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GE 4Q20 Earnings

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GE 4Q20 Earnings GE 2020 fourth quarter performance Financial results & company highlights January 26, 2021 CAUTION CONCERNING FORWARD-LOOKING STATEMENTS: This document contains "forward-looking statements" – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see http://www.ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statements as well as our annual reports on Form 10-K and quarterly reports on Form 10-Q. We do not undertake to update our forward-looking statements. This document also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially. NON-GAAP FINANCIAL MEASURES: In this document, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered “non-GAAP financial measures” under the U.S. Securities and Exchange Commission rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in the appendix of this presentation, as applicable. Our financial services business is operated by GE Capital Global Holdings, LLC (GECGH). In this document, we refer to GECGH and our financial services business as “GE Capital”. We refer to the industrial businesses of the Company as GE Industrial. GE’s Investor Relations website at www.ge.com/investor and our corporate blog at www.gereports.com, as well as GE’s Facebook page and Twitter accounts, contain a significant amount of information about GE, including financial and other information for investors. GE encourages investors to visit these websites from time to time, as information is updated and new information is posted. 4Q & FY 2020 snapshot 4Q’20 FY’20 2020 Dynamics GE Industrial • Organic top-line pressured… ~95% of order & revenue organic revenue (13.7)% (12.9)% declines Aviation-related decline* • GE Industrial margins* of 3.4%... sequential Adjusted GE Industrial improvement throughout year as more than $2B cost organic margin (350) bps (520) bps actions took hold contraction* • Adjusted EPS* of $0.01 includes $(0.05) for restructuring recast Adjusted EPS* $0.08 $0.01 (includes impact of restructuring) • Positive GE Industrial FCF* of $0.6B… working capital improvement across businesses; more than $3B of cash actions realized GE Industrial $4.4B $0.6B free cash flow* • Momentum growing across businesses Strong free cash flow* finish to a challenging year * Non-GAAP Financial Measure 2 Meaningful progress against priorities Continuing to strengthen Solidifying our Driving long-term our businesses financial position profitable growth • Protecting safety, serving • Strong liquidity & maintaining • Purpose … leading in energy customers & communities flexibility… $37B of cash transition, precision health, future of flight • Building & empowering team with • De-risking balance sheet & humility, transparency, focus • Lean… foundation built, scaling pension… reduced debt $16B in company-wide, driving 2020, $30B since 2019 performance & cultural change • Progress in operational execution driving improved results… $0.6B • Focus… ruthless prioritization, FCF* in 2020 (>$3B cash actions • Committed to reducing leverage over time unlocking upside potential with realized) cash generation & deployment Proud of how our team rose to the challenge… well-positioned into FY’21 * Non-GAAP Financial Measure 3 Earnings performance ($ in billions – except EPS) 4Q’20 y/y y/y (org.) FY’20 4Q’20 EPS walk Orders $23.2 (7)% (3)% $72.0 Backlog 386.5 (4)% 386.5 GAAP Continuing EPS $0.27 Revenues 21.9 (16)% 79.6 Less: MTM & Gains 0.27 - GE Industrial 20.3 (17)% (14)%* 73.1 Adjusted GE Industrial profit*-a) 1.3 (52)% (45)% 2.5 Less: Restructuring & other-b) (0.03) Adjusted GE Industrial profit margin*-a) 6.4% (460)bps (350)bps 3.4% Less: Non-op. pension & other benefits (0.05) GAAP Continuing EPS 0.27 F 0.59 Adjusted EPS* 0.08 (60)% 0.01 Adjusted EPS* $0.08 Adjusted EPS* excluding restructuring-c) 0.10 (52)% 0.06 Improving results while managing through market volatility… actions taking hold * Non-GAAP Financial Measure (a – Excludes interest & other financial charges, non-operating benefit costs, gains (losses), restructuring & other, Steam asset impairment, and goodwill impairments 4 (b – Includes legal reserves associated with the SEC investigation, debt extinguishment cost & BP related tax benefit (c – Excluding $0.2B of after tax restructuring programs spend that are now included in segment profit and adjusted EPS Industrial free cash flow* ($ in billions) 4Q’20 y/y FY’20 y/y 4Q’20 commentary Net earnings (loss)-a) 2.5 1.9 6.9 6.4 • Positive FCF* across all businesses… sequential improvement in earnings & working capital; +$0.9B y/y Goodwill impairments - (0.0) 0.9 (0.6) ex BioPharma Depreciation & amortization 0.8 (0.1) 3.5 (0.1) • Healthcare earnings growth a highlight; earnings include Operating working capital-b) 3.4 1.3 (0.5) 2.0 non-cash items, offset in Other CFOA (primarily BKR MTM) Current receivables (0.4) 1.1 (0.6) 3.3 Inventory 1.6 0.6 1.2 2.5 • Revised definition of working capital to better align financials to operations: Accounts payable 0.5 0.2 (2.6) (2.9) • Receivables a use… billings on seasonal volume & Progress collections 1.0 (0.6) (0.2) (1.7) reduced factoring Current contract assets 0.8 0.1 1.6 0.7 • Significant inventory release across all businesses, Other CFOA-c) (2.0) (3.1) (8.4) (10.2) notably in Renewables & Aviation Gross CAPEX-d) (0.3) 0.4 (1.7) 0.8 • Progress inflow on large orders in Renewables… continued demand in Onshore Wind GE Industrial FCF* 4.4 0.5 0.6 (1.7) 4Q’20 GE Industrial FCF* results better y/y despite Aviation & BioPharma disposition headwinds * Non-GAAP Financial Measure (a - Aggregates the following: Net earnings (loss) and (earnings) loss from discontinued operations (b - Aggregates the following: current receivables, inventory (including deferred inventory), accounts payable (& equipment project accruals), progress collections & deferred income, current contract assets 5 (c - Aggregates the following: (Gains) losses on sales of business interests, (Gains) losses on equity securities, principal pension plans (net), other post retirement benefit plans (net), income taxes (net), and all other operating activities; excludes deal taxes and GE Pension Plan contributions (d - Includes additions to property, plant & equipment (PP&E) and internal use software 4Q’20 Industrial segments results ($ in billions) Aviation Healthcare Power Renewable Energy y/y y/y y/y y/y $ / % y/y (org.)* $ / % y/y (org.)* $ / % y/y (org.)* $ / % y/y (org.)* Orders $6.3 (41)% (40)% $5.0 (15)% 1% $5.6 26% 27% $6.3 34% 32% Revenue $5.8 (35)% (34)% $4.8 (11)% 6% $5.4 -% (1)% $4.4 (6)% (7)% Segment $0.6 (73)% (72)% $0.9 (17)% 27% $0.3 3% 6% $(0.1) 62% 63% profit Segment 9.6% (1,340)bps (1,360)bps 19.7% (140)bps 310bps 5.7% 20bps 40bps (2.0)% 280bps 290bps margin Momentum growing across our businesses … Aviation still hardest hit * Non-GAAP Financial Measure: organic segment revenue, organic segment profit, and organic segment margin in columns labeled y/y (org.) 6 4Q’20 GE Capital & Corporate results ($ in billions) GE Capital Corporate $ y/y / $ y/y sequential Adjusted continuing Functions & Operations $(0.3) 5% -a) $(0.0) U earnings* y/y EH&S-c) and other items $(0.1) 20% GE Capital cash-b) $13.4 $(0.7) sequential Eliminations $(0.0) 89% Assets $103.0 $1.2 (ex-liquidity)* sequential Adjusted Corporate costs* $(0.4) 23% • Adjusted earnings* down y/y: lower gains and higher taxes partially offset • Adjusted Corporate costs* better driven by continued functional cost-out by lower marks & impairments & GE Digital progress • GECAS earnings $120M, down y/y primarily due to sale of PK platform in • Corporate headcount down ~(13)% in FY’20 prior year; $50M-d) FY’20 ex Goodwill impairment despite COVID-19 challenges • Accelerating decentralization across the organization GE Capital pressured by end markets ... continuing to streamline Corporate * Non-GAAP Financial Measure (a – Excludes legal reserves associated with the SEC investigation, debt extinguishment cost & BP related tax benefit (b – Excludes $0.5B of discontinued operations cash and $0.5B of insurance cash. 7 (c – Environmental, Health, and Safety (d – GECAS 2020 Net Income ($786)M excluding Goodwill charge $836M after-tax Liquidity and de-leveraging update ($ in billions) Liquidity Debt GE Capital GE Industrial 4Q’20 Borrowings Borrowings $66 GE Industrial cash $23.2 $59 $52 -a) $40 GE Capital cash $13.4 $33 Consolidated cash $36.6 $24 • Reduced liquidity needs $10.5B through ‘24 ‘18 ‘19 ‘20 ‘18 ‘19 ‘20 Pension / Preferred / Op Lease 28 28 26 Cash at 75% (12) (13) (17) • Continue to improve cash operating processes GE Industrial Net Debt*–b) $55 $48 $32 • Expect Industrial go-forward cash needs to be • Debt reduced by $16B in ’20… $30B since the beginning of ’19, down 28% lower, reducing intra-quarter borrowing by $3.6B y/y • GE Industrial net debt* reduced $16B in ’20… $23B since the beginning of ’19, down 41% • Continue to hold elevated cash through this period -c) of uncertainty • Actively de-risking the pension… pre-funded $2.5B to cover through 2023 Significant progress in FY’20 on improving our financial position * Non-GAAP Financial Measure (a - Excludes $0.5B of discontinued operations cash and $0.5B of insurance cash.
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