DETROIT, July 23,
2024 /PRNewswire/ -- General Motors Co. (NYSE:
GM) today reported second-quarter 2024 revenue of $48.0 billion, net income attributable to
stockholders of $2.9 billion and
EBIT-adjusted of $4.4 billion.
GM is also updating its 2024 full-year earnings guidance for the
second consecutive quarter:
|
Updated 2024
Guidance
|
Previous 2024
Guidance
|
|
Net income attributable
to stockholders
|
$10.0 billion - $11.4
billion
|
$10.1 billion - $11.5
billion
|
|
EBIT-adjusted
|
$13.0 billion - $15.0
billion
|
$12.5 billion - $14.5
billion
|
|
Automotive operating
cash flow
|
$19.2 billion - $22.2
billion
|
$18.3 billion - $21.3
billion
|
|
Adjusted automotive
free cash flow
|
$9.5 billion - $11.5
billion
|
$8.5 billion - $10.5
billion
|
|
EPS-diluted
|
$8.93 -
$9.93
|
$8.94 -
$9.94
|
|
EPS-diluted-adjusted
|
$9.50 -
$10.50
|
$9.00 -
$10.00
|
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
|
June 30,
2024
|
June 30,
2023
|
Change
|
%
Change
|
|
Revenue
|
$
47,969
|
$
44,746
|
$
3,223
|
7.2 %
|
|
Net income attributable
to stockholders
|
$
2,933
|
$
2,566
|
$
367
|
14.3 %
|
|
EBIT-adjusted
|
$
4,438
|
$
3,234
|
$
1,204
|
37.2 %
|
|
Net income
margin
|
6.1 %
|
5.7 %
|
0.4 ppts
|
7.0 %
|
|
EBIT-adjusted
margin
|
9.3 %
|
7.2 %
|
2.1 ppts
|
29.2 %
|
|
Automotive operating
cash flow
|
$
7,713
|
$
7,114
|
$
599
|
8.4 %
|
|
Adjusted automotive
free cash flow
|
$
5,297
|
$
5,548
|
$
(251)
|
(4.5) %
|
|
EPS-diluted(a)
|
$
2.55
|
$
1.83
|
$
0.72
|
39.3 %
|
|
EPS-diluted-adjusted(a)
|
$
3.06
|
$
1.91
|
$
1.15
|
60.2 %
|
|
GMNA
EBIT-adjusted
|
$
4,433
|
$
3,194
|
$
1,239
|
38.8 %
|
|
GMNA EBIT-adjusted
margin
|
10.9 %
|
8.6 %
|
2.3 ppts
|
26.7 %
|
|
GMI
EBIT-adjusted
|
$
50
|
$
236
|
$
(186)
|
(78.8) %
|
|
China equity income
(loss)
|
$
(104)
|
$
78
|
$
(182)
|
n.m.
|
|
GM Financial
EBT-adjusted
|
$
822
|
$
766
|
$
56
|
7.3 %
|
|
__________
|
|
(a)
|
EPS-diluted and
EPS-diluted-adjusted include a $(0.10) and $(0.03) impact from
revaluation on equity investments in the three months ended June
30, 2024 and 2023.
|
|
(b)
|
n.m. = not
meaningful
|
|
Six Months
Ended
|
|
|
|
($M) except per
share amounts
|
June 30,
2024
|
June 30,
2023
|
Change
|
%
Change
|
|
Revenue
|
$
90,983
|
$
84,732
|
$
6,251
|
7.4 %
|
|
Net income attributable
to stockholders
|
$
5,913
|
$
4,962
|
$
951
|
19.2 %
|
|
EBIT-adjusted
|
$
8,310
|
$
7,037
|
$
1,273
|
18.1 %
|
|
Net income
margin
|
6.5 %
|
5.9 %
|
0.6 ppts
|
10.2 %
|
|
EBIT-adjusted
margin
|
9.1 %
|
8.3 %
|
0.8 ppts
|
9.6 %
|
|
Automotive operating
cash flow
|
$
11,311
|
$
9,346
|
$
1,965
|
21.0 %
|
|
Adjusted automotive
free cash flow
|
$
6,388
|
$
5,415
|
$
973
|
18.0 %
|
|
EPS-diluted(a)
|
$
5.10
|
$
3.52
|
$
1.58
|
44.9 %
|
|
EPS-diluted-adjusted(a)
|
$
5.68
|
$
4.12
|
$
1.56
|
37.9 %
|
|
GMNA
EBIT-adjusted
|
$
8,273
|
$
6,769
|
$
1,504
|
22.2 %
|
|
GMNA EBIT-adjusted
margin
|
10.8 %
|
9.7 %
|
1.1 ppts
|
11.3 %
|
|
GMI
EBIT-adjusted
|
$
40
|
$
583
|
$
(543)
|
(93.1) %
|
|
China equity income
(loss)
|
$
(210)
|
$
161
|
$
(371)
|
n.m.
|
|
GM Financial
EBT-adjusted
|
$
1,559
|
$
1,537
|
$
22
|
1.4 %
|
|
__________
|
|
(a)
|
EPS-diluted and
EPS-diluted-adjusted include an $(0.11) impact from revaluation on
equity investments in the six months ended June 30,
2024.
|
|
(b)
|
n.m. = not
meaningful
|
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.
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
|
|
Updated
|
|
Previous
|
|
Net income attributable
to stockholders
|
$ 10.0-11.4
|
|
$ 10.1-11.5
|
|
Income tax
expense
|
2.2-2.8
|
|
2.2-2.8
|
|
Automotive interest
(income) expense, net
|
(0.1)
|
|
0.1
|
|
Adjustments(a)
|
0.9
|
|
0.1
|
|
EBIT-adjusted
|
$ 13.0-15.0
|
|
$ 12.5-14.5
|
|
__________
|
|
(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. These expected financial results do not include the
potential impact of future adjustments related to special
items.
|
The following table reconciles expected EPS-diluted
under U.S. GAAP to expected EPS-diluted-adjusted:
|
Year Ending December
31, 2024
|
|
Updated
|
|
Previous
|
|
Diluted earnings per
common share
|
$ 8.93-9.93
|
|
$ 8.94-9.94
|
|
Adjustments(a)
|
0.57
|
|
0.06
|
|
EPS-diluted-adjusted
|
$ 9.50-10.50
|
|
$ 9.00-10.00
|
|
__________
|
|
(a)
|
Refer to the
reconciliation of diluted earnings per common share under U.S.
GAAP to EPS-diluted-adjusted for adjustment details. These expected
financial results do not include the potential impact of future
adjustments related to special items.
|
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
|
|
Updated
|
|
Previous
|
|
Net automotive cash
provided by operating activities
|
$ 19.2-22.2
|
|
$ 18.3-21.3
|
|
Less: Capital
expenditures
|
10.0-11.0
|
|
10.0-11.0
|
|
Adjustments
|
0.3
|
|
0.2
|
|
Adjusted automotive
free cash flow(a)
|
$ 9.5-11.5
|
|
$ 8.5-10.5
|
|
__________
|
|
(a)
|
These expected
financial results do not include the potential impact of future
adjustments related to special items.
|
|
General
Motors Company and Subsidiaries1
Combining Income
Statement Information
(In millions) (Unaudited)
|
|
|
Three Months Ended
June 30, 2024
|
|
Three Months Ended
June 30, 2023
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications
/Eliminations
|
|
Combined
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications
/Eliminations
|
|
Combined
|
|
Net sales and
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive
|
$ 44,060
|
|
$ 25
|
|
$ —
|
|
$
(25)
|
|
$ 44,060
|
|
$ 41,254
|
|
$ 26
|
|
$ —
|
|
$
(26)
|
|
$ 41,254
|
|
GM
Financial
|
—
|
|
—
|
|
3,918
|
|
(10)
|
|
3,908
|
|
—
|
|
—
|
|
3,498
|
|
(5)
|
|
3,493
|
|
Total net sales and
revenue
|
44,060
|
|
25
|
|
3,918
|
|
(35)
|
|
47,969
|
|
41,254
|
|
26
|
|
3,498
|
|
(31)
|
|
44,746
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive and other
cost of
sales
|
37,592
|
|
1,023
|
|
—
|
|
—
|
|
38,615
|
|
36,059
|
|
574
|
|
—
|
|
(1)
|
|
36,632
|
|
GM Financial
interest,
operating and other
expenses
|
—
|
|
—
|
|
3,109
|
|
—
|
|
3,109
|
|
—
|
|
—
|
|
2,768
|
|
—
|
|
2,768
|
|
Automotive and other
selling,
general and
administrative expense
|
2,234
|
|
138
|
|
—
|
|
(1)
|
|
2,372
|
|
2,434
|
|
125
|
|
—
|
|
(1)
|
|
2,558
|
|
Total costs and
expenses
|
39,827
|
|
1,161
|
|
3,109
|
|
(2)
|
|
44,096
|
|
38,493
|
|
698
|
|
2,768
|
|
(2)
|
|
41,958
|
|
Operating income
(loss)
|
4,233
|
|
(1,136)
|
|
809
|
|
(33)
|
|
3,873
|
|
2,761
|
|
(673)
|
|
729
|
|
(29)
|
|
2,789
|
|
Automotive interest
expense
|
206
|
|
112
|
|
—
|
|
(112)
|
|
206
|
|
226
|
|
8
|
|
—
|
|
(8)
|
|
226
|
|
Interest income and
other non-
operating income, net
|
133
|
|
6
|
|
—
|
|
(79)
|
|
60
|
|
308
|
|
29
|
|
—
|
|
21
|
|
358
|
|
Equity income
(loss)
|
(97)
|
|
—
|
|
14
|
|
—
|
|
(84)
|
|
71
|
|
—
|
|
37
|
|
—
|
|
108
|
|
Income (loss) before
income
taxes
|
$
4,063
|
|
$(1,242)
|
|
$
822
|
|
$
—
|
|
$
3,643
|
|
$
2,914
|
|
$
(651)
|
|
$
766
|
|
$
—
|
|
$
3,029
|
|
Income tax expense
(benefit)
|
|
|
|
|
|
|
|
|
767
|
|
|
|
|
|
|
|
|
|
522
|
|
Net income
(loss)
|
|
|
|
|
|
|
|
|
2,877
|
|
|
|
|
|
|
|
|
|
2,507
|
|
Net loss (income)
attributable
to noncontrolling interests
|
|
|
|
|
|
|
|
|
57
|
|
|
|
|
|
|
|
|
|
59
|
|
Net income
(loss)
attributable to
stockholders
|
|
|
|
|
|
|
|
|
$
2,933
|
|
|
|
|
|
|
|
|
|
$
2,566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
attributable to common
stockholders
|
|
|
|
|
|
|
|
|
$
2,919
|
|
|
|
|
|
|
|
|
|
$
2,540
|
|
|
|
|
|
Six Months Ended
June 30, 2024
|
|
Six Months Ended
June 30, 2023
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications
/Eliminations
|
|
Combined
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications
/Eliminations
|
|
Combined
|
|
Net sales and
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive
|
$ 83,272
|
|
$ 51
|
|
$ —
|
|
$
(50)
|
|
$ 83,273
|
|
$ 77,900
|
|
$ 51
|
|
$ —
|
|
$
(51)
|
|
$ 77,900
|
|
GM
Financial
|
—
|
|
—
|
|
7,730
|
|
(19)
|
|
7,710
|
|
—
|
|
—
|
|
6,841
|
|
(9)
|
|
6,832
|
|
Total net sales and
revenue
|
83,272
|
|
51
|
|
7,730
|
|
(69)
|
|
90,983
|
|
77,900
|
|
51
|
|
6,841
|
|
(60)
|
|
84,732
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive and other
cost of
sales
|
71,189
|
|
1,422
|
|
—
|
|
(1)
|
|
72,611
|
|
67,775
|
|
1,105
|
|
—
|
|
(2)
|
|
68,879
|
|
GM Financial
interest,
operating and other
expenses
|
—
|
|
—
|
|
6,215
|
|
(1)
|
|
6,215
|
|
—
|
|
—
|
|
5,381
|
|
(1)
|
|
5,380
|
|
Automotive and other
selling,
general and administrative
expense
|
4,269
|
|
279
|
|
—
|
|
(1)
|
|
4,547
|
|
4,872
|
|
234
|
|
—
|
|
(1)
|
|
5,105
|
|
Total costs and
expenses
|
75,459
|
|
1,701
|
|
6,215
|
|
(3)
|
|
83,372
|
|
72,647
|
|
1,340
|
|
5,381
|
|
(4)
|
|
79,364
|
|
Operating income
(loss)
|
7,813
|
|
(1,650)
|
|
1,514
|
|
(66)
|
|
7,611
|
|
5,253
|
|
(1,289)
|
|
1,459
|
|
(56)
|
|
5,367
|
|
Automotive interest
expense
|
425
|
|
128
|
|
—
|
|
(128)
|
|
425
|
|
460
|
|
10
|
|
—
|
|
(10)
|
|
460
|
|
Interest income and
other non-
operating income, net
|
406
|
|
18
|
|
—
|
|
(62)
|
|
362
|
|
661
|
|
60
|
|
—
|
|
46
|
|
767
|
|
Equity income
(loss)
|
(234)
|
|
—
|
|
45
|
|
—
|
|
(189)
|
|
52
|
|
—
|
|
78
|
|
—
|
|
129
|
|
Income (loss) before
income
taxes
|
$
7,561
|
|
$(1,761)
|
|
$
1,559
|
|
$
—
|
|
$
7,359
|
|
$
5,506
|
|
$(1,239)
|
|
$
1,537
|
|
$
—
|
|
$
5,803
|
|
Income tax expense
(benefit)
|
|
|
|
|
|
|
|
|
1,529
|
|
|
|
|
|
|
|
|
|
950
|
|
Net income
(loss)
|
|
|
|
|
|
|
|
|
5,830
|
|
|
|
|
|
|
|
|
|
4,853
|
|
Net loss (income)
attributable
to noncontrolling interests
|
|
|
|
|
|
|
|
|
83
|
|
|
|
|
|
|
|
|
|
109
|
|
Net income
(loss)
attributable to
stockholders
|
|
|
|
|
|
|
|
|
$
5,913
|
|
|
|
|
|
|
|
|
|
$
4,962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
attributable to common
stockholders
|
|
|
|
|
|
|
|
|
$
5,889
|
|
|
|
|
|
|
|
|
|
$
4,908
|
|
__________
|
|
1 Certain
columns and rows may not add due to rounding.
|
|
General Motors
Company and Subsidiaries1
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
|
|
Six Months
Ended
|
|
June 30,
2024
|
|
June 30,
2023
|
|
June 30,
2024
|
|
June 30,
2023
|
|
Basic earnings per
share
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to stockholders
|
$
2,933
|
|
$
2,566
|
|
$
5,913
|
|
$
4,962
|
|
Less: cumulative
dividends on subsidiary preferred stock(a)
|
(15)
|
|
(27)
|
|
(24)
|
|
(53)
|
|
Net income (loss)
attributable to common stockholders
|
$
2,919
|
|
$
2,540
|
|
$
5,889
|
|
$
4,908
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding
|
1,136
|
|
1,385
|
|
1,145
|
|
1,390
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
$
2.57
|
|
$
1.83
|
|
$
5.14
|
|
$
3.53
|
|
Diluted earnings per
share
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders –
diluted
|
$
2,919
|
|
$
2,540
|
|
$
5,889
|
|
$
4,908
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding – diluted
|
1,147
|
|
1,389
|
|
1,155
|
|
1,396
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
$
2.55
|
|
$
1.83
|
|
$
5.10
|
|
$
3.52
|
|
Potentially dilutive
securities(b)
|
4
|
|
24
|
|
4
|
|
24
|
|
__________
|
|
(a)
|
Includes an
insignificant amount in participating securities income from a
subsidiary for the three and six months ended June 30,
2024.
|
|
(b)
|
Potentially dilutive
securities attributable to outstanding stock options and Restricted
Stock Units (RSUs) at June 30, 2024 and outstanding stock options,
RSUs and Performance Stock Units at June 30, 2023, were excluded
from the computation of diluted earnings per share (EPS) because
the securities would have had an antidilutive effect.
|
|
General Motors
Company and Subsidiaries1
Combining Balance Sheet Information
(In millions, except
per share amounts) (Unaudited)
|
|
|
June 30,
2024
|
|
December 31,
2023
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications
/Eliminations
|
|
Combined
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications
/Eliminations
|
|
Combined
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
13,970
|
|
$ 1,098
|
|
$
7,448
|
|
$
—
|
|
$
22,516
|
|
$
12,228
|
|
$ 1,344
|
|
$
5,282
|
|
$
—
|
|
$
18,853
|
|
Marketable debt
securities
|
8,313
|
|
—
|
|
—
|
|
—
|
|
8,313
|
|
7,613
|
|
—
|
|
—
|
|
—
|
|
7,613
|
|
Accounts and notes
receivable,
net(a)
|
12,482
|
|
4
|
|
2,086
|
|
(1,166)
|
|
13,406
|
|
11,814
|
|
—
|
|
1,891
|
|
(1,327)
|
|
12,378
|
|
GM Financial
receivables, net
|
—
|
|
—
|
|
43,023
|
|
(241)
|
|
42,783
|
|
—
|
|
—
|
|
39,246
|
|
(170)
|
|
39,076
|
|
Inventories
|
17,610
|
|
—
|
|
—
|
|
(5)
|
|
17,605
|
|
16,467
|
|
—
|
|
—
|
|
(6)
|
|
16,461
|
|
Other current
assets
|
2,502
|
|
38
|
|
4,899
|
|
3
|
|
7,442
|
|
1,994
|
|
466
|
|
5,205
|
|
(428)
|
|
7,238
|
|
Total current
assets
|
54,877
|
|
1,140
|
|
57,456
|
|
(1,409)
|
|
112,064
|
|
50,115
|
|
1,809
|
|
51,624
|
|
(1,931)
|
|
101,618
|
|
Non-current
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GM Financial
receivables, net(c)
|
—
|
|
—
|
|
45,128
|
|
(381)
|
|
44,747
|
|
—
|
|
—
|
|
45,391
|
|
(348)
|
|
45,043
|
|
Equity in net assets
of
nonconsolidated affiliates
|
9,059
|
|
—
|
|
1,675
|
|
—
|
|
10,734
|
|
8,943
|
|
—
|
|
1,670
|
|
—
|
|
10,613
|
|
Property,
net
|
50,964
|
|
69
|
|
113
|
|
—
|
|
51,145
|
|
50,104
|
|
93
|
|
124
|
|
—
|
|
50,321
|
|
Goodwill and
intangible assets, net
|
2,717
|
|
714
|
|
1,346
|
|
—
|
|
4,778
|
|
2,793
|
|
715
|
|
1,354
|
|
—
|
|
4,862
|
|
Equipment on operating
leases, net
|
—
|
|
—
|
|
30,345
|
|
—
|
|
30,345
|
|
—
|
|
—
|
|
30,582
|
|
—
|
|
30,582
|
|
Deferred income
taxes
|
20,661
|
|
1,760
|
|
(1,333)
|
|
—
|
|
21,088
|
|
21,722
|
|
1,723
|
|
(1,106)
|
|
—
|
|
22,339
|
|
Other
assets(b)
|
8,866
|
|
199
|
|
1,172
|
|
(2,182)
|
|
8,054
|
|
6,869
|
|
215
|
|
1,140
|
|
(538)
|
|
7,686
|
|
Total non-current
assets
|
92,267
|
|
2,742
|
|
78,446
|
|
(2,563)
|
|
170,891
|
|
90,430
|
|
2,745
|
|
79,156
|
|
(886)
|
|
171,446
|
|
Total
Assets
|
$ 147,144
|
|
$ 3,882
|
|
$
135,902
|
|
$
(3,972)
|
|
$ 282,956
|
|
$ 140,546
|
|
$ 4,555
|
|
$
130,780
|
|
$
(2,817)
|
|
$ 273,064
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
(principally
trade)(a)
|
$
28,645
|
|
$
121
|
|
$
1,161
|
|
$
(1,164)
|
|
$
28,762
|
|
$
27,846
|
|
$
185
|
|
$
1,136
|
|
$
(1,054)
|
|
$
28,114
|
|
Short-term debt and
current portion
of long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive
|
1,146
|
|
2
|
|
—
|
|
(226)
|
|
922
|
|
591
|
|
272
|
|
—
|
|
(435)
|
|
428
|
|
GM
Financial
|
—
|
|
—
|
|
37,176
|
|
—
|
|
37,176
|
|
—
|
|
—
|
|
38,540
|
|
—
|
|
38,540
|
|
Cruise
|
—
|
|
14
|
|
—
|
|
(14)
|
|
—
|
|
—
|
|
6
|
|
—
|
|
(6)
|
|
—
|
|
Accrued
liabilities
|
22,234
|
|
332
|
|
5,941
|
|
(4)
|
|
28,503
|
|
21,468
|
|
590
|
|
5,741
|
|
(436)
|
|
27,364
|
|
Total current
liabilities
|
52,025
|
|
469
|
|
44,279
|
|
(1,409)
|
|
95,363
|
|
49,906
|
|
1,053
|
|
45,417
|
|
(1,931)
|
|
94,445
|
|
Non-current
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive(b)
|
15,395
|
|
2,195
|
|
—
|
|
(2,182)
|
|
15,409
|
|
15,979
|
|
544
|
|
—
|
|
(538)
|
|
15,985
|
|
GM
Financial
|
—
|
|
—
|
|
72,929
|
|
—
|
|
72,929
|
|
—
|
|
—
|
|
66,788
|
|
—
|
|
66,788
|
|
Cruise(c)
|
—
|
|
381
|
|
—
|
|
(381)
|
|
—
|
|
—
|
|
348
|
|
—
|
|
(348)
|
|
—
|
|
Postretirement
benefits other than
pensions
|
4,250
|
|
—
|
|
—
|
|
—
|
|
4,250
|
|
4,345
|
|
—
|
|
—
|
|
—
|
|
4,345
|
|
Pensions
|
6,163
|
|
—
|
|
8
|
|
—
|
|
6,171
|
|
6,673
|
|
—
|
|
8
|
|
—
|
|
6,680
|
|
Other
liabilities
|
13,741
|
|
454
|
|
2,738
|
|
—
|
|
16,933
|
|
13,447
|
|
454
|
|
2,614
|
|
—
|
|
16,515
|
|
Total non-current
liabilities
|
39,550
|
|
3,030
|
|
75,676
|
|
(2,563)
|
|
115,692
|
|
40,444
|
|
1,345
|
|
69,409
|
|
(886)
|
|
110,312
|
|
Total
Liabilities
|
91,574
|
|
3,498
|
|
119,954
|
|
(3,972)
|
|
211,055
|
|
90,350
|
|
2,399
|
|
114,826
|
|
(2,817)
|
|
204,757
|
|
Noncontrolling
interest - Cruise
stock incentive awards
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
118
|
|
—
|
|
—
|
|
118
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par
value
|
11
|
|
—
|
|
—
|
|
—
|
|
11
|
|
12
|
|
—
|
|
—
|
|
—
|
|
12
|
|
Additional paid-in
capital(d)
|
18,891
|
|
687
|
|
1,255
|
|
(1,231)
|
|
19,602
|
|
18,866
|
|
240
|
|
1,314
|
|
(1,290)
|
|
19,130
|
|
Retained
earnings
|
45,248
|
|
(1,524)
|
|
16,082
|
|
1
|
|
59,807
|
|
39,579
|
|
(12)
|
|
15,823
|
|
1
|
|
55,391
|
|
Accumulated other
comprehensive
loss
|
(9,397)
|
|
(1)
|
|
(1,390)
|
|
—
|
|
(10,787)
|
|
(9,066)
|
|
1
|
|
(1,183)
|
|
—
|
|
(10,247)
|
|
Total stockholders'
equity
|
54,752
|
|
(838)
|
|
15,948
|
|
(1,229)
|
|
68,633
|
|
49,391
|
|
229
|
|
15,954
|
|
(1,289)
|
|
64,286
|
|
Noncontrolling
interests(d)
|
817
|
|
1,221
|
|
—
|
|
1,229
|
|
3,267
|
|
805
|
|
1,809
|
|
—
|
|
1,289
|
|
3,903
|
|
Total
Equity
|
55,570
|
|
383
|
|
15,948
|
|
—
|
|
71,900
|
|
50,196
|
|
2,038
|
|
15,954
|
|
—
|
|
68,189
|
|
Total Liabilities
and Equity
|
$ 147,144
|
|
$ 3,882
|
|
$
135,902
|
|
$
(3,972)
|
|
$ 282,956
|
|
$ 140,546
|
|
$ 4,555
|
|
$
130,780
|
|
$
(2,817)
|
|
$ 273,064
|
|
__________
|
|
(a)
|
Eliminations primarily
include GM Financial accounts and notes receivable of $0.6 billion
due from Automotive; and Automotive accounts receivable of $0.6
billion primarily due from GM Financial and Cruise at June 30,
2024; and GM Financial accounts and notes receivable of $0.5
billion due from Automotive and Automotive accounts receivable of
$0.8 billion due from GM Financial and Cruise at December 31,
2023.
|
|
(b)
|
Eliminations primarily
related to convertible note issued by Cruise to Automotive and
deferral agreement between Cruise and Automotive as regards to
engineering, capital spending, restructuring and other costs
incurred by Automotive on behalf of Cruise resulting in a long-term
payable for Cruise offset by a long-term receivable for
Automotive.
|
|
(c)
|
Eliminations primarily
related to intercompany loans due from Cruise to GM
Financial.
|
|
(d)
|
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.
|
|
General Motors
Company and Subsidiaries1
Combining Cash Flow Information
(In millions)
(Unaudited)
|
|
|
Six Months Ended
June 30, 2024
|
|
Six Months Ended
June 30, 2023
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications
/Eliminations
|
|
Combined
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications
/Eliminations
|
|
Combined
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
6,051
|
|
$
(1,366)
|
|
$
1,145
|
|
$
—
|
|
$
5,830
|
|
$
4,508
|
|
$
(781)
|
|
$
1,126
|
|
$
—
|
|
$
4,853
|
|
Depreciation and
impairment of
Equipment on operating leases, net
|
—
|
|
—
|
|
2,425
|
|
—
|
|
2,425
|
|
—
|
|
—
|
|
2,476
|
|
—
|
|
2,476
|
|
Depreciation,
amortization and
impairment charges on Property,
net
|
3,221
|
|
617
|
|
20
|
|
—
|
|
3,859
|
|
3,236
|
|
15
|
|
20
|
|
—
|
|
3,270
|
|
Foreign currency
remeasurement and
transaction (gains) losses
|
(145)
|
|
—
|
|
(3)
|
|
—
|
|
(148)
|
|
144
|
|
—
|
|
4
|
|
—
|
|
148
|
|
Undistributed earnings
of
nonconsolidated affiliates, net
|
(55)
|
|
—
|
|
(45)
|
|
—
|
|
(101)
|
|
271
|
|
—
|
|
(78)
|
|
—
|
|
193
|
|
Pension contributions
and OPEB
payments
|
(430)
|
|
—
|
|
—
|
|
—
|
|
(430)
|
|
(458)
|
|
—
|
|
—
|
|
—
|
|
(458)
|
|
Pension and OPEB
income, net
|
29
|
|
—
|
|
1
|
|
—
|
|
30
|
|
(42)
|
|
—
|
|
1
|
|
—
|
|
(41)
|
|
Provision (benefit)
for deferred taxes
|
1,234
|
|
(396)
|
|
289
|
|
—
|
|
1,127
|
|
391
|
|
(458)
|
|
25
|
|
—
|
|
(42)
|
|
Change in other
operating assets and
liabilities(a)(c)
|
1,406
|
|
(145)
|
|
(617)
|
|
(4,107)
|
|
(3,464)
|
|
1,296
|
|
285
|
|
(163)
|
|
(1,140)
|
|
278
|
|
Net cash provided by
(used in)
operating activities
|
11,311
|
|
(1,291)
|
|
3,214
|
|
(4,107)
|
|
9,128
|
|
9,346
|
|
(940)
|
|
3,411
|
|
(1,140)
|
|
10,677
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenditures for
property
|
(5,267)
|
|
(2)
|
|
(10)
|
|
(73)
|
|
(5,352)
|
|
(4,544)
|
|
(32)
|
|
(16)
|
|
(91)
|
|
(4,683)
|
|
Available-for-sale
marketable
securities, acquisitions
|
(2,232)
|
|
—
|
|
—
|
|
—
|
|
(2,232)
|
|
(2,354)
|
|
(374)
|
|
—
|
|
—
|
|
(2,727)
|
|
Available-for-sale
marketable
securities, liquidations
|
1,535
|
|
—
|
|
—
|
|
—
|
|
1,535
|
|
3,838
|
|
1,566
|
|
—
|
|
—
|
|
5,404
|
|
Purchases of finance
receivables(a)
|
—
|
|
—
|
|
(20,016)
|
|
3,377
|
|
(16,639)
|
|
—
|
|
—
|
|
(18,189)
|
|
380
|
|
(17,810)
|
|
Principal collections
and recoveries on
finance receivables(a)
|
—
|
|
—
|
|
15,577
|
|
1
|
|
15,578
|
|
—
|
|
—
|
|
13,921
|
|
2
|
|
13,922
|
|
Purchases of leased
vehicles
|
—
|
|
—
|
|
(7,489)
|
|
—
|
|
(7,489)
|
|
—
|
|
—
|
|
(6,834)
|
|
—
|
|
(6,834)
|
|
Proceeds from
termination of leased
vehicles
|
—
|
|
—
|
|
6,157
|
|
—
|
|
6,157
|
|
—
|
|
—
|
|
6,673
|
|
—
|
|
6,673
|
|
Other investing
activities (b)
|
(1,693)
|
|
—
|
|
—
|
|
1,147
|
|
(546)
|
|
(1,031)
|
|
—
|
|
1
|
|
261
|
|
(770)
|
|
Net cash provided by
(used in)
investing activities
|
(7,656)
|
|
(2)
|
|
(5,781)
|
|
4,452
|
|
(8,987)
|
|
(4,091)
|
|
1,161
|
|
(4,445)
|
|
551
|
|
(6,824)
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in short-term
debt
|
(2)
|
|
—
|
|
296
|
|
—
|
|
294
|
|
(4)
|
|
—
|
|
74
|
|
—
|
|
70
|
|
Proceeds from issuance
of debt
(original maturities greater than
three months) (b)
|
20
|
|
960
|
|
29,350
|
|
(960)
|
|
29,370
|
|
10
|
|
97
|
|
26,224
|
|
(97)
|
|
26,235
|
|
Payments on debt
(original maturities
greater than three months)
|
(52)
|
|
(7)
|
|
(23,815)
|
|
(29)
|
|
(23,904)
|
|
(1,582)
|
|
(14)
|
|
(22,237)
|
|
21
|
|
(23,812)
|
|
Payment to purchase
common stock
|
(1,346)
|
|
—
|
|
—
|
|
—
|
|
(1,346)
|
|
(869)
|
|
—
|
|
—
|
|
—
|
|
(869)
|
|
Issuance (redemption)
of subsidiary
stock(b)
|
—
|
|
255
|
|
—
|
|
(255)
|
|
—
|
|
—
|
|
235
|
|
—
|
|
(235)
|
|
—
|
|
Dividends
paid(c)
|
(275)
|
|
—
|
|
(959)
|
|
900
|
|
(334)
|
|
(252)
|
|
—
|
|
(959)
|
|
900
|
|
(311)
|
|
Other financing
activities
|
(14)
|
|
(163)
|
|
(112)
|
|
—
|
|
(288)
|
|
(243)
|
|
(136)
|
|
(91)
|
|
—
|
|
(470)
|
|
Net cash provided by
(used in)
financing activities
|
(1,668)
|
|
1,046
|
|
4,760
|
|
(345)
|
|
3,793
|
|
(2,938)
|
|
183
|
|
3,010
|
|
588
|
|
843
|
|
Effect of exchange
rate changes on
cash, cash equivalents and
restricted cash
|
(173)
|
|
—
|
|
(58)
|
|
—
|
|
(231)
|
|
46
|
|
—
|
|
62
|
|
—
|
|
108
|
|
Net increase
(decrease) in cash, cash
equivalents and restricted cash
|
1,814
|
|
(247)
|
|
2,135
|
|
—
|
|
3,702
|
|
2,363
|
|
404
|
|
2,038
|
|
—
|
|
4,805
|
|
Cash, cash equivalents
and restricted
cash at beginning of period
|
12,310
|
|
1,359
|
|
8,249
|
|
—
|
|
21,917
|
|
13,746
|
|
1,526
|
|
6,676
|
|
—
|
|
21,948
|
|
Cash, cash
equivalents and restricted
cash at end of period
|
$
14,123
|
|
$ 1,112
|
|
$ 10,384
|
|
$
—
|
|
$
25,620
|
|
$
16,109
|
|
$ 1,930
|
|
$
8,715
|
|
$
—
|
|
$
26,753
|
|
__________
|
|
(a)
|
Includes eliminations
of $3.3 billion and $0.2 billion in the six months ended June 30,
2024 and 2023 primarily driven by 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 $0.9 billion convertible note issued by Cruise to Automotive in
the six months ended June 30, 2024 and $0.3 billion and $0.2
billion of Automotive investment in Cruise in the six months ended
June 30, 2024 and 2023.
|
|
(c)
|
Eliminations include
dividends issued by GM Financial to Automotive in the six months
ended June 30, 2024 and 2023.
|
|
General Motors
Company and Subsidiaries1
|
|
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
June 30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales and
revenue
|
$ 40,725
|
|
$
3,298
|
|
$
37
|
|
$
—
|
|
$ 44,060
|
|
$ 25
|
|
$
3,918
|
|
$
(35)
|
|
$
47,969
|
|
Expenditures for
property
|
$
2,461
|
|
$ 74
|
|
$
4
|
|
$
—
|
|
$
2,539
|
|
$ (10)
|
|
$
6
|
|
$
35
|
|
$ 2,569
|
|
Depreciation and
amortization
|
$
1,515
|
|
$ 147
|
|
$
20
|
|
$
—
|
|
$
1,682
|
|
$
7
|
|
$
1,192
|
|
$
—
|
|
$ 2,880
|
|
Impairment
charges
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$ 605
|
|
$
—
|
|
$
—
|
|
$
605
|
|
Equity income
(loss)(a)(b)
|
$ 330
|
|
$
(103)
|
|
$
—
|
|
$
—
|
|
$
227
|
|
$
—
|
|
$ 14
|
|
$
—
|
|
$
240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Eliminations
|
|
Total
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Total
|
|
Three Months Ended
June 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales and
revenue
|
$ 37,220
|
|
$
3,955
|
|
$
79
|
|
$
—
|
|
$ 41,254
|
|
$ 26
|
|
$
3,498
|
|
$
(31)
|
|
$
44,746
|
|
Expenditures for
property
|
$
2,014
|
|
$ 114
|
|
$
7
|
|
$
—
|
|
$
2,136
|
|
$ 15
|
|
$ 10
|
|
$
90
|
|
$ 2,251
|
|
Depreciation and
amortization
|
$
1,531
|
|
$ 144
|
|
$
5
|
|
$
—
|
|
$
1,680
|
|
$ 10
|
|
$
1,245
|
|
$
—
|
|
$ 2,936
|
|
Impairment
charges
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
Equity income
(loss)(a)(b)
|
$ 31
|
|
$ 77
|
|
$
—
|
|
$
—
|
|
$
108
|
|
$
—
|
|
$ 37
|
|
$
—
|
|
$
145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Eliminations
|
|
Total
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Total
|
|
Six Months Ended
June 30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales and
revenue
|
$ 76,824
|
|
$
6,380
|
|
$
68
|
|
$
—
|
|
$ 83,272
|
|
$ 51
|
|
$
7,730
|
|
$
(69)
|
|
$
90,983
|
|
Expenditures for
property
|
$
5,091
|
|
$ 167
|
|
$
8
|
|
$
—
|
|
$
5,267
|
|
$
2
|
|
$ 10
|
|
$
73
|
|
$ 5,352
|
|
Depreciation and
amortization
|
$
2,924
|
|
$ 272
|
|
$
25
|
|
$
—
|
|
$
3,221
|
|
$ 12
|
|
$
2,445
|
|
$
—
|
|
$ 5,678
|
|
Impairment
charges
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$ 605
|
|
$
—
|
|
$
—
|
|
$
605
|
|
Equity income
(loss)(a)(b)
|
$ 457
|
|
$
(211)
|
|
$
—
|
|
$
—
|
|
$
245
|
|
$
—
|
|
$ 45
|
|
$
—
|
|
$
291
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Eliminations
|
|
Total
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Total
|
|
Six Months Ended
June 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales and
revenue
|
$ 70,108
|
|
$
7,682
|
|
$ 110
|
|
$
—
|
|
$ 77,900
|
|
$ 51
|
|
$
6,841
|
|
$
(60)
|
|
$
84,732
|
|
Expenditures for
property
|
$
4,274
|
|
$ 262
|
|
$
7
|
|
$
—
|
|
$
4,544
|
|
$ 32
|
|
$
16
|
|
$
91
|
|
$ 4,683
|
|
Depreciation and
amortization
|
$
2,959
|
|
$ 266
|
|
$
10
|
|
$
—
|
|
$
3,235
|
|
$ 15
|
|
$
2,496
|
|
$
—
|
|
$ 5,746
|
|
Impairment
charges
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
Equity income
(loss)(a)(b)
|
$
(15)
|
|
$ 157
|
|
$
—
|
|
$
—
|
|
$
142
|
|
$
—
|
|
$
78
|
|
$
—
|
|
$
220
|
|
__________
|
|
(a)
|
Includes Automotive
China joint ventures (Automotive China JVs) equity loss of $104
million and $210 million in the three and six months ended June 30,
2024 and Automotive China JVs equity income of $78 million and $161
million in the three and six months ended June 30, 2023.
|
|
(b)
|
Equity earnings related
to Ultium Cells Holdings LLC, an equally owned joint venture with
LG Energy Solution, 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 (EVs). Equity
earnings related to Ultium Cells Holdings LLC were $324 million and
$479 million in the three and six months ended June 30, 2024 and
insignificant in the three and six months ended June 30,
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
|
|
Six Months
Ended
|
|
June 30,
2024
|
|
June 30,
2023
|
|
June 30,
2024
|
|
June 30,
2023
|
|
Net income attributable
to stockholders(a)
|
$
2,933
|
|
$
2,566
|
|
$
5,913
|
|
$
4,962
|
|
Income tax expense
(benefit)
|
767
|
|
522
|
|
1,529
|
|
950
|
|
Automotive interest
expense
|
206
|
|
226
|
|
425
|
|
460
|
|
Automotive interest
income
|
(229)
|
|
(251)
|
|
(414)
|
|
(479)
|
|
Adjustments
|
|
|
|
|
|
|
|
|
Cruise
restructuring(b)
|
583
|
|
—
|
|
583
|
|
—
|
|
GMI plant wind
down(c)
|
103
|
|
—
|
|
103
|
|
—
|
|
Buick dealer
strategy(d)
|
75
|
|
246
|
|
171
|
|
345
|
|
Voluntary separation
program(e)
|
—
|
|
—
|
|
—
|
|
875
|
|
GM Korea wage
litigation(f)
|
—
|
|
(76)
|
|
—
|
|
(76)
|
|
Total
adjustments
|
761
|
|
170
|
|
857
|
|
1,144
|
|
EBIT-adjusted
|
4,438
|
|
3,234
|
|
8,310
|
|
7,037
|
|
Operating
segments
|
|
|
|
|
|
|
|
|
GM North America
(GMNA)
|
4,433
|
|
3,194
|
|
8,273
|
|
6,769
|
|
GM International
(GMI)
|
50
|
|
236
|
|
40
|
|
583
|
|
Cruise
|
(458)
|
|
(611)
|
|
(900)
|
|
(1,172)
|
|
GM
Financial(g)
|
822
|
|
766
|
|
1,559
|
|
1,537
|
|
Total operating
segments
|
4,847
|
|
3,585
|
|
8,971
|
|
7,717
|
|
Corporate and
eliminations(h)
|
(409)
|
|
(351)
|
|
(662)
|
|
(680)
|
|
EBIT-adjusted
|
$
4,438
|
|
$
3,234
|
|
$
8,310
|
|
$
7,037
|
|
__________
|
|
(a)
|
Net of net loss
attributable to noncontrolling interests.
|
|
(b)
|
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. and the indefinite delay of the Cruise
Origin. The adjustments primarily consist of non-cash restructuring
charges, supplier related charges and employee separation
charges.
|
|
(c)
|
These adjustments were
excluded because they relate to the wind down of our manufacturing
operations in Colombia and Ecuador.
|
|
(d)
|
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.
|
|
(e)
|
This adjustment was
excluded because it relates to the acceleration of attrition as
part of the cost reduction program announced in January 2023,
primarily in the U.S.
|
|
(f)
|
This adjustment was
excluded because it relates to the partial resolution of
subcontractor matters in Korea.
|
|
(g)
|
GM Financial amounts
represent EBT-adjusted.
|
|
(h)
|
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
|
|
Six Months
Ended
|
|
June 30,
2024
|
|
June 30,
2023
|
|
June 30,
2024
|
|
June 30,
2023
|
|
Amount
|
|
Per
Share
|
|
Amount
|
|
Per
Share
|
|
Amount
|
|
Per
Share
|
|
Amount
|
|
Per
Share
|
|
Diluted earnings per
common share
|
$
2,919
|
|
$
2.55
|
|
$
2,540
|
|
$
1.83
|
|
$
5,889
|
|
$
5.10
|
|
$
4,908
|
|
$
3.52
|
|
Adjustments(a)
|
761
|
|
0.66
|
|
170
|
|
0.12
|
|
857
|
|
0.74
|
|
1,144
|
|
0.82
|
|
Tax effect on
adjustments(b)
|
(170)
|
|
(0.15)
|
|
(60)
|
|
(0.04)
|
|
(194)
|
|
(0.17)
|
|
(299)
|
|
(0.21)
|
|
EPS-diluted-adjusted
|
$
3,510
|
|
$
3.06
|
|
$
2,650
|
|
$
1.91
|
|
$
6,552
|
|
$
5.68
|
|
$
5,753
|
|
$
4.12
|
|
__________
|
|
(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.
|
The following table reconciles our effective tax rate
under U.S. GAAP to ETR-adjusted (dollars in millions):
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
2024
|
|
June 30,
2023
|
|
June 30,
2024
|
|
June 30,
2023
|
|
Income
before
income
taxes
|
|
Income
tax
expense
(benefit)
|
|
Effective
tax rate
|
|
Income
before
income
taxes
|
|
Income
tax
expense
(benefit)
|
|
Effective
tax rate
|
|
Income
before
income
taxes
|
|
Income
tax
expense
(benefit)
|
|
Effective tax
rate
|
|
Income
before
income
taxes
|
|
Income
tax
expense
(benefit)
|
|
Effective
tax rate
|
|
Effective tax
rate
|
$
3,643
|
|
$
767
|
|
21.0 %
|
|
$
3,029
|
|
$
522
|
|
17.2 %
|
|
$
7,359
|
|
$
1,529
|
|
20.8 %
|
|
$
5,803
|
|
$
950
|
|
16.4 %
|
|
Adjustments(a)
|
828
|
|
170
|
|
|
|
170
|
|
60
|
|
|
|
924
|
|
194
|
|
|
|
1,144
|
|
299
|
|
|
|
ETR-adjusted
|
$
4,471
|
|
$
937
|
|
20.9 %
|
|
$
3,199
|
|
$
582
|
|
18.2 %
|
|
$
8,283
|
|
$
1,723
|
|
20.8 %
|
|
$
6,947
|
|
$
1,249
|
|
18.0 %
|
|
__________
|
|
(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. These adjustments include Net income attributable to
noncontrolling interests where applicable. 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.
|
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):
|
Four Quarters
Ended
|
|
June 30,
2024
|
|
June 30,
2023
|
|
Net income attributable
to stockholders
|
$
11.1
|
|
$
10.3
|
|
Average
equity(a)
|
$
70.4
|
|
$
70.5
|
|
ROE
|
15.7 %
|
|
14.6 %
|
|
__________
|
|
(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):
|
Four Quarters
Ended
|
|
June 30,
2024
|
|
June 30,
2023
|
|
EBIT-adjusted(a)
|
$
13.6
|
|
$
15.1
|
|
Average
equity(b)
|
$
70.4
|
|
$
70.5
|
|
Add: Average automotive
debt and interest liabilities (excluding finance leases)
|
16.2
|
|
17.3
|
|
Add: Average automotive
net pension & OPEB liability
|
9.3
|
|
8.0
|
|
Less: Average
automotive and other net income tax asset
|
(22.1)
|
|
(20.7)
|
|
ROIC-adjusted average
net assets
|
$
73.8
|
|
$
75.0
|
|
ROIC-adjusted
|
18.5 %
|
|
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.
|
|
(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
|
|
Six Months
Ended
|
|
June 30,
2024
|
|
June 30,
2023
|
|
June 30,
2024
|
|
June 30,
2023
|
|
Net automotive cash
provided by operating activities
|
$
7,713
|
|
$
7,114
|
|
$
11,311
|
|
$
9,346
|
|
Less: Capital
expenditures
|
(2,539)
|
|
(2,136)
|
|
(5,267)
|
|
(4,544)
|
|
Add: Buick dealer
strategy
|
114
|
|
316
|
|
276
|
|
355
|
|
Add: Employee
separation costs
|
—
|
|
253
|
|
58
|
|
258
|
|
Add: GMI plant wind
down
|
9
|
|
—
|
|
9
|
|
—
|
|
Adjusted automotive
free cash flow
|
$
5,297
|
|
$
5,548
|
|
$
6,388
|
|
$
5,415
|
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 six months ended June 30,
2024, 26.6% 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
|
|
Six Months
Ended
|
|
June 30,
2024
|
|
June 30,
2023
|
|
June 30,
2024
|
|
June 30,
2023
|
|
GMNA
|
903
|
|
833
|
|
1,695
|
|
1,556
|
|
GMI
|
140
|
|
147
|
|
243
|
|
288
|
|
Total
|
1,043
|
|
979
|
|
1,938
|
|
1,844
|
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 our 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 our 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
|
|
Six Months
Ended
|
|
June 30,
2024
|
|
June 30,
2023
|
|
June 30,
2024
|
|
June 30,
2023
|
|
Industry
|
|
GM
|
|
Market
Share
|
|
Industry
|
|
GM
|
|
Market
Share
|
|
Industry
|
|
GM
|
|
Market
Share
|
|
Industry
|
|
GM
|
|
Market
Share
|
|
North
America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
4,195
|
|
696
|
|
16.6 %
|
|
4,227
|
|
692
|
|
16.4 %
|
|
8,048
|
|
1,290
|
|
16.0 %
|
|
7,909
|
|
1,295
|
|
16.4 %
|
|
Other
|
1,007
|
|
131
|
|
13.0 %
|
|
921
|
|
113
|
|
12.3 %
|
|
1,898
|
|
246
|
|
13.0 %
|
|
1,714
|
|
217
|
|
12.6 %
|
|
Total North
America
|
5,202
|
|
827
|
|
15.9 %
|
|
5,148
|
|
805
|
|
15.6 %
|
|
9,946
|
|
1,537
|
|
15.5 %
|
|
9,623
|
|
1,512
|
|
15.7 %
|
|
Asia/Pacific,
Middle
East and Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China(a)
|
5,870
|
|
373
|
|
6.4 %
|
|
6,149
|
|
526
|
|
8.6 %
|
|
11,525
|
|
814
|
|
7.1 %
|
|
11,251
|
|
988
|
|
8.8 %
|
|
Other
|
5,107
|
|
121
|
|
2.4 %
|
|
5,236
|
|
143
|
|
2.7 %
|
|
10,645
|
|
233
|
|
2.2 %
|
|
10,815
|
|
251
|
|
2.3 %
|
|
Total Asia/Pacific,
Middle East and
Africa
|
10,977
|
|
493
|
|
4.5 %
|
|
11,384
|
|
669
|
|
5.9 %
|
|
22,170
|
|
1,047
|
|
4.7 %
|
|
22,067
|
|
1,239
|
|
5.6 %
|
|
South
America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil
|
629
|
|
84
|
|
13.4 %
|
|
526
|
|
78
|
|
14.7 %
|
|
1,143
|
|
141
|
|
12.3 %
|
|
998
|
|
149
|
|
14.9 %
|
|
Other
|
317
|
|
27
|
|
8.5 %
|
|
344
|
|
31
|
|
8.9 %
|
|
626
|
|
54
|
|
8.7 %
|
|
726
|
|
65
|
|
9.0 %
|
|
Total South
America
|
946
|
|
111
|
|
11.7 %
|
|
870
|
|
108
|
|
12.4 %
|
|
1,769
|
|
195
|
|
11.0 %
|
|
1,724
|
|
214
|
|
12.4 %
|
|
Total in GM
markets
|
17,125
|
|
1,432
|
|
8.4 %
|
|
17,403
|
|
1,583
|
|
9.1 %
|
|
33,885
|
|
2,779
|
|
8.2 %
|
|
33,414
|
|
2,965
|
|
8.9 %
|
|
Total Europe
|
4,353
|
|
1
|
|
— %
|
|
4,314
|
|
1
|
|
— %
|
|
8,721
|
|
1
|
|
— %
|
|
8,402
|
|
1
|
|
— %
|
|
Total
Worldwide(b)
|
21,477
|
|
1,432
|
|
6.7 %
|
|
21,717
|
|
1,583
|
|
7.3 %
|
|
42,606
|
|
2,780
|
|
6.5 %
|
|
41,816
|
|
2,966
|
|
7.1 %
|
|
United
States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cars
|
780
|
|
53
|
|
6.8 %
|
|
835
|
|
68
|
|
8.1 %
|
|
1,489
|
|
103
|
|
6.9 %
|
|
1,542
|
|
128
|
|
8.3 %
|
|
Trucks
|
1,126
|
|
359
|
|
31.9 %
|
|
1,132
|
|
342
|
|
30.2 %
|
|
2,062
|
|
650
|
|
31.5 %
|
|
2,128
|
|
639
|
|
30.0 %
|
|
Crossovers
|
2,290
|
|
284
|
|
12.4 %
|
|
2,260
|
|
283
|
|
12.5 %
|
|
4,496
|
|
538
|
|
12.0 %
|
|
4,239
|
|
528
|
|
12.5 %
|
|
Total United
States
|
4,195
|
|
696
|
|
16.6 %
|
|
4,227
|
|
692
|
|
16.4 %
|
|
8,048
|
|
1,290
|
|
16.0 %
|
|
7,909
|
|
1,295
|
|
16.4 %
|
|
China(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SGMS
|
|
|
120
|
|
|
|
|
|
240
|
|
|
|
|
|
275
|
|
|
|
|
|
413
|
|
|
|
SGMW
|
|
|
253
|
|
|
|
|
|
286
|
|
|
|
|
|
539
|
|
|
|
|
|
576
|
|
|
|
Total China
|
5,870
|
|
373
|
|
6.4 %
|
|
6,149
|
|
526
|
|
8.6 %
|
|
11,525
|
|
814
|
|
7.1 %
|
|
11,251
|
|
988
|
|
8.8 %
|
|
__________
|
|
(a)
|
Includes sales by the
Automotive China JVs: 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.
|
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
|
|
Six Months
Ended
|
|
June 30,
2024
|
|
June 30,
2023
|
|
June 30,
2024
|
|
June 30,
2023
|
|
GMNA
|
179
|
|
196
|
|
320
|
|
373
|
|
GMI
|
98
|
|
118
|
|
166
|
|
208
|
|
Total fleet
sales
|
277
|
|
314
|
|
486
|
|
581
|
|
|
|
|
|
|
|
|
|
Fleet sales as a
percentage of total vehicle sales
|
19.3 %
|
|
19.8 %
|
|
17.5 %
|
|
19.6 %
|
|
|
|
|
|
|
|
|
|
North America capacity
two-shift utilization
|
108.1 %
|
|
102.7 %
|
|
105.1 %
|
|
99.3 %
|
View original
content:https://www.prnewswire.com/news-releases/gm-releases-2024-second-quarter-results-and-raises-full-year-guidance-302203382.html
SOURCE General Motors Company