U.S. Floorplan Risk Management
Key Metrics
2017
FOURTH QUARTER
2018
H/(L)
2017
FULL YEAR
2018
H/(L)
Net Receivables (Bils)
Managed Receivables* (Bils)
Loss-to-Receivables** (LTR)
Auction Values***
$
143
146
3 %
$
143
146
3 %
$ 151
$
155
3 %
$
151
155
3 %
60 bps
55 bps
(5) bps
53 bps
46 bps
(7) bps
$17,505
$17,865
2 %
$17,430
$18,055
4 %
Earnings Before Taxes (EBT) (Mils)
$ 610
663
53
$ 2,310
$ 2,627
$ 317
ROE (Pct)
50 %
14 %
(36) ppt
22 %
14 %
(8) ppts
Other Balance Sheet Metrics
Debt (Bils)
$ 138
140
2 %
Liquidity (Bils)
30
27
(7) %
Financial Statement Leverage (to 1)
8.7
9.4
0.7
Managed Leverage* (to 1)
8.0
8.8
0.8
* See Appendix for reconciliation to GAAP and definitions
** U.S. retail and lease
*** U.S. 36-month off-lease fourth quarter auction values at 4Q 2018 mix, full year auction values at FY 2018 mix
17
Ford FORD CREDIT
Strong 4Q and best FY EBT in 8
years
U.S. consumer credit metrics
healthy with improved LTR
Balance sheet and liquidity
remain strong; managed
leverage within target range of
8:1 to 9:1View entire presentation