(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: April 26 , 2022 | By: | /s/ SUSAN B. SHEFFIELD | ||||||
Susan B. Sheffield | ||||||||
Executive Vice President and Chief Financial Officer |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Revenue | |||||||||||
Finance charge income | $ | 1,010 | $ | 1,016 | |||||||
Leased vehicle income | 2,066 | 2,321 | |||||||||
Other income | 80 | 70 | |||||||||
Total revenue | 3,156 | 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 expenses | 1,926 | 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 | |||||||
March 31, 2022 | December 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 |
Three Months Ended March 31, | |||||||||||
Originations | 2022 | 2021 | |||||||||
Retail finance receivables originations | $ | 8,074 | $ | 8,232 | |||||||
Lease originations | $ | 3,542 | $ | 5,760 |
Three Months Ended March 31, | |||||||||||
Average Earning Assets | 2022 | 2021 | |||||||||
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, 2022 | December 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, 2022 | December 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 |
Allowance for Loan Losses | March 31, 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 | 0.6 | % | 0.7 | % |
Delinquencies | March 31, 2022 | March 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 | 2022 | 2021 | |||||||||
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 | 2022 | 2021 | |||||||||
Operating expenses as an annualized percentage of average earning assets | 1.5 | % | 1.7 | % |
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Cover |
Apr. 26, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 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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