Loading...
•
Sep 30, 2023
Credit Acceptance Q3 2023 Earnings Report
Credit Acceptance's financial performance decreased due to a decline in forecasted collection rates and an increase in interest and operating expenses.
Key Takeaways
Credit Acceptance Corporation reported a decrease in consolidated net income for the three months ended September 30, 2023, compared to the same period in 2022. GAAP net income was $70.8 million, or $5.43 per diluted share, compared to $86.8 million, or $6.49 per diluted share, for the same period in 2022. Adjusted net income was $139.5 million, or $10.70 per diluted share, compared to $178.5 million, or $13.36 per diluted share, for the same period in 2022.
Consumer Loan assignment volume increased, with unit and dollar volumes growing by 13.0% and 10.5%, respectively, compared to Q3 2022.
The initial spread on Consumer Loan assignments increased to 21.4% in Q3 2023 from 20.2% in Q3 2022.
Forecasted collection rates decreased, impacting forecasted net cash flows from the loan portfolio by $69.4 million, a 0.7% decrease.
GAAP net income decreased due to increased interest and operating expenses, and a decrease in other income.
Revenue by Segment
Forward Guidance
Credit Acceptance did not provide any forward guidance in the Q3 2023 earnings report.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...