EX-99.1 2 april2024quarterearningsre.htm EX-99.1 Document
Exhibit 99.1
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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

FORT WORTH, TEXAS April 23, 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.




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

Three Months Ended March 31,
20242023
Revenue
Finance charge income
$1,786 $1,368 
Leased vehicle income
1,800 1,818 
Other income
225 156 
  Total revenue3,811 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 expenses3,106 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.
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Condensed Consolidated Balance Sheets
(Unaudited, in millions)
 
March 31, 2024December 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.
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Operational and Financial Data
(Unaudited, Dollars in millions)
Amounts may not add due to rounding
Three Months Ended March 31,
Originations
20242023
Retail finance receivables originations
$8,329 $9,104 
Lease originations
$4,308 $3,926 


Three Months Ended March 31,
Average Earning Assets
20242023
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, 2024December 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, 2024December 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 receivables14,895 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 
    













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Allowance for Loan Losses
March 31, 2024December 31, 2023
Allowance for loan losses as a percentage of retail finance receivables3.2 %3.2 %
Allowance for loan losses as a percentage of commercial finance receivables0.2 %0.3 %


Delinquencies
March 31, 2024March 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
20242023
Charge-offs
$405 $322 
Less: recoveries
(213)(186)
Net charge-offs
$193 $136 
Net charge-offs as an annualized percentage of average retail finance receivables1.1 %0.8 %


Three Months Ended March 31,
Operating Expenses
20242023
Operating expenses as an annualized percentage of average earning assets1.6 %1.6 %





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













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