Business
Atlanticus Reports Fourth Quarter and Full Year 2023 Financial Results
Fourth Quarter 2023 Operating revenue growth of 14.9% over prior year, with 3.6 million accounts served (1), allowing for continued strong results Source:
About this update from Atlanticus Holdings Corporation
[{"type":"text","content":"Fourth Quarter 2023 Operating revenue growth of 14.9% over prior year, with 3.6 million accounts served (1), allowing for continued strong results\nSource: Atlanticus Holdings Corp ATLANTA, March 04, 2024 (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, 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 Fourth Quarter 2023 Highlights (all comparisons to the Fourth Quarter 2022) Managed receivables2 increased 13.7% to $2.4 billionTotal operating revenue increased 14.9% to $308.6 million.Return on average shareholders’ equity of 20.7%3Purchase volume of $683.4 million.Over 387,000 new accounts served during the quarter, 3.6 million total accounts served1Net income attributable to common shareholders of $20.0 million, or $1.10 per diluted common share 1) In our calculation of total accounts served, we include all accounts with account activity and accounts that have open lines of credit at the end of the referenced period.2) Managed receivables is a non-GAAP financial measure and excludes the results of our Auto Finance receivables. See Non-GAAP Financial Measures for important additional information3) Return on average shareholders’ equity is calculated using Net Income attributable to common shareholders as the numerator and the average of Total shareholders’ equity as of December 31, 2023 and September 30, 2023 as the denominator, annualized. Management Commentary Jeff Howard, President and Chief Executive Officer at Atlanticus stated, “We continue to maintain our focus on managing risk, achieving adequate returns on our shareholder’s capital, and when appropriate, growth. We have maintained our conservative approach to underwriting that began in mid-2022 and will continue to do so until data, not forecasts, indicate a change would be prudent. Our most recent data indicate that the consumers we serve have adjusted to higher cost of living while benefiting from higher wage growth, which...