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Note 3 - Segment Reporting | 12 Months Ended
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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 |

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