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Note 3 - Segment Reporting
 12 Months Ended
Dec. 31, 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 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, 2023

 

CaaS

  

Auto Finance

  

Total

 

Revenue:

            

Consumer loans, including past due fees

 $839,995  $39,128  $879,123 

Fees and related income on earning assets

  238,691   84   238,775 

Other revenue

  36,524   824   37,348 

Total operating revenue, net

  1,115,210   40,036   1,155,246 

Other non-operating revenue

  422   208   630 

Total revenue

  1,115,632   40,244   1,155,876 

Interest expense

  (105,990)  (3,352)  (109,342)

Provision for credit losses

  —   (2,152)  (2,152)

Changes in fair value of loans

  (689,577)  —   (689,577)

Net margin

 $320,065  $34,740  $354,805 

Income before income taxes

 $116,522  $12,036  $128,558 

Income tax expense

 $(23,709) $(2,895) $(26,604)

Total assets

 $2,602,615  $103,830  $2,706,445 

 

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 

Total operating revenue, net

  1,009,884   36,220   1,046,104 

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 credit losses

  —   (1,252)  (1,252)

Changes in fair value of loans

  (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