Business
Atlanticus Reports Full Year 2020 Financial Results
Year End 2020 Net Income Attributable to Common Shareholders Grows 204.7% to $77.1 Million ATLANTA, March 31, 2021 (GLOBE NEWSWIRE) -- Atlanticus Holdings
About this update from Atlanticus Holdings Corporation
[{"type":"text","content":"Year End 2020 Net Income Attributable to Common Shareholders Grows 204.7% to $77.1 Million\nATLANTA, March 31, 2021 (GLOBE NEWSWIRE) -- Atlanticus Holdings Corporation (NASDAQ: ATLC) (“Atlanticus,” “the Company,” “we,” “our” or “us”), a technology-enabled financial services company that assists financial institutions in offering credit to millions of everyday Americans, today announced its financial results for the year ended December 31, 2020. The Company also announced the filing of its Annual Report on Form 10-K with the Securities and Exchange Commission. Financial and Operating Highlights (all comparisons to the prior period unless otherwise specified)2020 Highlights Net income attributable to common shareholders increased 204.7% to $77.1 million, or $5.32 per basic common shareTotal operating revenue increased $216.4 million, or 63.0%, to $560.0 millionManaged receivables(1) associated with our Credit and Other Investments Segment increased 19.2% to $1.1 billion as of December 31, 2020Combined net charge-off ratio, annualized(1) for our retail point-of-sale and direct-to-consumer business lines, included as a component of our Credit and Other Investments Segment, improved to 13.4% for the three months ended December 31, 2020 from 22.5% for the three months ended December 31, 2019The number of customers we serve increased 32.1% to 1.8 million(2) (1) Managed receivables and combined net charge-off ratio, annualized are non-GAAP financial measures. See “Non-GAAP Financial Measures” for important additional information.(2) In our calculation of total customers, we include all customers with account activity or customers who have open lines of credit at the end of period. Management Commentary Jeffrey A. Howard, President and Chief Executive Officer, stated, \"This was an exceptional year for Atlanticus. Although we faced significant economic uncertainty early in the year, we drew on 25 years of experience to allow our bank partner to continue offering financial products to everyday Americans. During the year, we helped add more than 427,000 net new customers. Because of our diversified origination platform we were able to grow receivables despite significant reductions in consumer spending in the broader economy. We experienced significant growth in our Point-of-Sale assets as a result of new merchant partnerships, growth from...