Credit Acceptance reports Q2 GAAP net loss of $47.1M; adjusts forecast methodology reducing cash flows by $147.2M

CREDIT ACCEPTANCE CORP

2024-Q2 EPS reported $1.37 revenue$1,046,200,000

GAAP net loss $47.1M ($3.83 diluted loss) vs net income $22.2M ($1.69) in Q2 2023.
Adjusted net income $126.4M ($10.29) down from $140.0M ($10.69) YoY.
Forecasted net cash flows decreased $189.3M (1.7%) due to methodology adjustment of $147.2M and ordinary decrease of $42.1M.
Unit volume up 20.9%, dollar volume up 16.3%; average loan portfolio at record high.
Average cost of debt increased to 7.2% from 5.3%; sold building recognizing $23.7M loss.

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