Financial Performance - Credit Acceptance Corporation reported consolidated net income of $106.3 million, or $8.66 per diluted share, for the three months ended March 31, 2025, compared to $64.3 million, or $5.08 per diluted share, for the same period in 2024, representing a 65.3% increase [1][27] - Adjusted net income for the same period was $114.8 million, or $9.35 per diluted share, slightly down from $117.4 million, or $9.28 per diluted share, in the prior year [1][29] - The average balance of the loan portfolio increased by 11.0% to $7.9 billion, the highest ever recorded [5] Consumer Loan Metrics - The forecasted collection rates for Consumer Loans assigned in 2020 improved, while those for loans assigned in 2022, 2024, and 2025 declined [4] - The overall forecasted collection rates as of March 31, 2025, showed a modest decline, impacting forecasted net cash flows from the loan portfolio by $20.9 million, or 0.2% [5][4] - Consumer Loan assignment unit and dollar volumes decreased by 10.1% and 15.5%, respectively, compared to the first quarter of 2024 [5][21] Dealer Activity - The company enrolled 1,617 new dealers, bringing the total to 10,789 active dealers during the quarter [5] - The average volume per active dealer decreased by 9.7%, indicating a decline in dealer activity [22] Economic Profit and Capital - Economic profit decreased by 31.3% year-over-year, primarily due to a decrease in adjusted return on capital and an increase in the cost of capital [29] - Adjusted average capital rose by 18.3% compared to the same period in 2024, reflecting the company's investment in growth [29] Shareholder Returns - The company repurchased approximately 329,000 shares, or 2.7% of the shares outstanding at the beginning of the quarter [5] - The diluted weighted average shares outstanding decreased by 2.9% from the previous year [29]

在前面的文章中，「一只互金鹅」盘点了三家头部持牌消费金融的业务模式。 （超链接：持牌消金2024业绩（一）） 在持牌消费金融市场，其实还有一部分总资产规模排名居中的消费金融公司值得关注。 其他几家则是线上业务占比更多。 这些公司资产规模在300亿-700亿之间，且持续增长，净利润也保持上涨趋势。 这些公司算是持牌消费金融市场的中间力量。如果长期保持稳定增长，冲击千亿资产规模也会很快。 | 序号 | 公司 | | 营收 | | | 净利润 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2024 | 2023 | 同比 | 2024 | 2023 | 同比 | | 1 | 宁银消费金融 | 29.9 | 18.02 | 65.93% | 3.03 | 2.02 | 50.00% | | 2 | 杭银消费金融 | 52.66 | 48.38 | 8.85% | 9.2 | 8.02 | 14.71% | | 3 | 中原消费金融 | | | | 5.03 | 4.16 | 20.91% | | 4 | 招联消费金融 | 173.18 | 19 ...

Financial Performance - Originations reached $3 billion, a 20% year-over-year increase (13% organic)[13] - Capital Generation was $194 million, with C&I Adjusted EPS at $1.72[14] - C&I Total Revenue increased by 10% year-over-year to $1.5 billion[22] - Adjusted Pretax Income for Consumer & Insurance (C&I) was $275 million[25] Receivables and Portfolio - Managed Receivables totaled $24.6 billion, up 12% year-over-year (6% organic)[15] - Auto Managed Receivables amounted to $2.5 billion, with originations of $342 million[15] - Credit Card Receivables reached $676 million across 836 thousand customer accounts[16] Credit Quality - Consumer Loan net charge-offs decreased by 75bps year-over-year to 7.8%[17] - Consumer Loan 30+ Day Delinquency decreased by 49bps year-over-year to 5.08%[18] - C&I net charge-offs were 8.2%[17] Strategic Priorities - The company expects Managed Receivables Growth of 50%-80% in 2025[83] - The company expects Revenue Growth of 60%-80% in 2025[83] - The company expects an Operating Expense Ratio of ~6.6% in 2025[83]

Financial Data and Key Metrics Changes - The company ended the fiscal year with an outstanding letter of $1,220,000,000, representing a 4% decrease year over year, while the customer base increased by 3.5%, marking the first year of customer growth since fiscal year 2022 [3][4] - The average balance per customer decreased by 7.3% year over year, following a 7.1% decrease in the previous year [4] - The fourth quarter EPS benefited from a $2,800,000 after-tax accrual release of share-based compensation expense, equating to approximately $0.38 per share [7] Business Line Data and Key Metrics Changes - Non-refinance loan volume increased by 12.6% year over year, following a 10% increase in the previous year, while maintaining high credit quality and low first payment default rates [8] - Refinance loan volume improved slightly by 3% year over year, with a temporary dip in March that rebounded in April [10] - The portfolio composition shifted towards small loans, with large loans decreasing from nearly 60% two years ago to 48% at the end of fiscal year 2025 [11][12] Market Data and Key Metrics Changes - The company experienced a 25% increase in tax return revenue, amounting to nearly $7,000,000 in the fourth quarter [7] - The approval rates for new customers increased by around 50% compared to the third and fourth quarters of fiscal year 2024 [12] Company Strategy and Development Direction - The company is focusing on returning to its roots by emphasizing small loans, which historically made up a larger portion of its portfolio [11][17] - A new credit card product is being piloted internally, with plans for wider testing and eventual customer offering later in the fiscal year [12][13] - The strategy aims to align yield with risk, manage both installment and revolving credit, and expand market reach [13] Management's Comments on Operating Environment and Future Outlook - Management has not observed significant changes in consumer demand or payment behavior despite external economic factors [16] - There is optimism regarding the impact of improved training and loan servicing management on delinquency rates [6] - The company expects natural reductions in annualized charge-off rates with normal portfolio growth [4] Other Important Information - The company has repurchased over $115,000,000 of bonds, with plans for more repurchases depending on negotiations with banks [24][25] Q&A Session Summary Question: Any shift in consumer behavior since mid to late February? - Management indicated no significant increase or decrease in demand or change in payments [16] Question: Is the shift to smaller loans due to underwriting or consumer demand? - The shift is primarily a return to the company's historical focus on small loans rather than a change in consumer demand [17][18] Question: What is driving the strong revenue growth in tax preparation? - The growth is attributed to market research, increased pricing, and minimal reduction in demand during tax season [19]

Financial Data and Key Metrics Changes - The company ended the fiscal year with an outstanding letter of $1,220,000,000, representing a 4% decrease year over year, while the customer base increased by 3.5%, marking the first year of customer growth since fiscal year 2022 [3] - The average balance per customer decreased by 7.3% year over year, following a 7.1% decrease in the previous year [4] - The fourth quarter EPS benefited from a $2,800,000 after-tax accrual release of share-based compensation expense, equating to approximately $0.38 per share [7] Business Line Data and Key Metrics Changes - Non-refinance loan volume increased by 12.6% year over year, following a 10% increase in the previous year, while maintaining high credit quality and low first payment default rates [8] - Refinance loan volume improved slightly by 3% year over year, with a temporary dip in March that rebounded in April [10] - The portfolio composition shifted towards small loans, with large loans decreasing from nearly 60% two years ago to 48% at the end of fiscal year 2025 [11] Market Data and Key Metrics Changes - The company experienced a 25% increase in tax return revenue, amounting to nearly $7,000,000 in the fourth quarter [7] - The approval rates for new customers increased by around 50% compared to the same quarters of fiscal year 2024, while maintaining low first payment default rates [12] Company Strategy and Development Direction - The company is focusing on returning to its roots by emphasizing small loans, which historically made up a larger portion of its portfolio [17] - A new credit card product is being piloted internally, with plans for wider rollout later in the fiscal year, aimed at better aligning yield with risk and expanding market reach [12][13] Management's Comments on Operating Environment and Future Outlook - Management has not observed significant changes in consumer behavior or demand since mid-February, despite external economic factors [16] - The company remains optimistic about the impact of improved training and loan servicing management on delinquency rates [6] Other Important Information - The allowance for losses decreased sequentially due to portfolio runoff [23] - Share repurchase expectations indicate a potential increase in activity, contingent on negotiations with banks and bond limitations [24] Q&A Session Summary Question: Any shift in consumer behavior since tariff noise began? - Management noted no significant increase or decrease in demand or changes in payments [16] Question: Is the shift to smaller loans due to underwriting or consumer demand? - The shift is primarily a strategic return to focusing on small loans rather than a change in consumer demand [17][18] Question: What is driving the strong revenue growth in tax preparation? - The growth is attributed to market research, increased pricing, and sustained demand during the tax season [19]

Financial Data and Key Metrics Changes - Capital generation reached $194 million, up 25% year over year [9][21] - C&I adjusted earnings were $1.72 per share, an increase of 19% [9][21] - Receivables grew by 12% year over year, totaling $24.6 billion [21][22] - Total revenue increased by 10% to $1.5 billion [24] - Originations grew by 20% year over year, with organic growth at 13% [9][22] Business Line Data and Key Metrics Changes - Consumer loan net charge-offs were 7.8%, down 75 basis points year over year [11][29] - C&I net charge-offs were 8.2%, down 49 basis points compared to the previous year [10][29] - The credit card business ended the quarter with $676 million in receivables, while the auto finance business had $2.5 billion [12][12] - The company continues to maintain a conservative underwriting posture across all business lines [13][16] Market Data and Key Metrics Changes - The 30-plus delinquency rate was 5.08%, down 49 basis points year over year [10][27] - The company serves over 3.4 million customers, a 14% increase from the previous year [11] - Consumer loan yield was 22.4%, up 28 basis points year over year [23] Company Strategy and Development Direction - The company is focused on long-term profitable growth through strategic initiatives and product innovation [8][18] - An application to form OneMain Bank, an industrial loan company, is in progress, which could enhance market access and operational efficiency [16][17] - The company aims to maintain a conservative credit posture while preparing to ramp growth when appropriate [13][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the uncertain macroeconomic environment, citing a strong balance sheet and credit expertise [7][14] - The company expects managed receivables to grow by 5% to 8% and total revenue by 6% to 8% for the full year 2025 [36] - Management noted that they are not currently seeing weakness in consumer behavior [36][91] Other Important Information - The company raised $1.5 billion in secured and unsecured markets, demonstrating strong market access [20][34] - Operating expenses were $401 million, up 11% year over year, but the expense ratio improved to 6.6% [32][32] Q&A Session Summary Question: Benefits of the ILC - Management discussed that the ILC would allow for market expansion, simplified operations, and access to deposit funding without becoming a bank holding company [40][42][44] Question: Credit Performance and Delinquency Trends - Management noted improvements in delinquency rates and credit performance, with a focus on monitoring trends closely [45][46][47] Question: Reserve Ratio and Credit Outlook - Management explained that the reserve ratio remains unchanged due to macro uncertainty, and future adjustments will depend on credit performance and economic conditions [50][52][96] Question: Growth in New Products - Management indicated that growth in new products like credit cards and auto finance will be considered once macroeconomic conditions stabilize [53][56] Question: Consumer Behavior and Demand - Management reported steady demand across products and no significant changes in consumer sentiment despite macroeconomic volatility [90][91]

Core Viewpoint - The 2025 government work report prioritizes "vigorously boosting consumption, improving investment efficiency, and comprehensively expanding domestic demand," emphasizing the implementation of specific measures to stimulate consumption [1] Group 1: Financial Industry's Role - Financial institutions have been actively supporting consumption through diversified methods such as consumer credit, payment settlement, scenario finance, and digital services, contributing significantly to consumer upgrades, relief for small and micro enterprises, and rural revitalization [1] - The financial sector is continuously optimizing key aspects such as regional development balance, service scenario coverage, and risk prevention mechanisms [1] Group 2: Case Collection and Categories - The collection targets banks, insurance institutions, consumer finance companies, and payment institutions, with categories including: 1. Consumption scenario innovation (e.g., smart markets, credit card installment scenarios) [2] 2. Payment facilitation (e.g., app payment optimization, cross-border payment services) [2] 3. Consumer credit innovation (e.g., personal consumption loan products) [2] 4. Government-business collaboration (e.g., joint consumption coupon issuance) [2] 5. Green consumption promotion (e.g., green finance supporting low-carbon consumption) [2] 6. Other typical cases not covered above [2] Group 3: Evaluation Criteria - The evaluation criteria for the cases include: - Innovation: Whether the model breaks traditional norms and introduces new technologies or scenarios [3] - Comprehensive effectiveness: Whether it leads to perceivable consumption promotion effects [3] - Sustainability: The replicability of the model and its long-term social benefits [3] - Risk control: Compliance of financial services and the completeness of risk control mechanisms [3] Group 4: Activity Process - The case collection period is from now until May 30, 2025, with submissions sent to a specified email [3] - Cases must include background, innovation points, implementation results, and social impact analysis, with a word count between 1,000 and 3,000 [3] - The evaluation will consist of case collection and expert review, leading to the announcement of the "2025 Golden Ding Award for Excellent Cases of Financial Support for Consumption" [3]

Cautionary Statement Regarding Forward-Looking Statements The following slides are part of a presentation by Synchrony Financial in connection with reporting quarterly financial results and should be read in conjunction with the earnings release and financial supplement included as exhibits to our Current Report on Form 8-K filed today and available on our website (www.investors.synchrony.com) and the SEC's website (www.sec.gov). All references to net earnings and net income are intended to have the same me ...

华夏时报（www.chinatimes.net.cn）记者 付乐 北京报道 2024年消费金融行业调整加速，出现龙头增速放缓，腰部机构逆势突围的态势。 曾经领跑的头部机构，2024年业绩均出现了不同程度的下滑。与此同时，中邮消费金融、海尔消费金融、杭银消 费金融、宁银消费金融等业绩普遍上涨。 4月21日，博通分析金融行业资深分析师王蓬博对《华夏时报》记者表示，2024年消金行业可以说是"头部缩表、 腰部赶超"，整体业绩两极分化特征明显，部分头部公司出现营收净利"双降"，市场竞争激烈，自身获客成本逐年 高企，宏观经济波动导致中低收入客群偿债能力下降。 冰火两重天 最新财报显示，头部机构增速放缓引发市场关注。 从中国联通发布的财报看，招联消费金融2024年营业收入、净利润同比均出现下降。 中银消费金融净利润同样遭遇断崖式下跌。2024年末，中银消费金融注册资本15.14亿元，资产总额791.51亿元， 净资产90.86亿元；全年实现净利润0.45亿元，相比2023年的5.37亿元，同比下滑约91.62%。 海尔消费金融相关负责人对本报记者表示，2024年依托股东资源，海尔消费金融进一步优化业务结构，聚焦家 电、家 ...

Group 1 - Synchrony has announced a multi-year extension of its agreement to manage the credit programs for American Eagle Outfitters, enhancing the consumer financing experience for customers [1][3] - The Real Rewards credit card allows customers to earn rewards when shopping at American Eagle and Aerie, both online and in-store, with the Visa version usable anywhere Visa is accepted [3] - The Real Rewards program has been recognized as one of America's Best Loyalty Programs by Newsweek for five consecutive years, and the Real Rewards Credit Card was named Money's Best Retail Credit Card: In-Store Rewards for 2025 [4] Group 2 - Synchrony is a leading consumer financing company that has been serving the needs of people and businesses for nearly 100 years, providing access to credit and banking products [5] - American Eagle Outfitters, Inc. is a global specialty retailer with a portfolio of brands that promote inclusivity and authenticity, offering high-quality products [6] - AEO operates stores in the United States, Canada, and Mexico, and has a strong e-commerce presence across its brands [7]