News Release Details

GM Releases 2023 Fourth-Quarter and Full-Year Results, and 2024 Guidance

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.

Results Overview

 

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 ChevroletBuickGMCCadillacBaojun 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