Ford Mtr Co Del · NYSE:F
Ford Mtr Co Del — Ford Motor Company — FY2020 Earnings Presentation
73 slides from Ford Mtr Co Del's earnings presentation, Feb 4, 2021
Slide 1: Q4 & Full Year 2020 Earnings Review
Ford Motor Company Q4 & Full Year 2020 Earnings Review Fe b r u a r y 4 , 2 0 2 1 2022 E-Transit Note: See slide A18 for related notes
Slide 2: Information Regarding This Presentation
Information Regarding This Presentation Forward-Looking Statements This presentation includes forward-looking statements. Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could caus
Slide 3: The Plan
The Plan We Must: • Turn around automotive operations, compete like a challenger • Treat customers like family • Create must-have products and services • Simplify everything • Modernize everywhere • Care for each other We Will: • Capitalize on our strengths • Disrupt ourselves • Partner for expertis
Slide 4: The Plan: Care For Each Other
The Plan: Care For Each Other 4
Slide 5: Q4 Highlights
Q4 Highlights • Generated $1.9B of Adjusted Free Cash Flow TURN AROUND • Delivered Adjusted EBIT of $1.7B; second half Adjusted EBIT Margin of 7.3% AUTO M OT I V E • Ford of Europe strongest quarterly profit in over four years, delivering an Adjusted EBIT Margin of 5.8% M U ST- H AV E • Successfully
Slide 6: Fourth Quarter Financial Results
Fourth Quarter Financial Results Adj. FCF Revenue Adj. EBIT Adj. EBIT Margin Adj. EPS $1.9B $36B $1.7B 4.8% $0.34 Up $1.4B Down $3.8B Up $1.2B Up 3.6 ppts Up $0.22 2021 Mustang Mach-E GT Performance Edition Available late 2021 F u l l Ye a r $0.7B $127.1B $2.8B 2.2% $0.41 Down $2.1B Down $28.8B Down
Slide 7: The Plan: Turn Around Automotive South America Restructuring
The Plan: Turn Around Automotive South America Restructuring Ceasing manufacturing in Brazil. Portfolio will consist of vehicle strengths: Connected and increasingly electrified SUVs, pickups and commercial vehicles sourced from Argentina, Uruguay and other markets JANUARY 2021 ANNOUNCEMENT Pre-tax
Slide 8: The Plan: Turn Around Automotive Global Redesign
The Plan: Turn Around Automotive Global Redesign Restructuring Actions: 2018 - 2021 Mfg. Site Sales Or Closures* EBIT Charges & Cash Effects ($B) 10 ~$10 $7.1 4 ~$5 3 $2.2 - $2.7 $3.0 - $3.5 2 1 $1.6 NA SA EU CN IMG TOTAL EBIT EBIT EBIT CASH CASH CASH 2018 - 2020 2021 TOTAL 2018 - 2020 2021 TOTAL He
Slide 9: The Plan: Must-Have Products And Services On The Road Now
The Plan: Must-Have Products And Services On The Road Now Connectivity BBrroonnccoo SSppoorrtt Mustang Mach-E F-150 & Services • In dealers November 2020 • In dealers December 2020 • In dealers December 2020 • 100% NA new products connected • First in new Bronco family • 2021 North American Utility
Slide 10: The Plan: Must-Have Products And Services Coming Soon
The Plan: Must-Have Products And Services Coming Soon Bronco F-150 Raptor • Iconic nameplate returning after 25 years • Most off-road capable and connected F-150 Raptor ever • Incremental to portfolio, capitalizes on Ford’s strength • All-new third generation F-150 Raptor that takes the • Orders ope
Slide 11: The Plan: Lead The Electrification Revolution In Areas Of Strength
The Plan: Lead The Electrification Revolution In Areas Of Strength Mustang Mach-E E -Tr a n s i t F-150 BEV • Investing ~$22B* in electrification through 2025 • Focused on high-volume areas where we lead: Pickups, utilities and commercial vehicles ‒ Majority of electrification spending dedicated to
Slide 12: The Plan
The Plan Strong Balance Sheet Disciplined Capital Allocation Strong balance sheet with nearly $31B of cash, disciplined capital allocation and partnerships Turnaround of Automotive through business redesign and portfolio transformation with must-have products and services Investments In Global R
Slide 13: Cash Flow, Cash Balance And Liquidity
Cash Flow, Cash Balance And Liquidity Adjusted Free Cash Flow Cash Balance & Liquidity ($B) Liquidity $6.3 $46.9 $45.5 $39.8 • Q4 Adjusted FCF of $1.9B, $1.9 $35.4 $35.4 $35.1 $39.3 up $1.4B, driven by higher EBIT, higher Ford Credit distributions $0.2 $0.5 $34.3 and lower capital spending $30.8 $29
Slide 14: Revenue And EBIT Metrics
Revenue And EBIT Metrics Wholesale Units (000) & Adjusted EBIT ($B) & Revenue ($B) EBIT Margin (%) • Wholesale units of 1,238K, down Wholesale Units $3.6 9%, driven by planned changeover and production ramp up of all-new $39.7 F-150 $37.0 $37.5 $36.0 $34.3 • Q4 revenue of $36B, down 9%, $1.8 $1.7 dr
Slide 15: Q4 2020 Results ($B)
Q4 2020 Results ($B) $1.7 $1.3 • Company Adjusted EBIT of $1.7B, $0.9 $1.0 up $1.2B, driven by improvement in Automotive and Credit $(0.1) $(0.3) • Special Items of $(5.0)B reflect $(0.5) primarily: – Global redesign actions in $(2.8) South America – Mark-to-market adjustments for $(5.0) global pens
Slide 16: Full Year 2020 Results ($B)
Full Year 2020 Results ($B) $2.6 $2.8 • Company Adjusted EBIT of $2.8B, $1.6 down $3.6B, driven by the impact of the COVID-19 pandemic • Special Items of $(2.2)B reflect primarily: $(0.2) $(0.2) – Global redesign actions in South America and Europe $(1.3) $(1.3) $(1.6) – Mark-to-market adjustments f
Slide 17: Q4 2020 Adjusted EBIT ($B)
Q4 2020 Adjusted EBIT ($B) North South Total Total Europe China IMG America America Auto Company Q4 2019 $ 0.7 $ (0.2) $ 0.1 $ (0.2) $ (0.2) $ 0.2 $ 0.5 YoY Change: Industry $(0.3) Volume / Mix $ (1.8) $ (0.0) $ (0.2) $ (0.1) $ (0.0) $ (2.1) $ (2.1) Share / Mix / Other (1.8) Net Pricing 1.5 0.2 0.5
Slide 18: Full Year 2020 Adjusted EBIT ($B)
Full Year 2020 Adjusted EBIT ($B) North South Total Total Europe China IMG America America Auto Company FY 2019 $ 6.6 $ (0.7) $ 0.1 $ (0.8) $ (0.3) $ 4.9 $ 6.4 YoY Change: Industry $(6.7) Volume / Mix $ (6.8) $ (0.1) $ (2.0) $ (0.1) $ (0.4) $ (9.4) $ (9.4) Other Volume / Mix (2.7) Net Pricing 3.0 0.
Slide 19: North America
North America Whhool leessaal lee UUnni ittss* ((000000)) W 639 681 651 Q4 Headlines 619 540 • EBIT of $1.1B, up 53%, driven by yield management and non-recurrence of 2019 UAW 272 contract cost, offset partially by planned lower volumes from F-150 changeover • Successful launch of the all-new 2021 F
Slide 20: South America
South America Whhool leessaal lee UUnni ittss* ((000000)) W 79 74 Q4 Headlines 59 48 63 • Fifth consecutive quarter of YoY EBIT improvement; aggressive pricing to offset impacts 14 from inflation and weaker currencies • Moving to a lean, de-risked and asset-light business model YoY Q3 2019 (16)% Q4
Slide 21: Europe
Europe Whhool leessaal lee UUnni ittss* ((000000)) W 341 339 Q4 Headlines 298 288 239 • EBIT of $0.4B, up $0.3B; EBIT Margin of 5.8% 154 • Commercial Vehicles, Passenger Vehicles and Imports businesses each profitable Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 • Commercial Vehicle business stre
Slide 22: China
China Whhool leessaal lee UUnni ittss* ((000000)) W JV Volume 202 Q4 Headlines 134 159 169 164 190 • Q4 retail sales up 30%, outpacing industry 116 139 81 156 146 • Fourth consecutive quarter of YoY share improvement driven by localization of Total Q3 2019 Q4 2019 72 Q1 2020 Q2 2020 Q3 2020 Q4 2020
Slide 23: International Markets Group
International Markets Group Whhool leessaal lee UUnni ittss* ((000000)) W 93 98 93 Q4 Headlines 78 76 • Sales up 1.8%, outpacing 3% decline in industry 36 • Ranger continues as the best selling 4x4 pickup in Australia Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 • EBIT of $(0.1)B, up $0.1B; losse
Slide 24: Mobility
Mobility Q4 Headlines EBIT ($B) • Ford increases investment in autonomous businesses to at least ~$7B* by 2025 – Proved robustness of SDS algorithms with address-by-address autonomous $(0.3) $(0.3) $(0.3) $(0.3) $(0.3) $(0.3) deliveries – Testing at highway speeds, complementing largest and most com
Slide 25: Ford Credit
Ford Credit EBT ($B) $1.1 Q4 Headlines $0.7 $0.9 $0.6 $0.5 • EBT of $0.9B up $0.3B, record Q4, reflecting primarily strong auction performance $0.0 • Portfolio performing well – loss-to-receivables (LTR) remains low and below Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 year-ago levels; auction v
Slide 26: Cash Flow And Balance Sheet ($B)
Cash Flow And Balance Sheet ($B) Q4 F u l l Ye a r Balance Sheet 2019 2020 2019 2020 2019 2020 Dec. 31 Dec. 31 Company Adj. EBIT excl. Ford Credit $ (0.1) $ 0.8 $ 3.4 $ 0.2 Company Excl. Ford Credit Capital Spending $ (2.3) $ (1.5) $ (7.6) $ (5.7) Company Cash Balance $ 22.3 $ 30.8 Depreciation and
Slide 27: Special Items ($B)
Special Items ($B) Q4 F u l l Ye a r Global Redesign Potential 2022+ Actions and Cash Effects 2019 2020 2019 2020 Potential 2021 Actions and Cash Effects Global Redesign Recorded 2018 - 2020 Europe excl. Russia $ (0.2) $ (0.3) $ (1.2) $ (0.7) India (0.0) (0.0) (0.8) (0.0) ~$11 South America (0.1) (2
Slide 28: 2021 Outlook
2021 Outlook 2020 2021 Outlook Actual Includes $0.9B Adjusted EBIT Rivian Gain $8.0B - $9.0B Excludes $2.8B Semiconductor Shortage Adjusted FCF $3.5B - $4.5B $0.7B Capital Spending $6.0B - $6.5B $5.7B Pension Contributions $0.6B - $0.8B $0.6B Global Redesign EBIT Charges $2.2B - $2.7B $3.4B Global R
Slide 29: Perspectives On 2021
Perspectives On 2021 TA I LW I N D S / H E A D W I N D S • Tailwinds: Non-recurrence of COVID shutdown-related volume losses net of structural cost offsets, strong must-have products, Rivian gain, warranty and material costs, growing industry volumes • Headwinds: Commodity costs; emerging semiconduc
Slide 30: Cautionary Note On Forward-Looking Statements
Cautionary Note On Forward-Looking Statements Statements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptio
Slide 31: Appendix
Appendix
Slide 32: Key Metrics
Key Metrics Wholesale Units (000) Market Share (%) Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 North America 639 681 619 272 651 540 12.6 % 12.8 % 13.6 % 14.2 % 13.6 % 12.1 % South America 79 74 59 14 48 63 7.1 6.9 6.9 6.5 5.7 6.0 Europe 298 341 28
Slide 33: Key Metrics
Key Metrics EBIT ($B) EBIT Change (%) Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 North America $ 2.0 $ 0.7 $ 0.3 $ (1.0) $ 3.2 $ 1.1 3 % (64) % (84) % (157) % 58 % 53 % South America (0.2) (0.2) (0.1) (0.2) (0.1) (0.1) (9) 11 29 19 35 40 Europe (0
Slide 34: Key Metrics
Key Metrics Wholesale Units (000) Market Share (%) 2020 B / (W) 2020 B / (W) 2020 B / (W) 2020 B / (W) Q4 2019 Q4 2020 2019 FY 2020 FY Q4 2019 Q4 2020 2019 FY 2020 FY 2019 2019 2019 2019 North America 681 540 (141) 2,765 2,081 (684) 12.8 % 12.1 % (0.7) ppts 13.2 % 13.2 % 0.0 ppts South America 74 63
Slide 35: Q4 Results ($M)
Q4 Results ($M) Q4 Full Year 2019 2020 2020 B / (W) 2019 2019 2020 2020 B / (W) 2019 North America $ 700 $ 1,074 $ 374 $ 6,612 $ 3,625 $ (2,987) South America (176) (105) 71 (704) (491) 213 Europe 72 414 342 123 (834) (957) China (207) (66) 141 (771) (501) 270 International Markets Group* (174) (62)
Slide 36: Quarterly Results ($M)
Quarterly Results ($M) 2019 2020 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year North America $ 2,205 $ 1,696 $ 2,012 $ 700 $ 6,612 $ 346 $ (974) $ 3,178 $ 1,074 $ 3,625 South America (158) (205) (165) (176) (704) (113) (165) (108) (105) (491) Europe (excl. Russia) 85 110 (144) 72 123 (143) (664) (440)
Slide 37: Net Income / (Loss) Reconciliation To Adjusted EBIT ($M)
Net Income / (Loss) Reconciliation To Adjusted EBIT ($M) Q4 Full Year 2019 2020 2019 2020 Net income / (Loss) attributable to Ford (GAAP) $ (1,672) $ (2,788) $ 47 $ (1,279) Income / (Loss) attributable to non-controlling interests - (3) 37 3 Net income / (Loss) $ (1,672) $ (2,791) $ 84 $ (1,276) Les
Slide 38: Net Cash From Operating Activities Reconciliation To Company Adj. FCF
Net Cash Provided By / (Used In) Operating Activities Reconciliation To Company Adj. FCF ($M) Full Year Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 2019 2020 Net cash provided by / (used in) operating activities (GAAP) $ 3,544 $ 6,463 $ 4,732 $ 2,900 $ (473) $ 9,115 $ 11,088 $ 4,
Slide 39: Earnings Per Share Reconciliation To Adjusted EPS
Earnings / (Loss) Per Share Reconciliation To Adjusted Earnings / (Loss) Per Share Q4 Full Year 2019 2020 2019 2020 Diluted After-Tax Results ($M) Diluted after-tax results (GAAP) $ (1,672) $ (2,788) $ 47 $ (1,279) Less: Impact of pre-tax and tax special items (2,171) (4,136) (4,676) (2,916) Less: N
Slide 40: Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate
Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate 2020 Memo: Q4 Full Year Full Year 2019 Pre-Tax Results ($M) Income / (Loss) before income taxes (GAAP) $ (3,810) $ (1,116) $ (640) Less: Impact of special items (5,049) (2,246) (5,999) Adjusted earnings before taxes (Non-GAAP) $ 1,239
Slide 41: Adjusted ROIC ($B)
Adjusted ROIC ($B) Four Quarters Four Quarters Adjusted Net Operating Profit After Cash Tax Ending Q4 2019 Ending Q4 2020 Net income / (Loss) attributable to Ford $ 0.0 $ (1.3) Add: Non-controlling interest 0.0 0.0 Less: Income tax 0.7 (0.2) Add: Cash tax (0.6) (0.4) Less: Interest on debt (1.0) (1.
Slide 42: 2021 Segment Reporting Changes
2021 Segment Reporting Changes 2020 2021 Certain costs for the benefit of the global Automotive Segment Automotive Segment enterprise previously reported in Automotive will now be reported in Corporate Other Mobility Segment Mobility Segment Costs and benefits related to connectivity activities prev
Slide 43: Results – 2021 Reporting Structure ($M)
Results – 2021 Reporting Structure ($M) 2019 Memo: Full Year Restated B / (W) Q1 Q2 Q3 Q4 Full Year Reported North America $ 2,211 $ 1,702 $ 2,018 $ 707 $ 6,639 $ 27 South America (156) (203) (163) (174) (696) 8 Europe (excl. Russia) 85 110 (143) 72 124 1 China (126) (153) (279) (204) (762) 9 Intern
Slide 44: 2021 Reporting Segments
2021 Reporting Segments We report segment information consistent with the way our management team evaluates the operating results and performance of the Company. Accordingly, we analyze the results of our business through the following segments: • Automotive: Primarily includes the sale of Ford and
Slide 45: Non-GAAP Financial Measures That Supplement GAAP Measures
Non-GAAP Financial Measures That Supplement GAAP Measures We use both GAAP and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. The non-GAAP measures listed below are intended to be considered by users as supplemental
Slide 46: Non-GAAP Financial Measures That Supplement GAAP Measures
Non-GAAP Financial Measures That Supplement GAAP Measures • Company Adjusted Free Cash Flow (FCF) (Most Comparable GAAP Measure: Net Cash Provided By / (Used In) Operating Activities) – Measure of Company’s operating cash flow excluding Ford Credit’s operating cash flows. The measure contains elemen
Slide 47: Definitions And Calculations
Definitions And Calculations Automotive Records • References to Automotive records for EBIT Margin and business units are since at least 2009 Wholesale Units and Revenue • Wholesale unit volumes include all Ford and Lincoln badged units (whether produced by Ford or by an unconsolidated affiliate) th
Slide 48: Product Notes
Product Notes 2022 E-Transit (shown on Slide 1) • Pre-production computer-generated image shown with optional equipment. Available late 2021 2021 Bronco (shown on Slide 3) • Pre-production computer-generated image shown with optional equipment and aftermarket accessories. Cargo and load capacity lim
Slide 49: Ford Credit Q4 & Full Year 2020 Earnings Review
Ford Credit Q4 & Full Year 2020 Earnings Review February 4, 2021
Slide 50: Information Regarding This Presentation
Information Regarding This Presentation Forward-Looking Statements This presentation includes forward-looking statements. Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could caus
Slide 51: Key Takeaways
Key Takeaways • Strong Q4 EBT of $912M, best Q4 ever • Balance sheet remains strong with liquidity at $35B; continue to access diverse funding sources • Portfolio performing well – charge-offs and loss-to-receivables (LTR) ratio remain significantly below year-ago levels. Credit loss reserve reflect
Slide 52: Key Metrics
Key Metrics EBT ($B) $1,123 Headlines $736 $912 $630 $543 • Q4 EBT of $912M is up $282M, reflecting strong auction performance $30 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 • Portfolio performing well – loss-to-receivables (LTR) remains low Distributions ($M) $1,100 $475 $275 $275 $575 $1,290
Slide 53: FY 2020 EBT YoY Bridge ($M)
FY 2020 EBT YoY Bridge ($M) • FY EBT at $2.6B, down 13% YoY • Volume & mix primarily driven by lower receivables • Credit loss primarily reflects estimates of the impact of COVID-19 in future periods • Lease residual performance driven by improved auction values 2019 Volume / Financing Credit Lease
Slide 54: Q4 2020 Net Receivables Mix ($B)
Q4 2020 Net Receivables Net Investment in Operating Leases Mix ($B) Consumer Financing Non-Consumer Financing $131.7 $26.7 $104.3 Q4 2020 H / (L) 2019 • Receivables declined $10B YoY, SUV / CUV 59% 2 ppts. primarily reflecting lower wholesale $26.4 Truck 32 2 Car 9 (4) receivables • Operating lease
Slide 55: U.S. Origination Metrics And Credit Loss Drivers
U.S. Retail & Lease FICO and Higher Risk Mix (%) Retail Repossessions (000) and Repossession Rate (%) Origination Higher Risk Portfolio Mix (%) Repossession Rate (%) Metrics And 750 753 739 743 738 735 Credit Loss 7 7 7 6% 6% 6% 6% 6% 6% 5 5 Drivers 1.32% 1.27% 1.24% 3 1.04% 1.01% 0.52% • Discipline
Slide 56: Worldwide Credit Loss Metrics
Worldwide C h a r g e - O f f s ( $ M ) a n d LT R R a t i o ( % ) Credit Loss LTR Ratio (%) Metrics $89 $107 $101 $88 0.36% 0.35% $67 0.30% 0.32% $45 0.24% 0.17% • Worldwide credit loss metrics remain strong and below year ago Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 levels Credit Loss Reser
Slide 57: U.S. Lease Metrics
U.S. Lease Metrics Lease Return Volume (000) Lease Placement Volume (000) and Return Rates (%) 24-Month Return Rate (%) 36-Month 39-Month / Other 83 82 75 70 71 11 70 67 • Lease placement volume and 12 11 52 12 62 58 65 53 share down YoY 9 11 68 64 38 77% • Lower lease return volume and 36 59 47 76%
Slide 58: Cumulative Maturities At December 31, 2020
Cumulative Maturities At December 31, 2020* ($B) Assets Debt $157 • Strong balance sheet is inherently $135 $136 liquid with cumulative debt $111 $103 maturities having a longer tenor $86 $80 than asset maturities $60 • As of December 31, 2020 $81B of $157B assets are unencumbered 2021 2022 2023 202
Slide 59: Funding Structure – Managed
Funding Structure – Managed 2019 2020 Dec 31 Dec 31 Receivables* Term Debt (incl. Bank Borrowings) $ 73 $ 77 ($B) Term Asset-Backed Securities 57 55 Commercial Paper 4 0 Ford Interest Advantage / Deposits 7 6 • Well capitalized with a strong balance sheet; $35B in net liquidity Other 9 7 • Funding i
Slide 60: Public Term Funding Plan
Public Term Funding Plan* ($B) 2019 2020 2021 Through Actual Actual Forecast Feb 3 • Completed $27B of public issuance in 2020 Unsecured $ 17 $ 14 $ 7 - 11 $ - • Strong balance sheet and substantial liquidity provide funding Securitizations** 14 13 11 - 14 1 flexibility Total $ 31 $ 27 $ 18 - 25 $ 1
Slide 61: Cautionary Note On Forward-Looking Statements
Cautionary Note On Forward-Looking Statements Statements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptio
Slide 62: Appendix
Appendix EBT By Segment A2 Financing Shares And Contract Placement Volume A3 Financing Shares And Contract Placement Volume A4 U.S. Origination Metrics And Credit Loss Drivers A5 Worldwide Credit Loss Metrics A6 U.S. Lease Metrics A7 Total Net Receivables Reconciliation To Managed Receivables A8 Fin
Slide 63: EBT By Segment ($M)
EBT By Segment* ($M) Q4 Full Year H / (L) H / (L) 2020 2019 2020 2019 Results United States and Canada segment $ 842 $ 271 $ 2,241 $ (124) Europe segment 41 (6) 196 (156) All Other segment (0) (28) 38 (105) Total segments $ 883 $ 237 $ 2,475 $ (385) Unallocated other 29 45 133 (5) Earnings before ta
Slide 64: Financing Shares And Contract Placement Volume
Financing Shares And Contract Placement Volume Q4 Full Year 2019 2020 2019 2020 Share of Ford Sales* United States 50 % 40 % 51 % 56 % Canada 79 94 66 74 U.K. 40 34 39 40 Germany 47 42 47 41 China 36 42 35 39 Wholesale Share United States 75 % 74 % 75 % 74 % Canada 55 24 57 40 U.K. 100 100 100 100 G
Slide 65: Financing Shares And Contract Placement Volume
Financing Shares And Contract Placement Volume 2016 2017 2018 2019 2020 Share of Ford Sales* United States 56 % 55 % 58 % 51 % 56 % Canada 75 77 75 66 74 U.K. 38 35 37 39 40 Germany 47 48 48 47 41 China 19 28 35 35 39 Wholesale Share United States 76 % 76 % 76 % 75 % 74 % Canada 61 61 59 57 40 U.K.
Slide 66: U.S. Origination Metrics And Credit Loss Drivers
U.S. Retail & Lease FICO and Higher Risk Mix (%) Retail Repossessions (000) and Repossession Rate (%) Origination Higher Risk Portfolio Mix (%) Repossession Rate (%) Metrics And 739 746 746 748 739 Credit Loss 27 28 27 25 Drivers 21 6% 6% 6% 6% 6% 1.21% 1.29% 1.28% 1.24% 0.95% • Disciplined and cons
Slide 67: Worldwide Credit Loss Metrics
Worldwide C h a r g e - O f f s ( $ M ) a n d LT R R a t i o ( % ) Credit Loss LTR Ratio (%) Metrics $425 $369 $371 $321 $301 0.33% 0.35% • Worldwide credit loss metrics 0.31% 0.31% remain strong 0.27% • Credit loss reserve based on historical losses, portfolio quality, 2016 2017 2018 2019 2020 and
Slide 68: U.S. Lease Metrics
U.S. Lease Metrics Lease Return Volume (000) Lease Placement Volume (000) and Return Rates (%) 24-Month Return Rate (%) 36-Month 39-Month / Other 290 290 281 393 385 246 243 368 56 38 43 329 41 258 43 80% 78% 78% 78% 298 290 288 236 180 69% • Lease share below industry, reflecting Ford sales mix 39
Slide 69: Total Net Receivables Reconciliation To Managed Receivables ($B)
Total Net Receivables Reconciliation To Managed Receivables ($B) 2018 2019 2020 Dec 31 Dec 31 Dec 31 Finance receivables, net (GAAP) $ 118.8 $ 114.3 $ 105.0 Net investment in operating leases (GAAP) 27.4 27.7 26.7 Total net receivables* $ 146.3 $ 142.0 $ 131.7 Held-for-sale receivables (GAAP) $ - $
Slide 70: Financial Statement Leverage Reconciliation To Managed Leverage ($B)
Financial Statement Leverage Reconciliation To Managed Leverage* ($B) 2018 2019 2020 Dec 31 Dec 31 Dec 31 Leverage Calculation Debt $ 140.1 $ 140.0 $ 137.7 Adjustments for cash (10.2) (11.7) (18.5) Adjustments for derivative accounting 0.2 (0.5) (1.5) Total adjusted debt $ 130.1 $ 127.8 $ 117.7 Equi
Slide 71: Liquidity Sources ($B)
Liquidity Sources* ($B) 2018 2019 2020 Dec 31 Dec 31 Dec 31 Liquidity Sources Cash $ 10.2 $ 11.7 $ 18.5 Committed asset-backed facilities 35.4 36.6 38.1 Other unsecured credit facilities 3.0 3.0 2.5 Ford corporate credit facility allocation 3.0 3.0 - Total liquidity sources $ 51.6 $ 54.3 $ 59.1 Util
Slide 72: Non-GAAP Financial Measures That Supplement GAAP Measures
Non-GAAP Financial Measures That Supplement GAAP Measures We use both GAAP and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. The non-GAAP measures listed below are intended to be considered by users as supplemental
Slide 73: Definitions And Calculations
Definitions And Calculations ABS capacity in excess of eligible receivables and other adjustments (as shown on the Liquidity Sources chart) Includes asset-backed capacity in excess of eligible receivables; cash related to the Ford Credit Revolving Extended Variable-utilization program (“FordREV”), w