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Note 3 - Segment Reporting | 9 Months Ended
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Sep. 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. We have no material amounts of long lived assets located outside 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 September 30, 2023 |  | CaaS |  |  | Auto Finance |  |  | Total |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans, including past due fees |  | $ | 214,596 |  |  | $ | 10,086 |  |  | $ | 224,682 |
Fees and related income on earning assets |  |  | 59,831 |  |  |  | 22 |  |  |  | 59,853 |
Other revenue |  |  | 10,180 |  |  |  | 198 |  |  |  | 10,378 |
Other non-operating revenue |  |  | (69 | ) |  |  | 63 |  |  |  | (6 | )
Total revenue |  |  | 284,538 |  |  |  | 10,369 |  |  |  | 294,907 |
Interest expense |  |  | (27,394 | ) |  |  | (880 | ) |  |  | (28,274 | )
Provision for losses on loans, interest and fees receivable recorded at amortized cost |  |  | — |  |  |  | (538 | ) |  |  | (538 | )
Changes in fair value of loans, interest and fees receivable recorded at fair value |  |  | (177,854 | ) |  |  | — |  |  |  | (177,854 | )
Net margin |  | $ | 79,290 |  |  | $ | 8,951 |  |  | $ | 88,241 |
Income before income taxes |  | $ | 28,455 |  |  | $ | 3,303 |  |  | $ | 31,758 |
Income tax expense |  | $ | (5,944 | ) |  | $ | (841 | ) |  | $ | (6,785 | )
Nine Months Ended September 30, 2023 |  | CaaS |  |  | Auto Finance |  |  | Total |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans, including past due fees |  | $ | 625,393 |  |  | $ | 29,032 |  |  | $ | 654,425 |
Fees and related income on earning assets |  |  | 167,022 |  |  |  | 62 |  |  |  | 167,084 |
Other revenue |  |  | 24,522 |  |  |  | 615 |  |  |  | 25,137 |
Other non-operating revenue |  |  | 34 |  |  |  | 106 |  |  |  | 140 |
Total revenue |  |  | 816,971 |  |  |  | 29,815 |  |  |  | 846,786 |
Interest expense |  |  | (74,217 | ) |  |  | (2,506 | ) |  |  | (76,723 | )
Provision for losses on loans, interest and fees receivable recorded at amortized cost |  |  | — |  |  |  | (1,551 | ) |  |  | (1,551 | )
Changes in fair value of loans, interest and fees receivable recorded at fair value |  |  | (505,505 | ) |  |  | — |  |  |  | (505,505 | )
Net margin |  | $ | 237,249 |  |  | $ | 25,758 |  |  | $ | 263,007 |
Income before income taxes |  | $ | 89,191 |  |  | $ | 8,662 |  |  | $ | 97,853 |
Income tax expense |  | $ | (19,857 | ) |  | $ | (2,315 | ) |  | $ | (22,172 | )
Total assets |  | $ | 2,493,946 |  |  | $ | 102,955 |  |  | $ | 2,596,901 |
Three Months Ended September 30, 2022 |  | CaaS |  |  | Auto Finance |  |  | Total |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans, including past due fees |  | $ | 208,881 |  |  | $ | 9,135 |  |  | $ | 218,016 |
Fees and related income on earning assets |  |  | 48,493 |  |  |  | 25 |  |  |  | 48,518 |
Other revenue |  |  | 11,103 |  |  |  | 237 |  |  |  | 11,340 |
Other non-operating revenue |  |  | 58 |  |  |  | 22 |  |  |  | 80 |
Total revenue |  |  | 268,535 |  |  |  | 9,419 |  |  |  | 277,954 |
Interest expense |  |  | (20,898 | ) |  |  | (616 | ) |  |  | (21,514 | )
Provision for losses on loans, interest and fees receivable recorded at amortized cost |  |  | — |  |  |  | (381 | ) |  |  | (381 | )
Changes in fair value of loans, interest and fees receivable recorded at fair value |  |  | (163,624 | ) |  |  | — |  |  |  | (163,624 | )
Net margin |  | $ | 84,013 |  |  | $ | 8,422 |  |  | $ | 92,435 |
Income before income taxes |  | $ | 36,163 |  |  | $ | 3,153 |  |  | $ | 39,316 |
Income tax expense |  | $ | (6,055 | ) |  | $ | (891 | ) |  | $ | (6,946 | )
Nine Months Ended September 30, 2022 |  | CaaS |  |  | Auto Finance |  |  | Total |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans, including past due fees |  | $ | 548,174 |  |  | $ | 26,195 |  |  | $ | 574,369 |
Fees and related income on earning assets |  |  | 168,992 |  |  |  | 63 |  |  |  | 169,055 |
Other revenue |  |  | 33,270 |  |  |  | 746 |  |  |  | 34,016 |
Other non-operating revenue |  |  | 321 |  |  |  | 59 |  |  |  | 380 |
Total revenue |  |  | 750,757 |  |  |  | 27,063 |  |  |  | 777,820 |
Interest expense |  |  | (56,613 | ) |  |  | (1,236 | ) |  |  | (57,849 | )
Provision for losses on loans, interest and fees receivable recorded at amortized cost |  |  | — |  |  |  | (710 | ) |  |  | (710 | )
Changes in fair value of loans, interest and fees receivable recorded at fair value |  |  | (414,863 | ) |  |  | — |  |  |  | (414,863 | )
Net margin |  | $ | 279,281 |  |  | $ | 25,117 |  |  | $ | 304,398 |
Income (loss) before income taxes |  | $ | 119,740 |  |  | $ | (250 | ) |  | $ | 119,490 |
Income tax (expense) benefit |  | $ | (8,637 | ) |  | $ | 69 |  |  | $ | (8,568 | )
Total assets |  | $ | 2,158,183 |  |  | $ | 94,148 |  |  | $ | 2,252,331 |

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