Summary
Ford Motor Company (F) filed an 8-K on July 23, 2009, announcing its preliminary second quarter 2009 financial results. The company scheduled two conference calls for investors and analysts to discuss these results, one for the general investment community and news media, and another specifically for fixed income analysts and investors. These calls were accompanied by listen-only webcasts and supporting materials available on Ford's shareholder website. The filing also provided important context on how Ford presented its financial data. Investors were informed that the accompanying news release would discuss revenue and profits both excluding and including "special items," with Ford asserting that excluding these items offered a clearer view of ongoing operational performance. Similarly, Ford highlighted its use of "Automotive operating-related cash flow" and "Automotive gross cash" as key metrics, explaining their relevance to investors in assessing the company's ability to generate cash from its core automotive operations, and how these differed from standard U.S. GAAP measures.
Key Highlights
- 1Ford announced preliminary second quarter 2009 financial results via an 8-K filing.
- 2Two conference calls were scheduled for July 23, 2009, to discuss the preliminary results with different investor groups.
- 3Webcasts and presentation materials were made available on Ford's shareholder website.
- 4The filing detailed the use of non-GAAP financial measures, including revenue and profits excluding special items.
- 5Ford explained the rationale for using these non-GAAP measures, stating they provide a better indication of ongoing operational performance.
- 6Key cash metrics, "Automotive operating-related cash flow" and "Automotive gross cash," were highlighted.
- 7The company clarified how these cash metrics relate to and differ from standard U.S. GAAP measures.