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Finance Receivables, Net | 6 Months Ended
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Jun. 30, 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 June 30, |  | As of December 31,
| 2024 |  | 2023 |  | 2023
Finance receivables, gross | $ | 227,694 |  |  | $ | 216,037 |  |  | $ | 227,474 |
Merchant partner discounts and premiums, net | (16,935) |  |  | (7,812) |  |  | (11,907) |
Unearned origination fees | (5,397) |  |  | (4,616) |  |  | (5,212) |
Finance receivables, amortized cost | 205,362 |  |  | 203,609 |  |  | 210,355 |
Less allowance for loan losses | (99,961) |  |  | (93,054) |  |  | (96,454) |
Finance receivables, net | $ | 105,401 |  |  | $ | 110,555 |  |  | $ | 113,901 |
The following table details the changes in the allowance for loan losses (in thousands):
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Balance at beginning of period | $ | 96,020 |  |  | $ | 88,610 |  |  | $ | 96,454 |  |  | $ | 84,833 |
Provision for loan losses | 31,116 |  |  | 28,190 |  |  | 61,534 |  |  | 57,475 |
Charge-offs | (28,813) |  |  | (25,274) |  |  | (62,092) |  |  | (52,391) |
Recoveries | 1,638 |  |  | 1,528 |  |  | 4,065 |  |  | 3,137 |
Balance at end of period | $ | 99,961 |  |  | $ | 93,054 |  |  | $ | 99,961 |  |  | $ | 93,054 |
The following is an assessment of the credit quality indicators of the amortized cost of finance receivables as of June 30, 2024 and 2023, by origination year (in thousands):
| Origination Year |  |
| 2024 |  | 2023 |  | 2022 |  | Total
As of June 30, 2024 |  |  |  |  |  |  |
Delinquency: |  |  |  |  |  |  |
1 to 30 days past due | $ | 12,057 |  |  | $ | 8,377 |  |  | $ | 519 |  |  | $ | 20,953 |
31 to 60 days past due | 6,054 |  |  | 4,883 |  |  | 364 |  |  | 11,301 |
61 to 89 days past due (1) | 4,089 |  |  | 4,754 |  |  | 342 |  |  | 9,185 |
Total past due finance receivables | 22,200 |  |  | 18,014 |  |  | 1,225 |  |  | 41,439 |
Current finance receivables | 103,684 |  |  | 56,747 |  |  | 3,492 |  |  | 163,923 |
Finance receivables, amortized cost | $ | 125,884 |  |  | $ | 74,761 |  |  | $ | 4,717 |  |  | $ | 205,362 |
| Origination Year |  |
| 2023 |  | 2022 |  | 2021 |  | Total
As of June 30, 2023 |  |  |  |  |  |  |
Delinquency: |  |  |  |  |  |  |
1 to 30 days past due | $ | 11,825 |  |  | $ | 7,141 |  |  | $ | 613 |  |  | $ | 19,579 |
31 to 60 days past due | 6,002 |  |  | 4,136 |  |  | 409 |  |  | 10,547 |
61 to 89 days past due (1) | 4,324 |  |  | 4,128 |  |  | 413 |  |  | 8,865 |
Total past due finance receivables | 22,151 |  |  | 15,405 |  |  | 1,435 |  |  | 38,991 |
Current finance receivables | 109,597 |  |  | 50,588 |  |  | 4,433 |  |  | 164,618 |
Finance receivables, amortized cost | $ | 131,748 |  |  | $ | 65,993 |  |  | $ | 5,868 |  |  | $ | 203,609 |
(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 six months ended June 30, 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 six months ended June 30, 2024 | $ | 6,589 |  |  | $ | 50,049 |  |  | $ | 5,454 |  |  | $ | — |  |  | $ | 62,092 |
Gross charge-offs during the six months ended June 30, 2023 | — |  |  | 6,110 |  |  | 39,770 |  |  | 6,511 |  |  | 52,391 |

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