Ford Mtr Co Del · NYSE:F

Ford Mtr Co Del — Ford Motor Company — Q1 2024 Earnings Presentation

31 slides from Ford Mtr Co Del's earnings presentation, Apr 24, 2024

  1. Slide 1: Delivering Ford+ Q1 2024 Earnings

    Delivering Ford+ Q1 2024 Earnings All-New 2025 Ford Explorer ST Available Summer 2024

  2. Slide 2: Contents

    Contents Delivering Ford+ Page 4 - 5 Q1 Results Page 6 Financials Page 8 - 16 2024 Guidance Page 18 - 19 Appendix Page 21 - 30 2024 Ford Puma 2

  3. Slide 3: Safe Harbor Statement And Disclosures

    Safe Harbor Statement And Disclosures Forward-Looking Statements GAAP & Non-GAAP Financial Measures This presentation includes forward-looking statements. Forward- This presentation includes financial measures calculated in looking statements are based on expectations, forecasts, and accordance with

  4. Slide 4: Ford+ Investment Thesis

    Ford+ Investment Thesis Disruptive technology allows us to leverage foundational strengths to build new capabilities enriching customer experiences and deepening loyalty Customer experience FOUNDATIONAL ENHANCED EXPANDED TAM STRENGTHS CAPABILITIES & VALUE CREATION + Leading iconic + Integrated hardw

  5. Slide 5: Q1 2024 Highlights

    Q1 2024 Highlights Growth Profitability Free Cash Flow & Liquidity + “Freedom of choice” global product portfolio drove $43B of + Strong start to 2024 – Total Company adj. EBIT of $2.8B + Raised full-year adj. FCF guidance to $6.5B to $7.5B revenue – ICE, Hybrids and EVs + Ford Pro EBIT up 2X with m

  6. Slide 6: Q1 Financial Results

    Q1 Financial Results Revenue Adj. EBIT Adj. EBIT Margin Adj. FCF Adj. EPS $42.8B $2.8B 6.5% $(0.5)B $0.49 ▲ 3%  18%  1.7pts  $1.2B  $0.14 Ford Blue Ford Model e Ford Pro EBIT EBIT Margin EBIT EBIT Margin EBIT EBIT Margin $0.9B 4.2% $(1.3)B N/M $3.0B 16.7% 6

  7. Slide 7: Financials

    Financials All-New All-Electric Ford Transit CustomE-Transit Courier TrailAvailable Edition All-New All-Electric E-Tourneo Courier XXXX Available Late 2024 Secret Secret

  8. Slide 8: Q1 Cash Flow, Cash Balance & Liquidity ($B)

    Q1 Cash Flow, Cash Balance & Liquidity ($B) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Adjusted Free Cash Flow Ford Credit Distributions incl. Above $— $— $— $— $— Cash Balance Liquidity Cash Net of Debt $9.0 $10.3 $9.3 $8.9 $4.9 8

  9. Slide 9: Q1 2024 Results ($B)

    Q1 2024 Results ($B) driven by automotive EBIT Interest Taxes / Net Ford Blue Ford Model e Ford Corporate Company Special Ford Pro Ford Next On Debt Noncontrolling Strong cash Income / Credit Other Adj. EBIT Items andInterests liquidity (Loss) B / (W) Q1 2023 $(1.7) $(0.6) $1.6 $0.0 $0.0 $— $(0.6) $

  10. Slide 10: Q1 2024 Adjusted EBIT ($B)

    Q1 2024 Adjusted EBIT ($B) Ford Ford Ford Ford Ford Ford Corporate Total VOLUME Blue Model e Pro Next Credit Other Company Heavily impacted by launch timing of all-new F-150 Q1 2023 $ 2.6 $ (0.7) $ 1.4 $ (0.0) $ 0.3 $ (0.1) $ 3.4 YoY Change: NET PRICING Volume / Mix $ (1.7) $ (0.0) $ 1.8 $ — $ — $ —

  11. Slide 11: Ford Blue

    Revenue ($B) Ford Wholesale Units (000) Blue ■ ■ Volume Volume and and revenue revenue up down3% and 8%, respectively 11% and 13%, respectively ■ EBIT up $0.6B: ■ EBIT down $1.7B: + Volume / mix – Volume / mix, primarily Memo: JV + Commodities timing of F-150 launch Wholesales* 97 107 124 128 101 ––

  12. Slide 12: Ford Model e

    Revenue ($B) Ford Wholesale Units (000) Model e ■ Volume down 20% ■ Revenue down 84%, due to industry-wide pricing pressure ■ EBIT loss increased $0.6B: – Lower pricing + Flat cost EBIT ($B) EBIT Margin (%) N/M All-Electric Ford F-150 FordLightning Explorer Available Late 2024 12

  13. Slide 13: Ford Pro

    Revenue ($B) Ford Wholesale Units (000) Pro ■ Volume and revenue up 21% and 36%, respectively ■ EBIT up 2X, margin of 16.7%: + Strong operating leverage Memo: JV Wholesales* 22 24 24 20 18 + Super Duty and Transit EV Wholesales 8 12 9 11 4 + Software and physical services growth – Growth-related cos

  14. Slide 14: Ford Credit

    Ford Auction Values* (Per Unit) U.S. Retail Loss-to-Receivables (“LTR”) Ratio (%) Credit 2017-2019: 0.56% ■ EBT of $0.3B: + Finance margin improvement – Auction values down ~10% – Expect auction values to decline in 2024 * U.S. 36-month off-lease auction values at Q1 2024 mix ■ High-quality book wit

  15. Slide 15: Cash Flow And Balance Sheet ($B)

    Cash Flow And Balance Sheet ($B) First Quarter Balance Sheet 2023 2024 2023 Dec 31 2024 March 31 Company Excl. Ford Credit Company Adj. EBIT excl. Ford Credit $ 3.1 $ 2.4 Company Cash Balance $ 28.8 $ 25.1 Capital Spending (1.8) (2.1) Liquidity 46.4 42.6 Depreciation and Tooling Amortization 1.3 1.3

  16. Slide 16: Special Items ($B)

    Special Items ($B) First Quarter 2023 2024 Restructuring (by Geography) Europe $ (0.4) $ (0.3) China (0.3) — North America Hourly Buyouts — (0.3) Other 0.0 — Subtotal Restructuring $ (0.7) $ (0.6) Other Items Extended Oakville EV Program Changeover $ — $ (0.3) Other (including Gains / (Losses) on In

  17. Slide 17: 2024 Guidance

    2024 Guidance 2025 Lincoln Aviator Available Summer 2024

  18. Slide 18: CY 2024 Guidance

    CY 2024 Guidance 2024 2023 Outlook Actuals 2024 Outlook includes: • Flat to modest U.S. industry growth at 16M to 16.5M Total Company Adj. EBIT $10B to $12B $10.4B • Full year of all-new Super Duty, drives positive Total Company Adj. FCF $6.5B to $7.5B $6.8B pricing and mix in Ford Pro Prior Outlook

  19. Slide 19: 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

  20. Slide 20: Appendix

    Appendix Ford Mustang 60th Anniversary Package Available to Order Summer 2024

  21. Slide 21: Key Metrics

    Key Metrics EBIT ($B) Revenue ($B) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Ford Blue $ 1.5 $ 2.6 $ 2.3 $ 1.7 $ 0.8 $ 0.9 $ 26.3 $ 25.1 $ 25.0 $ 25.6 $ 26.2 $ 21.8 Ford Model e (0.6) (0.7) (1.1) (1.3) (1.6) (1.3) 1.6 0.7 1.8 1.8 1.6 0.1 Ford Pro

  22. Slide 22: Quarterly Results ($M)

    Quarterly Results ($M) 2023 2024 Q1 Q2 Q3 Q4 Full Year Q1 Ford Blue $ 2,623 $ 2,308 $ 1,718 $ 813 $ 7,462 $ 905 Model e (722) (1,080) (1,329) (1,570) (4,701) (1,320) Ford Pro 1,366 2,391 1,654 1,811 7,222 3,008 Ford Next (44) (26) (17) (51) (138) (9) Ford Credit 303 390 358 280 1,331 326 Corporate O

  23. Slide 23: Net Income / (Loss) Reconciliation To Adjusted EBIT ($M)

    Net Income / (Loss) Reconciliation To Adjusted EBIT ($M) First Quarter 2023 2024 Net Income / (Loss) Attributable to Ford (GAAP) $ 1,757 $ 1,332 Income / (Loss) Attributable to Noncontrolling Interests (94) 2 Net Income / (Loss) $ 1,663 $ 1,334 Less: (Provision For) / Benefit From Income Taxes (496)

  24. Slide 24: Operating Cash Flow Reconciliation To Company Adj. FCF ($M)

    Net Cash Provided By / (Used In) Operating Activities Reconciliation To Company Adj. FCF ($M) 2023 2024 Q1 Q2 Q3 Q4 Q1 Net Cash Provided By / (Used In) Operating Activities (GAAP) $ 2,800 $ 5,035 $ 4,591 $ 2,492 $ 1,385 Less: Items Not Included in Company Adjusted Free Cash Flows Ford Credit Operati

  25. Slide 25: EPS Reconciliation To Adjusted EPS

    Earnings / (Loss) Per Share Reconciliation To Adjusted Earnings / (Loss) Per Share First Quarter 2023 2024 Diluted After-Tax Results ($M) Diluted After-Tax Results (GAAP) $ 1,757 $ 1,332 Less: Impact of Pre-Tax and Tax Special Items (768) (653) Adjusted Net Income / (Loss) – Diluted (Non-GAAP) $ 2,5

  26. Slide 26: Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate

    Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate Q1 2024 Full Year 2023 Pre-Tax Results ($M) Income / (Loss) Before Income Taxes (GAAP) $ 1,612 $ 3,967 Less: Impact of Special Items (873) (5,147) Adjusted Earnings Before Taxes (Non-GAAP) $ 2,485 $ 9,114 Taxes ($M) (Provision For) / B

  27. Slide 27: Adjusted ROIC ($B)

    Adjusted ROIC ($B) Four Quarters Four Quarters Ending Q1 2023 Ending Q1 2024 Adjusted Net Operating Profit / (Loss) After Cash Tax Net Income / (Loss) Attributable to Ford $ 2.9 $ 3.9 Add: Noncontrolling Interest (0.3) 0.1 Less: Income Tax (0.4) 0.6 Add: Cash Tax (0.9) (1.2) Less: Interest on Debt (

  28. Slide 28: 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

  29. Slide 29: 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

  30. Slide 30: Definitions And Calculations

    Definitions And Calculations Wholesale Units and Revenue • Wholesale unit volumes include all Ford and Lincoln badged units (whether produced by Ford or by an unconsolidated affiliate) that are sold to dealerships or others, units manufactured by Ford that are sold to other manufacturers, units dist

  31. Slide 31: Delivering Ford+ Q1 2024 Earnings

    Delivering Ford+ Q1 2024 Earnings Vehicles Shown (L to R): E-Transit Cutaway Van, E-Transit Medium Roof Cargo Van and E-Transit High Roof Cargo Van Secret

Ford Motor Company — Q1 2024 Earnings Presentation on 6ix