchandise, Net

9 Months Ended

Sep. 30, 2023

Leased merchandise, net consists of the following (in thousands):


	As of September 30,				As of December 31,
	2023		2022		2022
Leased merchandise (1)	$	365,677	$	292,374	$	335,038
Processing fees	(4,155)		(3,449)		(4,124)
Merchant partner discounts and premiums, net	2,566		2,114		2,456
Accumulated depreciation	(115,774)		(81,343)		(100,879)
Leased merchandise, before allowance for lease losses	248,314		209,696		232,491
Less allowance for lease losses	(105,145)		(77,599)		(79,189)
Leased merchandise, net	$	143,169	$	132,097	$	153,302

(1)Acquired leased merchandise in the AFF acquisition was recorded at fair value.

The following table details the changes in the allowance for lease losses (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Balance at beginning of period	$	110,972	$	69,101	$	79,189	$	5,442
Provision for lease losses	39,736		31,916		141,674		109,771
Charge-offs	(47,225)		(24,538)		(120,726)		(40,859)
Recoveries	1,662		1,120		5,008		3,245
Balance at end of period	$	105,145	$	77,599	$	105,145	$	77,599