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Finance Receivables, Net | 9 Months Ended
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Sep. 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 September 30, |  | As of December 31,
| 2024 |  | 2023 |  | 2023
Finance receivables, gross | $ | 259,485 |  |  | $ | 224,618 |  |  | $ | 227,474 |
Merchant partner discounts and premiums, net | (20,227) |  |  | (9,730) |  |  | (11,907) |
Unearned origination fees | (6,310) |  |  | (4,897) |  |  | (5,212) |
Finance receivables, amortized cost | 232,948 |  |  | 209,991 |  |  | 210,355 |
Less allowance for loan losses | (109,197) |  |  | (96,684) |  |  | (96,454) |
Finance receivables, net | $ | 123,751 |  |  | $ | 113,307 |  |  | $ | 113,901 |
The following table details the changes in the allowance for loan losses (in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Balance at beginning of period | $ | 99,961 |  |  | $ | 93,054 |  |  | $ | 96,454 |  |  | $ | 84,833 |
Provision for loan losses | 40,557 |  |  | 33,096 |  |  | 102,091 |  |  | 90,571 |
Charge-offs | (32,969) |  |  | (30,890) |  |  | (95,061) |  |  | (83,281) |
Recoveries | 1,648 |  |  | 1,424 |  |  | 5,713 |  |  | 4,561 |
Balance at end of period | $ | 109,197 |  |  | $ | 96,684 |  |  | $ | 109,197 |  |  | $ | 96,684 |
The following is an assessment of the credit quality indicators of the amortized cost of finance receivables as of September 30, 2024 and 2023, by origination year (in thousands):
| Origination Year |  |
| 2024 |  | 2023 |  | 2022 |  | Total
As of September 30, 2024 |  |  |  |  |  |  |
Delinquency: |  |  |  |  |  |  |
1 to 30 days past due | $ | 16,957 |  |  | $ | 4,739 |  |  | $ | 173 |  |  | $ | 21,869 |
31 to 60 days past due | 9,835 |  |  | 3,471 |  |  | 131 |  |  | 13,437 |
61 to 89 days past due (1) | 7,060 |  |  | 3,162 |  |  | 155 |  |  | 10,377 |
Total past due finance receivables | 33,852 |  |  | 11,372 |  |  | 459 |  |  | 45,683 |
Current finance receivables | 152,138 |  |  | 34,253 |  |  | 874 |  |  | 187,265 |
Finance receivables, amortized cost | $ | 185,990 |  |  | $ | 45,625 |  |  | $ | 1,333 |  |  | $ | 232,948 |
| Origination Year |  |
| 2023 |  | 2022 |  | 2021 |  | Total
As of September 30, 2023 |  |  |  |  |  |  |
Delinquency: |  |  |  |  |  |  |
1 to 30 days past due | $ | 18,395 |  |  | $ | 5,014 |  |  | $ | 224 |  |  | $ | 23,633 |
31 to 60 days past due | 9,193 |  |  | 2,865 |  |  | 151 |  |  | 12,209 |
61 to 89 days past due (1) | 7,240 |  |  | 2,858 |  |  | 174 |  |  | 10,272 |
Total past due finance receivables | 34,828 |  |  | 10,737 |  |  | 549 |  |  | 46,114 |
Current finance receivables | 132,635 |  |  | 30,243 |  |  | 999 |  |  | 163,877 |
Finance receivables, amortized cost | $ | 167,463 |  |  | $ | 40,980 |  |  | $ | 1,548 |  |  | $ | 209,991 |
(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 nine months ended September 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 nine months ended September 30, 2024 | $ | 25,359 |  |  | $ | 63,525 |  |  | $ | 6,177 |  |  | $ | — |  |  | $ | 95,061 |
Gross charge-offs during the nine months ended September 30, 2023 | — |  |  | 24,676 |  |  | 51,150 |  |  | 7,455 |  |  | 83,281 |

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