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Note 3 - Segment Reporting
 6 Months Ended
Jun. 30, 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 June 30, 2024

 

CaaS

  

Auto Finance

  

Total

 

Revenue:

            

Consumer loans, including past due fees

 $232,014  $10,335  $242,349 

Fees and related income on earning assets

  59,484   22   59,506 

Other revenue

  13,582   204   13,786 

Total operating revenue

  305,080   10,561   315,641 

Other non-operating revenue

  79   303   382 

Total revenue

  305,159   10,864   316,023 

Interest expense

  (37,126)  (822)  (37,948)

Provision for credit losses

  —   (1,746)  (1,746)

Changes in fair value of loans

  (186,251)  —   (186,251)

Net margin

 $81,782  $8,296  $90,078 

Income before income taxes

 $26,180  $2,423  $28,603 

Income tax expense

 $(3,836) $(640) $(4,476)

 

Six Months Ended June 30, 2024

 

CaaS

  

Auto Finance

  

Total

 

Revenue:

            

Consumer loans, including past due fees

 $452,053  $20,670  $472,723 

Fees and related income on earning assets

  107,369   42   107,411 

Other revenue

  25,259   422   25,681 

Total operating revenue

  584,681   21,134   605,815 

Other non-operating revenue

  361   553   914 

Total revenue

  585,042   21,687   606,729 

Interest expense

  (71,362)  (1,649)  (73,011)

Provision for credit losses

  —   (4,690)  (4,690)

Changes in fair value of loans

  (345,422)  —   (345,422)

Net margin

 $168,258  $15,348  $183,606 

Income before income taxes

 $57,994  $3,430  $61,424 

Income tax expense

 $(10,577) $(901) $(11,478)

Total assets

 $2,733,909  $103,352  $2,837,261 

 

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 

Total operating revenue

  280,747   10,004   290,751 

Other non-operating revenue

  89   (2)  87 

Total revenue

  280,836   10,002   290,838 

Interest expense

  (23,363)  (852)  (24,215)

Provision for credit losses

  —   (309)  (309)

Changes in fair value of loans

  (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 

Total operating revenue

  532,330   19,403   551,733 

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 credit losses

  —   (1,013)  (1,013)

Changes in fair value of loans

  (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