Credit Acceptance Corporation (NASDAQ: CACC) has announced a $400.0 million senior notes offering, with the intention of using the net proceeds to fund the redemption of all outstanding $400.0 million 6.625% senior notes due 2026. The company plans to offer the notes to qualified institutional buyers and stated that the notes will not be registered under the securities act.
In its most recent financial report, Credit Acceptance Corporation disclosed its total revenue for the most recent period at $453.9 million, representing an increase of 8.5% compared to the same period last year. Additionally, the company reported a net income of $140.8 million for the period, marking a 10.2% increase from the previous year. Furthermore, the company's total assets grew to $7.6 billion, reflecting a 5.3% increase from the previous period.
Moreover, Credit Acceptance Corporation's operating cash flow for the period was reported at $220.4 million, showing a significant rise of 18.6% from the same period in the previous year. The company's operating margin also improved to 45.8%, up by 2.1% from the last reported period.
In terms of financial position, the company reported a total debt of $3.2 billion, showing a 6.2% increase from the previous period. Additionally, Credit Acceptance Corporation's stockholders' equity stood at $1.9 billion, representing a 4.8% increase from the same period last year.
Credit Acceptance Corporation's earnings per share (EPS) for the period were reported at $7.48, indicating a 12.5% increase from the previous year. Furthermore, the company's return on equity (ROE) improved to 29.6%, up by 3.2% from the same period last year. The market has reacted to these announcements by moving the company's shares 1.3% to a price of $509.4. Check out the company's full 8-K submission here.
