Credit Acceptance Q3 GAAP EPS $5.43, adjusted EPS $10.70; net income down 18% YoY

CREDIT ACCEPTANCE CORP

2023-Q3 EPS reported $14.73 revenue$1,410,300,000

GAAP net income $70.8M ($5.43/diluted share) vs $86.8M ($6.49) in Q3 2022.
Adjusted net income $139.5M ($10.70/diluted) vs $178.5M ($13.36) YoY.
Loan assignment unit volume +13%, dollar volume +10.5% YoY; average spread on new loans 21.4% vs 20.2%.
Forecasted collection rates decreased by $69.4M (0.7%) in Q3 vs $85.4M (0.9%) in prior year Q3.
Board expanded to six; elected Sean E. Quinn as director, effective Oct 27, 2023.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Sean E. Quinn

Director

CACC · CREDIT ACCEPTANCE CORP

Effective: 2023-10-27
Filed: October 30, 2023, 7:59 PM ET

elected Sean E. Quinn as a director of the Company to fill the vacancy created by the increase in the size of the Board.

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 September 30, 2023 results: net income 139.5 million, EPS 10.70.

Period: three months ended September 30, 2023
Net income: 139.5 million
EPS: 10.70
Result: reported results

Exact text from the filing

Adjusted net income, a non-GAAP financial measure, for the three months ended September 30, 2023 was $139.5 million, or $10.70 per diluted share

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Sean E. Quinn was elected as Director at CREDIT ACCEPTANCE CORP.

Action: elected
Role: Director

Exact text from the filing

elected Sean E. Quinn as a director of the Company to fill the vacancy created by the increase in the size of the Board.

View on SEC.gov

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

CREDIT ACCEPTANCE CORP filing history →

Source: SEC EDGAR

accession 0000885550-23-000108

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