EX-99.1 2 december2023quarterearning.htm EX-99.1 Document
Exhibit 99.1
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GM FINANCIAL REPORTS FULL YEAR AND FOURTH QUARTER 2023
OPERATING RESULTS

•Full year net income of $2.2 billion; fourth quarter net income of $532 million
•Full year retail loan and operating lease originations of $53.1 billion; $12.6 billion for the fourth quarter
•Earning assets of $117.6 billion at December 31, 2023
•Available liquidity of $30.9 billion at December 31, 2023

FORT WORTH, TEXAS January 30, 2024 – GENERAL MOTORS FINANCIAL COMPANY, INC.
(“GM Financial” or the “Company”) announced net income of $532 million for the quarter ended December 31, 2023, compared to $558 million for the quarter ended September 30, 2023, and $605 million for the quarter ended December 31, 2022. Net income for the year ended December 31, 2023 was $2.2 billion, compared to $3.1 billion for the year ended December 31, 2022.

Retail loan originations were $8.3 billion for the quarter ended December 31, 2023, compared to $9.5 billion for the quarter ended September 30, 2023, and $8.3 billion for the quarter ended December 31, 2022. Retail loan originations for the year ended December 31, 2023 were $36.0 billion, compared to $34.8 billion for the year ended December 31, 2022. The outstanding balance of retail finance receivables, net of fees was $72.7 billion at December 31, 2023, compared to $71.7 billion at September 30, 2023 and $65.3 billion at December 31, 2022.

Operating lease originations were $4.3 billion for the quarter ended December 31, 2023, compared to $4.3 billion for the quarter ended September 30, 2023, and $3.5 billion for the quarter ended December 31, 2022. Operating lease originations for the year ended December 31, 2023 were $17.1 billion, compared to $14.4 billion for the year ended December 31, 2022. Leased vehicles, net was $30.6 billion at December 31, 2023, compared to $31.1 billion at September 30, 2023 and $32.7 billion at December 31, 2022.

The outstanding balance of commercial finance receivables, net of fees was $14.3 billion at December 31, 2023, compared to $12.2 billion at September 30, 2023 and $11.3 billion at December 31, 2022.

Retail finance receivables 31-60 days delinquent were 2.3% of the portfolio at December 31, 2023 and 2.1% at December 31, 2022. Accounts more than 60 days delinquent were 0.8% of the portfolio at December 31, 2023 and 0.7% at December 31, 2022.

Annualized net charge-offs were 1.2% of average retail finance receivables for the quarter ended December 31, 2023 and 0.9% for the quarter ended December 31, 2022. For the year ended December 31, 2023, net charge-offs were 0.9%, compared to 0.7% for the year ended December 31, 2022.

The Company had total available liquidity of $30.9 billion at December 31, 2023, consisting of $5.3 billion of cash and cash equivalents, $21.9 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 $27 million for the quarter ended December 31, 2023, compared to $33 million for the quarter ended September 30, 2023 and $25 million for the quarter ended December 31, 2022. Earnings for the year ended December 31, 2023 were $138 million, compared to $173 million for the year ended December 31, 2022.



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 and full year ended December 31, 2023 can be accessed via the Investor Relations section of the Company’s website at https://investor.gmfinancial.com.




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General Motors Financial Company, Inc.
Condensed Consolidated Statements of Income
(Unaudited, in millions)

Three Months Ended December 31,Years Ended December 31,
2023202220232022
Revenue
Finance charge income
$1,725 $1,291 $6,204 $4,521 
Leased vehicle income
1,808 1,844 7,266 7,811 
Other income
210 142 754 434 
  Total revenue3,742 3,277 14,224 12,766 
Costs and expenses
Operating expenses
458 460 1,818 1,662 
Leased vehicle expenses
1,000 1,017 4,047 3,668 
Provision for loan losses
293 154 826 654 
Interest expense
1,311 897 4,685 2,881 
             Total costs and expenses3,062 2,528 11,376 8,864 
Equity income
27 25 138 173 
Income before income taxes
707 775 2,985 4,076 
Income tax provision
175 169 741 992 
Net income (loss)
532 605 2,245 3,084 
Less: cumulative dividends on preferred stock
30 30 119 119 
Net income (loss) attributable to common shareholder
$502 $576 $2,126 $2,966 

Amounts may not add due to rounding.
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Condensed Consolidated Balance Sheets
(Unaudited, in millions)
 
December 31, 2023December 31, 2022
ASSETS
Cash and cash equivalents
$5,282 $4,005 
Finance receivables, net of allowance for loan losses $2,344 and $2,096
84,637 74,514 
Leased vehicles, net
30,582 32,701 
Goodwill and intangible assets
1,184 1,171 
Equity in net assets of nonconsolidated affiliates
1,670 1,665 
Related party receivables
540 495 
Other assets
8,116 7,995 
Total assets
$132,011 $122,545 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Secured debt
$45,243 $42,131 
Unsecured debt
60,084 54,723 
Deferred income
2,313 2,248 
Related party payables
445 115 
Other liabilities
8,383 8,318 
Total liabilities
116,468 107,535 
Total shareholders' equity
15,542 15,010 
Total liabilities and shareholders' equity
$132,011 $122,545 

Amounts may not add due to rounding.
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Operational and Financial Data
(Unaudited, Dollars in millions)
Amounts may not add due to rounding
Three Months Ended December 31,Years Ended December 31,
Originations
2023202220232022
Retail finance receivables originations
$8,272 $8,329 $35,977 $34,760 
Lease originations
$4,280 $3,511 $17,113 $14,427 


Three Months Ended December 31,Years Ended December 31,
Average Earning Assets
2023202220232022
Average retail finance receivables
$72,449 $64,695 $69,678 $61,650 
Average commercial finance receivables
12,953 10,369 11,646 8,350 
Average finance receivables
85,402 75,064 81,324 70,000 
Average leased vehicles, net
30,781 33,218 31,521 35,271 
Average earning assets
$116,183 $108,282 $112,845 $105,271 


Ending Earning Assets
December 31, 2023December 31, 2022
Retail finance receivables, net of fees
$72,729 $65,322 
Commercial finance receivables, net of fees
14,251 11,288 
Leased vehicles, net
30,582 32,701 
Ending earning assets
$117,562 $109,311 

Finance Receivables
December 31, 2023December 31, 2022
Retail
Retail finance receivables, net of fees
$72,729 $65,322 
Less: allowance for loan losses
(2,308)(2,062)
Total retail finance receivables, net
70,421 63,260 
Commercial
Commercial finance receivables, net of fees
14,251 11,288 
Less: allowance for loan losses
(36)(34)
Total commercial finance receivables, net
14,216 11,254 
Total finance receivables, net
$84,637 $74,514 
    













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Allowance for Loan Losses
December 31, 2023December 31, 2022
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
0.3 %0.3 %


Delinquencies
December 31, 2023December 31, 2022
Loan delinquency as a percentage of ending retail finance receivables:
    31 - 60 days
2.3 %2.1 %
    Greater than 60 days
0.8 0.7 
Total
3.0 %2.8 %


Three Months Ended December 31,Years Ended December 31,
Charge-offs and Recoveries
2023202220232022
Charge-offs
$411 $327 $1,423 $1,138 
Less: recoveries
(195)(174)(767)(685)
Net charge-offs
$217 $153 $656 $453 
Net charge-offs as an annualized percentage of average retail finance receivables
1.2 %0.9 %0.9 %0.7 %


Three Months Ended December 31,Years Ended December 31,
Operating Expenses
2023202220232022
Operating expenses as an annualized percentage of average earning assets
1.6 %1.7 %1.6 %1.6 %





Investor Relations contact:
Meagan Trampe
Vice President, Investor Relations
(817) 302-7385
Investors@gmfinancial.com













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