Exhibit 99.1

Caterpillar Financial Services Corporation    
4Q 2020 Earnings Release
January 29, 2021


FOR IMMEDIATE RELEASE

Cat Financial Announces 2020 Year-End Results

Full-Year 2020 vs. Full-Year 2019
Cat Financial reported revenues of $2.55 billion for 2020, a decrease of $416 million, or 14%, compared with 2019. Profit was $293 million for 2020, a $117 million, or 29%, decrease from 2019.
The decrease in revenues was primarily due to a $190 million unfavorable impact from lower average financing rates and a $151 million unfavorable impact from lower average earning assets.
Profit before income taxes was $434 million for 2020, a $194 million, or 31%, decrease from 2019. The decrease was primarily due to a $104 million increase in provision for credit losses, a $69 million unfavorable impact from lower average earning assets, a $52 million decrease in net yield on average earning assets and a $36 million unfavorable impact from returned or repossessed equipment. These unfavorable impacts were partially offset by an $82 million decrease in general, operating and administrative expenses, primarily due to lower incentive compensation.
The provision for income taxes reflected an annual tax rate of 29% for 2020, compared with 31% for 2019. The decrease in the annual tax rate was primarily due to changes in the geographic mix of profits.
During 2020, retail new business volume was $10.76 billion, a decrease of $1.13 billion, or 9%, from 2019. The decrease was driven by lower volume across all segments with the exception of an increase in Asia/Pacific.
At the end of 2020, past dues were 3.49%, compared with 3.14% at the end of 2019. Past dues increased primarily due to the impact of the COVID-19 pandemic, partially offset by decreases in the Caterpillar Power Finance, EAME and Latin American portfolios. Write-offs, net of recoveries, were $222 million for 2020, compared with $237 million for 2019. As of December 31, 2020, the allowance for credit losses totaled $479 million, or 1.77% of finance receivables, compared with $424 million, or 1.50% of finance receivables at December 31, 2019.


The following information was filed by Caterpillar Financial Services Corp on Friday, January 29, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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