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GE Capital Update & 2021 Outlook

Steve Winoker
March 10, 2021

Investors, 

Today is an exciting day for GE as we mark our transformation to a more focused, simpler, and stronger industrial company.
 
First, we just announced an agreement to combine GECAS with AerCap for consideration worth more than $30 billion, including ~$24 billion of cash, ~46% ownership of the combined company, and ~$1 billion of notes and/or cash. We will discuss this transaction for the first 30 minutes of our Investor Outlook this morning at 8:00 a.m. ET.
 
For the remainder of the call, Larry and Carolina will be joined by each of our business leaders to discuss our detailed outlook for 2021 and share some of our expectations for 2022+. As I hope you’ll see, momentum is building across GE, as evidenced by the improvements across our businesses. The near-term segment outlooks we discuss today are grounded in reality, and we’re confident in the underlying fundamentals of the company.
 
As described in our release, GE is also announcing today that our Board will recommend that shareholders approve a reverse stock split at a ratio of 1-for-8. The split would decrease the number of shares outstanding to a number more typical of companies with comparable market capitalization.
 
In all, these are major steps forward for GE. As we shift towards more offense, we’re well placed to lead the energy transition to drive decarbonization, precision health that personalizes diagnoses and treatments, and a future of smarter and more efficient flight. We remain focused on unlocking upside across growth, cash generation, and profit, leading to high single digit free cash flow* (FCF) margins over the next few years.
 
You can find the slides and press releases for both announcements, as well as webcast details for this morning’s investor call, on our investor website here. As always, I welcome your feedback, and thank you for your interest in GE.
 
Steve
 
For important information about forward-looking statements involving GE’s outlook and this transaction, please see here.
 
*Non-GAAP Financial Measure

 

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