Atlanticus (ATLC) 2026年第三季法說會：營收成長 60%，調整後 EPS 3.00 美元

重點摘要

• Atlanticus 公布 2026 年第三季稀釋後每股盈餘 (EPS) 為 4.87 美元，其中包括每股 1.87 美元的一次性交易相關項目；調整後稀釋每股盈餘為 3.00 美元。
• 總營業收入及其他收益年增 60% 至 7.76 億美元，其中包括來自 Mercury 的 2.05 億美元貢獻。
• 普通股股東應佔淨利成長 300% 至 9,300 萬美元。調整後平均股東權益報酬率為 30%，高於管理層設定的 20% 報酬率目標。
• 受託管理應收帳款達 71 億美元，年增 8%、季增 3.4%，自有品牌與通用型信貸業務均實現成長。
• 信貸表現較上季維持穩定：綜合本金淨沖銷率從 2026 年第二季的 17.7% 降至 17.3%。
• Atlanticus 以約 7,120 萬美元出售其 CAR Auto Finance 業務，並以 2,750 萬美元現金出售 Mercury 文字商標及相關智慧財產權，使管理層得以將資源集中於高報酬的消費信貸業務。

關鍵財務數據

貸款公允價值變動為負 4.18 億美元，去年同期則為負 2.77 億美元。該影響部分被有利的假設調整、客戶還款表現改善、Mercury 資產組合持續繳出良好成績，以及因或有對價公允價值減少而認列的 800 萬美元利益所抵銷。

業務與營運表現

Atlanticus 代表銀行合作夥伴新增開戶數連續第三季創歷史新高。管理層表示，此成長仍受單位獲利能力門檻所約束，並非透過放寬風險參數而取得。

不計 Mercury，管理層估計營收成長率落在十幾%高段至 20% 出頭的區間。零售信貸成長反映了策略合作夥伴交易量的增加，而通用型信用卡成長則是由持續投資數位行銷通路、特定通路漏斗以及核貸模型所推動。

無論是現有資產組合或新增承作業務，Mercury 的表現均持續優於公司的收購模型預期。由於 Atlanticus 在去年同期僅持有 Mercury 約 9 月後半個月，比較基準仍受到收購時間點的影響。

帳務管理與行銷活動增加，加上營運平台規模擴大，使各項費用增加。然而，營收成長速度快於營業費用，營業費用率呈現微幅改善。隨著 Mercury 的整合與平台規模發揮效益，客戶服務獲客成本亦較上季有所下降。

出售 CAR Auto Finance 帶來了約 2,000 萬美元的收益。由於 CAR 代表整個汽車金融部門，Atlanticus 未來將把該業務列為停業單位。Mercury 智慧財產權交易不包含與 Mercury 品牌專案相關的信用卡應收帳款。Atlanticus 保留該品牌 12 個月的行銷權，以及額外五年的帳務管理服務權，以支援品牌重塑。

管理層展望

隨著銀行合作夥伴的產品擴展至更廣泛的消費客群，管理層預期逾期率將略有上升。該公司表示，這些應收帳款通常具有較高的收益率，預期隨著時間推移將帶來更具吸引力的報酬率。

隨著成本較高的通用型信用卡業務成長速度超越獲客成本較低的業務線，整體資產組合的獲客成本上升的可能性也偏高。Atlanticus 計劃僅在預期報酬率達到或超過其門檻的情況下維持成長。

出售 CAR Auto Finance 與 Mercury 智慧財產權所得款項，預計將投資於報酬率與成長性更高的業務線。

風險與關注焦點

管理層強調了高於目標水準的通膨、汽油價格以及更廣泛的總體經濟不確定性。儘管如此，管理層表示在穩定的就業市場部分支撐下，Atlanticus 所服務的客戶在消費與還款行為上仍展現出韌性。

與 18 個月前相比，實體郵件行銷的競爭依然激烈，但管理層認為目前仍屬理性。該公司正更加倚重數位通路，而數位通路的獲客成本與平均逾期率可能較高。

即使較高的收益率能支撐預期報酬率，更廣泛的客群結構仍可能推高逾期率。Atlanticus 表示將持續監控獲客、資產組合、客戶服務及第三方數據，並在有實證依據支持時調整核貸準則。

分析師問答重點

• 有機成長： 管理層估計不計 Mercury 的營收成長率約落在十幾%高段至 20% 出頭的區間。策略零售合作夥伴與數位通用型信用卡通路為主要推動力。
• 獲客成本： 管理層並不認為目前整體資產組合的獲客成本已達明確高峰。業務結構轉向通用型信用卡及成本較高的行銷通路，可能會進一步推高成本。
• 客群結構： 數位通路使 Atlanticus 得以觸及更廣泛的消費客群，並取得管理層認為具吸引力的報酬率。這些帳戶往往具有較高的逾期率，但同時也具備較高的收益率與預期報酬。
• 競爭環境： 實體郵件投放量有所增加，但 Atlanticus 優先著眼於數位模型開發與特定通路行銷，而非擴大承保核貸風險。

法說會逐字稿全文

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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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