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General Motors Financial (ACF)

Filed: 26 Apr 22, 4:25pm
Exhibit 99.1

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GM FINANCIAL REPORTS FIRST QUARTER 2022
OPERATING RESULTS

First quarter net income of $962 million
First quarter retail loan and operating lease originations of $11.6 billion
Earning assets of $103.5 billion at March 31, 2022
Available liquidity of $30.0 billion at March 31, 2022

FORT WORTH, TEXAS April 26, 2022GENERAL MOTORS FINANCIAL COMPANY, INC.
(“GM Financial” or the “Company”) announced net income of $962 million for the quarter ended March 31, 2022, compared to $909 million for the quarter ended December 31, 2021, and $878 million for the quarter ended March 31, 2021.

Retail loan originations were $8.1 billion for the quarter ended March 31, 2022, compared to $7.5 billion for the quarter ended December 31, 2021, and $8.2 billion for the quarter ended March 31, 2021. The outstanding balance of retail finance receivables, net of fees was $59.5 billion at March 31, 2022, compared to $58.1 billion at December 31, 2021 and $53.4 billion at March 31, 2021.

Operating lease originations were $3.5 billion for the quarter ended March 31, 2022, compared to $2.8 billion for the quarter ended December 31, 2021, and $5.8 billion for the quarter ended March 31, 2021. Leased vehicles, net was $36.6 billion at March 31, 2022, compared to $37.9 billion at December 31, 2021 and $40.3 billion at March 31, 2021.

The outstanding balance of commercial finance receivables, net of fees was $7.4 billion at March 31, 2022, compared to $6.8 billion at December 31, 2021 and $7.0 billion at March 31, 2021.

Retail finance receivables 31-60 days delinquent were 1.7% of the portfolio at March 31, 2022 and 1.4% at March 31, 2021. Accounts more than 60 days delinquent were 0.5% of the portfolio at both March 31, 2022 and March 31, 2021.

Annualized net charge-offs were 0.7% of average retail finance receivables for the quarter ended March 31, 2022 and 0.8% for the quarter ended March 31, 2021.

The Company had total available liquidity of $30.0 billion at March 31, 2022, consisting of $4.5 billion of cash and cash equivalents, $21.8 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 $54 million for the quarter ended March 31, 2022, compared to $44 million for the quarter ended December 31, 2021 and $54 million for the quarter ended March 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 ended March 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 March 31,
20222021
Revenue
Finance charge income$1,010 $1,016 
Leased vehicle income2,066 2,321 
Other income80 70 
  Total revenue3,156 3,407 
Costs and expenses
Operating expenses372 411 
Leased vehicle expenses855 1,244 
Provision for loan losses122 (26)
Interest expense577 650 
             Total costs and expenses1,926 2,279 
Equity income54 54 
Income before income taxes1,284 1,182 
Income tax provision322 304 
Net income962 878 
Less: cumulative dividends on preferred stock30 30 
Net income attributable to common shareholder$932 $848 

Amounts may not add due to rounding.
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Condensed Consolidated Balance Sheets
(Unaudited, in millions)
 March 31, 2022December 31, 2021
ASSETS
Cash and cash equivalents$4,483 $3,948 
Finance receivables, net of allowance for loan losses of $1,928 and $1,88664,970 62,979 
Leased vehicles, net36,581 37,929 
Goodwill1,176 1,169 
Equity in net assets of non-consolidated affiliates1,779 1,717 
Related party receivables397 301 
Other assets6,799 5,743 
Total assets$116,186 $113,786 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Secured debt$37,362 $39,338 
Unsecured debt55,552 53,223 
Deferred income2,451 2,551 
Related party payables243 313 
Other liabilities5,575 4,567 
Total liabilities101,182 99,992 
Total shareholders' equity15,004 13,794 
Total liabilities and shareholders' equity$116,186 $113,786 

Amounts may not add due to rounding.
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Operational and Financial Data
(Unaudited, Dollars in millions)
Three Months Ended March 31,
Originations20222021
Retail finance receivables originations$8,074 $8,232 
Lease originations$3,542 $5,760 


Three Months Ended March 31,
Average Earning Assets20222021
Average retail finance receivables$58,827 $52,519 
Average commercial finance receivables6,987 8,113 
Average finance receivables65,814 60,632 
Average leased vehicles, net37,249 40,102 
Average earning assets$103,063 $100,734 


Ending Earning AssetsMarch 31, 2022December 31, 2021
Retail finance receivables, net of fees$59,503 $58,093 
Commercial finance receivables, net of fees7,395 6,772 
Leased vehicles, net36,581 37,929 
Ending earning assets$103,479 $102,794 


Finance ReceivablesMarch 31, 2022December 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, net57,618 56,254 
Commercial
Commercial finance receivables, net of fees7,395 6,772 
Less: allowance for loan losses(44)(47)
Total commercial finance receivables, net7,352 6,725 
Total finance receivables, net$64,970 $62,979 
    















Amounts may not add due to rounding.
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Allowance for Loan LossesMarch 31, 2022December 31, 2021
Allowance for loan losses as a percentage of retail finance receivables, net of fees3.2 %3.2 %
Allowance for loan losses as a percentage of commercial finance receivables, net of fees0.6 %0.7 %


DelinquenciesMarch 31, 2022March 31, 2021
Loan delinquency as a percentage of ending retail finance receivables:
    31 - 60 days1.7 %1.4 %
    Greater than 60 days0.5 0.5 
Total2.2 %1.9 %


Three Months Ended March 31,
Charge-offs and Recoveries20222021
Charge-offs$275 $253 
Less: recoveries(177)(149)
Net charge-offs$97 $104 
Net charge-offs as an annualized percentage of average retail finance receivables0.7 %0.8 %

Three Months Ended March 31,
Operating Expenses20222021
Operating expenses as an annualized percentage of average earning assets1.5 %1.7 %





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













Amounts may not add due to rounding.
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