Credit Acceptance Corporation (NASDAQ:CACC) Q3 2022 Earnings Conference Call November 1, 2022 5:00 PM ET
Company Participants
Doug Busk - Chief Treasury Officer
Conference Call Participants
Moshe Orenbuch - Credit Suisse
John Rowan - Janney Montgomery Scott
Rob Wildhack - Autonomous Research
Jason Hahn - Principal Global Investors
Operator
Good day, everyone, and welcome to Credit Acceptance Corporation Third Quarter 2022 Earnings Call. Today's call is being recorded. A webcast and transcript of today's earnings call will be made available on Credit Acceptance’s website. At this time, I would like to turn the call over to Credit Acceptance, Chief Treasurer Officer, Doug Busk.
Doug Busk
Thank you. Good afternoon, and welcome to the Credit Acceptance Corporation third quarter 2022 earnings call. As you read our news release posted on the investor relations section of our website, at ir.creditacceptance.com, and as you listen to this conference call, please recognize that both contain forward-looking statements within the meaning of federal securities law. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control and which could cause actual results to differ materially from such statements.
These risks and uncertainties include those spelled out in the cautionary statement regarding forward-looking information included in the news release. Consider all forward-looking statements in light of those and other risks and uncertainties. Additionally, I should mention that to comply with the SEC's Regulation G, please refer to the financial results section of our news release, which provides tables showing how non-GAAP measures reconcile to GAAP measures. Our GAAP and adjusted results for the quarter include unit and dollar volumes grew 29.3% and 32.1%, respectively, as compared to the third quarter of 2021; a decrease in forecasted collection rates for loans originated in 2019 through 2022, which decreased forecasted net cash flows from our loan portfolio by $85 million or 0.9%.
Adjusted net income decreased to 18.5% from the third quarter of 2021 to $179 million. Adjusted earnings per share decreased 3.5% from the third quarter of 2021 to $13.36, stock repurchases of approximately 54,000 shares, which represented 0.4% of the shares outstanding at the beginning of the quarter.
At this time, Ken Booth, our Chief Executive Officer; Jay Martin, our Senior Vice President, Finance and Accounting; and I will take your questions.
Question-and-Answer Session
Operator
[Operator Instructions]
Our first question comes from the line of Moshe Orenbuch from Credit Suisse.