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Finance Receivables, Net | 3 Months Ended
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Mar. 31, 2024
Receivables [Abstract] |
Finance Receivables, Net | Finance Receivables, Net Finance receivables, net, which include retail installment sales agreements and bank-originated loans, consist of the following (in thousands):
| As of March 31, |  | As of December 31,
| 2024 |  | 2023 |  | 2023
Finance receivables, gross | $ | 222,087 |  |  | $ | 201,288 |  |  | $ | 227,474 |
Merchant partner discounts and premiums, net | (15,221) |  |  | (6,328) |  |  | (11,907) |
Unearned origination fees | (5,193) |  |  | (4,257) |  |  | (5,212) |
Finance receivables, amortized cost | 201,673 |  |  | 190,703 |  |  | 210,355 |
Less allowance for loan losses | (96,020) |  |  | (88,610) |  |  | (96,454) |
Finance receivables, net | $ | 105,653 |  |  | $ | 102,093 |  |  | $ | 113,901 |
The following table details the changes in the allowance for loan losses (in thousands):
| Three Months Ended |  |
| March 31, |  |
| 2024 |  | 2023 |  |  |  |
Balance at beginning of period | $ | 96,454 |  |  | $ | 84,833 |  |  |  |  |
Provision for loan losses | 30,418 |  |  | 29,285 |  |  |  |  |
Charge-offs | (33,279) |  |  | (27,117) |  |  |  |  |
Recoveries | 2,427 |  |  | 1,609 |  |  |  |  |
Balance at end of period | $ | 96,020 |  |  | $ | 88,610 |  |  |  |  |
The following is an assessment of the credit quality indicators of the amortized cost of finance receivables as of March 31, 2024 and 2023, by origination year (in thousands):
| Origination Year |  |
| 2024 |  | 2023 |  | 2022 |  | Total
As of March 31, 2024 |  |  |  |  |  |  |
Delinquency: |  |  |  |  |  |  |
1 to 30 days past due | $ | 6,215 |  |  | $ | 12,594 |  |  | $ | 1,304 |  |  | $ | 20,113 |
31 to 60 days past due | 1,950 |  |  | 7,526 |  |  | 704 |  |  | 10,180 |
61 to 89 days past due (1) | 453 |  |  | 7,584 |  |  | 697 |  |  | 8,734 |
Total past due finance receivables | 8,618 |  |  | 27,704 |  |  | 2,705 |  |  | 39,027 |
Current finance receivables | 66,804 |  |  | 87,360 |  |  | 8,482 |  |  | 162,646 |
Finance receivables, amortized cost | $ | 75,422 |  |  | $ | 115,064 |  |  | $ | 11,187 |  |  | $ | 201,673 |
| Origination Year |  |
| 2023 |  | 2022 |  | 2021 |  | Total
As of March 31, 2023 |  |  |  |  |  |  |
Delinquency: |  |  |  |  |  |  |
1 to 30 days past due | $ | 5,509 |  |  | $ | 9,822 |  |  | $ | 1,408 |  |  | $ | 16,739 |
31 to 60 days past due | 1,632 |  |  | 6,163 |  |  | 870 |  |  | 8,665 |
61 to 89 days past due (1) | 419 |  |  | 6,507 |  |  | 858 |  |  | 7,784 |
Total past due finance receivables | 7,560 |  |  | 22,492 |  |  | 3,136 |  |  | 33,188 |
Current finance receivables | 68,791 |  |  | 78,123 |  |  | 10,601 |  |  | 157,515 |
Finance receivables, amortized cost | $ | 76,351 |  |  | $ | 100,615 |  |  | $ | 13,737 |  |  | $ | 190,703 |
(1)The Company charges off finance receivables when a receivable is 90 days or more contractually past due. The following table details the gross charge-offs of finance receivables for the three months ended March 31, 2024 and 2023, by origination year (in thousands):
| Origination Year |  |
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | Total
Finance receivables gross charge-offs: |  |  |  |  |  |  |  |  |
Gross charge-offs during the three months ended March 31, 2024 | $ | 131 |  |  | $ | 29,270 |  |  | $ | 3,878 |  |  | $ | — |  |  | $ | 33,279 |
Gross charge-offs during the three months ended March 31, 2023 | — |  |  | 187 |  |  | 22,444 |  |  | 4,486 |  |  | 27,117 |

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