From GlobeNewswire: 2024-11-07 18:43:00

Atlanticus Holdings Corporation (NASDAQ: ATLC) announced its financial results for Q3 2024. Managed receivables increased by 14.6% to $2.7 billion, total operating revenue increased by 19.0% to $351.0 million, and net income attributable to common shareholders was $23.2 million. The company served over 380,000 new accounts during the quarter.

President and CEO Jeff Howard expressed satisfaction with revenue, managed receivables, and account growth. Stable consumer performance is attributed to real wage gains. The company sees growth opportunities in general purpose credit cards, point of sale finance, and healthcare payments, with a pipeline of new partners and offerings for long-term growth.

Interest expenses for Q3 2024 were $42.5 million, reflecting increases in outstanding debt and borrowing costs. Changes in fair value of loans increased to $203.7 million, driven by underlying receivables growth. Total operating expenses rose by 11.7%, primarily due to growth-related costs and policy changes.

Net income attributable to common shareholders increased by 22.9% to $23.2 million for Q3 2024. The company repurchased 11,193 shares of common stock. Atlanticus Holdings Corporation aims to increase shareholder value over time through strategic capital allocation.

Managed receivables grew by 14.6% to $2.7 billion, with private label credit and general purpose credit card products driving growth. Total accounts served increased by 5.9% to 3.7 million. The company expects continued growth in managed receivables, driven by existing and new retail partners.

Total operating revenue increased by 19.0% to $351.0 million, with growth expected to continue in 2024. Higher interest expenses were driven by increased debt and borrowing costs. Changes in fair value of loans increased to $203.7 million, reflecting growth in underlying receivables.

Atlanticus Holdings Corporation’s technology enables partners to offer inclusive financial services. Forward-looking statements reflect long-term growth plans and opportunities. The company emphasizes managed receivables, total yield, and charge-offs as key financial metrics for evaluating performance and risk management.



Read more at GlobeNewswire:: Atlanticus Reports Third Quarter 2024 Financial Results