Atlanticus Holdings Corp 2025年度报告

All statements in this Annual Report to Shareholders concerning our operating and financialresults, business strategy, capital investment, liquidity, access to capital, demand for ourproducts, growth opportunities, our returns on equity, earnings growth, revenues, assets, auto-finance segment, consumer management of credit and other statements of our plans, beliefs, orexpectations, are forward-looking statements. In some cases these statements are identifiablethrough the use of words such as “believe,” “can,” “could,” “expect,” “hope,” “intend,” “may,”“might,” “plan,” “seek,” “should,” “think,” “will,” “would” and similar expressions. Theseforward-looking statements are not guarantees of future performance and are subject to variousassumptions, risks and other factors that could cause our actual results to differ materially fromthose suggested by these forward-looking statements. These factors include, among others, therisks and others set forth under Item 1A, “Risk Factors” in our Annual Report on Form 10-K forthe year ended December 31, 2025. We expressly disclaim any obligation to update or revise any forward-looking statements,whether as a result of new information, future events or otherwise, except as required by law. Dear Fellow Shareholders: 2025 was a truly transformative year for Atlanticus. We delivered sustained above-market growth across our core businesses while completing theacquisition of Mercury Financial—an event that meaningfully enhanced the scale, capabilities,and long-term earnings power of our company. With this transaction, we effectively doubled thesize of our balance sheet to approximately $7 billion, added more than 1.3 million customersserved, and enhanced our product offerings within the near-prime credit market. More importantly, we strengthened the foundation of our platform - deepening our productcapabilities, leveraging scale to enhance operational efficiencies and lower costs, and addingsignificant talent to our organization with the addition of over 140 experienced team members. Our financial performance reflects the strength of this transformation. For the year, operatingrevenue increased by 50.3% to $1.97 billion; managed receivables1increased 155.2% to $7.0billion; accounts served2increased by 59.9% to 5.9 million; and net income increased by 28.0%to $111.8 million. And once again, we exceeded our return on capital goal with a return onaverage equity3of 20.5%. These results are not only strong, but they are also consistent with the long-term earnings modelwe have been building. Our focus on unit-level profitability, disciplined underwriting, andleveraging scale and technology to create a low cost, reliable servicing capability continues totranslate into attractive returns and durable growth. Growth remains central to our strategy, but it is growth with purpose – Empowering BetterFinancial Outcomes for Everyday Americans. The customers we serve rely on the products wefacilitate. These customers do not typically use the products we offer to aggregate points or chaselucrative reward programs. Instead, the products we offer are used as fundamental financial toolsin managing everyday life. We take great pride in being a partner to these consumers andendeavor to bring them robust, low-cost financial services solutions. In return, consumers placehigh value on the services we provide, typically using these products responsibly and rewardingus with a Net Promoter Score of 71. The Consumer Financial Protection Bureau’s 2025Consumer Credit Card Market report showed that inflation adjusted, per cardholder balances arelargely flat over the last 10 years and a higher percentage of accounts are paying off theirbalances in full. A separate study shows that credit card interest makes up only about 1% ofhousehold budgets. Based on our internal data, our customers, on average, spend less than $1 perday to have ready access to life changing credit products. For the Everyday Americans we serve,income and expenses are not perfectly matched. According to the Pew Research Center, nearly60% of households experience at least one significant expense shock each year, often driven bynecessities such as healthcare, housing, food, or transportation. In these moments, access tocredit is not a luxury, it is a necessity. The services we offer provide an affordable bridgebetween paychecks and cushion for these expense shocks. Our services are a low-cost accesspoint to financial independence, providing flexibility, transparency, and reliability that aredifficult to replicate through alternative financial products. As we write this letter, there is a great deal of discussion regarding the state of the consumer. Theperception is that the consumers we serve are struggling on the bottom half of the “K-shapedeconomy”. However, our data indicates that the consumers we serve remain stable. Much of the“K-shaped” commentary is the result of changing purchasing habits. This is prudent financialbehavior as