Credit Acceptance Q1 GAAP EPS falls to $7.61 from $14.94; provision for credit losses spikes

CREDIT ACCEPTANCE CORP

2023-Q1 EPS reported $7.61 revenue$453,800,000

GAAP net income $99.5M ($7.61/diluted) vs $214.3M ($14.94) a year ago, down 53.6%.
Adjusted net income $127.0M ($9.71/diluted) vs $197.3M ($13.76) down 35.6%.
Provision for credit losses increased 489.7% to $137.4M from $23.3M, driven by slower cash flow timing.
Consumer loan unit volume grew 22.8%, dollar volume up 18.6%; initial spread on new loans 21.0% vs 19.4% a year ago.
Operating expenses up 14.4% due to engineering headcount; interest expense up 49.0% on higher rates.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CREDIT ACCEPTANCE CORP reported the three months ended March 31, 2023 results: net income consolidated net income of $99.5 million, EPS $7.61 per diluted share.

Period: the three months ended March 31, 2023
Net income: consolidated net income of $99.5 million
EPS: $7.61 per diluted share
Result: reported results

Exact text from the filing

Credit Acceptance Corporation (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2023

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Source: SEC EDGAR

accession 0000885550-23-000050

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