General Motors Company · NYSE:GM
General Motors — Q1 2021 Earnings Presentation
35 slides from General Motors's earnings presentation, May 5, 2021
Slide 1: Q1 2021 Results
Q1 2021 Results May 5, 2021 GMC HUMMER EV SUV
Slide 2: Information Relevant to This Presentation
Information Relevant to This Presentation Cautionary Note on Forward-Looking Statements: This presentation and related comments by management may include “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than stat
Slide 3: Generate Profitable Growth
Generate Profitable Growth As we execute our vision of zero crashes, zero emissions and zero congestion ALL-IN AND INVESTING TO LEAD STRONG AND GROWING FRANCHISES THE FUTURE OF MOBILITY > $27B+ allocated to EV & AV investment through 2025 with > Leading full-size pickup & full-size SUV market share
Slide 4: Our Ultium Platform Will Help Put Everyone in an EV
Our Ultium Platform Will Help Put Everyone in an EV 30 New EVs by 2025 globally 2 /3 Available in North America Select Upcoming North American Launches LYRIQ HUMMER EV Full-Size Pickup Bolt EV Crossovers Origin EV600 CELESTIQ HUMMER EV Full-Size SUV Bolt EUV Full-Size SUV Full-Size Pickup Silverado
Slide 5: Our Business Future Is Deeply Rooted in Our ESG Values
Our Business Future Is Deeply Rooted in Our ESG Values ENVIRONMENTAL SOCIAL GOVERNANCE > Plan to be carbon neutral in our global > Ambition to be the world’s most inclusive > Diverse and independent Board - 13 directors products and operations by 2040 company - committed to use the power of which 7
Slide 6: Driving the Next Generation of Mobility
Driving the Next Generation of Mobility GMC HUMMER EV Pickup Cadillac LYRIQ Available Fall 2021 Available H1 2022 > Production remains on > Reservations open in track for Fall 2021 September 2021 > Developed software > Pricing starting under driven features, such as $60K Watts to Freedom mode, that
Slide 7: Growth Opportunities and Initiatives
Growth Opportunities and Initiatives Ultium Cruise > Announced plans to > Selected to be the build second battery exclusive provider of cell plant with LG self-driving taxis in Energy Solutions Dubai through 2029 > Combined, our two facilities will have capacity of more than 70 GWh BrightDrop Chargi
Slide 8: Super Cruise Hands-Free Driver Assistance Feature
Super Cruise Hands -Free Driver Assistance Feature Available on 22 models by 2023 IT’S TIME TO LET GO > GM developed software and technology fuses together > Safety is a priority at GM, and we believe it is important cameras, sensors, and LiDAR precision map data to for drivers to remain engaged and
Slide 9: Financial Information
Financial Information 2021 GMC Sierra AT4 9
Slide 10: First Quarter Performance
First Quarter Performance EPS-DILUTED-ADJ. ADJ. AUTO FREE CASH FLOW EPS-DILUTED-ADJ.; EBIT-ADJ. & MARGIN > Higher primarily due to the launch of our full-size SUVs, strong pricing on full-size pickups, and high used vehicle prices, $(1.9B) Adj. Auto partially offset by material and commodity Free Ca
Slide 11: First Quarter EBIT-adjusted
First Quarter EBIT -adjusted In $B Q1-2020 Q1-2021 $4.4 $3.1 $2.2 $1.2 $1.2 $0.3 $0.2 $0.0 ($0.2) ($0.2) ($0.4) ($0.6) GMNA GMI GM Financial Cruise Corp/Elims Total Company HIGHLIGHTS THE UNDERLYING STRENGTH OF THE BUSINESS AND OUR RESILIENCY IN STRONG TOTAL COMPANY RESULTS MANAGING THROUGH THE FLUI
Slide 12: First Quarter EBIT-adjusted Performance
First Quarter EBIT -adjusted Performance In $B GM Financial: $1.0 Stellantis/LMC: $0.6 China Auto JV: $0.5 GMNA: (111)k GMI: (34)k (0.9) VOLUME / MIX COST > GMNA: Increases slightly due to the prioritization of full-size > GMNA: Increased due to higher material cost on new vehicle pickup and full-si
Slide 13: GMNA Performance
GMNA Performance NET REVENUE ($B) EBIT-ADJ. ($B) 775 799 802 15.0% 12.1% $3.5K 664 8.5% PER UNIT YOY U.S RETAIL 8.7% 331 ATP INCREASE $25.8 $29.1 $30.2 $26.0 $2.2 (0.9)% $4.4 $2.6 $3.1 $11.6 - - +19% - ($0.1) Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Wholesales (000'S) EBIT-Adj. Ma
Slide 14: GMI Performance – Excluding GM China JV
GMI Performance – Excluding GM China JV NET REVENUE ($B) EBIT-ADJ. ($B) $0.0 $0.0 $3.9 - ($0.4) ($0.4) ($0.3) $3.3 0.9% 0.0% - $2.7 $3.1 - - - (11.7)% (9.2)% - - $1.7 - - - (26.2)% - Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 EBIT-Adj. margin from GMI ex. China EI WHOLESALES (000’s)
Slide 15: GM China Auto JV Performance
GM China Auto JV Performance NET REVENUE ($B)1 EQUITY INCOME ($B)2 6.1% 4.9% 5.9% $14.1 3.5% $11.0 $9.9 $0.2 $0.3 $0.2 $0.3 $9.2 - $4.3 - ($0.2) - - - - - Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 - (8.1)% - Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Total China Auto JV NI/Rev WHOLESALES (000’s)1 1,106 Q1 2021 HIGHLIGHTS 84
Slide 16: Cruise Q1 Financial Performance
($B) Q1 Financial Performance 2021 2020 Revenue1 0.0 0.0 EBIT-adjusted (0.2) (0.2) Cash used in operating activities (0.2) (0.2) CRUISE WAS SELECTED THROUGH A COMPREHENSIVE $2.7B RAISED IN 2021 AT A POST-MONEY VALUATION OF MULTIYEAR PROCESS TO BE THE EXCLUSIVE PROVIDER OF MORE THAN $30B – INCLUDES I
Slide 17: GM Financial: EBT-adjusted and Earning Assets
EBT-ADJUSTED ($B) ENDING EARNING ASSETS ($B) 27.3% 53.0% 20.5% 44.8% 42.6% 41.1% 43.8% 14.3% 16.4% 12.1% $1.2 $1.2 $96.1 $94.0 $96.5 $100.2 $100.8 $0.2 $0.2 $1.0 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Return on Average Tangible Common Equity GMF as % of GM U.S. Retail Sales (uni
Slide 18: Adjusted Automotive Free Cash Flow
Adjusted Automotive Free Cash Flow Q1 ($B) 2021 2020 Net Income 3.0 0.3 Income tax and net automotive interest expense 1.4 0.5 EBIT adjustments1 - 0.5 EBIT-Adjusted 4.4 1.2 GMF EBT-Adjusted (1.2) (0.2) Cruise EBIT Loss-Adjusted 0.2 0.2 Automotive EBIT-Adjusted 3.5 1.2 Depreciation, amortization and
Slide 19: Automotive Liquidity and Debt
Automotive Liquidity and Debt AUTOMOTIVE LIQUIDITY ($B) TOTAL AUTOMOTIVE DEBT ($B) $40.5 $17.5 $17.6 $37.2 $18.2 $18.2 $17.5 $17.6 $22.3 $19.0 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Available Credit Facilities Senior Unsecured Notes and Other Cash, Cash Equivalents and Marketable Debt S
Slide 20: Highly Confident in Our Full-Year 2021 Guidance
Highly Confident in Our Full -Year 2021 Guidance EBIT-ADJ. $10.0B - $11.0B EPS-DILUTED-ADJ. $4.50 - $5.25 ADJ. AUTO FREE CASH FLOW $1.0B - $2.0B TEMPORARY SEMICONDUCTOR SHORTAGE > Will not impact growth and EV initiatives MANAGING THROUGH THE SEMICONDUCTOR SHORTAGE AND HIGHLY CONFIDENT IN > Prioriti
Slide 21: Summary
Summary Q1 2021 RESULTS WHAT’S TO COME > Strong automotive performance and record Q1 profits at > Focus on profitable growth opportunities and new GM Financial revenue streams as we execute on an all-electric future > Results highlight the strength of our full-size pickup and > Prioritizing speed to
Slide 22: Select Supplemental Financial Information
Select Supplemental Financial Information 2021 Cadillac Escalade 22
Slide 23: Q1-2021 GAAP Results
Q1-2021 GAAP Results (in $B except where noted) Q1 F/(U) 2021 vs. 2020 Net revenue 32.5 (0.2) Operating income 3.3 2.6 Net income attributed to stockholders 3.0 2.7 EPS-diluted ($/share) 2.03 1.86 Net cash provided by operating activities 1.3 (0.3) 23
Slide 24: Regional Q1 EBIT-adjusted Performance
Regional Q1 EBIT -adjusted Performance ($B) GMNA ($B) GMI 24
Slide 25: Global Deliveries
Global Deliveries (000's) Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 North America 746 875 765 565 719 U. S. 642 771 665 492 618 Asia/Pacific, Middle East and Africa 880 1,082 903 844 605 China 780 954 771 714 462 South America 118 159 122 57 132 Brazil 75 115 88 40 95 Global Deliveries – in GM Markets
Slide 26: Global Market Share
Global Market Share Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 North America 15.9% 17.3% 15.9% 16.0% 16.8% U. S. 16.2% 18.0% 16.6% 16.3% 17.3% Asia/Pacific, Middle East and Africa 7.5% 8.2% 7.9% 8.8% 6.8% China 11.7% 12.1% 11.5% 11.2% 11.7% South America 13.3% 15.2% 14.3% 14.5% 15.2% Brazil 14.2% 16.9%
Slide 27: Reconciliation of EBIT-adjusted
Reconciliation of EBIT -adjusted ($B) Q1 Q4 Q3 Q2 2021 2020 2020 2019 2020 2019 2020 2019 Net income (loss) attributable to stockholders 3.0 0.3 2.8 (0.2) 4.0 2.4 (0.8) 2.4 Income tax expense (benefit) 1.2 0.4 0.6 (0.2) 0.9 0.3 (0.1) 0.5 Automotive interest expense 0.3 0.2 0.3 0.2 0.3 0.2 0.3 0.2 Au
Slide 28: Impact of Special Items on GAAP Reported Earnings
Impact of Special Items on GAAP Reported Earnings ($B) Q1 2021 Q1 2020 Adjusted Adjusted Reported Special items Reported Special items (Non-GAAP) (Non-GAAP) Total net sales and revenues 32.5 — 32.5 32.7 0.11 32.8 Costs and expenses Automotive and other cost of sales 25.1 — 25.1 26.7 (0.4)1 26.3 GM F
Slide 29: EPS-Diluted-adjusted Reconciliation
EPS-Diluted-adjusted Reconciliation Q1 2021 2020 Diluted earnings per common share $2.03 $0.17 Adjustments1 — 0.34 Tax effect on adjustments2 — (0.05) Tax adjustment3 0.22 0.16 EPS-diluted-adjusted $2.25 $0.62 1 See slide 27 for description of adjustments. 2 The tax effect of each adjustment is dete
Slide 30: Effective Tax Rate-adjusted
Effective Tax Rate -adjusted ($M) Three months ended March 31, 2021 2020 Income before Income tax Effective tax Income before Income tax Effective tax income taxes expense rate income taxes expense rate Effective tax rate $4,191 $1,177 28.1% $643 $357 55.5% Adjustments1 — — 489 73 Tax adjustment2 (3
Slide 31: Calculation of ROIC-adjusted
Calculation of ROIC -adjusted ($B) Four quarters ended March 31, 2021 2020 Numerator: EBIT (loss)-adjusted 12.9 7.3 Denominator: Average equity1 45.7 43.6 Add: Average automotive debt and interest liabilities (excluding finance leases) 24.7 18.8 Add: Average automotive net pension & OPEB liability 1
Slide 32: GM Financial - Key Metrics
GM Financial - Key Metrics Q1 2021 Q1 2020 Revenue ($B) 3.4 3.6 Total retail originations ($B) 14.0 11.5 Retail finance delinquencies (>30 days) 1.9% 3.8% Annualized net charge-offs as % of average retail 0.8% 1.7% finance receivables Tangible equity ($B) 12.6 10.1 Joint ventures equity income ($M)
Slide 33: GM Financial - Return on Equity
GM Financial - Return on Equity Four quarters ended March 31, ($M) 2021 2020 Net income attributable to common shareholder $2,615 $1,373 Average equity 12,486 12,267 Less: average preferred equity (1,742) (1,477) Average common equity 10,744 10,790 Less: average goodwill (1,169) (1,183) Average tang
Slide 34: 2021 Guidance Reconciliation
2021 Guidance Reconciliation ($B) Year Ending Dec 31, 2021 Net income attributable to stockholders $6.8 - $7.6 Income tax expense $2.2 - $2.4 Automotive interest expense, net $1.0 EBIT-adjusted $10.0 - $11.0 Year Ending Dec 31, 2021 Diluted earnings per common share $4.28 - $5.03 Adjustment - Cruise
Slide 35: For Additional Information Please Visit:
For Additional Information Please Visit: https://investor.gm.com investorrelations@gm.com https://www.gmfinancial.com/en-us/investor-center.html investors@gmfinancial.com GM’s Investor Relations website contains a significant amount of information about GM, including financial and other information
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