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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     

Commission file number 000-20202
CREDIT ACCEPTANCE CORPORATION
(Exact name of registrant as specified in its charter)
Michigan 38-1999511
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
25505 W. Twelve Mile Road 
Southfield,Michigan48034-8339
(Address of principal executive offices)(Zip Code)
(248) 353-2700
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueCACCThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerþAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No þ

The number of shares of Common Stock, $.01 par value, outstanding on April 25, 2022 was 13,139,579.




TABLE OF CONTENTS

PART I. — FINANCIAL INFORMATION 
  
ITEM 1. FINANCIAL STATEMENTS 
  
Consolidated Balance Sheets - As of March 31, 2022 and December 31, 2021
  
Consolidated Statements of Income - Three months ended March 31, 2022 and 2021
  
Consolidated Statements of Comprehensive Income - Three months ended March 31, 2022 and 2021
 
Consolidated Statements of Shareholders' Equity - Three months ended March 31, 2022 and 2021
 
Consolidated Statements of Cash Flows - Three months ended March 31, 2022 and 2021
  
Notes to Consolidated Financial Statements
  
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
ITEM 4. CONTROLS AND PROCEDURES
  
PART II. — OTHER INFORMATION 
  
ITEM 1. LEGAL PROCEEDINGS
ITEM 1A. RISK FACTORS
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
ITEM 6. EXHIBITS
  
SIGNATURES


PART I. - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

CREDIT ACCEPTANCE CORPORATION
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Dollars in millions, except per share data)As of
 March 31, 2022December 31, 2021
ASSETS:  
Cash and cash equivalents$17.6 $23.3 
Restricted cash and cash equivalents481.1 410.9 
Restricted securities available for sale62.4 62.1 
Loans receivable
9,198.0 9,349.8 
Allowance for credit losses(2,870.8)(3,013.5)
Loans receivable, net6,327.2 6,336.3 
Property and equipment, net56.7 57.3 
Income taxes receivable52.9 109.2 
Other assets40.4 51.8 
Total Assets$7,038.3 $7,050.9 
LIABILITIES AND SHAREHOLDERS' EQUITY:  
Liabilities:  
Accounts payable and accrued liabilities$224.5 $175.0 
Revolving secured line of credit104.7 2.6 
Secured financing3,832.4 3,811.5 
Senior notes792.5 792.5 
Mortgage note9.4 9.7 
Deferred income taxes, net445.8 435.2 
Income taxes payable0.2 0.2 
Total Liabilities5,409.5 5,226.7 
Commitments and Contingencies - See Note 15
Shareholders' Equity:  
Preferred stock, $.01 par value, 1,000,000 shares authorized, none issued
  
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
0.1 0.1 
Paid-in capital211.5 197.2 
Retained earnings1,418.7 1,626.7 
Accumulated other comprehensive income (loss)(1.5)0.2 
Total Shareholders' Equity1,628.8 1,824.2 
Total Liabilities and Shareholders' Equity$7,038.3 $7,050.9 


See accompanying notes to consolidated financial statements.
1


CREDIT ACCEPTANCE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(Dollars in millions, except per share data)For the Three Months Ended 
March 31,
 20222021
Revenue:  
Finance charges$424.1 $424.9 
Premiums earned13.8 14.4 
Other income17.8 11.7 
Total revenue455.7 451.0 
Costs and expenses:  
Salaries and wages64.4 49.3 
General and administrative18.9 46.1 
Sales and marketing19.2 17.2 
Provision for credit losses23.3 21.3 
Interest36.5 43.8 
Provision for claims8.9 9.0 
Total costs and expenses171.2 186.7 
Income before provision for income taxes284.5 264.3 
Provision for income taxes70.2 62.2 
Net income$214.3 $202.1 
Net income per share:  
Basic$15.02 $11.85 
Diluted$14.94 $11.82 
Weighted average shares outstanding:  
Basic14,268,518 17,060,944 
Diluted14,341,523 17,099,058 























See accompanying notes to consolidated financial statements.
2


CREDIT ACCEPTANCE CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(In millions)For the Three Months Ended 
March 31,
 20222021
Net income$214.3 $202.1 
Other comprehensive loss, net of tax:  
Unrealized loss on securities, net of tax(1.7)(0.7)
    Other comprehensive loss(1.7)(0.7)
Comprehensive income$212.6 $201.4 












































See accompanying notes to consolidated financial statements.
3


CREDIT ACCEPTANCE CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(UNAUDITED)
(Dollars in millions)For the Three Months Ended March 31, 2022
Common StockPaid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Shareholders' Equity
NumberAmount
Balance, beginning of period14,145,888 $0.1 $197.2 $1,626.7 $0.2 $1,824.2 
Net income—   214.3  214.3 
Other comprehensive loss—    (1.7)(1.7)
Stock-based compensation—  9.1   9.1 
Restricted stock forfeitures — — — — — 
Repurchase of common stock
(803,735) (0.7)(422.3) (423.0)
Restricted stock units converted to common stock
3,980 — — — — — 
Stock options exercised17,650 — 5.9 — — 5.9 
Balance, end of period13,363,783 $0.1 $211.5 $1,418.7 $(1.5)$1,628.8 
(Dollars in millions)For the Three Months Ended March 31, 2021
Common StockPaid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Shareholders' Equity
NumberAmount
Balance, beginning of period17,092,432 $0.2 $161.9 $2,138.8 $1.6 $2,302.5 
Net income—   202.1  202.1 
Other comprehensive loss—    (0.7)(0.7)
Stock-based compensation—  1.1   1.1 
Restricted stock forfeitures(18)— — — — — 
Repurchase of common stock
(393,408) (1.3)(133.9) (135.2)
Restricted stock units converted to common stock
11,416 — — — — — 
Balance, end of period16,710,422 $0.2 $161.7 $2,207.0 $0.9 $2,369.8 



























See accompanying notes to consolidated financial statements.
4


CREDIT ACCEPTANCE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In millions)For the Three Months Ended March 31,
 20222021
Cash Flows From Operating Activities:  
Net income$214.3 $202.1 
Adjustments to reconcile cash provided by operating activities:  
Provision for credit losses23.3 21.3 
Depreciation2.3 2.4 
Amortization4.3 4.1 
Provision for deferred income taxes11.0 12.9 
Stock-based compensation9.1 1.1 
Other0.1 (0.1)
Change in operating assets and liabilities:  
Increase in accounts payable and accrued liabilities43.1 24.0 
Decrease in income taxes receivable56.3 48.7 
Decrease in other assets12.3 8.7 
Net cash provided by operating activities376.1 325.2 
Cash Flows From Investing Activities:  
Purchases of restricted securities available for sale(11.4)(11.8)
Proceeds from sale of restricted securities available for sale5.4 5.2 
Maturities of restricted securities available for sale3.4 3.5 
Principal collected on Loans receivable961.9 973.0 
Advances to Dealers(633.8)(647.1)
Purchases of Consumer Loans(289.7)(385.2)
Accelerated payments of Dealer Holdback(9.4)(10.4)
Payments of Dealer Holdback(43.2)(39.0)
Purchases of property and equipment(1.7)(0.8)
Net cash used in investing activities(18.5)(112.6)
Cash Flows From Financing Activities:  
Borrowings under revolving secured line of credit697.8 807.6 
Repayments under revolving secured line of credit(595.7)(903.5)
Proceeds from secured financing211.7 728.8 
Repayments of secured financing(193.8)(521.3)
Payments of debt issuance costs(0.8)(7.6)
Repurchase of common stock(423.0)(135.2)
Proceeds from stock options exercised5.9  
Other4.8 6.6 
Net cash used in financing activities(293.1)(24.6)
Net increase in cash and cash equivalents and restricted cash and cash equivalents