Exhibit
99
Financial
Measures that Supplement Generally Accepted Accounting
Principles
General
Electric Capital Corporation and consolidated affiliates
We
sometimes use information derived from consolidated financial information but
not presented in our financial statements prepared in accordance with U.S.
generally accepted accounting principles (GAAP). Certain of these data are
considered “non-GAAP financial measures” under SEC rules. Specifically, we have
referred to:
|
· |
net
revenues (revenues from services less interest expense) of the Commercial
Finance and Consumer Finance segments; and |
|
· |
approximate
delinquency rates on managed financing receivables of the Commercial
Finance and Consumer Finance segments. |
The
reasons we use these non-GAAP financial measures and their reconciliation to
their most directly comparable GAAP financial measures follow.
Net
Revenues
We
provided reconciliations of net revenues to reported revenues for these segments
on pages 14 and 16 of the Form 10-Q. Because net revenues is a common industry
measure of margin, these disclosures enable investors to compare the results of
our businesses with results of others in the same industry.
Approximate
delinquency Rates on Managed Financing Receivables
Commercial
Finance
|
At |
||||||||||||
|
3/31/05 |
12/31/04 |
3/31/04 |
||||||||||
|
Managed |
1.54 |
% |
1.40 |
% |
1.38 |
% | ||||||
|
Off-book |
1.05 |
0.90 |
1.41 |
|||||||||
|
On-book |
1.70 |
1.58 |
1.37 |
|||||||||
Consumer
Finance
|
At |
||||||||||||
|
3/31/05 |
12/31/04 |
3/31/04 |
||||||||||
|
Managed |
5.18 |
% |
4.85 |
% |
5.76 |
% | ||||||
|
Off-book |
4.94 |
5.09 |
4.32 |
|||||||||
|
On-book |
5.20 |
4.84 |
5.90 |
|||||||||
We
believe that delinquency rates on managed financing receivables provide a useful
perspective of our portfolio quality and are key indicators of financial
performance. Further, investors use such information, including the results of
both the on-book and securitized portfolios, which are relevant to our overall
performance.