Business
Atlanticus Reports Third Quarter 2022 Financial Results
Consecutive quarters of growth in revenue coupled with continued growth in customers served ATLANTA--(BUSINESS WIRE)-- Atlanticus Holdings Corporation
About this update from Atlanticus Holdings Corporation
[{"type":"text","content":"\nConsecutive quarters of growth in revenue coupled with continued growth in customers served\n\n ATLANTA--(BUSINESS WIRE)--\nAtlanticus 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 third quarter ended September 30, 2022. An accompanying earnings presentation is available in the “Investors” section of the Company’s website at www.atlanticus.com or by clicking here.\n\nThird Quarter 2022 Highlights (all comparisons to the prior year period)\n\n\nTotal operating revenue increased 36.3% to $277.9 million.\n\n\nPurchase volume increased 13.5% to $692.9 million.\n\n\nTotal number of accounts serviced(1) at period end increased 28.1% to 3.3 million.\n\n\nOver 80,000 new serviced accounts added during the quarter.\n\n\nManaged receivables(2) increased 41.8% to $2.1 billion, and 27.3% from December 31\n\n\nNet income attributable to common shareholders of $26.3 million, or $1.41 per diluted common share.\n\n\nRepurchased and retired 313,893 shares of our common stock at an aggregate cost of $10.9 million.\n\n\n(1) 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.\n(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.\n\nManagement Commentary\n\nJeff Howard, President and Chief Executive Officer at Atlanticus stated, \"We are pleased to have another consecutive quarter of growth in revenue, managed receivables, and customers served during the third quarter of 2022. Additionally, we achieved another milestone as managed receivables now exceed $2 billion. We have continued to report strong growth across all of our main operating lines – private label credit, general purpose credit cards and, more modestly, our Auto Finance platform.\n\nAs we monitor consumer behavior and the impacts of inflation, we have deliberately slowed our growth in receivables and new customers served on behalf of our bank partner by tactically tightening underwriting...