================================================================================
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF
- ---
1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2000, OR
TRANSITION REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF
- ---
1934 FOR THE TRANSITION PERIOD FROM TO
---------- -----------
Commission file number 1-3754
------
GENERAL MOTORS ACCEPTANCE CORPORATION
-----------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 38-0572512
- -------------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3044 WEST GRAND BOULEVARD, DETROIT, MICHIGAN 48202
- -------------------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 313-556-5000
------------
The registrant meets the conditions set forth in General Instruction H(1) (a)
and (b) of Form 10-Q and is therefore filing this Form with the reduced
disclosure format.
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 of the Securities Exchange Act of 1934 during the
preceding 12 months, and (2) has been subject to such filing requirements for
the past 90 days. Yes X . No ___.
As of March 31, 2000, there were outstanding 10 shares of the issuer's common
stock.
Documents incorporated by reference. NONE.
-----
================================================================================
<PAGE>
This quarterly report, filed pursuant to Rule 13a-13 of the General Rules and
Regulations under the Securities Exchange Act of 1934, consists of the following
information as specified in Form 10-Q:
PART 1. FINANCIAL INFORMATION
The required information is given as to the registrant, General Motors
Acceptance Corporation and subsidiaries (the Company or GMAC).
ITEM 1. FINANCIAL STATEMENTS
In the opinion of management, the interim financial statements
reflect all adjustments, consisting of only normal recurring items
which are necessary for a fair presentation of the results for the
interim periods presented. The results for interim periods are
unaudited and are not necessarily indicative of results which may
be expected for any other interim period or for the full year.
These financial statements should be read in conjunction with the
consolidated financial statements, the significant accounting
policies, and the other notes to the consolidated financial
statements included in the Company's 1999 Annual Report filed with
the Securities and Exchange Commission on Form 10-K.
The Financial Statements described below are submitted herein as
Exhibit 20.
1. Consolidated Balance Sheet, March 31, 2000, December 31,
1999 and March 31, 1999.
2. Consolidated Statement of Income, Net Income Retained for
Use in the Business and Comprehensive Income for the Three
Months Ended March 31, 2000 and 1999.
3. Consolidated Statement of Cash Flows for the Three Months
Ended March 31, 2000 and 1999.
4. Notes to Consolidated Financial Statements.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
EARNINGS
Consolidated net income for the quarter was $397.3 million, up slightly from the
$392.3 million earned in the first quarter of 1999. These earnings represent the
best quarter for GMAC since 1991.
<TABLE>
<CAPTION>
Three Months Ended March 31,
-------------------------------------
2000 1999
---------------- ----------------
(in millions of dollars)
<S> <C> <C>
Automotive and other financing operations $ 262.1 $ 229.6
Insurance operations* 62.4 64.9
Mortgage operations** 72.8 97.8
---------------- ----------------
Consolidated net income $ 397.3 $ 392.3
================ ================
* GMAC Insurance Holdings, Inc. (GMACI)
** GMAC Mortgage Group, Inc. (GMACMG)
</TABLE>
Net income from automotive and other financing operations totaled $262.1
million, up 14% from the $229.6 million earned in the first quarter of last
year. Earnings were higher due primarily to higher asset levels and favorable
loss experience. These higher earnings were partially offset by the onset of
increased interest expense resulting from recent Federal Reserve rate increases.
Insurance operations generated net income of $62.4 million in the first quarter
of 2000, virtually unchanged from the $64.9 million earned in the first quarter
of 1999. Increased volume was offset by first quarter storm-related losses.
Mortgage operations earned $72.8 million in the first quarter of 2000, down 26%
from the record $97.8 million earned for the same period last year. The decline
in year-to-year performance is due to the non-recurrence of substantial benefits
realized in the first quarter of 1999 that resulted from the securitization and
sale of mortgage assets.
UNITED STATES NEW PASSENGER CAR AND TRUCK DELIVERIES
U.S. deliveries of new General Motors (GM) vehicles during the three months
ended March 31, 2000 were higher than comparable 1999 levels, primarily as a
result of an overall increase in the number of vehicles produced in the
industry. The increase in financing penetration was primarily the result of
increased lease incentive programs sponsored by GM.
<TABLE>
<CAPTION>
Three Months Ended March 31,
--------------------------------------
2000 1999
---------------- ----------------
(in millions of units)
<S> <C> <C>
Industry 4.5 4.0
General Motors 1.3 1.2
U.S. new GM vehicle deliveries financed by GMAC
Retail (installment sale contracts and
operating leases) 45.3% 42.0%
Fleet transactions (lease financing) 1.8% 2.1%
Total 35.7% 32.8%
</TABLE>
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
FINANCING VOLUME
The number of new vehicle deliveries financed for GM and other dealers are
summarized below:
<TABLE>
<CAPTION>
Three Months Ended March 31,
-------------------------------
2000 1999
------------ ------------
(in thousands of units)
UNITED STATES
<S> <C> <C>
Retail installment sale contracts 227 225
Operating leases 229 155
Leasing 6 8
------------ ------------
New deliveries financed 462 388
============ ============
OTHER COUNTRIES
Retail installment sale contracts 121 102
Operating leases 64 61
Leasing 16 16
------------ ------------
New deliveries financed 201 179
============ ============
WORLDWIDE
Retail installment sale contracts 348 327
Operating leases 293 216
Leasing 22 24
------------ ------------
New deliveries financed 663 567
============ ============
</TABLE>
The number of new vehicles financed in the U.S. during the first quarter of 2000
was higher than the first quarter of 1999, primarily as a result of an overall
increase in the number of units financed in the industry. Additionally,
continued GM-sponsored lease incentive programs added to the increase.
GMAC also provides wholesale financing for GM and other dealers' new and used
vehicle inventories. In the United States, inventory financing was provided for
866,000 new GM vehicles in 2000 and 868,000 new GM vehicles in 1999,
representing 66.8% of all GM sales to U.S. dealers during the first quarter of
2000 and 1999. Wholesale penetration levels remained stable as a result of
continued competitive pricing strategies by the Company.
INCOME AND EXPENSES
Financing revenue totaled $3,779.4 million in the first quarter of 2000, an
increase of $502.3 million compared with the first quarter of 1999. The growth
was mainly due to higher average retail, wholesale, operating lease and other
loan receivable balances, which resulted primarily from strong GM sales levels
and continued GM-sponsored special financing programs.
The Company's worldwide cost of borrowing, including the effects of derivatives,
for the first quarter of 2000 averaged 6.21% compared to 5.52% for the same
period in 1999. Total borrowing costs for U.S. operations averaged 6.32% for the
first quarter of 2000, compared to 5.44% for the same period in 1999. The
increase in average borrowing costs was mainly a result of the steady increase
in market interest rates beginning in the third quarter of 1999.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
INCOME AND EXPENSES (CONCLUDED)
Mortgage revenue and other income totaled $1,379.4 million for the three months
ended March 31, 2000, compared to $1,102.3 million during the comparable period
a year ago. The change from the comparable period in 1999 was mainly
attributable to increases in mortgage servicing and processing fees and other
income; interest and servicing fees earned on receivables due from GM; and the
inclusion of GMAC Commercial Credit LLC, which was acquired in July 1999.
Consolidated salaries and other operating expenses totaled $1,281.8 million and
$1,016.9 million for the respective quarters ended March 31, 2000 and 1999. The
increase was mainly attributable to continued growth and acquisitions at GMACMG
during the last three quarters of 1999. Additionally, GMAC acquisitions during
1999 contributed to a rise in goodwill amortization.
Annualized net retail losses were 0.60% of total average serviced automotive
receivables during the first quarter of 2000 compared to 0.71% for the same
period last year. The provision for credit losses totaled $107.4 million and
$119.3 million for the three months ended March 31, 2000 and 1999, respectively,
reflecting an improvement in portfolio quality.
The effective income tax rate was 37.1% and 38.8% for the three months ended
March 31, 2000 and 1999, respectively. The decline in the effective tax rate can
be attributed to decreases in accruals from prior years based upon periodic
assessment of the adequacy of such accruals.
INSURANCE OPERATIONS
Net premiums earned by GMACI and its subsidiaries totaled $462.1 million and
$446.6 million for the three months ended March 31, 2000 and 1999, respectively.
This increase was a result of higher volume in the mechanical repair protection,
personal auto, and property and casualty reinsurance lines of business. These
increases were partially offset by lower volume in commercial lines, primarily
due to the July 1999 termination of an auto dealership program.
Pre-tax capital gains and investment and other income at GMACI totaled $145.7
million for the quarter ended March 31, 2000, compared to $140.3 million for the
quarter ended March 31, 1999. The increase was due to higher investment income
and higher fee income related to the mechanical repair protection line of
business, partially offset by lower capital gains. Period to period fluctuations
in realized capital gains are largely due to the timing of sales of marketable
securities.
Insurance losses and loss adjustment expenses totaled $360.4 million and $347.2
million during the first quarter of 2000 and 1999, respectively. The increase in
2000 was primarily due to higher storm-related losses.
Net income for the first quarter of 2000 was $62.4 million, compared to $64.9
million earned during the same period in 1999. Increased volume was offset by
first quarter storm-related losses.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
MORTGAGE OPERATIONS
During the first quarter of 2000, GMACMG loan origination, mortgage servicing
acquisitions and correspondent loan volume totaled $13.1 billion compared to
$17.8 billion for the same period in 1999. The decline was attributable to a
higher interest rate environment, which resulted in a decrease in refinance,
origination and bulk acquisition volumes. The combined GMACMG servicing
portfolio, excluding GMAC term loans to dealers, totaled $295.3 billion at March
31, 2000, compared with $292.2 billion and $245.9 billion serviced at December
31 and March 31, 1999, respectively. The year-to-year increase was the result of
significant mortgage servicing portfolio acquisitions and continued growth.
For the first three months of 2000, net income was $72.8 million, compared to
$97.8 million for the same period in 1999. The decline in year-to-year
performance is due to the non-recurrence of substantial benefits realized in the
first quarter of 1999 that resulted from the securitization and sale of mortgage
assets.
FINANCIAL CONDITION AND LIQUIDITY
At March 31, 2000, the Company owned assets and serviced automotive receivables
totaling $166.9 billion, $4.6 billion above year-end 1999, and $25.8 billion
above March 31, 1999. The year-to-year increases were principally the result of
higher commercial and other loan receivables, serviced retail loan receivables,
operating lease assets, serviced wholesale loan receivables, intangible assets,
receivables due from GM, other assets and factored receivables. These increases
were partially offset by a decline in real estate mortgages held for sale.
Finance receivables serviced by the Company, including sold receivables, totaled
$100.1 billion at March 31, 2000, $3.1 billion above December 31, 1999 levels
and $15.0 billion above March 31, 1999 levels. The year-to-year increase was
primarily a result of an $8.1 billion increase in commercial and other loan
receivables, a $4.9 billion increase in serviced retail loan receivables and a
$2.5 billion increase in serviced wholesale loan receivables. The change in
commercial and other loan receivables was due to the acquisition of Bank of New
York Financial Corporation ("BNYFC") in July 1999 and increases in secured
notes. Continued GM-sponsored retail financing incentives contributed to the
rise in serviced retail loan receivables. The increase in serviced wholesale
loan receivables over the prior year was a result of an increase in dealer
inventory levels. The decrease in the on-balance sheet wholesale loan
receivables was a result of two sales of wholesale receivables during the second
half of 1999.
Consolidated operating lease assets, net of depreciation, totaled $31.1 billion
at March 31, 2000, reflecting an increase of $0.9 billion over December 31,1999
and an increase of $3.4 billion over March 31, 1999. The year-to-year growth was
the outcome of continued GM-sponsored lease incentive programs in the U.S.
The Company's due and deferred from receivable sales (net) totaled $697.1
million at March 31, 2000, compared with $742.2 million and $429.4 million at
December 31 and March 31, 1999, respectively. The year-to-year increase was
mainly due to an increase in cash deposits held for trusts related to the two
sales of wholesale receivables during the second half of 1999.
Receivables due from GM amounted to $4.5 billion at March 31, 2000 compared with
$4.0 billion and $2.6 billion at December 31 and March 31, 1999, respectively.
The source of the year-over-year growth relates to additional loans from GMAC of
Canada, Limited, a wholly-owned subsidiary, to GM of Canada ("GMCL"), a
wholly-owned subsidiary of GM. The loans are used to fund GMCL's vehicle leasing
program.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
FINANCIAL CONDITION AND LIQUIDITY (CONCLUDED)
The real estate mortgage inventory held for sale amounted to $4.5 billion, $1.2
billion and $0.5 billion below December 31 and March 31, 1999, respectively. The
lower balance is due to an increase in the volume of loans that were securitized
during the first quarter of 2000.
Other assets at March 31, 2000 totaled $10.5 billion, compared with $9.6 billion
and $7.0 billion at December 31 and March 31, 1999. The year-to-year increase
was principally the result of an increase in intangible assets related to the
1999 acquisitions of various subsidiaries. Also contributing to the increase,
GMAC and GM entered into a lease arrangement during the first quarter of 2000.
Under this transaction, GM transferred to GMAC three properties located in
Michigan totaling $478.9 million, representing an equity contribution.
As of March 31, 2000, GMAC's total borrowings were $123.2 billion, compared with
$121.2 billion and $105.3 billion at December 31, 1999 and March 31, 1999,
respectively. The increased borrowings since March 31, 1999 were used to fund
increased asset levels. GMAC's ratio of consolidated debt to total stockholder's
equity at March 31, 2000 was 9.5:1, compared to 10.9:1 at December 31, 1999 and
10.5:1 at March 31, 1999. The decline was due to capital contributions from GM
totaling $1,478.9 million during the first quarter of 2000.
The Company and its subsidiaries maintain substantial bank lines of credit which
totaled $45.8 billion at March 31, 2000, compared to $46.2 billion at year-end
1999 and $42.0 billion at March 31, 1999. The unused portion of these credit
lines totaled $36.5 billion at March 31, 2000, $0.9 billion and $4.1 billion
higher than December 31 and March 31, 1999, respectively. Included in the unused
credit lines at March 31, 2000, is a $14.7 billion syndicated multi-currency
global credit facility available for use in the U.S. by GMAC and in Europe by
GMAC International Finance B.V. and GMAC (UK) plc. The entire $14.7 billion is
available to GMAC in the U.S., $0.9 billion is available to GMAC (UK) plc and
$0.8 billion is available to GMAC International Finance B.V. At March 31, 1999,
syndicated revolving credit facilities of $11.2 billion were available for use
by these entities. The syndicated credit facility serves primarily as back up
for GMAC's unsecured commercial paper programs. Also included in the unused
credit lines is a $12.0 billion U.S. asset-backed commercial paper liquidity and
receivables facility for New Center Asset Trust ("NCAT"), a non-consolidated
limited purpose business trust established to issue asset-backed commercial
paper.
In June 1999, GMAC modified its existing syndicated revolving credit facilities
to combine the U.S. and certain European facilities into one syndicated
multi-currency global facility. Modified terms consisted of five years on
one-half of the facility, with a 364-day term (including a provision that allows
GMAC to draw down a one year term loan on the termination date) on the remaining
facility. Additionally, there is a leverage covenant restricting the ratio of
consolidated debt to total stockholder's equity to no greater than 11.0:1. This
covenant is only applicable under certain conditions. Those conditions are not
in effect now and were not in effect during the quarter ended March 31, 2000.
As discussed in the Company's 1999 Annual Report on Form 10-K, the Company
utilizes a variety of interest rate and currency derivative instruments in
managing its interest rate and foreign exchange exposures. The notional amount
of derivatives increased from $77.6 billion at December 31, 1999 to $86.7
billion at March 31, 2000. The change is primarily attributable to an increase
in financial instruments associated with mortgage servicing and GMAC's increased
debt levels.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
EURO CONVERSION
On January 1, 1999, eleven of fifteen member countries of the European Monetary
Union established fixed conversion rates between their existing currencies and
adopted the euro as their new common currency. The euro trades on currency
exchanges and the legacy currencies remain legal tender in the participating
countries for a transition period until January 1, 2002. Beginning on January 1,
2002, euro denominated bills and coins will be issued and legacy currencies will
be withdrawn from circulation.
The Company has established plans to assess and address the potential impact to
GMAC that may result from the euro conversion. These issues include, but are not
limited to: 1) the technical challenges to adapt information systems to
accommodate euro transactions; 2) the competitive impact of cross-border price
transparency; 3) the impact on currency exchange rate risks; 4) the impact on
existing contracts; and 5) tax and accounting implications. The Company expects
that the euro conversion will not have a material adverse impact on its
financial condition or results of operations.
ACCOUNTING STANDARDS
In June 1998, the FASB issued SFAS No. 133, Accounting for Derivative
Instruments and Hedging Activities, effective for fiscal years beginning after
June 15, 1999. During the second quarter of 1999, the FASB issued SFAS No. 137,
Accounting for Derivative Instruments and Hedging Activities--Deferral of the
Effective Date of FASB Statement No. 133, which delayed implementation until
fiscal years beginning on or after June 15, 2000. The new standard requires that
all companies record derivatives on the balance sheet as assets or liabilities,
measured at fair value. Gains or losses resulting from changes in the values of
those derivatives would be accounted for depending on the use of the derivative
and whether it qualifies for hedge accounting. Management is currently assessing
the impact of SFAS No. 133 on the consolidated financial statements of the
Company. The Company will adopt this accounting standard on January 1, 2001, as
required.
<PAGE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company did not become a party to any material pending legal proceedings
during the first quarter ended March 31, 2000, or prior to the filing of this
report.
ITEM 5. OTHER INFORMATION
RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
March 31,
----------------------------
2000 1999
---- ----
1.33 1.42
The ratio of earnings to fixed charges has been computed by dividing earnings
before income taxes and fixed charges by the fixed charges. This ratio includes
the earnings and fixed charges of the Company and its consolidated subsidiaries.
Fixed charges consist of interest, debt discount and expense and the portion of
rentals for real and personal properties in an amount deemed to be
representative of the interest factor.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) EXHIBITS
20 General Motors Acceptance Corporation and Subsidiaries
Consolidated Financial Statements for the Three Months
Ended March 31, 2000.
(b) REPORTS ON FORM 8-K.
The Company filed a Form 8-K on January 20, 2000 and April 13, 2000
reporting matters under Item 5, Other Events.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GENERAL MOTORS ACCEPTANCE CORPORATION
------------------------------------------
(Registrant)
S/ WILLIAM F. MUIR
------------------------------------------
Dated: MAY 8, 2000 William F. Muir, Executive Vice
----------- President and Principal Financial Officer
S/ GERALD E. GROSS
------------------------------------------
Dated: MAY 8, 2000 Gerald E. Gross, Comptroller and
----------- Principal Accounting Officer
<PAGE>
<TABLE>
<CAPTION>
Exhibit 20
Page 1 of 7
GENERAL MOTORS ACCEPTANCE CORPORATION
CONSOLIDATED BALANCE SHEET
March 31, December 31, March 31,
2000 1999 1999
------------------ ------------------ ------------------
ASSETS (in millions of dollars)
- ------
<S> <C> <C> <C>
Cash and cash equivalents $ 892.9 $ $ 850.2
704.3
Investments in securities 8,879.0 8,984.7 8,520.3
Finance receivables, net (Note 1) 85,364.9 81,288.9 74,518.4
Investment in operating leases, net 31,107.0 30,242.4 27,716.4
Notes receivable from General Motors Corporation 4,468.5 4,025.0 2,589.9
Real estate mortgages - held for sale 4,476.6 5,678.4 4,996.0
- held for investment 1,628.5 1,497.4 1,399.9
- lending receivables 1,653.3 1,800.6 1,423.2
Factored receivables 783.3 764.9 -
Due and deferred from receivable sales, net 697.1 742.2 429.4
Mortgage servicing rights, net 3,478.8 3,421.8 2,684.2
Other 10,483.1 9,638.6 6,961.7
------------------ ------------------ ------------------
TOTAL ASSETS $ 153,913.0 $ 148,789.2 $ 132,089.6
================== ================== ==================
LIABILITIES AND STOCKHOLDER'S EQUITY
LIABILITIES
General Motors Corporation and affiliated companies 367.4 216.0 1,243.7
Interest 1,745.6 1,550.8 1,497.2
Insurance losses and loss expenses 1,799.4 1,861.9 2,037.1
Unearned insurance premiums 1,992.6 1,949.5 1,903.1
Deferred income taxes 3,520.7 3,496.7 3,019.4
United States and foreign income and other taxes payable 736.5 521.9 480.8
Other postretirement benefits 714.4 704.3 693.1
Other 6,886.4 6,207.5 5,875.5
Debt (Note 2) 123,191.8 121,158.2 105,325.8
------------------ ------------------ ------------------
Total liabilities 140,954.8 137,666.8 122,075.7
------------------ ------------------ ------------------
Commitments and contingencies
STOCKHOLDER'S EQUITY
Common stock, $.10 par value (authorized 10,000
shares, outstanding 10 shares) and paid-in capital (Note 3) 3,678.9 2,200.0 2,200.0
Retained earnings 9,201.2 8,803.9 7,668.9
Net unrealized gains on securities 360.8 356.8 328.6
Unrealized accumulated foreign currency translation adjustment (282.7) (238.3) (183.6)
------------------ ------------------ ------------------
Accumulated other comprehensive income 78.1 118.5 145.0
------------------ ------------------ ------------------
Total stockholder's equity 12,958.2 11,122.4 10,013.9
------------------ ------------------ ------------------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 153,913.0 $ 148,789.2 $ 132,089.6
================== ================== ==================
Reference should be made to the Notes to Consolidated Financial Statements
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Exhibit 20
Page 2 of 7
GENERAL MOTORS ACCEPTANCE CORPORATION
CONSOLIDATED STATEMENT OF INCOME,
NET INCOME RETAINED FOR USE IN THE BUSINESS AND
COMPREHENSIVE INCOME
Three Months Ended
March 31,
-----------------------------------
2000 1999
---------------- ----------------
(in millions of dollars)
FINANCING REVENUE
<S> <C> <C>
Retail and lease financing $ 1,144.4 $ 1,005.9
Operating leases 2,011.9 1,795.5
Wholesale, commercial and other loans 623.1 475.7
---------------- ----------------
Total financing revenue 3,779.4 3,277.1
Interest and discount 1,909.6 1,512.9
Depreciation on operating leases 1,330.4 1,188.5
---------------- ----------------
Net financing revenue 539.4 575.7
Insurance premiums earned 462.1 446.6
Mortgage revenue 859.8 728.2
Other income 519.6 374.1
---------------- ----------------
Net financing revenue and other 2,380.9 2,124.6
---------------- ----------------
EXPENSES
Salaries and benefits 469.7 395.7
Other operating expenses 812.1 621.2
Insurance losses and loss adjustment expenses 360.4 347.2
Provision for credit losses 107.4 119.3
---------------- ----------------
Total expenses 1,749.6 1,483.4
---------------- ----------------
Income before income taxes 631.3 641.2
United States, foreign and other income taxes 234.0 248.9
---------------- ----------------
NET INCOME 397.3 392.3
Retained earnings at beginning of the period 8,803.9 7,351.6
---------------- ----------------
Total 9,201.2 7,743.9
Cash dividends -- 75.0
---------------- ----------------
RETAINED EARNINGS AT END OF THE PERIOD $ 9,201.2 $ 7,668.9
================ ================
TOTAL COMPREHENSIVE INCOME $ 356.9 $ 297.3
================ ================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Exhibit 20
Page 3 of 7
GENERAL MOTORS ACCEPTANCE CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
Three Months Ended
March 31,
------------------------------
2000 1999
-------------- --------------
(in millions of dollars)
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income $ 397.3 $ 392.3
Depreciation and amortization 1,525.9 1,312.1
Provision for credit losses 107.4 119.3
Gains on sales of finance receivables -- (54.9)
Gains on sales of available-for-sale investment securities (40.8) (49.9)
Mortgage loans - originations/purchases (9,341.0) (13,718.3)
- proceeds on sale 10,542.8 16,692.0
Mortgage-related securities held for trading
- acquisitions (388.5) (448.5)
- liquidations 98.7 808.8
Changes in the following items:
Due to General Motors Corporation and affiliated companies 166.8 345.1
Taxes payable and deferred 274.6 123.9
Interest payable 201.1 234.2
Other assets (278.0) (224.7)
Other liabilities 378.3 126.1
Other (26.9) 35.9
-------------- --------------
Net cash provided by operating activities 3,617.7 5,693.4
-------------- --------------
CASH FLOWS FROM INVESTING ACTIVITIES
Finance receivables - acquisitions (51,977.4) (42,869.5)
- liquidations 35,252.4 31,818.6
Notes receivable from General Motors Corporation (449.2) (305.7)
Operating leases - acquisitions (4,448.2) (3,433.0)
- liquidations 1,679.9 2,279.2
Investments in available-for-sale securities:
- acquisitions (5,725.4) (5,317.4)
- maturities 5,529.4 4,431.0
- proceeds from sales 649.8 769.8
Investments in held to maturity securities:
- acquisitions (0.3) (93.8)
Mortgage servicing rights - acquisitions (178.0) (326.8)
- liquidations 0.3 --
Proceeds from sales of receivables - wholesale 11,821.2 4,887.3
- retail 427.0 2,487.7
Net increase in short-term factored receivables (20.3) --
Due and deferred from receivable sales 37.4 12.6
Other 185.1 591.9
-------------- --------------
Net cash used in investing activities (7,216.3) (5,068.1)
-------------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long-term debt 7,752.7 7,559.0
Principal payments on long-term debt (4,577.2) (3,659.7)
Change in short-term debt, net (387.5) (4,217.9)
Capital contribution from GM 1,000.0 --
Dividends paid -- (75.0)
-------------- --------------
Net cash provided by/(used in) financing activities 3,788.0 (393.6)
-------------- --------------
Effect of exchange rate changes on cash and cash equivalents (0.8) 0.4
-------------- --------------
Net increase in cash and cash equivalents 188.6 232.1
Cash and cash equivalents at the beginning of the period 704.3 618.1
-------------- --------------
Cash and cash equivalents at the end of the period $ 892.9 $ 850.2
============== ==============
SUPPLEMENTARY CASH FLOWS INFORMATION
Interest paid $ 1,685.1 $ 1,241.6
Income taxes paid 38.8 38.7
NON-CASH FINANCING ACTIVITY
Capital contribution of property from GM (Note 3) $ 478.9 $ --
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Exhibit 20
Page 4 of 7
GENERAL MOTORS ACCEPTANCE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. FINANCE RECEIVABLES
The composition of finance receivables outstanding is summarized as follows:
March 31, December 31, March 31,
2000 1999 1999
----------------- ---------------- -----------------
(in millions of dollars)
United States
<S> <C> <C>
Retail $ 37,142.0 $ 35,607.9 $ 32,563.5
Wholesale 18,857.9 17,716.5 20,561.6
Commercial 2,703.7 2,382.7 143.6
Leasing and lease financing 637.2 627.3 646.8
Other 9,886.2 8,841.4 5,697.6
----------------- ---------------- -----------------
Total United States 69,227.0 65,175.8 59,613.1
----------------- ---------------- -----------------
Europe
Retail 5,604.6 5,684.6 5,073.2
Wholesale 3,546.1 3,904.9 4,253.5
Commercial 1,024.3 997.2 --
Leasing and lease financing 464.0 452.9 448.9
Other 474.0 490.9 443.8
----------------- ---------------- -----------------
Total Europe 11,113.0 11,530.5 10,219.4
----------------- ---------------- -----------------
Canada
Retail 2,576.4 2,344.5 1,862.5
Wholesale 2,619.3 2,086.8 2,725.4
Commercial 234.3 169.5 --
Leasing and lease financing 748.5 771.6 795.9
Other 182.5 170.9 100.0
----------------- ---------------- -----------------
Total Canada 6,361.0 5,543.3 5,483.8
----------------- ---------------- -----------------
Other Countries
Retail 2,431.2 2,398.9 2,409.1
Wholesale 909.8 1,011.6 927.9
Leasing and lease financing 624.9 693.5 629.3
Other 197.5 202.8 205.6
----------------- ---------------- -----------------
Total Other Countries 4,163.4 4,306.8 4,171.9
----------------- ---------------- -----------------
Total finance receivables 90,864.4 86,556.4 79,488.2
----------------- ---------------- -----------------
Deductions
Unearned income 4,355.2 4,153.1 3,940.3
Allowance for credit losses 1,144.3 1,114.4 1,029.5
----------------- ---------------- -----------------
Total deductions 5,499.5 5,267.5 4,969.8
----------------- ---------------- -----------------
Finance receivables, net $ 85,364.9 $ 81,288.9 $ 74,518.4
================= ================ =================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Exhibit 20
Page 5 of 7
GENERAL MOTORS ACCEPTANCE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2. DEBT
Weighted Average March 31, December 31, March 31,
Interest Rate 2000 1999 1999
---------------------- --------------- ----------------- ----------------
SHORT-TERM DEBT
<S> <C> <C> <C>
Commercial paper $ 34,085.3 $ 33,224.0 $ 27,300.4
Demand notes 4,447.7 4,301.3 6,688.5
Master notes and other 4,140.7 4,503.9 3,014.6
Bank loans and overdrafts 7,957.1 9,010.0 8,518.5
--------------- ----------------- ----------------
Total principal amount 50,630.8 51,039.2 45,522.0
Unamortized discount (199.8) (200.7) (117.1)
--------------- ----------------- ----------------
Total short-term debt 50,431.0 50,838.5 45,404.9
--------------- ----------------- ----------------
LONG-TERM DEBT
Current portion of long-term debt 14,816.6 14,995.9 11,585.1
United States
2000 7,000.7
2001 6.4% 10,159.1 12,656.0 9,297.3
2002 5.8% 13,000.1 12,074.4 8,491.7
2003 6.1% 8,074.9 7,225.7 7,281.3
2004 6.4% 4,415.9 4,449.8 1,023.6
2005 to 2049 7.0% 12,620.5 9,235.2 7,177.8
--------------- ----------------- ----------------
Total United States 48,270.5 45,641.1 40,272.4
Other countries
2000 - 2008 5.5% 10,295.5 10,310.5 8,726.6
--------------- ----------------- ----------------
Total United States and other countries 73,382.6 70,947.5 60,584.1
Unamortized discount (621.8) (627.8) (663.2)
--------------- ----------------- ----------------
Total long-term debt 72,760.8 70,319.7 59,920.9
--------------- ----------------- ----------------
Total debt $ 123,191.8 $ 121,158.2 $ 105,325.8
=============== ================= ================
</TABLE>
<PAGE>
Exhibit 20
Page 6 of 7
GENERAL MOTORS ACCEPTANCE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3. TRANSACTIONS WITH AFFILIATES
During the first quarter of 2000, GMAC received capital contributions from GM
totaling $1,478.9 billion. The Company and GM entered into a lease arrangement
during the first quarter of 2000. Under this transaction, GM transferred to GMAC
three properties located in Michigan totaling $478.9 million, representing an
equity contribution. As part of the lease arrangement, the Company will fund and
capitalize improvements to these properties totaling $1.2 billion over the next
four years. The lease arrangement also provides for the properties to be leased
to GM for sixteen years. In addition, GMAC received a cash contribution for $1.0
billion during the first quarter of 2000.
<PAGE>
Exhibit 20
Page 7 of 7
GENERAL MOTORS ACCEPTANCE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4. SEGMENT INFORMATION
GMAC's reportable operating segments include GMAC North American Financing
Operations (GMAC-NAO), GMAC International Financing Operations (GMAC-IO),
Insurance Operations (GMACI) and Mortgage Operations (GMACMG). GMAC-NAO consists
of automotive financing in the United States and Canada as well as the
commercial financing operations, and GMAC-IO consists of all other countries and
Puerto Rico.
Financial results of GMAC's operating segments for the three months ended March
31, 2000 and 1999 are summarized below:
(in millions of dollars)
<TABLE>
<CAPTION>
Eliminations/
GMAC-NAO GMAC-IO GMACI GMACMG Reclassifications Total
--------------- ------------- ------------- ------------ ----------------- ---------------
MARCH 31, 2000
<S> <C> <C> <C> <C> <C> <C>
Total assets $ 129,132.3 $ 17,757.4 $ 7,198.6 $ 17,835.9 $ (18,011.2) $ 153,913.0
Net financing revenue 275.3 265.2 -- -- (1.1) 539.4
Other revenue 546.7 32.4 604.8 661.4 (3.8) 1,841.5
Net income 200.3 61.8 62.4 72.8 -- 397.3
MARCH 31, 1999
Total assets $ 108,533.7 $ 16,467.0 $ 7,433.4 $ 15,852.1 $ (16,196.6) $ 132,089.6
Net financing revenue 336.4 220.6 -- -- 18.7 575.7
Other revenue 419.5 11.2 583.2 558.0 (23.0) 1,548.9
Net income 180.4 49.2 64.9 97.8 -- 392.3
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This Schedule contains summary financial information extracted from the General
Motors Acceptance Corporation Form 10-Q for the period ending March 31, 2000 and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 893
<SECURITIES> 8879
<RECEIVABLES> 90864
<ALLOWANCES> (1144)
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 40029
<DEPRECIATION> (7902)
<TOTAL-ASSETS> 153913
<CURRENT-LIABILITIES> 77370
<BONDS> 0
0
0
<COMMON> 3679
<OTHER-SE> 9279
<TOTAL-LIABILITY-AND-EQUITY> 153913
<SALES> 0
<TOTAL-REVENUES> 5621
<CGS> 0
<TOTAL-COSTS> 1691
<OTHER-EXPENSES> 1282
<LOSS-PROVISION> 107
<INTEREST-EXPENSE> 1910
<INCOME-PRETAX> 631
<INCOME-TAX> 234
<INCOME-CONTINUING> 397
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 397
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
