EX-99.1 2 march2022quarterearningsre.htm EX-99.1 Document
Exhibit 99.1

gmflogo2021a.jpg

GM FINANCIAL REPORTS FIRST QUARTER 2022
OPERATING RESULTS

•First quarter net income of $962 million
•First quarter retail loan and operating lease originations of $11.6 billion
•Earning assets of $103.5 billion at March 31, 2022
•Available liquidity of $30.0 billion at March 31, 2022

FORT WORTH, TEXAS April 26, 2022 – GENERAL MOTORS FINANCIAL COMPANY, INC.
(“GM Financial” or the “Company”) announced net income of $962 million for the quarter ended March 31, 2022, compared to $909 million for the quarter ended December 31, 2021, and $878 million for the quarter ended March 31, 2021.

Retail loan originations were $8.1 billion for the quarter ended March 31, 2022, compared to $7.5 billion for the quarter ended December 31, 2021, and $8.2 billion for the quarter ended March 31, 2021. The outstanding balance of retail finance receivables, net of fees was $59.5 billion at March 31, 2022, compared to $58.1 billion at December 31, 2021 and $53.4 billion at March 31, 2021.

Operating lease originations were $3.5 billion for the quarter ended March 31, 2022, compared to $2.8 billion for the quarter ended December 31, 2021, and $5.8 billion for the quarter ended March 31, 2021. Leased vehicles, net was $36.6 billion at March 31, 2022, compared to $37.9 billion at December 31, 2021 and $40.3 billion at March 31, 2021.

The outstanding balance of commercial finance receivables, net of fees was $7.4 billion at March 31, 2022, compared to $6.8 billion at December 31, 2021 and $7.0 billion at March 31, 2021.

Retail finance receivables 31-60 days delinquent were 1.7% of the portfolio at March 31, 2022 and 1.4% at March 31, 2021. Accounts more than 60 days delinquent were 0.5% of the portfolio at both March 31, 2022 and March 31, 2021.

Annualized net charge-offs were 0.7% of average retail finance receivables for the quarter ended March 31, 2022 and 0.8% for the quarter ended March 31, 2021.

The Company had total available liquidity of $30.0 billion at March 31, 2022, consisting of $4.5 billion of cash and cash equivalents, $21.8 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 $54 million for the quarter ended March 31, 2022, compared to $44 million for the quarter ended December 31, 2021 and $54 million for the quarter ended March 31, 2021.



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, 2022 can be accessed via the Investor Relations section of the Company’s website at https://investor.gmfinancial.com.




2

General Motors Financial Company, Inc.
Condensed Consolidated Statements of Income
(Unaudited, in millions)
Three Months Ended March 31,
20222021
Revenue
Finance charge income
$1,010 $1,016 
Leased vehicle income
2,066 2,321 
Other income
80 70 
  Total revenue3,156 3,407 
Costs and expenses
Operating expenses
372 411 
Leased vehicle expenses
855 1,244 
Provision for loan losses
122 (26)
Interest expense
577 650 
             Total costs and expenses1,926 2,279 
Equity income
54 54 
Income before income taxes
1,284 1,182 
Income tax provision
322 304 
Net income
962 878 
Less: cumulative dividends on preferred stock
30 30 
Net income attributable to common shareholder
$932 $848 

Amounts may not add due to rounding.
3


Condensed Consolidated Balance Sheets
(Unaudited, in millions)
 
March 31, 2022December 31, 2021
ASSETS
Cash and cash equivalents
$4,483 $3,948 
Finance receivables, net of allowance for loan losses of $1,928 and $1,886
64,970 62,979 
Leased vehicles, net
36,581 37,929 
Goodwill
1,176 1,169 
Equity in net assets of non-consolidated affiliates
1,779 1,717 
Related party receivables
397 301 
Other assets
6,799 5,743 
Total assets
$116,186 $113,786 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Secured debt
$37,362 $39,338 
Unsecured debt
55,552 53,223 
Deferred income
2,451 2,551 
Related party payables
243 313 
Other liabilities
5,575 4,567 
Total liabilities
101,182 99,992 
Total shareholders' equity
15,004 13,794 
Total liabilities and shareholders' equity
$116,186 $113,786 

Amounts may not add due to rounding.
4

Operational and Financial Data
(Unaudited, Dollars in millions)
Three Months Ended March 31,
Originations
20222021
Retail finance receivables originations
$8,074 $8,232 
Lease originations
$3,542 $5,760 


Three Months Ended March 31,
Average Earning Assets
20222021
Average retail finance receivables
$58,827 $52,519 
Average commercial finance receivables
6,987 8,113 
Average finance receivables
65,814 60,632 
Average leased vehicles, net
37,249 40,102 
Average earning assets
$103,063 $100,734 


Ending Earning Assets
March 31, 2022December 31, 2021
Retail finance receivables, net of fees
$59,503 $58,093 
Commercial finance receivables, net of fees
7,395 6,772 
Leased vehicles, net
36,581 37,929 
Ending earning assets
$103,479 $102,794 


Finance Receivables
March 31, 2022December 31, 2021
Retail
Retail finance receivables, net of fees
$59,503 $58,093 
Less: allowance for loan losses
(1,884)(1,839)
Total retail finance receivables, net
57,618 56,254 
Commercial
Commercial finance receivables, net of fees
7,395 6,772 
Less: allowance for loan losses
(44)(47)
Total commercial finance receivables, net
7,352 6,725 
Total finance receivables, net
$64,970 $62,979 
    















Amounts may not add due to rounding.
5



Allowance for Loan Losses
March 31, 2022December 31, 2021
Allowance for loan losses as a percentage of retail finance receivables, net of fees
3.2 %3.2 %
Allowance for loan losses as a percentage of commercial finance receivables, net of fees
0.6 %0.7 %


Delinquencies
March 31, 2022March 31, 2021
Loan delinquency as a percentage of ending retail finance receivables:
    31 - 60 days
1.7 %1.4 %
    Greater than 60 days
0.5 0.5 
Total
2.2 %1.9 %


Three Months Ended March 31,
Charge-offs and Recoveries
20222021
Charge-offs
$275 $253 
Less: recoveries
(177)(149)
Net charge-offs
$97 $104 
Net charge-offs as an annualized percentage of average retail finance receivables
0.7 %0.8 %

Three Months Ended March 31,
Operating Expenses
20222021
Operating expenses as an annualized percentage of average earning assets
1.5 %1.7 %





Investor Relations contact:
Stephen Jones
Vice President, Investor Relations
(817) 302-7119
Investors@gmfinancial.com













Amounts may not add due to rounding.
6