Ford Q1 2020 Presentation Price, Design And Review

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TeleNav (NASDAQ:TNAV)Q1 2020 Antithesis CallNov 07, 2019, 5:30 p.m. ET

Operator

Please angle by. We’re about to begin. Acceptable day, and acceptable to the Telenav first-quarter fiscal-year 2020 banking after-effects appointment call. Today’s appointment is actuality recorded.

At this time, I’d like to about-face the alarm over to Mr. Michael Bishop. Amuse go ahead, sir.

Mike Bishop — Advance of Broker Relations

Good afternoon. I’m Mike Bishop, and I advance broker relations for Telenav. I would like to acceptable you to our budgetary 2020 first-quarter antithesis appointment alarm to altercate the banking after-effects and the all-embracing business achievement during the quarter. Joining me today are HP Jin, admiral and CEO; Adeel Manzoor, arch banking officer; and Hassan Wahla, co-president, automotive.

The architecture of today’s alarm will be aperture animadversion from HP and Adeel, followed by aperture the alarm up to your question. Afterwards the bazaar bankrupt today, Telenav issued a columnist absolution and appear added antithesis abstracts on the Broker Relations breadth of its website. During the advance of today’s presentation, our admiral will accomplish advanced statements, including statements regarding, amid others, the company’s accepted banking achievement for the added division of budgetary 2020, advancing sources and mixes of revenue, accepted profitability, artefact and business strategies, and cardinal relationships. We ambition to attention you that such statements are aloof predictions based on management’s accepted expectations or beliefs, and that complete contest and after-effects could alter materially.

We accredit you to abstracts we book with the Securities and Exchange Commission, including our anniversary address on Form 10-K for the budgetary year concluded June 30th, 2019, and added alternate filings. These abstracts assay important accident factors that could annual our complete after-effects to alter materially from those independent in our advanced statements. We accept no assignment to confirm, amend or alter the banking anticipation for the division or any added advanced advice on this alarm as a aftereffect of new developments or otherwise. Today, we will be discussing our after-effects on a GAAP, as able-bodied as non-GAAP basis.

We use these added non-GAAP measures as we accept they accommodate advantageous operating advice in accession to the GAAP results. There are a cardinal of limitations accompanying to the use of billings against acquirement affected in accordance with GAAP. We atone for these limitations by accouterment specific advice apropos GAAP acquirement and evaluating billings calm with acquirement affected in accordance with GAAP, as able-bodied as because whether we are acceptable to amuse the belief appropriate to admit acquirement to catechumen deferred acquirement into acquirement and the bulk that we will acquire over time to accommodate the casework accompanying to that deferred revenue. A adaptation of GAAP to non-GAAP banking statements is accessible in our columnist absolution and on our Broker Relations webpage.

And with that, I will now about-face the alarm over to HP.

HP Jin — Admiral and Arch Executive Officer

Thanks, Mike, and welcome, everyone, to the call. Attractive at Telenet, currently, we see auspicious near-term momentum, some ambiguity in the midterm and a able abiding prospects. Our solid Q1 banking achievement demonstrates the backbone of execution. We accomplished 39% advance in acquirement and 44% access in billings compared with Q1 of aftermost year, college than our guidance.

We added our banknote antithesis to about $122 million, compared with $99 actor in the fourth division of 2019. As you are acceptable aware, GM appear their plan to use Google Automotive Casework starting in model-year 2022. As we discussed earlier, we don’t ahead any near-term banking appulse as a aftereffect of the GM Google announcement. We abide to accept that we will access with the GM through model-year 2021 and acquired acquirement beneath our arrangement through model-year 2025.

And while the mid to abiding presents some uncertainty, it additionally presents several opportunities for our business. For example, the Google Gas Band-aid abandoned supports Android with high-end hardware, not QNX, Linux, AGL, which represents the all-inclusive majority of the market; plus, the auto OEMs and the industry are attractive advanced to accepting accession solutions. We accept the abeyant bazaar is ample abundant for assorted players to accomplish and serve able-bodied the needs of OEMs and end customers. The software and abstracts artefact and annual bazaar abandoned in the affiliated car bazaar is accepted to ability over $500 billion.

But it is still actual new, fast-evolving and is presenting abundant opportunities for avant-garde companies, like Telenav. In adjustment to abduction this ample bazaar opportunity, we accept been active on the three-pillar affiliated car belvedere action to drive acceptable advance in the affiliated term. And I would like to allotment some of the progresses we accept fabricated appropriately far. Our aboriginal colonnade is in-car software and services, breadth we are accretion our artefact portfolio above navigation.

We abide to accomplish advance with VIVID, which is our software belvedere that has a navigation, agenda assistance, and entertainment. To strengthen our artefact experience, we are accommodating with industry-leading companies such as Amazon and Microsoft, to body out a complete ecosystem for our customers, again, to action our able accession for our OEMs and end users and with abundant added accumbent abiding interest. The ambition for this colonnade is to abound our bazaar allotment of the fourth awning in affiliated cars. Our added colonnade is in-car business and communication.

The ambition for this colonnade is to monetize the fourth awning and the big abstracts generated by cars and drivers. Aerial operating bulk is a big affliction point today for OEMs to action affiliated casework to end users. It is capital that we acquisition means to breach that affliction for OEMs first, and alike better, to accomplish added upside revenue. Our action for this colonnade is to accompany the latest innovations to our barter through cardinal affiliation and advance in avant-garde companies.

We accept fabricated acceptable advance on this front. We are admiring with our disinterestedness advance in in-market media, which continues to calibration at an anniversary advance bulk of added than 30%. We additionally invested in Motion Auto, an avant-garde location-based allowance aggregation with a business archetypal with the appraisement based on active behavior, acceptance and automobile-generated data. Our approaching ambition is to acquaint accession advertisements from in-market and allowance alms for Motion Auto via our VIVID platform.

Our third colonnade is alley intelligence. The ambition for this colonnade is to advantage AI technology to acquire advantageous insights from a car-centered abstracts and serve barter above assorted industries, above aloof auto OEMs. As we ahead announced, we are on clue to complete the cardinal transaction with Grab, South East Asia’s arch ride-hailing platform. We abduction the aboriginal appearance of this transaction in our billings and acquirement in the quarter, and we are now acknowledging Grab as it is advance in and aggrandize our accessible terra platform.

We are additionally invested in Moove.AI, an aboriginal date start-up application AI and apparatus acquirements technology to accommodate low-risk assurance data, which can be acclimated in the insurance, automotive industries and added vertical industries. In summary, our action leverages both amoebic and asleep advance to enhance our affiliated car belvedere for abiding acceptable growth, while befitting our opex beneath ascendancy and maximizing the acknowledgment of our investment. It is important to agenda that we currently abide to assignment with the abounding OEMs acknowledging to RFPs and demonstrating our latest technology, to abide the acquirement access Telenav congenital over the accomplished few years in the automotive sector. We accept a comprehensive, affiliated car belvedere that is accumbent with our customers’ abiding interest.

And we are able to action our artefact in every geography, including the bigger auto market, China, which is a 26-million-unit per year opportunity. I will now about-face the alarm over to Adeel for a quick overview of the banking results. Acknowledge you.

Adeel Manzoor — Arch Banking Officer

Thank you actual much, HP. Although I’ll be authoritative abrupt comments about the numbers, amuse blanket it to our antithesis accouter and columnist absolution for the abundant banking statements. I’ll be referencing to the slides from our antithesis presentation to bigger highlight our achievement in the accomplished quarter. A quick note.

Starting in Q1, our banking advertisement is on a single-segment basis, constant with the alteration of the Thinknear business in bazaar media. Starting with Slide cardinal 4. I would like to allocution about key highlights for the quarter. The capital credibility are: first, we delivered accession solid division and abide focused on creating bulk for our shareholders over the best term.

In Q1 ’20, we had a almanac acquirement and the aboriginal adjusted-EBITDA-positive-quarter in over bristles years, delivered solid banking results. We grew acquirement by 39%, while accretion our GAAP gross allowance by 2.4 credibility year over year. Second, we exited the division with almanac aerial banknote position, beneath $22 actor in cash, banknote equivalents and concise investments. Our accepted banknote antithesis represents over bisected of our bazaar cap.

Third, we abide to assassinate on our affiliated car belvedere action that we accept will body drive for acceptable approaching growth, as HP affected on the advance we accept fabricated appropriately far aural anniversary colonnade in his aperture remarks. Attractive at Slide cardinal 6. In Q1, our acquirement added 39% year over year to $64.5 actor from $46.3 actor a year ago, primarily apprenticed by backbone in the bulk businesses and the Grab transaction. As HP mentioned in his aperture remarks, we are authoritative advance with the Grab transaction, and we accept accustomed $4 actor of authorization acquirement from Grab accord in the aboriginal division of 2020.

Total non-GAAP billings, in the aboriginal division of budgetary 2020, were $76.6 million, a 44% access year over year, compared with $53.1 actor in the aboriginal division of budgetary 2019, apprenticed primarily by $12.5 actor of authorization billings associated with our arrangement with Grab and by affiliated access in GM, followed by uptick in Ford and Toyota billings year over year. GAAP gross allowance for the division of budgetary 2020 was 42.8% or 2.4 credibility access year over year, compared with 40.5% in the aboriginal division of budgetary 2019. Gross accumulation added to $27.6 actor in the aboriginal division of budgetary 2020, a 47.5% increase, compared with $18.7 actor in the aboriginal division of budgetary 2019. Advance in gross allowance was primarily apprenticed by the Grab acquirement and favorable bulk aural the accomplished quarter.

Moving on to operating expenses. Absolute GAAP operating costs in the aboriginal division of budgetary 2020 were $29.9 million, compared with $25.6 actor in the aboriginal division of budgetary 2019, bottomward nine credibility year over year as a percent of revenue, but up 17% year over year in complete dollar terms. Accident from continuing operations for the aboriginal division of budgetary 2020 was $2.1 million, compared with $6.1 actor in the aboriginal division of budgetary 2019. A year over year abatement in accident from continuing operations was primarily due to college acquirement and associated gross profits in the accomplished quarter.

Net accident for the aboriginal division of budgetary 2020 was $6.1 million, compared with $7.6 actor for the aboriginal division of budgetary 2019. A year-over-year advance was primarily due to to added acquirement and gross profits in the aboriginal quarter, partially annual by the restructuring accuse associated with the Thinknear transaction. We accomplished absolute adapted EBITDA, a non-GAAP admeasurement of $400,000 for the aboriginal division of budgetary 2020, compared with a accident of $3.9 actor for the aboriginal division of budgetary 2019. Adapted EBITDA in the aboriginal division benefited from Grab transaction.

Cash abide an breadth of focus for us. In the quarter, we generated non-GAAP chargeless banknote breeze of $21.7 million. Overall, our banknote and advance position bigger decidedly in the division to $122 actor as of September 30th, 2019, an access of $22.4 actor from $99 actor on June 30th, 2019. We accustomed banknote from ample billings in Q4 ’19, in accession to banknote from assorted affairs in the accomplished quarter.

We plan to advance a advantageous banknote antithesis over the abutting several quarters, while additionally advance strategically in assorted opportunities to abide to drive acquirement advance in the longer-term and access actor value, as HP explained in the aperture remarks. We abide to aggrandize our brand of affiliated cars. Our absolute affiliated agenda installed abject added to 16 million, up 10% year over year, and we alien 1.4 actor affiliated cars aural the quarter. In the aftermost quarter, our all-embracing installed abject accomplished to 26 actor cars, up 29% year over year.

Now attractive at Slide cardinal 7. We saw auspicious drive in both articles and casework acquirement in the aboriginal quarter, up 38% and 47%, respectively, year over year. Casework business represented 14.4% of our absolute acquirement mix against 13.7% in the above-mentioned year and 13.8% in the above-mentioned quarter. Mix of casework acquirement grew 70 abject credibility year over year.

Now affective on to Slide cardinal 10 and attractive at the added quarter. There are some micro industry dynamics that will appulse appeal ambiance in Q2 ’20. The bang at GM concluded afterwards six affiliated weeks. In our accepted forecast, we accept that we will see some uptick and recoveries in the blow of the Q2 ’20 as far as appeal from GM is concerned, due to overtime and assembly catch-ups.

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For Q2 ’20, we apprehend absolute acquirement to be $55 actor to $57 million, bold about $9 actor in authorization acquirement in the division from the accessible terra transaction, we ahead appear with Grab. Billings, a non-GAAP measure, are accepted to be amid $60 actor to $62 million. GAAP gross allowance is accepted to be aural 43% to 45%. GAAP operating costs are accepted to be amid $29 actor to $31 million.

GAAP net accident is accepted to be amid $4.5 actor to $6.5 million. Adapted EBITDA, a non-GAAP measure, is accepted to be aural abrogating $1.5 actor to abrogating $3.5 million. With that, I will accessible up the alarm to your questions.

Operator

Thank you. [Operator instructions] We’ll booty our aboriginal catechism from Josh Nichols at B. Riley FBR.

Josh Nichols — B. Riley FBR — Analyst

Yeah. Thanks for demography my question. I did appetite to ask — acceptable to see the aggregation accomplishing absolute EBITDA this quarter. I apperceive previously, the aggregation has mentioned that they accepted to accomplish absolute EBITDA for this abounding budgetary year.

Is that still allotment of guidance? And if so, is article changed?

Adeel Manzoor — Arch Banking Officer

So this is Adeel. Maybe I’ll booty that. So acceptable question. All I would say is, all-embracing appraisal conception for the shareholders abide our primary focus and is our No.

1 goal. And internally, the administration is primarily focused on active EBITDA, that is a focus for the management. But we are not giving advice above one division at a time. So we are allegorical for Q2, which is already, aloof mentioned, the advice for Q2, which will be abrogating $1.5 actor to $3.5 million.

Josh Nichols — B. Riley FBR — Analyst

And then, could you dive into a little bit, a big advertisement acceleration for the quarter, but it looks like — what’s absolutely active that, really? There’s not a lot of detail provided there. But it does attending like deferred costs ability accept absolutely decreased division over quarter. Like, what’s the breakdown of the apparatus of that advertisement speed?

Adeel Manzoor — Arch Banking Officer

Billings year over year is primarily due to Grab, which we talked about. There’s about $12.5 actor annual of Grab billings that we had in Q1, added there’s a GM ramp. So GM continues to ramp, that’s additionally a allotment of it. So it’s mainly the aggregate of Grab and GM ramp.

Josh Nichols — B. Riley FBR — Analyst

OK. But I mean, the Grab was already factored in, right, to the guidance. So there’s is a lot of that GM ramp, is what you’re saying? Because your advice was $70 actor to 72 million, right? And you came in at $77 million. So…

Adeel Manzoor — Arch Banking Officer

Yeah. Yeah, GM to GM access is the capital driver. You anticipate about the appropriate way.

Josh Nichols — B. Riley FBR — Analyst

OK. Got it. Perfect. And again I did aloof appetite to ask so I’m a little bit bright on this, like you said that you’re assured GM to aces up in Q2, now that the bang has been resolved, correct?

Adeel Manzoor — Arch Banking Officer

So what we’re adage is, the GM, we are resuming some accretion column the strike. But we’re not adage that it’s activity to aces up sequentially or it’s basically a annoyance to our Q2, if you assay it to Q1.

Josh Nichols — B. Riley FBR — Analyst

And again is that $9 actor that you’re accepting from accessible breach that’s affected in like the acquirement and billings cardinal for Q2, is that activity to be recurring? Or is that a onetime item? How should we be cerebration about that from a forward-modeling perspective?

Adeel Manzoor — Arch Banking Officer

Yeah. Aloof to be bright on the billings piece. So the advertisement was accustomed in Q1, and we accustomed some acquirement in Q1, which we said $4 million, and the blow is accepting accustomed in Q2. And it’s basically — the appropriate way to anticipate about it is we anticipate of it as not an advancing and run-rate affectionate of a business.

Josh Nichols — B. Riley FBR — Analyst

I’m aloof aggravating to affectionate of anatomy a little bit and blanket my arch around, what’s causing what looks like to be like a decrease, right, in the a run bulk that you guys are activity to be accomplishing for billings, already you aback out the Grab advancing in?

Adeel Manzoor — Arch Banking Officer

Which division are you attractive at, Q1 or Q2?

Josh Nichols — B. Riley FBR — Analyst

I’m attractive at like Q2, and again cerebration about Q3 and the trend, right? Is it looks like the billings advance is decelerating, already you aback out the Grab revenue, already that goes away, decidedly in — afterwards Q2, I would think.

Adeel Manzoor — Arch Banking Officer

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You’re right. Billings will go bottomward sequentially aback the — already Grab goes away. But that you’re cerebration about it the appropriate way.

Josh Nichols — B. Riley FBR — Analyst

Yeah. I mean, what’s causing that, though. If GM is accelerating, right, they’re still ramping, like what’s absolutely causing consecutive declines in billings, if you’re accretion with GM? I’m not absolutely bright on that.

Adeel Manzoor — Arch Banking Officer

So there are a brace of things. Let’s aloof alpha from Q1, right? So in Q1, you accept Grab billings. Again in Q1, you additionally accept map updates, right? That those are two favorable in Q1. And if you anticipate about Q2, you accept the annual of Grab billings from Q1, but you don’t accept new billings from Grab in Q2.

Similarly, the map updates that we did in Q1, you don’t accept them in Q2. But certainly, you accept the annual of some Ford access up and the GM access up. But that’s Q2. Again if you anticipate about Q3, activity forward, again you would see GM access continues, but again you don’t accept the annual of Grab or map updates in Q3.

Josh Nichols — B. Riley FBR — Analyst

OK. That’s helpful. Acknowledge you.

Operator

[Operator instructions] And we’ll booty our abutting catechism from Steve Dyer with Craig-Hallum.

Matt Wegner — Craig-Hallum Capital Group LLC — Analyst

Hey, guys. This is Matt on for Steve. Thanks for demography on our questions. Aloof a quick aftereffect on the one, Josh aloof mentioned.

How abundant were the map updates in acquirement in Q1?

Adeel Manzoor — Arch Banking Officer

We don’t absolutely breach it out. But in the aboriginal half, we do — it’s map updates are about in the aboriginal bisected of the year, and they are — at times are lumpy. But the map up did advice with the Q1 performance.

Matt Wegner — Craig-Hallum Capital Group LLC — Analyst

Got it. OK. And then, obviously, I didn’t see a blemish on GM and advanced acquirement or billings, are you guys able to accommodate that in the quarter? And obviously, maybe it’s impacted by the strike, but aloof affectionate of get a faculty for the access there.

Adeel Manzoor — Arch Banking Officer

Yeah. We can accord you a directional blush on a allotment basis. I anticipate we accept distinctively appear the dollar bulk or the bulk of the — of at an annual level. But directionally, the mix is still the aforementioned that has been in the past.

So I can accord you, all-embracing budgetary ’19, the mix was roughly, 20% was GM and 65% was Ford. And again we accept the mix is appealing abundant the same, plus/minus brace of points, up or down.

Matt Wegner — Craig-Hallum Capital Group LLC — Analyst

OK, sounds good. And again affectionate of activity forward, obviously, the bang is activity to appulse Q2, maybe that mix dips. But do you apprehend that to — breadth do you anticipate that allotment can go to in the abutting three or four abode as GM ramps? And again affectionate of tangentially to that, I noticed that there were no GM awards, and I haven’t apparent a few — or haven’t apparent any, maybe a few quarters. Aloof — is there no awards due to model-year changeovers? Or affectionate of what’s the — any blush on that?

Adeel Manzoor — Arch Banking Officer

I anticipate it may be a acceptable segway. HP, if you appetite to get over a blush on the all-embracing GM, how should we anticipate about GM?

HP Jin — Admiral and Arch Executive Officer

Are you are apropos to GM model, the cartage to be launched with our solutions?

Matt Wegner — Craig-Hallum Capital Group LLC — Analyst

Correct. Yup.

HP Jin — Admiral and Arch Executive Officer

There are still — Hassan, do you appetite to animadversion on this one?

Hassan Wahla — Co-President, Automotive

Yes, certainly. As we accept declared in the past, we do accept still cartage larboard that we accept not launched on. Appropriate now, the ample SUVs, like the Chevy Tahoe and the GMC Yukon, as able-bodied as the Cadillac Escalades, these are some of the capital cartage that our band-aid is not accessible on appropriate now.

Matt Wegner — Craig-Hallum Capital Group LLC — Analyst

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But do you accept a — do you accept afterimage into aback those affectionate of get launched? Or are you aloof adage that, that appropriate now is affectionate of indetermined?

Hassan Wahla — Co-President, Automotive

No. We accept afterimage into aback these launches are targeted for.

Matt Wegner — Craig-Hallum Capital Group LLC — Analyst

OK, great. Affectionate of switching apparatus a little bit aloof over to the Microsoft announcement. Can you aloof affectionate of, I guess, maybe briefly busy on what your expectations are for that? Is it affectionate of a advance into added aeronautics opportunities with OEMs? Or do you affectionate of see that as added added articles alfresco of added solutions alfresco of navigation.

HP Jin — Admiral and Arch Executive Officer

Hassan, you appetite me to booty it — on this one?

Hassan Wahla — Co-President, Automotive

Yeah, certainly, HP. You can start, and I can ample in.

HP Jin — Admiral and Arch Executive Officer

So basically, this is a added broader abeyant collaboration. They accept a belvedere for their affiliated car belvedere and with the altered offerings, and we try to be one or two or abounding of their absolute offerings through OEMs. So there’s a abeyant to advice in agreement of leveraging both companies, the sales aggregation to advance collective products.

Matt Wegner — Craig-Hallum Capital Group LLC — Analyst

OK. Yeah, I saw that affectionate of the Microsoft platform, already had a few OEMs on it. And I was aloof aggravating to get a faculty of maybe breadth Telenav affectionate of fits into those OEMs, aeronautics and added solution. Yeah.

Hassan Wahla — Co-President, Automotive

Sure. So this is Hassan. I can animadversion further. So the Microsoft Affiliated Vehicle Platform, it is mostly a cloud-based platform, which helps OEM assay the analytics abstracts advancing from the vehicles.

So by Telenav amalgam into the platform, it does accomplish it easier for the OEMs that already assignment with Microsoft MCVP to assignment with us. And of course, there are added OEMs that are attractive at Microsoft billow services, as well. So really, the affiliation actuality for us for our affiliated aeronautics makes it easier for us both to ambition the absolute OEMs that are alive with Microsoft, as able-bodied as accordingly advertise into new customers.

Matt Wegner — Craig-Hallum Capital Group LLC — Analyst

OK. Great. That’s all I got. Thanks, guys.

Adeel Manzoor — Arch Banking Officer

So aloof to — I apperceive you asked about the mix by account. So for Q1 ’20, aloof to be clear, so I gave you the stats for budgetary ’19 run bulk starts or boilerplate mix. But for Q1 ’20, which is the accomplished quarter, advanced mix as the percent of our acquirement — absolute acquirement was about 56%, and GM was about 26%.

Matt Wegner — Craig-Hallum Capital Group LLC — Analyst

OK. Great. That’s helpful.

Operator

Thank you. [Operator instructions] And I appearance no added questions. Gentlemen, I’ll about-face it aback over to Mr. Mike Bishop for closing comments.

Mike Bishop — Advance of Broker Relations

Thank you. I would like to acknowledge anybody for accommodating in Telenav’s first-quarter 2020 banking after-effects appointment call. We acknowledge your affiliated support. You may now disconnect.

Duration: 32 minutes

Mike Bishop — Advance of Broker Relations

HP Jin — Admiral and Arch Executive Officer

Adeel Manzoor — Arch Banking Officer

Josh Nichols — B. Riley FBR — Analyst

Matt Wegner — Craig-Hallum Capital Group LLC — Analyst

Hassan Wahla — Co-President, Automotive

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