Leased Merchandise, Net (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Leased Merchandise, Net

Leased merchandise, net consists of the following (in thousands):

	As of March 31,				As of December 31,
	2023		2022		2022
Leased merchandise (1)	$	349,648	$	193,023	$	335,038
Processing fees	(4,341)		(2,019)		(4,124)
Merchant partner discounts and premiums, net	2,693		1,192		2,456
Accumulated depreciation	(105,997)		(32,685)		(100,879)
Leased merchandise, before allowance for lease losses	242,003		159,511		232,491
Less allowance for lease losses	(93,149)		(40,364)		(79,189)
Leased merchandise, net	$	148,854	$	119,147	$	153,302

(1)Acquired leased merchandise in the AFF acquisition was recorded at fair value

Leased Merchandise, Allowance for Credit Loss

The following table details the changes in the allowance for lease losses (in thousands):

	Three Months Ended
	March 31,
	2023		2022
Balance at beginning of period	$	79,189	$	5,442
Provision for lease losses	49,065		39,820
Charge-offs	(36,778)		(6,020)
Recoveries	1,673		1,122
Balance at end of period	$	93,149	$	40,364