General Motors Company · NYSE:GM
General Motors — Q1 2013 Earnings Presentation
32 slides from General Motors's earnings presentation, May 2, 2013
Slide 1: General Motors Company Q1 2013 Results
Exhibit 99.2 General Motors Company Q1 2013 Results May 2, 2013
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: First Quarter 2013 Performance
First Quarter 2013 Performance Favorable Unfavorable Q1 2012 Q1 2013 vs. Q1 2012 Global Deliveries 2.3M 2.4M Global Market Share 11.2% 11.4% Net Revenue $37.8B $36.9B Net Income to Common $1.0B $0.9B Net Cash from Operating Activities - $2.3B $0.5B Automotive EBIT- Adjusted $2.2B $1.8B - GMNA $1.6B
Slide 4: First Quarter 2013 Highlights
First Quarter 2013 Highlights • GM Financial - Ally International acquisition in process • Record sales in China • Cadillac and Buick resurgence in the U.S. • Vauxhall growing faster than the market in the U.K. • Sales rebounding in Brazil • New vehicle announcements – Cadillac CTS – Buick LaCrosse
Slide 5: Summary of Q1 2013 Results
Summary of Q1 2013 Results Q1 Q1 2012 2013 GAAP Net Revenue ($B) 37.8 36.9 Operating Income ($B) 1.0 1.0 Net Income to Common Stockholders ($B) 1.0 0.9 EPS – Diluted ($/Share) 0.60 0.58 Net Cash from Operating Activities – 2.3 0.5 Automotive ($B) Non- GAAP EBIT- Adjusted ($B) 2.2 1.8 EBIT- Adjusted
Slide 6: Impact of Special Items
Impact of Special Items Q1 Q1 2012 2013 Net Income to Common Stockholders ($B) 1.0 0.9 EPS – Diluted ($/Share) 0.60 0.58 Included in Above ($B): Goodwill Impairment (0.6) - Venezuela Currency Devaluation - (0.2) Total Impact Net Income to Common Stockholders ($B) (0.6) (0.2) Total Impact EPS – Dilut
Slide 7: Consolidated EBIT-Adjusted
Consolidated EBIT- Adjusted ($B) 4.0 3.0 2.2 2.3 2.1 2.0 1.8 1.2 1.0 0.0 Q1 Q2 Q3 Q4 Q1 2012 2012 2012 2012 2013 Revenue ($B) 37.8 37.6 37.6 39.3 36.9 Oper. Inc % Rev 2.6% 4.8% 4.3% (88.5)% 2.6% EBIT- Adj. % Rev 5.8% 5.6% 6.1% 3.2% 4.8% Wholesale (000’s) * 1,594 1,610 1,569 1,673 1,554 Global Share
Slide 8: Consolidated EBIT-Adj. – Q1 2012 vs. Q1 2013
Consolidated EBIT- Adj. – Q1 2012 vs. Q1 2013 ($B) Q1 $0.4B Decrease Q1 2012 2013 2.2 (0.2) (0.1) 0.3 (0.3) (0.2) 1.8 EBIT-Adj Volume Mix Price Cost Other EBIT-Adj Note: EBIT- Adjusted includes GM Financial on an Earnings Before Tax (EBT) basis; Results may not foot due to rounding 7
Slide 9: Country of Sale Reporting
Country of Sale Reporting • Beginning Q1 2013 we will report revenue and profitability in the segment in which we sell vehicles to third party customers – Previously, segment results included the impact of inter- segment sales and profit – Improves profit and revenue visibility by market – Chevrolet
Slide 10: 2012 CY Segment Reclassification
2012 CY Segment Reclassification $(B) Previously Reported Country of Sale* Revenue EBIT- Adj. EBIT- Adj. Revenue EBIT- Adj. EBIT- Adj. % Rev % Rev GMNA 94.6 7.0 7.4% 89.9 6.5 7.2% GME 22.1 (1.8) (8.1)% 20.7 (1.9) (9.4)% GMIO 27.7 2.2 7.9% 23.0 2.5 11.0% GMSA 17.0 0.3 1.6% 16.7 0.5 2.7% GM Financial
Slide 11: Q1 2012 Segment Reclassification
Q1 2012 Segment Reclassification $(B) Previously Reported Country of Sale* Revenue EBIT- Adj. EBIT- Adj. Revenue EBIT- Adj. EBIT- Adj. % Rev % Rev GMNA 24.2 1.7 7.0% 23.2 1.6 7.1% GME 5.5 (0.3) (4.6)% 5.3 (0.3) (5.6)% GMIO 6.1 0.5 8.7% 5.0 0.5 10.4% GMSA 3.9 0.1 2.1% 3.9 0.2 4.0% GM Financial 0.4 0.
Slide 12: Q1 2013 EBIT-Adjusted
Q1 2013 EBIT- Adjusted EBIT- Adjusted ($B) Q1 2012 Q1 2013 2.2 1.8 1.6 1.4 0.5 0.5 0.2 0.2 0.2 0.0 0.0 (0.1) (0.3) (0.2) GMNA GME GMIO GMSA GM Corp. / Total GM Financial* Elims * GM Financial at an Earnings Before Tax basis (EBT) 11
Slide 13: Key GMNA Performance Indicators
Key GMNA Performance Indicators U.S. Total Share Avg. GM U.S. Retail Share Incentive $/Unit U.S. Retail Share 22% 5,500 20% 5,000 18% 4,500 16% 14% 4,000 12% 3,500 10% 3,000 8% 6% 2,500 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Apr 2013 Avg. U.S. Retail Incentive as % of ATP GM % 10.0 10.1 11.0 11.0 1
Slide 14: GMNA EBIT-Adjusted
GMNA EBIT- Adjusted ($B) 3.0 2.0 1.9 1.6 1.7 1.4 1.1 1.0 0.0 Q1 Q2 Q3 Q4 Q1 2012 2012 2012 2012 2013 -1.0 Revenue ($B) * 23.2 21.6 22.3 22.8 23.0 EBIT- Adj. % Rev* 7.1% 8.8% 7.7% 5.0% 6.2% U.S. Dealer Inv (000’s) 713 701 689 717 744 Wholesale (000’s) 848 760 773 826 829 North America Share 16.7% 17.
Slide 15: GMNA EBIT-Adj. – Q1 2012 vs. Q1 2013
GMNA EBIT- Adj. – Q1 2012 vs. Q1 2013 ($B) Q1 2012 $0.2B Decrease Q1 2013 1.6 (0.2) 0.1 (0.2) 0.0 0.0 1.4 EBIT-Adj Volume Mix Price Cost Other EBIT-Adj Note: Results may not foot due to rounding 14
Slide 16: GME EBIT-Adjusted
GME EBIT- Adjusted ($B) 3.0 2.0 1.0 0.0 (0.3) (0.2) (0.4) (0.5) -1.0 (0.8) Q1 Q2 Q3 Q4 Q1 2012 2012 2012 2012 2013 (1) Revenue ($B) 5.3 5.5 4.7 5.2 4.8 (1) EBIT- Adj. % Rev (5.6)% (7.1)% (10.4)% (14.6)% (3.6)% Wholesale (000’s) 266 289 254 269 249 (2) Europe Share 8.2% 8.8% 8.6% 8.3% 8.3% (1) 2012 Q
Slide 17: GME EBIT-Adj. – Q1 2012 vs. Q1 2013
GME EBIT- Adj. – Q1 2012 vs. Q1 2013 ($B) Q1 2012 $0.1B Increase Q1 2013 (0.1) (0.2) (0.3) 0.0 (0.1) 0.0 0.3 EBIT-Adj. Volume Mix Price Cost Other EBIT-Adj. 16
Slide 18: GMIO EBIT-Adjusted
GMIO EBIT- Adjusted ($B) 3.0 Equity Income 2.0 1.0 0.8 0.7 0.5 0.6 0.5 0.3 0.4 0.4 0.4 0.3 0.4 0.3 0.6 0.0 (1.0) Q1 Q2 Q3 Q4 Q1 2012 2012 2012 2012 2013 (1) Revenue ($B) 5.0 5.9 5.7 6.3 4.8 EBIT-Adj. margin from 2.3% 6.3% 6.4% 3.9% (1.4)% consolidated operations(1)(2) Total China JV NI/Rev(3) 10.2%
Slide 19: GMIO EBIT-Adj. – Q1 2012 vs. Q1 2013
GMIO EBIT- Adj. – Q1 2012 vs. Q1 2013 ($B) Q1 2012 Q1 2013 No Change 0.5 0.0 (0.1) 0.0 0.0 0.0 0.5 EBIT-Adj Volume Mix Price Cost Other EBIT-Adj Note: Results may not foot due to rounding 18
Slide 20: GMSA EBIT-Adjusted
GMSA EBIT- Adjusted ($B) 3.0 2.0 1.0 0.2 0.2 0.1 0.0 0.0 0.0 Q1 Q2 Q3 Q4 Q1 2012 2012 2012 2012 2013 Revenue ($B)* 3.9 4.1 4.3 4.4 3.7 EBIT- Adj. % Rev * 4.0 % 0.4 % 3.7 % 3.0 % (1.0)% Wholesale (000’s) 237 265 267 282 233 South America Share 18.3% 18.1% 17.9% 17.7% 17.2% * 2012 Q2 - Q4 estimated; a
Slide 21: GMSA EBIT-Adj. – Q1 2012 vs. Q1 2013
GMSA EBIT- Adj. – Q1 2012 vs. Q1 2013 ($B) Q1 2012 $0.2B Decrease Q1 2013 0.0 0.1 0.0 (0.2) 0.2 0.0 0.0 EBIT-Adj. Volume Mix Price Cost Other EBIT-Adj. Note: Results may not foot due to rounding 20
Slide 22: Adjusted Automotive Free Cash Flow
Adjusted Automotive Free Cash Flow ($B) Q1 2012 Q1 2013 Net Income to Common Stockholders 1.0 0.9 Adjusted for Non-Controlling Interests, Preferred Dividends & 0.3 0.3 undistributed earnings allocated to Series B Deduct Non-Auto (GM Financial) (0.1) (0.1) Automotive Income 1.2 1.1 Non-Cash Special I
Slide 23: Key Automotive Balance Sheet Items
Key Automotive Balance Sheet Items Mar. 31 Dec. 31 Mar. 31 ($B) 2012 2012 2013 Cash & Current Marketable Securities 31.5 26.1 24.3 Available Credit Facilities(1) 5.3 11.1 11.0 Available Liquidity 36.8 37.2 35.3 Key Obligations: Debt 5.4 5.2 5.2 Series A Preferred Stock 5.5 5.5 5.5 U.S. Pension Under
Slide 24: GM Financial
GM Financial Industry Avg. (Excl. GM) Q1 Q1 Q1 Q1 2012 2013 2012 2013 GM Sales Penetrations U.S. Subprime APR (<=620) 8.2% 7.7% 6.1% 6.3% U.S. Lease 12.6% 20.6% 21.7% 24.4% Canada Lease 8.9% 9.6% 19.0% 21.2% GM / GM Financial Linkage GM as % of GM Financial Loan and Lease Originations 45% 51% (GM Ne
Slide 25: 2013 CY Considerations
2013 CY Considerations • For the calendar year our company effective tax rate (ETR) for earnings purposes is now estimated to be in the high 30’s – ETR is calculated on income before taxes and before equity income, excluding the effect of special items 24
Slide 26: Select Supplemental Financial Information
General Motors Company Select Supplemental Financial Information
Slide 27: Global Deliveries
Global Deliveries (000’s) Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 North America 704 820 759 735 762 Europe 398 455 382 372 373 Chevrolet in Europe 122 155 138 135 112 International Operations * 928 862 857 968 992 China 745 672 665 754 816 South America 248 254 285 265 234 Brazil 137 154 183 169 141
Slide 28: Global Market Share
Global Market Share Q1 Q2 Q3 Q4 Q1 2012 2012 2012 2012 2013 North America 16.7% 17.4% 16.9% 16.6% 17.1% U.S. 17.2% 18.2% 17.6% 17.1% 17.7% Europe (1) 8.2% 8.8% 8.6% 8.3% 8.3% Germany 7.6% 8.1% 7.4% 6.8% 7.3% U.K. 11.0% 12.0% 11.6% 12.3% 11.7% (2) International Operations 9.4% 9.2% 9.4% 9.8% 9.6% Chi
Slide 29: Operating Income Walk to EBIT-Adjusted
Operating Income Walk to EBIT- Adjusted Q1 Q1 ($B) 2012 2013 Operating Income 1.0 1.0 Equity Income 0.4 0.6 Non-Controlling Interests 0.0 0.0 Non-Operating Income 0.2 0.1 Special Items 0.6 0.2 EBIT- Adjusted 2.2 1.8 Note: EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis Note: Re
Slide 30: Reconciliation of EBIT-Adjusted
Reconciliation of EBIT- Adjusted Q1 Q1 ($B) 2012 2013 Net Income to Common Stockholders 1.0 0.9 Add Back: Undistributed earnings allocated to Series B (Basic) 0.1 0.1 Dividends on Preferred Stock 0.2 0.2 Interest Expense / (Income) 0.0 0.0 Income Tax Expense / (Benefit) 0.2 0.4 Special Items: Goodwi
Slide 31: Restructuring (not included in special items)
Restructuring (not included in special items) Q1 Q2 Q3 Q4 Q1 ($B) 2012 2012 2012 2012 2013 GMNA (0.1) 0.0 0.1 0.0 0.0 GME 0.0 0.0 0.0 (0.1) 0.0 GMIO 0.0 0.0 0.0 0.0 0.0 GMSA 0.0 (0.1) 0.0 0.0 0.0 Total (0.1) (0.1) 0.0 (0.2) (0.1) Note: Results may not foot due to rounding S5
Slide 32: GM Financial – Key Metrics
GM Financial – Key Metrics ($M) Q1 2012 Q1 2013 Earnings Before Tax 181 180 Total Loan and Lease Originations 1,780 1,979 GM as % of GM Financial Loan and Lease 45% 51% Originations (1) Commercial Finance Receivables - 883 Consumer Finance Receivables 10,001 11,191 (2) Consumer Finance Delinquencies