XML 44 R29.htm IDEA: XBRL DOCUMENT

LOANS RECEIVABLE AND REVENUE (Tables)

3 Months Ended

Mar. 31, 2021

The following table summarizes revenue by product (in millions):


	Three Months Ended March 31,
	2021		2020
Revolving LOC	$	62.7	$	71.0

Unsecured Installment	76.4		122.4
Secured Installment	15.0		26.3
Single-Pay	25.0		45.2
Total Installment	116.4		193.9

Ancillary	17.5		15.9
Total revenue(1)	$	196.6	$	280.8
(1) Includes revenue from CSO programs of $41.4 million and $68.1 million for the three months ended March 31, 2021 and 2020.

Summary of Loans Receivable by Product and Related Delinquent Loans

The following tables summarize loans receivable by product and the related delinquent loans receivable (in millions):


	March 31, 2021
	Revolving LOC		Unsecured Installment		Secured Installment		Single-Pay(1)		Total Installment - Company Owned		Total
Current loans receivable	$	520.9	$	72.0	$	33.2	$	35.5	$	140.7	$	661.6
Delinquent loans receivable	43.3		20.4		5.7		—		26.1		69.4
Total loans receivable	564.2		92.4		38.9		35.5		166.8		731.0
Less: allowance for losses	(44.8)		(20.4)		(5.0)		(2.2)		(27.6)		(72.4)
Loans receivable, net	$	519.4	$	72.0	$	33.9	$	33.3	$	139.2	$	658.6
(1) Of the $35.5 million of Single-Pay receivables, $10.4 million relate to mandated extended payment options for certain Canada Single-Pay loans.


	March 31, 2021
	Revolving LOC		Unsecured Installment		Secured Installment		Total Installment - Company Owned		Total
Delinquent loans receivable
0-30 days past due	$	19.1	$	7.0	$	2.3	$	9.3	$	28.4
31-60 days past due	10.0		6.1		1.5		7.6		17.6
61 + days past due	14.2		7.3		1.9		9.2		23.4
Total delinquent loans receivable	$	43.3	$	20.4	$	5.7	$	26.1	$	69.4


	December 31, 2020
	Revolving LOC		Unsecured Installment		Secured Installment		Single-Pay(1)		Total Installment - Company Owned		Total
Current loans receivable	$	321.1	$	78.2	$	40.4	$	43.8	$	162.4	$	483.5
Delinquent loans receivable	37.7		24.2		8.3		—		32.5		70.2
Total loans receivable	358.8		102.4		48.7		43.8		194.9		553.7
Less: allowance for losses	(52.0)		(24.1)		(7.0)		(3.1)		(34.2)		(86.2)
Loans receivable, net	$	306.8	$	78.3	$	41.7	$	40.7	$	160.7	$	467.5
(1) Of the $43.8 million of Single-Pay receivables, $11.2 million relate to mandated extended payment options for certain Canada Single-Pay loans.


	December 31, 2020
	Revolving LOC		Unsecured Installment		Secured Installment		Total Installment - Company Owned		Total
Delinquent loans receivable
0-30 days past due	$	17.4	$	10.4	$	3.8	$	14.2	$	31.6
31-60 days past due	9.3		7.1		2.2		9.3		18.6
61 + days past due	11.0		6.7		2.3		9.0		20.0
Total delinquent loans receivable	$	37.7	$	24.2	$	8.3	$	32.5	$	70.2

The following tables summarize loans Guaranteed by the Company under CSO programs and the related delinquent receivables (in millions):


	March 31, 2021
	Unsecured Installment		Secured Installment		Total Installment - Guaranteed by the Company
Current loans receivable Guaranteed by the Company	$	27.7	$	0.6	$	28.3
Delinquent loans receivable Guaranteed by the Company	4.0		0.1		4.1
Total loans receivable Guaranteed by the Company	31.7		0.7		32.4
Less: Liability for losses on CSO lender-owned consumer loans	(4.7)		—		(4.7)
Loans receivable Guaranteed by the Company, net	$	27.0	$	0.7	$	27.7


	March 31, 2021
	Unsecured Installment		Secured Installment		Total Installment - Guaranteed by the Company
Delinquent loans receivable
0-30 days past due	$	3.3	$	0.1	$	3.4
31-60 days past due	0.5		—		0.5
61+ days past due	0.2		—		0.2
Total delinquent loans receivable	$	4.0	$	0.1	$	4.1


	December 31, 2020
	Unsecured Installment		Secured Installment		Total Installment - Guaranteed by the Company
Current loans receivable Guaranteed by the Company	$	37.1	$	0.8	$	37.9
Delinquent loans receivable Guaranteed by the Company	6.1		0.2		6.3
Total loans receivable Guaranteed by the Company	43.2		1.0		44.2
Less: Liability for losses on CSO lender-owned consumer loans	(7.2)		—		(7.2)
Loans receivable Guaranteed by the Company, net	$	36.0	$	1.0	$	37.0


	December 31, 2020
	Unsecured Installment		Secured Installment		Total Installment - Guaranteed by the Company
Delinquent loans receivable
0-30 days past due	$	5.4	$	0.2	$	5.6
31-60 days past due	0.5		—		0.5
61 + days past due	0.2		—		0.2
Total delinquent loans receivable	$	6.1	$	0.2	$	6.3

Summary of Activity in Allowance for Loan Losses, Credit Services Organization Guarantee Liability

The following tables summarize activity in the allowance for loan losses and the liability for losses on CSO lender-owned consumer loans in total (in millions):


	Three Months Ended March 31, 2021
	Revolving LOC		Unsecured Installment		Secured Installment		Single-Pay		Total Installment		Other		Total
Allowance for loan losses:
Balance, beginning of period	$	52.0	$	24.1	$	7.0	$	3.1	$	34.2	$	—	$	86.2
Charge-offs	(28.7)		(21.1)		(6.3)		(21.9)		(49.3)		(0.9)		(78.9)
Recoveries	7.5		6.6		2.5		21.2		30.3		0.6		38.4
Net charge-offs	(21.2)		(14.5)		(3.8)		(0.7)		(19.0)		(0.3)		(40.5)
Provision for losses	13.8		10.8		1.8		(0.2)		12.4		0.3		26.5
Effect of foreign currency translation	0.2		—		—		—		—		—		0.2
Balance, end of period	$	44.8	$	20.4	$	5.0	$	2.2	$	27.6	$	—	$	72.4

Liability for losses on CSO lender-owned consumer loans:
Balance, beginning of period	$	—	$	7.2	$	—	$	—	$	7.2	$	—	$	7.2
Decrease in liability	—		2.5		—		—		2.5		—		2.5
Balance, end of period	$	—	$	4.7	$	—	$	—	$	4.7	$	—	$	4.7


	Year Ended December 31, 2020
	Revolving LOC		Unsecured Installment		Secured Installment		Single-Pay		Total Installment		Other		Total
Allowance for loan losses:
Balance, beginning of period	$	55.1	$	35.6	$	10.3	$	5.9	$	51.8	$	—	$	106.9
Charge-offs	(129.7)		(98.9)		(37.2)		(106.8)		(242.9)		(3.9)		(376.5)
Recoveries	21.3		22.1		10.2		86.1		118.4		2.0		141.7
Net charge-offs	(108.4)		(76.8)		(27.0)		(20.7)		(124.5)		(1.9)		(234.8)
Provision for losses	104.2		65.3		23.7		18.0		107.0		1.9		213.1
Effect of foreign currency translation	1.1		—		—		(0.1)		(0.1)		—		1.0
Balance, end of period	$	52.0	$	24.1	$	7.0	$	3.1	$	34.2	$	—	$	86.2

Liability for losses on CSO lender-owned consumer loans:
Balance, beginning of period	$	—	$	10.6	$	—	$	—	$	10.6	$	—	$	10.6
Decrease in liability	—		3.4		—		—		3.4		—		3.4
Balance, end of period	$	—	$	7.2	$	—	$	—	$	7.2	$	—	$	7.2

Financing Receivable, Troubled Debt Restructuring

The table below presents TDRs, which are related to the Customer Care Program implemented in response to COVID-19, included in gross loans receivable and the impairment included in the allowance for loan losses (in millions):


	As of March 31, 2021		As of December 31, 2020

Current TDR gross receivables	$	12.9	$	13.6
Delinquent TDR gross receivables	4.6		6.3
Total TDR gross receivables	17.5		19.9
Less: Impairment included in the allowance for loan losses	(2.5)		(3.5)
Less: Additional allowance	(3.7)		(4.5)
Outstanding TDR receivables, net of impairment	$	11.3	$	11.9

The tables below reflect loans modified and classified as TDRs during the first quarter of 2021 presented (in millions):


	Three Months Ended March 31, 2021

Pre-modification TDR loans receivable	$	4.8
Post-modification TDR loans receivable	4.3
Total concessions included in gross charge-offs	$	0.5

The table below presents the Company's average outstanding TDR loans receivable, interest income recognized on TDR loans and number of TDR loans for the three months ended March 31, 2021 (dollars in millions):


	Three Months Ended March 31, 2021

Average outstanding TDR loans receivable	$	18.7
Interest income recognized	5.5
Number of TDR loans(1)	3,780

(1) Presented in ones