Business
Atlanticus Reports Second Quarter 2021 Financial Results
Net Income Attributable to Common Shareholders Increases 74.4% to $32.1 Million, or $2.12 Per Share ATLANTA, Aug. 13, 2021 (GLOBE NEWSWIRE) -- Atlanticus
About this update from Atlanticus Holdings Corporation
[{"type":"text","content":"Net Income Attributable to Common Shareholders Increases 74.4% to $32.1 Million, or $2.12 Per Share\nATLANTA, Aug. 13, 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 its second quarter ended June 30, 2021. Financial and Operating Highlights 2021 Second Quarter compared to 2020 Second Quarter Net income attributable to common shareholders increased 74.4% to $32.1 million compared to $18.4 million for the second quarter of 2020. This reflects: $2.12 per basic common share, compared to $1.28 per basic common share, an increase of 65.6%; and$1.56 per diluted common share compared to $0.93 per diluted common share, an increase of 67.7%. On a trailing twelve months basis, net income attributable to common shareholders increased to $8.60 per basic common share from $2.44 per basic common share, representing an increase of 252.5% and $6.32 per diluted common share from $2.02 per diluted common share, representing an increase of 212.9%.Managed receivables(1), associated with our Credit and Other Investments Segment, increased 38.6% to $1.2 billion, and 14.2% over first quarter 2021.Total operating revenue increased 32.6% to $179.5 million from $135.4 million.Combined net charge-off ratio, annualized(1) associated with our Credit and Other Investments Segment, improved to 15.2% from 26.9%.The number of total customers we serve increased 48.3% to 2.2 million(2). Since the start of the second quarter 2021, customers served increased by 339,704, or 18.3%.Further diversified capital structure and enhanced liquidity with the addition of $70.0 million in proceeds through the issuance of 2.8 million shares of 7.625% Series B preferred stock before deducting underwriting discounts, the structuring fee and other offering expenses. Subsequent to period end, we issued an additional 388,533 shares pursuant to the exercise of the underwriters’ overallotment option. (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 custom...