Credit Acceptance Q3 GAAP net income falls 65% to $86.8M; loan performance weakens

CREDIT ACCEPTANCE CORP

2022-Q3 EPS reported $29.74 revenue$1,373,400,000

GAAP net income $86.8M ($6.49 EPS) vs $250.0M ($15.79 EPS) YoY; adjusted net income $178.5M ($13.36 EPS).
Consumer Loan unit volume up 29.3%, dollar volume up 32.1% YoY; active dealers increased 12.6%.
Provision for credit losses swung to $180.3M expense from $8.3M reversal, driven by $180.7M charge on forecast declines.
Forecasted collection rates declined for 2019-2022 loans, reducing forecasted net cash flows by $85.4M (0.9%).
Stock repurchased ~54k shares (0.4% of shares outstanding) during the quarter.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CREDIT ACCEPTANCE CORP reported the three months ended September 30, 2022 results: net income $86.8 million, EPS $6.49 per diluted share.

Period: the three months ended September 30, 2022
Net income: $86.8 million
EPS: $6.49 per diluted share
Result: reported results

Exact text from the filing

today announced consolidated net income of $86.8 million, or $6.49 per diluted share, for the three months ended September 30, 2022

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CREDIT ACCEPTANCE CORP reported the nine months ended September 30, 2022 results: net income $408.5 million, EPS $29.74 per diluted share.

Period: the nine months ended September 30, 2022
Net income: $408.5 million
EPS: $29.74 per diluted share
Result: reported results

Exact text from the filing

For the nine months ended September 30, 2022, consolidated net income was $408.5 million, or $29.74 per diluted share

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53 earnings releases filed in the last 30 days. Browse all earnings releases →

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Source: SEC EDGAR

accession 0000885550-22-000081

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