(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 25, 2023 | 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, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Finance charge income | $ | 1,490 | $ | 1,062 | $ | 2,859 | $ | 2,072 | |||||||||||||||
Leased vehicle income | 1,820 | 1,989 | 3,638 | 4,056 | |||||||||||||||||||
Other income | 187 | 95 | 343 | 175 | |||||||||||||||||||
Total revenue | 3,498 | 3,146 | 6,840 | 6,302 | |||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Operating expenses | 456 | 393 | 899 | 766 | |||||||||||||||||||
Leased vehicle expenses | 1,011 | 856 | 2,050 | 1,711 | |||||||||||||||||||
Provision for loan losses | 167 | 198 | 298 | 320 | |||||||||||||||||||
Interest expense | 1,135 | 642 | 2,134 | 1,219 | |||||||||||||||||||
Total costs and expenses | 2,768 | 2,089 | 5,381 | 4,016 | |||||||||||||||||||
Equity income | 37 | 50 | 78 | 104 | |||||||||||||||||||
Income before income taxes | 766 | 1,106 | 1,537 | 2,390 | |||||||||||||||||||
Income tax provision | 195 | 277 | 382 | 599 | |||||||||||||||||||
Net income (loss) | 571 | 829 | 1,155 | 1,791 | |||||||||||||||||||
Less: cumulative dividends on preferred stock | 30 | 30 | 59 | 59 | |||||||||||||||||||
Net income (loss) attributable to common shareholder | $ | 541 | $ | 799 | $ | 1,096 | $ | 1,731 | |||||||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 5,182 | $ | 4,005 | |||||||
Finance receivables, net of allowance for loan losses of $2,202 and $2,096 | 79,005 | 74,514 | |||||||||
Leased vehicles, net | 31,560 | 32,701 | |||||||||
Goodwill and intangible assets | 1,184 | 1,171 | |||||||||
Equity in net assets of nonconsolidated affiliates | 1,667 | 1,665 | |||||||||
Related party receivables | 605 | 495 | |||||||||
Other assets | 8,969 | 7,995 | |||||||||
Total assets | $ | 128,173 | $ | 122,545 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Liabilities | |||||||||||
Secured debt | $ | 42,004 | $ | 42,131 | |||||||
Unsecured debt | 59,614 | 54,723 | |||||||||
Deferred income | 2,303 | 2,248 | |||||||||
Related party payables | 318 | 115 | |||||||||
Other liabilities | 8,650 | 8,318 | |||||||||
Total liabilities | 112,888 | 107,535 | |||||||||
Total shareholders' equity | 15,284 | 15,010 | |||||||||
Total liabilities and shareholders' equity | $ | 128,173 | $ | 122,545 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Originations | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Retail finance receivables originations | $ | 9,102 | $ | 8,961 | $ | 18,206 | $ | 17,035 | |||||||||||||||
Lease originations | $ | 4,585 | $ | 3,870 | $ | 8,511 | $ | 7,412 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Average Earning Assets | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Average retail finance receivables | $ | 68,705 | $ | 60,451 | $ | 67,664 | $ | 59,624 | |||||||||||||||
Average commercial finance receivables | 10,954 | 7,716 | 10,891 | 7,345 | |||||||||||||||||||
Average finance receivables | 79,659 | 68,167 | 78,555 | 66,969 | |||||||||||||||||||
Average leased vehicles, net | 31,680 | 35,998 | 31,994 | 36,630 | |||||||||||||||||||
Average earning assets | $ | 111,339 | $ | 104,165 | $ | 110,549 | $ | 103,598 |
Ending Earning Assets | June 30, 2023 | December 31, 2022 | |||||||||
Retail finance receivables, net of fees | $ | 69,722 | $ | 65,322 | |||||||
Commercial finance receivables, net of fees | 11,485 | 11,288 | |||||||||
Leased vehicles, net | 31,560 | 32,701 | |||||||||
Ending earning assets | $ | 112,767 | $ | 109,311 |
Finance Receivables | June 30, 2023 | December 31, 2022 | |||||||||
Retail | |||||||||||
Retail finance receivables, net of fees | $ | 69,722 | $ | 65,322 | |||||||
Less: allowance for loan losses | (2,166) | (2,062) | |||||||||
Total retail finance receivables, net | 67,557 | 63,260 | |||||||||
Commercial | |||||||||||
Commercial finance receivables, net of fees | 11,485 | 11,288 | |||||||||
Less: allowance for loan losses | (36) | (34) | |||||||||
Total commercial finance receivables, net | 11,449 | 11,254 | |||||||||
Total finance receivables, net | $ | 79,005 | $ | 74,514 |
Allowance for Loan Losses | June 30, 2023 | December 31, 2022 | |||||||||
Allowance for loan losses as a percentage of retail finance receivables, net of fees | 3.1 | % | 3.2 | % | |||||||
Allowance for loan losses as a percentage of commercial finance receivables, net of fees | 0.3 | % | 0.3 | % |
Delinquencies | June 30, 2023 | June 30, 2022 | |||||||||
Loan delinquency as a percentage of ending retail finance receivables: | |||||||||||
31 - 60 days | 1.8 | % | 1.8 | % | |||||||
Greater than 60 days | 0.6 | 0.6 | |||||||||
Total | 2.5 | % | 2.4 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Charge-offs and Recoveries | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Charge-offs | $ | 323 | $ | 247 | $ | 645 | $ | 521 | |||||||||||||||
Less: recoveries | (191) | (161) | (377) | (339) | |||||||||||||||||||
Net charge-offs | $ | 132 | $ | 86 | $ | 269 | $ | 183 | |||||||||||||||
Net charge-offs as an annualized percentage of average retail finance receivables | 0.8 | % | 0.6 | % | 0.8 | % | 0.6 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Operating Expenses | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operating expenses as an annualized percentage of average earning assets | 1.6 | % | 1.5 | % | 1.6 | % | 1.5 | % |
Cover |
Jul. 25, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jul. 25, 2023 |
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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