Credit Acceptance Q4 net income $127.3M ($9.58 EPS) down 41.5% YoY

CREDIT ACCEPTANCE CORP

2022-FY EPS reported $39.32 revenue$1,832,400,000

Adjusted EPS $11.74 vs $14.26 prior year; forecasted collection rates for 2021-2022 loans decreased.
Unit volume up 25.6% YoY, active dealers up 15.0%, but GAAP net income fell 41.5% to $127.3M.
Provision for credit losses surged 403.1% to $130.3M due to $110.4M negative forecast changes.
Full year 2022 net income $535.8M ($39.32 EPS) down 44.1% from $958.3M in 2021.
Stock repurchases of 208k shares (1.6% of shares outstanding) in Q4.

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 0.95

CREDIT ACCEPTANCE CORP reported three months ended December 31, 2022 results: net income $127.3 million, EPS $9.58 per diluted share.

Period: three months ended December 31, 2022
Net income: $127.3 million
EPS: $9.58 per diluted share
Result: reported results

Exact text from the filing

Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) today announced consolidated net income of $127.3 million, or $9.58 per diluted share, for the three months ended December 31, 2022 compared to consolidated net income of $217.6 million, or $14.60 per diluted share, for the same period in 2021.

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Source: SEC EDGAR

accession 0000885550-23-000006

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