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Note 3 - Segment Reporting | 6 Months Ended
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Jun. 30, 2023
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 June 30, 2023 and December 31, 2022, 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 June 30, 2023 |  | CaaS |  |  | Auto Finance |  |  | Total |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans, including past due fees |  | $ | 210,268 |  |  | $ | 9,774 |  |  | $ | 220,042 |
Fees and related income on earning assets |  |  | 62,852 |  |  |  | 22 |  |  |  | 62,874 |
Other revenue |  |  | 7,627 |  |  |  | 208 |  |  |  | 7,835 |
Other non-operating revenue |  |  | 89 |  |  |  | (2 | ) |  |  | 87 |
Total revenue |  |  | 280,836 |  |  |  | 10,002 |  |  |  | 290,838 |
Interest expense |  |  | (23,363 | ) |  |  | (852 | ) |  |  | (24,215 | )
Provision for losses on loans, interest and fees receivable recorded at amortized cost |  |  | — |  |  |  | (309 | ) |  |  | (309 | )
Changes in fair value of loans, interest and fees receivable recorded at fair value |  |  | (177,829 | ) |  |  | — |  |  |  | (177,829 | )
Net margin |  | $ | 79,644 |  |  | $ | 8,841 |  |  | $ | 88,485 |
Income before income taxes |  | $ | 28,883 |  |  | $ | 3,130 |  |  | $ | 32,013 |
Income tax expense |  | $ | (6,346 | ) |  | $ | (853 | ) |  | $ | (7,199 | )
Six Months Ended June 30, 2023 |  | CaaS |  |  | Auto Finance |  |  | Total |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans, including past due fees |  | $ | 410,797 |  |  | $ | 18,946 |  |  | $ | 429,743 |
Fees and related income on earning assets |  |  | 107,191 |  |  |  | 40 |  |  |  | 107,231 |
Other revenue |  |  | 14,342 |  |  |  | 417 |  |  |  | 14,759 |
Other non-operating revenue |  |  | 103 |  |  |  | 43 |  |  |  | 146 |
Total revenue |  |  | 532,433 |  |  |  | 19,446 |  |  |  | 551,879 |
Interest expense |  |  | (46,823 | ) |  |  | (1,626 | ) |  |  | (48,449 | )
Provision for losses on loans, interest and fees receivable recorded at amortized cost |  |  | — |  |  |  | (1,013 | ) |  |  | (1,013 | )
Changes in fair value of loans, interest and fees receivable recorded at fair value |  |  | (327,651 | ) |  |  | — |  |  |  | (327,651 | )
Net margin |  | $ | 157,959 |  |  | $ | 16,807 |  |  | $ | 174,766 |
Income before income taxes |  | $ | 60,736 |  |  | $ | 5,359 |  |  | $ | 66,095 |
Income tax expense |  | $ | (13,913 | ) |  | $ | (1,474 | ) |  | $ | (15,387 | )
Total assets |  | $ | 2,355,177 |  |  | $ | 99,525 |  |  | $ | 2,454,702 |
Three Months Ended June 30, 2022 |  | CaaS |  |  | Auto Finance |  |  | Total |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans, including past due fees |  | $ | 182,828 |  |  | $ | 8,719 |  |  | $ | 191,547 |
Fees and related income on earning assets |  |  | 65,819 |  |  |  | 20 |  |  |  | 65,839 |
Other revenue |  |  | 12,169 |  |  |  | 241 |  |  |  | 12,410 |
Other non-operating revenue |  |  | 228 |  |  |  | 11 |  |  |  | 239 |
Total revenue |  |  | 261,044 |  |  |  | 8,991 |  |  |  | 270,035 |
Interest expense |  |  | (18,552 | ) |  |  | (373 | ) |  |  | (18,925 | )
Provision for losses on loans, interest and fees receivable recorded at amortized cost |  |  | — |  |  |  | (182 | ) |  |  | (182 | )
Changes in fair value of loans, interest and fees receivable recorded at fair value |  |  | (146,559 | ) |  |  | — |  |  |  | (146,559 | )
Net margin |  | $ | 95,933 |  |  | $ | 8,436 |  |  | $ | 104,369 |
Income before income taxes |  | $ | 39,979 |  |  | $ | 2,561 |  |  | $ | 42,540 |
Income tax expense |  | $ | (8,100 | ) |  | $ | (643 | ) |  | $ | (8,743 | )
Six Months Ended June 30, 2022 |  | CaaS |  |  | Auto Finance |  |  | Total |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans, including past due fees |  | $ | 339,293 |  |  | $ | 17,060 |  |  | $ | 356,353 |
Fees and related income on earning assets |  |  | 120,499 |  |  |  | 38 |  |  |  | 120,537 |
Other revenue |  |  | 22,167 |  |  |  | 509 |  |  |  | 22,676 |
Other non-operating revenue |  |  | 263 |  |  |  | 37 |  |  |  | 300 |
Total revenue |  |  | 482,222 |  |  |  | 17,644 |  |  |  | 499,866 |
Interest expense |  |  | (35,715 | ) |  |  | (620 | ) |  |  | (36,335 | )
Provision for losses on loans, interest and fees receivable recorded at amortized cost |  |  | — |  |  |  | (329 | ) |  |  | (329 | )
Changes in fair value of loans, interest and fees receivable recorded at fair value |  |  | (251,239 | ) |  |  | — |  |  |  | (251,239 | )
Net margin |  | $ | 195,268 |  |  | $ | 16,695 |  |  | $ | 211,963 |
Income before income taxes |  | $ | 83,577 |  |  | $ | (3,403 | ) |  | $ | 80,174 |
Income tax (expense) benefit |  | $ | (2,582 | ) |  | $ | 960 |  |  | $ | (1,622 | )
Total assets |  | $ | 2,025,867 |  |  | $ | 90,587 |  |  | $ | 2,116,454 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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