Business
Atlanticus Reports Second Quarter 2024 Financial Results
Second Quarter 2024 Total operating revenue growth of 8.6% over prior year, with 3.6 million accounts served (1), allowing for continued strong results
About this update from Atlanticus Holdings Corporation
[{"type":"text","content":"Second Quarter 2024 Total operating revenue growth of 8.6% over prior year, with 3.6 million accounts served (1), allowing for continued strong results\nATLANTA, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Atlanticus Holdings Corporation (NASDAQ: ATLC) (Atlanticus, the Company, we, our or us), a financial technology company that 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, 2024. 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 Second Quarter 2024 Highlights (all comparisons to the Second Quarter 2023) Managed receivables2 increased 11.1% to $2.4 billionTotal operating revenue increased 8.6% to $315.6 millionReturn on average equity of 17.0%3Purchase volume of $727.9 millionOver 325,000 new accounts served during the quarter, 3.6 million total accounts served1Net income attributable to common shareholders of $18.0 million, or $0.99 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 calculation of Non-GAAP Financial Measures for important additional information.3) Return on average equity is calculated using Net income attributable to common shareholders as the numerator and the average of Total equity as of June 30, 2024 and March 31, 2024 as the denominator, annualized. Management Commentary Jeff Howard, President and Chief Executive Officer at Atlanticus stated, “We continue to be pleased with over fifty consecutive quarters of year over year growth in revenue, managed receivables and serviced accounts. Even as consumer spending has moderated and we have prudently tightened credit, we have been able to achieve double digit receivables growth, record quarterly purchase volume, and attractive returns on our shareholders' capital. “A highlight of the quarter was the announcement of our partnership with Synchrony. This partnership aligns us with the largest provider of credit at point of sale. Throu...