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FORD MOTOR COMPANY

(F)
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Ford Motor Credit Company Third Quarter 2021 Earnings

10/27/2021 | 04:36pm EST

Q3 2021 Earnings Review

October 27, 2021

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 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" at the end of this presentation and "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020, as updated by subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

GAAP AND 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 defined and 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.

Effective January 1, 2021, we adopted Accounting Standards Update ("ASU") 2019-12, which allows for the simplification of accounting for income taxes. As a result, return on equity, net income, distributions, leverage, and equity have been updated in the prior comparator periods to reflect the update.

2

Key Metrics

Best-in-class finance company

Auction Values (Per Unit) *

U.S. Retail LTR Ratio (%)

Delivering Ford+

• Auction values of off-lease vehicles

continue at near-record levels

$28,530 $28,045

$22,160$22,760

0.37%

0.30%

Proactive lease extension program

to address inventory shortages

$20,585

$21,265

0.22%

0.15%

(0.07)% 0.00%

Launched next generation Ford Pro

FinSimple, reducing financing

approval time nearly 90%

• Portfolio performing well - near-zero

credit losses for the past two

quarters

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

EBT ($M)

$1,623

$1,123

$962

$1,077

$912

$543

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Distributions

$826

$831

$1,290

$1,000

$4,000

$1,500

Q3 EBT YoY ($M)

Q3

Vol /

Fin

Credit

Lease

Other

2020

Mix

Margin

Loss

Residual

2021

3

* U.S. 36-monthoff-lease auction values at Q3 2021 mix

Q3 2021 Net Receivables Mix

($B)

Net Investment in Operating Leases

Consumer Financing

Non-Consumer Financing

  • Receivables declined $15B YoY, primarily reflecting lower wholesale receivables
  • Operating lease portfolio was 22% of total net receivables

$116.5 $25.5

$72.0

$19.0

Total

H / (L) Q3 2020

$(15.0)

H / (L) Q2 2021

(1.2)

$93.0 $25.2

$54.7

$13.1

United States and Canada

$(13.0) (0.7)

$18.4

$13.4

$5.1

$4.7

Europe

All Other

$(2.9)

$0.9

(0.9)

0.4

4

U.S. Origination

Metrics And

Credit Loss

Drivers

  • Disciplined and consistent underwriting practices
  • Portfolio quality evidenced by FICO scores and consistent risk mix
  • Repossessions, net charge-offs and LTR remain low
  • LTR reflects historically low losses and strong net recoveries during the period

Retail & Lease FICO and

Retail Repossessions (000) and

Higher Risk Mix (%)

Repossession Rate (%)

Higher Risk Portfolio Mix (%)

748

747

751

Repossession Rate (%)

743

738

735

6%

6%

6%

6%

5%

5%

5

5

5

3

1.04%

1.01%

0.92%

3

3

0.71%

0.52%

0.63%

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

60+ Day Delinquencies* 0.15%

0.13%

0.14%

0.13%

0.08%

0.11%

Retail Contract Terms

Retail Net Charge-Offs ($M) and LTR Ratio (%)

Retail >84 months Placement Mix (%)

LTR Ratio (%)

71 mo

67 mo

66 mo

15%

64 mo

$49

63 mo

62 mo

$39

$29

4%

5%

4%

6%

3%

$19

0.30%

0.37%

0.22%

0.15%

$(9)

$0

(0.07)%

0.00%

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Severity (000)

$10.9

$9.8

$10.9

$10.6

$7.9

$8.3

* Excluding bankruptcies

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Ford Motor Company published this content on 27 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2021 20:33:16 UTC.


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Sales 2021 127 B - -
Net income 2021 6 419 M - -
Net cash 2021 5 309 M - -
P/E ratio 2021 11,6x
Yield 2021 0,52%
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EV / Sales 2021 0,56x
EV / Sales 2022 0,45x
Nbr of Employees 186 000
Free-Float 98,0%
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Ford Motor Company Technical Analysis Chart | F | US3453708600 | MarketScreener
Technical analysis trends FORD MOTOR COMPANY
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 19,14 $
Average target price 18,82 $
Spread / Average Target -1,65%
EPS Revisions
Managers and Directors
James D. Farley President, Chief Executive Officer & Director
John T. Lawler Chief Financial Officer & Vice President
William Clay Ford Executive Chairman
Douglas Field Chief Advanced Technology Officer
Michael R. Amend Chief Digital & Information Officer
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