GM 2020 Q1 Earnings Presentation

Bryan Boggs;Bansal, Rishabh

Q1 2020 RESULTS - Investor Relations

GM Confidential EBIT-ADJUSTED: Q1 2019 VS. Q1 2020 RESULTS ARE ESTIMATED TO BE LOWER BY $1.4B AS A RESULT OF COVID-19 7 Note: EBIT-adjusted includes GM Financial on an EBT-adjusted basis.

GM 2020 Q1 Earnings Presentation - GM Investors - General ...

Cautionary Note on Forward-Looking Statements: This presentation and related comments by management may include “forward-looking statements” ...

GM 2020 Q1 Earnings Presentation 5.5.2020 vF
Q1 2020 RESULTS
May 6, 2020
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INFORMATION RELEVANT TO THIS PRESENTATION
Cautionary Note on Forward-Looking Statements: This presentation and related comments by management may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers not to place undue reliance on forward-looking statements. Statements including words such as "anticipate," "appears," "approximately," "believe," "continue," "could," "designed," "effect," "estimate," "evaluate," "expect," "forecast," "goal," "initiative," "intend," "may," "objective," "outlook," "plan," "potential," "priorities," "project," "pursue," "seek," "should," "target," "when," "will," "would," or the negative of any of those words or similar expressions to identify forward-looking statements represent our current judgment about possible future events. In making these statements we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we consider appropriate under the circumstances. These statements are not guarantees of future performance; they involve risks and uncertainties and actual events or results may differ materially from these statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive and regulatory factors, many of which are beyond our control and are described in our Annual Report on Form 10-K for the year ended December 31, 2019, as well as additional factors we may describe from time to time in other flings with the U.S. Securities and Exchange Commission. We undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors that affect the subject of these statements, except where we are expressly required to do so by law. Non-GAAP Financial Measures: See our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and our subsequent filings with the Securities and Exchange Commission for a description of certain non-GAAP measures used in this presentation, including EBIT-adjusted, Core EBIT-adjusted, EPS-diluted-adjusted, ETR-adjusted, ROICadjusted and adjusted automotive free cash flow, along with a description of various uses for such measures. This presentation also includes GMF's return on tangible common equity, which is used by GMF's management and can be used by investors to measure GMF's contribution to GM's enterprise profitability and cash flow. Return on tangible common equity is calculated as GMF's net income attributable to common shareholder for the trailing four quarters divided by GMF's average tangible common equity for the same period. Our calculation of these non-GAAP measures are set forth within these reports and the Select Supplemental Financial Information section of this presentation and may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures Additional Information: In this presentation and related comments by management, references to "record" or "best" performance (or similar statements) refer to General Motors Company, as established in 2009 on a continuing operations basis. In addition, certain figures included in the charts and tables in this presentation may not sum due to rounding.
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GM RESPONSE TO COVID-19

SAFETY OF OUR EMPLOYEES

· Implemented protocols to ensure safe workplace

OPERATIONAL RESPONSE

· Significant austerity measures to preserve liquidity · Continued capital investment in key franchises such as full-size SUVs, EVs and AVs · Accelerating business transformation (e.g., online customer engagement through Shop.Click.Drive.)

SOCIAL RESPONSE

· Manufacturing ventilators, masks and other personal protective equipment across the globe

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ACCELERATING TRANSFORMATION TO SEIZE OPPORTUNITIES
STRONG AND GROWING FRANCHISES LEADING IN FUTURE OF MOBILITY
DEMONSTRATED TRACK RECORD OF STRENGTHENING BUSINESS & INVESTING IN THE FUTURE
FLEXIBILITY IN DOWNTURN, DISCIPLINED CAPITAL ALLOCATION & FOCUS ON CASH GENERATION
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AUTOMOTIVE LIQUIDITY
($B) Automotive cash, cash equivalents & marketable debt securities Available credit facilities Available liquidity 1 Debt

March 31, 2020 32.1 1.4 33.4
30.3

STRONG LIQUIDITY POSITION TAKING AGGRESSIVE ACTIONS TO CONSERVE CASH

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GM Confidential

1 Excludes our investment in Lyft, which was insignificant at March 31,2020.

· On April 14, 2020, we entered into a 364-day $1.95B credit facility; this facility has been allocated for exclusive use by GM Financial and is excluded from automotive liquidity
· On April 24, 2020, we extended $3.6B of our 3-year revolving credit facility for an additional year expiring in April 2022. The remaining portion will expire April 2021; We are restricted from repurchasing shares until we no longer have outstanding borrowings under our credit facilities, except for our 3-year $3.0B facility, and from paying dividends on our common shares if the borrowings under our credit facilities exceed $5.0B, except for our 3-year $3.0B facility
· Automotive debt of $1.5B, excluding finance lease obligations, due from April 1, 2020 to December 31, 2020
· We expect to contribute $0.1B to our U.S. non-qualified pension plans and approximately $0.4B to our non-US pension plans over the remainder of 2020; we expect no significant mandatory contributions to our U.S. qualified pension plans over the next five years

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FIRST QUARTER PERFORMANCE

EPS-Diluted-Adj.

$1.41

$0.62

Q1-19

Q1-20

Adj. Auto Free Cash Flow
$(0.9)B Adj. Auto Free Cash Flow
$3.0B YOY
Automotive Liquidity as of 3/31/2020 of $33.4B

EBIT-Adj.1 & EBIT-Adj. Margin 1

6.6%

2.3

(280)bps

3.8%

$(1.1)B

1.2

Q1-19

Q1-20

Share & Deliveries
10.1% Market Share (40)bps YOY
1.5M Deliveries (0.4)M YOY

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GM Confidential

1 See slide 20 for description of special items.

EPS-Diluted-Adj.; EBIT-Adj. & Margin
· Lower YOY EBIT-Adj. by $(1.1)B primarily as a result of the $(1.4)B impact of COVID-19, partially offset by our cost actions · Q1-20 EPS-diluted-adjusted includes $(0.28) impact from Lyft and PSA revaluations; Q1-19 EPS-diluted-adjusted benefited $0.31 from Lyft and PSA revaluations
Adj. Auto Free Cash Flow & Liquidity
· Q1-20 AAFCF of ($0.9)B, up $3.0B YOY, primarily due to lower capital expenditures, GMF dividend and working capital timing, partially offset by the impact of COVID-19
· Automotive liquidity of $33.4B as of March 31, 2020 comprised of $32.1B of cash, cash equivalents and marketable debt securities and $1.4B available under credit facilities
Share & Deliveries
· U.S. market share increased YOY primarily due to the performance of our full-size pickups and SUVs; our full-size pickups maintained greater than 40% market share during Q1-20. China market share decreased YOY primarily due to segment shifts and the slower rate of adoption of new fuel-efficient technology

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EBIT-ADJUSTED: Q1 2019 VS. Q1 2020

($B)

Q1 2019

2.3

$(1.1)B decrease

Volume

(0.6)

GMNA: (84k) GMI: (45k)

Mix

0.4

Price Cost Other Q1 2020

0.1 0.6 (1.5)
1.2

Performance/Other: 0.5 Pension: 0.1
China EI: (0.5) Lyft & PSA: (0.8) GM Financial: (0.1)

RESULTS ARE ESTIMATED TO BE LOWER BY $1.4B AS A RESULT OF COVID-19

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GM Confidential

Note: EBIT-adjusted includes GM Financial on an EBT-adjusted basis.

COVID-19 Impact · $(1.4)B global impact of COVID-19, comprised of lower GMNA of $(0.7)B, lower China EI of $(0.3)B, lower GMF of $(0.3)B and lower GMI (ex. China EI) of $(0.1)B Volume · GMNA: Increased sales of our full-size SUVs and light-duty pickup trucks, more than offset by lower crossover sales due to COVID-19 related shutdown and lower
passenger car sales Mix · GMNA: Strong demand for our light-duty pickups and full-size SUVs and lower passenger car sales, partially offset by lower heavy-duty pickup sales as a result of
the COVID-19 related shutdown Price · GMNA: Strong pricing from all-new heavy-duty pickup trucks, and crossovers, partially offset by pricing on light-duty pickup trucks as pricing normalizes post
launch Cost · GMNA: Favorable cost primarily due to performance from our cost actions and increased pension income

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2.2 1.9
($B)
GMNA

EBIT-ADJUSTED
Q1-2019 Q1-2020

0.0
(0.6)
GMI

0.4 0.2
GM Financial 1

(0.2) (0.2)
Cruise

2.3

1.2

0.2 2

(0.4) 2
Corp/Elims

Total Company

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1 GM Financial on an EBT-adjusted basis.

GM Confidential

2 Includes $(0.4)B and $0.4B gain / (loss) on investments in Lyft and PSA as of March 31, 2020 and March 31, 2019.

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GMNA EBIT-ADJUSTED

3.0

3.0

2.2 1.9

0.3

Net revenue ($B) EBIT-adj. margin Wholesale (000's) U.S. dealer inv. (000's) Avg. U.S. Retail Incentive ($/unit) Avg. U.S. Retail Incentive as % of ATP - GM %/ Ind. % U.S. Market Share

Q1 2019 27.4 6.9% 859 819 4,540 1.11 16.2%

Q2 2019 28.3 10.7% 870 809 4,690 1.12 16.3%

GM Confidential

Note: Incentive & ATP information based on J.D. Power and Associates Power Information Network (PIN) data.

Q3 2019 28.0 10.8% 801 760 5,188 1.12 16.6%

Q4 2019 22.7 1.2% 684 616 5,405 1.13 16.7%

Q1 2020 25.8 8.5% 775 668 5,309 1.18 17.3%
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· Q1-20 ATPs of $36,855 well above industry average of $34,261 · Q1-20 average retail incentive increased by $769 YOY, primarily as incentive spend normalizes post launch of our light-duty pickup trucks · U.S. dealer inventory down on a YOY basis as a result of lower production due to the impact of the 2019 U.S. labor disruption and COVID-19 related shutdown

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GMI EBIT-ADJUSTED

($B)

China Equity Income (EI)

0.4

GMI excl. China EI

(0.3)

0.2 (0.3)

0.3 (0.3)

0.2 (0.4)

(0.2) (0.4)

0.0

(0.0)

(0.1)

(0.1)

Net revenue ($B) EBIT-adj. margin from GMI excl. China EI 1 Total Auto China JV NI/Rev 2 Wholesale (000's) 3 Note: China JV wholesales (000's) GMI share excl. China

Q1 2019 3.9
(9.0)% 7.6% 236 856 4.3%

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1 Excludes equity income and non-controlling interest adjustments. 2 Revenue not consolidated in GM results, pro-rata share of earnings reported as equity income. 3 Excludes China JVs.

Q2 2019 4.0
(7.0)% 5.5% 259 731 4.9%

Q3 2019 3.8
(9.1%) 4.7% 232 774 4.9%

Q4 2019 4.4 (8.1%) 5.2% 268 883 5.3%

(0.6)
Q1 2020 3.3
(11.7)% (8.1)%
191 341 4.4%
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China: · China equity income down $(0.5)B YOY primarily as a result of the impact of COVID-19, partially offset by cost actions taken by our JVs · We continue to expect dividends to be paid from our China operations between Q2 to Q4, consistent with prior years GMI (ex. China) · Strong YOY performance due to cost, mix and price favorability, more than offset by COVID-19 impact and FX pressures

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($B) Financial Performance Revenue 1 EBIT-adjusted Cash used in operating activities

Q1

2020

2019

0.0

0.0

(0.2)

(0.2)

(0.2)

(0.1)

LIQUIDITY OF $2.4B AS OF MARCH 31, 2020

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GM Confidential

1 Reclassified to Interest income and other non-operating income, net in our condensed consolidated income statements in the three months ended March 31, 2020 and March 31, 2019.

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GM Financial Performance Revenue ($B) EBT-adjusted ($B) GMF charge-offs (annualized net charge-offs as % avg. retail finance receivables)
GM Financial Sales Penetrations GMF as a % of GM retail sales (in units) 1
GM Financial Portfolio Ending earning assets 2 ($B)
GMF Return on Average Tangible Common Equity Return on average tangible common equity 3

Q1

2020

2019

3.6

3.6

0.2

0.4

1.7%

1.6%

44%

51%

96.1

97.2

14.3%

15.6%

SOLID Q1-20 EARNINGS; PAID $400M DIVIDEND TO GM CAPITAL SURPLUS OF ~$2B BASED ON CURRENT LEVERAGE RATIO

1 Excludes direct-finance lease originations from other GM subsidiaries.

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2 Includes outstanding loans to dealers that are controlled and consolidated by GM in connection with our commercial lending pr ogram and direct-finance leases from other GM subsidiaries.

GM Confidential

3 Defined as net income attributable to common shareholder for the trailing four quarters divided by average tangible common eq uity for the same period.

· EBT-adj. down $(0.1)B YOY primarily as a result of higher provisions for expected credit losses as a result of COVID-19. Expect lower residual values to impact earnings throughout the remainder of 2020 through accelerated depreciation.

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ADJUSTED AUTOMOTIVE FREE CASH FLOW

($B) Net Income Income tax and net automotive interest expense EBIT adjustments EBIT-Adjusted 1 GMF EBT-Adjusted Cruise EBIT loss-Adjusted Automotive EBIT-Adjusted Depreciation, amortization and impairments 2 Pension / OPEB activities Working Capital 2 Accrued and other liabilities 2 Undistributed earnings of nonconsolidated affiliates Interest and tax payments Other 2
Automotive net cash provided by operating activities Capital Expenditures GMI Restructuring Transformation Activities Brazil Tax Litigation
Adjusted automotive free cash flow

Q1 2020 0.3 0.5 0.5
1.2 (0.2) 0.2 1.2 1.4 (0.5) (0.8) (1.7) 0.2 (0.0) 0.6 0.3 (1.2) 0.0
(0.1) (0.9)

2019 2.1 0.2 (0.1) 2.3 (0.4) 0.2 2.1 1.4 (0.4) (3.4) (1.5) (0.4) 0.2 (0.3) (2.2) (2.0) 0.0 0.3 (3.9)

IMPROVED AAFCF PRIMARILY DUE TO LOWER CAPEX, GMF DIVIDEND AND TIMING

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1 See slide 20 for description of special items.

GM Confidential

2 Excludes EBIT adjustments.

· Estimated cash impact of COVID-19 of $(0.6)B, primarily due to estimated cash EBIT loss of ~(0.8)B and unfavorable sales allowances of $(0.7)B, partially offset by favorable working capital of $0.9B

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SUMMARY
Strong underlying performance in Q1-20 Ended the quarter with strong automotive liquidity of $33.4B Significant austerity measures put in place; continued capital investment in key franchises such as full-size SUVs, EVs and AVs Transformational cost savings of $0.3B in Q1-20 and $3.6B since 2018; These actions have helped position us to enter this crisis from a position of strength
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SELECT SUPPLEMENTAL FINANCIAL INFORMATION

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Q1-20 GAAP RESULTS

($B except where noted)
Net revenue Operating income Net income attributed to stockholders EPS-diluted ($/share) Net cash provided by operating activities

2020
32.7 0.7 0.3 0.17 1.6

Q1 F/(U)
vs. 2019 (2.2) (0.6) (1.9) (1.31) 1.6

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REGIONAL Q1 EBIT-ADJUSTED PERFORMANCE

GMNA

GMI

($B)
GM Confidential

Performance/Other 0.5

Pension

0.1

($B)

China EI (0.5)
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(000's)
North America U. S.
Asia/Pacific, Middle East and Africa China
South America Brazil
Global Deliveries ­ in GM Markets

GLOBAL DELIVERIES

Q1 2019 775 666 947 814 155 106 1,877

Q2 2019 876 747 899 754 162 116 1,937

Q3 2019 863 739 828 690 176 124 1,867

Q4 2019 853 736 1,005 836 176 130
2,034

Q1 2020 719 618 606 462 132 95 1,457

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North America U. S.
Asia/Pacific, Middle East and Africa China
South America Brazil
Global Market Share - in GM Markets

GLOBAL MARKET SHARE

Q1 2019 15.7% 16.2% 8.0% 13.1% 15.5% 17.5% 10.5%

Q2 2019 15.8% 16.4% 7.7% 11.7% 15.1% 16.5% 10.6%

Q3 2019 16.0% 16.6% 7.6% 12.1% 15.5% 17.2% 10.7%

Q4 2019 16.2% 16.8% 8.1% 11.9% 15.8% 17.1% 10.9%

Q1 2020 16.8% 17.3% 6.6% 12.0% 15.3% 17.0% 10.1%

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RECONCILIATION OF EBIT-ADJUSTED

($B)
Net income (loss) attributable to stockholders Income tax expense (benefit) Automotive interest expense Automotive interest income Adjustments
Transformation activities 1 GM Brazil indirect tax recoveries 2 FAW-GM divestiture3 GMI restructuring 4 Ignition switch recall and related legal matters 5 Total adjustments EBIT-adjusted

Q1

2020

2019

$0.3

$2.2

0.4

0.1

0.2

0.2

(0.1)

(0.1)

--

0.8

--

(0.9)

--

--

0.5

--

--

--

0.5

(0.1)

$1.2

$2.3

Q4 2019
$(0.2)
(0.2) 0.2 (0.1)

2018
$2.0
(0.6) 0.2 (0.1)

0.2

1.3

--

--

0.2

--

--

--

--

--

0.4

1.3

$0.1

$2.8

Q3

2019

2018

$2.4

$2.5

0.3

0.1

0.2

0.2

(0.1)

(0.1)

0.4

--

(0.1)

--

--

--

--

--

--

0.4

0.3

0.4

$3.0

$3.2

Q2

2019

2018

$2.4

$2.4

0.5

0.5

0.2

0.2

(0.1)

(0.1)

0.4

--

(0.4)

--

--

--

--

0.2

--

--

(0.0)

0.2

$3.0

$3.2

GM Confidential

1 These adjustments were excluded because of a strategic decision to accelerate our transformation for the future to strengthen our core business, capitalize on the future of personal mobility and drive significant cost efficiencies. The adjustments primarily consist of accelerated depreciation in the three months ended March 31, 2019, accelerated depreciation and employee separation charges in the three months ended December 31, 2019, employee separation charges and accelerated depreciation in the three months ended December 31, 2018, supplier related charges and pension curtailment and other charges in the three months ended September 30, 2019 and supplier-related charges and accelerated depreciation in the three months ended June 30, 2019. 2 These adjustments were excluded because of the unique event associated with decisions rendered by the Superior Judicial Court of Brazil resulting in retrospective recoveries of indirect taxes. 3 This adjustment was excluded because we divested our joint venture FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM), as a result of a strategic decision by both shareholders, allowing us to focus our resources on opportunities expected to deliver higher returns 4 These adjustments were excluded because of a strategic decision to rationalize our core operations by exiting or significantly reducing our presence in various international markets to focus resources on opportunities expected to deliver higher returns. These adjustments primarily consist of asset impairments, dealer restructurings, employee separation charges and sales allowances in Australia, New Zealand and Thailand in the three months ended March 31, 2020, and supplier claims and employee separation charges in Korea in the three months ended June 30, 2018. 5 This adjustment was excluded because of the unique events associated with the ignition switch recall, which included various investigations, inquiries and complaints from constituents.

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IMPACT OF SPECIAL ITEMS ON GAAP REPORTED EARNINGS

($B)
Total net sales and revenues Costs and expenses
Automotive and other cost of sales GM Financial operating and other expenses Automotive and other SG&A Total costs and expenses Operating income Net automotive interest expense, interest income, other non-operating income, and equity income Tax expense (benefit) Net Income Net loss (income) attributable to noncontrolling interests Net income attributable to stockholders Memo: depreciation, amortization and impairments1

Reported 32.7
26.7 3.4 2.0 32.1 0.7
(0.0)
0.4 0.3 0.0 0.3 3.3

Q1 2020 Special items
0.13

Adjusted (Non-GAAP)
32.8

(0.4) 3 -
(0.4) 0.5
-
(0.2) 3,4 0.7 -
0.7 (0.2)

26.3 3.4 2.0 31.6 1.1
(0.0)
0.2 0.9 0.0
0.9 3.2

Reported 34.9
28.2 3.3 2.1 33.6 1.2
1.0
0.1 2.1 0.0 2.2 4.1

Q1 2019 Special items
--

Adjusted (Non-GAAP)
34.9

0.11,2

28.3

-

3.3

(0.0)1

2.1

0.1

33.7

(0.1)

1.2

--

1.0

0.01,2

0.2

(0.1)

2.0

-

0.0

(0.1)

2.1

(0.8)

3.3

GM Confidential

1 Refer to footnote 1 on slide 20 for description.

2 Refer to footnote 2 on slide 20 for description.

3 Refer to footnote 4 on slide 20 for description.

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4 This adjustment consists of tax expense related to the establishment of a valuation allowance against deferred tax assets tha t are no longer realizable in Australia and New Zealand. This adjustment was excluded

because significant impacts of valuation allowances are not considered part of our core operations.

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CALCULATION OF ROIC-ADJUSTED

($B)
Numerator: EBIT-adjusted
Denominator: Average equity1 Add: Average automotive debt and interest liabilities (excluding finance leases) Add: Average automotive net pension & OPEB liability Less: Average automotive and other net income tax assets ROIC-adjusted average net assets
ROIC-adjusted

Four quarters ended March 31,

2020

2019

7.3

11.5

43.6 18.8 16.9 (23.7) 55.6 13.2%

39.3 14.4 17.5 (22.9) 48.3 23.8%

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1 Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.

GM Confidential

Note: ROIC-adjusted average net assets over four quarters includes cash.

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EFFECTIVE TAX RATE-ADJUSTED

($M)
EBIT-adjusted Less: Noncontrolling interests Less: Net interest expense EBT-adjusted Tax expense Impact of special items1 Tax expense-adjusted Effective tax rate-adjusted

Q1 2020 1,250
8 110 1,132 357 (163) 194 17.1%

2019 2,310
12 83 2,215 137 32 169 7.6%

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GM Confidential

1See slides 20 and 21 for description of special items.

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GM FINANCIAL - KEY METRICS

($B)
Total loan and lease originations 1 GM as % of GM Financial loan and lease originations 1 Retail finance delinquencies (>30 days) 2 Annualized net charge-offs as % of avg. retail finance receivables Commercial finance receivables 3 Retail finance receivables 1 Equipment on operating leases, net GMF U.S. Sales Penetration GMF Latin America Sales Penetration Cash and cash equivalents Available liquidity 4 CECL Adoption ­ One-time impact to retained earnings CECL Adoption ­ One-time impact to allowance for credit losses

Q1 2020 11.5 86% 3.8% 1.7% 11.8 42.5 41.3 45% 50% 11.6 23.9 (0.6) 0.8

Q1 2019 12.4 91% 3.5% 1.6% 11.9 41.7 43.1 53% 55% 5.3 27.3 -

1 Excludes direct-finance lease originations from other GM subsidiaries. 2 Excludes retail finance receivables in repossession.

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3 Excludes $0.5B in Q1 2020 and $0.4B in Q1 2019 in outstanding loans to dealers that are controlled and consolidated by GM, in connection with our commercial lending program.

GM Confidential

4Excludes $1.0B GM Junior Subordinated Revolving Credit Facility

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GM FINANCIAL - RETURN ON EQUITY

($M) Net income attributable to common shareholder Average equity Less: average preferred equity
Average common equity Less: average goodwill
Average tangible common equity

Four quarters ended March 31,

2020

2019

$1,373

$1,397

12,267

11,395

(1,477)

(1,250)

10,790

10,145

(1,183)

(1,189)

9,607

8,956

Return on average tangible common equity Net income attributable to common shareholder Average common equity
Return on average common equity

14.3% $1,373 10,790 12.7%

15.6% $1,397 10,145 13.8%

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GM Confidential

GM FINANCIAL ­ ASSET AND LIABILITY PROFILE

Cumulative Maturities ($B) at March 31, 2020

Unencumbered Assets

Encumbered Assets

Unsecured Debt

Secured Debt

$51 $36

$80 $60

$102 $72

$116
$96 $62
$46

$54

$50

2020

2021

2022

2023 & Beyond

ASSETS LIQUIDATE FASTER THAN DEBT CREATING LIQUIDITY

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EPS-DILUTED-ADJUSTED RECONCILIATION

Diluted earnings per common share Adjustments1 Tax effect on adjustments1 Tax adjustment2 EPS-diluted-adjusted

Q1

2020

2019

$0.17

$1.48

0.34

(0.05)

(0.05)

(0.02)

0.16

-

$0.62

$1.41

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1 See slide 20 for description of special items.

GM Confidential

2 See slide 21 footnote 3 and 4 for description of special item.

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