EX-99.1 2 december2022quarterearning.htm EX-99.1 Document
Exhibit 99.1

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GM FINANCIAL REPORTS FULL YEAR AND FOURTH QUARTER 2022
OPERATING RESULTS

•Full year net income of $3.1 billion; fourth quarter net income of $605 million
•Full year retail loan and operating lease originations of $49.2 billion; $11.8 billion for the fourth quarter
•Earning assets of $109.3 billion at December 31, 2022
•Available liquidity of $29.5 billion at December 31, 2022

FORT WORTH, TEXAS January 31, 2023 – GENERAL MOTORS FINANCIAL COMPANY, INC.
(“GM Financial” or the “Company”) announced net income of $605 million for the quarter ended December 31, 2022, compared to $688 million for the quarter ended September 30, 2022, and $909 million for the quarter ended December 31, 2021. Net income for the year ended December 31, 2022 was $3.1 billion, compared to $3.8 billion for the year ended December 31, 2021.

Retail loan originations were $8.3 billion for the quarter ended December 31, 2022, compared to $9.4 billion for the quarter ended September 30, 2022, and $7.5 billion for the quarter ended December 31, 2021. Retail loan originations for the year ended December 31, 2022 were $34.8 billion, compared to $32.6 billion for the year ended December 31, 2021. The outstanding balance of retail finance receivables, net of fees was $65.3 billion at December 31, 2022, compared to $58.1 billion at December 31, 2021.

Operating lease originations were $3.5 billion for both the quarters ended December 31, 2022 and September 30, 2022, compared to $2.8 billion for the quarter ended December 31, 2021. Operating lease originations for the year ended December 31, 2022 were $14.4 billion, compared to $18.3 billion for the year ended December 31, 2021. Leased vehicles, net was $32.7 billion at December 31, 2022, compared to $37.9 billion at December 31, 2021.

The outstanding balance of commercial finance receivables, net of fees was $11.3 billion at December 31, 2022, compared to $6.8 billion at December 31, 2021.

Retail finance receivables 31-60 days delinquent were 2.1% of the portfolio at December 31, 2022 and 1.8% at December 31, 2021. Accounts more than 60 days delinquent were 0.7% of the portfolio at December 31, 2022 and 0.6% at December 31, 2021.

Annualized net charge-offs were 0.9% of average retail finance receivables for the quarter ended December 31, 2022 and 0.6% for the quarter ended December 31, 2021. For the year ended December 31, 2022, net charge-offs were 0.7%, compared to 0.6% for the year ended December 31, 2021.

The Company had total available liquidity of $29.5 billion at December 31, 2022, consisting of $4.0 billion of cash and cash equivalents, $22.0 billion of borrowing capacity on unpledged eligible assets, $0.5 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 $25 million for the quarter ended December 31, 2022, compared to $44 million for both the quarters ended September 30, 2022 and December 31, 2021. Earnings for the year ended December 31, 2022 were $173 million, compared to $201 million for the year ended December 31, 2021.



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, 2022 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,
2022202120222021
Revenue
Finance charge income
$1,291 $1,016 $4,521 $4,103 
Leased vehicle income
1,844 2,155 7,811 9,026 
Other income
142 61 434 290 
  Total revenue3,277 3,232 12,766 13,419 
Costs and expenses
Operating expenses
460 478 1,662 1,648 
Leased vehicle expenses
1,017 985 3,668 4,142 
Provision for loan losses
154 74 654 248 
Interest expense
897 559 2,881 2,546 
             Total costs and expenses2,528 2,096 8,864 8,584 
Equity income
25 44 173 201 
Income before income taxes
775 1,180 4,076 5,036 
Income tax provision
169 271 992 1,247 
Net income (loss)
605 909 3,084 3,789 
Less: cumulative dividends on preferred stock
30 30 119 119 
Net income (loss) attributable to common shareholder
$576 $879 $2,966 $3,670 

Amounts may not add due to rounding.
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Condensed Consolidated Balance Sheets
(Unaudited, in millions)
 
December 31, 2022December 31, 2021
ASSETS
Cash and cash equivalents
$4,005 $3,948 
Finance receivables, net of allowance for loan losses of $2,096 and $1,886
74,514 62,979 
Leased vehicles, net
32,701 37,929 
Goodwill
1,171 1,169 
Equity in net assets of non-consolidated affiliates
1,665 1,717 
Related party receivables
495 301 
Other assets
7,995 5,743 
Total assets
$122,545 $113,786 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Secured debt
$42,131 $39,338 
Unsecured debt
54,723 53,223 
Deferred income
2,248 2,551 
Related party payables
115 313 
Other liabilities
8,318 4,567 
Total liabilities
107,535 99,992 
Total shareholders' equity
15,010 13,794 
Total liabilities and shareholders' equity
$122,545 $113,786 

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
2022202120222021
Retail finance receivables originations
$8,329 $7,458 $34,760 $32,621 
Lease originations
$3,511 $2,786 $14,427 $18,268 


Three Months Ended December 31,Years Ended December 31,
Average Earning Assets
2022202120222021
Average retail finance receivables
$64,695 $57,624 $61,650 $55,633 
Average commercial finance receivables
10,369 5,482 8,350 6,300 
Average finance receivables
75,064 63,106 70,000 61,933 
Average leased vehicles, net
33,218 38,829 35,271 39,871 
Average earning assets
$108,282 $101,935 $105,271 $101,804 


Ending Earning Assets
December 31, 2022December 31, 2021
Retail finance receivables, net of fees
$65,322 $58,093 
Commercial finance receivables, net of fees
11,288 6,772 
Leased vehicles, net
32,701 37,929 
Ending earning assets
$109,311 $102,794 


Finance Receivables
December 31, 2022December 31, 2021
Retail
Retail finance receivables, net of fees
$65,322 $58,093 
Less: allowance for loan losses
(2,062)(1,839)
Total retail finance receivables, net
63,260 56,254 
Commercial
Commercial finance receivables, net of fees
11,288 6,772 
Less: allowance for loan losses
(34)(47)
Total commercial finance receivables, net
11,254 6,725 
Total finance receivables, net
$74,514 $62,979 
    
















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Allowance for Loan Losses
December 31, 2022December 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
0.3 %0.7 %


Delinquencies
December 31, 2022December 31, 2021
Loan delinquency as a percentage of ending retail finance receivables:
    31 - 60 days
2.1 %1.8 %
    Greater than 60 days
0.7 0.6 
Total
2.8 %2.4 %


Three Months Ended December 31,Years Ended December 31,
Charge-offs and Recoveries
2022202120222021
Charge-offs
$327 $233 $1,138 $897 
Less: recoveries
(174)(145)(685)(571)
Net charge-offs
$153 $88 $453 $326 
Net charge-offs as an annualized percentage of average retail finance receivables
0.9 %0.6 %0.7 %0.6 %

Three Months Ended December 31,Years Ended December 31,
Operating Expenses
2022202120222021
Operating expenses as an annualized percentage of average earning assets
1.7 %1.9 %1.6 %1.6 %





Investor Relations contact:
Stephen Jones
Vice President, Investor Relations
(817) 302-7119
Investors@gmfinancial.com













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