General Motors Company · NYSE:GM
General Motors — Q3 2013 Earnings Presentation
29 slides from General Motors's earnings presentation, Oct 30, 2013
Slide 1: General Motors Company Q3 2013 Results
General Motors Company Q3 2013 Results October 30, 2013 Exhibit 99.2
Slide 2: Forward Looking Statements
Forward Looking Statements In this presentation and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned,” “outlook” or
Slide 3: Third Quarter 2013 Performance
Third Quarter 2013 Performance 2Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis * See Adjusted Automotive Free Cash Flow reconciliation on slide 18 Q3 2012 Q3 2013 vs. Q3 2012 Global Deliveries 2.3M 2.4M Global Market Share 11.6% 11.7% Net Revenue $37.6B $39.0B Net I
Slide 4: Third Quarter 2013 Highlights
Third Quarter 2013 Highlights 3 • Chevrolet Impala becomes the highest-scoring sedan in Consumer Reports’ ratings • Chevrolet Silverado named “Best Truck” by Consumer Reports • GM North America margins above 9% • 12 consecutive quarters of global Chevrolet sales growth • $4.5B refinancing to strengt
Slide 5: Summary of Q3 2013 Results
Summary of Q3 2013 Results 4Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis Q3 Q3 2012 2013 Net Revenue ($B) 37.6 39.0 Operating Income ($B) 1.6 2.3 Net Income to Common Stockholders ($B) 1.5 0.7 EPS – Diluted ($/Share) 0.89 0.45 Net Cash from Operating Activities –
Slide 6: Impact of Special Items
5 Impact of Special Items Q3 Q3 2012 2013 Net Income to Common Stockholders ($B) 1.5 0.7 EPS – Diluted ($/Share) 0.89 0.45 Included in Above ($B): GM Korea Goodwill Impairment (0.1) (0.0) Loss on Purchase of Series A Preferred - (0.8) Total Impact Net Income to Common Stockholders ($B) (0.1) (0.9) T
Slide 7: Consolidated EBIT-Adjusted Trend
Revenue ($B) 37.6 39.3 36.9 39.1 39.0 Op r. Inc % Rev 4.3% (88.5)% 2. % 4.5% 5.8% EBIT- Adj. % Rev 6.1 3.2% 4.8 5.8 6. Wholesale (000’s) 1,569 1,673 1,554 1,631 1,577 Global Share 1. % 1.5% 1.4% 1.6% 1. % 2.3 1.2 1.8 2.3 2.6 0.0 1.0 2.0 3.0 4.0 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Consolidated EB
Slide 8: Consolidated EBIT-Adj. – Q3 2012 vs. Q3 2013
2.3 2.6 (0.2) (0.7) 0.0 0.5 0.8 EBIT-Adj Volume Mix Price Cost Other EBIT-Adj 7 $0.3B IncreaseQ3 2012 Q3 2013 ($B) Consolidated EBIT- Adj. – Q3 2012 vs. Q3 2013 Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis; Results may not foot due to rounding
Slide 9: Q3 2013 EBIT-Adjusted by Segment
1.7 (0.5) 0.8 0.2 0.2 (0.1) 2.3 2.2 (0.2) 0.3 0.3 0.2 (0.2) 2.6 GMNA GME GMIO GMSA GM Financial* Corp. / Elims Total GM Q3 2012 Q3 2013 EBIT- Adjusted ($B) 8 Q3 2013 EBIT- Adjusted * GM Financial at an Earnings Before Tax basis (EBT)
Slide 10: Key GMNA Performance Indicators
Key GMNA Performance Indicators $/Unit Note: Incentive & ATP Information Based on J.D. Power and Associates Power Information Network data 9
Slide 11: GMNA EBIT-Adjusted
1.7 1.1 1.4 2.0 2.2 -1.0 0.0 1.0 2.0 3.0 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 GMNA EBIT- Adjusted ($B) 10* 2012 Q4 estimated; all periods unaudited * * Revenue ($B) 22.3 22.8 23.0 23.5 23.5 EBIT- Adj. % Rev 7.7% 5.0% 6.2% 8.4% 9.3% U.S. Dealer Inv (000’s) 689 717 744 708 670 Wholesale (000’s) 773
Slide 12: GMNA EBIT-Adj. – Q3 2012 vs. Q3 2013
1.7 2.2 (0.4) (0.2) 0.0 0.4 0.6 EBIT-Adj Volume Mix Price Cost Other EBIT-Adj GMNA EBIT- Adj. – Q3 2012 vs. Q3 2013 11 ($B) Q3 2012 Q3 2013 $0.5B Increase Note: Results may not foot due to rounding
Slide 13: GME EBIT-Adjusted
(0.5) (0.8) (0.2) (0.1) (0.2) -1.0 0.0 1.0 2.0 3.0 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 GME EBIT- Adjusted ($B) 12 (1) (1) (1) 2012 Q4 estimated; all periods unaudited (2) Includes Chevrolet Europe (2) Revenue ($B) 4.7 5.2 4.8 5.2 4.9 EBIT- Adj. % Rev (10.4)% (14.6)% (3.6)% (2.1)% (4.4)% Wholesal
Slide 14: GME EBIT-Adj. – Q3 2012 vs. Q3 2013
GME EBIT- Adj. – Q3 2012 vs. Q3 2013 ($B)
Slide 15: GMIO EBIT-Adjusted
Revenue ($B) 5.7 6.3 4.8 5.3 5.3 EBIT-Adj. margin from consolidated operations 6.4% 3.9% (1.4)% (3.6)% (2.8)% Total China JV NI/Rev 9.7% 9.1% 11.7% 9.4% 9.4% Wholesale (000’s) 274 297 243 268 267 Note: China JV wholesale 692 765 841 772 761 IO Share 9.4% 9.8% 9.5% 9.3% 9.6% 0.4 0.3 0.4 0.4 0.6 (1.0)
Slide 16: GMIO EBIT-Adj. – Q3 2012 vs. Q3 2013
0.8 0.3 (0.1) (0.1) (0.2) 0.0 0.0 EBIT-Adj Volume Mix Price Cost Other EBIT-Adj GMIO EBIT- Adj. – Q3 2012 vs. Q3 2013 Q3 2012 Q3 2013 15 ($B) $0.5B Decrease Note: Results may not foot due to rounding
Slide 17: GMSA EBIT-Adjusted
Revenue ($B) 4.3 4.4 3.7 4.3 4.4 EBIT- Adj. % Rev 3.7% 3.0% (1.0)% 1.3% 6.5% Wholesale (000’s) 268 282 233 278 282 South America Share 17.9% 17.7% 17.2% 17.2% 17. % 0.2 0.1 0.0 0.1 0.3 0.0 1.0 2.0 3.0 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 GMSA EBIT- Adjusted ($B) 16 * * * 2012 Q4 estimated; all pe
Slide 18: GMSA EBIT-Adj. – Q3 2012 vs. Q3 2013
GMSA EBIT- Adj. – Q3 2012 vs. Q3 2013
Slide 19: Adjusted Automotive Free Cash Flow
($B) Q3 2012 Q3 2013 Net Income to Common Stockholders 1.5 0.7 Adjusted for Non-Controlling Interests, Preferred Dividends, Series A Redemption & Undistributed Earnings Allocated to Series B 0.4 1.0 Deduct Non-Auto (GM Financial) (0.1) (0.2) Automotive Income 1.7 1.5 Non-Cash Special Items 0.1 0.1 D
Slide 20: Key Automotive Balance Sheet Items
Key Automotive Balance Sheet Items 19 Sep. 30 Jun. 30 Sep. 30 ($B) 2012 2013 2013 Cash & Current Marketable Securities 31.6 24.2 26.8 Available Credit Facilities(1) 5.9 10.6 10.5 Available Liquidity 37.5 34.8 37.3 Key Obligations: Debt 5.6 4.0 8.4 Series A Preferred Stock 5.5 5.5 3.1 U.S. Pension Un
Slide 21: GM Financial
GM Financial 20Note: GM Sales Penetrations based on JD Power PIN Q3 Q3 Q3 Q3 GM Sales Penetrations 2012 2013 2012 2013 U.S. Subprime APR (<=620) 8.1% 7.8% 5.7% 6.1% U.S. Lease 16.2% 21.3% 21.1% 24.1% Canada Lease 6.6% 8.1% 17.4% 19.1% GM / GM Financial Linkage GM as % of GM Financial Loan and Lease
Slide 22: Summary
Summary 21 • Solid third quarter with year-over-year increases in revenue, market share, EBIT-adjusted, margins, cash flow • Continue to strengthen fortress balance sheet • Focus remains on delivering to our customers – Winning vehicles – Compelling value – Great quality • Q3 results further validat
Slide 23: General Motors Company Select Supplemental Financial Information
General Motors Company Select Supplemental Financial Information
Slide 24: Global Deliveries
Q3 Q4 Q1 Q2 Q3 (000’s) 2012 2012 2013 2013 2013 North America 759 735 761 880 808 Europe 372 357 373 426 388 Chevrolet in Europe 127 120 112 140 138 International Operations 857 968 992 925 930 China 665 754 816 751 745 South America 285 265 235 262 273 Brazil 183 169 141 164 171 Global Deliveries 2
Slide 25: Global Market Share
Q3 Q4 Q1 Q2 Q3 2012 2012 2013 2013 2013 North America 16.9% 16.6% 17.1% 17.3% 16.7% U.S. 17.6% 17.1% 17.7% 17.9% 17.3% Europe 8.4% 8.0% 8.2% 8.5% 8.6% Germany 7.4% 6.8% 7.4% 7.7% 7.7% U.K. 11.6% 12.3% 11.7% 11.7% 10.8% Russia 10.1% 9.4% 9.0% 8.7% 9.4% International Operations 9.4% 9.8% 9.5% 9.3% 9.6
Slide 26: Operating Income Walk to EBIT-Adjusted
Operating Income Walk to EBIT- Adjusted S3 Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis Q3 Q3 2012 2013 Operating Income 1.6 2.3 Equity Income 0.4 0.4 Non-Controlling Interests 0.0 0.0 Non-Operating Income 0.2 (0.1) Special Items 0.1 0.0 EBIT- Adjusted 2.3 2.6 ($B)
Slide 27: Reconciliation of EBIT-Adjusted
Reconciliation of EBIT- Adjusted S4Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis; Results may not foot due to rounding Q3 Q3 2012 2013 Net Income to Common Stockholders 1.5 0.7 Add Back: Undistributed earnings allocated to Series B (Basic) 0.1 - Dividends on Preferred S
Slide 28: Restructuring (not included in special items)
Restructuring (not included in special items) S5Note: Results may not foot due to rounding Q3 Q4 Q1 Q2 Q3 ($B) 2012 2012 2013 2013 2013 GMNA 0.1 0.0 0.0 0.0 0.0 GME 0.0 (0.1) 0.0 0.0 0.0 GMIO 0.0 0.0 0.0 0.0 (0.1) GMSA 0.0 0.0 0.0 0.0 0.0 Total 0.0 (0.2) (0.1) (0.1) (0.1)
Slide 29: GM Financial – Key Metrics
Q3 Q3 ($M) 2012 2013 Earnings Before Tax 200 239 Total Loan and Lease Originations 1,777 3,230 GM as % of GM Financial Loan and Lease Originations 44% 67% Commercial Finance Receivables 284 4,611 Consumer Finance Receivables 10,853 19,264 Consumer Finance Delinquencies (>30 days) 7.1% 5.3% Annualize