Credit Acceptance Q1 GAAP net income down 35% to $64.3M; adjusted EPS $9.28 vs $9.71 YoY

CREDIT ACCEPTANCE CORP

2024-Q1 EPS reported $5.08 revenue$508,000,000

GAAP EPS $5.08 vs $7.61 YoY; adjusted EPS $9.28 vs $9.71; net income fell on $48.6M higher provision for credit losses.
Forecasted collection rates decreased net cash flows by $30.8M (0.3%) vs a $9.4M increase in Q1 2023.
Consumer Loan unit volume up 24.1% and dollar volume up 20.2% YoY; initial spread improved to 22.0% from 21.0%.
Repurchased ~728,000 shares (5.7% of outstanding since Q1 2023); average cost of debt rose to 7.0% from 4.7%.

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 0.98

CREDIT ACCEPTANCE CORP reported three months ended March 31, 2024 results: net income $64.3 million, EPS $5.08 per diluted share.

Period: three months ended March 31, 2024
Net income: $64.3 million
EPS: $5.08 per diluted share
Result: reported results

Exact text from the filing

On April 30, 2024, Credit Acceptance Corporation (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2024 and details for the related April 30, 2024 webcast.

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CREDIT ACCEPTANCE CORP filing history →

Source: SEC EDGAR

accession 0000885550-24-000067

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