Content analysis
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8th grade Avg
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New words:
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Removed:
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Financial report summary
?Management Discussion
- Our first quarter 2024 EBT of $326 million was $23 million higher than a year ago, explained primarily by higher financing margin and favorable volume and mix, offset partially by unfavorable lease residual performance. ROE was 7.0%, 1.1 percentage points lower than a year ago, driven by higher equity and lower net income. Total net receivables were $135.5 billion, $11.7 billion or 9% higher than a year ago, reflecting the impact of increased consumer and non-consumer financing, offset partially by a smaller lease portfolio. The first quarter 2024 U.S. LTR ratio of 47 basis points increased from a year ago, but remained low by historical standards. U.S. auction values in the first quarter of 2024 were lower compared to a year ago. At the end of the first quarter of 2024, we had $27.0 billion in net liquidity.