Business
Atlanticus Reports First Quarter 2022 Financial Results
First Quarter 2022 Revenues up 59.7% over prior year, with robust new account growth allowing for continued strong results ATLANTA, May 10, 2022 (GLOBE
About this update from Atlanticus Holdings Corporation
[{"type":"text","content":"First Quarter 2022 Revenues up 59.7% over prior year, with robust new account growth allowing for continued strong results ATLANTA, May 10, 2022 (GLOBE NEWSWIRE) -- Atlanticus Holdings Corporation (NASDAQ: ATLC) (“Atlanticus,” “the Company”, “we,” “our” or “us”), a financial technology company which enables its bank, retail and healthcare partners to offer more inclusive financial services to millions of everyday Americans, today announced its financial results for the first quarter ended March 31, 2022. First Quarter 2022 Highlights (all comparisons to the prior year period) Total operating revenue increased 59.7% to $229.8 million, 6.1% over fourth quarter 2021.Purchase volume increased 55.2% to $594.1 million.Number of total customers served(1) at period end increased 58.1% to 2.9 million.Over 395,000 new customers serviced during the quarter.Managed receivables(2) at period end associated with Credit as a Service Segment increased 53.6% to $1.7 billion, and 4.1% over fourth quarter 2021.Earnings per diluted common share increased 2.6% to $1.96 per diluted common share.Over 1 million shares retired during the quarter. (1) In our calculation of total customers, we include all customers with account activity and customers who have open lines of credit at the end of the referenced period. (2) Managed receivables is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for important additional information. Management Commentary Jeff Howard, President and Chief Executive Officer, stated, \"The first quarter of 2022 continued to show strong growth in revenue, managed receivables, and both new and total accounts serviced. We generated a 2.6% increase in earnings per share year-over-year even with a significant increase in our marketing investment and comparing against historically low charge-offs in 2021. We are off to a great start in the second quarter, exceeding a meaningful milestone in early April 2022 as we now serve over 3.0 million card customers. This is yet another indication of the success our team is having in enabling our partners to offer more inclusive financial solutions as we continue to execute on our Purpose of Empowering Better Financial Outcomes for Everyday Americans.” Mr. Howard continued, “While we are pleased with our results, we are mindful of rising interest rates and the potential for economic s...