Business
Atlanticus Reports Second Quarter 2023 Financial Results
Second Quarter 2023 Receivables growth of 18.5% over prior year, with over 3 million accounts served, allowing for continued strong results(1) ATLANTA, Aug.
About this update from Atlanticus Holdings Corporation
[{"type":"text","content":"Second Quarter 2023 Receivables growth of 18.5% over prior year, with over 3 million accounts served, allowing for continued strong results(1) ATLANTA, Aug. 08, 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 second quarter ended June 30, 2023. Financial and Operating Highlights Second Quarter 2023 Highlights (all comparisons to the Second Quarter 2022) Managed receivables2 increased 13.9% to $2.2 billionTotal operating revenue increased 7.8% to $290.8 million.Return on average shareholders' equity of 21.2%3Purchase volume of $696.1 million.Over 350,000 new accounts served during the quarter, over 3.3 million total accounts serviced1Net income attributable to common shareholders of $18.8 million, or $1.02 per diluted common share 1 Receviables growth is calculated based on the increase in Loans, interest and fees receivable, at fair value as of June 30, 2023, compared to June 30, 2022; In 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. 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 information. 3 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 June 30, 2023 and March 31, 2023 as the denominator, annualized. Management Commentary Jeff Howard, President and Chief Executive Officer at Atlanticus stated, “We are pleased to once again deliver strong profitability and return on capital, even as we navigate elevated charge-offs following consumer stress caused by rapid inflation in the second half of last year. As we have observed the consumers we serve benefit from higher wages and adjust to higher cost of living, we have returned to quarter over quarter increases in new accounts served leading to our continued trend of year over year managed receivables and revenue growth. “We are seeing growth acr...