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Note 3 - Segment Reporting
 3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

3.

Segment Reporting

 

We operate primarily within one industry consisting of two reportable segments by which we manage our business. Our two reportable segments are: CaaS and Auto Finance.

 

As of both March 31, 2022 and December 31, 2021, we did not have a material amount of long-lived assets located outside of the U.S.

 

We measure the profitability of our reportable segments based on their income after allocation of specific costs and corporate overhead; however, our segment results do not reflect any charges for internal capital allocations among our segments. Overhead costs are allocated based on headcounts and other applicable measures to better align costs with the associated revenues.

 

Summary operating segment information (in thousands) is as follows:

 

Three Months Ended March 31, 2022

 

CaaS

  

Auto Finance

  

Total

 

Revenue:

            

Consumer loans, including past due fees

 $156,465  $8,341  $164,806 

Fees and related income on earning assets

  54,680   18   54,698 

Other revenue

  9,998   268   10,266 

Other non-operating revenue

  35   26   61 

Total revenue

  221,178   8,653   229,831 

Interest expense

  (17,163)  (247)  (17,410)

Provision for losses on loans, interest and fees receivable recorded at net realizable value

  —   (147)  (147)

Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value

  (104,680)  —   (104,680)

Net margin

 $99,335  $8,259  $107,594 

Income (loss) before income taxes

 $43,598  $(5,964) $37,634 

Income tax benefit

 $5,518  $1,603  $7,121 

Total assets

 $1,835,155  $86,482  $1,921,637 

 

 

 

Three Months Ended March 31, 2021

 

CaaS

  

Auto Finance

  

Total

 

Revenue:

            

Consumer loans, including past due fees

 $94,110  $8,186  $102,296 

Fees and related income on earning assets

  37,003   17   37,020 

Other revenue

  4,238   341   4,579 

Other non-operating revenue

  835   5   840 

Total revenue

  136,186   8,549   144,735 

Interest expense

  (12,044)  (254)  (12,298)

Provision for losses on loans, interest and fees receivable recorded at net realizable value

  (4,007)  (128)  (4,135)

Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value

  (27,491)  —   (27,491)

Net margin

 $92,644  $8,167  $100,811 

Income before income taxes

 $49,304  $2,493  $51,797 

Income tax expense

 $(7,163) $(607) $(7,770)

Total assets

 $1,117,215  $82,280  $1,199,495