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Q1 2008 GMAC LLC Earnings Conference Call on Apr. 29. 2008

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Q1 2008 GMAC LLC Earnings Conference Call on Apr. 29. 2008 FINAL TRANSCRIPT GMAC - Q1 2008 GMAC LLC Earnings Conference Call Event Date/Time: Apr. 29. 2008 / 9:00AM ET www.streetevents.com Contact Us © 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. FINAL TRANSCRIPT Apr. 29. 2008 / 9:00AM, GMAC - Q1 2008 GMAC LLC Earnings Conference Call CORPORATE PARTICIPANTS Susan Shank GMAC LLC - Director, IR Rob Hull GMAC LLC - CFO Jim Jones GMAC LLC - EVP, CEO, ResCap Bill Muir GMAC LLC - President Sam Ramsey GMAC LLC - CRO CONFERENCE CALL PARTICIPANTS Douglas Carson Banc of America Securities - Analyst James Leda Merrill Lynch - Analyst Mark Alter Credit Suisse - Analyst Monica Keany Morgan Stanley - Analyst Angelo Graci Merrill Lynch - Analyst Ryan O©Connell Citigroup - Analyst Barry Groveman Deutsche Bank - Analyst Peter Plott Imperial Capital - Analyst Brian Johnson Lehman Brothers - Analyst David Andrews PIMCO Equity Advisors - Analyst Adam Sklarr Monarch - Analyst Cyril Battini Credit Suisse - Analyst Ruben Cuthberg Redwood Capital Management - Analyst Eric Selle JPMorgan - Analyst Alexis Renault WestLB - Analyst www.streetevents.com Contact Us 1 © 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. FINAL TRANSCRIPT Apr. 29. 2008 / 9:00AM, GMAC - Q1 2008 GMAC LLC Earnings Conference Call Louise Pitt Goldman Sachs - Analyst David Knutson LGMA - Analyst Dave Miller Elliott Associates - Analyst PRESENTATION Operator Good day, ladies and gentlemen, and welcome to the First Quarter 2008 GMAC Earnings Conference Call. My name is Tonya, and I will be your coordinator for today. At this time, all participants are in a listen-only mode. We will conduct a question and answer session towards the end of this conference. (OPERATOR INSTRUCTIONS) As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to your host for today©s call, Susan Shank, Director of Investor Relations. Please, proceed. Susan Shank - GMAC LLC - Director, IR Thank you very much, Tonya. Good morning. This is Susan Shank and I want to welcome you all for joining us -- thank you all for joining us as we review our first quarter 2008 results. First of all, I©d like to direct your attention to the legend regarding forward-looking statements and risk factors on the second page of the chart set. This is going to govern everything we say in today©s conference call. I should also mention that to comply with the SEC©s Regulation G, we have provided some supplemental charts in the back of the package which providing reconciling data between managerial financial results and the GAAP results that are in our financial statements. I©d also like to highlight that we©re broadcasting this call via webcast, as well as the telephone lines, and that the financial press is participating. This morning, Robert Hull, our CFO, will cover the Q1 2008 earnings results. After the presentation part of the call, we©ll have 30 minutes set aside for questions from the investors and analysts, followed by another 30 minute for questions with the press. I©d like to also let you know that we©ve got several other people here in the room to help us answer questions. With us today are Bill Muir, President of GMAC; Jim Jones, Executive Vice President and CEO of ResCap; Sam Ramsey, Chief Risk Operator -- excuse me, Chief Risk Officer of GMAC; David Walker, Treasurer; Linda Zukauckas, Group Vice President of Finance; David DeBrunner, GMAC Controller; as well as Ken Fischbach, Managing Director of ResCap Investor Relations. With that, I©d like to turn it over to Rob Hull. Rob Hull - GMAC LLC - CFO Thanks, Susan. Good morning. Thank you for joining us. As those of you who joined might recall, we said we expected 2008 to be a challenging year and that was certainly the case in the first quarter. So far, we©ve experience continued capital markets volatility, US economic weakness, and deteriorating consumer credit. This is the backdrop; however, we©ve narrowed our focus to five critical tactics for the balance of the year. One is restructuring our auto finance operations; two is streamlining ResCap©s www.streetevents.com Contact Us 2 © 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. FINAL TRANSCRIPT Apr. 29. 2008 / 9:00AM, GMAC - Q1 2008 GMAC LLC Earnings Conference Call operations and balance sheet; three, protecting the value of GMAC Insurance; four, growing and leveraging GMAC Bank; and, fifth, ensuring GMAC and ResCap©s continued liquidity. In anticipation of a difficult environment, we took steps in 2007 to de-risk our balance sheet and reduce our overall cost structure. Those efforts are bearing fruit, but those successes didn©t outweigh the economic market challenges we faced in the first quarter. We©re reporting a consolidated loss of $589 million, as you can see on slide four of your PowerPoint deck. The loss reflects negative results at ResCap which more than offset profits at Insurance and Auto Finance. Global Auto had net income of $258 million for the quarter, Insurance earned $132 million, and ResCap had a loss of $859 million. That figure includes significant improvements in the US residential business and gains from debt retirement offset by valuation adjustments in the international mortgage and business lending operations. GMAC and ResCap continue to hold high levels of cash to preserve our flexibility. GMAC©s consolidated cash and certain marketable securities was $18.6 billion at the end of the quarter. This number includes ResCap cash of $4.2 billion. The GMAC cash balance came down from our yearend balance of $22.7 billion as we only selectively utilized the capital markets during the quarter. Moving on to slide five, we provide net income by segment, as well as some of the notable items that drove the quarter. All the items listed below and throughout the balance of this discussion are presented on a pre-tax basis unless otherwise noted. These structuring charges were fairly modes at $33 million in the period. We had a gain of $488 million from repurchased debt at a consolidated level. Auto finance had $55 million of mark downs while ResCap HFS valuations were impaired by $772 million. Consolidated losses on investment securities total $468 million. And finally, impairments of REO, or Real Estate Owned, lot option, and model homes total $183 million. During the quarter we implemented FAS157 related to fair value accounting and elected to account for certain of our assets and liabilities under the fair value option provided by FAS 159. FAS157 resulted in an increase to the beginning retained earnings of $23 million related to the recognition of day one gains on MSRs and certain residential loan commitments. FAS159 resulted in a decrease to retained earnings of $148 million as we elected to measure $10.5 billion of mortgage loans and certain CDO©s. We only elected 159 at the ResCap unit. With that, let©s take a deeper look at the individual segments, starting on slide six. The first slide lays out the key metrics for our auto finance operations. The graph on this slide shows Global Auto©s net income for the last eight quarters. Q1 2008 results of $258 million were down compared to year-ago earnings of $398 million. These results reflected weaker credit performance, increased operating expenses, lower gains on sales, and a deterioration in used car prices. We©ll go through the detailed income statement in just a moment. Moving to the right, you can see that GMAC increased new auto originations in Q1 ©08 compared to year-ago levels while used originations were stable. Despite lower industry sales in North America, new vehicle financing originations for the quarter amounted to $12.9 billion of retail lending and lease contracts versus $12.3 billion in the first quarter of 2007, reflecting a higher penetration of GM vehicle sales. Used vehicle originations for the quarter were stable at $2.1 billion. In the current economic condition, we©ve deliberately moderated growth in this portfolio. The graph in the lower left section of the slide highlights the consistency of our origination platform as total service assets came in at $122 billion in line with recent levels. And on balance sheet, retail auto loans were slightly higher in the quarter at $86 billion, reflected fewer ABS and whole loan transactions. The last graph lays out the level of gains on sale from our originate to distribute model. In Q1 ©08, we sold fewer loans and booked fewer gains than the year-ago period due to the capital markets disruptions. If you turn now to slide seven, you©ll find the income statement for auto finance and we©ll walk through the key drivers. Despite a practically flat asset base, net financing revenue increased as the mix of assets shifted to a higher proportion of leases and our cost of funds actually declined. While our funding spreads have increased year over year in all categories of funding, higher ratio of secured funding has brought the weighted average cost of debt down. Poor capital market conditions and weak credit www.streetevents.com Contact Us 3 © 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.
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