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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