--- title: "Atlanticus Pref Share ATLC 9.25 01/31/29 | 10-K: FY2025 Revenue: USD 1.968 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/278938445.md" datetime: "2026-03-12T20:27:37.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/278938445.md) - [en](https://longbridge.com/en/news/278938445.md) - [zh-HK](https://longbridge.com/zh-HK/news/278938445.md) generator: "portal-rs" --- # Atlanticus Pref Share ATLC 9.25 01/31/29 | 10-K: FY2025 Revenue: USD 1.968 B Revenue: As of FY2025, the actual value is USD 1.968 B. EPS: As of FY2025, the actual value is USD 5.96. EBIT: As of FY2025, the actual value is USD 461.62 M. #### Consolidated Financial Performance (Year Ended December 31, 2025 vs. 2024) - **Total Operating Revenue and Other Income**: Increased to $1,968,360 thousand in 2025 from $1,309,955 thousand in 2024, marking an increase of $658,405 thousand . - **Other Non-Operating Income**: Decreased to $39 thousand in 2025 from $1,489 thousand in 2024, a decrease of $1,450 thousand . - **Interest Expense**: Increased to - $301,903 thousand in 2025 from - $160,173 thousand in 2024, an increase of $141,730 thousand . - **Provision for Credit Losses**: Decreased to - $6,235 thousand in 2025 from - $16,368 thousand in 2024, representing a decrease of - $10,133 thousand . - **Changes in Fair Value of Loans at Fair Value**: Increased to - $1,103,055 thousand in 2025 from - $733,471 thousand in 2024, an increase of $369,584 thousand . - **Net Margin**: Increased to $557,206 thousand in 2025 from $401,432 thousand in 2024, an increase of $155,774 thousand . - **Total Operating Expenses**: Increased to - $397,493 thousand in 2025 from - $262,855 thousand in 2024, an increase of $134,638 thousand . - **Salaries and Benefits**: Increased to - $69,572 thousand in 2025 from - $50,143 thousand in 2024, an increase of $19,429 thousand . - **Card and Loan Servicing**: Increased to - $160,846 thousand in 2025 from - $118,400 thousand in 2024, an increase of $42,446 thousand . - **Marketing and Solicitation**: Increased to - $113,265 thousand in 2025 from - $56,186 thousand in 2024, an increase of $57,079 thousand . - **Depreciation and Amortization**: Increased to - $5,808 thousand in 2025 from - $2,715 thousand in 2024, an increase of $3,093 thousand . - **Other Operating Expenses**: Increased to - $48,002 thousand in 2025 from - $35,411 thousand in 2024, an increase of $12,591 thousand . - **Net Income**: Increased to $120,609 thousand in 2025 from $110,106 thousand in 2024, an increase of $10,503 thousand . - **Net Income Attributable to Common Shareholders**: Increased to $111,796 thousand in 2025 from $87,368 thousand in 2024, an increase of $24,428 thousand . #### CaaS Segment Financial and Operational Metrics (Year Ended December 31, 2025 vs. 2024) - **Managed Receivables**: Increased to $6,953.4 million as of December 31, 2025, from $2,724.8 million as of December 31, 2024 . This growth includes $3.2 billion in gross credit card receivables and 1.3 million customers from the Mercury acquisition . Excluding Mercury, total active accounts increased by over 1.0 million . - **Merchant Fees (new private label receivable acquisitions)**: Increased by $52.8 million for the year ended December 31, 2025, compared to the same period in 2024 . - **Finance and Fee Income (general purpose credit card receivables)**: Increased by $558.2 million for the year ended December 31, 2025, compared to the same period in 2024 . - **Delinquency Rates (as of December 31, 2025 vs. 2024)**: - 30-59 days past due: 3.0% in 2025, down from 3.8% in 2024 . - 60-89 days past due: 2.7% in 2025, down from 3.6% in 2024 . - 90 or more days past due: 6.4% in 2025, down from 9.3% in 2024 . - **Total Managed Yield Ratio, Annualized**: 35.1% as of December 31, 2025, down from 40.0% as of December 31, 2024 . - **Combined Principal Net Charge-off Ratio, Annualized**: 15.6% as of December 31, 2025, down from 22.0% as of December 31, 2024 . - **Interest Expense Ratio, Annualized**: 7.4% as of December 31, 2025, up from 6.5% as of December 31, 2024 . - **Net Interest Margin Ratio, Annualized**: 12.1% as of December 31, 2025, up from 11.5% as of December 31, 2024 . - **Average APR (Private Label Credit)**: 9.6% as of December 31, 2025, down from 12.9% as of December 31, 2024 . - **Average APR (General Purpose Credit Card)**: 28.2% as of December 31, 2025, down from 28.6% as of December 31, 2024 . - **Receivables Purchased During Period**: Totaled $4,436.2 million for the year ended December 31, 2025, compared to $2,628.9 million for the year ended December 31, 2024 . #### Auto Finance Segment Financial and Operational Metrics (Year Ended December 31, 2025 vs. 2024) - **Period-end Managed Receivables**: $107,093 thousand as of December 31, 2025, down from $108,982 thousand as of December 31, 2024 . - **Delinquency Rates (as of December 31, 2025 vs. 2024)**: - 30-59 days past due: 8.5% in 2025, up from 7.0% in 2024 . - 60-89 days past due: 3.0% in 2025, unchanged from 3.0% in 2024 . - 90 or more days past due: 2.8% in 2025, down from 4.3% in 2024 . - **Total Managed Yield Ratio, Annualized**: 38.5% as of December 31, 2025, up from 35.7% as of December 31, 2024 . - **Combined Principal Net Charge-off Ratio, Annualized**: 5.5% as of December 31, 2025, up from 3.3% as of December 31, 2024 . - **Recovery Ratio, Annualized**: 2.6% as of December 31, 2025, up from 2.2% as of December 31, 2024 . #### Cash Flow (Year Ended December 31, 2025 vs. 2024) - **Cash Flows from Operations**: Generated $638.0 million in 2025, compared to $469.4 million in 2024 . - **Cash Used in Investing Activities**: Used $1,511.9 million in 2025, compared to $747.0 million in 2024 . - **Cash Flows from Financing Activities**: Generated $1,141.7 million in 2025, compared to $393.6 million in 2024 . #### Unique Metrics and Events - **Mercury Acquisition**: On September 11, 2025, Atlanticus acquired Mercury for approximately $166.5 million in cash, adding $3.2 billion in gross credit card receivables and 1.3 million customers . - **Fintiv Inc. Litigation**: Fintiv Inc., in which Atlanticus believes it will own over 10% on a diluted basis, has sued Apple, Inc. and Walmart, Inc. for patent infringement, with claimed losses potentially in the billions of dollars . - **Indebtedness**: As of December 31, 2025, total recourse indebtedness was $934.9 million, and non-recourse indebtedness under warehouse facilities and asset-backed securities was $5,629.6 million . Short-term refinancing needs (within 12 months) totaled $215.6 million, and long-term refinancing needs (in excess of 12 months) totaled $319.2 million . #### Outlook / Guidance Atlanticus anticipates continued growth in general purpose credit card receivables . Quarterly interest expense is expected to increase throughout 2026 due to additional debt financing and the Mercury acquisition . 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