Business
Atlanticus Reports Fourth Quarter and Full Year 2022 Financial Results
Achieved Over $1 Billion in Annual Revenue with Another Consecutive Quarter of Revenue Growth ATLANTA, March 14, 2023 (GLOBE NEWSWIRE) -- Atlanticus Holdings
About this update from Atlanticus Holdings Corporation
[{"type":"text","content":"Achieved Over $1 Billion in Annual Revenue with Another Consecutive Quarter of Revenue Growth\nATLANTA, March 14, 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 fourth quarter and full year ended December 31, 2022. 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 Fourth Quarter 2022 Highlights (all comparisons to the Fourth Quarter 2021) Total operating revenue increased 24.1% to $268.7 million.Purchase volume increased 1.4% to $625.2 million.Net income attributable to common shareholders of $17.7 million, or $0.98 per diluted common share. Full Year 2022 Highlights (all comparisons to the prior year period) Total operating revenue increased 40.6% to $1.05 billion.Purchase volume increased 33.2% to $2.7 billion.Total number of accounts serviced1 at period end increased 22.3% to 3.3 million.Over 600,000 (net) new serviced1 accounts added during the year.Managed receivables2 increased 31.6% to $2.1 billion.Net income attributable to common shareholders of $110.5 million, or $5.83 per diluted common share. 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 are pleased to report continued expansion despite the ongoing inflationary pressures felt across our serviced customers and partners. Both of our operating segments experienced meaningful growth with managed receivables and revenue increasing approximately 32% and 41% respectively during the year despite tightening in underwriting that led to materially slower growth in the second half. Even as receivables performance is coming off of historic lows in delinquency in 2020...