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For best results when printing this announcement, please click on link below:
GM Financial Reports First Quarter 2024 Operating Results
* First quarter net income of $536 million
* First quarter retail loan and operating lease originations of $12.6 billion
* Earning assets of $118.2 billion at March 31, 2024
* Available liquidity of $34.1 billion at March 31, 2024
GENERAL MOTORS FINANCIAL COMPANY, INC. (“GM Financial” or the
“Company”) announced net income of $536 million for the quarter ended
March 31, 2024, compared to $532 million for the quarter ended December 31,
2023, and $584 million for the quarter ended March 31, 2023.
Retail loan originations were $8.3 billion for the quarter ended March 31,
2024, compared to $8.3 billion for the quarter ended December 31, 2023, and
$9.1 billion for the quarter ended March 31, 2023. The outstanding balance of
retail finance receivables was $73.2 billion at March 31, 2024, compared to
$72.7 billion at December 31, 2023 and $67.7 billion at March 31, 2023.
Operating lease originations were $4.3 billion for the quarter ended March 31,
2024, compared to $4.3 billion for the quarter ended December 31, 2023, and
$3.9 billion for the quarter ended March 31, 2023. Leased vehicles, net was
$30.1 billion at March 31, 2024, compared to $30.6 billion at December 31,
2023 and $31.8 billion at March 31, 2023.
The outstanding balance of commercial finance receivables was $14.9 billion at
March 31, 2024, compared to $14.3 billion at December 31, 2023 and $10.6
billion at March 31, 2023.
Retail finance receivables 31-60 days delinquent were 2.0% of the portfolio at
March 31, 2024 and 1.8% at March 31, 2023. Accounts more than 60 days
delinquent were 0.7% of the portfolio at March 31, 2024 and 0.5% at March 31,
2023.
Annualized net charge-offs were 1.1% of average retail finance receivables for
the quarter ended March 31, 2024 and 0.8% for the quarter ended March 31,
2023.
The Company had total available liquidity of $34.1 billion at March 31, 2024,
consisting of $5.0 billion of cash and cash equivalents, $25.4 billion of
borrowing capacity on unpledged eligible assets, $0.7 billion of borrowing
capacity on committed unsecured lines of credit, $1.0 billion of borrowing
capacity on the Junior Subordinated Revolving Credit Facility from GM, and
$2.0 billion of borrowing capacity on the GM Revolving 364-Day Credit
Facility.
Earnings resulting from the Company's equity investment in joint ventures that
conduct automotive finance operations in China were $32 million for the
quarter ended March 31, 2024, compared to $27 million for the quarter ended
December 31, 2023 and $41 million for the quarter ended March 31, 2023.
About GM Financial
General Motors Financial Company, Inc. is the wholly owned captive finance
subsidiary of General Motors Company and is headquartered in Fort Worth,
Texas. Additional materials addressing the Company’s results of operations
for the quarter ended March 31, 2024 can be accessed via the Investor
Relations section of the Company’s website at
https://investor.gmfinancial.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestor.gmfinancial.com&esheet=53946022&newsitemid=20240422039289&lan=en-US&anchor=https%3A%2F%2Finvestor.gmfinancial.com&index=1&md5=4ecdbfb6350a2f1a78c7707b8cefae4b)
.
General Motors Financial Company, Inc.
Condensed Consolidated Statements of Income
(Unaudited, in millions)
Three Months Ended March 31,
2024 2023
Revenue
Finance charge income $ 1,786 $ 1,368
Leased vehicle income 1,800 1,818
Other income 225 156
Total revenue 3,811 3,343
Costs and expenses
Operating expenses 458 442
Leased vehicle expenses 1,047 1,039
Provision for loan losses 204 131
Interest expense 1,396 1,000
Total costs and expenses 3,106 2,613
Equity income 32 41
Income before income taxes 737 771
Income tax provision 200 186
Net income (loss) 536 584
Less: cumulative dividends on preferred stock 30 30
Net income (loss) attributable to common shareholder $ 507 $ 555
Amounts may not add due to rounding.
Condensed Consolidated Balance Sheets
(Unaudited, in millions)
March 31, 2024 December 31, 2023
ASSETS
Cash and cash equivalents $ 5,028 $ 5,282
Finance receivables, net of allowance for loan losses $2,355 and $2,344 85,771 84,637
Leased vehicles, net 30,106 30,582
Goodwill and intangible assets 1,183 1,184
Equity in net assets of nonconsolidated affiliates 1,670 1,670
Related party receivables 643 540
Other assets 8,821 8,116
Total assets $ 133,221 $ 132,011
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Secured debt $ 44,212 $ 45,243
Unsecured debt 61,698 60,084
Deferred income 2,303 2,313
Related party payables 714 445
Other liabilities 8,698 8,383
Total liabilities 117,625 116,468
Total shareholders' equity 15,596 15,542
Total liabilities and shareholders' equity $ 133,221 $ 132,011
Amounts may not add due to rounding.
Operational and Financial Data
(Unaudited, Dollars in millions)
Amounts may not add due to rounding
Three Months Ended March 31,
Originations 2024 2023
Retail finance receivables originations $ 8,329 $ 9,104
Lease originations $ 4,308 $ 3,926
Three Months Ended March 31,
Average Earning Assets 2024 2023
Average retail finance receivables $ 72,876 $ 66,614
Average commercial finance receivables 14,122 10,762
Average finance receivables 86,998 77,376
Average leased vehicles, net 30,321 32,272
Average earning assets $ 117,319 $ 109,648
Ending Earning Assets March 31, 2024 December 31, 2023
Retail finance receivables $ 73,230 $ 72,729
Commercial finance receivables 14,895 14,251
Leased vehicles, net 30,106 30,582
Ending earning assets $ 118,232 $ 117,562
Finance Receivables March 31, 2024 December 31, 2023
Retail
Retail finance receivables $ 73,230 $ 72,729
Less: allowance for loan losses (2,320 ) (2,308 )
Total retail finance receivables, net 70,911 70,421
Commercial
Commercial finance receivables 14,895 14,251
Less: allowance for loan losses (35 ) (36 )
Total commercial finance receivables, net 14,860 14,216
Total finance receivables, net $ 85,771 $ 84,637
Allowance for Loan Losses March 31, 2024 December 31, 2023
Allowance for loan losses as a percentage of retail finance receivables 3.2 % 3.2 %
Allowance for loan losses as a percentage of commercial finance receivables 0.2 % 0.3 %
Delinquencies March 31, 2024 March 31, 2023
Loan delinquency as a percentage of retail finance receivables:
31 - 60 days 2.0 % 1.8 %
Greater than 60 days 0.7 0.5
Total 2.7 % 2.3 %
Three Months Ended March 31,
Charge-offs and Recoveries 2024 2023
Charge-offs $ 405 $ 322
Less: recoveries (213 ) (186 )
Net charge-offs $ 193 $ 136
Net charge-offs as an annualized percentage of average retail finance 1.1 % 0.8 %
receivables
Three Months Ended March 31,
Operating Expenses 2024 2023
Operating expenses as an annualized percentage of average earning assets 1.6 % 1.6 %
View source version on businesswire.com:
https://www.businesswire.com/news/home/20240422039289/en/
(https://www.businesswire.com/news/home/20240422039289/en/)
Investor Relations contact:
Meagan Trampe
Vice President, Investor Relations
(817) 302-7385
Investors@gmfinancial.com (mailto:Investors@gmfinancial.com)
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