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10-Q Filing

CREDIT ACCEPTANCE CORP CIK: 885550 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0000885550-22-000031
Period End Date 20220331
Filing Date 20220502
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance cacc-20220331_htm.xml
Balance Sheet 71 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $17.60M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $23.30M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $45.70M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $16.00M USD Point-in-time
Restricted cash and cash equivalents RestrictedCashAndCashEquivalents $538.50M USD Point-in-time
Restricted cash and cash equivalents RestrictedCashAndCashEquivalents $380.20M USD Point-in-time
Restricted cash and cash equivalents RestrictedCashAndCashEquivalents $410.90M USD Point-in-time
Restricted cash and cash equivalents RestrictedCashAndCashEquivalents $481.10M USD Point-in-time
Debt Securities, Available-for-sale, Restricted DebtSecuritiesAvailableForSaleRestricted $62.10M USD Point-in-time
Debt Securities, Available-for-sale, Restricted DebtSecuritiesAvailableForSaleRestricted $62.40M USD Point-in-time
Loans receivable LoansAndLeasesReceivableNetOfDeferredIncome $9.20B USD Point-in-time
Loans receivable LoansAndLeasesReceivableNetOfDeferredIncome $9.35B USD Point-in-time
Allowance for credit losses LoansAndLeasesReceivableAllowance $2.87B USD Point-in-time
Allowance for credit losses LoansAndLeasesReceivableAllowance $3.01B USD Point-in-time
Loans receivable, net LoansAndLeasesReceivableNetReportedAmount $6.88B USD Point-in-time
Loans receivable, net LoansAndLeasesReceivableNetReportedAmount $6.34B USD Point-in-time
Loans receivable, net LoansAndLeasesReceivableNetReportedAmount $6.33B USD Point-in-time
Loans receivable, net LoansAndLeasesReceivableNetReportedAmount $6.79B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $57.30M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $56.70M USD Point-in-time
Income taxes receivable IncomeTaxReceivable $52.90M USD Point-in-time
Income taxes receivable IncomeTaxReceivable $109.20M USD Point-in-time
Other assets OtherAssets $40.40M USD Point-in-time
Other assets OtherAssets $51.80M USD Point-in-time
Total Assets Assets $7.04B USD Point-in-time
Total Assets Assets $7.05B USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $175.00M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $224.50M USD Point-in-time
Revolving secured line of credit LineOfCredit $104.70M USD Point-in-time
Revolving secured line of credit LineOfCredit $2.60M USD Point-in-time
Secured financing SecuredDebt $3.81B USD Point-in-time
Secured financing SecuredDebt $3.83B USD Point-in-time
Senior notes SeniorLongTermNotes $792.50M USD Point-in-time
Senior notes SeniorLongTermNotes $792.50M USD Point-in-time
Mortgage note OtherBorrowings $9.70M USD Point-in-time
Mortgage note OtherBorrowings $9.40M USD Point-in-time
Deferred income taxes, net DeferredIncomeTaxLiabilitiesNet $435.20M USD Point-in-time
Deferred income taxes, net DeferredIncomeTaxLiabilitiesNet $445.80M USD Point-in-time
Income taxes payable AccruedIncomeTaxes $200.00K USD Point-in-time
Income taxes payable AccruedIncomeTaxes $200.00K USD Point-in-time
Total Liabilities Liabilities $5.41B USD Point-in-time
Total Liabilities Liabilities $5.23B USD Point-in-time
Commitments and Contingencies - See Note 15 CommitmentsAndContingencies - USD Point-in-time
Commitments and Contingencies - See Note 15 CommitmentsAndContingencies - USD Point-in-time
Preferred stock, $.01 par value, 1,000,000 shares authorized, none issued PreferredStockValue - USD Point-in-time
Preferred stock, $.01 par value, 1,000,000 shares authorized, none issued PreferredStockValue - USD Point-in-time
Common stock, $.01 par value, 80,000,000 shares authorized, 13,363,783 and 14,145,888 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively CommonStockValue $100.00K USD Point-in-time
Common stock, $.01 par value, 80,000,000 shares authorized, 13,363,783 and 14,145,888 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively CommonStockValue $100.00K USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $197.20M USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $211.50M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.42B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.63B USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $200.00K USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.50M USD Point-in-time
Total Shareholders' Equity StockholdersEquity $2.37B USD Point-in-time
Total Shareholders' Equity StockholdersEquity $2.30B USD Point-in-time
Total Shareholders' Equity StockholdersEquity $1.82B USD Point-in-time
Total Shareholders' Equity StockholdersEquity $1.63B USD Point-in-time
Total Liabilities and Shareholders' Equity LiabilitiesAndStockholdersEquity $7.05B USD Point-in-time
Total Liabilities and Shareholders' Equity LiabilitiesAndStockholdersEquity $7.04B USD Point-in-time
Preferred stock, par value (in usd per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 1.00M shares Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued 0.00 shares Point-in-time
Common stock, par value (in usd per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, par value (in usd per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 80.00M shares Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 80.00M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 13.36M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 14.15M shares Point-in-time
Balance, shares CommonStockSharesOutstanding 13.36M shares Point-in-time
Balance, shares CommonStockSharesOutstanding 14.15M shares Point-in-time
Income Statement 36 line items
Line Item Tag Value Unit Period
Finance charges FinanceChargesRevenue $424.90M USD 1 Quarter
Finance charges FinanceChargesRevenue $424.10M USD 1 Quarter
Premiums earned PremiumsEarnedNet $13.80M USD 1 Quarter
Premiums earned PremiumsEarnedNet $14.40M USD 1 Quarter
Other income OtherIncome $17.80M USD 1 Quarter
Other income OtherIncome $11.70M USD 1 Quarter
Total revenue Revenues $451.00M USD 1 Quarter
Total revenue Revenues $455.70M USD 1 Quarter
Salaries and wages LaborAndRelatedExpense $64.40M USD 1 Quarter
Salaries and wages LaborAndRelatedExpense $49.30M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $46.10M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $18.90M USD 1 Quarter
Sales and marketing SellingAndMarketingExpense $17.20M USD 1 Quarter
Sales and marketing SellingAndMarketingExpense $19.20M USD 1 Quarter
Provision for credit losses ProvisionForLoanAndLeaseLosses $23.30M USD 1 Quarter
Provision for credit losses ProvisionForLoanAndLeaseLosses $21.30M USD 1 Quarter
Interest InterestExpense $36.50M USD 1 Quarter
Interest InterestExpense $43.80M USD 1 Quarter
Provision for claims PolicyholderBenefitsAndClaimsIncurredNet $9.00M USD 1 Quarter
Provision for claims PolicyholderBenefitsAndClaimsIncurredNet $8.90M USD 1 Quarter
Total costs and expenses CostsAndExpenses $186.70M USD 1 Quarter
Total costs and expenses CostsAndExpenses $171.20M USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $264.30M USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $284.50M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $70.20M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $62.20M USD 1 Quarter
Net income NetIncomeLoss $214.30M USD 1 Quarter
Net income NetIncomeLoss $202.10M USD 1 Quarter
Basic (in usd per share) EarningsPerShareBasic $11.85 USD 1 Quarter
Basic (in usd per share) EarningsPerShareBasic $15.02 USD 1 Quarter
Diluted (in usd per share) EarningsPerShareDiluted $11.82 USD 1 Quarter
Diluted (in usd per share) EarningsPerShareDiluted $14.94 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 17.06M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 14.27M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 14.34M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 17.10M shares 1 Quarter
Cash Flow Statement 74 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $214.30M USD 1 Quarter
Net income NetIncomeLoss $202.10M USD 1 Quarter
Provision for credit losses ProvisionForLoanAndLeaseLosses $23.30M USD 1 Quarter
Provision for credit losses ProvisionForLoanAndLeaseLosses $21.30M USD 1 Quarter
Depreciation Depreciation $2.30M USD 1 Quarter
Depreciation Depreciation $2.40M USD 1 Quarter
Amortization AmortizationOfFinancingCostsAndDiscounts $4.10M USD 1 Quarter
Amortization AmortizationOfFinancingCostsAndDiscounts $4.30M USD 1 Quarter
Provision for deferred income taxes DeferredIncomeTaxExpenseBenefit $11.00M USD 1 Quarter
Provision for deferred income taxes DeferredIncomeTaxExpenseBenefit $12.90M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $9.10M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $1.10M USD 1 Quarter
Other OtherOperatingActivitiesCashFlowStatement $100.00K USD 1 Quarter
Other OtherOperatingActivitiesCashFlowStatement $-100.00K USD 1 Quarter
Increase in accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $43.10M USD 1 Quarter
Increase in accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $24.00M USD 1 Quarter
Decrease in income taxes receivable IncreaseDecreaseInIncomeTaxesReceivable $-56.30M USD 1 Quarter
Decrease in income taxes receivable IncreaseDecreaseInIncomeTaxesReceivable $-48.70M USD 1 Quarter
Decrease in other assets IncreaseDecreaseInOtherOperatingAssets $-8.70M USD 1 Quarter
Decrease in other assets IncreaseDecreaseInOtherOperatingAssets $-12.30M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $325.20M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $376.10M USD 1 Quarter
Payments to Acquire Debt Securities, Available-for-sale PaymentsToAcquireAvailableForSaleSecuritiesDebt $11.40M USD 1 Quarter
Payments to Acquire Debt Securities, Available-for-sale PaymentsToAcquireAvailableForSaleSecuritiesDebt $11.80M USD 1 Quarter
Proceeds from sale of restricted securities available for sale ProceedsFromSaleOfAvailableForSaleSecuritiesDebt $5.20M USD 1 Quarter
Proceeds from sale of restricted securities available for sale ProceedsFromSaleOfAvailableForSaleSecuritiesDebt $5.40M USD 1 Quarter
Maturities of restricted securities available for sale ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $3.50M USD 1 Quarter
Maturities of restricted securities available for sale ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $3.40M USD 1 Quarter
Principal collected on Loans receivable ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1 $973.00M USD 1 Quarter
Principal collected on Loans receivable ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1 $961.90M USD 1 Quarter
Advances to Dealers AdvancesToDealers $633.80M USD 1 Quarter
Advances to Dealers AdvancesToDealers $647.10M USD 1 Quarter
Purchases of Consumer Loans PaymentsToAcquireLoansReceivable $385.20M USD 1 Quarter
Purchases of Consumer Loans PaymentsToAcquireLoansReceivable $289.70M USD 1 Quarter
Accelerated payments of Dealer Holdback AcceleratedPaymentsOfDealerHoldback $10.40M USD 1 Quarter
Accelerated payments of Dealer Holdback AcceleratedPaymentsOfDealerHoldback $9.40M USD 1 Quarter
Payments of Dealer Holdback PaymentsOfDealerHoldback $43.20M USD 1 Quarter
Payments of Dealer Holdback PaymentsOfDealerHoldback $39.00M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $1.70M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $800.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-18.50M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-112.60M USD 1 Quarter
Borrowings under revolving secured line of credit ProceedsFromLongTermLinesOfCredit $807.60M USD 1 Quarter
Borrowings under revolving secured line of credit ProceedsFromLongTermLinesOfCredit $697.80M USD 1 Quarter
Repayments under revolving secured line of credit RepaymentsOfLongTermLinesOfCredit $903.50M USD 1 Quarter
Repayments under revolving secured line of credit RepaymentsOfLongTermLinesOfCredit $595.70M USD 1 Quarter
Proceeds from secured financing ProceedsFromIssuanceOfSecuredDebt $211.70M USD 1 Quarter
Proceeds from secured financing ProceedsFromIssuanceOfSecuredDebt $728.80M USD 1 Quarter
Repayments of secured financing RepaymentsOfSecuredDebt $193.80M USD 1 Quarter
Repayments of secured financing RepaymentsOfSecuredDebt $521.30M USD 1 Quarter
Payments of debt issuance costs PaymentsOfDebtIssuanceCosts $800.00K USD 1 Quarter
Payments of debt issuance costs PaymentsOfDebtIssuanceCosts $7.60M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $423.00M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $135.20M USD 1 Quarter
Proceeds from Issuance of Common Stock ProceedsFromIssuanceOfCommonStock - USD 1 Quarter
Proceeds from Issuance of Common Stock ProceedsFromIssuanceOfCommonStock $5.90M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $4.80M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $6.60M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-24.60M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-293.10M USD 1 Quarter
Net increase in cash and cash equivalents and restricted cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $188.00M USD 1 Quarter
Net increase in cash and cash equivalents and restricted cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $64.50M USD 1 Quarter
Cash and cash equivalents and restricted cash and cash equivalents beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $498.70M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $396.20M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $584.20M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $434.20M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $498.70M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $396.20M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $584.20M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $434.20M USD Point-in-time
Cash paid during the period for interest InterestPaidNet $33.60M USD 1 Quarter
Cash paid during the period for interest InterestPaidNet $41.50M USD 1 Quarter
Cash paid during the period for income taxes, net of refunds IncomeTaxesPaidNet $600.00K USD 1 Quarter
Cash paid during the period for income taxes, net of refunds IncomeTaxesPaidNet - USD 1 Quarter
Stockholders Equity 23 line items
Line Item Tag Value Unit Period
Balance, shares CommonStockSharesOutstanding 13.36M shares Point-in-time
Balance, shares CommonStockSharesOutstanding 14.15M shares Point-in-time
Common stock repurchased, shares StockRepurchasedDuringPeriodShares 803,735.00 shares 1 Quarter
Common stock repurchased, shares StockRepurchasedDuringPeriodShares 393,408.00 shares 1 Quarter
Balance, shares CommonStockSharesOutstanding 13.36M shares Point-in-time
Balance, shares CommonStockSharesOutstanding 14.15M shares Point-in-time
Balance StockholdersEquity $2.37B USD Point-in-time
Balance StockholdersEquity $2.30B USD Point-in-time
Balance StockholdersEquity $1.82B USD Point-in-time
Balance StockholdersEquity $1.63B USD Point-in-time
Net income NetIncomeLoss $214.30M USD 1 Quarter
Net income NetIncomeLoss $202.10M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-700.00K USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-1.70M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $9.10M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $1.10M USD 1 Quarter
Common stock repurchased, value StockRepurchasedDuringPeriodValue $423.00M USD 1 Quarter
Common stock repurchased, value StockRepurchasedDuringPeriodValue $135.20M USD 1 Quarter
Stock Issued During Period, Value, Stock Options Exercised StockIssuedDuringPeriodValueStockOptionsExercised $5.90M USD 1 Quarter
Balance StockholdersEquity $2.37B USD Point-in-time
Balance StockholdersEquity $2.30B USD Point-in-time
Balance StockholdersEquity $1.82B USD Point-in-time
Balance StockholdersEquity $1.63B USD Point-in-time
Comprehensive Income 8 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $214.30M USD 1 Quarter
Net income NetIncomeLoss $202.10M USD 1 Quarter
Unrealized loss on securities, net of tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-1.70M USD 1 Quarter
Unrealized loss on securities, net of tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-700.00K USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-700.00K USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-1.70M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $201.40M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $212.60M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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