CREDIT ACCEPTANCE CORP MANAGEMENT REPORT OF FINANCIAL POSITION AND OPERATING RESULTS (Form 10-K)

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The following discussion and analysis should be read in conjunction with the
consolidated financial statements and related notes contained in Item 8 of this
Form 10-K, which is incorporated herein by reference.

Overview

We offer financing programs that enable automobile dealers to sell vehicles to
consumers, regardless of their credit history. Our financing programs are
offered through a nationwide network of automobile dealers who benefit from
sales of vehicles to consumers who otherwise could not obtain financing; from
repeat and referral sales generated by these same customers; and from sales to
customers responding to advertisements for our financing programs, but who
actually end up qualifying for traditional financing.

For the year ended December 31, 2021, consolidated net income was $958.3
million, or $59.52 per diluted share, compared to $421.0 million, or $23.47 per
diluted share, for the same period in 2020. The increase in consolidated net
income was primarily due to a decrease in provision for credit losses and an
increase in finance charges. The decrease in provision for credit losses was
primarily due to an improvement in Consumer Loan performance and a decrease in
new Consumer Loan assignment volume. The increase in finance charges was
primarily due to an increase in the average yield on our Loan portfolio, which
was primarily the result of the adoption of the current expected credit loss
("CECL") accounting standard on January 1, 2020. Our results for the year ended
December 31, 2021 included:

•An increase in forecasted collection rates for Consumer Loans assigned in 2017
through 2021, which increased forecasted net cash flows from our loan portfolio
by $326.1 million.
•Forecasted profitability per Consumer Loan assignment that exceeded our initial
estimate for Consumer Loans assigned in 2021 and significantly exceeded our
initial estimates for Consumer Loans assigned in 2018 through 2020.
•A decline in Consumer Loan assignment volume, as unit and dollar volumes
declined 21.4% and 13.0%, respectively, as compared to 2020.
•Stock repurchases of approximately 2.9 million shares, which represented 16.8%
of the shares outstanding at the beginning of the year.

For the year ended December 31, 2020, consolidated net income was $421.0
million, or $23.47 per diluted share, compared to $656.1 million, or $34.57 per
diluted share, for the same period in 2019. The decrease in consolidated net
income was primarily due to an increase in provision for credit losses primarily
due to the adoption of CECL on January 1, 2020. Our results for the year ended
December 31, 2020 included:

•A decrease in forecasted collection rates for Consumer Loans assigned in 2015
through 2019 and an increase in forecasted collection rates for Consumer Loans
assigned in 2020, which decreased forecasted net cash flows from our loan
portfolio by $46.3 million.
•Forecasted profitability per Consumer Loan assignment that exceeded our initial
estimate for Consumer Loans assigned in 2018 and 2019 and significantly exceeded
our initial estimates for Consumer Loans assigned in 2020.
•A decline in Consumer Loan assignment volume, as unit and dollar volumes
declined 7.5% and 3.5%, respectively, as compared to 2019.
•Stock repurchases of approximately 1.3 million shares, which represented 6.9%
of the shares outstanding at the beginning of the year.


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Critical success factors

Critical success factors include our ability to accurately forecast Consumer
Loan performance, access capital on acceptable terms, and maintain or grow
Consumer Loan volume at the level and on the terms that we anticipate, with an
objective to maximize economic profit. Economic profit is a non-GAAP financial
measure we use to evaluate our financial results and determine incentive
compensation. Economic profit measures how efficiently we utilize our total
capital, both debt and equity, and is a function of the return on capital in
excess of the cost of capital and the amount of capital invested in the
business.

Consumer Loan Measures

At the time a Consumer Loan is submitted to us for assignment, we forecast
future expected cash flows from the Consumer Loan. Based on the amount and
timing of these forecasts and expected expense levels, an advance or one-time
purchase payment is made to the related Dealer at a price designed to maximize
economic profit.

We use a statistical model to estimate the expected collection rate for each
Consumer Loan at the time of assignment. We continue to evaluate the expected
collection rate of each Consumer Loan subsequent to assignment. Our evaluation
becomes more accurate as the Consumer Loans age, as we use actual performance
data in our forecast. By comparing our current expected collection rate for each
Consumer Loan with the rate we projected at the time of assignment, we are able
to assess the accuracy of our initial forecast. The following table compares our
forecast of Consumer Loan collection rates as of December 31, 2021, with the
forecasts as of December 31, 2020, as of December 31, 2019, and at the time of
assignment, segmented by year of assignment:
                                                  Forecasted Collection Percentage as of (1)                                              Current Forecast Variance from
    Consumer Loan              December 31,           December 31,           December 31,             Initial                                        December 31,             Initial
   Assignment Year                 2021                   2020                   2019                 Forecast            December 31, 2020              2019                 Forecast
         2012                         73.8  %                73.8  %                73.9  %                71.4  %                    0.0  %                -0.1  %                 2.4  %
         2013                         73.4  %                73.4  %                73.5  %                72.0  %                    0.0  %                -0.1  %                 1.4  %
         2014                         71.5  %                71.6  %                71.7  %                71.8  %                   -0.1  %                -0.2  %                -0.3  %
         2015                         65.1  %                65.2  %                65.4  %                67.7  %                   -0.1  %                -0.3  %                -2.6  %
         2016                         63.6  %                63.6  %                64.1  %                65.4  %                    0.0  %                -0.5  %                -1.8  %
         2017                         64.4  %                64.1  %                64.8  %                64.0  %                    0.3  %                -0.4  %                 0.4  %
         2018                         65.1  %                64.0  %                65.1  %                63.6  %                    1.1  %                 0.0  %                 1.5  %
         2019                         66.5  %                64.4  %                64.6  %                64.0  %                    2.1  %                 1.9  %                 2.5  %
         2020                         67.9  %                64.8  %                   -                   63.4  %                    3.1  %                   -                    4.5  %
         2021                         66.5  %                   -                      -                   66.3  %                      -                      -                    0.2  %



(1)Represents the total forecasted collections we expect to collect on the
Consumer Loans as a percentage of the repayments that we were contractually owed
on the Consumer Loans at the time of assignment. Contractual repayments include
both principal and interest. Forecasted collection rates are negatively impacted
by canceled Consumer Loans as the contractual amount owed is not removed from
the denominator for purposes of computing forecasted collection rates in the
table.

Consumer Loans assigned in 2012 and 2013 and 2018 through 2020 have yielded
forecasted collection results significantly better than our initial estimates,
while Consumer Loans assigned in 2015 and 2016 have yielded forecasted
collection results significantly worse than our initial estimates. For all other
assignment years presented, actual results have been close to our initial
estimates.

For the year ended December 31, 2021, forecasted collection rates improved for
Consumer Loans assigned in 2017 through 2021 and were generally consistent with
expectations at the start of the period for all other assignment years
presented.

For the year ended December 31, 2020, forecasted collection rates improved for
Consumer Loans assigned in 2020, declined for Consumer Loans assigned in 2015
through 2019 and were generally consistent with expectations at the start of the
period for all other assignment years presented.


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The changes in forecasted collection rates impacted forecasted net cash flows
(forecasted collections less forecasted Dealer Holdback payments) as follows:
(In millions)                                                    For the 

Completed exercises the 31st of December,

Increase (decrease) in expected net cash

                     Flows                                 2021                 2020                2019
Dealer Loans                                          $       87.7          $    (41.1)         $     (7.9)
Purchased Loans                                              238.4                (5.2)               22.5
Total                                                 $      326.1          $    (46.3)         $     14.6


During the first quarter of 2020, we reduced our estimate of future net cash
flows from our Loan portfolio by $206.5 million, or 2.3% of the forecasted net
cash flows at the start of the period, primarily due to the impact of the
COVID-19 pandemic. The reduction was comprised of: (1) $44.3 million calculated
by our forecasting model, which reflected lower realized collections during the
first quarter of 2020 and (2) an additional $162.2 million, which represented
our best estimate of the future impact of the COVID-19 pandemic on future net
cash flows. Under CECL, changes in the amount and timing of forecasted net cash
flows are recorded as a provision for credit losses in the current period. We
have continued to apply this adjustment to our forecast through the end of 2021
as it continues to represent our best estimate of the impact of the COVID-19
pandemic on future net cash flows. The COVID-19 pandemic has created conditions
that increase the level of uncertainty associated with our estimate of the
amount and timing of future net cash flows from our Loan portfolio.

The following table presents information on the average allocation of consumer loans for each of the last 10 years:

                                                               Average
                                                                               Initial Loan Term
  Consumer Loan Assignment Year      Consumer Loan (1)       Advance (2)          (in months)
              2012                  $           15,468      $      7,165                        47
              2013                                15,445             7,344                      47
              2014                                15,692             7,492                      47
              2015                                16,354             7,272                      50
              2016                                18,218             7,976                      53
              2017                                20,230             8,746                      55
              2018                                22,158             9,635                      57
              2019                                23,139            10,174                      57
              2020                                24,262            10,656                      59
              2021                                25,632            11,790                      59



(1)Represents the repayments that we were contractually owed on Consumer Loans
at the time of assignment, which include both principal and interest.
(2)Represents advances paid to Dealers on Consumer Loans assigned under our
Portfolio Program and one-time payments made to Dealers to purchase Consumer
Loans assigned under our Purchase Program. Payments of Dealer Holdback and
accelerated Dealer Holdback are not included.

Forecasting collection rates accurately at Loan inception is difficult. With
this in mind, we establish advance rates that are intended to allow us to
achieve acceptable levels of profitability, even if collection rates are less
than we initially forecast.

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The following table presents forecasted Consumer Loan collection rates, advance
rates, the spread (the forecasted collection rate less the advance rate), and
the percentage of the forecasted collections that had been realized as of
December 31, 2021. All amounts, unless otherwise noted, are presented as a
percentage of the initial balance of the Consumer Loan (principal + interest).
The table includes both Dealer Loans and Purchased Loans.
                                                                                    As of December 31, 2021
                                                Forecasted                                                                        % of Forecast
   Consumer Loan Assignment Year               Collection %              
Advance % (1)                Spread %                   Realized (2)
                2012                                     73.8  %                   46.3  %                    27.5  %                         99.9  %
                2013                                     73.4  %                   47.6  %                    25.8  %                         99.7  %
                2014                                     71.5  %                   47.7  %                    23.8  %                         99.4  %
                2015                                     65.1  %                   44.5  %                    20.6  %                         98.8  %
                2016                                     63.6  %                   43.8  %                    19.8  %                         97.6  %
                2017                                     64.4  %                   43.2  %                    21.2  %                         93.4  %
                2018                                     65.1  %                   43.5  %                    21.6  %                         83.2  %
                2019                                     66.5  %                   44.0  %                    22.5  %                         68.1  %
                2020                                     67.9  %                   43.9  %                    24.0  %                         46.9  %
                2021                                     66.5  %                   46.0  %                    20.5  %                         17.4  %



(1)Represents advances paid to Dealers on Consumer Loans assigned under our
Portfolio Program and one-time payments made to Dealers to purchase Consumer
Loans assigned under our Purchase Program as a percentage of the initial balance
of the Consumer Loans. Payments of Dealer Holdback and accelerated Dealer
Holdback are not included.
(2)Presented as a percentage of total forecasted collections.

The risk of a material change in our forecasted collection rate declines as the
Consumer Loans age. For 2017 and prior Consumer Loan assignments, the risk of a
material forecast variance is modest, as we have currently realized in excess of
90% of the expected collections. Conversely, the forecasted collection rates for
more recent Consumer Loan assignments are less certain as a significant portion
of our forecast has not been realized.

The spread between the forecasted collection rate and the advance rate has
ranged from 19.8% to 27.5% over the last 10 years. The spread was at the high
end of this range in 2012, when the competitive environment was unusually
favorable, and much lower during other years (2015 through 2019 and 2021) when
competition was more intense. Despite intense competition, the spread in 2020
was higher than other recent years due to Consumer Loan performance, which has
exceeded our initial estimates by a significantly greater margin than the other
years presented. The decrease in the spread from 2020 to 2021 was primarily the
result of the performance of 2020 Consumer Loans, partially offset by a higher
initial spread on 2021 Consumer Loans, primarily due to a higher initial
forecast on 2021 Consumer Loans.


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The following table compares our forecast of Consumer Loan collection rates as
of December 31, 2021 with the forecasts at the time of assignment, for Dealer
Loans and Purchased Loans separately:

                                                          Dealer Loans                                                        Purchased Loans
                                  Forecasted Collection Percentage as of                               Forecasted Collection Percentage as of
                                                   (1)                                                                  (1)
  Consumer Loan Assignment         December 31,             Initial                                                               Initial
           Year                        2021                 Forecast               Variance           December 31, 2021           Forecast               Variance
           2012                           73.6  %                71.3  %                 2.3  %                 75.9  %                71.4  %                 4.5  %
           2013                           73.3  %                72.1  %                 1.2  %                 74.2  %                71.6  %                 2.6  %
           2014                           71.4  %                71.9  %                -0.5  %                 72.4  %                70.9  %                 1.5  %
           2015                           64.4  %                67.5  %                -3.1  %                 68.9  %                68.5  %                 0.4  %
           2016                           62.8  %                65.1  %                -2.3  %                 65.8  %                66.5  %                -0.7  %
           2017                           63.8  %                63.8  %                 0.0  %                 66.0  %                64.6  %                 1.4  %
           2018                           64.6  %                63.6  %                 1.0  %                 66.4  %                63.5  %                 2.9  %
           2019                           66.2  %                63.9  %                 2.3  %                 67.2  %                64.2  %                 3.0  %
           2020                           67.6  %                63.3  %                 4.3  %                 68.4  %                63.6  %                 4.8  %
           2021                           66.2  %                66.3  %                -0.1  %                 67.1  %                66.3  %                 0.8  %



(1)  The forecasted collection rates presented for Dealer Loans and Purchased
Loans reflect the Consumer Loan classification at the time of assignment. The
forecasted collection rates represent the total forecasted collections we expect
to collect on the Consumer Loans as a percentage of the repayments that we were
contractually owed on the Consumer Loans at the time of assignment. Contractual
repayments include both principal and interest. Forecasted collection rates are
negatively impacted by canceled Consumer Loans as the contractual amount owed is
not removed from the denominator for purposes of computing forecasted collection
rates in the table.

The following table presents forecasted Consumer Loan collection rates, advance
rates, and the spread (the forecasted collection rate less the advance rate) as
of December 31, 2021 for Dealer Loans and Purchased Loans separately. All
amounts are presented as a percentage of the initial balance of the Consumer
Loan (principal + interest).
                                                           Dealer Loans                                                        Purchased Loans
  Consumer Loan Assignment           Forecasted              Advance %                                     Forecasted              Advance %
           Year                   Collection % (1)            (1)(2)                Spread %            Collection % (1)            (1)(2)                Spread %
           2012                             73.6  %               46.0  %                27.6  %                  75.9  %               50.0  %                25.9  %
           2013                             73.3  %               47.2  %                26.1  %                  74.2  %               51.5  %                22.7  %
           2014                             71.4  %               47.2  %                24.2  %                  72.4  %               51.8  %                20.6  %
           2015                             64.4  %               43.4  %                21.0  %                  68.9  %               50.2  %                18.7  %
           2016                             62.8  %               42.1  %                20.7  %                  65.8  %               48.6  %                17.2  %
           2017                             63.8  %               42.1  %                21.7  %                  66.0  %               45.8  %                20.2  %
           2018                             64.6  %               42.7  %                21.9  %                  66.4  %               45.2  %                21.2  %
           2019                             66.2  %               43.1  %                23.1  %                  67.2  %               45.6  %                21.6  %
           2020                             67.6  %               43.0  %                24.6  %                  68.4  %               45.5  %                22.9  %
           2021                             66.2  %               45.1  %                21.1  %                  67.1  %               47.7  %                19.4  %



(1)The forecasted collection rates and advance rates presented for Dealer Loans
and Purchased Loans reflect the Consumer Loan classification at the time of
assignment.
(2)Represents advances paid to Dealers on Consumer Loans assigned under our
Portfolio Program and one-time payments made to Dealers to purchase Consumer
Loans assigned under our Purchase Program as a percentage of the initial balance
of the Consumer Loans. Payments of Dealer Holdback and accelerated Dealer
Holdback are not included.

Although the Advance Rate on Purchased Loans is higher than the Advance Rate on Merchant Loans, Purchased Loans do not require us to pay a holdback to Merchants.


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The spread on Dealer Loans decreased from 24.6% in 2020 to 21.1% in 2021
primarily as a result of the performance of the 2020 Consumer Loans in our
Dealer Loan portfolio, which has significantly exceeded our initial estimates,
partially offset by a higher initial spread on 2021 Consumer Loans in our Dealer
Loan portfolio, primarily due to a higher initial forecast on 2021 Consumer
Loans in our Dealer Loan portfolio. The spread on Purchased Loans decreased from
22.9% in 2020 to 19.4% in 2021 primarily as a result of the performance of the
2020 Consumer Loans in our Purchased Loan portfolio, which has exceeded our
initial estimates by a significantly greater margin than those assigned to us in
2021, partially offset by a higher initial spread on 2021 Consumer Loans in our
Purchased Loan portfolio, primarily due to a higher initial forecast on 2021
Consumer Loans in our Purchased Loan portfolio.

Access to capital

Our strategy for accessing capital on acceptable terms needed to maintain and
grow the business is to: (1) maintain consistent financial performance; (2)
maintain modest financial leverage; and (3) maintain multiple funding sources.
Our funded debt to equity ratio was 2.5 to 1 as of December 31, 2021. We
currently utilize the following primary forms of debt financing: (1) a revolving
secured line of credit; (2) Warehouse facilities; (3) Term ABS financings; and
(4) senior notes.

Consumer Loan Volume

The following table summarizes the evolution of consumer loan origination volume in each of the last three years compared to the same period of the previous year:

                                                 Year over Year Percent 

Change

 For the Year Ended December 31,              Unit Volume               Dollar Volume (1)
              2019                                          -0.9  %                 4.9  %
              2020                                          -7.5  %                -3.5  %
              2021                                         -21.4  %               -13.0  %


(1) Represents advances paid to dealers on consumer loans awarded under our portfolio program and one-time payments made to dealers to purchase consumer loans awarded under our purchase program. Dealer holdback and accelerated dealer holdback payments are not included.

Consumer Loan assignment volumes depend on a number of factors including (1) the
overall demand for our financing programs, (2) the amount of capital available
to fund new Loans, and (3) our assessment of the volume that our infrastructure
can support. Our pricing strategy is intended to maximize the amount of economic
profit we generate, within the confines of capital and infrastructure
constraints.

During 2021, unit and dollar volumes decreased 21.4% and 13.0%, respectively, as
the number of active Dealers declined 10.1% while average volume per active
Dealer decreased 12.3%. We believe that this decline is primarily due to low
dealer inventories and elevated used vehicle prices, which we believe are
primarily due to the downstream impact of supply chain disruptions in the
automotive industry. Dollar volume declined less than unit volume during 2021
due to an increase in the average advance paid per unit. This increase was the
result of an increase in the average size of the Consumer Loans assigned
primarily due to an increase in the average vehicle selling price.

During 2020, unit and dollar volumes decreased 7.5% and 3.5%, respectively, as
the number of active Dealers declined 5.3% while average volume per active
Dealer decreased 2.5%. Dollar volume declined less than unit volume during 2020
due to an increase in the average advance paid per unit. This increase was the
result of an increase in the average size of the Consumer Loans assigned
primarily due to increases in the average vehicle selling price and average
initial loan term and an increase in Purchased Loans as a percentage of total
unit volume.


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The following table summarizes the changes in Consumer Loan unit volume and
active Dealers:
                                              For the Years Ended December 31,                                   For the Years Ended December 31,
                                      2021                  2020                % Change                 2020                  2019                % Change
Consumer Loan unit volume              268,730             341,967                  -21.4  %              341,967             369,805                   -7.5  %
Active Dealers (1)                      11,410              12,690                  -10.1  %               12,690              13,399                   -5.3  %
Average volume per active
Dealer                                       23.6                26.9               -12.3  %                    26.9                27.6                -2.5  %

Consumer Loan unit volume from
Dealers active both periods            249,743             315,540                  -20.9  %              309,179             338,939                   -8.8  %
Dealers active both periods              9,196               9,196                      -                   9,795               9,795                      -
Average volume per Dealer
active both periods                          27.2             34.3                  -20.9  %                    31.6             34.6                   -8.8  %

Consumer Loan unit volume from
Dealers not active both periods         18,987              26,427                  -28.2  %               32,788              30,866                    6.2  %
Dealers not active both periods          2,214               3,494                  -36.6  %                2,895               3,604                  -19.7  %
Average volume per Dealer not
active both periods                        8.6                 7.6                   13.2  %                 11.3                 8.6                   31.4  %

(1) Active Merchants are Merchants who received financing for at least one Consumer Loan during the period.

The following table provides additional information on the evolution of the volume of consumer credit units and active dealers:

                                                For the Years Ended December 31,                                     For the Years Ended December 31,
                                       2021                   2020                 % Change                 2020                   2019                 % Change
Consumer Loan unit volume from
new active Dealers                      18,267                 30,968                  -41.0  %              30,968                 44,938                  -31.1  %
New active Dealers (1)                   2,094                  2,730                  -23.3  %               2,730                  3,936                  -30.6  %
Average volume per new active
Dealer                                     8.7                   11.3                  -23.0  %                11.3                   11.4                   -0.9  %

Attrition (2)                             -7.7  %                -8.3  %                                       -8.3  %                -8.1  %



(1)New active Dealers are Dealers who enrolled in our program and have received
funding for their first Loan from us during the period.
(2)Attrition is measured according to the following formula: decrease in
Consumer Loan unit volume from Dealers who have received funding for at least
one Loan during the comparable period of the prior year but did not receive
funding for any Loans during the current period divided by prior year comparable
period Consumer Loan unit volume.

Consumer Loans are assigned to us as either Dealer Loans through our Portfolio
Program or Purchased Loans through our Purchase Program. The following table
shows the percentage of Consumer Loans assigned to us under each of the programs
for each of the last three years:
                                                           Unit Volume                                     Dollar Volume (1)
  For the Years Ended December 31,          Portfolio Program         Purchase Program         Portfolio Program         Purchase Program
                2019                                   67.2  %                  32.8  %                   64.3  %                  35.7  %
                2020                                   64.1  %                  35.9  %                   60.6  %                  39.4  %
                2021                                   67.9  %                  32.1  %                   65.0  %                  35.0  %


(1) Represents advances paid to dealers on consumer loans awarded under our portfolio program and one-time payments made to dealers to purchase consumer loans awarded under our purchase program. Dealer holdback and accelerated dealer holdback payments are not included.

From December 31, 2021 and 2020, net merchant loans were 61.3% and 61.4%, respectively, of total net loans receivable.

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Operating results

The following is a discussion of our 2021 and 2020 results of operations and
income statement data on a consolidated basis, including year-to-year
comparisons between 2021 and 2020. Discussions of 2019 items and year-to-year
comparisons between 2020 and 2019 that are not included in this Form 10-K can be
found in "Management's Discussion and Analysis of Financial Condition and
Results of Operations" in Item 7 of the Company's Annual Report on Form 10-K for
the year ended December 31, 2020.

The net Loan income (finance charge revenue less provision for credit losses
expense) that we recognize over the life of a Loan equals the cash we collect
from the underlying Consumer Loan less the cash we pay to the Dealer. We believe
the economics of our business are best exhibited by recognizing net Loan income
on a level-yield basis over the life of the Loan based on expected future net
cash flows. We do not believe the CECL methodology we employ under GAAP provides
sufficient transparency into the economics of our business due to its asymmetry
requiring us to recognize a significant provision for credit losses expense at
the time of assignment for contractual net cash flows we never expect to realize
and to recognize in subsequent periods finance charge revenue that is
significantly in excess of our expected yields. For additional information, see
Note 2 and Note 5 to the consolidated financial statements contained in Item 8
of this Form 10-K, which is incorporated herein by reference.

Year ended December 31, 2021 Compared to the year ended December 31, 2020
(in millions of dollars, except per share data)

For the years ended the 31st of December,

                                                        2021                    2020                 $ Change               % Change
Revenue:
Finance charges                                 $    1,742.6               $    1,562.4          $       180.2                    11.5  %
Premiums earned                                         60.3                       57.3                    3.0                     5.2  %
Other income                                            53.1                       49.6                    3.5                     7.1  %
Total revenue                                        1,856.0                    1,669.3                  186.7                    11.2  %
Costs and expenses:
Salaries and wages (1)                                 218.1                      186.5                   31.6                    16.9  %
General and administrative (1)                         100.3                       69.6                   30.7                    44.1  %
Sales and marketing (1)                                 65.3                       69.5                   (4.2)                   -6.0  %
Provision for credit losses                              8.4                      556.9                 (548.5)                  -98.5  %
Interest                                               164.2                      192.0                  (27.8)                  -14.5  %
Provision for claims                                    38.8                       37.9                    0.9                     2.4  %
Loss on extinguishment of debt                             -                        7.4                   (7.4)                 -100.0  %
Total costs and expenses                               595.1                    1,119.8                 (524.7)                  -46.9  %
Income before provision for income taxes             1,260.9                      549.5                  711.4                   129.5  %
Provision for income taxes                             302.6                      128.5                  174.1                   135.5  %
Net income                                      $      958.3               $      421.0          $       537.3                   127.6  %
Net income per share:
Basic                                           $      59.57               $      23.57          $       36.00                   152.7  %
Diluted                                         $      59.52               $      23.47          $       36.05                   153.6  %
Weighted average shares outstanding:
Basic                                             16,085,823                 17,858,935             (1,773,112)                   -9.9  %
Diluted                                           16,100,552                 17,935,779             (1,835,227)                  -10.2  %
(1) Operating expenses                          $      383.7               $      325.6          $        58.1                    17.8  %




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Finance Charges. The increase of $180.2 million, or 11.5%, was primarily the
result of an increase in the average yield on our Loan portfolio, as follows:
(Dollars in millions)                         For the Years Ended December 31,
                                             2021              2020          Change

Average net balance of loans receivable $6,694.9 $6,753.5 $(58.6)
Average return on our loan portfolio

            26.0   %         23.1  %     

2.9%

The following table summarizes the impact of each component on the overall increase in finance costs for the year ended December 31, 2021: (In millions)

For the year ended

                       Impact on finance charges:                               December 31, 2021
Due to an increase in the average yield                                        $          193.8
Due to a decrease in the average net Loans receivable balance                             (13.6)
Total increase in finance charges                                           

$180.2


The average yield on our Loan portfolio for the year ended December 31, 2021
increased as compared to the same period in 2020 primarily due to the adoption
of CECL on January 1, 2020, which requires us to recognize finance charges on
new Consumer Loan assignments using effective interest rates based on
contractual future net cash flows, which are significantly in excess of our
expected yields.

Operating Expenses. The increase of $58.1 million, or 17.8%, was primarily due
to:
•An increase in salaries and wages expense of $31.6 million, or 16.9%, comprised
of the following:
•An increase in stock-based compensation expense of $18.6 million, due to an
increase of $33.7 million related to stock options and a decrease of $15.1
million related to restricted stock and restricted stock units. We recognized
$33.7 million of expense in 2021 for stock options granted from December 2020
through August 2021 primarily due to a change in the incentive compensation
program for senior management. During the second quarter of 2021, we recognized
an $11.5 million reversal of stock-based compensation expense due to the
forfeiture of unvested restricted stock and restricted stock units upon the
retirement of our former Chief Executive Officer in May 2021. For additional
information, see Note 14 to the consolidated financial statements contained in
Item 8 of this Form 10-K, which is incorporated herein by reference.
•An increase of $22.3 million, excluding stock-based compensation and cash-based
incentive compensation, related to increases of $12.8 million for our support
function, $9.0 million for our servicing function and $0.5 million for our
originations function. The increase in our support function was primarily
related to a $7.4 million increase related to our information technology
department.
•A decrease of $9.3 million in cash-based incentive compensation expense,
primarily due to a change in the incentive compensation program for senior
management, which eliminated annual cash awards in favor of longer-term equity
awards, partially offset by an increase in profit sharing primarily due to an
improvement in Company performance measures.
•An increase in general and administrative expense of $30.7 million, or 44.1%,
primarily due to an increase in legal expenses, which included a $27.2 million
settlement with the Commonwealth of Massachusetts to settle and fully resolve
the claims asserted against the Company. For additional information, see Note 16
to the consolidated financial statements contained in Item 8 of this Form 10-K,
which is incorporated herein by reference.

Provision for Credit Losses. The decrease of $548.5 million, or 98.5%, was due
to decreases in provision for credit losses on forecast changes and provision
for credit losses on new Consumer Loan assignments.

We recognize provision for credit losses on new Consumer Loan assignments for
contractual net cash flows that are not expected to be realized at the time of
assignment. We also recognize provision for credit losses on forecast changes in
the amount and timing of expected future net cash flows subsequent to
assignment. The following table summarizes the provision for credit losses for
each of these components:
(In millions)                               For the Years Ended December 31,
  Provision for Credit Losses               2021                2020         Change
New Consumer Loan assignments      $     365.1                $ 518.6      $ (153.5)
Forecast changes                        (356.7)                  38.3        (395.0)
Total                              $       8.4                $ 556.9      $ (548.5)


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The decrease in PCL related to new consumer loan assignments is due to a 21.4% decrease in unit volume of consumer loan assignments and lower average PCL by disposal of consumer loans, mainly due to a higher initial forecast on 2021 Lending assignments.

The decrease in provision for credit losses related to forecast changes was
primarily due to an improvement in Consumer Loan performance. For the year ended
December 31, 2021, we increased our estimate of future net cash flows by $326.1
million to reflect improvements in Consumer Loan performance during the period.
For the year ended December 31, 2020, we decreased our estimate of future net
cash flows by $46.3 million to reflect the estimated long-term impact of
COVID-19 on Consumer Loan performance.

Interest. The decrease in $27.8 millionor 14.5%, is mainly attributable to a decrease in our average cost of debt, as follows:

(Dollars in millions)                                            For the 

Completed exercises the 31st of December,

                                                          2021                  2020                 Change
Interest expense                                    $      164.2           $      192.0          $     (27.8)
Average outstanding debt principal balance
(1)                                                      4,728.9                4,712.8                 16.1
Average cost of debt                                         3.5   %                4.1  %              -0.6  %


(1) Includes unamortized debt discount and excludes deferred debt issuance costs.

The decrease in our average cost of debt is primarily due to lower interest rates on recently concluded secured financings.

Provision for Income Taxes. For the year ended December 31, 2021, the effective
income tax rate increased to 24.0% from 23.4% for the year ended December 31,
2020. The increase was primarily due to an increase in our state income tax rate
and the impact of tax benefits related to our stock-based compensation plan on
our effective income tax rate. The increase in our state income tax rate was
primarily the result of the settlement of an uncertain tax position for state
income taxes during 2020. The impact of tax benefits related to our stock-based
compensation plan, which reduce our effective income tax rate, decreased from
2020 to 2021 primarily due to an increase in pre-tax income. For additional
information, see Note 11 to the consolidated financial statements contained in
Item 8 of this Form 10-K, which is incorporated herein by reference.

Critical accounting estimates

Our consolidated financial statements are prepared in accordance with GAAP. The
preparation of these financial statements requires management to make estimates
and judgments that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. On an ongoing basis, we review our accounting policies,
assumptions, estimates and judgments to ensure that our financial statements are
presented fairly and in accordance with GAAP.

Our significant accounting policies are discussed in Note 2 to the consolidated
financial statements contained in Item 8 of this Form 10-K, which is
incorporated herein by reference. We believe that the following accounting
estimates are the most critical to aid in fully understanding and evaluating our
reported financial results, and involve a high degree of subjective or complex
judgment, and the use of different estimates or assumptions could produce
materially different financial results.
                                       37
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Income from finance charges and provision for credit losses

Nature of estimates required. We estimate the amount and timing of future recoveries and retainer payments from dealers. These estimates impact loans receivable and allowance for credit losses on our balance sheet and finance costs and allowance for credit losses on our income statement.

Assumptions and Approaches Used. On January 1, 2020, we adopted Accounting
Standards Update 2016-13, Measurement of Credit Losses on Financial Instruments,
which is known as the current expected credit loss model, or CECL. Prior to the
adoption of CECL on January 1, 2020, we accounted for our Loans as loans
acquired with significant credit deterioration. For additional information
regarding the adoption impact of CECL, see Note 2 and Note 5 to the consolidated
financial statements contained in Item 8 of this Form 10-K, which is
incorporated herein by reference.

We recognize finance charges under the interest method such that revenue is
recognized on a level-yield basis over the life of the Loan. We calculate
finance charges on a monthly basis by applying the effective interest rate of
the Loan to the net carrying amount of the Loan (Loan receivable less the
related allowance for credit losses). For Consumer Loans assigned on or
subsequent to January 1, 2020, the effective interest rate is based on
contractual future net cash flows. For Consumer Loans assigned prior to January
1, 2020, the effective interest rate was determined based on expected future net
cash flows.

The outstanding balance of the allowance for credit losses of each Loan
represents the amount required to reduce the net carrying amount of Loans (Loans
receivable less allowance for credit losses) to the present value of expected
future net cash flows discounted at the effective interest rate. Expected future
net cash flows for Dealer Loans are comprised of expected future collections on
the assigned Consumer Loans, less any expected future Dealer Holdback payments.
Expected future net cash flows for Purchased Loans are comprised of expected
future collections on the assigned Consumer Loans.

Expected future collections are forecasted for each individual Consumer Loan
based on the historical performance of Consumer Loans with similar
characteristics, adjusted for recent trends in payment patterns and economic
conditions. Our forecast of expected future collections includes estimates for
prepayments and post-contractual-term cash flows. Unless the consumer is no
longer contractually obligated to pay us, we forecast future collections on each
Consumer Loan for a 120 month period after the origination date. Expected future
Dealer Holdback payments are forecasted for each individual Dealer based on the
expected future collections and current advance balance of each Dealer Loan.

We monitor and evaluate Consumer Loan performance on a monthly basis by
comparing our current forecasted collection rates to our initial expectations.
We use a statistical model that considers a number of credit quality indicators
to estimate the expected collection rate for each Consumer Loan at the time of
assignment. The credit quality indicators considered in our model include
attributes contained in the consumer's credit bureau report, data contained in
the consumer's credit application, the structure of the proposed transaction,
vehicle information and other factors. We continue to evaluate the expected
collection rate of each Consumer Loan subsequent to assignment primarily through
the monitoring of consumer payment behavior. Our evaluation becomes more
accurate as the Consumer Loans age, as we use actual performance data in our
forecast. Since all known, significant credit quality indicators have already
been factored into our forecasts and pricing, we are not able to use any
specific credit quality indicators to predict or explain variances in actual
performance from our initial expectations. Any variances in performance from our
initial expectations are the result of Consumer Loans performing differently
from historical Consumer Loans with similar characteristics. We periodically
adjust our statistical pricing model for new trends that we identify through our
evaluation of these forecasted collection rate variances.

During the first quarter of 2020, we reduced our estimate of future net cash
flows from our Loan portfolio by $206.5 million, or 2.3% of the forecasted net
cash flows at the start of the period, primarily due to the impact of the
COVID-19 pandemic. The reduction was comprised of: (1) $44.3 million calculated
by our forecasting model, which reflected lower realized collections during the
first quarter of 2020 and (2) an additional $162.2 million, which represented
our best estimate of the future impact of the COVID-19 pandemic on future net
cash flows. Under CECL, changes in the amount and timing of forecasted net cash
flows are recorded as a provision for credit losses in the current period. We
have continued to apply this adjustment to our forecast through the end of 2021
as it continues to represent our best estimate of the impact of the COVID-19
pandemic on future net cash flows. The COVID-19 pandemic has created conditions
that increase the level of uncertainty associated with our estimate of the
amount and timing of future net cash flows from our Loan portfolio.


                                       38
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Our provision for credit losses for the year ended December 31, 2021, included:
•$365.1 million provision for credit losses on new Consumer Loan assignments,
which reduced consolidated net income by $281.1 million, or $17.46 per diluted
share; and
•$356.7 million reversal of provision for credit losses on forecast changes
related to changes in the amount and timing of expected future net cash flows,
which increased consolidated net income by $274.7 million, or $17.06 per diluted
share.

Our provision for credit losses for the year ended December 31, 2020, included:
•$518.6 million provision for credit losses on new Consumer Loan assignments
related to the adoption of CECL on January 1, 2020, which reduced consolidated
net income by $399.3 million, or $22.26 per diluted share; and
•$38.3 million provision for credit losses on forecast changes related to
changes in the amount and timing of expected future net cash flows, which
reduced consolidated net income by $29.5 million, or $1.64 per diluted share.

Key Factors. Variances in the amount and timing of future net cash flows from
current estimates could materially impact earnings in future periods. A 1%
decline in the forecasted future net cash flows on Loans as of December 31, 2021
would have reduced 2021 net income by approximately $47.5 million.

During periods of economic slowdown or recession, delinquencies, defaults,
repossessions and losses may increase on our Consumer Loans, and Consumer Loan
prepayments may decline. These periods are also typically accompanied by
decreased consumer demand for automobiles and declining values of automobiles
securing outstanding Consumer Loans, which weakens collateral coverage and
increases the amount of a loss in the event of default. Significant increases in
the inventory of used automobiles during periods of economic recession may also
depress the prices at which repossessed automobiles may be sold or delay the
timing of these sales. Additionally, higher gasoline prices, increased focus on
climate-related initiatives and regulation, declining stock market values,
unstable real estate values, resets of adjustable rate mortgages to higher
interest rates, increasing unemployment levels, general availability of consumer
credit or other factors that impact consumer confidence or disposable income
could increase loss frequency and decrease consumer demand for automobiles as
well as weaken collateral values of automobiles. Because our business is focused
on consumers who do not qualify for conventional automobile financing, the
actual rates of delinquencies, defaults, repossessions and losses on our
Consumer Loans could be higher than those experienced in the general automobile
finance industry, and could be more dramatically affected by a general economic
downturn.

Premiums Earned

Nature of estimates required. We estimate the profile of future claims on vehicle maintenance contracts. These estimates affect accounts payable and accrued liabilities on our balance sheet and earned premiums on our income statement.

Assumptions and Approaches Used. Premiums from the reinsurance of vehicle
service contracts are recognized over the life of the policy in proportion to
the expected costs of servicing those contracts. Expected costs are determined
based on our historical claims experience. In developing our cost expectations,
we stratify our historical claims experience into groupings based on contractual
term, as this characteristic has led to different patterns of cost incurrence in
the past. We will continue to update our analysis of historical costs under the
vehicle service contract program as appropriate, including the consideration of
other characteristics that may have led to different patterns of cost
incurrence, and revise our revenue recognition timing for any changes in the
pattern of our expected costs as they are identified.

Key Factors. Variances in the pattern of future claims from our current
estimates would impact the timing of premiums recognized in future periods. A
10% change in premiums earned for the year ended December 31, 2021 would have
affected 2021 net income by approximately $4.6 million.

Contingencies

Nature of Estimates Required. We estimate the likelihood of adverse judgments
against us and any resulting damages, fines or statutory penalties owed. These
estimates impact accounts payable and accrued liabilities on our balance sheet
and are general and administrative expenses on our income statement.


                                       39
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Assumptions and Approaches Used. With assistance from our legal counsel, we
determine if the likelihood of an adverse judgment for various claims,
litigation and regulatory investigations is remote, reasonably possible, or
probable. To the extent we believe an adverse judgment is probable and the
amount of the judgment is estimable, we recognize a liability. For information
regarding current actions to which we are a party, see Note 16 to the
consolidated financial statements contained in Item 8 of this Form 10-K, which
is incorporated herein by reference.

Key factors. Negative deviations in the ultimate settlement of pending claims and litigation from current estimates could result in additional expenses in future periods.

Uncertain Tax Positions

Nature of Estimates Required. We estimate the impact of an uncertain income tax
position on the income tax return. These estimates impact income taxes
receivable and accounts payable and accrued liabilities on our balance sheet and
provision for income taxes on our income statement.

Assumptions and Approaches Used. We follow a two-step approach for recognizing
uncertain tax positions. First, we evaluate the tax position for recognition by
determining if the weight of available evidence indicates it is
more-likely-than-not that the position will be sustained upon examination,
including resolution of related appeals or litigation processes, if any. Second,
for positions that we determine are more-likely-than-not to be sustained, we
recognize the tax benefit as the largest benefit that has a greater than 50%
likelihood of being sustained. We establish a reserve for uncertain tax
positions liability that is comprised of unrecognized tax benefits and related
interest. We adjust this liability in the period in which an uncertain tax
position is effectively settled, the statute of limitations expires for the
relevant taxing authority to examine the tax position, or more information
becomes available.

Key Factors. To the extent we prevail in matters for which a liability has been
established or are required to pay amounts in excess of our established
liability, our effective income tax rate in future periods could be materially
affected.

Cash and capital resources

We need capital to maintain and grow our business. Our primary sources of
capital are cash flows from operating activities, collections of Consumer Loans
and borrowings under: (1) a revolving secured line of credit; (2) Warehouse
facilities; (3) Term ABS financings; and (4) senior notes. There are various
restrictive covenants to which we are subject under each financing arrangement
and we were in compliance with those covenants as of December 31, 2021. For
information regarding these financings and the covenants included in the related
documents, see Note 9 to the consolidated financial statements contained in Item
8 of this Form 10-K, which is incorporated herein by reference.

At January 29, 2021we made a $100.0 million Term ABS financing, which was used to repay outstanding debt. The funding will run for 24 months, after which it will amortize based on the cash flows on the loans made.

On January 29, 2021, we extended the date on which our $300.0 million Warehouse
Facility IV will cease to revolve from July 26, 2022 to November 17, 2023. The
interest rate on borrowings under the facility has been increased from LIBOR
plus 200 basis points to LIBOR plus 210 basis points.

At February 3, 2021we have extended the date on which our $400.0 million Warehouse Facility II will stop running from July 12, 2022 at April 30, 2024.

On February 18, 2021, we completed a $500.0 million Term ABS financing, which
was used to repay outstanding indebtedness. The financing has an expected
annualized cost of approximately 1.4% (including the initial purchasers' fees
and other costs), and it will revolve for 24 months, after which it will
amortize based upon the cash flows on the contributed Loans.

On May 20, 2021, we completed a $450.0 million Term ABS financing, which was
used to repay outstanding indebtedness and for general corporate purposes. The
financing has an expected annualized cost of approximately 1.5% (including the
initial purchasers' fees and other costs), and it will revolve for 24 months,
after which it will amortize based upon the cash flows on the contributed Loans.

                                       40
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At September 1, 2021we have extended the date on which our $200.0 million Warehouse Facility VIII will stop running from July 26, 2022 at September 1, 2024.

On October 6, 2021, we increased the financing amount on our revolving secured
line of credit facility with a commercial bank syndicate from $340.0 million to
$385.0 million. We also extended the maturity of the facility from June 22, 2023
to June 22, 2024. The amount of the facility will decrease by $35.0 million on
June 22, 2022, and will further decrease by $25.0 million on June 22, 2023.

At October 15, 2021we have extended the date on which our $75.0 million Warehouse Facility VI will stop running from September 30, 2022 at September 30, 2024.

On October 28, 2021, we completed a $250.1 million Term ABS financing, which was
used to repay outstanding indebtedness and for general corporate purposes. The
financing has an expected annualized cost of approximately 1.8% (including the
initial purchasers' fees and other costs), and it will revolve for 24 months,
after which it will amortize based upon the cash flows on the contributed Loans.

On November 30, 2021, we increased the financing amount on our revolving secured
line of credit facility with a commercial bank syndicate from $385.0 million to
$435.0 million. As noted above, the amount of the facility will decrease by
$35.0 million on June 22, 2022, and will further decrease by $25.0 million on
June 22, 2023.

Cash and cash equivalents increased to $23.3 million as of December 31, 2021
from $16.0 million as of December 31, 2020. As of December 31, 2021 and
December 31, 2020 we had $1,532.4 million and $1,419.1 million, respectively, in
unused and available lines of credit. Our total balance sheet indebtedness
increased to $4,616.3 million as of December 31, 2021 from $4,608.6 million as
of December 31, 2020.

A summary of material future financial obligations requiring repayments to the December 31, 2021 is as follows:

(In millions)                                                     Payments Due as of December 31, 2021
                                                      In less than           In 12 months
                                                       12 months               or more               Total

Long-term debt, including current maturities (1) $1,431.2 $3,211.5 $4,642.7
Dealer Hold (2)

                                         188.4                  836.6            1,025.0
Operating lease obligations (3)                               1.0                    1.4                2.4
Purchase obligations (4)                                      3.1                   10.8               13.9
Total financial obligations                         $     1,623.7          

$4,060.3 $5,684.0



(1)The amounts presented consist solely of principal and do not reflect deferred
debt issuance costs of $26.4 million. We are also obligated to make interest
payments at the applicable interest rates, as discussed in Note 9 to the
consolidated financial statements contained in Item 8 of this Form 10-K, which
is incorporated herein by reference. Based on the actual principal amounts
outstanding under our revolving secured line of credit, our Warehouse
facilities, and our senior notes as of December 31, 2021, the forecasted
principal amounts outstanding on all other debt and the actual interest rates in
effect as of December 31, 2021, interest is expected to be approximately $106.9
million during 2022; $70.5 million during 2023; and $91.5 million during 2024
and thereafter.
(2)We have contractual obligations to pay Dealer Holdback to our Dealers.
Payments of Dealer Holdback are contingent upon the receipt of consumer payments
and the repayment of advances. The amounts presented represent our forecast as
of December 31, 2021.
(3)A lease liability of $0.5 million is recognized within accounts payable and
accrued liabilities in our consolidated balance sheets.
(4)Purchase obligations consist primarily of contractual obligations related to
our information system and facility needs.

Based upon anticipated cash flows, management believes that cash flows from
operations and our various financing alternatives will provide sufficient
financing for debt maturities and for future operations. Our ability to borrow
funds may be impacted by economic and financial market conditions. If the
various financing alternatives were to become limited or unavailable to us, our
operations and liquidity could be materially and adversely affected.

Off-balance sheet arrangements

We do not have any off-balance sheet arrangements that have or are reasonably
likely to have a material current or future effect on our financial condition,
revenues or expenses, results of operations, liquidity, capital expenditures or
capital resources.


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Market risk

We are exposed primarily to market risks associated with movements in interest
rates. Our policies and procedures prohibit the use of financial instruments for
speculative purposes. A discussion of our accounting policies for derivative
instruments is included in Note 2 to the consolidated financial statements
contained in Item 8 of this Form 10-K, which is incorporated herein by
reference.

Interest rate risk. We rely on various sources of funding, some of which have variable interest rates and expose us to the risks associated with rising interest rates. We manage this risk primarily by entering into interest rate cap agreements.

As of December 31, 2021, we had $2.6 million of floating rate debt outstanding
on our revolving secured line of credit, without interest rate protection. For
every 100-basis-point increase in interest rates on our revolving secured line
of credit, annual after-tax earnings would decrease by approximately $0.0
million, assuming we maintain a level amount of floating rate debt.

As of December 31, 2021, we had interest rate cap agreements outstanding to
manage the interest rate risk on Warehouse Facility II, Warehouse Facility IV,
Warehouse Facility V and Warehouse Facility VIII. However, as of December 31,
2021, there was no floating rate debt outstanding under these facilities.

From December 31, 2021we had no outstanding balances under Warehouse Facility VI, which is not interest rate protected.

As of December 31, 2021, we had $100.0 million in floating rate debt outstanding
under Term ABS 2021-1, which was covered by an interest rate cap with a cap rate
of 5.50% on the underlying benchmark rate. For every 100-basis-point increase in
interest rates on Term ABS 2021-1 up to the cap rate of 5.50%, annual after-tax
earnings would decrease by approximately $0.8 million, assuming we maintain a
level amount of floating rate debt.

New accounting updates

See Note 2 to the consolidated financial statements contained in Item 8 of this
Form 10-K, which is incorporated herein by reference, for information concerning
the following new accounting updates and the impact of the implementation of
this update on our financial statements:

•Simplification of income tax accounting.

Forward-looking statements

We make forward-looking statements in this report and may make such statements
in future filings with the SEC. We may also make forward-looking statements in
our press releases or other public or shareholder communications. Our
forward-looking statements are subject to risks and uncertainties and include
information about our expectations and possible or assumed future results of
operations. When we use any of the words "may," "will," "should," "believe,"
"expect," "anticipate," "assume," "forecast," "estimate," "intend," "plan,"
"target" or similar expressions, we are making forward-looking statements.

We claim the protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995 for all of our
forward-looking statements. These forward-looking statements represent our
outlook only as of the date of this report. While we believe that our
forward-looking statements are reasonable, actual results could differ
materially since the statements are based on our current expectations, which are
subject to risks and uncertainties. Factors that might cause such a difference
include, but are not limited to, the factors set forth in Item 1A of this Form
10-K, which is incorporated herein by reference, and the risks and uncertainties
discussed elsewhere in this Form 10-K and in our other reports filed or
furnished from time to time with the SEC.

SECTION 7A. QUANTITATIVE AND QUALITATIVE INFORMATION ON MARKET RISK

The information required by Item 7A is incorporated herein by reference from the information in Item 7 under the heading “Market Risk” in this Form 10-K.

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