Le Lézard
Classified in: Business
Subject: EARNINGS

GM Financial Reports First Quarter 2024 Operating Results


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.

 
 
 

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

 

 

Three Months Ended March 31,

 

2024

 

2023

Revenue

 

 

 

Finance charge income

$

1,786

 

$

1,368

Leased vehicle income

 

1,800

 

 

1,818

Other income

 

225

 

 

156

Total revenue

 

3,811

 

 

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 expenses

 

3,106

 

 

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. 

 
 
 
 

Condensed Consolidated Balance Sheets
(Unaudited, in millions) 

 

 

March 31, 2024

 

December 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. 

 
 
 
 

Operational and Financial Data
(Unaudited, Dollars in millions)
Amounts may not add due to rounding 

 

 

Three Months Ended March 31,

Originations

2024

 

2023

Retail finance receivables originations

$

8,329

 

$

9,104

Lease originations

$

4,308

 

$

3,926

 

 

Three Months Ended March 31,

Average Earning Assets

2024

 

2023

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, 2024

 

December 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, 2024

 

December 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 receivables

 

14,895

 

 

 

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

 

 

Allowance for Loan Losses

March 31, 2024

 

December 31, 2023

Allowance for loan losses as a percentage of retail finance receivables

3.2

%

 

3.2

%

Allowance for loan losses as a percentage of commercial finance receivables

0.2

%

 

0.3

%

 

Delinquencies

March 31, 2024

 

March 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

2024

 

2023

Charge-offs

$

405

 

 

$

322

 

Less: recoveries

 

(213

)

 

 

(186

)

Net charge-offs

$

193

 

 

$

136

 

Net charge-offs as an annualized percentage of average retail finance receivables

 

1.1

%

 

 

0.8

%

 

 

Three Months Ended March 31,

Operating Expenses

2024

2023

Operating expenses as an annualized percentage of average earning assets

1.6

%

1.6

%

 
 

 


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