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Atlanticus Holdings Corp [ATLCL], a leading financial services company, has announced its financial results for the nine months ended September 30, 2023. During this period, the company reported a net income of $76.5 million, highlighting its strong performance in the face of economic challenges. Additionally, the company achieved annual revenue of $846.8 million, reflecting its ability to generate consistent growth.
In terms of financial performance, Atlanticus Holdings Corp demonstrated resilience and efficiency. Operating revenue reached $777.4 million, while net margin amounted to $304.4 million. The company managed its expenses effectively, with operating expenses totaling $184.9 million. This solid financial performance is a testament to Atlanticus Holdings Corp's strategic initiatives and focus on optimizing operational efficiency.
Notably, Atlanticus Holdings Corp experienced a revenue growth of 9% compared to the same period last year, driven by the success of its consumer loans and related fees. Consumer loans, including past due fees, contributed $654.4 million to the company's revenue, representing a 14% growth. Furthermore, fees and related income on earning assets accounted for $167.1 million, remaining steady compared to the previous year.
Atlanticus Holdings Corp demonstrated financial stability, with total assets amounting to $2.6 billion. The company maintained a strong cash position, with unrestricted cash and cash equivalents of $355.7 million. Additionally, net loans, interest, and fees receivable reached $2.1 billion, indicating the company's strong lending portfolio. With a total equity of $374.6 million, Atlanticus Holdings Corp is well-capitalized to support its growth initiatives and future endeavors.
The earnings per share for Atlanticus Holdings Corp stood at $3.14 on a diluted basis for the nine months ended September 30, 2023. This represents a decrease compared to the previous year's earnings per share of $4.85. The decline can be attributed to factors such as increased operating expenses and changes in fair value of loans, interest, and fees receivable. However, the company remains focused on addressing these challenges and maximizing shareholder value.
Looking ahead, Atlanticus Holdings Corp is optimistic about its future prospects. The company aims to leverage its strong financial position, customer-centric approach, and innovative technologies to drive sustainable growth. With a robust portfolio of consumer loans and a focus on operational efficiency, Atlanticus Holdings Corp is well-positioned to capitalize on market opportunities and deliver long-term value to its shareholders.
In conclusion, Atlanticus Holdings Corp has reported strong financial results for the nine months ended September 30, 2023. The company's net income of $76.5 million and annual revenue of $846.8 million demonstrate its ability to navigate challenging market conditions while maintaining a solid financial position. Atlanticus Holdings Corp's commitment to financial stability, growth, and innovation positions it well for future success.