(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Item 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
Item 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
Exhibit No. | Description of Exhibit | ||||
General Motors Financial Company, Inc. | ||||||||
(Registrant) | ||||||||
Date: July 26 , 2022 | By: | /s/ SUSAN B. SHEFFIELD | ||||||
Susan B. Sheffield | ||||||||
Executive Vice President and Chief Financial Officer |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Finance charge income | $ | 1,062 | $ | 1,036 | $ | 2,072 | $ | 2,052 | |||||||||||||||
Leased vehicle income | 1,989 | 2,304 | 4,056 | 4,625 | |||||||||||||||||||
Other income | 95 | 86 | 175 | 156 | |||||||||||||||||||
Total revenue | 3,146 | 3,426 | 6,302 | 6,833 | |||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Operating expenses | 393 | 378 | 766 | 789 | |||||||||||||||||||
Leased vehicle expenses | 856 | 825 | 1,711 | 2,069 | |||||||||||||||||||
Provision for loan losses | 198 | 59 | 320 | 33 | |||||||||||||||||||
Interest expense | 642 | 633 | 1,219 | 1,283 | |||||||||||||||||||
Total costs and expenses | 2,089 | 1,895 | 4,016 | 4,174 | |||||||||||||||||||
Equity income | 50 | 50 | 104 | 104 | |||||||||||||||||||
Income before income taxes | 1,106 | 1,581 | 2,390 | 2,763 | |||||||||||||||||||
Income tax provision | 277 | 401 | 599 | 705 | |||||||||||||||||||
Net income (loss) | 829 | 1,180 | 1,791 | 2,058 | |||||||||||||||||||
Less: cumulative dividends on preferred stock | 30 | 29 | 59 | 59 | |||||||||||||||||||
Net income (loss) attributable to common shareholder | $ | 799 | $ | 1,151 | $ | 1,731 | $ | 1,999 | |||||||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 5,275 | $ | 3,948 | |||||||
Finance receivables, net of allowance for loan losses of $2,027 and $1,886 | 66,847 | 62,979 | |||||||||
Leased vehicles, net | 35,307 | 37,929 | |||||||||
Goodwill | 1,171 | 1,169 | |||||||||
Equity in net assets of non-consolidated affiliates | 1,760 | 1,717 | |||||||||
Related party receivables | 502 | 301 | |||||||||
Other assets | 6,917 | 5,743 | |||||||||
Total assets | $ | 117,778 | $ | 113,786 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Liabilities | |||||||||||
Secured debt | $ | 38,095 | $ | 39,338 | |||||||
Unsecured debt | 55,509 | 53,223 | |||||||||
Deferred income | 2,377 | 2,551 | |||||||||
Related party payables | 80 | 313 | |||||||||
Other liabilities | 6,874 | 4,567 | |||||||||
Total liabilities | 102,935 | 99,992 | |||||||||
Total shareholders' equity | 14,844 | 13,794 | |||||||||
Total liabilities and shareholders' equity | $ | 117,778 | $ | 113,786 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Originations | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Retail finance receivables originations | $ | 8,961 | $ | 9,131 | $ | 17,035 | $ | 17,363 | |||||||||||||||
Lease originations | $ | 3,870 | $ | 5,873 | $ | 7,412 | $ | 11,633 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Average Earning Assets | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Average retail finance receivables | $ | 60,451 | $ | 55,108 | $ | 59,624 | $ | 53,838 | |||||||||||||||
Average commercial finance receivables | 7,716 | 6,166 | 7,345 | 7,156 | |||||||||||||||||||
Average finance receivables | 68,167 | 61,274 | 66,969 | 60,994 | |||||||||||||||||||
Average leased vehicles, net | 35,998 | 40,545 | 36,630 | 40,320 | |||||||||||||||||||
Average earning assets | $ | 104,165 | $ | 101,819 | $ | 103,598 | $ | 101,314 |
Ending Earning Assets | June 30, 2022 | December 31, 2021 | |||||||||
Retail finance receivables, net of fees | $ | 61,208 | $ | 58,093 | |||||||
Commercial finance receivables, net of fees | 7,666 | 6,772 | |||||||||
Leased vehicles, net | 35,307 | 37,929 | |||||||||
Ending earning assets | $ | 104,181 | $ | 102,794 |
Finance Receivables | June 30, 2022 | December 31, 2021 | |||||||||
Retail | |||||||||||
Retail finance receivables, net of fees | $ | 61,208 | $ | 58,093 | |||||||
Less: allowance for loan losses | (1,987) | (1,839) | |||||||||
Total retail finance receivables, net | 59,220 | 56,254 | |||||||||
Commercial | |||||||||||
Commercial finance receivables, net of fees | 7,666 | 6,772 | |||||||||
Less: allowance for loan losses | (40) | (47) | |||||||||
Total commercial finance receivables, net | 7,626 | 6,725 | |||||||||
Total finance receivables, net | $ | 66,847 | $ | 62,979 |
Allowance for Loan Losses | June 30, 2022 | December 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 | 0.5 | % | 0.7 | % |
Delinquencies | June 30, 2022 | June 30, 2021 | |||||||||
Loan delinquency as a percentage of ending retail finance receivables: | |||||||||||
31 - 60 days | 1.8 | % | 1.5 | % | |||||||
Greater than 60 days | 0.6 | 0.5 | |||||||||
Total | 2.4 | % | 2.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Charge-offs and Recoveries | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Charge-offs | $ | 247 | $ | 204 | $ | 521 | $ | 457 | |||||||||||||||
Less: recoveries | (161) | (144) | (339) | (293) | |||||||||||||||||||
Net charge-offs | $ | 86 | $ | 60 | $ | 183 | $ | 164 | |||||||||||||||
Net charge-offs as an annualized percentage of average retail finance receivables | 0.6 | % | 0.4 | % | 0.6 | % | 0.6 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Operating Expenses | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Operating expenses as an annualized percentage of average earning assets | 1.5 | % | 1.5 | % | 1.5 | % | 1.6 | % |
Cover |
Jul. 26, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jul. 26, 2022 |
Entity Registrant Name | General Motors Financial Company, Inc. |
Entity Incorporation, State or Country Code | TX |
Entity File Number | 1-10667 |
Entity Tax Identification Number | 75-2291093 |
Entity Address, Address Line One | 801 Cherry Street |
Entity Address, Address Line Two | Suite 3500 |
Entity Address, City or Town | Fort Worth |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 76102 |
City Area Code | 817 |
Local Phone Number | 302-7000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | 5.250% Senior Notes due 2026 |
Trading Symbol | GM/26 |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000804269 |
Amendment Flag | false |
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