CACC FY 2014 Earnings Report — Credit Acceptance Corporation Revenue & Financial Results | Market Cap Arena

Credit Acceptance CorporationCACC

FY 2014 Earnings

Reported February 12, 2015

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$722M	—	$679M	—	6.3%
Op. Income	$441M	—	$395M	—	11.7%
Gross Margin	72.7%	—	71.6%	—	1.2pp
Net Margin	36.9%	—	37.3%	—	-0.4pp
EPS (Diluted)	$11.92	—	$10.54	—	13.1%
Free Cash Flow	$361M	—	$320M	—	12.7%

Revenue Flow

Item	Amount
REVENUE	$722M
Cost of Revenue	$197M
GROSS PROFIT	$525M
R&D Expenses	$0
Selling & Marketing	$37M
General & Administrative	$34M
SG&A Expenses	$71M
Other Expenses	$13M
Operating Expenses	$84M
Cost & Expenses	$281M
OPERATING INCOME	$441M
Interest Income	$0
Interest Expense	$57M
Other Income/Expenses	-$20M
INCOME BEFORE TAX	$421M
Income Tax Expense	$155M
Net Income from Continuing Ops	$266M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$266M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$266M
D&A	$13M
EBIT	$441M
EBITDA	$454M
EPS	$12
EPS Diluted	$12

Income Statement

Item	Amount
REVENUE	$722M
Cost of Revenue	$197M
GROSS PROFIT	$525M
R&D Expenses	$0
Selling & Marketing	$37M
General & Administrative	$34M
SG&A Expenses	$71M
Other Expenses	$13M
Operating Expenses	$84M
Cost & Expenses	$281M
OPERATING INCOME	$441M
Interest Income	$0
Interest Expense	$57M
Other Income/Expenses	-$20M
INCOME BEFORE TAX	$421M
Income Tax Expense	$155M
Net Income from Continuing Ops	$266M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$266M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$266M
D&A	$13M
EBIT	$441M
EBITDA	$454M
EPS	$12
EPS Diluted	$12

Cash Flow Statement

Item	Amount
Net Income	$266M
Depreciation & Amortization	$13M
Stock-Based Compensation	$15M
Deferred Income Tax	$56M
Other Non-Cash Items	$35M
Change in Working Capital	-$20M
OPERATING CASH FLOW	$365M
Capital Expenditure	-$4M
Acquisitions (Net)	$0
Purchases of Investments	-$65M
Sales/Maturities of Investments	$50M
Other Investing Activities	-$343M
NET CASH FROM INVESTING	-$363M
Net Debt Issuance	$364M
Common Stock Repurchased	-$344M
Common Dividends Paid	$0
Other Financing Activities	-$20M
NET CASH FROM FINANCING	$400.0K
FREE CASH FLOW	$361M
Net Change in Cash	$2M

Balance Sheet

Item	Amount
Cash & Equivalents	$6M
Short-Term Investments	$0
Net Receivables	$2.5B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.7B
PP&E (Net)	$21M
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$213M
Other Non-Current Assets	-$180M
TOTAL NON-CURRENT ASSETS	$54M
TOTAL ASSETS	$2.8B
Account Payables	$114M
Short-Term Debt	$120M
Deferred Revenue	$0
Other Current Liabilities	-$237M
TOTAL CURRENT LIABILITIES	$117M
Long-Term Debt	$1.8B
Deferred Revenue NC	-$2.1B
Deferred Tax Liabilities	$213M
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$2.0B
TOTAL LIABILITIES	$2.1B
Common Stock	$200.0K
Additional Paid-In Capital	$89M
Retained Earnings	$613M
Treasury Stock	$0
Accum. Other Comp. Income	-$100.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$702M
Minority Interest	$0
TOTAL EQUITY	$702M
TOTAL LIABILITIES & EQUITY	$2.8B
Total Debt	$1.8B
Net Debt	$1.7B