DETROIT, Jan. 30,
2024 /PRNewswire/ -- General Motors Co. (NYSE:
GM) today reported fourth-quarter 2023 revenue of $43.0 billion, net income attributable to
stockholders of $2.1 billion and
EBIT-adjusted of $1.8 billion.
GM reported full-year 2023 revenue of $171.8 billion, net income attributable to
stockholders of $10.1 billion and
EBIT-adjusted of $12.4 billion.
The chart below summarizes GM's 2023 financial guidance and 2023
results, as well as the company's 2024 guidance, which is for a
year of strong financial performance.
|
Final 2023
Guidance
|
2023 Results
|
2024
Guidance
|
Net income attributable
to stockholders
|
$9.1 billion - $9.7
billion
|
$10.1
billion
|
$9.8 billion - $11.2
billion
|
EBIT-adjusted
|
$11.7 billion - $12.7
billion
|
$12.4
billion
|
$12.0 billion - $14.0
billion
|
Automotive operating
cash flow
|
$19.5 billion - $21.0
billion
|
$20.8
billion
|
$18.0 billion - $21.0
billion
|
Adjusted automotive
free cash flow
|
$10.5 billion - $11.5
billion
|
$11.7
billion
|
$8.0 billion - $10.0
billion
|
EPS-diluted*
|
$6.52 -
$7.02
|
$7.32
|
$8.50 -
$9.50
|
EPS-diluted-adjusted*
|
$7.20 -
$7.70
|
$7.68
|
$8.50 -
$9.50
|
|
*2024 guidance
includes an estimated $1.45 per share impact from the company's
accelerated share repurchase program (initiated in November 2023)
based on current share price and offset by $0.50 from a higher tax
rate and lower interest income. It assumes a full-year
weighted-average diluted share count slightly below 1.15 billion
shares.
|
GM's 2024 financial guidance includes anticipated capital
spending of $10.5 billion -
$11.5 billion, inclusive of
investments in the company's battery cell manufacturing joint
ventures.
Conference Call for Investors and Analysts
GM Chair and CEO Mary Barra and
GM Chief Financial Officer Paul
Jacobson will host a conference call for the investment
community at 8:30 a.m. ET today to
discuss these results.
Conference call details are as follows:
- 1-800-857-9821 (U.S.)
- 1-517-308-9481 (international/caller-paid)
- Conference call passcode: General Motors
- An audio replay will be available on the GM Investor Relations
website in the Events section.
Visit the GM Investor Relations website to download the
company's earnings deck and GM Chair and CEO Mary Barra's letter to shareholders.
|
Three Months
Ended
|
|
|
$M except per share
amounts
|
December 31,
2023
|
December 31,
2022
|
Change
|
%
Change
|
Revenue
|
$ 42,980
|
$
43,108
|
$
(128)
|
(0.3) %
|
Net income attributable
to stockholders
|
$
2,102
|
$ 1,999
|
$
103
|
5.2 %
|
EBIT-adjusted
|
$
1,757
|
$ 3,799
|
$
(2,042)
|
(53.8) %
|
Net income
margin
|
4.9 %
|
4.6 %
|
0.3 ppts
|
6.5 %
|
EBIT-adjusted
margin
|
4.1 %
|
8.8 %
|
(4.7) ppts
|
(53.4) %
|
Automotive operating
cash flow
|
$
4,688
|
$
7,488
|
$
(2,800)
|
(37.4) %
|
Adjusted automotive
free cash flow
|
$
1,341
|
$
4,460
|
$
(3,119)
|
(69.9) %
|
EPS-diluted(a)
|
$
1.59
|
$ 1.39
|
$
0.20
|
14.4 %
|
EPS-diluted-adjusted(a)
|
$
1.24
|
$ 2.12
|
$
(0.88)
|
(41.5) %
|
GMNA
EBIT-adjusted
|
$
2,011
|
$
3,654
|
$
(1,643)
|
(45.0) %
|
GMNA EBIT-adjusted
margin
|
5.7 %
|
10.3 %
|
(4.6) ppts
|
(44.7) %
|
GMI
EBIT-adjusted
|
$
269
|
$
272
|
$
(3)
|
(1.1) %
|
China equity
income
|
$
93
|
$
201
|
$
(108)
|
(53.7) %
|
GM Financial
EBT-adjusted
|
$
707
|
$
775
|
$
(68)
|
(8.8) %
|
__________
|
(a)
|
EPS-diluted and
EPS-diluted-adjusted include a $(0.05) impact from revaluation on
equity investments in the three months ended December 31,
2023.
|
|
Years
Ended
|
|
|
$M except per share
amounts
|
December 31,
2023
|
December 31,
2022
|
Change
|
%
Change
|
Revenue
|
$
171,842
|
$
156,735
|
$
15,107
|
9.6 %
|
Net income attributable
to stockholders
|
$ 10,127
|
$ 9,934
|
$
193
|
1.9 %
|
EBIT-adjusted
|
$
12,357
|
$
14,474
|
$
(2,117)
|
(14.6) %
|
Net income
margin
|
5.9 %
|
6.3 %
|
(0.4) ppts
|
(6.3) %
|
EBIT-adjusted
margin
|
7.2 %
|
9.2 %
|
(2.0) ppts
|
(21.7) %
|
Automotive operating
cash flow
|
$ 20,828
|
$
19,094
|
$
1,734
|
9.1 %
|
Adjusted automotive
free cash flow
|
$
11,666
|
$
10,466
|
$
1,200
|
11.5 %
|
EPS-diluted(a)
|
$
7.32
|
$
6.13
|
$
1.19
|
19.4 %
|
EPS-diluted-adjusted(a)
|
$
7.68
|
$
7.59
|
$
0.09
|
1.2 %
|
GMNA
EBIT-adjusted
|
$ 12,306
|
$
12,988
|
$
(682)
|
(5.3) %
|
GMNA EBIT-adjusted
margin
|
8.7 %
|
10.1 %
|
(1.4) ppts
|
(13.9) %
|
GMI
EBIT-adjusted
|
$
1,210
|
$
1,143
|
$
67
|
5.9 %
|
China equity
income
|
$
446
|
$
677
|
$
(231)
|
(34.1) %
|
GM Financial
EBT-adjusted
|
$
2,985
|
$ 4,076
|
$
(1,091)
|
(26.8) %
|
__________
|
(a)
|
EPS-diluted and
EPS-diluted-adjusted include a $(0.10) and $(0.13) impact from
revaluation on equity investments in the years ended December 31,
2023 and 2022.
|
General Motors (NYSE:GM) is a global company focused
on advancing an all-electric future that is inclusive and
accessible to all. At the heart of this strategy is the Ultium
battery platform, which will power everything from mass-market to
high-performance vehicles. General Motors, its subsidiaries and its
joint venture entities sell vehicles under
the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands.
More information on the company and its subsidiaries,
including OnStar, a global leader in safety services and
connected vehicle technology, can be found
at https://www.gm.com.
Cautionary Note on Forward-Looking
Statements: This press release and related comments
by management may include "forward-looking statements" within the
meaning of the U.S. federal securities laws. Forward-looking
statements are any statements other than statements of historical
fact and represent our current judgment about possible future
events. In making these statements, we rely upon assumptions and
analysis based on our experience and perception of historical
trends, current conditions, and expected future developments, as
well as other factors we consider appropriate under the
circumstances. We believe these judgments are reasonable, but these
statements are not guarantees of any future events or financial
results, and our actual results may differ materially due to a
variety of factors, many of which are described in our most recent
Annual Report on Form 10-K and our other filings with the U.S.
Securities and Exchange Commission. We caution readers not to place
undue reliance on forward-looking statements. Forward-looking
statements speak only as of the date they are made, and we
undertake no obligation to update publicly or otherwise revise any
forward-looking statements, whether as a result of new information,
future events, or other factors that affect the subject of these
statements, except where we are expressly required to do so by
law.
2023 Guidance Reconciliations
The following table reconciles expected Net income attributable
to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars
in billions):
|
Year Ending
December 31, 2023
|
Net income attributable
to stockholders
|
$ 9.1-9.7
|
Income tax
expense
|
1.4-1.8
|
Automotive interest
income, net
|
(0.1)
|
Adjustments(a)
|
1.3
|
EBIT-adjusted
|
$ 11.7-12.7
|
The following table reconciles expected automotive net cash
provided by operating activities under U.S. GAAP to expected
adjusted automotive free cash flow (dollars in billions):
|
Year Ending
December 31, 2023
|
Net automotive cash
provided by operating activities
|
$ 19.5-21.0
|
Less: Capital
expenditures
|
10.3-10.8
|
Adjustments(a)
|
1.3
|
Adjusted automotive
free cash flow
|
$ 10.5-11.5
|
The following table reconciles expected EPS-diluted under U.S.
GAAP to expected EPS-diluted-adjusted:
|
Year Ending
December 31, 2023
|
Diluted earnings per
common share
|
$ 6.52-7.02
|
Adjustments(a)
|
0.68
|
EPS-diluted-adjusted
|
$ 7.20-7.70
|
________
|
(a)
|
Adjustments as of
September 30, 2023. Includes adjustments related to our Buick
dealer strategy, voluntary separation program and GM Korea wage
litigation. See our Quarterly Report on Form 10-Q for the quarter
ended September 30, 2023, for full details. We do not consider the
potential future impact of adjustments on our expected financial
results.
|
2024 Guidance Reconciliations
The following table reconciles expected Net income attributable
to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars
in billions):
|
Year Ending
December 31, 2024
|
Net income attributable
to stockholders
|
$ 9.8-11.2
|
Income tax
expense
|
2.1-2.7
|
Automotive interest
expense, net
|
0.1
|
EBIT-adjusted(a)
|
$ 12.0-14.0
|
The following table reconciles expected automotive net cash
provided by operating activities under U.S. GAAP to expected
adjusted automotive free cash flow (dollars in billions):
|
Year Ending
December 31, 2024
|
Net automotive cash
provided by operating activities
|
$ 18.0-21.0
|
Less: Capital
expenditures
|
10.0-11.0
|
Adjusted automotive
free cash flow(a)
|
$ 8.0-10.0
|
__________
|
(a)
|
We do not consider the
potential future impact of adjustments on our expected financial
results.
|
General Motors Company and
Subsidiaries1
Combining Income
Statement Information
(In millions)
(Unaudited)
|
|
|
Year Ended December
31, 2023
|
|
Year Ended December
31, 2022
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Combined
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Combined
|
Net sales and
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive
|
$
157,667
|
|
$ 102
|
|
$ —
|
|
$
(110)
|
|
$ 157,658
|
|
$
143,974
|
|
$ 102
|
|
$ —
|
|
$
(101)
|
|
$ 143,975
|
GM
Financial
|
—
|
|
—
|
|
14,225
|
|
(41)
|
|
14,184
|
|
—
|
|
—
|
|
12,766
|
|
(6)
|
|
12,760
|
Total net sales and
revenue
|
157,667
|
|
102
|
|
14,225
|
|
(151)
|
|
171,842
|
|
143,974
|
|
102
|
|
12,766
|
|
(107)
|
|
156,735
|
Costs and
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive and other
cost of sales
|
138,254
|
|
3,088
|
|
—
|
|
(12)
|
|
141,330
|
|
124,317
|
|
2,576
|
|
—
|
|
(2)
|
|
126,892
|
GM Financial interest,
operating and other expenses
|
—
|
|
—
|
|
11,376
|
|
(2)
|
|
11,374
|
|
—
|
|
—
|
|
8,864
|
|
(2)
|
|
8,862
|
Automotive and other
selling, general and
administrative expense
|
9,349
|
|
493
|
|
—
|
|
(2)
|
|
9,840
|
|
9,902
|
|
766
|
|
—
|
|
(1)
|
|
10,667
|
Total costs and
expenses
|
147,603
|
|
3,581
|
|
11,376
|
|
(16)
|
|
162,544
|
|
134,219
|
|
3,342
|
|
8,864
|
|
(5)
|
|
146,421
|
Operating income
(loss)
|
10,064
|
|
(3,479)
|
|
2,848
|
|
(135)
|
|
9,298
|
|
9,755
|
|
(3,240)
|
|
3,903
|
|
(102)
|
|
10,315
|
Automotive interest
expense
|
928
|
|
33
|
|
—
|
|
(49)
|
|
911
|
|
986
|
|
5
|
|
—
|
|
(5)
|
|
987
|
Interest income and
other non-operating income, net
|
1,345
|
|
107
|
|
(1)
|
|
86
|
|
1,537
|
|
1,282
|
|
48
|
|
(1)
|
|
103
|
|
1,432
|
Equity income
(loss)
|
342
|
|
—
|
|
138
|
|
—
|
|
480
|
|
663
|
|
—
|
|
173
|
|
—
|
|
837
|
Income (loss) before
income taxes
|
10,823
|
|
(3,405)
|
|
2,985
|
|
—
|
|
10,403
|
|
10,713
|
|
(3,197)
|
|
4,076
|
|
5
|
|
11,597
|
Income tax expense
(benefit)
|
|
|
|
|
|
|
|
|
563
|
|
|
|
|
|
|
|
|
|
1,888
|
Net income
(loss)
|
|
|
|
|
|
|
|
|
9,840
|
|
|
|
|
|
|
|
|
|
9,708
|
Net loss (income)
attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
287
|
|
|
|
|
|
|
|
|
|
226
|
Net income (loss)
attributable to stockholders
|
|
|
|
|
|
|
|
|
$
10,127
|
|
|
|
|
|
|
|
|
|
$
9,934
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
|
|
|
|
|
|
|
|
$
10,022
|
|
|
|
|
|
|
|
|
|
$
8,915
|
________
|
1
|
Certain columns and
rows may not add due to rounding.
|
Basic and Diluted
Earnings per Share
(Unaudited)
|
|
The following table
summarizes basic and diluted earnings per share (in millions,
except per share amounts):
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
December 31,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
Basic earnings per
share
|
|
|
|
|
|
|
|
Net income (loss)
attributable to stockholders
|
$
2,102
|
|
$
1,999
|
|
$
10,127
|
|
$
9,934
|
Less: cumulative
dividends on subsidiary preferred stock(a)
|
(26)
|
|
(12)
|
|
(106)
|
|
(1,019)
|
Net income (loss)
attributable to common stockholders
|
$
2,076
|
|
$
1,987
|
|
$
10,022
|
|
$
8,915
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding
|
1,302
|
|
1,415
|
|
1,364
|
|
1,445
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
$
1.59
|
|
$
1.40
|
|
$
7.35
|
|
$
6.17
|
Diluted earnings per
share
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders – diluted
|
$
2,076
|
|
$
1,987
|
|
$
10,022
|
|
$
8,915
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding – diluted
|
1,307
|
|
1,425
|
|
1,369
|
|
1,454
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
$
1.59
|
|
$
1.39
|
|
$
7.32
|
|
$
6.13
|
Potentially dilutive
securities(b)
|
23
|
|
10
|
|
23
|
|
10
|
__________
|
(a)
|
Includes a $909 million
deemed dividend related to the redemption of Cruise preferred
shares from SoftBank for the year ended December 31, 2022 and an
insignificant amount in participating securities income from a
subsidiary in the year ended December 31, 2022 and in the three
months ended December 31, 2022.
|
(b)
|
Potentially dilutive
securities attributable to outstanding stock options and restricted
stock units (RSUs) at December 31, 2023 and 2022, were excluded
from the computation of diluted EPS because the securities would
have had an antidilutive effect.
|
Combining Balance
Sheet Information
(In millions, except
per share amounts) (Unaudited)
|
|
|
December 31,
2023
|
|
December 31,
2022
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Combined
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Combined
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 12,228
|
|
$ 1,344
|
|
$ 5,282
|
|
$
—
|
|
$
18,853
|
|
$ 13,629
|
|
$ 1,519
|
|
$ 4,005
|
|
$
—
|
|
$
19,153
|
Marketable debt
securities
|
7,613
|
|
—
|
|
—
|
|
—
|
|
7,613
|
|
10,760
|
|
1,390
|
|
—
|
|
—
|
|
12,150
|
Accounts and notes
receivable, net(a)
|
11,814
|
|
—
|
|
1,891
|
|
(1,327)
|
|
12,378
|
|
11,910
|
|
—
|
|
2,114
|
|
(691)
|
|
13,333
|
GM Financial
receivables, net
|
—
|
|
—
|
|
39,246
|
|
(170)
|
|
39,076
|
|
—
|
|
—
|
|
33,811
|
|
(188)
|
|
33,623
|
Inventories
|
16,467
|
|
—
|
|
—
|
|
(6)
|
|
16,461
|
|
15,369
|
|
—
|
|
—
|
|
(2)
|
|
15,366
|
Other current
assets(b)
|
1,994
|
|
466
|
|
5,205
|
|
(428)
|
|
7,238
|
|
2,009
|
|
347
|
|
4,912
|
|
(442)
|
|
6,825
|
Total current
assets
|
50,115
|
|
1,809
|
|
51,624
|
|
(1,931)
|
|
101,618
|
|
53,677
|
|
3,256
|
|
44,842
|
|
(1,324)
|
|
100,451
|
Non-current
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GM Financial
receivables, net(d)
|
—
|
|
—
|
|
45,391
|
|
(348)
|
|
45,043
|
|
—
|
|
—
|
|
40,702
|
|
(112)
|
|
40,591
|
Equity in net assets of
nonconsolidated affiliates
|
8,943
|
|
—
|
|
1,670
|
|
—
|
|
10,613
|
|
8,511
|
|
—
|
|
1,665
|
|
—
|
|
10,176
|
Property,
net
|
50,104
|
|
93
|
|
124
|
|
—
|
|
50,321
|
|
45,011
|
|
98
|
|
140
|
|
—
|
|
45,248
|
Goodwill and
intangible assets, net
|
2,793
|
|
715
|
|
1,354
|
|
—
|
|
4,862
|
|
2,877
|
|
727
|
|
1,341
|
|
—
|
|
4,945
|
Equipment on operating
leases, net
|
—
|
|
—
|
|
30,582
|
|
—
|
|
30,582
|
|
—
|
|
—
|
|
32,701
|
|
—
|
|
32,701
|
Deferred income
taxes
|
21,722
|
|
1,723
|
|
(1,106)
|
|
—
|
|
22,339
|
|
20,348
|
|
1,108
|
|
(917)
|
|
—
|
|
20,539
|
Other
assets(c)
|
6,869
|
|
215
|
|
1,140
|
|
(538)
|
|
7,686
|
|
7,995
|
|
322
|
|
1,069
|
|
—
|
|
9,386
|
Total non-current
assets
|
90,430
|
|
2,745
|
|
79,156
|
|
(886)
|
|
171,446
|
|
84,742
|
|
2,254
|
|
76,702
|
|
(112)
|
|
163,586
|
Total
Assets
|
$
140,546
|
|
$ 4,555
|
|
$
130,780
|
|
$
(2,817)
|
|
$ 273,064
|
|
$
138,419
|
|
$ 5,510
|
|
$
121,544
|
|
$
(1,436)
|
|
$ 264,037
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
(principally trade)(a)
|
$ 27,846
|
|
$
185
|
|
$ 1,136
|
|
$
(1,054)
|
|
$
28,114
|
|
$ 27,307
|
|
$
146
|
|
$
712
|
|
$
(679)
|
|
$
27,486
|
Short-term debt and
current portion of long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive(a)
|
591
|
|
272
|
|
—
|
|
(435)
|
|
428
|
|
2,144
|
|
13
|
|
—
|
|
(198)
|
|
1,959
|
GM
Financial
|
—
|
|
—
|
|
38,540
|
|
—
|
|
38,540
|
|
—
|
|
—
|
|
36,819
|
|
—
|
|
36,819
|
Cruise
|
—
|
|
6
|
|
—
|
|
(6)
|
|
—
|
|
—
|
|
2
|
|
—
|
|
(2)
|
|
—
|
Accrued
liabilities(b)
|
21,468
|
|
590
|
|
5,741
|
|
(436)
|
|
27,364
|
|
18,662
|
|
612
|
|
6,081
|
|
(445)
|
|
24,910
|
Total current
liabilities
|
49,906
|
|
1,053
|
|
45,417
|
|
(1,931)
|
|
94,445
|
|
48,113
|
|
772
|
|
43,612
|
|
(1,324)
|
|
91,173
|
Non-current
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive(c)
|
15,979
|
|
544
|
|
—
|
|
(538)
|
|
15,985
|
|
15,879
|
|
6
|
|
—
|
|
—
|
|
15,885
|
GM
Financial
|
—
|
|
—
|
|
66,788
|
|
—
|
|
66,788
|
|
—
|
|
—
|
|
60,036
|
|
—
|
|
60,036
|
Cruise(d)
|
—
|
|
348
|
|
—
|
|
(348)
|
|
—
|
|
—
|
|
112
|
|
—
|
|
(112)
|
|
—
|
Postretirement
benefits other than pensions
|
4,345
|
|
—
|
|
—
|
|
—
|
|
4,345
|
|
4,193
|
|
—
|
|
—
|
|
—
|
|
4,193
|
Pensions
|
6,673
|
|
—
|
|
8
|
|
—
|
|
6,680
|
|
5,692
|
|
—
|
|
6
|
|
—
|
|
5,698
|
Other
liabilities
|
13,447
|
|
454
|
|
2,614
|
|
—
|
|
16,515
|
|
11,927
|
|
465
|
|
2,375
|
|
—
|
|
14,767
|
Total non-current
liabilities
|
40,444
|
|
1,345
|
|
69,409
|
|
(886)
|
|
110,312
|
|
37,691
|
|
583
|
|
62,417
|
|
(112)
|
|
100,579
|
Total
Liabilities
|
90,350
|
|
2,399
|
|
114,826
|
|
(2,817)
|
|
204,757
|
|
85,804
|
|
1,356
|
|
106,029
|
|
(1,436)
|
|
191,752
|
Noncontrolling
interest - Cruise stock incentive awards
|
—
|
|
118
|
|
—
|
|
—
|
|
118
|
|
—
|
|
357
|
|
—
|
|
—
|
|
357
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par
value
|
12
|
|
—
|
|
—
|
|
—
|
|
12
|
|
14
|
|
—
|
|
—
|
|
—
|
|
14
|
Additional paid-in
capital(e)
|
18,866
|
|
240
|
|
1,314
|
|
(1,290)
|
|
19,130
|
|
26,313
|
|
90
|
|
1,433
|
|
(1,409)
|
|
26,428
|
Retained
earnings
|
39,579
|
|
(12)
|
|
15,823
|
|
1
|
|
55,391
|
|
32,054
|
|
1,766
|
|
15,429
|
|
1
|
|
49,251
|
Accumulated other
comprehensive loss
|
(9,066)
|
|
1
|
|
(1,183)
|
|
—
|
|
(10,247)
|
|
(6,552)
|
|
(2)
|
|
(1,348)
|
|
—
|
|
(7,901)
|
Total stockholders'
equity
|
49,391
|
|
229
|
|
15,954
|
|
(1,289)
|
|
64,286
|
|
51,829
|
|
1,855
|
|
15,515
|
|
(1,407)
|
|
67,792
|
Noncontrolling
interests(e)
|
805
|
|
1,809
|
|
—
|
|
1,289
|
|
3,903
|
|
786
|
|
1,942
|
|
—
|
|
1,407
|
|
4,135
|
Total
Equity
|
50,196
|
|
2,038
|
|
15,954
|
|
—
|
|
68,189
|
|
52,615
|
|
3,797
|
|
15,515
|
|
—
|
|
71,927
|
Total Liabilities
and Equity
|
$
140,546
|
|
$ 4,555
|
|
$
130,780
|
|
$
(2,817)
|
|
$ 273,064
|
|
$
138,419
|
|
$ 5,510
|
|
$
121,544
|
|
$
(1,436)
|
|
$ 264,037
|
_________
|
(a)
|
Eliminations primarily
include GM Financial accounts and notes receivable of $0.5 billion
due from Automotive; and Automotive accounts receivable of $0.8
billion primarily due from GM Financial and Cruise at December 31,
2023; and GM Financial accounts and notes receivable of $0.5
billion due from Automotive accounts payable and Automotive
accounts receivable of $0.1 billion due from GM Financial accounts
payable at December 31, 2022.
|
(b)
|
Eliminations primarily
related to intercompany asset transfers between Automotive and
Cruise for autonomous vehicle (AV) capital.
|
(c)
|
Eliminations related to
deferral agreement between Cruise and Automotive as regards to
engineering and capital spending incurred by Automotive on behalf
of Cruise resulting in a long-term payable for Cruise offset by a
long-term receivable for Automotive.
|
(d)
|
Eliminations primarily
related to intercompany loans due from Cruise to GM Financial in
the year ended December 31, 2023.
|
(e)
|
Primarily
reclassification of GM Financial Cumulative Perpetual Preferred
Stock, Series A, B and C. The preferred stock is classified as
noncontrolling interests in our consolidated balance
sheets.
|
Combining Cash Flow
Information
(In millions)
(Unaudited)
|
|
|
Year Ended December
31, 2023
|
|
Year Ended December
31, 2022
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Combined
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Combined
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$ 10,102
|
|
$ (2,414)
|
|
$ 2,152
|
|
$
—
|
|
$
9,840
|
|
$
8,509
|
|
$ (1,900)
|
|
$
3,095
|
|
$
5
|
|
$
9,708
|
Depreciation and
impairment of Equipment on operating leases, net
|
—
|
|
—
|
|
4,904
|
|
—
|
|
4,904
|
|
—
|
|
—
|
|
4,839
|
|
—
|
|
4,839
|
Depreciation,
amortization and impairment charges on Property, net
|
6,756
|
|
188
|
|
40
|
|
—
|
|
6,984
|
|
6,346
|
|
55
|
|
49
|
|
—
|
|
6,451
|
Foreign currency
remeasurement and transaction (gains) losses
|
344
|
|
—
|
|
5
|
|
—
|
|
349
|
|
173
|
|
—
|
|
(1)
|
|
—
|
|
172
|
Undistributed earnings
of nonconsolidated affiliates, net
|
295
|
|
—
|
|
(50)
|
|
—
|
|
245
|
|
225
|
|
—
|
|
(32)
|
|
—
|
|
193
|
Pension contributions
and OPEB payments
|
(1,099)
|
|
—
|
|
—
|
|
—
|
|
(1,100)
|
|
(790)
|
|
—
|
|
—
|
|
—
|
|
(790)
|
Pension and OPEB
income, net
|
89
|
|
—
|
|
2
|
|
—
|
|
90
|
|
(1,190)
|
|
—
|
|
1
|
|
—
|
|
(1,189)
|
Provision (benefit)
for deferred taxes
|
(305)
|
|
(991)
|
|
256
|
|
—
|
|
(1,041)
|
|
1,247
|
|
(1,297)
|
|
475
|
|
—
|
|
425
|
Change in other
operating assets and liabilities(a)
|
3,376
|
|
637
|
|
846
|
|
(3,037)
|
|
1,822
|
|
2,363
|
|
1,067
|
|
(1,263)
|
|
(5,144)
|
|
(2,977)
|
Other operating
activities(c)
|
1,272
|
|
658
|
|
(1,493)
|
|
(1,601)
|
|
(1,163)
|
|
2,211
|
|
243
|
|
(1,688)
|
|
(1,556)
|
|
(790)
|
Net cash provided by
(used in) operating activities
|
20,828
|
|
(1,921)
|
|
6,662
|
|
(4,638)
|
|
20,930
|
|
19,094
|
|
(1,832)
|
|
5,476
|
|
(6,695)
|
|
16,043
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenditures for
property
|
(10,684)
|
|
(63)
|
|
(24)
|
|
(198)
|
|
(10,970)
|
|
(9,007)
|
|
(197)
|
|
(44)
|
|
10
|
|
(9,238)
|
Available-for-sale
marketable securities, acquisitions
|
(3,940)
|
|
(490)
|
|
—
|
|
—
|
|
(4,429)
|
|
(8,511)
|
|
(3,326)
|
|
—
|
|
—
|
|
(11,837)
|
Available-for-sale
marketable securities, liquidations
|
7,443
|
|
1,902
|
|
—
|
|
—
|
|
9,345
|
|
4,565
|
|
3,506
|
|
—
|
|
(14)
|
|
8,057
|
Purchases of finance
receivables(a)
|
—
|
|
—
|
|
(38,593)
|
|
3,214
|
|
(35,379)
|
|
—
|
|
—
|
|
(39,113)
|
|
5,139
|
|
(33,974)
|
Principal collections
and recoveries on finance receivables
|
—
|
|
—
|
|
28,343
|
|
4
|
|
28,346
|
|
—
|
|
—
|
|
27,017
|
|
(129)
|
|
26,887
|
Purchases of leased
vehicles
|
—
|
|
—
|
|
(13,640)
|
|
—
|
|
(13,640)
|
|
—
|
|
—
|
|
(11,949)
|
|
—
|
|
(11,949)
|
Proceeds from
termination of leased vehicles
|
—
|
|
—
|
|
13,033
|
|
—
|
|
13,033
|
|
—
|
|
—
|
|
14,234
|
|
—
|
|
14,234
|
Other investing
activities(b)
|
(1,505)
|
|
—
|
|
—
|
|
536
|
|
(969)
|
|
(4,544)
|
|
—
|
|
(151)
|
|
4,633
|
|
(62)
|
Net cash provided by
(used in) investing activities
|
(8,686)
|
|
1,349
|
|
(10,882)
|
|
3,556
|
|
(14,663)
|
|
(17,497)
|
|
(17)
|
|
(10,006)
|
|
9,638
|
|
(17,882)
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in short-term debt
|
(6)
|
|
—
|
|
(150)
|
|
—
|
|
(156)
|
|
40
|
|
—
|
|
333
|
|
—
|
|
373
|
Proceeds from issuance
of debt (original maturities greater than three months)
|
24
|
|
228
|
|
50,940
|
|
(228)
|
|
50,963
|
|
2,255
|
|
99
|
|
43,557
|
|
(99)
|
|
45,813
|
Payments on debt
(original maturities greater than three months)
|
(1,644)
|
|
(33)
|
|
(43,001)
|
|
3
|
|
(44,675)
|
|
(1,631)
|
|
(1)
|
|
(37,925)
|
|
(50)
|
|
(39,606)
|
Payments to purchase
common stock
|
(11,115)
|
|
—
|
|
—
|
|
—
|
|
(11,115)
|
|
(2,514)
|
|
—
|
|
—
|
|
14
|
|
(2,500)
|
Issuance (redemption)
of subsidiary stock(b)
|
—
|
|
493
|
|
—
|
|
(493)
|
|
—
|
|
—
|
|
2,419
|
|
—
|
|
(4,541)
|
|
(2,121)
|
Dividends
paid(c)
|
(479)
|
|
—
|
|
(1,919)
|
|
1,800
|
|
(597)
|
|
(265)
|
|
(58)
|
|
(1,819)
|
|
1,745
|
|
(397)
|
Other financing
activities
|
(336)
|
|
(292)
|
|
(146)
|
|
—
|
|
(774)
|
|
(363)
|
|
(668)
|
|
(134)
|
|
(13)
|
|
(1,178)
|
Net cash provided by
(used in) financing activities
|
(13,555)
|
|
396
|
|
5,724
|
|
1,082
|
|
(6,353)
|
|
(2,478)
|
|
1,791
|
|
4,014
|
|
(2,943)
|
|
383
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
(15)
|
|
—
|
|
69
|
|
—
|
|
54
|
|
(147)
|
|
—
|
|
9
|
|
—
|
|
(138)
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
(1,437)
|
|
(167)
|
|
1,573
|
|
—
|
|
(31)
|
|
(1,028)
|
|
(59)
|
|
(507)
|
|
—
|
|
(1,594)
|
Cash, cash equivalents
and restricted cash at beginning of period
|
13,746
|
|
1,526
|
|
6,676
|
|
—
|
|
21,948
|
|
14,774
|
|
1,584
|
|
7,183
|
|
—
|
|
23,542
|
Cash, cash
equivalents and restricted cash at end of period
|
$ 12,310
|
|
$ 1,359
|
|
$ 8,249
|
|
$
—
|
|
$
21,917
|
|
$ 13,746
|
|
$ 1,526
|
|
$
6,676
|
|
$
—
|
|
$ 21,948
|
_________
|
(a)
|
Includes eliminations
of $3.0 billion and $5.0 billion in the years ended December 31,
2023 and 2022 for purchases/collections of wholesale finance
receivables resulting from vehicles sold by GM to dealers that have
arranged their inventory floor plan financing through GM
Financial.
|
(b)
|
Includes eliminations
of $0.5 billion and $2.4 billion in the years ended December 31,
2023 and 2022 for Automotive investment in Cruise and
reclassifications of $2.1 billion in the year ended December 31,
2022 for purchase of Cruise preferred shares from
SoftBank.
|
(c)
|
Eliminations include
dividends issued by GM Financial to Automotive in the years ended
December 31, 2023 and 2022.
|
The following tables
summarize key financial information by segment (dollars in
millions):
|
|
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Eliminations
|
|
Total
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Total
|
Three Months Ended
December 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales and
revenue
|
$ 35,231
|
|
$
3,938
|
|
$
96
|
|
|
|
$ 39,264
|
|
$ 25
|
|
$
3,743
|
|
$
(53)
|
|
$
42,980
|
Expenditures for
property
|
$
3,437
|
|
$ 173
|
|
$
3
|
|
$
—
|
|
$
3,613
|
|
$ 13
|
|
$
4
|
|
$
77
|
|
$
3,706
|
Depreciation and
amortization
|
$
1,602
|
|
$ 165
|
|
$
5
|
|
$
—
|
|
$
1,771
|
|
$ 10
|
|
$
1,217
|
|
$
—
|
|
$
2,999
|
Impairment
charges
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
209
|
|
$
—
|
|
$
—
|
|
$ 209
|
Equity income
(loss)(a)(b)
|
$ 106
|
|
$ 92
|
|
$
—
|
|
$
—
|
|
$
198
|
|
$ —
|
|
$ 27
|
|
$
—
|
|
$ 225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Eliminations
|
|
Total
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Total
|
Three Months Ended
December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales and
revenue
|
$ 35,471
|
|
$
4,319
|
|
$
44
|
|
|
|
$ 39,834
|
|
$ 25
|
|
$
3,277
|
|
$
(28)
|
|
$
43,108
|
Expenditures for
property
|
$
2,914
|
|
$ 311
|
|
$
10
|
|
$
—
|
|
$
3,235
|
|
$ 57
|
|
$
16
|
|
$
(4)
|
|
$
3,304
|
Depreciation and
amortization
|
$
1,401
|
|
$ 124
|
|
$
5
|
|
$
—
|
|
$
1,531
|
|
$ 14
|
|
$
1,223
|
|
$
—
|
|
$
2,767
|
Impairment
charges
|
$
—
|
|
$
1
|
|
$
—
|
|
$
—
|
|
$
1
|
|
$ —
|
|
$
—
|
|
$
—
|
|
$
1
|
Equity income
(loss)(a)
|
$
(4)
|
|
$ 200
|
|
$
—
|
|
$
—
|
|
$
197
|
|
$ —
|
|
$ 25
|
|
$
—
|
|
$ 222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Eliminations
|
|
Total
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Total
|
Year Ended December
31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales and
revenue
|
$
141,445
|
|
$ 15,949
|
|
$ 273
|
|
|
|
$
157,667
|
|
$
102
|
|
$ 14,225
|
|
$
(151)
|
|
$ 171,842
|
Expenditures for
property
|
$
10,147
|
|
$ 522
|
|
$
15
|
|
$
—
|
|
$ 10,684
|
|
$ 63
|
|
$
24
|
|
$
198
|
|
$
10,970
|
Depreciation and
amortization
|
$
6,146
|
|
$ 589
|
|
$
21
|
|
$
—
|
|
$
6,755
|
|
$ 38
|
|
$
4,944
|
|
$
—
|
|
$
11,737
|
Impairment
charges
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
209
|
|
$
—
|
|
$
—
|
|
$ 209
|
Equity income
(loss)(a)(b)
|
$
196
|
|
$ 440
|
|
$
—
|
|
$
—
|
|
$
635
|
|
$ —
|
|
$ 138
|
|
$
—
|
|
$ 773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Eliminations
|
|
Total
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Total
|
Year Ended December
31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales and
revenue
|
$
128,378
|
|
$ 15,420
|
|
$ 177
|
|
|
|
$
143,974
|
|
$
102
|
|
$ 12,766
|
|
$
(107)
|
|
$ 156,735
|
Expenditures for
property
|
$
8,280
|
|
$ 706
|
|
$
20
|
|
$
—
|
|
$
9,007
|
|
$
197
|
|
$
44
|
|
$
(10)
|
|
$
9,238
|
Depreciation and
amortization
|
$
5,800
|
|
$ 513
|
|
$
21
|
|
$
—
|
|
$
6,335
|
|
$ 53
|
|
$
4,888
|
|
$
—
|
|
$
11,276
|
Impairment
charges
|
$
11
|
|
$
1
|
|
$
—
|
|
$
—
|
|
$
12
|
|
$ —
|
|
$
—
|
|
$
—
|
|
$
12
|
Equity income
(loss)(a)
|
$
(9)
|
|
$ 672
|
|
$
—
|
|
$
—
|
|
$
663
|
|
$ —
|
|
$ 173
|
|
$
—
|
|
$ 837
|
________
|
(a)
|
Includes Automotive
China equity income of $93 million and $201 million in the three
months ended December 31, 2023 and 2022 and $446 million and $677
million in the years ended December 31, 2023 and 2022.
|
(b)
|
Equity earnings related
to Ultium Cells Holdings LLC are presented in Automotive and other
cost of sales as this entity is integral to the operations of our
business by providing battery cells for our electric vehicles.
Equity earnings related to Ultium Cells Holdings LLC were $102
million in the three months ended December 31, 2023 and $293
million in the year ended December 31, 2023.
|
General Motors Company and
Subsidiaries
Supplemental
Material1
(Unaudited)
General Motors Company (GM) uses both generally accepted
accounting principles (GAAP) and non-GAAP financial measures for
operational and financial decision making, and to assess Company
and segment business performance. Our non-GAAP measures include:
earnings before interest and taxes (EBIT)-adjusted, presented net
of noncontrolling interests; earnings before income taxes
(EBT)-adjusted for our General Motors Financial Company, Inc. (GM
Financial) segment; earnings per share (EPS)-diluted-adjusted;
effective tax rate-adjusted (ETR-adjusted); return on invested
capital-adjusted (ROIC-adjusted) and adjusted automotive free cash
flow. GM's calculation of these non-GAAP measures may not be
comparable to similarly titled measures of other companies due to
potential differences between companies in the method of
calculation. As a result, the use of these non-GAAP measures has
limitations and should not be considered superior to, in isolation
from, or as a substitute for, related U.S. GAAP measures.
These non-GAAP measures allow management and investors to view
operating trends, perform analytical comparisons and benchmark
performance between periods and among geographic regions to
understand operating performance without regard to items we do not
consider a component of our core operating performance.
Furthermore, these non-GAAP measures allow investors the
opportunity to measure and monitor our performance against our
externally communicated targets and evaluate the investment
decisions being made by management to improve ROIC-adjusted.
Management uses these measures in its financial, investment and
operational decision-making processes, for internal reporting and
as part of its forecasting and budgeting processes. Further, our
Board of Directors uses certain of these and other measures as key
metrics to determine management performance under our
performance-based compensation plans. For these reasons, we believe
these non-GAAP measures are useful for our investors.
EBIT-adjusted (Most comparable GAAP
measure: Net income attributable to stockholders)
EBIT-adjusted is presented net of noncontrolling interests and is
used by management and can be used by investors to review our
consolidated operating results because it excludes automotive
interest income, automotive interest expense and income taxes as
well as certain additional adjustments that are not considered part
of our core operations. Examples of adjustments to EBIT include,
but are not limited to, impairment charges on long-lived assets and
other exit costs resulting from strategic shifts in our operations
or discrete market and business conditions, and certain costs
arising from legal matters. For EBIT-adjusted and our other
non-GAAP measures, once we have made an adjustment in the current
period for an item, we will also adjust the related non-GAAP
measure in any future periods in which there is an impact from the
item. Our corresponding measure for our GM Financial segment is
EBT-adjusted because interest income and interest expense are part
of operating results when assessing and measuring the operational
and financial performance of the segment.
EPS-diluted-adjusted (Most comparable GAAP
measure: Diluted earnings per common
share) EPS-diluted-adjusted is used by management
and can be used by investors to review our consolidated diluted EPS
results on a consistent basis. EPS-diluted-adjusted is calculated
as net income attributable to common stockholders-diluted less
adjustments noted above for EBIT-adjusted and certain income tax
adjustments divided by weighted-average common shares
outstanding-diluted. Examples of income tax adjustments include the
establishment or release of significant deferred tax asset
valuation allowances.
ETR-adjusted (Most comparable GAAP measure:
Effective tax rate) ETR-adjusted is used by
management and can be used by investors to review the consolidated
effective tax rate for our core operations on a consistent basis.
ETR-adjusted is calculated as Income tax expense less the income
tax related to the adjustments noted above for EBIT-adjusted and
the income tax adjustments noted above for EPS-diluted-adjusted
divided by Income before income taxes less adjustments. When we
provide an expected adjusted effective tax rate, we do not provide
an expected effective tax rate because the U.S. GAAP measure may
include significant adjustments that are difficult to predict.
ROIC-adjusted (Most comparable GAAP measure:
Return on equity) ROIC-adjusted is used by management and
can be used by investors to review our investment and capital
allocation decisions. We define ROIC-adjusted as EBIT-adjusted for
the trailing four quarters divided by ROIC-adjusted average net
assets, which is considered to be the average equity balances
adjusted for average automotive debt and interest liabilities,
exclusive of finance leases; average automotive net pension and
other postretirement benefits (OPEB) liabilities; and average
automotive net income tax assets during the same period.
Adjusted automotive free cash flow (Most
comparable GAAP measure: Net automotive cash provided by operating
activities) Adjusted automotive free cash flow is
used by management and can be used by investors to review the
liquidity of our automotive operations and to measure and monitor
our performance against our capital allocation program and evaluate
our automotive liquidity against the substantial cash requirements
of our automotive operations. We measure adjusted automotive free
cash flow as automotive operating cash flow from operations less
capital expenditures adjusted for management actions. Management
actions can include voluntary events such as discretionary
contributions to employee benefit plans or nonrecurring specific
events such as a closure of a facility that are considered special
for EBIT-adjusted purposes.
The following table reconciles Net income attributable to
stockholders under U.S. GAAP to EBIT-adjusted and segment profit
(loss) (dollars in millions):
|
Three Months
Ended
|
|
Years
Ended
|
|
December 31,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
Net income attributable
to stockholders(a)
|
$
2,102
|
|
$
1,999
|
|
$
10,127
|
|
$
9,934
|
Income tax
expense
|
(857)
|
|
580
|
|
563
|
|
1,888
|
Automotive interest
expense
|
222
|
|
267
|
|
911
|
|
987
|
Automotive interest
income
|
(308)
|
|
(215)
|
|
(1,109)
|
|
(460)
|
Adjustments
|
|
|
|
|
|
|
|
Voluntary separation
program(b)
|
130
|
|
—
|
|
1,035
|
|
—
|
Buick dealer
strategy(c)
|
131
|
|
511
|
|
569
|
|
511
|
Cruise
restructuring(d)
|
478
|
|
—
|
|
478
|
|
—
|
GM Korea wage
litigation(e)
|
(30)
|
|
—
|
|
(106)
|
|
—
|
India asset
sales(f)
|
(111)
|
|
—
|
|
(111)
|
|
—
|
Cruise compensation
modifications(g)
|
—
|
|
—
|
|
—
|
|
1,057
|
Russia
exit(h)
|
—
|
|
657
|
|
—
|
|
657
|
Patent royalty
matters(i)
|
—
|
|
—
|
|
—
|
|
(100)
|
Total
adjustments
|
598
|
|
1,168
|
|
1,865
|
|
2,125
|
EBIT-adjusted
|
1,757
|
|
3,799
|
|
12,357
|
|
14,474
|
Operating
segments
|
|
|
|
|
|
|
|
GM North America
(GMNA)
|
2,011
|
|
3,654
|
|
12,306
|
|
12,988
|
GM International
(GMI)
|
269
|
|
272
|
|
1,210
|
|
1,143
|
Cruise
|
(792)
|
|
(524)
|
|
(2,695)
|
|
(1,890)
|
GM
Financial(j)
|
707
|
|
775
|
|
2,985
|
|
4,076
|
Total operating
segments
|
2,196
|
|
4,176
|
|
13,806
|
|
16,317
|
Corporate and
eliminations(k)
|
(439)
|
|
(377)
|
|
(1,448)
|
|
(1,843)
|
EBIT-adjusted
|
$
1,757
|
|
$
3,799
|
|
$
12,357
|
|
$
14,474
|
__________
|
(a)
|
Net of net loss
attributable to noncontrolling interests.
|
(b)
|
These adjustments were
excluded because they relate to the acceleration of attrition as
part of the cost reduction program announced in January 2023,
primarily in the U.S.
|
(c)
|
These adjustments were
excluded because they relate to strategic activities to transition
certain Buick dealers out of our dealer network as part of Buick's
EV strategy.
|
(d)
|
These adjustments were
excluded because they relate to restructuring costs resulting from
Cruise voluntarily pausing its driverless, supervised and manual AV
operations in the U.S. while it examines its processes, systems and
tools. The adjustments primarily consist of non-cash restructuring
charges, supplier related charges and employee separation
charges.
|
(e)
|
These adjustments were
excluded because they relate to the partial resolution of
subcontractor matters in Korea.
|
(f)
|
These adjustments were
excluded because they relate to an asset sale resulting from our
strategic decision in 2020 to exit India.
|
(g)
|
This adjustment was
excluded because it relates to the one-time modification of Cruise
stock incentive awards.
|
(h)
|
This adjustment was
excluded because it relates to the shutdown of our Russia business
including the write off of our net investment and release of
accumulated translation losses into earnings.
|
(i)
|
This adjustment was
excluded because it relates to the resolution of substantially all
royalty matters accrued with respect to past-year vehicle sales in
2022.
|
(j)
|
GM Financial amounts
represent EBT-adjusted.
|
(k)
|
GM's automotive
interest income and interest expense, legacy costs from the
Opel/Vauxhall Business (primarily pension costs), corporate
expenditures and certain revenues and expenses that are not part of
a reportable segment are recorded centrally in
Corporate.
|
The following table reconciles diluted earnings per common share
under U.S. GAAP to EPS-diluted-adjusted (dollars in millions,
except per share amounts):
|
Three Months
Ended
|
|
Years
Ended
|
|
December 31,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
|
Amount
|
|
Per
Share
|
|
Amount
|
|
Per
Share
|
|
Amount
|
|
Per
Share
|
|
Amount
|
|
Per
Share
|
Diluted earnings per
common share
|
$ 2,076
|
|
$
1.59
|
|
$ 1,987
|
|
$
1.39
|
|
$
10,022
|
|
$
7.32
|
|
$ 8,915
|
|
$
6.13
|
Adjustments(a)
|
598
|
|
0.46
|
|
1,168
|
|
0.82
|
|
1,865
|
|
1.36
|
|
2,125
|
|
1.46
|
Tax effect on
adjustments(b)
|
(180)
|
|
(0.14)
|
|
(127)
|
|
(0.09)
|
|
(504)
|
|
(0.37)
|
|
(423)
|
|
(0.29)
|
Tax
adjustments(c)
|
(870)
|
|
(0.67)
|
|
—
|
|
—
|
|
(870)
|
|
(0.64)
|
|
(482)
|
|
(0.33)
|
Deemed dividend
adjustment(d)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
909
|
|
0.63
|
EPS-diluted-adjusted
|
$ 1,624
|
|
$
1.24
|
|
$ 3,028
|
|
$
2.12
|
|
$
10,513
|
|
$
7.68
|
|
$
11,044
|
|
$
7.59
|
________
|
(a)
|
Refer to the
reconciliation of Net income attributable to stockholders under
U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment
details.
|
(b)
|
The tax effect of each
adjustment is determined based on the tax laws and valuation
allowance status of the jurisdiction to which the adjustment
relates.
|
(c)
|
In the year ended
December 31, 2023, the adjustment consists of tax benefit related
to the release of a valuation allowance against deferred tax assets
considered realizable in Korea. In the year ended December 31,
2022, the adjustment consists of tax benefit related to the release
of a valuation allowance against deferred tax assets considered
realizable as a result of Cruise tax reconsolidation. These
adjustments were excluded because significant impacts of valuation
allowances are not considered part of our core
operations.
|
(d)
|
This adjustment
consists of a deemed dividend related to the redemption of Cruise
preferred shares from SoftBank in the year ended December 31,
2022.
|
The following table reconciles our effective tax rate under U.S.
GAAP to ETR-adjusted (dollars in millions):
|
Years Ended December
31,
|
|
2023
|
|
2022
|
|
Income before
income taxes
|
|
Income tax
expense
|
|
Effective
tax rate
|
|
Income before
income taxes
|
|
Income tax
expense
|
|
Effective
tax rate
|
Effective tax
rate
|
$
10,403
|
|
$ 563
|
|
5.4 %
|
|
$
11,597
|
|
$
1,888
|
|
16.3 %
|
Adjustments(a)
|
1,916
|
|
504
|
|
|
|
2,221
|
|
423
|
|
|
Tax
adjustments(b)
|
|
|
870
|
|
|
|
|
|
482
|
|
|
ETR-adjusted
|
$
12,319
|
|
$
1,937
|
|
15.7 %
|
|
$
13,818
|
|
$
2,793
|
|
20.2 %
|
________
|
(a)
|
Refer to the
reconciliation of Net income attributable to stockholders under
U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment
details. Net income attributable to noncontrolling interests for
these adjustments is included in the years ended December 31, 2023
and 2022. The tax effect of each adjustment is determined based on
the tax laws and valuation allowance status of the jurisdiction to
which the adjustment relates.
|
(b)
|
Refer to the
reconciliation of diluted earnings per common share under U.S. GAAP
to EPS-diluted-adjusted for adjustment details.
|
We define return on equity (ROE) as Net income attributable to
stockholders for the trailing four quarters divided by average
equity for the same period. Management uses average equity to
provide comparable amounts in the calculation of ROE. The following
table summarizes the calculation of ROE (dollars in billions):
|
Years Ended December
31,
|
|
2023
|
|
2022
|
Net income attributable
to stockholders
|
$
10.1
|
|
$
9.9
|
Average
equity(a)
|
$
72.0
|
|
$
66.6
|
ROE
|
14.1 %
|
|
14.9 %
|
________
|
(a)
|
Includes equity of
noncontrolling interests where the corresponding earnings (loss)
are included in Net income attributable to stockholders.
|
The following table summarizes the calculation of ROIC-adjusted
(dollars in billions):
|
Years Ended December
31,
|
|
2023
|
|
2022
|
EBIT-adjusted(a)
|
$
12.4
|
|
$
14.5
|
Average
equity(b)
|
$
72.0
|
|
$
66.6
|
Add: Average automotive
debt and interest liabilities (excluding finance leases)
|
16.2
|
|
17.6
|
Add: Average automotive
net pension & OPEB liability
|
8.1
|
|
9.4
|
Less: Average
automotive net income tax asset
|
(21.1)
|
|
(21.2)
|
ROIC-adjusted average
net assets
|
$
75.2
|
|
$
72.3
|
ROIC-adjusted
|
16.4 %
|
|
20.0 %
|
________
|
(a)
|
Refer to the
reconciliation of Net income attributable to stockholders under
U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment
details.
|
(b)
|
Includes equity of
noncontrolling interests where the corresponding earnings (loss)
are included in EBIT-adjusted.
|
The following table reconciles Net automotive cash provided by
operating activities under U.S. GAAP to adjusted automotive free
cash flow (dollars in millions):
|
Three Months
Ended
|
|
Years
Ended
|
|
December 31,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
Net automotive cash
provided by operating activities
|
$
4,688
|
|
$
7,488
|
|
$
20,828
|
|
$
19,094
|
Less: Capital
expenditures
|
(3,613)
|
|
(3,235)
|
|
(10,684)
|
|
(9,007)
|
Add: Employee
separation costs
|
53
|
|
—
|
|
849
|
|
—
|
Add: Buick dealer
strategy
|
213
|
|
120
|
|
674
|
|
120
|
Add: Patent royalty
matters
|
—
|
|
—
|
|
—
|
|
145
|
Add: GM Brazil indirect
tax matters
|
—
|
|
57
|
|
—
|
|
57
|
Add: Russia
exit
|
—
|
|
31
|
|
—
|
|
31
|
Add: GM Korea wage
litigation
|
—
|
|
—
|
|
—
|
|
26
|
Adjusted automotive
free cash flow
|
$
1,341
|
|
$
4,460
|
|
$
11,666
|
|
$
10,466
|
Vehicle Sales
GM presents both wholesale and total vehicle sales data to
assist in the analysis of our revenue and market share. Wholesale
vehicle sales data consists of sales to GM's dealers and
distributors, as well as sales to the U.S. government, and excludes
vehicles sold by our joint ventures. Wholesale vehicle sales data
correlates to GM's revenue recognized from the sale of vehicles,
which is the largest component of Automotive net sales and revenue.
In the year ended December 31, 2023,
29.4% of GM's wholesale vehicle sales volume was generated outside
the U.S. The following table summarizes wholesale vehicle sales by
automotive segment (vehicles in thousands):
|
Three Months
Ended
|
|
Years
Ended
|
|
December 31,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
GMNA
|
782
|
|
787
|
|
3,147
|
|
2,926
|
GMI
|
161
|
|
180
|
|
621
|
|
653
|
Total
|
943
|
|
967
|
|
3,768
|
|
3,579
|
Total vehicle sales data represents: (1) retail sales (i.e.,
sales to consumers who purchase new vehicles from dealers or
distributors); (2) fleet sales (i.e., sales to large and small
businesses, governments and daily rental car companies); and (3)
certain vehicles used by dealers in their business. Total vehicle
sales data includes all sales by joint ventures on a total vehicle
basis, not based on GM's percentage ownership interest in the joint
venture. Certain joint venture agreements in China allow for the contractual right to
report vehicle sales of non-GM trademarked vehicles by those joint
ventures, which are included in the total vehicle sales we report
for China. While total vehicle
sales data does not correlate directly to the revenue GM recognizes
during a particular period, we believe it is indicative of
the underlying demand for GM's vehicles. Total vehicle sales data
represents management's good faith estimate based on sales reported
by GM's dealers, distributors and joint ventures; commercially
available data sources such as registration and insurance data; and
internal estimates and forecasts when other data is not
available.
The following table summarizes industry and GM total vehicle
sales and GM's related competitive position by geographic region
(vehicles in thousands):
|
Three Months
Ended
|
|
Years
Ended
|
|
December 31,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
|
Industry
|
|
GM
|
|
Market
Share
|
|
Industry
|
|
GM
|
|
Market
Share
|
|
Industry
|
|
GM
|
|
Market
Share
|
|
Industry
|
|
GM
|
|
Market
Share
|
North
America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
3,987
|
|
625
|
|
15.7 %
|
|
3,723
|
|
623
|
|
16.7 %
|
|
15,981
|
|
2,595
|
|
16.2 %
|
|
14,242
|
|
2,274
|
|
16.0 %
|
Other
|
944
|
|
122
|
|
12.9 %
|
|
791
|
|
106
|
|
13.4 %
|
|
3,592
|
|
460
|
|
12.8 %
|
|
3,066
|
|
406
|
|
13.2 %
|
Total North
America
|
4,931
|
|
747
|
|
15.2 %
|
|
4,514
|
|
729
|
|
16.2 %
|
|
19,573
|
|
3,055
|
|
15.6 %
|
|
17,307
|
|
2,680
|
|
15.5 %
|
Asia/Pacific, Middle
East and Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China(a)
|
7,236
|
|
569
|
|
7.9 %
|
|
6,333
|
|
576
|
|
9.1 %
|
|
24,976
|
|
2,099
|
|
8.4 %
|
|
23,489
|
|
2,303
|
|
9.8 %
|
Other
|
5,654
|
|
166
|
|
2.9 %
|
|
5,239
|
|
124
|
|
2.4 %
|
|
21,941
|
|
576
|
|
2.6 %
|
|
20,253
|
|
505
|
|
2.5 %
|
Total Asia/Pacific,
Middle East and Africa
|
12,891
|
|
735
|
|
5.7 %
|
|
11,572
|
|
699
|
|
6.0 %
|
|
46,917
|
|
2,675
|
|
5.7 %
|
|
43,741
|
|
2,808
|
|
6.4 %
|
South
America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil
|
679
|
|
92
|
|
13.5 %
|
|
602
|
|
88
|
|
14.6 %
|
|
2,307
|
|
328
|
|
14.2 %
|
|
2,103
|
|
291
|
|
13.8 %
|
Other
|
338
|
|
30
|
|
8.8 %
|
|
365
|
|
36
|
|
10.0 %
|
|
1,418
|
|
128
|
|
9.0 %
|
|
1,563
|
|
160
|
|
10.3 %
|
Total South
America
|
1,016
|
|
121
|
|
11.9 %
|
|
967
|
|
124
|
|
12.8 %
|
|
3,725
|
|
456
|
|
12.2 %
|
|
3,666
|
|
451
|
|
12.3 %
|
Total in GM
markets
|
18,838
|
|
1,604
|
|
8.5 %
|
|
17,053
|
|
1,553
|
|
9.1 %
|
|
70,215
|
|
6,186
|
|
8.8 %
|
|
64,715
|
|
5,939
|
|
9.2 %
|
Total Europe
|
3,972
|
|
1
|
|
— %
|
|
3,836
|
|
1
|
|
— %
|
|
16,384
|
|
2
|
|
— %
|
|
14,234
|
|
2
|
|
— %
|
Total
Worldwide(b)(c)
|
22,810
|
|
1,605
|
|
7.0 %
|
|
20,888
|
|
1,553
|
|
7.4 %
|
|
86,600
|
|
6,188
|
|
7.1 %
|
|
78,949
|
|
5,941
|
|
7.5 %
|
United
States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cars
|
722
|
|
40
|
|
5.6 %
|
|
716
|
|
61
|
|
8.5 %
|
|
3,054
|
|
224
|
|
7.3 %
|
|
2,814
|
|
214
|
|
7.6 %
|
Trucks
|
1,034
|
|
321
|
|
31.1 %
|
|
1,086
|
|
347
|
|
31.9 %
|
|
4,249
|
|
1,303
|
|
30.7 %
|
|
3,974
|
|
1,246
|
|
31.4 %
|
Crossovers
|
2,231
|
|
264
|
|
11.8 %
|
|
1,920
|
|
215
|
|
11.2 %
|
|
8,678
|
|
1,068
|
|
12.3 %
|
|
7,454
|
|
814
|
|
10.9 %
|
Total United
States
|
3,987
|
|
625
|
|
15.7 %
|
|
3,723
|
|
623
|
|
16.7 %
|
|
15,981
|
|
2,595
|
|
16.2 %
|
|
14,242
|
|
2,274
|
|
16.0 %
|
China(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SGMS
|
|
|
211
|
|
|
|
|
|
271
|
|
|
|
|
|
870
|
|
|
|
|
|
1,037
|
|
|
SGMW
|
|
|
358
|
|
|
|
|
|
305
|
|
|
|
|
|
1,229
|
|
|
|
|
|
1,266
|
|
|
Total China
|
7,236
|
|
569
|
|
7.9 %
|
|
6,333
|
|
576
|
|
9.1 %
|
|
24,976
|
|
2,099
|
|
8.4 %
|
|
23,489
|
|
2,303
|
|
9.8 %
|
__________
|
(a)
|
Includes sales by the
Automotive China Joint Ventures: SAIC General Motors Sales Co.,
Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd.
(SGMW).
|
(b)
|
Cuba, Iran, North
Korea, Sudan and Syria are subject to broad economic sanctions.
Accordingly, these countries are excluded from industry sales data
and corresponding calculation of market share.
|
(c)
|
As of March 2022, GM is
no longer importing vehicles or parts to Russia, Belarus and other
sanctioned provinces in Ukraine.
|
As discussed above, total vehicle sales and market share data
provided in the table above includes fleet vehicles. Certain fleet
transactions, particularly sales to daily rental car companies, are
generally less profitable than retail sales to end customers. The
following table summarizes estimated fleet sales and those sales as
a percentage of total vehicle sales (vehicles in thousands):
|
Three Months
Ended
|
|
Years
Ended
|
|
|
|
|
|
December 31,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
|
|
|
|
GMNA
|
141
|
|
159
|
|
679
|
|
564
|
|
|
|
|
GMI
|
168
|
|
138
|
|
506
|
|
426
|
|
|
|
|
Total fleet
sales
|
309
|
|
297
|
|
1,185
|
|
990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fleet sales as a
percentage of total vehicle sales
|
19.3 %
|
|
19.1 %
|
|
19.2 %
|
|
16.7 %
|
|
|
|
|
North America capacity
two-shift utilization
|
93.1 %
|
|
99.2 %
|
|
97.1 %
|
|
98.8 %
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/gm-releases-2023-fourth-quarter-and-full-year-results-and-2024-guidance-302047453.html
SOURCE General Motors Company