ATLC - Atlanticus Holdings: Delivering On Key Metrics

• On November 13, 2020, Atlanticus Holdings released its Form 10-Q for the third quarter of 2020.
• Upon review, we believe that the company delivered on key metrics for the period.
• These metrics include 3Q20 diluted EPS of $1.72, 3Q20 cash from operations after preferred dividends of $59.1 million, improvement in delinquencies, and continued access to the securitization markets.
• On November 13, 2020, the common stock of Atlanticus Holdings closed at $14.50, resulting in a fully diluted market capitalization of $296.1 million.
• While we don’t believe we can necessarily annualize and extrapolate the third-quarter results to full-year recurring numbers, we do believe these results continue to point to a higher valuation.

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