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Note 3 - Segment Reporting
 9 Months Ended
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