What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2022-02-11 compared with 2021-02-12 · 16 added, 41 removed, 15 unchanged (79% of the section changed)

2 unchanged sentences

Our common stock is traded on The Nasdaq Global Select Market ® under the symbol “CACC”.

As of February 4, 2021, we had 110 shareholders of record and approximately 27,600 beneficial holders of our common stock based upon securities position listings furnished to us.

As of February 3, 2022, we had 90 shareholders of record of our common stock.

Stock Performance Graph

2 unchanged sentences

The comparison assumes that $100 was invested on January 1, 2017 in our common stock and in the foregoing indices and assumes the reinvestment of dividends.

Zacks Investment Research, Inc.

Used with permission.

Stock Repurchases

6 unchanged sentences

606,309 $ 623.19 606,309

(1) On March 5, 2020, our board of directors authorized the repurchase by us from time to time in the open market or in privately negotiated transactions of up to three million shares of our common stock.

The authorization, which was announced on March 11, 2020, does not have a specified expiration date.

SELECTED FINANCIAL DATA

The selected financial data presented below are derived from our audited consolidated financial statements and should be read in conjunction with our consolidated financial statements as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018, and notes thereto, and Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, which are included elsewhere in this Form 10-K, and are incorporated herein by reference.

(Dollars in millions, except per share data) Years Ended December 31,

2020 2019 2018 2017 2016

Income Statement Data:

Finance charges $ 1,562.4 $ 1,369.4 $ 1,176.8 $ 1,011.5 $ 874.3

Premiums earned 57.3 51.0 46.6 41.1 43.0

Other income 49.6 68.6 62.4 57.4 51.9

Total revenue 1,669.3 1,489.0 1,285.8 1,110.0 969.2

Costs and expenses:

Salaries and wages 186.5 193.3 167.8 140.1 126.5

General and administrative 69.6 65.1 55.7 55.5 48.2

Sales and marketing 69.5 70.2 67.7 58.4 49.4

Provision for credit losses 556.9 76.4 56.9 129.3 90.2

Interest 192.0 196.2 156.6 120.2 97.7

Provision for claims 37.9 30.1 26.0 22.7 26.0

Loss on extinguishment of debt 7.4 1.8 — — —

Total costs and expenses 1,119.8 633.1 530.7 526.2 438.0

Income before provision for income taxes

549.5 855.9 755.1 583.8 531.2

Provision for income taxes 128.5 199.8 181.1 113.6 198.4

Net income $ 421.0 $ 656.1 $ 574.0 $ 470.2 $ 332.8

Net income per share:

Basic $ 23.57 $ 34.71 $ 29.52 $ 24.12 $ 16.37

Diluted $ 23.47 $ 34.57 $ 29.39 $ 24.04 $ 16.31

Weighted average shares outstanding:

Basic 17,858,935 18,900,256 19,446,067 19,497,719 20,331,769

Diluted 17,935,779 18,976,560 19,532,312 19,558,936 20,410,116

Balance Sheet Data:

Loans receivable, net $ 6,787.9 $ 6,685.2 $ 5,763.3 $ 4,619.6 $ 3,886.6

All other assets 701.1 738.0 474.1 366.0 331.4

Total assets $ 7,489.0 $ 7,423.2 $ 6,237.4 $ 4,985.6 $ 4,218.0

Total debt $ 4,608.6 $ 4,538.8 $ 3,820.9 $ 3,070.8 $ 2,603.7

Other liabilities 577.9 529.1 425.6 379.0 440.6

Total liabilities 5,186.5 5,067.9 4,246.5 3,449.8 3,044.3

Shareholders’ equity (1) 2,302.5 2,355.3 1,990.9 1,535.8 1,173.7

Total liabilities and shareholders’ equity $ 7,489.0 $ 7,423.2 $ 6,237.4 $ 4,985.6 $ 4,218.0

(1) No dividends were paid during the periods presented.

(1) On March 5, 2020, our board of directors authorized the repurchase by us from time to time of up to three million shares of our common stock (the "March 2020 Authorization").

The March 2020 Authorization, which was announced on March 11, 2020, did not have a specified expiration date.

On September 28, 2021, our board of directors authorized the repurchase by us from time to time of up to two million shares of our common stock (the "September 2021 Authorization") in addition to the March 2020 Authorization.

The September 2021 Authorization, which was announced on October 1, 2021, does not have a specified expiration date.

Repurchases under the September 2021 Authorization may be made in the open market, through privately negotiated transactions, through block trades, pursuant to trading plans adopted in accordance with Rule 10b5‑1 under the Securities Exchange Act of 1934 or otherwise.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity