CACC FY 2008 Earnings Report — Credit Acceptance Corporation Revenue & Financial Results | Market Cap Arena

Credit Acceptance CorporationCACC

FY 2008 Earnings

Reported February 27, 2009

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2008	Prior Q	FY 2007	QoQ Change	YoY Change
Revenue	$307M	—	$233M	—	32.1%
Op. Income	$107M	—	$83M	—	28.8%
Gross Margin	62.6%	—	60.4%	—	2.2pp
Net Margin	21.9%	—	23.6%	—	-1.7pp
EPS (Diluted)	$2.16	—	$1.76	—	22.7%
Free Cash Flow	$153M	—	$90M	—	70.4%

Revenue Flow

Item	Amount
REVENUE	$307M
Cost of Revenue	$115M
GROSS PROFIT	$192M
R&D Expenses	$0
Selling & Marketing	$17M
General & Administrative	$28M
SG&A Expenses	$44M
Other Expenses	$41M
Operating Expenses	$85M
Cost & Expenses	$200M
OPERATING INCOME	$107M
Interest Income	$2M
Interest Expense	$0
Other Income/Expenses	-$25.0K
INCOME BEFORE TAX	$107M
Income Tax Expense	$40M
Net Income from Continuing Ops	$67M
Net Income from Discontinued Ops	$0
Other Adjustments	$109.0K
NET INCOME	$67M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$67M
D&A	$10M
EBIT	$102M
EBITDA	$112M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$307M
Cost of Revenue	$115M
GROSS PROFIT	$192M
R&D Expenses	$0
Selling & Marketing	$17M
General & Administrative	$28M
SG&A Expenses	$44M
Other Expenses	$41M
Operating Expenses	$85M
Cost & Expenses	$200M
OPERATING INCOME	$107M
Interest Income	$2M
Interest Expense	$0
Other Income/Expenses	-$25.0K
INCOME BEFORE TAX	$107M
Income Tax Expense	$40M
Net Income from Continuing Ops	$67M
Net Income from Discontinued Ops	$0
Other Adjustments	$109.0K
NET INCOME	$67M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$67M
D&A	$10M
EBIT	$102M
EBITDA	$112M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$67M
Depreciation & Amortization	$10M
Stock-Based Compensation	$4M
Deferred Income Tax	$12M
Other Non-Cash Items	$46M
Change in Working Capital	$21M
OPERATING CASH FLOW	$160M
Capital Expenditure	-$6M
Acquisitions (Net)	-$59M
Purchases of Investments	-$2M
Sales/Maturities of Investments	$1M
Other Investing Activities	-$201M
NET CASH FROM INVESTING	-$266M
Net Debt Issuance	$110M
Common Stock Repurchased	-$66.0K
Common Dividends Paid	$0
Other Financing Activities	-$894.0K
NET CASH FROM FINANCING	$109M
FREE CASH FLOW	$153M
Net Change in Cash	$2M

Balance Sheet

Item	Amount
Cash & Equivalents	$3M
Short-Term Investments	$0
Net Receivables	$1.0B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.1B
PP&E (Net)	$21M
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$75M
Other Non-Current Assets	-$62M
TOTAL NON-CURRENT ASSETS	$35M
TOTAL ASSETS	$1.1B
Account Payables	$84M
Short-Term Debt	$435M
Deferred Revenue	$0
Other Current Liabilities	-$519M
TOTAL CURRENT LIABILITIES	$85M
Long-Term Debt	$207M
Deferred Revenue NC	-$801M
Deferred Tax Liabilities	$75M
Other Non-Current Liabilities	$435M
TOTAL NON-CURRENT LIABILITIES	$717M
TOTAL LIABILITIES	$802M
Common Stock	$306.0K
Additional Paid-In Capital	$12M
Retained Earnings	$328M
Treasury Stock	-$66.0K
Accum. Other Comp. Income	-$3M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$338M
Minority Interest	$0
TOTAL EQUITY	$338M
TOTAL LIABILITIES & EQUITY	$1.1B
Total Debt	$642M
Net Debt	$639M