Business
Atlanticus Reports First Quarter 2023 Financial Results
First Quarter 2023 Receivables growth of 22.5% over prior year, with over 3 million accounts served(1), allowing for continued strong results ATLANTA, May 09,
About this update from Atlanticus Holdings Corporation
[{"type":"text","content":"First Quarter 2023 Receivables growth of 22.5% over prior year, with over 3 million accounts served(1), allowing for continued strong results ATLANTA, May 09, 2023 (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, 2023. An accompanying earnings presentation is available in the “Investors” section of the Company’s website at www.atlanticus.com or by clicking here. Financial and Operating Highlights First Quarter 2023 Highlights (all comparisons to the First Quarter 2022) Total operating revenue increased 13.6% to $261.0 million.Purchase volume of $581.5 million.Over 220,000 new accounts served during the quarter, over 3.2 million total accounts serviced¹Net income attributable to common shareholders of $20.0 million, or $1.08 per diluted common shareManaged receivables² increased 22.5% to $2.1 billion ¹In our calculation of total accounts serviced, we include all accounts with account activity and accounts that have open lines of credit at the end of the referenced period.²Managed receivables is a non-GAAP financial measure and excludes the results of our Auto Finance receivables. See “Non-GAAP Financial Measures” for important additional information. Management Commentary Jeff Howard, President and Chief Executive Officer at Atlanticus stated, “We continue to be pleased with our overall performance, which is consistent with our expectations following our decision to tighten underwriting last year as Everyday Americans adjusted to rapid inflation. All lines of our business experienced growth in revenue, managed receivables, and accounts serviced over the same period last year, with operating revenue and managed receivables increasing approximately 13% and 23%, respectively. In addition to growth in our retail partnerships and direct-to-consumer efforts, we continue to make progress on new initiatives such as healthcare payments and co-brand offerings which should open new avenues for our credit-as-a-service platform to support and grow our partner brands. “Consistent with our purpose of Empowering Better Financial Outcomes For...