XML 20 R9.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Note 3 - Segment Reporting
 3 Months Ended
Mar. 31, 2024
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:

 

Three Months Ended March 31, 2024

 

CaaS

  

Auto Finance

  

Total

 

Revenue:

            

Consumer loans, including past due fees

 $220,039  $10,335  $230,374 

Fees and related income on earning assets

  47,885   20   47,905 

Other revenue

  11,677   218   11,895 

Total operating revenue

  279,601   10,573   290,174 

Other non-operating revenue

  282   250   532 

Total revenue

  279,883   10,823   290,706 

Interest expense

  (34,236)  (827)  (35,063)

Provision for credit losses

  —   (2,944)  (2,944)

Changes in fair value of loans

  (159,171)  —   (159,171)

Net margin

 $86,476  $7,052  $93,528 

Income before income taxes

 $31,814  $1,007  $32,821 

Income tax expense

 $(6,741) $(261) $(7,002)

Total assets

 $2,682,189  $105,026  $2,787,215 
 

Three Months Ended March 31, 2023

 

CaaS

  

Auto Finance

  

Total

 

Revenue:

            

Consumer loans, including past due fees

 $200,529  $9,172  $209,701 

Fees and related income on earning assets

  44,339   18   44,357 

Other revenue

  6,715   209   6,924 

Total operating revenue

  251,583   9,399   260,982 

Other non-operating revenue

  14   45   59 

Total revenue

  251,597   9,444   261,041 

Interest expense

  (23,460)  (774)  (24,234)

Provision for credit losses

  —   (704)  (704)

Changes in fair value of loans

  (149,822)  —   (149,822)

Net margin

 $78,315  $7,966  $86,281 

Income before income taxes

 $31,853  $2,229  $34,082 

Income tax expense

 $(7,567) $(621) $(8,188)

Total assets

 $2,276,140  $99,155  $2,375,295