Reports Q1 revenue $508M, consensus $455.76M. The company said, “We have experienced increased levels of uncertainty associated with our estimate of the amount and timing of future net cash flows from our loan portfolio since the beginning of 2020, with realized collections underperforming our expectations during the early stages of the COVID-19 pandemic, outperforming our expectations following the distribution of federal stimulus payments and enhanced unemployment benefits, and underperforming our expectations during the current economic environment. Forecasting collection rates accurately is challenging, so we have designed our business model to produce acceptable levels of profitability across our portfolio, even if loan performance is less than forecasted in the aggregate. For the period from January 1, 2020 through March 31, 2024, the cumulative change to our forecast of future net cash flows from our loan portfolio has been a decrease of $17.0 million, or 0.2%.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CACC:
- CACC Upcoming Earnings Report: What to Expect?
- Credit Acceptance Announces Timing of First Quarter 2024 Earnings Release and Webcast
- Credit Acceptance Celebrates 10th Year on Fortune’s 100 Best Companies to Work For® List
- Credit Acceptance Corp. Issues Non-Commital Investor Materials
- Credit Acceptance Announces Completion of $500.0 Million Asset-Backed Financing