アトランティカス（ATLC）2026年第3四半期決算説明会：売上高60%増、調整後EPS 3.00ドル

重要ポイント

• アトランティカス（Atlanticus）の2026年第3四半期の希薄化後EPSは4.87ドルとなった。これには一過性の取引関連項目による1株当たり1.87ドルが含まれている。調整後希薄化後EPSは3.00ドルだった。
• 営業収益およびその他収益の合計は前年同期比60%増の7億7,600万ドルとなり、これにはマーキュリーからの寄与分2億500万ドルが含まれている。
• 普通株主に帰属する純利益は300%増の9,300万ドルとなった。調整後平均自己資本利益率は30%となり、経営陣が掲げる目標の20%を上回った。
• 管理債権残高は71億ドルに達し、前年同期比で8%増、前期比で3.4%増となった。プライベートブランド信用および汎用信用の双方が成長を牽引した。
• 信用力指標は前期比で安定して推移し、元本純償却率（合算）は2026年第2四半期の17.7%から17.3%に低下した。
• アトランティカスはCARオート・ファイナンス事業を約7,120万ドルで売却したほか、マーキュリーのワードマークおよび関連知的財産を現金2,750万ドルで売却し、これにより経営陣はより高リターンな消費者信用事業に経営資源を集中させることが可能となった。

主要財務データ

貸付金の公正価値変動はマイナス4億1,800万ドル（前年同期はマイナス2億7,700万ドル）となった。ただし、前提条件の好転、顧客の支払い状況の改善、マーキュリーのポートフォリオにおける堅調な実績の継続、ならびに条件付対価の公正価値減少に伴う800万ドルの利益によって、その影響は一部相殺された。

事業および営業実績

アトランティカスは、提携銀行向けに行う新規口座開設（オリジネーション）において、3四半期連続で過去最高を更新した。経営陣は、この成長はユニットエコノミクス（単位当たり採算性）の基準を満たした上でのものであり、リスク許容度（リスクパラメーター）を拡大したことによるものではないと述べた。

マーキュリーを除いた売上高成長率について、経営陣は10%台後半から20%台前半と試算した。リテール信用の成長は戦略的パートナーによる取扱高増加を反映したものであり、汎用クレジットカードの成長は、デジタルマーケティングチャネル、チャネル別ファネル、および引受モデルへの継続的な投資によって牽引された。

マーキュリーは、既存ポートフォリオと新規オリジネーションの双方において、買収時の想定モデルを上回る業績を維持した。前年同期においてアトランティカスがマーキュリーを保有していたのは9月の約半分にすぎなかったため、前年同期比較には引き続き買収時期の影響が残っている。

サービシング（債権管理回収）やマーケティング活動の活発化に加え、事業プラットフォームの拡大により費用が増加した。しかし、売上高の伸びが営業費用の伸びを上回り、営業費用率は小幅に改善した。また、マーキュリーの統合とプラットフォームの規模拡大によって効率化が進んだことで、顧客対応・獲得費用も前期比で低下した。

CARオート・ファイナンスの売却により約2,000万ドルの利益が生じた。CARは自動車金融セグメント全体を構成していたため、アトランティカスは今後、同事業を非継続事業として計上する。マーキュリーの知的財産取引には、マーキュリー・ブランドのプログラムに関連するクレジットカード債権は含まれていない。アトランティカスはリブランディングを支援するため、同ブランドのマーケティング権を12か月間、サービシング権をさらに5年間保持する。

経営陣の見通し

提携銀行のサービスがより幅広い消費者層へと拡大するにつれ、経営陣は延滞率がわずかに上昇すると見込んでいる。同社によれば、これらの債権は一般的に利回りが高く、時間の経過とともにより魅力的なリターンをもたらすと期待されている。

また、コストの高い汎用クレジットカード事業が顧客獲得コストの低い事業部門よりも速いペースで拡大していることから、ポートフォリオ全体の顧客獲得コストは上昇する可能性が高い。アトランティカスは、期待リターンが自社の基準を満たすか上回る分野に限定して成長を継続する方針である。

CARオート・ファイナンスおよびマーキュリーの知的財産の売却代金は、より高リターンで高成長な事業分野に投資される見込みである。

リスクおよび注視点

経営陣は、目標を上回るインフレ率、ガソリン価格、および広範なマクロ経済の不透明感を懸念点として挙げた。それでもなお、安定した雇用市場に一部支えられ、アトランティカスがサービスを提供する顧客は底堅い消費および支払い行動を示し続けていると述べた。

ダイレクトメール（DM）を通じた競争は18か月前と比較して高水準にとどまっているものの、経営陣はその競争環境を合理的であると評価している。同社はデジタルチャネルへの依存度を高めており、同チャネルでは獲得コストや平均延滞率が高くなる可能性がある。

顧客層（コンシューマーミックス）の拡大により、高利回りが期待リターンを下支えする一方で、延滞率が上昇する可能性がある。アトランティカスは、獲得データ、ポートフォリオデータ、カスタマーサービスデータ、および第三者データを継続的に監視し、実証的な根拠が得られた場合には引受基準を調整していくと述べた。

アナリスト質疑応答のハイライト

• オーガニック成長：経営陣はマーキュリーを除いた売上高成長率を約10%台後半から20%台前半と試算した。戦略的リテールパートナーおよびデジタルの汎用クレジットカードチャネルが主な牽引役となった。
• 獲得コスト：経営陣は、ポートフォリオ全体の現在の顧客獲得コストが明確なピークにあるとは見ていない。汎用クレジットカードへの構成比（ミックス）のシフトや、より高コストなマーケティングチャネルへの移行によって、コストがさらに押し上げられる可能性がある。
• 顧客構成（コンシューマーミックス）：デジタルチャネルを通じて、アトランティカスは経営陣が魅力的と判断するリターン水準で、より幅広い層の消費者にアプローチできている。これらの口座は延滞率が高くなる傾向があるものの、利回りや期待リターンも高くなる。
• 競争環境：ダイレクトメールの取扱量は増加しているものの、アトランティカスは引受リスクを拡大させるのではなく、デジタルモデルの開発とチャネル別マーケティングを優先している。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good afternoon and welcome everyone to the Atlanticus third quarter 2026 earnings call. Today's conference is being recorded. The lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press the star key followed by the number 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again. At this time, I would like to turn the conference over to Dan Mock, Investor Relations. Please go ahead.

Unknown Speaker

Thank you, Operator, and good afternoon, everyone. Atlanticus released results for the third quarter ended September 30, 2026, this afternoon, after market close. If you did not receive a copy of our earnings press release, you may obtain it from the investor relations section of our website at investors.atlanticus.com. We have also posted an updated investor presentation. With me on today's call are Jeff Howard, President and Chief Executive Officer, and Bill McCamey, Chief Financial Officer. This call is being webcast and will be archived on the investor relations section of our website. Today's discussion may contain forward-looking statements that reflect the company's current views with respect to, among other things, earnings growth, returns on equity, portfolio performance, the sufficiency of available capital, underwriting, delinquency and charge-off rates, the use of proceeds from the sales of the company, and the use of the company's current views. car auto finance operations and the Mercury Intellectual Property, the rebranding of the Mercury Program, and future financial and operating results.

These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. Please review our earnings release and the risk factors discussed in our SEC filings. The forward-looking statements speak only as of the date on which they are made and except to the extent required by federal securities laws. The company disclaims any obligation to update any forward-looking statements. In addition, during the call, we may refer to certain non-GAAP financial measures. Please refer to our earnings release for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures. And with that, I'll turn the call over to Jeff.

Jeffrey Howard

Thanks, Dan. Good afternoon, everyone, and thank you for joining us. We are pleased to report another very strong quarter reflecting the strength of our core business and continued progress in executing our strategy. Diluted EPS was $4.87, including $1.87 from one-time items associated with two transactions completed during the quarter, which we will address later in our comments. Excluding these one-time items, adjusted diluted EPS was $3, and adjusted return on average equity was 30%, well exceeding our 20% return goals and reaffirming the earnings power of our platform. During the quarter, we achieved record performance across almost every operating metric. We achieved records for managed receivables, account originations on behalf of our bank partners, customers served, purchase activity, revenue, and most importantly, profitability. This success was derived from sustained organic growth, the ongoing and successful integration of the Mercury acquisition, and the continued resiliency of the customers we serve.

Our sustained organic growth is being driven by our third consecutive quarter of record new account originations on behalf of our bank partners. While I talk about growth, it's important to reiterate that a tight focus on unit-level profitability remains our guide for account origination levels. We lean into growth as we see attractive returns. We have over 40 models in production at any given time and are continuously updating and refining those models for better outcomes within the sub-segments across our business. Growth is a byproduct of that process. Accordingly, the increases in originations are not the result of risk expansion. Our growth stems from ongoing investment in newer marketing channels and model development within those channels, along with continued growth with strategic clients in our retail credit business.

The Mercury acquisition continues to deliver better than model performance on both the back book and new origination volumes. The Mercury acquisition was a significant contributor to both revenue and earnings growth, compounded by the fact that we only owned the business for approximately half of September in the prior year period. As for the consumer, we are still mindful of inflation levels being above target. of gas prices and ongoing macroeconomic uncertainty. The headlines regarding the state of the consumer are not new, but our data continues to show that the consumers we serve remain resilient and rational, making appropriate changes to spending while exhibiting consistent payment behaviors. Much of the negative headwinds appear to be offset by a very stable employment market. That being said, we will continue to monitor metrics across numerous acquisition, portfolio, customer service, and third-party data attributes and lean heavily on our dynamic infrastructure to quickly enact empirically derived changes in underwriting when necessary. Now let me briefly cover the one-time items this quarter.

First, we completed the sale of our car auto finance operations to an unaffiliated buyer for approximately $71.2 million in total consideration, which resulted in a gain of approximately $20 million. While car had been a contributor to our business for over 20 years, this is the first time we've had a sale of our car auto finance operations to an unaffiliated buyer for approximately 71.2 million. sale represented an opportunity to concentrate our capital and management resources on the consumer credit products where we see the strongest opportunities for long-term value creation. Second, we completed the sale of the Mercury wordmark and related intellectual property for $27.5 million in cash. The transaction did not include any credit card receivables associated with a Mercury branded program. Under the agreement, we have the right to use the brand for marketing purposes for 12 months and for servicing for an additional five years, giving us ample time for the necessary rebranding. We view these transactions as a continued refinement of our strategic focus, and the proceeds will be invested in our higher return, higher growth lines of business. We are pleased with another record-breaking quarter for Atlanticus and a period of important strategic progress.

We are making deliberate decisions to direct capital towards opportunities with the greatest growth and return potential. This reflects our long-term focus on building the capabilities and reach to become the preferred financial partner for everyday Americans. We're proud of the progress our team has made and are committed to carrying that work forward. Now I'll turn it over to Bill to walk through our financial results in more detail.

William McCamey

Fantastic. Thanks, Jeff. It really was a great quarter. Let me start by addressing a few reporting notes. First, on CAR Auto Finance, CAR comprised our entire auto finance segment, so that will be reported as discontinued operations going forward. Second, because we acquired Mercury near the end of Q3 last year, the year-over-year comparisons vary by metric. Period end measures such as managed receivables reflect the full Mercury portfolio at both quarter ends. Quarter-long measures, such as revenue and charge-offs, reflect Mercury's results only for the portion of the prior-year quarter that we owned it. Now let me turn to the income statement.

Total operating revenue and other income was $776 million, up 60% from a year ago. The increase reflected growth in both general purpose and private label receivables, along with a $205 million contribution from Mercury. Net margin reached $238 million, up 80% versus the prior year period, as revenue offset increased funding costs and fair value. Changes in fair value of loans were negative $418 million compared with negative $277 million a year ago. Changes in fair value of loans were partially offset by favorable assumption changes, improvements in customer served, continued favorable performance of the Mercury portfolio, as well as an $8 million gain related to a reduction in the fair value of contingent consideration. Net income attributable to common shareholders was $93 million, or $4.87 per share, up 300 percent from last year's third quarter. Adjusted diluted EPS, excluding the transactions-related gains Jeff described earlier, was $3.

At quarter end, managed receivables totaled $7.1 billion, up 8% year-over-year, and 3.4% sequentially. Growth was broad-based across both private label and general purpose receivables. We'll continue to grow where we meet or exceed our return thresholds relying on our 30 years of data aggregation to drive decisions. Credit remains stable quarter-on-quarter. The combined principal net charge-off ratio declined to 17.3% from 17.7% last quarter. We expect delinquency ratios to increase marginally as our bank partners' offerings mix shift to a broader range of consumers. These receivables carry higher yields, which we expect to result in a more profitable asset over time. overall. Interest expense was $118 million compared with $75 million in the prior year quarter.

The increase reflected the larger receivable base and the financing used to support it. Total operating expenses were $162 million compared with $103 million. Higher servicing and marketing activity along with the larger operating platform contributed to the increase. We continue to see customer service CPAs lower sequentially as we integrate the Mercury portfolio and realize benefits of scale on the combined platform. As well, revenue growth outpaced expense growth during the quarter, and our operating expense ratio improved modestly as the platform continues to scale. Turning to the balance sheet, total assets were $7.8 billion and total equity was $808 million. Cash and restricted cash totaled $736 million.

Along with cash generated by the portfolio, availability under our financing facilities, and access to the capital markets, these resources support our operating and financing needs for future growth. We appreciate the continued engagement from our investors and the increased interest in Atlanticus. Our focus remains on executing our strategy and managing the business with our long-term perspective on unit profitability and earnings growth. With that, I'll turn the call back over to the operator.

Operator

Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star 1 on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star 1 again. We'll go first to Randy Benner at Texas Capitol.

Unknown Speaker

Hey, yes, thanks for that. That was a good quarter for sure. So I'll ask a few on the top line and kind of revenue and production if I can. I guess the first is, And I apologize if I missed if you broke this out, but did you break out kind of organic growth X mercury, or is that getting harder to do? How would you kind of parse out growth of kind of, Atlanticus before Mercury and then with Mercury?.

Unknown Speaker

Yes, we did not break that out, but I'm happy to share it. And I'm giving you an estimation. It's probably in the high teens, low 20% growth rate, top line without Mercury.

Unknown Speaker

So near 20x mercury. Yes, okay. Well, that's high. So I guess is it growth or part of the growth? I mean, I feel like in previous calls, there's been, you know, competition is a concern. There's always, you know, this kind of perpetual worry about the consumer, which seemingly is delayed here. But what, you know, what... What is it? Are you having less competition? Are you just winning because your analytics are better? Are there particular partners that are delivering more, just kind of love to understand how that velocity of your organic growth is so strong.

Jeffrey Howard

Yes, no, great question and thank you for asking. I would say it really boils down to two things. One, in a retail credit business we just continue to grow with some of our strategic partners on a year-over-year basis. Again, that's top line and AR growth. And it's just due to us continuing to deliver for those partners, to find ways to add more value to those partners. And they lean on us for more of their volume over time. So, you know, we're winning share there in that market.

On the general purpose side, it's a continuation of what we talked about in previous quarters. We are seeing, you know, I would say heightened competition on the direct mail channel, although it's rational. There's just more volume in that channel than we experienced 18 months ago. But we continue to invest in our digital marketing channels, and we've talked about us continuing to get smarter on those channels, to add more funnels across those channels, to build models that are specific to those channels, get better results, therefore, and then continue to invest more in marketing dollars in those channels. So that's what's really driving the growth on our GPCC side.

Unknown Speaker

All right, that's helpful. I'll drop back in the queue. Thank you.

Operator

And as a reminder, if you would like to ask a question, please press star 1. We'll go next to David Sharf at JMP Securities.

質疑応答

David Scharf

All right. Good afternoon. Thanks for taking my questions. Congrats on the results. Jeff, maybe one follow-up a little bit on the last question. You know, you had been noting... as you said, heightened competition in direct mail for quite a while. I think last quarter you may have said... overall CAC was up about five percent. As you think about just the trends in direct mail as well as just the marketing channel mix. Do you feel like kind of CAC has reached a high watermark as we think about kind of modeling overall OPEX as well as just marketing efficiencies near term?.

Jeffrey Howard

Yes, look, some of it comes down to mix shift across our lines of business as well. We are spending more on marketing because we do see good stable credit performance and some of the channels that we're leaning into do have higher acquisition costs. And again, with GPCC, that's our general purpose credit card portfolio, outgrowing the other parts of our business, which have lower acquisition costs, I would say, you know, it's more likely than not that our CPAs at the portfolio-wide level will continue to go up.

David Scharf

Got it. That's helpful. And I guess as a follow-up, it may be a related question. you know, the mix has not changed at all. You did reference a comment about kind of expect a little bit higher delinquencies in lieu of kind of a, I think in your words, a broader range of consumers. Can you just expand on that a little bit?.

Jeffrey Howard

Yes, look, we're currently looking at our models and looking for opportunities where we at or above target level returns. Our digital channel is a great example of that. We're seeing a broader swath of the consumer.

David Scharf

Yes, look, I, you know, we're constantly tweaking our models and looking for opportunities where we see, you know, at above our returns. You know, our digital channel is a great example of that, right? We're seeing a broader consumer in.

Jeffrey Howard

those channels. We're able to, at very attractive returns, bring in, you know, what I consider a broader range of consumers at prices and returns that we find attractive. They tend to have, on average, higher delinquencies and and higher yields and therefore higher returns. That's just where we're seeing the investment opportunity right now. Got it. Understood. Thank you.

Operator

And that concludes our Q&A session. I will now turn the conference back over to Jeff Howard for closing remarks.

Jeffrey Howard

Yeah, thank you all for your participation. In closing, we continue to see really strong performance across our core general purpose and retail credit lines of business, and we obviously remain very pleased with the performance of our Mercury acquisition. Our team continues to deliver, and this quarter delivered record-breaking results, which we're also very, very proud of. You know, this reflects our continued progress and our commitment to expand access to financial services for everyday Americans, and we're proud to now serve and help almost 7 million of those Americans meet their day-to-day financial needs. It's our belief that we at Atlanticus are better positioned now than at any point in our 30-year history, and we look forward to building on that progress in the quarters ahead. So we appreciate your support and look forward to our next call.

Operator

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

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