RBC Automotive Fixed Income Conference
June 25, 2024
2025 Lincoln Aviator
Further Information
FORD FIXED INCOME INVESTOR RELATIONS:
Jessica Vila-Goulding
313-248-3896jvila5@ford.com
Christopher Conti 313-418-1673cconti5@ford.com
INFORMATION ON FORD:
www.shareholder.ford.com
- 10-KAnnual Reports
- 10-QQuarterly Reports
- 8-KCurrent Reports
INFORMATION ON FORD MOTOR CREDIT COMPANY:
https://www.ford.com/finance/investor-center/
- 10-KAnnual Reports
- 10-QQuarterly Reports
- 8-KCurrent Reports
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Safe Harbor Statement And Disclosures
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 cause actual results to differ materially from those stated. For a discussion of these risks, uncertainties, and other factors, please see the "Cautionary Note on Forward-Looking Statements" in this presentation and "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, as updated by subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
GAAP & Non-GAAP Financial Measures
This presentation includes financial measures calculated in accordance with Generally Accepted Accounting Principles ("GAAP") and non-GAAP financial measures. The non-GAAP financial measures are intended to be considered supplemental information to their comparable GAAP financial measures. The non-GAAP financial measures are reconciled to the most comparable GAAP financial measures in the Appendix to this presentation.
Additional Information
Calculated results may not sum due to rounding. N/M denotes "Not Meaningful." All variances are year-over-year unless otherwise noted. Visit ford.com for vehicle information.
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Corporate
2024 Ford F-150 Raptor R
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 hardware | |
nameplates | and software | + Ford Blue |
+ Leading commercial | + + Connectivity | = + Ford Model e |
vehicle portfolio | ||
+ Data analytics | + Ford Pro | |
+ Industrial prowess | ||
Drives strong margins | Enables deep | Unlocks new growth |
and cash flow | customer insight | opportunities |
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Q1 2024 Highlights
Growth
- "Freedom of choice" global product portfolio drove $43B of revenue - ICE, Hybrids and EVs
- Global hybrid sales up 36%, led by Escape, Maverick, F-150
- America's best-selling truck and van, F-Series and Transit
- #1 U.S. class 1-7 truck / van share
- #1 commercial brand in Europe
Profitability
- Strong start to 2024 - Total Company adj. EBIT of $2.8B
- Ford Pro EBIT up 2X with margin of 16.7%
- Total Company operations outside North America profitable
Free Cash Flow & Liquidity
- Raised full-year adj. FCF guidance to $6.5B to $7.5B
- Announced Q2 regular dividend of $0.15 per share
- Targeting a consistent return of 40% - 50% of adj. FCF to shareholders
- Strong balance sheet $25B in cash and ~$43B in liquidity
Software & Physical Services | Product News |
-
Paid software subscriptions ~700K, up 47% - growth across all 3 customer segments
• Gross margins >50% - Last 12 months, ~13% of Ford Pro's EBIT
- Delivered >1M remote experiences in Q1; 4.5M by year end
- Launched all-newF-150, Ranger, Kuga
- Ford Blue launching more all-new updates in 2024: Puma, Explorer, Aviator, etc.
- Iconic Ford Mustang celebrated its 60th anniversary
- Ford Pro ramping all-new 1T Transit production in Europe, including Hybrid and EV
Note: All comparisons are YoY unless noted otherwise
A Higher Growth, Higher Margin, More Capital Efficient, More Resilient Business Model
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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% | q 18% | q 1.7pts | q $1.2B | q $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 | $3.0B | 16.7% |
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Financials
Ford Transit Custom Trail Edition
Q1 Cash Flow, Cash Balance & Liquidity ($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 | $4.9 |
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Q1 2024 Results ($B)
driven by automotive EBIT
Ford Blue | Ford Model e | Ford | Corporate | Company | Interest | Special | Taxes / | Net | |||
Ford Pro | Ford Next | Strong cash | Income / | ||||||||
Credit | Other | Adj. EBIT | On Debt | Items | Noncontrolling | ||||||
and liquidity | (Loss) | ||||||||||
Interests | |||||||||||
B / (W) | $(1.7) | $(0.6) | $1.6 | $0.0 | $0.0 | $- | $(0.6) | $0.0 | $0.0 | $0.1 | $(0.4) |
Q1 2023 | |||||||||||
available to invest in growth |
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Attachments
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Disclaimer
Ford Motor Company published this content on 24 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 June 2024 15:20:35 UTC.