XML 22 R9.htm IDEA: XBRL DOCUMENT v3.22.4
Note 3 - Segment Reporting
 12 Months Ended
Dec. 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 December 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:

 

Year Ended December 31, 2022

  

CaaS

    

Auto Finance

    

Total

  

Revenue:

                        

Consumer loans, including past due fees

   $ 751,052     $ 35,183     $ 786,235  

Fees and related income on earning assets

     216,989       82       217,071  

Other revenue

     41,843       955       42,798  

Other non-operating revenue

     698       111       809  

Total revenue

     1,010,582       36,331       1,046,913  

Interest expense

     (79,875 )     (1,976 )     (81,851 )

Provision for losses on loans, interest and fees receivable recorded at amortized cost

     —       (1,252 )     (1,252 )

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

     (577,069 )     —       (577,069 )

Net margin

   $ 353,638     $ 33,103     $ 386,741  

Income before income taxes

   $ 146,577     $ 2,695     $ 149,272  

Income tax expense

   $ (14,122 )   $ (538 )   $ (14,660 )

Total assets

   $ 2,295,092     $ 92,722     $ 2,387,814  

 

Year Ended December 31, 2021

  

CaaS

    

Auto Finance

    

Total

  

Revenue:

                        

Consumer loans, including past due fees

   $ 485,241     $ 33,542     $ 518,783  

Fees and related income on earning assets

     194,392       74       194,466  

Other revenue

     29,322       1,284       30,606  

Other non-operating revenue

     4,135       66       4,201  

Total revenue

     713,090       34,966       748,056  

Interest expense

     (53,093 )     (1,034 )     (54,127 )

Provision for losses on loans, interest and fees receivable recorded at amortized cost

     (36,262 )     (193 )     (36,455 )

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

     (218,733 )     —       (218,733 )

Net margin

   $ 405,002     $ 33,739     $ 438,741  

Income before income taxes

   $ 208,926     $ 10,647     $ 219,573  

Income tax expense

   $ (39,221 )   $ (2,563 )   $ (41,784 )

Total assets

   $ 1,859,950     $ 83,913     $ 1,943,863  

 

Year Ended December 31, 2020

  

CaaS

    

Auto Finance

    

Total

  

Revenue:

                        

Consumer loans, including past due fees

   $ 378,817     $ 31,799     $ 410,616  

Fees and related income on earning assets

     133,891       69       133,960  

Other revenue

     14,372       1,059       15,431  

Other non-operating revenue

     3,360       43       3,403  

Total revenue

     530,440       32,970       563,410  

Interest expense

     (50,387 )     (1,161 )     (51,548 )

Provision for losses on loans, interest and fees receivable recorded at amortized cost

     (140,683 )     (2,036 )     (142,719 )

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

     (108,548 )     —       (108,548 )

Net margin

   $ 230,822     $ 29,773     $ 260,595  

Income before income taxes

   $ 105,429     $ 8,962     $ 114,391  

Income tax expense

   $ (18,257 )   $ (2,217 )   $ (20,474 )

Total assets

   $ 1,124,618     $ 82,596     $ 1,207,214