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Atlanticus Holdings Corporation (NASDAQ: ATLC) is a diversified financial holding company with investments primarily in the financial services sector. Its subsidiaries offer a broad array of financial products and services tailored for the financially underserved consumer credit market. The company's operations are segmented into two primary business units: the Credit as a Service segment and the Auto Finance segment, with the former generating the majority of its revenue.
Atlanticus empowers everyday Americans by enabling bank, retail, and healthcare partners to provide more inclusive financial services. Utilizing proprietary analytics and over 25 years of industry experience, Atlanticus supports lenders in offering a range of consumer loan products, including retail and healthcare private label credit and general-purpose credit cards. These are marketed through multiple channels, such as retail point-of-sale, healthcare point-of-care, direct mail solicitation, internet-based marketing, and third-party partnerships.
Among the latest corporate developments, Atlanticus announced the appointment of Khary Scott as Senior Vice President, Head of Co-Brand Partnership Development. Scott brings over 20 years of experience in financial services, including positions at Capital One, Fundbox, and Imprint.
Recent financial results reflect strong performance and strategic growth. For the third quarter of 2023, managed receivables increased by 12.9% to $2.3 billion, with total accounts served rising to 3.4 million. The company's conservative approach to underwriting has resulted in a reduction in portfolio delinquency rates, contributing to overall financial stability. Atlanticus continues to expand through new retail partnerships and enhanced product offerings.
Looking ahead, Atlanticus is poised for long-term growth, driven by its diversified product platform and strong liquidity position. Despite the challenges posed by economic uncertainties, the company is well-positioned to capture market opportunities by serving consumers who are often overlooked by traditional banks.
For the fourth quarter of 2023, Atlanticus reported a 14.9% increase in operating revenue, totaling $308.6 million, and a 13.7% rise in managed receivables to $2.4 billion. This growth is attributed to the expansion of private label credit and general-purpose credit card products offered by its bank partners. The company's general-purpose credit card portfolio also showed robust growth, reflecting the strength of its omnichannel origination platform.
Atlanticus Holdings Corporation (NASDAQ: ATLC) announced strong financial results for 2022, achieving over $1 billion in annual revenue with a 40.6% increase from the previous year. Total operating revenue for Q4 2022 rose 24.1% to $268.7 million, while net income attributable to common shareholders decreased 59.5% to $17.7 million, or $0.98 per diluted share. The company also expanded its customer base by 22.3% to 3.3 million accounts. Despite ongoing economic pressures, Atlanticus remains optimistic about future growth, leveraging its increased managed receivables and strong cash position.
Atlanticus Holdings Corporation (NASDAQ: ATLC) has declared a quarterly dividend of $0.476563 per share for its Series B Cumulative Perpetual Preferred stockholders. This cash dividend is scheduled for payment on or about March 15, 2023, to those on record by the close of business on March 1, 2023. The company’s technology supports over 18 million customers and facilitates $27 billion in consumer loans, empowering financial inclusivity through partnerships across banking, retail, and healthcare sectors.
Atlanticus Holdings Corporation (NASDAQ: ATLC) announced a quarterly dividend of $0.476563 per share for its Series B Cumulative Perpetual Preferred stockholders. This cash dividend is set to be paid on or about December 15, 2022 to those on record as of December 1, 2022. Atlanticus, a financial technology leader, provides inclusive financial services through its partnerships, leveraging over $27 billion in consumer loans across its 25-year history.
Atlanticus Holdings Corporation (NASDAQ: ATLC) reported a 36.3% increase in total operating revenue for Q3 2022, amounting to $277.9 million. The company added over 80,000 new accounts, bringing total serviced accounts to 3.3 million, a 28.1% year-over-year growth. However, net income attributable to common shareholders fell 34.9% to $26.3 million, translating to $1.41 per diluted share. Managed receivables increased 41.8% to $2.1 billion. The firm anticipates slower revenue growth amid tightened underwriting standards.
Atlanticus Holdings Corporation (NASDAQ: ATLC) announced the promotion of Rosalind Drakeford to Managing Counsel, Chief Compliance Officer, and Corporate Secretary. With 23 years of experience as Assistant General Counsel and 10 years as Director of Compliance, Drakeford will enhance the company's compliance functions and manage the legal team. CEO Jeff Howard praised her contributions to compliance infrastructure, crucial for the company's goal of empowering financial outcomes for everyday Americans.
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