Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Unrestricted cash and cash equivalents | $ 384,984 | $ 409,660 |
| Restricted cash and cash equivalents | 48,208 | 96,968 |
| Loans, interest and fees receivable, at fair value | 1,817,976 | 1,026,424 |
| Loans, interest and fees receivable, gross | 105,267 | 470,293 |
| Allowances for uncollectible loans, interest and fees receivable | 1,643 | 57,201 |
| Deferred revenue | 16,190 | 29,281 |
| Notes payable, at face value | $ 1,653,306 | $ 1,278,864 |
| Common stock, par value (in dollars per share) | $ 0 | $ 0 |
| Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
| Common stock, issued (in shares) | 14,453,415 | 14,804,408 |
| Common stock, outstanding (in shares) | 14,453,415 | 14,804,408 |
| Series A Preferred Stock [Member] | ||
| Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
| Preferred stock, shares issued (in shares) | 400,000 | 400,000 |
| Preferred stock, shares outstanding (in shares) | 400,000 | 400,000 |
| Preferred stock, liquidation preference | $ 40,000 | $ 40,000 |
| Series B Preferred Stock [Member] | ||
| Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
| Preferred stock, shares issued (in shares) | 3,204,640 | 3,188,533 |
| Preferred stock, shares outstanding (in shares) | 3,204,640 | 3,188,533 |
| Preferred stock, liquidation preference | $ 80,100 | $ 80,100 |
| Variable Interest Entity, Primary Beneficiary [Member] | ||
| Unrestricted cash and cash equivalents | 202,200 | 209,500 |
| Restricted cash and cash equivalents | 27,600 | 75,900 |
| Loans, interest and fees receivable, at fair value | 1,735,900 | 925,500 |
| Loans, interest and fees receivable, gross | 0 | 369,600 |
| Allowances for uncollectible loans, interest and fees receivable | 0 | 55,100 |
| Deferred revenue | 0 | 8,200 |
| Notes payable, at face value | $ 1,586,000 | $ 1,223,400 |
Consolidated Statements of Income - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Revenue: | |||
| Consumer loans, including past due fees | $ 786,235 | $ 518,783 | $ 410,616 |
| Fees and related income on earning assets | 217,071 | 194,466 | 133,960 |
| Other revenue | 42,798 | 30,606 | 15,431 |
| Total operating revenue, net | 1,046,104 | 743,855 | 560,007 |
| Other non-operating revenue | 809 | 4,201 | 3,403 |
| Total revenue | 1,046,913 | 748,056 | 563,410 |
| Interest expense | (81,851) | (54,127) | (51,548) |
| Provision for losses on loans, interest and fees receivable recorded at amortized cost | (1,252) | (36,455) | (142,719) |
| Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | (577,069) | (218,733) | (108,548) |
| Net margin | 386,741 | 438,741 | 260,595 |
| Operating expense: | |||
| Salaries and benefits | 43,063 | 34,024 | 29,079 |
| Card and loan servicing | 95,428 | 75,397 | 63,047 |
| Marketing and solicitation | 62,403 | 56,635 | 35,012 |
| Depreciation | 2,175 | 1,493 | 1,247 |
| Other | 34,400 | 22,180 | 17,819 |
| Total operating expense | 237,469 | 189,729 | 146,204 |
| Loss on repurchase and redemption of convertible senior notes | 0 | 29,439 | 0 |
| Income before income taxes | 149,272 | 219,573 | 114,391 |
| Income tax expense | (14,660) | (41,784) | (20,474) |
| Net income | 134,612 | 177,789 | 93,917 |
| Net loss attributable to noncontrolling interests | 985 | 113 | 203 |
| Net income attributable to controlling interests | 135,597 | 177,902 | 94,120 |
| Preferred dividends and discount accretion | (25,076) | (22,363) | (17,070) |
| Net income attributable to common shareholders | $ 110,521 | $ 155,539 | $ 77,050 |
| Net income attributable to common shareholders per common share—basic (in dollars per share) | $ 7.55 | $ 10.32 | $ 5.32 |
| Net income attributable to common shareholders per common share—diluted (in dollars per share) | $ 5.83 | $ 7.56 | $ 3.95 |
Consolidated Statements of Shareholders' Equity and Temporary Equity - USD ($) |
Cumulative Effect, Period of Adoption, Adjustment [Member]
Retained Earnings [Member]
|
Preferred Stock [Member]
Series B Preferred Stock [Member]
|
Preferred Stock [Member]
Class B Preferred Units [Member]
|
Preferred Stock [Member]
Series A Preferred Stock [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Noncontrolling Interest [Member] |
Series B Preferred Stock [Member] |
Total |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance (in shares) at Dec. 31, 2019 | 15,885,314 | |||||||||
| Balance at Dec. 31, 2019 | $ 49,050,000 | $ 40,000,000 | $ 212,692,000 | $ (211,786,000) | $ (571,000) | $ 335,000 | ||||
| Accretion of discount associated with issuance of subsidiary equity | 300,000 | (300,000) | (300,000) | |||||||
| Preferred dividends | (16,770,000) | (16,770,000) | ||||||||
| Stock option exercises and proceeds related thereto (in shares) | 407,533 | |||||||||
| Stock option exercises and proceeds related thereto | 1,326,000 | 1,326,000 | ||||||||
| Compensatory stock issuances, net of forfeitures (in shares) | 68,040 | |||||||||
| Contributions by preferred shareholders | 50,000,000 | |||||||||
| Stock-based compensation costs | 1,355,000 | $ 1,355,000 | ||||||||
| Redemption and retirement of shares (in shares) | (245,534) | (245,534) | ||||||||
| Redemption and retirement of shares | (3,353,000) | $ (3,353,000) | ||||||||
| Net income (loss) | 94,120,000 | (203,000) | 93,917,000 | |||||||
| Balance (in shares) at Dec. 31, 2020 | 16,115,353 | |||||||||
| Balance at Dec. 31, 2020 | 99,350,000 | 40,000,000 | 194,950,000 | (117,666,000) | (774,000) | 76,510,000 | ||||
| Accretion of discount associated with issuance of subsidiary equity | 300,000 | (300,000) | (300,000) | |||||||
| Preferred dividends | (22,063,000) | (22,063,000) | ||||||||
| Stock option exercises and proceeds related thereto (in shares) | 526,015 | |||||||||
| Stock option exercises and proceeds related thereto | 1,885,000 | 1,885,000 | ||||||||
| Compensatory stock issuances, net of forfeitures (in shares) | 56,654 | |||||||||
| Contributions by preferred shareholders | 387,000 | 387,000 | ||||||||
| Stock-based compensation costs | 3,240,000 | $ 3,240,000 | ||||||||
| Redemption and retirement of shares (in shares) | (1,893,614) | (434,381) | ||||||||
| Redemption and retirement of shares | (25,219,000) | $ (25,219,000) | ||||||||
| Net income (loss) | 177,902,000 | (113,000) | 177,789,000 | |||||||
| Issuance of series B preferred stock, net (in shares) | 3,188,533 | |||||||||
| Issuance of series B preferred stock, net | 75,270,000 | 75,270,000 | ||||||||
| Balance (in shares) at Dec. 31, 2021 | 3,188,533 | 14,804,408 | ||||||||
| Balance at Dec. 31, 2021 | $ 8,582,000 | 99,650,000 | 40,000,000 | 227,763,000 | 60,236,000 | (500,000) | 287,499,000 | |||
| Accretion of discount associated with issuance of subsidiary equity | 300,000 | (300,000) | (300,000) | |||||||
| Preferred dividends | (24,794,000) | $ (24,794,000) | ||||||||
| Stock option exercises and proceeds related thereto (in shares) | 1,211,141 | 1,211,141 | ||||||||
| Stock option exercises and proceeds related thereto | 3,731,000 | $ 3,731,000 | ||||||||
| Compensatory stock issuances, net of forfeitures (in shares) | 112,027 | |||||||||
| Contributions by preferred shareholders | 114,000 | 114,000 | ||||||||
| Stock-based compensation costs | 4,167,000 | $ 4,167,000 | ||||||||
| Redemption and retirement of shares (in shares) | (3,500) | (1,674,161) | ||||||||
| Redemption and retirement of shares | $ (69,000) | $ (88,939,000) | ||||||||
| Net income (loss) | 135,597,000 | (985,000) | 134,612,000 | |||||||
| Issuance of series B preferred stock, net (in shares) | 19,607 | |||||||||
| Issuance of series B preferred stock, net | 437,000 | 437,000 | ||||||||
| Discount associated with repurchase of preferred stock | 18,000 | 18,000 | ||||||||
| Redemption and retirement of preferred shares (in shares) | (3,500) | |||||||||
| Redemption and retirement of preferred shares | (87,000) | (87,000) | ||||||||
| Redemption and retirement of common shares (in shares) | (1,674,161) | |||||||||
| Redemption and retirement of common shares | (88,939,000) | (88,939,000) | ||||||||
| Balance (in shares) at Dec. 31, 2022 | 3,204,640 | 14,453,415 | ||||||||
| Balance at Dec. 31, 2022 | $ 99,950,000 | $ 40,000,000 | $ 121,996,000 | $ 204,415,000 | $ (1,371,000) | $ 325,040,000 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Operating activities | |||
| Net income | $ 134,612 | $ 177,789 | $ 93,917 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization and accretion, net | 4,848 | 2,494 | 7,952 |
| Provision for losses on loans, interest and fees receivable | 1,252 | 36,455 | 142,719 |
| Interest expense from accretion of discount on notes | 0 | 453 | 585 |
| Income from accretion of merchant fees and discount associated with receivables purchases | (137,179) | (166,266) | (110,402) |
| Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | 577,069 | 218,733 | 108,548 |
| Amortization of deferred loan costs | 5,101 | 5,114 | 5,137 |
| Income from equity-method investments | 0 | (16) | (456) |
| Loss on repurchase and redemption of convertible senior notes | 0 | 29,439 | 0 |
| Stock-based compensation costs | 4,167 | 3,240 | 1,355 |
| Lease liability payments | (4,053) | (10,470) | (10,278) |
| Gain on sale of property | 0 | (599) | 0 |
| Changes in assets and liabilities: | |||
| Increase in uncollected fees on earning assets | (252,704) | (111,807) | (43,319) |
| Increase in income tax liability | 10,412 | 21,838 | 20,147 |
| Increase in accounts payable and accrued expenses | 4,260 | 6,005 | (3,096) |
| Other | (1,655) | (36) | (75) |
| Net cash provided by operating activities | 346,130 | 212,366 | 212,734 |
| Investing activities | |||
| Investments in equity-method investee | 0 | (398) | 0 |
| Proceeds from equity-method investee | 0 | 560 | 998 |
| Proceeds from recoveries on charged off receivables | 32,361 | 14,065 | 13,781 |
| Investments in earning assets | (2,544,477) | (2,018,760) | (1,330,980) |
| Proceeds from earning assets | 1,836,183 | 1,535,500 | 1,024,375 |
| Sale of property | 0 | 1,100 | 0 |
| Purchases and development of property, net of disposals | (4,852) | (7,089) | (749) |
| Net cash used in investing activities | (680,785) | (475,022) | (292,575) |
| Financing activities | |||
| Noncontrolling interests contributions | 114 | 387 | 50,000 |
| Proceeds from issuance of Series B preferred stock, net of issuance costs | 437 | 75,270 | 0 |
| Preferred dividends | (24,793) | (21,809) | (13,561) |
| Proceeds from exercise of stock options | 3,731 | 1,885 | 1,326 |
| Purchase and retirement of outstanding stock | (89,008) | (25,219) | (3,353) |
| Proceeds from issuance of Senior notes, net of issuance costs | 0 | 142,832 | 0 |
| Proceeds from borrowings | 680,527 | 923,477 | 588,229 |
| Repayment of borrowings | (309,753) | (586,495) | (460,256) |
| Net cash provided by financing activities | 261,255 | 510,328 | 162,385 |
| Effect of exchange rate changes on cash | (36) | (5) | 23 |
| Net (decrease) increase in cash and cash equivalents and restricted cash | (73,436) | 247,667 | 82,567 |
| Cash and cash equivalents and restricted cash at beginning of period | 506,628 | 258,961 | 176,394 |
| Cash and cash equivalents and restricted cash at end of period | 433,192 | 506,628 | 258,961 |
| Supplemental cash flow information | |||
| Cash paid for interest | 75,357 | 47,608 | 46,526 |
| Net cash income tax payments | 4,248 | 19,946 | 327 |
| Increase in accrued and unpaid preferred dividends | $ 1 | $ 254 | $ 3,209 |
Note 1 - Description of Our Business |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 | |||
| Notes to Financial Statements | |||
| Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
Our accompanying consolidated financial statements include the accounts of Atlanticus Holdings Corporation (the “Company”) and those entities we control. We are a purpose driven financial technology company. We are primarily focused on facilitating consumer credit through the use of our financial technology and related services. Through our subsidiaries, we provide technology and other support services to lenders who offer an array of financial products and services to consumers who may have been declined by other providers of credit.
We are principally engaged in providing products and services to lenders in the U.S. and, in most cases, we invest in the receivables originated by lenders who utilize our technology platform and other related services. From time to time, we also purchase receivables portfolios from third parties. In these Notes to Consolidated Financial Statements, “receivables” or “loans” typically refer to receivables we have purchased from our bank partners or from third parties.
Within our Credit as a Service (“CaaS”) segment, we apply our technology solutions, in combination with the experiences gained, and infrastructure built from servicing over $30 billion in consumer loans over more than 25 years of operating history, to support lenders in offering more inclusive financial services. These products include private label credit and general purpose credit cards originated by lenders through multiple channels, including retailers and healthcare providers, direct mail solicitation, digital marketing and partnerships with third parties. The services of our bank partners are often extended to consumers who may not have access to financing options with larger financial institutions. Our flexible technology solutions allow our bank partners to integrate our paperless process and instant decisioning platform with the existing infrastructure of participating retailers, healthcare providers and other service providers. Using our technology and proprietary predictive analytics, lenders can make instant credit decisions utilizing hundreds of inputs from multiple sources and thereby offer credit to consumers overlooked by many providers of financing who focus exclusively on consumers with higher FICO scores. Atlanticus’ underwriting process is enhanced by artificial intelligence and machine learning, enabling fast, sound decision-making when it matters most.
We also report within our CaaS segment: 1) servicing income; and 2) gains or losses associated with investments previously made in consumer finance technology platforms. These include investments in companies engaged in mobile technologies, marketplace lending and other financial technologies. None of these companies are publicly-traded and the carrying value of our investment in these companies is not material.
Within our Auto Finance segment, our CAR subsidiary operations principally purchase and/or service loans secured by automobiles from or for, and also provide floor plan financing for, a pre-qualified network of independent automotive dealers and automotive finance companies in the buy-here, pay-here, used car business. We purchase auto loans at a discount and with dealer retentions or holdbacks that provide risk protection. Also within our Auto Finance segment, we are providing certain installment lending products in addition to our traditional loans secured by automobiles.
In March 2020, a national emergency was declared under the National Emergencies Act due to a new strain of coronavirus ("COVID-19"). The COVID-19 pandemic has negatively impacted global supply chains and business operations. In addition, rising inflation in 2021 and 2022 resulted in increased costs for many goods and services. As a result of persistently high inflation, interest rates have been on the rise and are expected to continue rising in the near term. The combination of rising inoculation rates in the U.S. population and the federal COVID-19 relief package contributed to increased economic recovery in 2021; however, fiscal support of businesses and individuals has declined. Russia’s invasion of Ukraine has intensified supply chain disruptions and heightened uncertainty surrounding the near-term outlook for the broader economy. The impacts of new COVID-19 variants, responses to the COVID-19 pandemic by both consumers and governments, rising energy costs, inflation, rising interest rates, and the unresolved geopolitical tensions relating to Russia’s invasion of Ukraine could significantly affect the economic outlook. The duration and severity of the effects of COVID-19 on our financial condition, results of operations and liquidity remain uncertain. Likewise, we do not know the duration and severity of the impact of COVID-19 on all members of the Company’s ecosystem – our bank partner, merchants and consumers – as well as our employees. We continue to monitor the ongoing pandemic, have modified certain business practices, including offering consumers greater payment flexibility. These and similar practices have also been adopted by certain of our third party service partners. |
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components |
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| Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Significant Accounting Policies [Text Block] |
The following is a summary of significant accounting policies we follow in preparing our consolidated financial statements, as well as a description of significant components of our consolidated financial statements.
Basis of Presentation and Use of Estimates
We prepare our consolidated financial statements in accordance with generally accepted accounting principles in the U.S. (“GAAP”). The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our consolidated financial statements, as well as the reported amounts of revenues and expenses during each reporting period. We base these estimates on information available to us as of the date of the financial statements. Actual results could differ materially from these estimates. Certain estimates, such as credit losses, payment rates, costs of funds, discount rates and the yields earned on credit card receivables, significantly affect the reported amount (and changes thereon) of our Loans, interest and fees receivables, at fair value and Notes payable associated with structured financings recorded at fair value on our consolidated balance sheets and consolidated statements of income. Additionally, estimates of credit losses have a significant effect on loans, interest and fees receivable, net, as shown on our consolidated balance sheets, as well as on the provision for losses on loans, interest and fees receivable within our consolidated statements of income.
We have eliminated all significant intercompany balances and transactions for financial reporting purposes.
Unrestricted Cash and Cash Equivalents
Unrestricted cash and cash equivalents consist of cash, money market investments and overnight deposits. We consider all highly liquid cash investments with low interest rate risk and original maturities of three months or less to be cash equivalents. Cash equivalents are carried at cost, which approximates market. We maintain unrestricted cash and cash equivalents for general operating purposes and to meet our longer term debt obligations. We maintain our cash and cash equivalents in accounts at regulated domestic financial institutions in amounts that exceed FDIC insured amounts of approximately $4.5 million based on our current banking relationships.
Restricted Cash
Restricted cash as of December 31, 2022 and 2021 includes certain collections on loans, interest and fees receivable, the cash balances of which are required to be distributed to noteholders under our debt facilities. Our restricted cash balances also include minimum cash balances held in accounts at the request of certain of our business partners.
Loans, Interest and Fees Receivable
We maintain two categories of Loans, Interest and Fees Receivable on our consolidated balance sheets: those that are carried at fair value (Loans, interest and fees receivable, at fair value) and those that are carried at net amortized cost (Loans, interest and fees receivable, gross). For both categories of loans, interest and fees receivable, other than our Auto Finance receivables, interest and fees are discontinued when loans, interest and fees receivable become contractually 90 or more days past due. We charge off our CaaS receivables, against our Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value, when they become contractually more than 180 days past due. We charge off our Auto Finance segment receivables, against our Allowance for uncollectible loans, interest and fees receivable, when they become contractually more than 180 days past due. For all of our receivables portfolios, we charge off receivables within 30 days of notification and confirmation of a customer’s bankruptcy or death. However, in some cases of death, we do not charge off receivables if there is a surviving, contractually liable individual or estate large enough to pay the debt in full.
We adopted Accounting Standards Update ("ASU") 2016-13, Measurement of Credit Losses on Financial Instruments on January 1, 2022. This ASU requires the use of an impairment model (the current expected credit loss (“CECL”) model) that is based on expected rather than incurred losses. The ASU also allows for a one-time fair value election for receivables. Upon adoption, we elected the fair value option for all remaining loans receivable associated with our private label credit and general purpose credit card platform previously measured at amortized cost and recorded an increase to our Allowances for uncollectible loans, interest and fees receivable for our remaining Loans, interest and fees receivable associated with our Auto Finance segment. The adoption of CECL resulted in an increase to our opening balance of retained earnings of $8.6 million.
Loans, Interest and Fees Receivable, at Fair Value. Loans, interest and fees receivable held at fair value represent receivables for which we have elected the fair value option (the "Fair Value Receivables"). The Fair Value Receivables are held by entities that qualify as variable interest entities ("VIE"), and are consolidated onto our consolidated balance sheets, some portfolios of which are unencumbered and some of which are still encumbered under structured or other financing facilities. Loans and finance receivables include accrued and unpaid interest and fees. As discussed above, as of January 1, 2022 all receivables associated with our private label credit and general purpose credit cards are included within this category of receivables.
Under the fair value option, direct loan origination fees (such as annual and merchant fees) are taken into income when billed to the consumer or upon loan acquisition and direct loan origination costs are expensed in the period incurred. The Company estimates the fair value of the loans using a discounted cash flow model, which considers various unobservable inputs such as remaining cumulative charge-offs, remaining cumulative prepayments, average life and discount rate. The Company re-evaluates the fair value of loans receivable at the close of each measurement period. Changes in the fair value of loans, interest and fees receivable are recorded as a component of "Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value" in the consolidated statements of income in the period of the fair value changes. Changes in the fair value of loans, interest and fees receivable recorded at fair value include the impact of current period charge-offs associated with these receivables.
Further details concerning our loans, interest and fees receivable held at fair value are presented within Note 6, “Fair Values of Assets and Liabilities.”
Loans, Interest and Fees Receivable, Gross. Our loans, interest and fees receivable, gross, currently consist of receivables associated with our Auto Finance segment’s operations. Prior to January 1, 2022 this category of receivable also included a portion (those which were not part of our Fair Value Receivables) of our private label credit and general purpose credit card receivables within our CaaS segment. Our CaaS segment loans, interest and fees receivable generally are unsecured, while our Auto Finance segment loans, interest and fees receivable generally are secured by the underlying automobiles for which we hold the vehicle title. We purchased auto loans with outstanding principal of $214.7 million and $194.8 million for the years ended December 31, 2022 and 2021, respectively, through our pre-qualified network of independent automotive dealers and automotive finance companies.
We show both an allowance for uncollectible loans, interest and fees receivable and unearned fees (or “deferred revenue”) for our loans, interest and fees receivable that are not carried at fair value. Upon adoption of CECL, the allowance is an estimate of the expected losses (rather than incurred losses) inherent within loans, interest and fees receivable that the Company does not report at fair value. Our loans, interest and fees receivable consist of smaller-balance, homogeneous loans. While each of these categories has unique features, they share many of the same credit risk characteristics and thus share a similar approach to the establishment of an allowance for credit losses. Each portfolio is divided into pools based on common characteristics such as contract or acquisition channel. For each pool, we determine the necessary allowance for uncollectible loans, interest and fees receivable by analyzing some or all of the following unique attributes for each type of receivable pool: historical loss rates; current delinquency and roll-rate trends; vintage analyses based on the number of months an account has been in existence; the effects of changes in the economy on consumers; changes in underwriting criteria; and estimated recoveries. We may further reduce the expected charge-off, taking into consideration specific dealer level reserves which may allow us to offset our losses and, in the case of secured loans, the impact of collateral available to offset a potential loss.
A considerable amount of judgment is required to assess the ultimate amount of uncollectible loans, interest and fees receivable, and we continuously evaluate and update our methodologies to determine the most appropriate allowance necessary. We may individually evaluate a receivable or pool of receivables for impairment if circumstances indicate that the receivable or pool of receivables may be at higher risk for nonperformance than other receivables (e.g., if a particular retail or auto-finance partner has indications of non-performance (such as a bankruptcy) that could impact the underlying pool of receivables we purchased from the partner).
Certain of our loans, interest and fees receivable (including those receivables associated with our private label credit and general purpose credit card receivables prior to their adoption of fair value accounting) also contain components of deferred revenue including merchant fees on the purchases of receivables for our private label credit receivables, loan discounts on the purchase of our auto finance receivables and annual fee billings for our general purpose credit card receivables. Our private label credit, general purpose credit card and auto finance loans, interest and fees receivable include principal balances and associated fees and interest due from customers which are earned each period a loan is outstanding, net of the unearned portion of merchant fees, annual fees and loan discounts. As of December 31, 2022 and December 31, 2021, the weighted average remaining accretion period for the $16.2 million and $29.3 million of deferred revenue reflected in the consolidated balance sheets was 27 months and 15 months, respectively. Included within deferred revenue, are discounts on purchased auto loans of $16.2 million as of December 31, 2022 and merchant fees and discounts of $20.4 million as of December 31, 2021.
As a result of the COVID-19 pandemic and subsequent declaration of a national emergency in March 2020 under the National Emergencies Act and the associated government policy responses and corresponding inflation, certain consumers have been offered the ability to defer their payment without penalty during the national emergency period. In March 2020, the federal bank regulatory agencies issued an “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus” ("COVID-19 Guidance"). The COVID-19 Guidance encourages financial institutions to work prudently with borrowers that may be unable to meet their contractual obligations because of the effects of COVID-19. In accordance with the COVID-19 Guidance, certain consumers negatively impacted by COVID-19 have been provided short-term payment deferrals and fee waivers. Receivables enrolled in these short-term payment deferrals continue to accrue interest and their delinquency status will not change through the deferment period. Through December 31, 2022 we continued to actively work with consumers that indicated hardship as a result of COVID-19 and inflation pressure; however, the number of impacted consumers is a small part of our overall receivable base. In order to establish appropriate reserves for this population, we considered various factors such as subsequent payment behavior and additional requests by the consumer for further deferrals or hardship claims.
Our CaaS segment consists of two classes of receivable: credit cards and other unsecured lending products. A roll-forward (in millions) of our allowance for uncollectible loans, interest and fees receivable by class of receivable is as follows:
Delinquent loans, interest and fees receivable reflect the principal, fee and interest components of loans we did not collect on or prior to the contractual due date. Amounts we believe we will not ultimately collect are included as a component in our overall allowance for uncollectible loans, interest and fees receivable.
Recoveries, noted above, consist of amounts received from the efforts of third-party collectors and through the sale of charged-off accounts to unrelated third parties. All proceeds received, associated with charged-off accounts, are credited to the allowance for uncollectible loans, interest and fees receivable and effectively offset our provision for losses on loans, interest and fees receivable recorded at amortized cost on our consolidated statements of income. For the year ended December 31, 2022, $1.3 million of our recoveries noted above related to collections from third-party collectors and $0.0 million related to sales of charged-off accounts to unrelated third parties. For the year ended December 31, 2021, $8.7 million of our recoveries noted above related to collections from third-party collectors we employ and $8.2 million related to sales of charged-off accounts to unrelated third parties. For the year ended December 31, 2020, $12.4 million of our recoveries noted above related to collections from third-party collectors we employ and $13.8 million related to sales of charged-off accounts to unrelated third parties.
We consider loan delinquencies a key indicator of credit quality because this measure provides the best ongoing estimate of how a particular class of receivables is performing. An aging of our delinquent loans, interest and fees receivable, gross (in millions) by class of receivable is as follows:
Troubled Debt Restructurings
As part of ongoing collection efforts, once an account, the receivable of which is included in our CaaS segment, becomes 90 days or more past due, the related receivable is placed on a non-accrual status. Placement on a non-accrual status results in the use of programs under which the contractual interest associated with a receivable may be reduced or eliminated, or a certain amount of accrued fees is waived, provided a minimum number or amount of payments have been made. Following this adjustment, if a customer we serve demonstrates a willingness and ability to resume making monthly payments and meets certain additional criteria, the customer’s account is re-aged. When an account is re-aged, the status of the account is adjusted to bring a delinquent account current, but generally no further modifications to the payment terms or amounts owed are made. Once an account is placed on a non-accrual status, it is closed for further purchases. Accounts that are placed on a non-accrual status and thereafter make at least one payment qualify as troubled debt restructurings (“TDRs”). The above referenced COVID-19 Guidance issued by federal bank regulatory agencies, in consultation with the Financial Accounting Standards Board (“FASB”) staff, concluded that short-term modifications (e.g., six months) made on a good faith basis to borrowers who were impacted by COVID-19 and whose accounts were less than 30 days past due as of the implementation date of a relief program are not TDRs. Although we are not a financial institution and therefore not directly subject to the COVID-19 Guidance, we believe this constitutes an interpretation of GAAP and therefore should be applied to our accounting circumstances. As a result, the below tables exclude certain accounts that are included under that guidance.
The following table details by class of receivable, the number and amount of modified loans, including TDRs that have been re-aged:
We do not separately reserve or impair these receivables outside of our general reserve process.
The Company modified 232,086, 65,125 and 60,908 accounts in the amount of $230.4 million, $70.0 million and $70.3 million during the twelve month periods ended December 31, 2022, 2021 and 2020, respectively, that qualified as TDRs. The following table details by class of receivable, the number of accounts and balance of loans that completed a modification (including those that were classified as TDRs) within the prior twelve months and subsequently defaulted.
Property at Cost, Net of Depreciation
We capitalize costs related to internal development and implementation of software used in our operating activities in accordance with applicable accounting literature. These capitalized costs consist almost exclusively of fees paid to third-party consultants to develop code and install and test software specific to our needs and to customize purchased software to maximize its benefit to us.
We record our property at cost less accumulated depreciation or amortization. We compute depreciation expense using the straight-line method over the estimated useful lives of our assets, which are approximately 5 years for furniture, fixtures and equipment, and 3 years for computers and software. We amortize leasehold improvements over the shorter of their estimated useful lives or the terms of their respective underlying leases.
We periodically review our property to determine if it is impaired. We incurred no impairment costs in 2022 and no impairment costs in 2021.
Prepaid Expenses and Other Assets
Prepaid expenses and other assets include amounts paid to third parties for marketing and other services as well as amounts owed to us by third parties. Prepaid amounts are expensed as the underlying related services are performed. Also included are (1) commissions paid associated with our various office leases which we amortize into expense over the lease terms, (2) ongoing deferred costs associated with service contracts and (3) investments in consumer finance technology platforms carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes.
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses reflect both the billed and unbilled amounts owed at the end of a period for services rendered.
Revenue Recognition and Revenue from Contracts with Customers
Consumer Loans, Including Past Due Fees
Consumer loans, including past due fees reflect interest income, including finance charges, and late fees on loans in accordance with the terms of the related customer agreements. Discounts received associated with auto loans that are not included as part of our Fair Value Receivables are deferred and amortized over the average life of the related loans using the effective interest method. Premiums, discounts, annual fees and merchant fees paid or received associated with Fair Value Receivables are recognized upon receivable acquisition. Finance charges and fees, net of amounts that we consider uncollectible, are included in loans, interest and fees receivable and revenue when the fees are earned based upon the contractual terms of the loans.
Fees and Related Income on Earning Assets
Fees and related income on earning assets primarily include fees associated with credit products, including the receivables underlying the private label and general purpose credit cards we service, and our legacy credit card receivables which include the recognition of annual fee billings and cash advance fees among others.
Fees are assessed on credit card accounts underlying our credit card receivables according to the terms of the related cardholder agreements and we recognize these fees as income when they are charged to the customers’ accounts. Fees and related income on earning assets, net of amounts that we consider uncollectible, are included in loans, interest and fees receivable and revenue when the fees are earned based upon the contractual terms of the loans. The election of the fair value option to account for certain loans receivable resulted in increased fees recognized on credit products throughout the periods presented.
Other revenue
Other revenue includes revenues associated with interchange revenues, servicing income and ancillary product offerings (primarily associated with a credit protection program offered by our issuing bank partner). We recognize these fees as income in the period earned.
Other non-operating revenue
Other non-operating revenue includes revenues associated with investments in equity method investees and other revenues not associated with our ongoing business operations.
Revenue from Contracts with Customers
The majority of our revenue is earned from financial instruments and is not included within the scope of ASU No. 2014-09, "Revenue from Contracts with Customers". We have determined that revenue from contracts with customers would primarily consist of interchange revenues in our CaaS segment and servicing revenue and other customer-related fees in both our CaaS segment and our Auto Finance segment. Interchange fees are earned when our customer's cards are used over established card networks. We earn a portion of the interchange fee the card networks charge merchants for the transaction. Servicing revenue is generated by meeting contractual performance obligations related to the collection of amounts due on receivables, and is settled with the customer net of our fee. Service charges and other customer related fees are earned from customers based on the occurrence of specific services. None of these revenue streams result in an ongoing obligation beyond what has already been rendered. Revenue from these contracts with customers is included as a component of Other revenue on our consolidated statements of income. Components (in thousands) of our revenue from contracts with customers is as follows:
(1) Interchange revenue is presented net of customer reward expense.
Card and Loan Servicing Expenses
Card and loan servicing costs primarily include collections and customer service expenses. Within this category of expenses are personnel, service bureau, cardholder correspondence and other direct costs associated with our collections and customer service efforts. Card and loan servicing costs also include outsourced collections and customer service expenses. We expense card and loan servicing costs as we incur them, with the exception of prepaid costs, which we expense over respective service periods.
Marketing and Solicitation Expenses
We expense product solicitation costs, including printing, credit bureaus, list processing, telemarketing, postage, and internet marketing fees, as we incur these costs or expend resources.
Loss on repurchase and redemption of convertible senior notes
In periods where we repurchased or redeemed outstanding 5.875% convertible senior notes (“convertible senior notes”), we recorded any discount or premium paid for the repurchase or redemption (including accrued interest) relative to the amortized book value of the notes. For the year ended December 31, 2021, we repurchased or redeemed $33.8 million in face amount of our convertible senior notes for $54.3 million in cash (including accrued interest). The repurchase and redemption resulted in an aggregate loss of approximately $29.4 million (including the convertible senior notes’ applicable share of deferred costs, which were written off in connection with the repurchase). Upon acquisition, the notes were retired.
Recent Accounting Pronouncements
In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, Measurement of Credit Losses on Financial Instruments. The guidance requires an assessment of credit losses based on expected rather than incurred losses (known as the current expected credit loss model). This generally will result in the recognition of allowances for losses earlier than under current accounting guidance for trade and other receivables, held to maturity debt securities and other instruments. The FASB has added several technical amendments (ASU 2018-19, 2019-04, 2019-10 and 2019-11) to clarify technical aspects of the guidance and applicability to specific financial instruments or transactions. In May 2019, the FASB issued ASU 2019-05, which allows entities to measure assets in the scope of ASC 326-20, except held to maturity securities, using the fair value option when they adopt the new credit impairment standard. The election can be made on an instrument by instrument basis. We adopted ASU 2016-13 beginning January 1, 2022, using the modified retrospective method of adoption. We elected the fair value option for all receivables in our CaaS segment previously measured at amortized cost. For all other receivables, we recorded an increase to our Allowances for uncollectible loans, interest and fees receivable using the current expected credit loss model. As a result of our adoption, we increased our Loans, interest and fees receivable (net of the related revaluation), at fair value by $315.0 million (with a corresponding decrease to Loans, interest and fees receivable, gross of $375.7 million), a decrease to our Allowances for uncollectible loans, interest and fees receivable of $55.6 million, a decrease to our Deferred revenue of $15.6 million, a decrease to Accounts payable and accrued expenses of $600 thousand, an increase to our deferred tax liability of $2.5 million, and an increase to our retained earnings of $8.6 million. The aforementioned impacts associated with our adoption of ASU 2016-13 primarily relate to those assets within our CaaS segment with an immaterial impact to our Auto Finance segment receivables.
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance provides an optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The ASU can be adopted no later than December 1, 2022, with early adoption permitted. In January 2021, FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of ASC 848 and clarifies some of its guidance as part of the FASB’s monitoring of global reference rate reform. We have not yet adopted this ASU and are evaluating the effect of adopting this new accounting guidance. Based on our preliminary analysis, the London Interbank Offered Rate ("LIBOR") impacts us in limited circumstances primarily related to our existing debt agreements and will not have a material impact upon adoption.
On March 31, 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The ASU eliminates the accounting guidance for troubled debt restructurings by creditors while adding disclosures for certain loan restructurings by creditors when a borrower is experiencing financial difficulty. This guidance requires an entity to determine whether a modification results in a new loan or a continuation of an existing loan. Additionally, the ASU requires disclosure of current period gross writeoffs by year of origination for financing receivables. The ASU is effective for the Company for fiscal years beginning after December 15, 2022. The disclosures required by this ASU are required for receivables held at amortized cost. As the significant majority of the Company's receivables are held at fair value, the Company does not believe the adoption of this ASU will have a material impact on its financial results or accompanying disclosures.
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Note 3 - Segment Reporting |
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| Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Disclosure [Text Block] |
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.
As of both December 31, 2022 and December 31, 2021, we did not have a material amount 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:
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Note 4 - Shareholders' Equity and Preferred Stock |
12 Months Ended | ||
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Dec. 31, 2022 | |||
| Notes to Financial Statements | |||
| Stockholders' Equity Note Disclosure [Text Block] |
During the years ended December 31, 2022, 2021 and 2020, we repurchased and contemporaneously retired 1,674,161 shares, 434,381 shares and 245,534 shares of our common stock at an aggregate cost of $88,939,000, $25,219,000 and $3,353,000, respectively, pursuant to both open market and private purchases and the return of stock by holders of equity incentive awards to pay tax withholding obligations.
During 2021, we had 1,459,233 loaned shares of common stock outstanding, which were originally lent in connection with our November 2005 issuance of convertible senior notes. As of December 31, 2021, all loaned shares had been returned to us and subsequently retired.
In June and July 2021, we issued an aggregate of 3,188,533 shares of 7.625% Series B Cumulative Perpetual Preferred Stock, liquidation preference of $25.00 per share (the “Series B Preferred Stock”), for net proceeds of approximately $76.5 million after deducting underwriting discounts and commissions, but before deducting expenses and the structuring fee. We pay cumulative cash dividends on the Series B Preferred Stock, when and as declared by our Board of Directors, in the amount of $1.90625 per share each year, which is equivalent to 7.625% of the $25.00 liquidation preference per share.
During the year ending December 31, 2022, we sold 19,607 shares of our Series B Preferred Stock under our “at-the-market” offering program (the “ATM Program”) for net proceeds of $0.4 million. During the year ended December 31, 2022, we repurchased and contemporaneously retired 3,500 shares of Series B Preferred Stock at an aggregate cost of $69,000. For further information regarding the ATM Program, see Note 15 “ATM Program.” |
Note 5 - Redeemable Preferred Stock |
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| Preferred Stock [Text Block] |
On November 26, 2014, we and certain of our subsidiaries entered into a Loan and Security Agreement with Dove Ventures, LLC, a Nevada limited liability company (“Dove”). The agreement provided for a senior secured term loan facility in an amount of up to $40.0 million at any time outstanding. On December 27, 2019, the Company issued 400,000 shares of its Series A Preferred Stock with an aggregate initial liquidation preference of $40.0 million, in exchange for full satisfaction of the $40.0 million that the Company owed Dove under the Loan and Security Agreement. Dividends on the preferred stock are 6% per annum (cumulative, noncompounding) and are payable as declared, and in preference to any common stock dividends, in cash. The Series A Preferred Stock is perpetual and has no maturity date. The Company may, at its option, redeem the shares of Series A Preferred Stock on or after January 1, 2025 at a redemption price equal to $100 per share, plus any accumulated and unpaid dividends. At the request of holders of a majority of the shares of Series A Preferred Stock, the Company shall offer to redeem all of the Series A Preferred Stock at a redemption price equal to $100 per share, plus any accumulated and unpaid dividends, at the option of the holders thereof, on or after January 1, 2024. Upon the election by the holders of a majority of the shares of Series A Preferred Stock, each share of the Series A Preferred Stock is convertible into the number of shares of the Company’s common stock as is determined by dividing (i) the sum of (a) $100 and (b) any accumulated and unpaid dividends on such share by (ii) an initial conversion price equal to $10 per share, subject to certain adjustment in certain circumstances to prevent dilution. Given the redemption rights contained within the Series A Preferred Stock, we account for the outstanding preferred stock as temporary equity in the consolidated balance sheets. Dividends paid on the Series A Preferred Stock are deducted from Net income attributable to controlling interests to derive Net income attributable to common shareholders. The common stock issuable upon conversion of Series A Preferred Stock is included in our calculation of Net income attributable to common shareholders per share—diluted. See Note 13, “Net Income Attributable to Controlling Interests Per Common Share” for more information.
Dove is a limited liability company owned by three trusts. David G. Hanna is the sole shareholder and the President of the corporation that serves as the sole trustee of one of the trusts, and David G. Hanna and members of his immediate family are the beneficiaries of this trust. Frank J. Hanna, III is the sole shareholder and the President of the corporation that serves as the sole trustee of the other two trusts, and Frank J. Hanna, III and members of his immediate family are the beneficiaries of these other two trusts.
On November 14, 2019, a wholly-owned subsidiary issued 50.5 million Class B preferred units at a purchase price of $1.00 per unit to an unrelated third party. The units carry a 16% preferred return to be paid quarterly, with up to 6 percentage points of the preferred return to be paid through the issuance of additional units or cash, at our election. The units have both call and put rights and are also subject to various covenants including a minimum book value, which if not satisfied, could allow for the securities to be put back to the subsidiary. A holder of the Class B Preferred Units may, at its election, require the Company to redeem part or all of such holder’s Class B Preferred Units for cash on October 14, 2024. In March 2020, the subsidiary issued an additional 50.0 million Class B preferred units under the same terms. The proceeds from the transaction are being used for general corporate purposes. We have included the issuance of these Class B preferred units as temporary noncontrolling interest on the consolidated balance sheets. Dividends paid on the Class B preferred units are deducted from Net income attributable to controlling interests to derive Net income attributable to common shareholders. See Note 13, “Net Income Attributable to Controlling Interests Per Common Share” for more information. |
Note 6 - Fair Values of Assets and Liabilities |
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| Fair Value Disclosures [Text Block] |
As previously discussed, we adopted ASU 2016-13, electing the fair value option for all remaining loans receivable associated with our private label credit and general purpose credit card platform previously measured at amortized cost. We estimate the fair value of these receivables using a discounted cash flow model, and reevaluate the fair value of our Fair Value Receivables at the end of each quarter. Additionally, we may adjust our models to reflect macroeconomic events. With the aforementioned market impacts of COVID-19 and related economic impacts, we continue to include market degradation in our models to reflect the possibility of delinquency rates increasing in the near term (and the corresponding increase in charge-offs and decrease in payments) above the level that historical and current trends would suggest.
We update our fair value analysis each quarter, with changes since the prior reporting period reflected as a component of "Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value" in the consolidated statements of income. Changes in interest rates, credit spreads, discount rates, realized and projected credit losses and cash flow timing will lead to changes in the fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value and therefore impact earnings.
Fair value differs from amortized cost accounting in the following ways:
For all of our other receivables, we have not elected the fair value option. Nevertheless, pursuant to applicable requirements, we include disclosures of the fair value of these other receivables to the extent practicable within the disclosures below. Additionally, we have other liabilities, associated with consolidated legacy credit card securitization trusts, that we are required to carry at fair value in our consolidated financial statements, and they also are addressed within the disclosures below.
Where applicable as noted above, we account for our financial assets and liabilities at fair value based upon a three-tiered valuation system. In general, fair values determined by Level 1 inputs use quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Fair values determined by Level 2 inputs use inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Where inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input that is significant to the fair value measurement in its entirety.
Valuations and Techniques for Assets
Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The table below summarizes (in thousands) by fair value hierarchy the December 31, 2022 and December 31, 2021 fair values and carrying amounts of (1) our assets that are required to be carried at fair value in our consolidated financial statements and (2) our assets not carried at fair value, but for which fair value disclosures are required:
For those asset classes above that are required to be carried at fair value in our consolidated financial statements, gains and losses associated with fair value changes are detailed on our consolidated statements of income as a component of "Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value". For our loans, interest and fees receivable included in the above table, we assess the fair value of these assets based on our estimate of future cash flows net of servicing costs, and to the extent that such cash flow estimates change from period to period, any such changes are considered to be attributable to changes in instrument-specific credit risk.
For Level 3 assets carried at fair value measured on a recurring basis using significant unobservable inputs, the following table presents (in thousands) a reconciliation of the beginning and ending balances for the years ended December 31, 2022, 2021 and 2020:
The unrealized gains and losses for assets within the Level 3 category presented in the tables above include changes in fair value that are attributable to both observable and unobservable inputs.
Net Revaluation of Loans, Interest and Fees Receivable. We record the net revaluation of loans, interest and fees receivable (including those pledged as collateral) in the Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value category in our consolidated statements of income. The net revaluation of loans, interest and fees receivable is based on the present value of future cash flows using a valuation model of expected cash flows and the estimated cost to service and collect those cash flows. We estimate the present value of these future cash flows using internally-developed estimates of assumptions third-party market participants would use in determining fair value, including estimates of net collected yield, principal payment rates, expected principal credit loss rates, costs of funds, discount rates and servicing costs. Interest income on receivables underlying our asset classes that are carried at fair value in our consolidated financial statements is recorded in Revenue - Consumer loans, including past due fees in our consolidated statements of income.
For Level 3 assets carried at fair value measured on a recurring basis using significant unobservable inputs, the following table presents (in thousands) quantitative information about the valuation techniques and the inputs used in the fair value measurement as of December 31, 2022, 2021 and 2020. As discussed above, our fair value models include market degradation to reflect the possibility of delinquency rates increasing in the near term (and the corresponding increase in charge-offs and decrease in payments) above the level that historical and current trends would suggest. This market degradation is included in the below quantitative information: Quantitative Information about Level 3 Fair Value Measurement
Quantitative Information about Level 3 Fair Value Measurement
Valuations and Techniques for Liabilities
Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the liability. The table below summarizes (in thousands) by fair value hierarchy the December 31, 2022 and 2021 fair values and carrying amounts of (1) our liabilities that are required to be carried at fair value in our consolidated financial statements and (2) our liabilities not carried at fair value, but for which fair value disclosures are required:
For our notes payable where market prices are not available, we assess the fair value of these liabilities based on our estimate of future cash flows generated from their underlying credit card receivables collateral, net of servicing compensation required under the note facilities, and to the extent that such cash flow estimates change from period to period, any such changes are considered to be attributable to changes in instrument-specific credit risk. Gains and losses associated with fair value changes for our notes payable associated with structured financing liabilities that are carried at fair value are detailed on our consolidated statements of income as a component of "Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value". We have evaluated the fair value of our third party debt by analyzing the expected repayment terms and credit spreads included in our recent financing arrangements obtained with similar terms. These recent financing arrangements provide positive evidence that the underlying data used in our assessment of fair value has not changed relative to the general market and therefore the fair value of our debt continues to be the same as the carrying value. See Note 10, “Notes Payable,” for further discussion on our other notes payable.
For our material Level 3 liabilities carried at fair value measured on a recurring basis using significant unobservable inputs, the following table presents (in thousands) a reconciliation of the beginning and ending balances for the year ended December 31, 2021 (no amounts were outstanding as of December 31, 2022):
The unrealized gains and losses for liabilities within the Level 3 category presented in the table above include changes in fair value that are attributable to both observable and unobservable inputs. We provide below a brief description of the valuation techniques used for Level 3 liabilities.
Net Revaluation of Notes Payable Associated with Structured Financings, at Fair Value. We record the net revaluations of notes payable associated with structured financings, at fair value, in the Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value on our consolidated statements of income. The legal entity associated with the securitization transaction is consolidated as a VIE as the Company is deemed the primary beneficiary of the entity. The Company is not liable for the full face value of the liability in the VIE so it is carried at fair value based upon amounts the borrower will receive from the legal entity. The net revaluation of these notes is based on the present value of future cash flows utilized in repayment of the outstanding principal and interest under the facilities using a valuation model of expected cash flows net of the contractual service expenses within the facilities. We estimate the present value of these future cash flows using internally-developed estimates of assumptions third-party market participants would use in determining fair value, including: estimates of gross yield, payment rates, expected credit loss rates, servicing costs, and discount rates on the credit card receivables that secure the non-recourse notes payable; costs of funds; discount rates; and contractual servicing fees. Accrued interest expense on notes payable underlying our notes payable associated with structured financings, at fair value is recorded in Interest expense in our consolidated statements of income.
Other Relevant Data
Other relevant data (in thousands) as of December 31, 2022 and December 31, 2021 concerning certain assets and liabilities we carry at fair value are as follows:
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Note 7 - Property |
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| Property, Plant and Equipment Disclosure [Text Block] |
Details (in thousands) of our property on our consolidated balance sheets are as follows:
Depreciation expense totaled $2.2 million and $1.5 million for the years ended December 31, 2022 and 2021, respectively. |
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Note 8 - Variable Interest Entities |
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| Variable Interest Entity Disclosure [Text Block] |
The Company contributes the vast majority of receivables to VIEs. These entities are sometimes established to facilitate third party financing. When assets are contributed to a VIE, they serve as collateral for the debt securities issued by that VIE. The evaluation of whether the entity qualifies as a VIE is based upon the sufficiency of the equity at risk in the legal entity. This evaluation is generally a function of the level of excess collateral in the legal entity. We consolidate VIEs when we hold a variable interest and we retain significant exposure to certain receivables and therefore, are the primary beneficiary. Through our role as servicer, we are the primary beneficiary when we have the power to direct activities that most significantly affect the economic performance and have the obligation to absorb the majority of the losses or benefits. In all of our VIEs, we continue to service the receivables (in accordance with defined servicing procedures), and as such, have the ability to significantly impact the economic performance of those VIEs. In certain circumstances we guarantee the performance of the underlying debt or agree to contribute additional collateral when necessary. When collateral is pledged, it is not available for the general use of the Company and can only be used to satisfy the related debt obligation. The results of operations and financial position of consolidated VIEs are included in our consolidated financial statements.
The following table presents a summary of VIEs in which we had continuing involvement and held a variable interest (in millions):
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Note 9 - Leases |
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| Lessee, Operating Leases [Text Block] |
We have operating leases primarily associated with our corporate offices and regional service centers as well as for certain equipment. Our leases have remaining lease terms of 1 to 12 years, some of which include options, at our discretion, to extend the leases for additional periods generally on -year revolving periods. Other leases allow for us to terminate the lease based on appropriate notification periods. For certain of our leased offices, we sublease a portion of the unoccupied space. The terms of the sublease arrangement generally coincide with the underlying lease. The components of lease expense associated with our lease liabilities and supplemental cash flow information related to those leases were as follows (dollar amounts in thousands):
As of December 31, 2022, maturities of lease liabilities were as follows (in thousands):
In August 2021, we entered into an operating lease agreement for our corporate headquarters in Atlanta, Georgia with an unaffiliated third party. The new lease covers approximately 73,000 square feet and commenced in June 2022 for a 146 month term. The total commitment under the new lease is approximately $27.8 million and is included in the table above. In connection with the commencement of this new lease, we discontinued most of the subleasing arrangements with third parties for space at our corporate headquarters. A right-of-use asset and liability was recorded at the commencement date of the lease.
In addition, we occasionally lease certain equipment under cancelable and non-cancelable leases, which are accounted for as capital leases in our consolidated financial statements. As of December 31, 2022, we had no material non-cancelable capital leases with initial or remaining terms of more than one year.
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Note 10 - Notes Payable |
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| Debt Disclosure [Text Block] |
Notes Payable, at Face Value
Other notes payable outstanding as of December 31, 2022 and December 31, 2021 that are secured by the financial and operating assets of either the borrower, another of our subsidiaries or both, include the following, scheduled (in millions); except as otherwise noted, the assets of our holding company (Atlanticus Holdings Corporation) are subject to creditor claims under these scheduled facilities:
In October 2015, we (through a wholly owned subsidiary) entered a revolving credit facility with a (as subsequently amended) $50.0 million revolving borrowing limit that can be drawn to the extent of outstanding eligible principal receivables (of which $50.0 million was drawn as of December 31, 2022). This facility is secured by the loans, interest and fees receivable and related restricted cash and accrues interest at an annual rate equal to Secured Overnight Financing Rate ("SOFR") plus 3.0%. The facility matures on October 30, 2024 and is subject to certain affirmative covenants, including a liquidity test and an eligibility test, the failure of which could result in required early repayment of all or a portion of the outstanding balance. The facility is guaranteed by Atlanticus, which is required to maintain certain minimum liquidity levels.
In October 2016, we (through a wholly owned subsidiary) entered a revolving credit facility available to the extent of outstanding eligible principal receivables of our CAR subsidiary (of which $44.1 million was drawn as of December 31, 2022). This facility is secured by the financial and operating assets of CAR and accrues interest at an annual rate equal to LIBOR plus a range between 2.4% and 3.0% based on certain ratios. The loan is subject to certain affirmative covenants, including a coverage ratio, a leverage ratio and a collateral performance test, the failure of which could result in required early repayment of all or a portion of the outstanding balance. In periods subsequent to October 2016, we amended the original agreement to either extend the maturity date and/or expand the capacity of this revolving credit facility. As of December 31, 2022, the facility's borrowing limit was $55.0 million and the facility matures on November 1, 2024. There were no other material changes to the existing terms or conditions as a result of these amendments and the new maturity date and borrowing limit are reflected in the table above. In January 2023, the note was amended to change the underlying reference rate from LIBOR to SOFR, the facility size was increased to $65.0 million and the maturity date was extended to November 1, 2025. All other terms remained materially consistent with the amended facility.
In 2018, we (through a wholly owned subsidiary) entered into a revolving credit facility to sell up to an aggregate $100.0 million of notes that are secured by the receivables and other assets of the trust (of which $0.0 million was outstanding as of December 31, 2022) that can be drawn upon to the extent of outstanding eligible receivables. The interest rate on the notes equals the SOFR plus 3.1%. The facility matures on March 15, 2024, and is subject to certain affirmative covenants and collateral performance tests, the failure of which could result in required early repayment of all or a portion of the outstanding balance of notes. As of December 31, 2022, the aggregate borrowing limit was $100.0 million.
In December 2017, we (through a wholly owned subsidiary) entered a revolving credit facility with a (as subsequently amended) $25.0 million revolving borrowing limit that is available to the extent of outstanding eligible principal receivables (of which $24.6 million was drawn as of December 31, 2022). This facility is secured by the loans, interest and fees receivable and related restricted cash and accrues interest at an annual rate equal to SOFR plus 3.6%. The facility matures on April 21, 2023 and is subject to certain affirmative covenants, including payment, delinquency and charge-off tests, the failure of which could result in required early repayment of all or a portion of the outstanding balance. The note is guaranteed by Atlanticus.
In June 2019, we (through a wholly owned subsidiary) entered a revolving credit facility with a (as subsequently amended) $20.0 million revolving borrowing limit that is available to the extent of outstanding eligible principal receivables (of which $11.1 million was drawn as of December 31, 2022). This facility is secured by the loans, interest and fees receivable and related restricted cash and accrues interest at an annual rate equal to the Prime Rate. The note is guaranteed by Atlanticus.
In August 2019, we issued a $17.4 million term note, which bears interest at a fixed rate of 8.0% and is due in August 2024.
In November 2019, we sold $200.0 million of ABS secured by certain credit card receivables (expiring May 15, 2024). A portion of the proceeds from the sale was used to pay down our existing facilities associated with our credit card receivables and the remaining proceeds were used to fund the acquisition of future receivables. The terms of the ABS allow for a -year revolving structure with a subsequent 12-month to 18-month amortization period. The weighted average interest rate on the securities is fixed at 4.91%. This facility is currently in contractual scheduled amortization.
In July 2020, we sold $100.0 million of ABS secured by certain private label credit receivables. A portion of the proceeds from the sale were used to pay down some of our existing revolving facilities associated with our private label credit receivables, and the remaining proceeds were used to fund the acquisition of receivables. The terms of the ABS allow for a -year revolving structure with a subsequent 18-month amortization period. The weighted average interest rate on the securities is fixed at 5.47%.
In October 2020, we sold $250.0 million of ABS secured by certain private label credit receivables. A portion of the proceeds from the sale was used to pay down our existing term ABS associated with our private label credit receivables, noted above, and the remaining proceeds were used to fund the acquisition of receivables. The terms of the ABS allow for a 41-month revolving structure with an 18-month amortization period, and the securities mature between August 2025 and October 2025. The weighted average interest rate on the securities is fixed at 4.1%.
In January 2021, we (through a wholly owned subsidiary) entered a revolving credit facility with a (as subsequently amended) $25.0 million borrowing limit (of which $25.0 million was drawn as of December 31, 2022) that is available to the extent of outstanding eligible principal receivables. This facility is secured by the loans, interest and fees receivable and related restricted cash and accrues interest at an annual rate equal to the greater of the Prime Rate or 4%. The facility matures on June 16, 2025 and is subject to certain affirmative covenants, including a liquidity test and an eligibility test, the failure of which could result in required early repayment of all or a portion of the outstanding balance. The note is guaranteed by Atlanticus, which is required to maintain certain minimum liquidity levels.
In June 2021, we sold $300.0 million of ABS secured by certain credit card receivables (expiring May 15, 2026 through December 15, 2026). The terms of the ABS allow for a -year revolving structure with a subsequent 11-month to 18-month amortization period. The weighted average interest rate on the securities is fixed at 4.24%.
In September 2021, we entered a term facility with a $75.0 million limit (of which $0.0 million was outstanding of December 31, 2022) that is available to the extent of outstanding eligible principal receivables. This facility is secured by the loans, interest and fees receivable and related restricted cash and accrues interest at an annual rate equal to LIBOR plus 2.75%. The terms of the facility allow for a 24-month revolving structure with an 18-month amortization period and the facility matures in March 2025.
In November 2021, we sold $300.0 million of ABS secured by certain credit card receivables (expiring May 15, 2026). The terms of the ABS allow for a -year revolving structure with a subsequent 18-month amortization period. The weighted average interest rate on the securities is fixed at 3.53%.
In May 2022, we entered a $250.0 million ABS agreement (of which $250.0 million was drawn as of December 31, 2022) secured by certain credit card receivables (expiring May 15, 2030). The terms of the ABS allow for a -year revolving structure with a subsequent 18-month amortization period. The weighted average interest rate on the securities is fixed at 6.33%.
In August 2022, we entered a $100.0 million ABS agreement secured by certain credit card receivables (of which $0.0 million was outstanding as of December 31, 2022) that can be drawn upon to the extent of outstanding eligible receivables. The interest rate on the notes is based on the Term Secured Overnight Financing Rate ("Term SOFR") plus 1.8%. The facility matures on August 5, 2024.
In September 2022, we sold $100.0 million of ABS secured by certain private label credit receivables. A portion of the proceeds from the sale was used to pay down other revolving facilities associated with our private label credit receivables, noted above, and the remaining proceeds have been invested in the acquisition of receivables. The terms of the ABS allow for a 3-year revolving structure with an 18-month amortization period. The weighted average interest rate on the securities is fixed at 7.3%.
As of December 31, 2022, we were in compliance with the covenants underlying our various notes payable and credit facilities.
Senior Notes, net
In November 2021, we issued $150.0 million aggregate principal amount of senior notes (included on our consolidated balance sheet as "Senior notes, net"). The senior notes are general unsecured obligations of the Company and rank equally in right of payment with all of the Company’s existing and future senior unsecured and unsubordinated indebtedness, and will rank senior in right of payment to the Company’s future subordinated indebtedness, if any. The senior notes are effectively subordinated to all of the Company’s existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, and the senior notes are structurally subordinated to all existing and future indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries (excluding any amounts owed by such subsidiaries to the Company). The senior notes bear interest at the rate of 6.125% per annum. Interest on the senior notes is payable quarterly in arrears on February 1, May 1, August 1 and November 1 of each year. The senior notes will mature on November 30, 2026. We are amortizing fees associated with the issuance of the senior notes into interest expense over the expected life of the notes. Amortization of these fees for the years ended December 31, 2022 and 2021 totaled $1.4 million and $0.1 million, respectively.
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Note 11 - Commitments and Contingencies |
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| Notes to Financial Statements | |||
| Commitments and Contingencies Disclosure [Text Block] |
General
Under finance products available in the private label credit and general purpose credit card channels, consumers have the ability to borrow up to the maximum credit limit assigned to each individual’s account. Unfunded commitments under these products aggregated $2.2 billion at December 31, 2022. We have never experienced a situation in which all borrowers have exercised their entire available lines of credit at any given point in time, nor do we anticipate this will ever occur in the future. Moreover, there would be a concurrent increase in assets should there be any exercise of these lines of credit.
Additionally, our CAR operations provide floor-plan financing for a pre-qualified network of independent automotive dealers and automotive finance companies in the buy-here, pay-here used car business. The floor plan financing allows dealers and finance companies to borrow up to the maximum pre-approved credit limit allowed in order to finance ongoing inventory needs. These loans are secured by the underlying auto inventory and, in certain cases where we have other lending products outstanding with the dealer, are secured by the collateral under those lending arrangements as well, including any outstanding dealer reserves. As of December 31, 2022, CAR had unfunded outstanding floor-plan financing commitments totaling $11.4 million. Each draw against unused commitments is reviewed for conformity to pre-established guidelines.
Under agreements with third-party originating and other financial institutions, we have pledged security (collateral) related to their issuance of consumer credit and purchases thereunder, of which $20.6 million remains pledged as of December 31, 2022 to support various ongoing contractual obligations.
Under agreements with third-party originating and other financial institutions, we have agreed to indemnify the financial institutions for certain liabilities associated with the services we provide on behalf of the financial institutions—such indemnification obligations generally being limited to instances in which we either (a) have been afforded the opportunity to defend against any potentially indemnifiable claims or (b) have reached agreement with the financial institutions regarding settlement of potentially indemnifiable claims. As of December 31, 2022, we have assessed the likelihood of any potential payments related to the aforementioned contingencies as remote. We would accrue liabilities related to these contingencies in any future period if and in which we assess the likelihood of an estimable payment as probable.
Under the account terms, consumers have the option of enrolling in a credit protection program with our issuing bank partner which would make the minimum payments owed on their accounts for a period of up to six months upon the occurrence of an eligible event. Eligible events typically include loss of life, job loss, disability, or hospitalization. As an acquirer of receivables, our potential exposure under this program, if all eligible participants applied for this benefit, was $69.4 million as of December 31, 2022. We have never experienced a situation in which all eligible participants have applied for this benefit at any given point in time, nor do we anticipate this will ever occur in the future. We include our estimate of future claims under this program within our fair value analysis of the associated receivables.
We also are subject to certain minimum payments under cancelable and non-cancelable lease arrangements. For further information regarding these commitments, see Note 9, “Leases”.
Litigation
We are involved in various legal proceedings that are incidental to the conduct of our business. There are currently no pending legal proceedings that are expected to be material to us. Included in the first quarter of 2022 is an $8.5 million expense related to a settlement of outstanding litigation associated with our Auto Finance segment.
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Note 12 - Income Taxes |
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| Income Tax Disclosure [Text Block] |
Deferred tax assets and liabilities reflect the effects of tax losses, credits, and the future income tax effects of temporary differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates that apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
The current and deferred portions (in thousands) of our federal, foreign, and state and other income tax expenses or benefits are as follows:
We experienced an effective income tax expense rate of 9.8% and 19.0% for the years ended December 31, 2022, and December 31, 2021, respectively. Our effective income tax expense rates for these years are below the statutory rate principally due to (1) deductions associated with the exercise of stock options and the vesting of restricted stock at times when the fair value of our stock exceeded such share-based awards’ grant date values—such deductions being significantly higher in 2022 than in 2021 given stock option exercises in 2022 by the Executive Chairman of our Board of Directors, such options being grandfathered from executive compensation deduction limitations under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”) and (2) our deduction for income tax purposes of amounts characterized in our consolidated financial statements as dividends on a preferred stock issuance, such amounts constituting deductible interest expense on a debt issuance for tax purposes. Offsetting the above factors are the effects on our effective tax rate of state and foreign income tax expense, taxes on global intangible low-taxed income, and executive compensation deduction limitations under Section 162(m) of the Code. Further details related to the above are reflected in the table below reconciling our effective income tax expense rate to the statutory rate.
We report income tax-related interest and penalties (including those associated with both our accrued liabilities for uncertain tax positions and unpaid tax liabilities) within our income tax line item on our consolidated statements of income. We likewise report the reversal of income tax-related interest and penalties within such line item to the extent we resolve our liabilities for uncertain tax positions or unpaid tax liabilities in a manner favorable to our accruals therefor. For 2022 and 2021, we experienced only de minimis interest expense and reversals within our income tax line item.
The following table reconciles our effective income tax expense rate to the statutory rate for 2022 and 2021:
As of December 31, 2022, and December 31, 2021, the respective significant components (in thousands) of our deferred tax assets and liabilities (which are included as a component of our Income tax liability on our consolidated balance sheets) were:
We undertook a detailed review of our deferred taxes and determined that a valuation allowance was required for certain deferred tax assets in state tax jurisdictions within the U.S. and in the U.K. We reduce our deferred tax assets by valuation allowances if it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences are deductible. In making our valuation allowance determinations, we consider all available positive and negative evidence affecting specific deferred tax assets, including our past and anticipated future performance, the reversal of deferred tax liabilities, the length of carry-back and carry-forward periods, and the implementation of tax planning strategies. Because our valuation allowance evaluations require consideration of future events, significant judgment is required in making the evaluations, and our conclusions could be materially different if our expectations are not met. Our valuation allowances totaled $20.7 million and $22.7 million as of December 31, 2022, and December 31, 2021, respectively.
Certain of our deferred tax assets relate to federal, foreign, and state net operating losses, and we have no other net operating losses, capital losses, or credit carryforwards other than those noted herein. We have recorded a federal deferred tax asset of $22.6 million (based on indefinite-lived federal net operating loss carryforwards of $104.0 million). We have recorded state deferred tax assets of $28.6 million based on state net operating loss carryforwards, some of which are indefinite-lived and some which expire in various years beginning in 2023.
Our subsidiaries file federal, foreign, and/or state and other income tax returns. In the normal course of our business, we are subject to examination by taxing authorities throughout the world, including such major jurisdictions as the U.S., the U.K., and various U.S. states and territories. With a few exceptions of a non-material nature, we are no longer subject to federal, state, local, or foreign income tax examinations for years prior to
Reconciliations (in thousands) of our unrecognized tax benefits from the beginning to the end of 2022 and 2021, respectively, are as follows:
Our unrecognized tax benefits that, if recognized, would affect the effective tax rate are not material at only $0.9 million, $0.7 million and $0.6 million as of December 31, 2022, 2021 and 2020, respectively. |
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Note 13 - Net Income Attributable to Controlling Interests Per Common Share |
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| Earnings Per Share [Text Block] |
We compute net income attributable to controlling interests per common share by dividing net income attributable to controlling interests by the weighted-average number of shares of common stock (including participating securities) outstanding during the period, as discussed below. Diluted computations applicable in financial reporting periods in which we report income reflect the potential dilution to the basic income per share of common stock computations that could occur if securities or other contracts to issue common stock were exercised, were converted into common stock or were to result in the issuance of common stock that would share in our results of operations. In performing our net income attributable to controlling interests per share of common stock computations, we apply accounting rules that require us to include all unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted calculations. Common stock and certain unvested share-based payment awards earn dividends equally, and we have included all outstanding restricted stock awards in our basic and diluted calculations for current and prior periods.
The following table sets forth the computations of net income attributable to controlling interests per share of common stock (in thousands, except per share data):
As their effects were anti-dilutive, we excluded stock options to purchase 0.1 million shares from our net income attributable to controlling interests per share of common stock calculations for the year ended December 31, 2022. No shares were excluded from our net income attributable to controlling interests per share of common stock calculations for the year ended December 31, 2021. We excluded stock options to purchase 0.1 million shares from our net income attributable to controlling interests per share of common stock calculations for the year ended December 31, 2020.
For the years ended December 31, 2022, 2021 and 2020, we included 4.0 million, 4.0 million and 3.8 million shares of common stock for each period in our outstanding diluted share counts associated with our Series A Preferred Stock. See Note 5, "Redeemable Preferred Stock", for a further discussion of these convertible securities.
For the year ended December 31, 2021, we included 0.1 million shares of common stock in the diluted net income attributable to controlling interests per share of common stock calculations associated with our convertible senior notes.
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Note 14 - Stock-based Compensation |
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| Share-Based Payment Arrangement [Text Block] |
We currently have two stock-based compensation plans, the Second Amended and Restated Employee Stock Purchase Plan (the “ESPP”) and the Fourth Amended and Restated 2014 Equity Incentive Plan (the “Fourth Amended 2014 Plan”). Our Fourth Amended 2014 Plan provides that we may grant options on or shares of our common stock (and other types of equity awards) to members of our Board of Directors, employees, consultants and advisors. The Fourth Amended 2014 Plan was approved by our shareholders in May 2019. As of December 31, 2022, 51,041 shares remained available for issuance under the ESPP and 2,085,158 shares remained available for issuance under the Fourth Amended 2014 Plan.
Exercises and vestings under our stock-based compensation plans resulted in no income tax-related charges to paid-in capital during the years ended December 31, 2022 and 2021.
Restricted Stock and Restricted Stock Units
During the years ended December 31, 2022, 2021 and 2020, we granted 105,360 shares, 49,988 shares and 61,373 shares of restricted stock and restricted stock units (net of any forfeitures), respectively, with aggregate grant date fair values of $4.9 million, $1.7 million and $0.6 million, respectively. We incurred expenses of $2.6 million, $1.2 million and $0.8 million during the years ended December 31, 2022, 2021 and 2020, respectively, related to restricted stock awards. When we grant restricted stock and restricted stock units, we defer the grant date value of the restricted stock and restricted stock unit and amortize that value (net of the value of anticipated forfeitures) as compensation expense with an offsetting entry to the paid-in capital component of our consolidated shareholders’ equity. Our restricted stock awards typically vest over a range of 12 to 60 months (or other term as specified in the grant which may include the achievement of performance measures) and are amortized to salaries and benefits expense ratably over applicable vesting periods. As of December 31, 2022, our unamortized deferred compensation costs associated with non-vested restricted stock awards were $3.3 million with a weighted-average remaining amortization period of 2.8 years. No forfeitures have been included in our compensation cost estimates based on historical forfeiture rates.
Stock Options
The exercise price per share of the options awarded under the Fourth Amended 2014 Plan must be equal to or greater than the market price on the date the option is granted. The option period may not exceed 10 years from the date of grant. We had expense of $1.6 million, $2.0 million and $0.5 million related to stock option-related compensation costs during the years ended December 31, 2022, 2021 and 2020, respectively. When applicable, we recognize stock option-related compensation expense for any awards with graded vesting on a straight-line basis over the vesting period for the entire award. The table below includes additional information about outstanding options:
Information on stock options granted, exercised and vested is as follows (in thousands, except per share data):
Options issued during the years ended December 31, 2021 and 2020 had aggregate grant-date fair values of $3.1 million and $1.4 million, respectively. No options were issued during the year ended December 31, 2022. We had $0.8 million and $2.4 million of unamortized deferred compensation costs associated with non-vested stock options as of December 31, 2022 and December 31, 2021, respectively, with a weighted average remaining amortization period of 1.1 years as of December 31, 2022. Upon exercise of outstanding options, the Company issues new shares.
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Note 15 - ATM Program |
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| Notes to Financial Statements | |||
| Stock Issuance Program [Text Block] |
On August 10, 2022, the Company entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) providing for the sale by the Company of up to an aggregate offering price of $100,000,000 of our (i) Series B Preferred Stock and (ii) senior notes, from time to time through a sales agent, in connection with the ATM Program. Sales pursuant to the Sales Agreement, if any, may be made in transactions that are deemed to be “at-the-market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on or through the NASDAQ Global Select Market. The sales agent will make all sales using commercially reasonable efforts consistent with its normal trading and sales practices up to the amount specified in, and otherwise in accordance with the terms of, the placement notice.
For further information regarding the ATM Program, see Note 4, “Shareholders’ Equity and Preferred Stock.”
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Note 16 - Employee Benefit Plans |
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| Compensation and Employee Benefit Plans, Other than Share-Based Compensation [Text Block] |
We maintain a defined contribution retirement plan (“401(k) plan”) for our U.S. employees that provides for a matching contribution by us. All full time U.S. employees are eligible to participate in the 401(k) plan. We made matching contributions of $341,245, $274,759 and $197,214 for the years ended December 31, 2022, 2021 and 2020, respectively.
Also, all employees, excluding executive officers, are eligible to participate in the ESPP. Under the ESPP, employees can elect to have up to 10% of their annual wages withheld to purchase our common stock up to a fair market value of $10,000. The amounts deducted and accumulated by each participant are used to purchase shares of common stock on or as promptly as practicable after the last business day of each month. The price of stock purchased under the ESPP is approximately 85% of the fair market value per share of our common stock on the purchase date. Employees contributed $107,995 to purchase 3,280 shares of common stock in 2022, $79,095 to purchase 2,241 shares of common stock in 2021 and $106,775 to purchase 9,209 shares of common stock in 2020 under the ESPP. The ESPP covers up to 100,000 shares of common stock. Our charge to expense associated with the ESPP was $35,348, $28,937 and $31,748 in 2022, 2021, and 2020 respectively.
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Note 17 - Related Party Transactions |
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| Notes to Financial Statements | |||
| Related Party Transactions Disclosure [Text Block] |
Under a shareholders’ agreement which we entered into with certain shareholders, including David G. Hanna, Frank J. Hanna, III and certain trusts that were Hanna affiliates, following our initial public offering (1) if one or more of the shareholders accepts a bona fide offer from a third party to purchase more than 50% of the outstanding common stock, each of the other shareholders that is a party to the agreement may elect to sell his shares to the purchaser on the same terms and conditions, and (2) if shareholders that are a party to the agreement owning more than 50% of the common stock propose to transfer all of their shares to a third party, then such transferring shareholders may require the other shareholders that are a party to the agreement to sell all of the shares owned by them to the proposed transferee on the same terms and conditions.
In June 2007, we entered into a sublease for 1,000 square feet (as later adjusted to 3,100 square feet) of excess office space at our Atlanta headquarters with HBR Capital, Ltd. (“HBR”), a company co-owned by David G. Hanna and his brother Frank J. Hanna, III. The sublease rate per square foot is the same as the rate that we pay under the prime lease. Under the sublease, HBR paid us $62,422, $17,299 and $16,960 for 2022, 2021 and 2020, respectively. The aggregate amount of payments required under the sublease from January 1, 2023 to the expiration of the sublease in May 2023 is $39,400.
In January 2013, HBR began leasing the services of four employees from us. HBR reimburses us for the full cost of the employees, based on the amount of time devoted to HBR. In the years ended December 31, 2022, 2021 and 2020, we received $404,302, $380,733 and $334,526, respectively, of reimbursed costs from HBR associated with these leased employees.
On November 26, 2014, we and certain of our subsidiaries entered into a Loan and Security Agreement with Dove. The agreement provided for a senior secured term loan facility in an amount of up to $40.0 million at any time outstanding. On December 27, 2019, the Company issued 400,000 shares of its Series A Preferred Stock with an aggregate initial liquidation preference of $40.0 million, in exchange for full satisfaction of the $40.0 million that the Company owed Dove under the Loan and Security Agreement. Dove is a limited liability company owned by three trusts. David G. Hanna is the sole shareholder and the President of the corporation that serves as the sole trustee of one of the trusts, and David G. Hanna and members of his immediate family are the beneficiaries of this trust. Frank J. Hanna, III is the sole shareholder and the President of the corporation that serves as the sole trustee of the other two trusts, and Frank J. Hanna, III and members of his immediate family are the beneficiaries of these other two trusts. See Note 5 "Redeemable Preferred Stock" for more information.
During 2022, the Company utilized Axiom Bank, NA to provide legal and other services related to various commercial opportunities. David G. Hanna, Frank J. Hanna, III and members of their immediate families, control and own Axiom Bancshares, Inc., which is the bank holding company for Axiom Bank, NA. The aggregate amount of payments made to Axiom Bank during 2022 was $1.0 million. |
Note 18 - Subsequent Events |
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| Notes to Financial Statements | |||
| Subsequent Events [Text Block] |
We evaluate subsequent events that occur after our consolidated balance sheet date but before our consolidated financial statements are issued. There are two types of subsequent events: (1) recognized, or those that provide additional evidence with respect to conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements; and (2) nonrecognized, or those that provide evidence with respect to conditions that did not exist at the date of the balance sheet but arose subsequent to that date.
We have evaluated subsequent events occurring after December 31, 2022, and based on our evaluation we did not identify any recognized or nonrecognized subsequent events that would have required further adjustments to our consolidated financial statements other than the developments described below.
We purchased 16,313 shares of common stock through February 28, 2023, which were subsequently retired. |
Significant Accounting Policies (Policies) |
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| Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Use of Estimates
We prepare our consolidated financial statements in accordance with generally accepted accounting principles in the U.S. (“GAAP”). The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our consolidated financial statements, as well as the reported amounts of revenues and expenses during each reporting period. We base these estimates on information available to us as of the date of the financial statements. Actual results could differ materially from these estimates. Certain estimates, such as credit losses, payment rates, costs of funds, discount rates and the yields earned on credit card receivables, significantly affect the reported amount (and changes thereon) of our Loans, interest and fees receivables, at fair value and Notes payable associated with structured financings recorded at fair value on our consolidated balance sheets and consolidated statements of income. Additionally, estimates of credit losses have a significant effect on loans, interest and fees receivable, net, as shown on our consolidated balance sheets, as well as on the provision for losses on loans, interest and fees receivable within our consolidated statements of income.
We have eliminated all significant intercompany balances and transactions for financial reporting purposes.
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| Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | Unrestricted Cash and Cash Equivalents
Unrestricted cash and cash equivalents consist of cash, money market investments and overnight deposits. We consider all highly liquid cash investments with low interest rate risk and original maturities of three months or less to be cash equivalents. Cash equivalents are carried at cost, which approximates market. We maintain unrestricted cash and cash equivalents for general operating purposes and to meet our longer term debt obligations. We maintain our cash and cash equivalents in accounts at regulated domestic financial institutions in amounts that exceed FDIC insured amounts of approximately $4.5 million based on our current banking relationships.
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| Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash
Restricted cash as of December 31, 2022 and 2021 includes certain collections on loans, interest and fees receivable, the cash balances of which are required to be distributed to noteholders under our debt facilities. Our restricted cash balances also include minimum cash balances held in accounts at the request of certain of our business partners.
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| Receivable [Policy Text Block] | Loans, Interest and Fees Receivable
We maintain two categories of Loans, Interest and Fees Receivable on our consolidated balance sheets: those that are carried at fair value (Loans, interest and fees receivable, at fair value) and those that are carried at net amortized cost (Loans, interest and fees receivable, gross). For both categories of loans, interest and fees receivable, other than our Auto Finance receivables, interest and fees are discontinued when loans, interest and fees receivable become contractually 90 or more days past due. We charge off our CaaS receivables, against our Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value, when they become contractually more than 180 days past due. We charge off our Auto Finance segment receivables, against our Allowance for uncollectible loans, interest and fees receivable, when they become contractually more than 180 days past due. For all of our receivables portfolios, we charge off receivables within 30 days of notification and confirmation of a customer’s bankruptcy or death. However, in some cases of death, we do not charge off receivables if there is a surviving, contractually liable individual or estate large enough to pay the debt in full.
We adopted Accounting Standards Update ("ASU") 2016-13, Measurement of Credit Losses on Financial Instruments on January 1, 2022. This ASU requires the use of an impairment model (the current expected credit loss (“CECL”) model) that is based on expected rather than incurred losses. The ASU also allows for a one-time fair value election for receivables. Upon adoption, we elected the fair value option for all remaining loans receivable associated with our private label credit and general purpose credit card platform previously measured at amortized cost and recorded an increase to our Allowances for uncollectible loans, interest and fees receivable for our remaining Loans, interest and fees receivable associated with our Auto Finance segment. The adoption of CECL resulted in an increase to our opening balance of retained earnings of $8.6 million.
Loans, Interest and Fees Receivable, at Fair Value. Loans, interest and fees receivable held at fair value represent receivables for which we have elected the fair value option (the "Fair Value Receivables"). The Fair Value Receivables are held by entities that qualify as variable interest entities ("VIE"), and are consolidated onto our consolidated balance sheets, some portfolios of which are unencumbered and some of which are still encumbered under structured or other financing facilities. Loans and finance receivables include accrued and unpaid interest and fees. As discussed above, as of January 1, 2022 all receivables associated with our private label credit and general purpose credit cards are included within this category of receivables.
Under the fair value option, direct loan origination fees (such as annual and merchant fees) are taken into income when billed to the consumer or upon loan acquisition and direct loan origination costs are expensed in the period incurred. The Company estimates the fair value of the loans using a discounted cash flow model, which considers various unobservable inputs such as remaining cumulative charge-offs, remaining cumulative prepayments, average life and discount rate. The Company re-evaluates the fair value of loans receivable at the close of each measurement period. Changes in the fair value of loans, interest and fees receivable are recorded as a component of "Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value" in the consolidated statements of income in the period of the fair value changes. Changes in the fair value of loans, interest and fees receivable recorded at fair value include the impact of current period charge-offs associated with these receivables.
Further details concerning our loans, interest and fees receivable held at fair value are presented within Note 6, “Fair Values of Assets and Liabilities.”
Loans, Interest and Fees Receivable, Gross. Our loans, interest and fees receivable, gross, currently consist of receivables associated with our Auto Finance segment’s operations. Prior to January 1, 2022 this category of receivable also included a portion (those which were not part of our Fair Value Receivables) of our private label credit and general purpose credit card receivables within our CaaS segment. Our CaaS segment loans, interest and fees receivable generally are unsecured, while our Auto Finance segment loans, interest and fees receivable generally are secured by the underlying automobiles for which we hold the vehicle title. We purchased auto loans with outstanding principal of $214.7 million and $194.8 million for the years ended December 31, 2022 and 2021, respectively, through our pre-qualified network of independent automotive dealers and automotive finance companies.
We show both an allowance for uncollectible loans, interest and fees receivable and unearned fees (or “deferred revenue”) for our loans, interest and fees receivable that are not carried at fair value. Upon adoption of CECL, the allowance is an estimate of the expected losses (rather than incurred losses) inherent within loans, interest and fees receivable that the Company does not report at fair value. Our loans, interest and fees receivable consist of smaller-balance, homogeneous loans. While each of these categories has unique features, they share many of the same credit risk characteristics and thus share a similar approach to the establishment of an allowance for credit losses. Each portfolio is divided into pools based on common characteristics such as contract or acquisition channel. For each pool, we determine the necessary allowance for uncollectible loans, interest and fees receivable by analyzing some or all of the following unique attributes for each type of receivable pool: historical loss rates; current delinquency and roll-rate trends; vintage analyses based on the number of months an account has been in existence; the effects of changes in the economy on consumers; changes in underwriting criteria; and estimated recoveries. We may further reduce the expected charge-off, taking into consideration specific dealer level reserves which may allow us to offset our losses and, in the case of secured loans, the impact of collateral available to offset a potential loss.
A considerable amount of judgment is required to assess the ultimate amount of uncollectible loans, interest and fees receivable, and we continuously evaluate and update our methodologies to determine the most appropriate allowance necessary. We may individually evaluate a receivable or pool of receivables for impairment if circumstances indicate that the receivable or pool of receivables may be at higher risk for nonperformance than other receivables (e.g., if a particular retail or auto-finance partner has indications of non-performance (such as a bankruptcy) that could impact the underlying pool of receivables we purchased from the partner).
Certain of our loans, interest and fees receivable (including those receivables associated with our private label credit and general purpose credit card receivables prior to their adoption of fair value accounting) also contain components of deferred revenue including merchant fees on the purchases of receivables for our private label credit receivables, loan discounts on the purchase of our auto finance receivables and annual fee billings for our general purpose credit card receivables. Our private label credit, general purpose credit card and auto finance loans, interest and fees receivable include principal balances and associated fees and interest due from customers which are earned each period a loan is outstanding, net of the unearned portion of merchant fees, annual fees and loan discounts. As of December 31, 2022 and December 31, 2021, the weighted average remaining accretion period for the $16.2 million and $29.3 million of deferred revenue reflected in the consolidated balance sheets was 27 months and 15 months, respectively. Included within deferred revenue, are discounts on purchased auto loans of $16.2 million as of December 31, 2022 and merchant fees and discounts of $20.4 million as of December 31, 2021.
As a result of the COVID-19 pandemic and subsequent declaration of a national emergency in March 2020 under the National Emergencies Act and the associated government policy responses and corresponding inflation, certain consumers have been offered the ability to defer their payment without penalty during the national emergency period. In March 2020, the federal bank regulatory agencies issued an “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus” ("COVID-19 Guidance"). The COVID-19 Guidance encourages financial institutions to work prudently with borrowers that may be unable to meet their contractual obligations because of the effects of COVID-19. In accordance with the COVID-19 Guidance, certain consumers negatively impacted by COVID-19 have been provided short-term payment deferrals and fee waivers. Receivables enrolled in these short-term payment deferrals continue to accrue interest and their delinquency status will not change through the deferment period. Through December 31, 2022 we continued to actively work with consumers that indicated hardship as a result of COVID-19 and inflation pressure; however, the number of impacted consumers is a small part of our overall receivable base. In order to establish appropriate reserves for this population, we considered various factors such as subsequent payment behavior and additional requests by the consumer for further deferrals or hardship claims.
Our CaaS segment consists of two classes of receivable: credit cards and other unsecured lending products. A roll-forward (in millions) of our allowance for uncollectible loans, interest and fees receivable by class of receivable is as follows:
Delinquent loans, interest and fees receivable reflect the principal, fee and interest components of loans we did not collect on or prior to the contractual due date. Amounts we believe we will not ultimately collect are included as a component in our overall allowance for uncollectible loans, interest and fees receivable.
Recoveries, noted above, consist of amounts received from the efforts of third-party collectors and through the sale of charged-off accounts to unrelated third parties. All proceeds received, associated with charged-off accounts, are credited to the allowance for uncollectible loans, interest and fees receivable and effectively offset our provision for losses on loans, interest and fees receivable recorded at amortized cost on our consolidated statements of income. For the year ended December 31, 2022, $1.3 million of our recoveries noted above related to collections from third-party collectors and $0.0 million related to sales of charged-off accounts to unrelated third parties. For the year ended December 31, 2021, $8.7 million of our recoveries noted above related to collections from third-party collectors we employ and $8.2 million related to sales of charged-off accounts to unrelated third parties. For the year ended December 31, 2020, $12.4 million of our recoveries noted above related to collections from third-party collectors we employ and $13.8 million related to sales of charged-off accounts to unrelated third parties.
We consider loan delinquencies a key indicator of credit quality because this measure provides the best ongoing estimate of how a particular class of receivables is performing. An aging of our delinquent loans, interest and fees receivable, gross (in millions) by class of receivable is as follows:
Troubled Debt Restructurings
As part of ongoing collection efforts, once an account, the receivable of which is included in our CaaS segment, becomes 90 days or more past due, the related receivable is placed on a non-accrual status. Placement on a non-accrual status results in the use of programs under which the contractual interest associated with a receivable may be reduced or eliminated, or a certain amount of accrued fees is waived, provided a minimum number or amount of payments have been made. Following this adjustment, if a customer we serve demonstrates a willingness and ability to resume making monthly payments and meets certain additional criteria, the customer’s account is re-aged. When an account is re-aged, the status of the account is adjusted to bring a delinquent account current, but generally no further modifications to the payment terms or amounts owed are made. Once an account is placed on a non-accrual status, it is closed for further purchases. Accounts that are placed on a non-accrual status and thereafter make at least one payment qualify as troubled debt restructurings (“TDRs”). The above referenced COVID-19 Guidance issued by federal bank regulatory agencies, in consultation with the Financial Accounting Standards Board (“FASB”) staff, concluded that short-term modifications (e.g., six months) made on a good faith basis to borrowers who were impacted by COVID-19 and whose accounts were less than 30 days past due as of the implementation date of a relief program are not TDRs. Although we are not a financial institution and therefore not directly subject to the COVID-19 Guidance, we believe this constitutes an interpretation of GAAP and therefore should be applied to our accounting circumstances. As a result, the below tables exclude certain accounts that are included under that guidance.
The following table details by class of receivable, the number and amount of modified loans, including TDRs that have been re-aged:
We do not separately reserve or impair these receivables outside of our general reserve process.
The Company modified 232,086, 65,125 and 60,908 accounts in the amount of $230.4 million, $70.0 million and $70.3 million during the twelve month periods ended December 31, 2022, 2021 and 2020, respectively, that qualified as TDRs. The following table details by class of receivable, the number of accounts and balance of loans that completed a modification (including those that were classified as TDRs) within the prior twelve months and subsequently defaulted.
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| Property, Plant and Equipment, Policy [Policy Text Block] | Property at Cost, Net of Depreciation
We capitalize costs related to internal development and implementation of software used in our operating activities in accordance with applicable accounting literature. These capitalized costs consist almost exclusively of fees paid to third-party consultants to develop code and install and test software specific to our needs and to customize purchased software to maximize its benefit to us.
We record our property at cost less accumulated depreciation or amortization. We compute depreciation expense using the straight-line method over the estimated useful lives of our assets, which are approximately 5 years for furniture, fixtures and equipment, and 3 years for computers and software. We amortize leasehold improvements over the shorter of their estimated useful lives or the terms of their respective underlying leases.
We periodically review our property to determine if it is impaired. We incurred no impairment costs in 2022 and no impairment costs in 2021.
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| Prepaid Expenses and Other Assets [Policy Text Block] | Prepaid Expenses and Other Assets
Prepaid expenses and other assets include amounts paid to third parties for marketing and other services as well as amounts owed to us by third parties. Prepaid amounts are expensed as the underlying related services are performed. Also included are (1) commissions paid associated with our various office leases which we amortize into expense over the lease terms, (2) ongoing deferred costs associated with service contracts and (3) investments in consumer finance technology platforms carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes.
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| Accounts Payable and Accrued Expenses [Policy Text Block] | Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses reflect both the billed and unbilled amounts owed at the end of a period for services rendered.
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| Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition and Revenue from Contracts with Customers
Consumer Loans, Including Past Due Fees
Consumer loans, including past due fees reflect interest income, including finance charges, and late fees on loans in accordance with the terms of the related customer agreements. Discounts received associated with auto loans that are not included as part of our Fair Value Receivables are deferred and amortized over the average life of the related loans using the effective interest method. Premiums, discounts, annual fees and merchant fees paid or received associated with Fair Value Receivables are recognized upon receivable acquisition. Finance charges and fees, net of amounts that we consider uncollectible, are included in loans, interest and fees receivable and revenue when the fees are earned based upon the contractual terms of the loans.
Fees and Related Income on Earning Assets
Fees and related income on earning assets primarily include fees associated with credit products, including the receivables underlying the private label and general purpose credit cards we service, and our legacy credit card receivables which include the recognition of annual fee billings and cash advance fees among others.
Fees are assessed on credit card accounts underlying our credit card receivables according to the terms of the related cardholder agreements and we recognize these fees as income when they are charged to the customers’ accounts. Fees and related income on earning assets, net of amounts that we consider uncollectible, are included in loans, interest and fees receivable and revenue when the fees are earned based upon the contractual terms of the loans. The election of the fair value option to account for certain loans receivable resulted in increased fees recognized on credit products throughout the periods presented.
Other revenue
Other revenue includes revenues associated with interchange revenues, servicing income and ancillary product offerings (primarily associated with a credit protection program offered by our issuing bank partner). We recognize these fees as income in the period earned.
Other non-operating revenue
Other non-operating revenue includes revenues associated with investments in equity method investees and other revenues not associated with our ongoing business operations.
Revenue from Contracts with Customers
The majority of our revenue is earned from financial instruments and is not included within the scope of ASU No. 2014-09, "Revenue from Contracts with Customers". We have determined that revenue from contracts with customers would primarily consist of interchange revenues in our CaaS segment and servicing revenue and other customer-related fees in both our CaaS segment and our Auto Finance segment. Interchange fees are earned when our customer's cards are used over established card networks. We earn a portion of the interchange fee the card networks charge merchants for the transaction. Servicing revenue is generated by meeting contractual performance obligations related to the collection of amounts due on receivables, and is settled with the customer net of our fee. Service charges and other customer related fees are earned from customers based on the occurrence of specific services. None of these revenue streams result in an ongoing obligation beyond what has already been rendered. Revenue from these contracts with customers is included as a component of Other revenue on our consolidated statements of income. Components (in thousands) of our revenue from contracts with customers is as follows:
(1) Interchange revenue is presented net of customer reward expense.
Card and Loan Servicing Expenses
Card and loan servicing costs primarily include collections and customer service expenses. Within this category of expenses are personnel, service bureau, cardholder correspondence and other direct costs associated with our collections and customer service efforts. Card and loan servicing costs also include outsourced collections and customer service expenses. We expense card and loan servicing costs as we incur them, with the exception of prepaid costs, which we expense over respective service periods.
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| Selling, General and Administrative Expenses, Policy [Policy Text Block] | Marketing and Solicitation Expenses
We expense product solicitation costs, including printing, credit bureaus, list processing, telemarketing, postage, and internet marketing fees, as we incur these costs or expend resources.
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| Credit Loss, Financial Instrument [Policy Text Block] | Loss on repurchase and redemption of convertible senior notes
In periods where we repurchased or redeemed outstanding 5.875% convertible senior notes (“convertible senior notes”), we recorded any discount or premium paid for the repurchase or redemption (including accrued interest) relative to the amortized book value of the notes. For the year ended December 31, 2021, we repurchased or redeemed $33.8 million in face amount of our convertible senior notes for $54.3 million in cash (including accrued interest). The repurchase and redemption resulted in an aggregate loss of approximately $29.4 million (including the convertible senior notes’ applicable share of deferred costs, which were written off in connection with the repurchase). Upon acquisition, the notes were retired.
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| New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements
In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, Measurement of Credit Losses on Financial Instruments. The guidance requires an assessment of credit losses based on expected rather than incurred losses (known as the current expected credit loss model). This generally will result in the recognition of allowances for losses earlier than under current accounting guidance for trade and other receivables, held to maturity debt securities and other instruments. The FASB has added several technical amendments (ASU 2018-19, 2019-04, 2019-10 and 2019-11) to clarify technical aspects of the guidance and applicability to specific financial instruments or transactions. In May 2019, the FASB issued ASU 2019-05, which allows entities to measure assets in the scope of ASC 326-20, except held to maturity securities, using the fair value option when they adopt the new credit impairment standard. The election can be made on an instrument by instrument basis. We adopted ASU 2016-13 beginning January 1, 2022, using the modified retrospective method of adoption. We elected the fair value option for all receivables in our CaaS segment previously measured at amortized cost. For all other receivables, we recorded an increase to our Allowances for uncollectible loans, interest and fees receivable using the current expected credit loss model. As a result of our adoption, we increased our Loans, interest and fees receivable (net of the related revaluation), at fair value by $315.0 million (with a corresponding decrease to Loans, interest and fees receivable, gross of $375.7 million), a decrease to our Allowances for uncollectible loans, interest and fees receivable of $55.6 million, a decrease to our Deferred revenue of $15.6 million, a decrease to Accounts payable and accrued expenses of $600 thousand, an increase to our deferred tax liability of $2.5 million, and an increase to our retained earnings of $8.6 million. The aforementioned impacts associated with our adoption of ASU 2016-13 primarily relate to those assets within our CaaS segment with an immaterial impact to our Auto Finance segment receivables.
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance provides an optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The ASU can be adopted no later than December 1, 2022, with early adoption permitted. In January 2021, FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of ASC 848 and clarifies some of its guidance as part of the FASB’s monitoring of global reference rate reform. We have not yet adopted this ASU and are evaluating the effect of adopting this new accounting guidance. Based on our preliminary analysis, the London Interbank Offered Rate ("LIBOR") impacts us in limited circumstances primarily related to our existing debt agreements and will not have a material impact upon adoption.
On March 31, 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The ASU eliminates the accounting guidance for troubled debt restructurings by creditors while adding disclosures for certain loan restructurings by creditors when a borrower is experiencing financial difficulty. This guidance requires an entity to determine whether a modification results in a new loan or a continuation of an existing loan. Additionally, the ASU requires disclosure of current period gross writeoffs by year of origination for financing receivables. The ASU is effective for the Company for fiscal years beginning after December 15, 2022. The disclosures required by this ASU are required for receivables held at amortized cost. As the significant majority of the Company's receivables are held at fair value, the Company does not believe the adoption of this ASU will have a material impact on its financial results or accompanying disclosures. |
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Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components (Tables) |
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| Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] |
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| Financing Receivable, Past Due [Table Text Block] |
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| Financing Receivable, Troubled Debt Restructuring [Table Text Block] |
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| Disaggregation of Revenue [Table Text Block] |
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Note 3 - Segment Reporting (Tables) |
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| Schedule of Segment Reporting Information, by Segment [Table Text Block] |
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| Fair Value, Assets Measured on Recurring Basis [Table Text Block] |
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| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
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| Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] |
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| Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] |
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| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
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| Fair Value Option, Disclosures [Table Text Block] |
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Note 7 - Property (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Table Text Block] |
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Note 8 - Variable Interest Entities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Variable Interest Entities [Table Text Block] |
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Note 9 - Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Note 10 - Notes Payable (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt [Table Text Block] |
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Note 12 - Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
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| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
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| Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
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| Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] |
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Note 13 - Net Income Attributable to Controlling Interests Per Common Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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Note 14 - Stock-based Compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement, Option, Activity [Table Text Block] |
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| Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] |
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Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components (Details Textual) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Jan. 01, 2022
USD ($)
|
|
| Retained Earnings (Accumulated Deficit), Total | $ 204,415 | $ 60,236 | ||
| Payments to Acquire Loans and Leases Held-for-investment, Total | 214,700 | 194,800 | ||
| Loans and Leases Receivable, Deferred Income | $ 16,190 | $ 29,281 | ||
| Weighted Average Remaining Accretion Period of Deferred Revenue (Month) | 27 months | 15 months | ||
| Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 16,200 | $ 20,400 | ||
| Financing Receivable, Allowance for Credit Loss, Recovery | $ 1,300 | $ 16,900 | $ 26,200 | |
| Financing Receivable, Modifications, Number of Contracts | 232,086 | 65,125 | 60,908 | |
| Financing Receivable, Troubled Debt Restructuring | $ 230,400 | $ 70,000 | $ 70,300 | |
| Asset Impairment Charges, Total | 0 | 0 | ||
| Gain (Loss) on Extinguishment of Debt, Total | (0) | (29,439) | (0) | |
| Loans Receivable, Fair Value Disclosure | 1,817,976 | 1,026,424 | ||
| Loans and Leases Receivable, Gross | 105,267 | 470,293 | 667,600 | |
| Loans and Leases Receivable, Allowance | 1,643 | 57,201 | ||
| Accounts Payable and Accrued Liabilities, Total | $ 44,332 | $ 42,287 | ||
| Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | Convertible Debt [Member] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||
| Extinguishment of Debt, Amount | $ 33,800 | |||
| Repayments of Convertible Debt | 54,300 | |||
| Gain (Loss) on Extinguishment of Debt, Total | (29,400) | |||
| Furniture and Fixtures [Member] | ||||
| Property, Plant and Equipment, Useful Life (Year) | 5 years | |||
| Computer Equipment [Member] | ||||
| Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
| Receivables Recoveries from Employed Third-Party Collectors ][Member] | ||||
| Financing Receivable, Allowance for Credit Loss, Recovery | $ 1,300 | 8,700 | 12,400 | |
| Receivable Recoveries from Sales of Charged-Off Accounts to Third-Parties [Member] | ||||
| Financing Receivable, Allowance for Credit Loss, Recovery | $ 0 | $ 8,200 | $ 13,800 | |
| Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
| Retained Earnings (Accumulated Deficit), Total | $ 8,600 | |||
| Loans and Leases Receivable, Deferred Income | (15,600) | |||
| Loans Receivable, Fair Value Disclosure | 315,000 | |||
| Loans and Leases Receivable, Gross | (375,700) | |||
| Loans and Leases Receivable, Allowance | (55,600) | |||
| Accounts Payable and Accrued Liabilities, Total | (600) | |||
| Deferred Income Tax Liabilities, Net | $ 2,500 | |||
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Summary of Allowance for Uncollectible Loans and Fees Receivable (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Balance at beginning of period | $ (57,200) | $ (125,000) | $ (186,300) |
| Provision for credit losses | (1,252) | (36,455) | (142,719) |
| Charge-offs | 2,600 | 121,200 | 230,200 |
| Recoveries | (1,300) | (16,900) | (26,200) |
| Balance at end of period | (1,600) | (57,200) | (125,000) |
| Balance at end of period individually evaluated for impairment | 0 | (100) | (300) |
| Balance at end of period collectively evaluated for impairment | (1,600) | (57,100) | (124,700) |
| Loans, interest and fees receivable, gross | 105,267 | 470,293 | 667,600 |
| Loans, interest and fees receivable individually evaluated for impairment | 0 | 400 | 2,300 |
| Loans, interest and fees receivable collectively evaluated for impairment | 105,300 | 469,900 | 665,300 |
| Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of Fair Value Under the CECL Standard [Member] | |||
| Balance at beginning of period | 55,800 | ||
| Balance at end of period | 55,800 | ||
| Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of the CECL Standard [Member] | |||
| Balance at beginning of period | (200) | ||
| Balance at end of period | (200) | ||
| Credit Card Receivable [Member] | |||
| Balance at beginning of period | (43,400) | (88,200) | (121,300) |
| Provision for credit losses | 0 | (34,900) | (112,100) |
| Charge-offs | 0 | 88,600 | 155,100 |
| Recoveries | 0 | (8,900) | (9,900) |
| Balance at end of period | 0 | (43,400) | (88,200) |
| Balance at end of period individually evaluated for impairment | 0 | 0 | 0 |
| Balance at end of period collectively evaluated for impairment | 0 | (43,400) | (88,200) |
| Loans, interest and fees receivable, gross | 0 | 259,500 | 364,200 |
| Loans, interest and fees receivable individually evaluated for impairment | 0 | 0 | 0 |
| Loans, interest and fees receivable collectively evaluated for impairment | 0 | 259,500 | 364,200 |
| Credit Card Receivable [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of Fair Value Under the CECL Standard [Member] | |||
| Balance at beginning of period | 43,400 | ||
| Balance at end of period | 43,400 | ||
| Credit Card Receivable [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of the CECL Standard [Member] | |||
| Balance at beginning of period | 0 | ||
| Balance at end of period | 0 | ||
| Automobile Loan [Member] | |||
| Balance at beginning of period | (1,400) | (1,700) | (1,600) |
| Provision for credit losses | (1,300) | (200) | (2,000) |
| Charge-offs | 2,600 | 1,500 | 3,000 |
| Recoveries | (1,300) | (1,000) | (1,100) |
| Balance at end of period | (1,600) | (1,400) | (1,700) |
| Balance at end of period individually evaluated for impairment | 0 | (100) | (300) |
| Balance at end of period collectively evaluated for impairment | (1,600) | (1,300) | (1,400) |
| Loans, interest and fees receivable, gross | 105,300 | 94,600 | 93,200 |
| Loans, interest and fees receivable individually evaluated for impairment | 0 | 400 | 2,300 |
| Loans, interest and fees receivable collectively evaluated for impairment | 105,300 | 94,200 | 90,900 |
| Automobile Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of Fair Value Under the CECL Standard [Member] | |||
| Balance at beginning of period | 0 | ||
| Balance at end of period | 0 | ||
| Automobile Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of the CECL Standard [Member] | |||
| Balance at beginning of period | (200) | ||
| Balance at end of period | (200) | ||
| Other Unsecured Lending Products [Member] | |||
| Balance at beginning of period | (12,400) | (35,100) | (63,400) |
| Provision for credit losses | 0 | (1,400) | (28,600) |
| Charge-offs | 0 | 31,100 | 72,100 |
| Recoveries | 0 | (7,000) | (15,200) |
| Balance at end of period | 0 | (12,400) | (35,100) |
| Balance at end of period individually evaluated for impairment | 0 | 0 | 0 |
| Balance at end of period collectively evaluated for impairment | 0 | (12,400) | (35,100) |
| Loans, interest and fees receivable, gross | 0 | 116,200 | 210,200 |
| Loans, interest and fees receivable individually evaluated for impairment | 0 | 0 | 0 |
| Loans, interest and fees receivable collectively evaluated for impairment | 0 | 116,200 | $ 210,200 |
| Other Unsecured Lending Products [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of Fair Value Under the CECL Standard [Member] | |||
| Balance at beginning of period | 12,400 | ||
| Balance at end of period | 12,400 | ||
| Other Unsecured Lending Products [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Adoption of the CECL Standard [Member] | |||
| Balance at beginning of period | $ 0 | ||
| Balance at end of period | $ 0 | ||
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Summary of Aging of Delinquent Loans and Fees Receivable (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|
| Total loans, interest and fees receivable, gross | $ 105,267 | $ 470,293 | $ 667,600 |
| Balance of loans greater than 90-days delinquent still accruing interest and fees | 1,700 | 1,500 | 1,500 |
| Credit Card Receivable [Member] | |||
| Total loans, interest and fees receivable, gross | 0 | 259,500 | 364,200 |
| Balance of loans greater than 90-days delinquent still accruing interest and fees | 0 | 0 | 0 |
| Automobile Loan [Member] | |||
| Total loans, interest and fees receivable, gross | 105,300 | 94,600 | 93,200 |
| Balance of loans greater than 90-days delinquent still accruing interest and fees | 1,700 | 1,500 | 1,500 |
| Other Unsecured Lending Products [Member] | |||
| Total loans, interest and fees receivable, gross | 0 | 116,200 | 210,200 |
| Balance of loans greater than 90-days delinquent still accruing interest and fees | 0 | 0 | 0 |
| Financial Asset, 30 to 59 Days Past Due [Member] | |||
| Total loans, interest and fees receivable, gross | 8,500 | 17,600 | 25,100 |
| Financial Asset, 30 to 59 Days Past Due [Member] | Credit Card Receivable [Member] | |||
| Total loans, interest and fees receivable, gross | 0 | 7,300 | 12,400 |
| Financial Asset, 30 to 59 Days Past Due [Member] | Automobile Loan [Member] | |||
| Total loans, interest and fees receivable, gross | 8,500 | 7,000 | 7,600 |
| Financial Asset, 30 to 59 Days Past Due [Member] | Other Unsecured Lending Products [Member] | |||
| Total loans, interest and fees receivable, gross | 0 | 3,300 | 5,100 |
| Financial Asset, 60 to 89 Days Past Due [Member] | |||
| Total loans, interest and fees receivable, gross | 3,000 | 12,000 | 14,600 |
| Financial Asset, 60 to 89 Days Past Due [Member] | Credit Card Receivable [Member] | |||
| Total loans, interest and fees receivable, gross | 0 | 6,900 | 8,000 |
| Financial Asset, 60 to 89 Days Past Due [Member] | Automobile Loan [Member] | |||
| Total loans, interest and fees receivable, gross | 3,000 | 2,500 | 2,800 |
| Financial Asset, 60 to 89 Days Past Due [Member] | Other Unsecured Lending Products [Member] | |||
| Total loans, interest and fees receivable, gross | 0 | 2,600 | 3,800 |
| Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
| Total loans, interest and fees receivable, gross | 2,100 | 26,500 | 31,500 |
| Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Credit Card Receivable [Member] | |||
| Total loans, interest and fees receivable, gross | 0 | 17,900 | 19,900 |
| Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Automobile Loan [Member] | |||
| Total loans, interest and fees receivable, gross | 2,100 | 1,800 | 2,100 |
| Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Other Unsecured Lending Products [Member] | |||
| Total loans, interest and fees receivable, gross | 0 | 6,800 | 9,500 |
| Financial Asset, Past Due [Member] | |||
| Total loans, interest and fees receivable, gross | 13,600 | 56,100 | 71,200 |
| Financial Asset, Past Due [Member] | Credit Card Receivable [Member] | |||
| Total loans, interest and fees receivable, gross | 0 | 32,100 | 40,300 |
| Financial Asset, Past Due [Member] | Automobile Loan [Member] | |||
| Total loans, interest and fees receivable, gross | 13,600 | 11,300 | 12,500 |
| Financial Asset, Past Due [Member] | Other Unsecured Lending Products [Member] | |||
| Total loans, interest and fees receivable, gross | 0 | 12,700 | 18,400 |
| Financial Asset, Not Past Due [Member] | |||
| Total loans, interest and fees receivable, gross | 91,700 | 414,200 | 596,400 |
| Financial Asset, Not Past Due [Member] | Credit Card Receivable [Member] | |||
| Total loans, interest and fees receivable, gross | 0 | 227,400 | 323,900 |
| Financial Asset, Not Past Due [Member] | Automobile Loan [Member] | |||
| Total loans, interest and fees receivable, gross | 91,700 | 83,300 | 80,700 |
| Financial Asset, Not Past Due [Member] | Other Unsecured Lending Products [Member] | |||
| Total loans, interest and fees receivable, gross | $ 0 | $ 103,500 | $ 191,800 |
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Summary of Troubled Debt Restructurings (Details) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|||
| Amount of TDRs on non-accrual status (in thousands) | $ 230,400 | $ 70,000 | $ 70,300 | ||
| Point-of-Sale [Member] | |||||
| Number of TDRs | 24,594 | 14,919 | 12,394 | ||
| Amount of TDRs on non-accrual status (in thousands) | $ 31,350 | $ 17,152 | $ 14,537 | ||
| Carrying value of TDRs (in thousands) | $ 18,827 | $ 11,173 | $ 9,583 | ||
| Number of accounts | 7,049 | 3,119 | 3,065 | ||
| Loan balance at time of charge off (in thousands) | $ 11,302 | $ 4,642 | $ 4,352 | ||
| Point-of-Sale [Member] | Performing Financial Instruments [Member] | |||||
| Carrying value of TDRs (in thousands) | [1] | 15,001 | 8,797 | 7,420 | |
| Point-of-Sale [Member] | Nonperforming Financial Instruments [Member] | |||||
| Carrying value of TDRs (in thousands) | [1] | $ 3,826 | $ 2,376 | $ 2,163 | |
| Point-of-Sale [Member] | Extended Maturity [Member] | |||||
| Number of TDRs | 2,499 | 812 | 2,788 | ||
| Amount of TDRs on non-accrual status (in thousands) | $ 4,606 | $ 1,205 | $ 4,662 | ||
| Direct-to-Consumer [Member] | |||||
| Number of TDRs | 171,729 | 39,322 | 37,784 | ||
| Amount of TDRs on non-accrual status (in thousands) | $ 119,785 | $ 25,154 | $ 26,989 | ||
| Carrying value of TDRs (in thousands) | $ 70,519 | $ 15,502 | $ 14,287 | ||
| Number of accounts | 28,714 | 7,765 | 7,665 | ||
| Loan balance at time of charge off (in thousands) | $ 22,679 | $ 6,455 | $ 6,745 | ||
| Direct-to-Consumer [Member] | Performing Financial Instruments [Member] | |||||
| Carrying value of TDRs (in thousands) | [1] | 59,735 | 13,387 | 11,855 | |
| Direct-to-Consumer [Member] | Nonperforming Financial Instruments [Member] | |||||
| Carrying value of TDRs (in thousands) | [1] | $ 10,784 | $ 2,115 | $ 2,432 | |
| Direct-to-Consumer [Member] | Extended Maturity [Member] | |||||
| Number of TDRs | 28,598 | 2,035 | 7,846 | ||
| Amount of TDRs on non-accrual status (in thousands) | $ 24,440 | $ 1,553 | $ 6,890 | ||
| |||||
Note 2 - Significant Accounting Policies and Consolidated Financial Statement Components - Components of Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
| Revenue from contracts with customers | $ 42,798 | $ 30,606 | $ 15,431 | ||
| Credit and Debit Card [Member] | |||||
| Revenue from contracts with customers | [1] | 24,926 | 18,134 | 9,500 | |
| Servicing Income [Member] | |||||
| Revenue from contracts with customers | 4,147 | 3,095 | 2,181 | ||
| Service Charges and Other Customer Related Fees [Member] | |||||
| Revenue from contracts with customers | 13,725 | 9,377 | 3,750 | ||
| Credit and Other Investments [Member] | |||||
| Revenue from contracts with customers | 41,843 | 29,322 | 14,372 | ||
| Credit and Other Investments [Member] | Credit and Debit Card [Member] | |||||
| Revenue from contracts with customers | [1] | 24,926 | 18,134 | 9,500 | |
| Credit and Other Investments [Member] | Servicing Income [Member] | |||||
| Revenue from contracts with customers | 3,259 | 1,871 | 1,187 | ||
| Credit and Other Investments [Member] | Service Charges and Other Customer Related Fees [Member] | |||||
| Revenue from contracts with customers | 13,658 | 9,317 | 3,685 | ||
| Auto Finance [Member] | |||||
| Revenue from contracts with customers | 955 | 1,284 | 1,059 | ||
| Auto Finance [Member] | Credit and Debit Card [Member] | |||||
| Revenue from contracts with customers | [1] | 0 | 0 | 0 | |
| Auto Finance [Member] | Servicing Income [Member] | |||||
| Revenue from contracts with customers | 888 | 1,224 | 994 | ||
| Auto Finance [Member] | Service Charges and Other Customer Related Fees [Member] | |||||
| Revenue from contracts with customers | $ 67 | $ 60 | $ 65 | ||
| |||||
Note 3 - Segment Reporting (Details Textual) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Number of Reportable Segments | 2 |
Note 3 - Segment Reporting - Summary of Operating Segment Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Consumer loans, including past due fees | $ 786,235 | $ 518,783 | $ 410,616 |
| Fees and related income on earning assets | 217,071 | 194,466 | 133,960 |
| Other revenue | 42,798 | 30,606 | 15,431 |
| Other non-operating revenue | 809 | 4,201 | 3,403 |
| Total revenue | 1,046,913 | 748,056 | 563,410 |
| Interest expense | (81,851) | (54,127) | (51,548) |
| Provision for losses on loans, interest and fees receivable recorded at amortized cost | (1,252) | (36,455) | (142,719) |
| Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | (577,069) | (218,733) | (108,548) |
| Net margin | 386,741 | 438,741 | 260,595 |
| Income before income taxes | 149,272 | 219,573 | 114,391 |
| Income tax expense | (14,660) | (41,784) | (20,474) |
| Assets, Total | 2,387,814 | 1,943,863 | 1,207,214 |
| Credit and Other Investments [Member] | |||
| Consumer loans, including past due fees | 751,052 | 485,241 | 378,817 |
| Fees and related income on earning assets | 216,989 | 194,392 | 133,891 |
| Other revenue | 41,843 | 29,322 | 14,372 |
| Other non-operating revenue | 698 | 4,135 | 3,360 |
| Total revenue | 1,010,582 | 713,090 | 530,440 |
| Interest expense | (79,875) | (53,093) | (50,387) |
| Provision for losses on loans, interest and fees receivable recorded at amortized cost | 0 | (36,262) | (140,683) |
| Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | (577,069) | (218,733) | (108,548) |
| Net margin | 353,638 | 405,002 | 230,822 |
| Income before income taxes | 146,577 | 208,926 | 105,429 |
| Income tax expense | (14,122) | (39,221) | (18,257) |
| Assets, Total | 2,295,092 | 1,859,950 | 1,124,618 |
| Auto Finance [Member] | |||
| Consumer loans, including past due fees | 35,183 | 33,542 | 31,799 |
| Fees and related income on earning assets | 82 | 74 | 69 |
| Other revenue | 955 | 1,284 | 1,059 |
| Other non-operating revenue | 111 | 66 | 43 |
| Total revenue | 36,331 | 34,966 | 32,970 |
| Interest expense | (1,976) | (1,034) | (1,161) |
| Provision for losses on loans, interest and fees receivable recorded at amortized cost | (1,252) | (193) | (2,036) |
| Changes in fair value of loans, interest and fees receivable and notes payable associated with structured financings recorded at fair value | 0 | 0 | 0 |
| Net margin | 33,103 | 33,739 | 29,773 |
| Income before income taxes | 2,695 | 10,647 | 8,962 |
| Income tax expense | (538) | (2,563) | (2,217) |
| Assets, Total | $ 92,722 | $ 83,913 | $ 82,596 |
Note 4 - Shareholders' Equity and Preferred Stock (Details Textual) - USD ($) |
2 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Jul. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Stock Repurchased and Retired During Period, Shares (in shares) | 1,674,161 | 434,381 | 245,534 | |
| Stock Repurchased and Retired During Period, Value | $ 88,939,000 | $ 25,219,000 | $ 3,353,000 | |
| Own-share Lending Arrangement, Shares, Outstanding (in shares) | 1,459,233 | |||
| Series B Preferred Stock [Member] | ||||
| Stock Repurchased and Retired During Period, Shares (in shares) | 3,500 | |||
| Stock Repurchased and Retired During Period, Value | $ 69,000 | |||
| Series B Preferred Stock [Member] | Public Offering [Member] | ||||
| Stock Issued During Period, Shares, New Issues (in shares) | 3,188,533 | 19,607 | ||
| Preferred Stock, Dividend Rate, Percentage | 7.625% | |||
| Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 25.00 | |||
| Proceeds from Issuance of Preferred Stock and Preference Stock | $ 76,500,000 | $ 400,000 | ||
| Preferred Stock, Dividends Per Share, Declared (in dollars per share) | $ 1.90625 | |||
Note 5 - Redeemable Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 27, 2019 |
Mar. 31, 2020 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Nov. 14, 2019 |
Nov. 26, 2014 |
|
| Class B Preferred Units [Member] | ||||||
| Preferred Units, Issued (in shares) | 50,500,000 | |||||
| Preferred Unit Purchase Price (in dollars per share) | $ 1.00 | |||||
| Preferred Units Issued, Percentage of Preferred Return | 16.00% | |||||
| Preferred Units Issued, Maximum Percentage Points of Preferred Return in Form of Issuance of Additional Units or Cash | 6.00% | |||||
| Additional Preferred Units Issued (in shares) | 50,000,000.0 | |||||
| Series A Preferred Stock [Member] | ||||||
| Temporary Equity, Shares Issued (in shares) | 400,000 | 400,000 | 400,000 | |||
| Temporary Equity, Liquidation Preference | $ 40 | $ 40 | $ 40 | |||
| Preferred Stock, Dividend Rate, Percentage | 6.00% | |||||
| Temporary Equity, Redemption Price Per Share (in dollars per share) | $ 100 | |||||
| Temporary Equity, Conversion Price Per Share (in dollars per share) | $ 10 | |||||
| Dove Ventures, LLC [Member] | Senior Secured Term Loan Facility [Member] | ||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 40 | |||||
| Extinguishment of Debt, Amount | $ 40 |
Note 6 - Fair Values of Assets and Liabilities - Summary of Fair Value Hierarchy for Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
||
|---|---|---|---|---|
| Loans, interest and fees receivable, at fair value | $ 1,817,976 | $ 1,026,424 | ||
| Fair Value, Recurring [Member] | ||||
| Loans, interest and fees receivable, net for which it is practicable to estimate fair value and which are carried at net amortized cost | [1] | 87,434 | 383,811 | |
| Loans, interest and fees receivable, at fair value | [1] | 1,817,976 | 1,026,424 | |
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
| Loans, interest and fees receivable, net for which it is practicable to estimate fair value and which are carried at net amortized cost | [1] | 0 | 0 | |
| Loans, interest and fees receivable, at fair value | [1] | 0 | 0 | |
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
| Loans, interest and fees receivable, net for which it is practicable to estimate fair value and which are carried at net amortized cost | [1] | 0 | 0 | |
| Loans, interest and fees receivable, at fair value | [1] | 0 | 0 | |
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
| Loans, interest and fees receivable, net for which it is practicable to estimate fair value and which are carried at net amortized cost | [1] | 94,968 | 402,380 | |
| Loans, interest and fees receivable, at fair value | [1] | $ 1,817,976 | $ 1,026,424 | |
| ||||
Note 6 - Fair Values of Assets and Liabilities - Reconciliation of Level 3 Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Balance | $ 1,026,424 | $ 417,098 | $ 4,386 |
| Net revaluations of loans, interest and fees receivable, at fair value, included in earnings | (32,574) | (110,283) | (96,948) |
| Principal charge-offs, net of recoveries, included in earnings | (367,213) | (78,463) | (9,855) |
| Finance and fees, included in earnings | 874,749 | 366,307 | 103,983 |
| Finance charge-offs, included in earnings | (177,282) | (30,794) | (2,746) |
| Purchases | 2,466,676 | 1,626,062 | 713,579 |
| Settlements | (2,287,789) | (1,163,503) | (295,301) |
| Balance | 1,817,976 | 1,026,424 | 417,098 |
| Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
| Balance | $ 314,985 | 0 | 0 |
| Balance | $ 314,985 | $ 0 | |
Note 6 - Fair Values of Assets and Liabilities - Quantitative Information about Level 3 Assets and Liabilities Fair Value Measurements (Details) |
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|---|---|---|---|
| Loans, interest and fees receivable, at fair value | $ 1,817,976,000 | $ 1,026,424,000 | |
| Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | |||
| Loans, interest and fees receivable, at fair value | $ 1,817,976,000 | $ 1,026,424 | $ 417,098 |
| Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Minimum [Member] | |||
| Loans and fees receivable, measurement input | 0.247 | 0.278 | 0.227 |
| Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Maximum [Member] | |||
| Loans and fees receivable, measurement input | 0.361 | 0.469 | 0.565 |
| Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Gross Yield [Member] | Weighted Average [Member] | |||
| Loans and fees receivable, measurement input | 0.316 | 0.409 | 0.433 |
| Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Minimum [Member] | |||
| Loans and fees receivable, measurement input | 0.053 | 0.054 | 0.039 |
| Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Maximum [Member] | |||
| Loans and fees receivable, measurement input | 0.114 | 0.129 | 0.114 |
| Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Weighted Average [Member] | |||
| Loans and fees receivable, measurement input | 0.103 | 0.106 | 0.085 |
| Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Minimum [Member] | |||
| Loans and fees receivable, measurement input | 0.092 | 0.078 | 0.069 |
| Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Maximum [Member] | |||
| Loans and fees receivable, measurement input | 0.303 | 0.264 | 0.314 |
| Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Weighted Average [Member] | |||
| Loans and fees receivable, measurement input | 0.302 | 0.235 | 0.248 |
| Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Minimum [Member] | |||
| Loans and fees receivable, measurement input | 0.035 | 0.034 | 0.029 |
| Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Maximum [Member] | |||
| Loans and fees receivable, measurement input | 0.064 | 0.057 | 0.142 |
| Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Rate [Member] | Weighted Average [Member] | |||
| Loans and fees receivable, measurement input | 0.036 | 0.046 | 0.043 |
| Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | |||
| Loans and fees receivable, measurement input | 0.098 | 0.123 | 0.128 |
| Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | |||
| Loans and fees receivable, measurement input | 0.105 | 0.135 | 0.135 |
| Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | |||
| Loans and fees receivable, measurement input | 0.101 | 0.129 | 0.133 |
Note 6 - Fair Values of Assets and Liabilities - Summary of Fair Value Hierarchy for Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Revolving credit facilities | $ 1,630,111 | $ 1,255,518 |
| Amortizing debt facilities | 23,195 | 23,346 |
| Senior notes, net | 144,385 | 142,951 |
| Senior notes, net | 144,385 | 142,951 |
| Fair Value, Inputs, Level 1 [Member] | ||
| Revolving credit facilities | 0 | 0 |
| Amortizing debt facilities | 0 | 0 |
| Senior notes, net | 125,640 | 153,000 |
| Senior notes, net | 125,640 | 153,000 |
| Fair Value, Inputs, Level 2 [Member] | ||
| Revolving credit facilities | 0 | 0 |
| Amortizing debt facilities | 0 | 0 |
| Senior notes, net | 0 | 0 |
| Senior notes, net | 0 | 0 |
| Fair Value, Inputs, Level 3 [Member] | ||
| Revolving credit facilities | 1,630,111 | 1,255,518 |
| Amortizing debt facilities | 23,195 | 23,346 |
| Senior notes, net | 0 | 0 |
| Senior notes, net | $ 0 | $ 0 |
Note 6 - Fair Values of Assets and Liabilities - Reconciliation of Level 3 Liabilities (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Balance | $ 2,919 | $ 3,920 |
| Net revaluations of notes payable associated with structured financings, at fair value, included in earnings | (807) | (1,001) |
| Repayments on outstanding notes payable, net | (2,112) | 0 |
| Balance | $ 0 | $ 2,919 |
Note 6 - Fair Values of Assets and Liabilities - Summary of Other Relevant Data (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Loans, interest and fees receivable, at fair value | $ 1,817,976 | $ 1,026,424 |
| Loans and Fees Receivable at Fair Value [Member] | ||
| Aggregate unpaid gross balance of loans, interest and fees receivable that are reported at fair value | 786 | 1,249 |
| Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value | 760 | 1,204 |
| Loans, interest and fees receivable, at fair value | 765 | 1,215 |
| Aggregate fair value of receivables carried at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) | 3 | 8 |
| Unpaid principal balance of receivables within loans, interest and fees receivable that are reported at fair value and are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) over the fair value of such loans, interest and fees receivable | 4 | 13 |
| Loans and Fees Receivable Pledged as Collateral, Fair Value [Member] | ||
| Aggregate unpaid gross balance of loans, interest and fees receivable that are reported at fair value | 2,119,340 | 1,234,039 |
| Aggregate unpaid principal balance included within loans, interest and fees receivable that are reported at fair value | 1,910,090 | 1,131,895 |
| Loans, interest and fees receivable, at fair value | 1,817,211 | 1,025,209 |
| Aggregate fair value of receivables carried at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) | 8,362 | 4,640 |
| Unpaid principal balance of receivables within loans, interest and fees receivable that are reported at fair value and are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) over the fair value of such loans, interest and fees receivable | $ 144,767 | $ 59,656 |
Note 7 - Property (Details Textual) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Depreciation, Total | $ 2.2 | $ 1.5 |
Note 7 - Property - Schedule of Property (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Property, plant and equipment | $ 14,571 | $ 23,375 |
| Less accumulated depreciation | (4,558) | (16,040) |
| Property, net | 10,013 | 7,335 |
| Software and Software Development Costs [Member] | ||
| Property, plant and equipment | 850 | 1,695 |
| Furniture and Fixtures [Member] | ||
| Property, plant and equipment | 2,872 | 3,540 |
| Data Processing and Telephone Equipment [Member] | ||
| Property, plant and equipment | 502 | 692 |
| Leasehold Improvements [Member] | ||
| Property, plant and equipment | 3,437 | 10,539 |
| Other Capitalized Property Plant and Equipment [Member] | ||
| Property, plant and equipment | $ 6,910 | $ 6,909 |
Note 8 - Variable Interest Entities - Summary of Variable Interest Entities (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|
| Unrestricted cash and cash equivalents | $ 384,984 | $ 409,660 | |
| Restricted cash and cash equivalents | 48,208 | 96,968 | |
| Loans, interest and fees receivable, at fair value | 1,817,976 | 1,026,424 | |
| Total loans, interest and fees receivable, gross | 105,267 | 470,293 | $ 667,600 |
| Allowances for uncollectible loans, interest and fees receivable | (1,643) | (57,201) | |
| Deferred revenue | (16,190) | (29,281) | |
| Total Assets held by VIEs | 2,387,814 | 1,943,863 | $ 1,207,214 |
| Notes Payable, net held by VIEs | 1,653,306 | 1,278,864 | |
| Maximum exposure to loss due to involvement with VIEs | 1,756,000 | 1,289,100 | |
| Variable Interest Entity, Primary Beneficiary [Member] | |||
| Unrestricted cash and cash equivalents | 202,200 | 209,500 | |
| Restricted cash and cash equivalents | 27,600 | 75,900 | |
| Loans, interest and fees receivable, at fair value | 1,735,900 | 925,500 | |
| Total loans, interest and fees receivable, gross | 0 | 369,600 | |
| Allowances for uncollectible loans, interest and fees receivable | 0 | (55,100) | |
| Deferred revenue | 0 | (8,200) | |
| Total Assets held by VIEs | 1,965,700 | 1,517,200 | |
| Notes Payable, net held by VIEs | $ 1,586,000 | $ 1,223,400 |
Note 9 - Leases (Details Textual) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Aug. 31, 2021
USD ($)
ft²
|
|
| Operating Leases, Options to Extend for Additional Periods, Revolving Periods (Year) | 1 year | |
| Operating Lease in Atlanta, Georgia [Member] | ||
| Area of Real Estate Property (Square Foot) | ft² | 73,000 | |
| Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Month) | 146 months | |
| Lessee, Operating Lease, Lease Not yet Commenced, Commitment | $ | $ 27.8 | |
| Minimum [Member] | ||
| Lessee, Operating Lease, Term of Contract (Year) | 1 year | |
| Maximum [Member] | ||
| Lessee, Operating Lease, Term of Contract (Year) | 12 years |
Note 9 - Leases - Lease Cost (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Operating lease cost, gross | $ 4,431 | $ 6,905 | $ 6,879 |
| Sublease income | (2,165) | (5,234) | (5,133) |
| Net Operating lease cost | 2,266 | 1,671 | 1,746 |
| Cash paid under operating leases, gross | $ 4,053 | $ 10,470 | $ 10,278 |
| Weighted average remaining lease term - months (Month) | 133 months | ||
| Weighted average discount rate | 6.50% | ||
Note 9 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| 2023, gross | $ 1,662 | |
| 2023, payments received from sublease | (39) | |
| 2023, net lease payment | 1,623 | |
| 2024, gross | 2,777 | |
| 2024, payments received from sublease | 0 | |
| 2024, net lease payment | 2,777 | |
| 2025, gross | 2,629 | |
| 2025, payments received from sublease | 0 | |
| 2025, net lease payment | 2,629 | |
| 2026, gross | 2,489 | |
| 2026, payments received from sublease | 0 | |
| 2026, net lease payment | 2,489 | |
| 2027, gross | 2,466 | |
| 2027, payments received from sublease | 0 | |
| 2027, net lease payment | 2,466 | |
| Thereafter, gross | 17,338 | |
| Thereafter, payments received from sublease | 0 | |
| Thereafter, net lease payment | 17,338 | |
| Gross, gross | 29,361 | |
| Sublease income, payments received from sublease | (39) | |
| Lease payments, net lease payment | 29,322 | |
| Less imputed interest, gross | (9,249) | |
| Total, net | $ 20,112 | $ 4,842 |
Note 10 - Notes Payable (Details Textual) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Aug. 31, 2022 |
May 31, 2022 |
Nov. 30, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Oct. 31, 2020 |
Jul. 31, 2020 |
Nov. 30, 2019 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Jan. 31, 2023 |
Jan. 31, 2021 |
Aug. 31, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Oct. 31, 2015 |
|
| Long-Term Line of Credit, Total | $ 1,630,111 | $ 1,255,518 | |||||||||||||||||
| Proceeds from Issuance of Long-term Debt, Total | $ 100,000 | $ 300,000 | $ 300,000 | $ 250,000 | $ 100,000 | $ 200,000 | |||||||||||||
| Asset Backed Securities, Term of Revolving Structure (Year) | 3 years | 3 years | 24 months | 4 years | 41 months | 3 years | 3 years | ||||||||||||
| Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 18 months | 18 months | 18 months | 18 months | |||||||||||||||
| Asset Backed Securities, Weighted Average Interest Rate | 7.30% | 3.53% | 4.24% | 4.10% | 5.47% | 4.91% | |||||||||||||
| Term Facility [Member] | |||||||||||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | ||||||||||||||||||
| Long-Term Line of Credit, Total | 25,000 | ||||||||||||||||||
| Second Term Facility [Member] | |||||||||||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | ||||||||||||||||||
| Long-Term Line of Credit, Total | 0 | ||||||||||||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 2.75% | ||||||||||||||||||
| Term Note [Member] | |||||||||||||||||||
| Long-term Debt, Total | $ 17,400 | ||||||||||||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||||||||||||||
| Senior Notes [Member] | |||||||||||||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 6.125% | ||||||||||||||||||
| Debt Instrument, Face Amount | $ 150,000 | ||||||||||||||||||
| Amortization of Debt Issuance Costs | $ 1,400 | $ 100 | |||||||||||||||||
| Minimum [Member] | |||||||||||||||||||
| Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 11 months | 12 months | |||||||||||||||||
| Minimum [Member] | Term Facility [Member] | |||||||||||||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||||||||||||||
| Maximum [Member] | |||||||||||||||||||
| Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 18 months | 18 months | |||||||||||||||||
| Revolving Credit Facility [Member] | |||||||||||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | ||||||||||||||||||
| Long-Term Line of Credit, Total | $ 50,000 | ||||||||||||||||||
| Secured by the Financial and Operating Assets of CAR [Member] | |||||||||||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | 55,000 | ||||||||||||||||||
| Long-Term Line of Credit, Total | 44,100 | ||||||||||||||||||
| Secured by the Financial and Operating Assets of CAR [Member] | Subsequent Event [Member] | |||||||||||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 65,000 | ||||||||||||||||||
| Additional Trust Funding Notes Facilities [Member] | |||||||||||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | $ 100,000 | |||||||||||||||||
| Long-Term Line of Credit, Total | 0 | ||||||||||||||||||
| December 2017 Revolving Credit Facility [Member] | |||||||||||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | ||||||||||||||||||
| Long-Term Line of Credit, Total | 24,600 | ||||||||||||||||||
| June 2019 Revolving Credit Facility [Member] | |||||||||||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | ||||||||||||||||||
| Long-Term Line of Credit, Total | 11,100 | ||||||||||||||||||
| May 2022 Revolving Credit Facility [Member] | |||||||||||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | ||||||||||||||||||
| Long-Term Line of Credit, Total | 250,000 | ||||||||||||||||||
| Asset Backed Securities, Term of Revolving Structure (Year) | 5 years | ||||||||||||||||||
| Asset Backed Securities, Term of Revolving Structure, Subsequent Amortization Period (Month) | 18 months | ||||||||||||||||||
| Asset Backed Securities, Weighted Average Interest Rate | 6.33% | ||||||||||||||||||
| August 2022 Revolving Credit Facility [Member] | |||||||||||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | ||||||||||||||||||
| Long-Term Line of Credit, Total | $ 0 | ||||||||||||||||||
| London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||
| Debt Instrument, Variable Rate | 4.39% | ||||||||||||||||||
| London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||||||||||
| London Interbank Offered Rate (LIBOR) [Member] | Secured by the Financial and Operating Assets of CAR [Member] | Minimum [Member] | |||||||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 2.40% | ||||||||||||||||||
| London Interbank Offered Rate (LIBOR) [Member] | Secured by the Financial and Operating Assets of CAR [Member] | Maximum [Member] | |||||||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||||||||||
| Prime Rate [Member] | |||||||||||||||||||
| Debt Instrument, Variable Rate | 7.50% | ||||||||||||||||||
| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||||||||||||
| Debt Instrument, Variable Rate | 4.30% | ||||||||||||||||||
| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Additional Trust Funding Notes Facilities [Member] | |||||||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 3.10% | ||||||||||||||||||
| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | December 2017 Revolving Credit Facility [Member] | |||||||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 3.60% | ||||||||||||||||||
| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | August 2022 Revolving Credit Facility [Member] | |||||||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 1.80% | ||||||||||||||||||
Note 10 - Notes Payable - Schedule of Notes Payable at Face Value and Notes Payable to Related Parties (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revolving credit facilities | $ 1,630,111 | $ 1,255,518 | ||||||||||||||
| Amortizing debt facilities | 23,195 | 23,346 | ||||||||||||||
| Total notes payable before unamortized debt issuance costs and discounts | [1] | 1,666,900 | 1,289,000 | |||||||||||||
| Unamortized debt issuance costs and discounts | [1] | (13,600) | (10,100) | |||||||||||||
| Total notes payable outstanding, net | [1] | 1,653,300 | 1,278,900 | |||||||||||||
| Other Secured Debt [Member] | ||||||||||||||||
| Amortizing debt facilities | [1] | 5,800 | 5,900 | |||||||||||||
| Phoenix [Member] | ||||||||||||||||
| Unsecured term debt (expiring August 26, 2024) with a weighted average interest rate equal to 8.0% (3) | [1],[2] | 17,400 | 17,400 | |||||||||||||
| Revolving Credit Facility Expiring November 1, 2024 [Member] | ||||||||||||||||
| Revolving credit facilities | [1],[2],[3],[4],[5] | 44,100 | 32,100 | |||||||||||||
| Revolving Credit Facility Expiring October 30, 2023 [Member] | ||||||||||||||||
| Revolving credit facilities | [1],[2],[4],[5],[6] | 50,000 | 48,700 | |||||||||||||
| Revolving Credit Facility Expiring July 15, 2023 [Member] | ||||||||||||||||
| Revolving credit facilities | [1],[2],[4],[5],[6] | 11,100 | 5,700 | |||||||||||||
| Revolving Credit Facility Expiring March 15, 2024 [Member] | ||||||||||||||||
| Revolving credit facilities | [1],[2],[4],[5],[6],[7] | 0 | 0 | |||||||||||||
| Revolving Credit Facility Expiring May 15, 2024 [Member] | ||||||||||||||||
| Revolving credit facilities | [1],[2],[4],[5],[6],[7] | 188,900 | 200,000 | |||||||||||||
| Revolving Credit Facility Expiring April 21, 2023 [Member] | ||||||||||||||||
| Revolving credit facilities | [1],[2],[4],[5],[6] | 24,600 | 19,200 | |||||||||||||
| Revolving Credit Facility Expiring January 15, 2025 [Member] | ||||||||||||||||
| Revolving credit facilities | [1],[2],[4],[5],[6],[7] | 100,000 | 100,000 | |||||||||||||
| Revolving Credit Facility Expiring October 15, 2025 [Member] | ||||||||||||||||
| Revolving credit facilities | [1],[2],[4],[5],[6],[7] | 250,000 | 250,000 | |||||||||||||
| Revolving Credit Facility Expiring June 16, 2025 [Member] | ||||||||||||||||
| Revolving credit facilities | [1],[2],[4],[5],[6] | 25,000 | 10,000 | |||||||||||||
| Revolving Credit Facility Expiring December 15, 2026 [Member] | ||||||||||||||||
| Revolving credit facilities | [1],[2],[4],[5],[6],[7] | 300,000 | 300,000 | |||||||||||||
| Revolving Credit Facility Expiring March 15, 2025 [Member] | ||||||||||||||||
| Revolving credit facilities | [1],[2],[4],[5],[6],[7] | 0 | 0 | |||||||||||||
| Revolving Credit Facility Expiring May 15, 2026 [Member] | ||||||||||||||||
| Revolving credit facilities | [1],[2],[4],[5],[6],[7] | 300,000 | 300,000 | |||||||||||||
| Revolving Credit Facility Expiring May 15, 2030 [Member] | ||||||||||||||||
| Revolving credit facilities | [1],[2],[4],[5],[6],[7] | 250,000 | 0 | |||||||||||||
| Revolving Credit Facility Expiring August 25, 2024 [Member] | ||||||||||||||||
| Revolving credit facilities | [1],[2],[4],[5],[6],[7] | 0 | 0 | |||||||||||||
| Revolving Credit Facility Expiring March 15, 2028 [Member] | ||||||||||||||||
| Revolving credit facilities | [1],[2],[4],[5],[6],[7] | $ 100,000 | $ 0 | |||||||||||||
| ||||||||||||||||
Note 10 - Notes Payable - Schedule of Notes Payable at Face Value and Notes Payable to Related Parties (Details) (Parentheticals) - USD ($) $ in Millions |
12 Months Ended | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Oct. 31, 2015 |
|||||||||||||||
| Phoenix [Member] | |||||||||||||||||
| Interest rate | [1],[2] | 8.00% | 8.00% | ||||||||||||||
| Debt maturity | [1],[2] | Aug. 26, 2024 | Aug. 26, 2024 | ||||||||||||||
| Revolving Credit Facility Expiring November 1, 2024 [Member] | |||||||||||||||||
| Revolving credit facility, maximum borrowing capacity | [1],[2],[3],[4],[5] | $ 55.0 | $ 55.0 | ||||||||||||||
| Revolving credit facility, expiration date | [1],[2],[3],[4],[5] | Nov. 01, 2024 | Nov. 01, 2024 | ||||||||||||||
| Revolving Credit Facility [Member] | |||||||||||||||||
| Revolving credit facility, maximum borrowing capacity | $ 50.0 | ||||||||||||||||
| Amount of securing assets | [1],[2],[3],[4],[5] | $ 1,856.2 | $ 1,391.6 | ||||||||||||||
| Interest rate | [1],[2],[3],[4],[5] | 5.10% | 4.30% | ||||||||||||||
| Revolving Credit Facility Expiring October 30, 2023 [Member] | |||||||||||||||||
| Revolving credit facility, maximum borrowing capacity | [1],[2],[4],[5],[6] | $ 50.0 | $ 50.0 | ||||||||||||||
| Revolving credit facility, expiration date | [1],[2],[4],[5],[6] | Oct. 30, 2024 | Oct. 30, 2024 | ||||||||||||||
| Revolving Credit Facility Expiring July 15, 2023 [Member] | |||||||||||||||||
| Revolving credit facility, maximum borrowing capacity | [1],[2],[4],[5],[6] | $ 20.0 | $ 20.0 | ||||||||||||||
| Revolving credit facility, expiration date | [1],[2],[4],[5],[6] | Jul. 15, 2023 | Jul. 15, 2023 | ||||||||||||||
| Revolving Credit Facility Expiring March 15, 2024 [Member] | |||||||||||||||||
| Revolving credit facility, maximum borrowing capacity | [1],[2],[4],[5],[6],[7] | $ 100.0 | $ 100.0 | ||||||||||||||
| Revolving credit facility, expiration date | [1],[2],[4],[5],[6],[7] | Mar. 15, 2024 | Mar. 15, 2024 | ||||||||||||||
| Revolving Credit Facility Expiring May 15, 2024 [Member] | |||||||||||||||||
| Revolving credit facility, maximum borrowing capacity | [1],[2],[4],[5],[6],[7] | $ 200.0 | $ 200.0 | ||||||||||||||
| Revolving credit facility, expiration date | [1],[2],[4],[5],[6],[7] | May 15, 2024 | May 15, 2024 | ||||||||||||||
| Revolving Credit Facility Expiring April 21, 2023 [Member] | |||||||||||||||||
| Revolving credit facility, maximum borrowing capacity | [1],[2],[4],[5],[6] | $ 25.0 | $ 25.0 | ||||||||||||||
| Revolving credit facility, expiration date | [1],[2],[4],[5],[6] | Apr. 21, 2023 | Apr. 21, 2023 | ||||||||||||||
| Revolving Credit Facility Expiring January 15, 2025 [Member] | |||||||||||||||||
| Revolving credit facility, maximum borrowing capacity | [1],[2],[4],[5],[6],[7] | $ 100.0 | $ 100.0 | ||||||||||||||
| Revolving credit facility, expiration date | [1],[2],[4],[5],[6],[7] | Jan. 15, 2025 | Jan. 15, 2025 | ||||||||||||||
| Revolving Credit Facility Expiring October 15, 2025 [Member] | |||||||||||||||||
| Revolving credit facility, maximum borrowing capacity | [1],[2],[4],[5],[6],[7] | $ 250.0 | $ 250.0 | ||||||||||||||
| Revolving credit facility, expiration date | [1],[2],[4],[5],[6],[7] | Oct. 15, 2025 | Oct. 15, 2025 | ||||||||||||||
| Revolving Credit Facility Expiring June 16, 2025 [Member] | |||||||||||||||||
| Revolving credit facility, maximum borrowing capacity | [1],[2],[4],[5],[6] | $ 25.0 | $ 25.0 | ||||||||||||||
| Revolving credit facility, expiration date | [1],[2],[4],[5],[6] | Jun. 16, 2025 | Jun. 16, 2025 | ||||||||||||||
| Revolving Credit Facility Expiring December 15, 2026 [Member] | |||||||||||||||||
| Revolving credit facility, maximum borrowing capacity | [1],[2],[4],[5],[6],[7] | $ 300.0 | $ 300.0 | ||||||||||||||
| Revolving credit facility, expiration date | [1],[2],[4],[5],[6],[7] | Dec. 15, 2026 | Dec. 15, 2026 | ||||||||||||||
| Revolving Credit Facility Expiring March 15, 2025 [Member] | |||||||||||||||||
| Revolving credit facility, maximum borrowing capacity | [1],[2],[4],[5],[6],[7] | $ 75.0 | $ 75.0 | ||||||||||||||
| Revolving credit facility, expiration date | [1],[2],[4],[5],[6],[7] | Mar. 15, 2025 | Mar. 15, 2025 | ||||||||||||||
| Revolving Credit Facility Expiring May 15, 2026 [Member] | |||||||||||||||||
| Revolving credit facility, maximum borrowing capacity | [1],[2],[4],[5],[6],[7] | $ 300.0 | $ 300.0 | ||||||||||||||
| Revolving credit facility, expiration date | [1],[2],[4],[5],[6],[7] | May 15, 2026 | May 15, 2026 | ||||||||||||||
| Revolving Credit Facility Expiring May 15, 2030 [Member] | |||||||||||||||||
| Revolving credit facility, maximum borrowing capacity | [1],[2],[4],[5],[6],[7] | $ 250.0 | $ 250.0 | ||||||||||||||
| Revolving credit facility, expiration date | [1],[2],[4],[5],[6],[7] | May 15, 2030 | May 15, 2030 | ||||||||||||||
| Revolving Credit Facility Expiring August 25, 2024 [Member] | |||||||||||||||||
| Revolving credit facility, maximum borrowing capacity | [1],[2],[4],[5],[6],[7] | $ 100.0 | $ 100.0 | ||||||||||||||
| Revolving credit facility, expiration date | [1],[2],[4],[5],[6],[7] | Aug. 05, 2024 | Aug. 05, 2024 | ||||||||||||||
| Revolving Credit Facility Expiring March 15, 2028 [Member] | |||||||||||||||||
| Revolving credit facility, maximum borrowing capacity | [1],[2],[4],[5],[6],[7] | $ 100.0 | $ 100.0 | ||||||||||||||
| Revolving credit facility, expiration date | [1],[2],[4],[5],[6],[7] | Mar. 15, 2028 | Mar. 15, 2028 | ||||||||||||||
| |||||||||||||||||
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Assets, Total | $ 2,387,814 | $ 1,943,863 | $ 1,207,214 | |
| Auto Finance [Member] | ||||
| Assets, Total | 92,722 | $ 83,913 | $ 82,596 | |
| Litigation Settlement, Expense | $ 8,500 | |||
| Asset Pledged as Collateral [Member] | Contractual Obligations [Member] | ||||
| Assets, Total | 20,600 | |||
| Unfunded Individual Credit Commitment [Member] | ||||
| Other Commitment, Total | 2,200,000 | |||
| Unfunded Outstanding Floor-Plan Financing Commitment [Member] | ||||
| Other Commitment, Total | 11,400 | |||
| Credit Protection Program [Member] | ||||
| Loss Contingency, Estimate of Possible Loss | $ 69,400 |
Note 12 - Income Taxes (Details Textual) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Effective Income Tax Rate Reconciliation, Percent, Total | 9.80% | 19.00% | 17.90% |
| Deferred Tax Assets, Valuation Allowance | $ 20,699,000 | $ 22,716,000 | |
| Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 22,600 | ||
| Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $ 28,600,000 | ||
| Open Tax Year | 2018 2019 2020 2021 2022 | ||
| Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 900,000 | $ 700,000 | $ 600,000 |
| Domestic Tax Authority [Member] | |||
| Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | $ 104,000,000.0 | ||
Note 12 - Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Current tax benefit, federal | $ 4,352 | $ (34,910) | $ 1,351 |
| Deferred tax (expense), federal | (16,623) | (2,369) | (21,752) |
| Total federal income tax (expense) | (12,271) | (37,279) | (20,401) |
| Current tax (expense) | (183) | (107) | (143) |
| Deferred tax benefit (expense) | 3 | 1 | (5) |
| Total foreign income tax (expense) | (180) | (106) | (148) |
| Current tax benefit (expense) | 2,146 | (4,910) | (1,228) |
| Deferred tax (expense) benefit | (4,355) | 511 | 1,303 |
| Total state and other income tax (expense) benefit | (2,209) | (4,399) | 75 |
| Total income tax (expense) | $ (14,660) | $ (41,784) | $ (20,474) |
Note 12 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Statutory federal expense rate | 21.00% | 21.00% | 21.00% |
| Share-based compensation | (10.50%) | (3.10%) | 0.00% |
| Section 162(m) of the Code executive compensation deduction limitations | 0.20% | 1.70% | 0.00% |
| Net interest and penalties related to uncertain tax positions and unpaid tax liabilities | 0.10% | 0.00% | (0.60%) |
| Interest expense on preferred stock classified as debt for tax purposes | (2.30%) | (1.60%) | (2.60%) |
| Foreign taxes, net of valuation allowance effects | (0.20%) | (0.10%) | (0.20%) |
| State taxes, net of valuation allowance effects | 1.40% | 1.60% | (0.10%) |
| Prior year provision to return reconciling items, tax effects of non-controlling interests, and other | (0.10%) | (0.60%) | 0.20% |
| Global intangible low-taxed income tax | 0.20% | 0.10% | 0.20% |
| Effective tax expense rate | 9.80% | 19.00% | 17.90% |
Note 12 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Capitalized research and experimentation expenditures and fixed assets | $ 1,445 | $ 0 |
| Provision for credit loss | 1,716 | 14,647 |
| Credit card and other loans receivable fair value election differences | 70,966 | 48,730 |
| Equity-based compensation | 1,327 | 967 |
| Accrued expenses | 156 | 159 |
| Accruals for state taxes and interest associated with unrecognized tax benefits and unpaid accrued tax liabilities | 195 | 149 |
| Federal net operating loss and capital loss carry-forwards | 22,626 | 0 |
| Foreign net operating loss carry-forward | 304 | 304 |
| Other | 1,056 | 506 |
| State tax benefits, primarily from net operating losses | 28,796 | 27,081 |
| Deferred tax assets, gross | 128,587 | 92,543 |
| Valuation allowances | (20,699) | (22,716) |
| Deferred tax assets, net of valuation allowances | 107,888 | 69,827 |
| Prepaid expenses and other | (1,030) | (513) |
| Software development costs and fixed assets | 0 | (41) |
| Equity in income of equity-method investee | (792) | (697) |
| Market discount on acquired marked discount bonds | (155,879) | (94,958) |
| Deferred costs | (641) | (590) |
| Deferred tax (liabilities), gross | (158,342) | (96,799) |
| Deferred tax (liabilities), net | $ (50,454) | $ (26,972) |
Note 12 - Income Taxes - Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Balance | $ (605) | $ (495) | $ (445) |
| Reductions based on tax positions related to prior years | 79 | 23 | 0 |
| (Additions) based on tax positions related to prior years | (11,965) | (26) | 32 |
| (Additions) based on tax positions related to the current year | (10,201) | (107) | (82) |
| Balance | $ (22,692) | $ (605) | $ (495) |
Note 13 - Net Income Attributable to Controlling Interests Per Common Share (Details Textual) - shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Weighted Average Number of Shares, Unvested Share-based Payment Awards, Basic (in shares) | 137,046 | 312,792 | |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 100,000 | 0 | 100,000 |
| Five Point Eight Seven Five Percent Convertible Senior Notes Due Two Thousand Thirty Five [Member] | |||
| Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities (in shares) | 100,000 | ||
| Series A Preferred Stock [Member] | |||
| Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock (in shares) | 4,000,000.0 | 4,000,000.0 | 3,800,000 |
Note 13 - Net Income Attributable to Controlling Interests Per Common Share - Summary of Earning Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
| Net income attributable to controlling interests | $ 135,597 | $ 177,902 | $ 94,120 | ||
| Preferred stock and preferred unit dividends and accretion | (25,076) | (22,363) | (17,070) | ||
| Net income attributable to common shareholders—basic | 110,521 | 155,539 | 77,050 | ||
| Effect of dilutive preferred stock dividends and accretion | 2,400 | 2,400 | 2,400 | ||
| Net income attributable to common shareholders—diluted | $ 112,921 | $ 157,939 | $ 79,450 | ||
| Basic (including unvested share-based payment awards) (1) (in shares) | [1] | 14,629 | 15,074 | 14,486 | |
| Effect of dilutive stock compensation arrangements and exchange of preferred stock (in shares) | 4,747 | 5,824 | 5,616 | ||
| Diluted (including unvested share-based payment awards) (1) (in shares) | [1] | 19,376 | 20,898 | 20,102 | |
| Net income attributable to common shareholders per common share—basic (in dollars per share) | $ 7.55 | $ 10.32 | $ 5.32 | ||
| Net income attributable to common shareholders per common share—diluted (in dollars per share) | $ 5.83 | $ 7.56 | $ 3.95 | ||
| |||||
Note 14 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-based Compensation, Tax Charges to Additional Paid in Capital From Exercise and Vesting | $ 0 | $ 0 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Amortization Period (Year) | 1 year 1 month 6 days | ||
| Restricted Stock [Member] | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 105,360 | 49,988 | 61,373 |
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount, Total | $ 4,900 | $ 1,700 | $ 600 |
| Share-Based Payment Arrangement, Expense | 2,600 | 1,200 | 800 |
| Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 3,300 | ||
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 9 months 18 days | ||
| Restricted Stock [Member] | Minimum [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 12 months | ||
| Restricted Stock [Member] | Maximum [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 60 months | ||
| Share-Based Payment Arrangement, Option [Member] | |||
| Share-Based Payment Arrangement, Expense | $ 1,600 | 2,000 | 500 |
| Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fair Value | 3,100 | $ 1,400 | |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 0 | ||
| Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 800 | $ 2,400 | |
| Employee Stock Purchase Plan [Member] | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 51,041 | ||
| The Fourth Amended 2014 Plan [Member] | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 2,085,158 | ||
Note 14 - Stock-based Compensation - Summary of Outstanding Options (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
USD ($)
$ / shares
shares
| |
| Outstanding (in shares) | shares | 2,017,969 |
| Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 6.74 |
| Issued (in shares) | shares | 0 |
| Issued, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
| Exercised (in shares) | shares | (1,211,141) |
| Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 3.08 |
| Expired/Forfeited (in shares) | shares | (4,665) |
| Expired/Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 15.30 |
| Outstanding (in shares) | shares | 802,163 |
| Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 12.23 |
| Outstanding, weighted average remaining contractual life (Year) | 1 year 7 months 6 days |
| Outstanding, aggregate intrinsic value | $ | $ 12,704,473 |
| Exercisable (in shares) | shares | 673,137 |
| Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 8.71 |
| Exercisable, weighted average remaining contractual life (Year) | 1 year 2 months 12 days |
| Exercisable, aggregate intrinsic value | $ | $ 12,270,696 |
Note 14 - Stock-based Compensation - Information of Stock Options Granted, Exercised and Vested (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Weighted average fair value per share of options granted (in dollars per share) | $ 24.00 | ||
| Proceeds from exercise of stock options | $ 3,731 | $ 1,885 | $ 1,326 |
| Aggregate intrinsic value of options exercised | 74,296 | 13,673 | |
| Grant date fair value of shares vested | $ 1,802 | $ 834 | |
Note 15 - ATM Program (Details Textual) |
Aug. 10, 2022
USD ($)
|
|---|---|
| Series B Preferred Stock [Member] | Maximum [Member] | |
| Preferred Stock, Aggregate Offering Price | $ 100,000,000 |
Note 16 - Employee Benefit Plans (Details Textual) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 341,245 | $ 274,759 | $ 197,214 |
| Employee Stock Purchase Plan, Percent of Wages Withheld, Maximum | 10.00% | ||
| Employee Stock Purchase Plan, Max Annual Contribution by Employees | $ 10,000 | ||
| Percent of Purchase Price to Company's Common Stock on Last Day of Offering Period | 85.00% | ||
| Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 107,995 | $ 79,095 | $ 106,775 |
| Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 3,280 | 2,241 | 9,209 |
| Employee Stock Purchase Plan, Shares Authorized (in shares) | 100,000 | ||
| Employee Stock Purchase Plan, Employer Expense During Period | $ 35,348 | $ 28,937 | $ 31,748 |
Note 17 - Related Party Transactions (Details Textual) |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Dec. 27, 2019
USD ($)
shares
|
Dec. 31, 2022
USD ($)
shares
|
Dec. 31, 2021
USD ($)
shares
|
Dec. 31, 2020
USD ($)
ft²
|
Nov. 26, 2014
USD ($)
|
Jun. 30, 2007
ft²
|
|
| Related Party Transaction, Percent of Common Stock Purchase to Trigger Share Sale | 50.00% | |||||
| Debt Satisfied By Issuance of Series A Preferred Stock [Member] | ||||||
| Debt Conversion, Original Debt, Amount | $ 40,000,000.0 | |||||
| Series A Preferred Stock [Member] | ||||||
| Temporary Equity, Shares Issued (in shares) | shares | 400,000 | 400,000 | 400,000 | |||
| Chief Executive Officer [Member] | ||||||
| Area of Real Estate Property (Square Foot) | ft² | 3,100 | 1,000 | ||||
| Related Party Transaction, Other Revenues from Transactions with Related Party | $ 62,422 | $ 17,299 | $ 16,960 | |||
| Related Party Transaction, Due from (to) Related Party, Noncurrent, Total | 39,400 | |||||
| Related Party Transaction, Amounts of Transaction | 404,302 | $ 380,733 | $ 334,526 | |||
| Dove Ventures, LLC [Member] | Senior Secured Term Loan Facility [Member] | ||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000.0 | |||||
| Axiom Bank [Member] | ||||||
| Related Party Transaction, Amounts of Transaction | $ 1,000,000.0 | |||||
Note 18 - Subsequent Events (Details Textual) - shares |
2 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Feb. 28, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Stock Repurchased and Retired During Period, Shares (in shares) | 1,674,161 | 434,381 | 245,534 | |
| Common Stock [Member] | Subsequent Event [Member] | ||||
| Stock Repurchased and Retired During Period, Shares (in shares) | 16,313 | |||