News Release Details

GM Releases 2024 First-Quarter Results and Raises Full-Year Guidance

DETROIT, April 23, 2024 /PRNewswire/ -- General Motors Co. (NYSE: GM) today reported first-quarter 2024 revenue of $43.0 billion, net income attributable to stockholders of $3.0 billion and EBIT-adjusted of $3.9 billion.

GM is also updating its 2024 full-year earnings guidance:

 

Updated 2024 Guidance

Previous 2024 Guidance

Net income attributable to stockholders

$10.1 billion - $11.5 billion

$9.8 billion - $11.2 billion

EBIT-adjusted

$12.5 billion - $14.5 billion

$12.0 billion - $14.0 billion

Automotive operating cash flow

$18.3 billion - $21.3 billion

$18.0 billion - $21.0 billion

Adjusted automotive free cash flow

$8.5 billion - $10.5 billion

$8.0 billion - $10.0 billion

EPS-diluted

$8.94 - $9.94

$8.50 - $9.50

EPS-diluted-adjusted

$9.00 - $10.00

$8.50 - $9.50

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

March 31, 2024

March 31, 2023

Change

% Change

Revenue

$    43,014

$    39,985

$       3,029

7.6 %

Net income attributable to stockholders

$      2,980

$      2,395

$          585

24.4 %

EBIT-adjusted

$      3,871

$      3,803

$            68

1.8 %

Net income margin

6.9 %

6.0 %

0.9 ppts

15.0 %

EBIT-adjusted margin

9.0 %

9.5 %

(0.5) ppts

(5.3) %

Automotive operating cash flow

$      3,598

$     2,232

$       1,366

61.2 %

Adjusted automotive free cash flow

$      1,090

$       (132)

$       1,222

n.m.

EPS-diluted(a)

$        2.56

$       1.69

$         0.87

51.5 %

EPS-diluted-adjusted(a)

$        2.62

$       2.21

$         0.41

18.6 %

GMNA EBIT-adjusted

$      3,840

$     3,576

$          264

7.4 %

GMNA EBIT-adjusted margin

10.6 %

10.9 %

(0.3 ppts)

(2.8) %

GMI EBIT (loss)-adjusted

$         (10)

$        347

$         (357)

n.m.

China equity income (loss)

$       (106)

$          83

$         (189)

n.m.

GM Financial EBT-adjusted

$        737

$        771

$           (34)

(4.4) %

               

(a)

EPS-diluted and EPS-diluted-adjusted include a $(0.01) and $0.03 impact from revaluation on equity investments in the three months ended March 31, 2024 and 2023.

(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 ChevroletBuickGMCCadillac, 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

$ 10.1-11.5

 

$ 9.8-11.2

Income tax expense

2.2-2.8

 

2.1-2.7

Automotive interest expense, net

0.1

 

0.1

Adjustments(a)

0.1

 

EBIT-adjusted

$ 12.5-14.5

 

$ 12.0-14.0

                   

(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 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

$ 8.94-9.94

 

$ 8.50-9.50

Adjustments(a)

0.06

 

EPS-diluted-adjusted

$ 9.00-10.00

 

$ 8.50-9.50

                   

(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

$ 18.3-21.3

 

$ 18.0-21.0

Less: Capital expenditures

10.0-11.0

 

10.0-11.0

Adjustments

0.2

 

Adjusted automotive free cash flow(a)

$ 8.5-10.5

 

$ 8.0-10.0

                   

(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 March 31, 2024

 

Three Months Ended March 31, 2023

 

Automotive

 

Cruise

 

GM
Financial

 

Reclassifications
/Eliminations

 

Combined

 

Automotive

 

Cruise

 

GM
Financial

 

Reclassifications
/Eliminations

 

Combined

Net sales and revenue

                                     

Automotive

$ 39,212

 

$      25

 

$     —

 

$              (25)

 

$ 39,212

 

$ 36,646

 

$      25

 

$     —

 

$              (25)

 

$ 36,646

GM Financial

 

 

3,811

 

(9)

 

3,802

 

 

 

3,343

 

(4)

 

3,339

Total net sales and revenue

39,212

 

25

 

3,811

 

(34)

 

43,014

 

36,646

 

25

 

3,343

 

(29)

 

39,985

Costs and expenses

                                     

Automotive and other cost of sales

33,597

 

400

 

 

 

33,996

 

31,716

 

532

 

 

(1)

 

32,247

GM Financial interest, operating and other expenses

 

 

3,106

 

 

3,106

 

 

 

2,613

 

 

2,612

Automotive and other selling, general and administrative expense

2,035

 

140

 

 

 

2,175

 

2,438

 

109

 

 

(1)

 

2,547

Total costs and expenses

35,632

 

540

 

3,106

 

(1)

 

39,277

 

34,155

 

641

 

2,613

 

(2)

 

37,407

Operating income (loss)

3,580

 

(515)

 

705

 

(33)

 

3,738

 

2,492

 

(616)

 

730

 

(28)

 

2,578

Automotive interest expense

219

 

16

 

 

(16)

 

219

 

234

 

3

 

 

(3)

 

234

Interest income and other non-operating income, net

273

 

12

 

 

17

 

302

 

354

 

31

 

 

25

 

409

Equity income (loss)

(137)

 

 

32

 

 

(105)

 

(20)

 

 

41

 

 

21

Income (loss) before income taxes

$   3,497

 

$  (519)

 

$   737

 

$                —

 

$   3,715

 

$   2,592

 

$  (588)

 

$   771

 

$                —

 

$   2,775

Income tax expense (benefit)

               

762

                 

428

Net income (loss)

               

2,953

                 

2,346

Net loss (income) attributable to noncontrolling interests

               

27

                 

49

Net income (loss) attributable to stockholders

               

$   2,980

                 

$   2,395

                                       

Net income (loss) attributable to common stockholders

               

$   2,970

                 

$   2,369

 

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

 

March 31, 2024

 

March 31, 2023

Basic earnings per share

     

Net income (loss) attributable to stockholders

$                                2,980

 

$                                2,395

Less: cumulative dividends on subsidiary preferred stock(a)

(9)

 

(27)

Net income (loss) attributable to common stockholders

$                                2,970

 

$                                2,369

       

Weighted-average common shares outstanding

1,155

 

1,396

       

Basic earnings per common share

$                                  2.57

 

$                                  1.70

Diluted earnings per share

     

Net income (loss) attributable to common stockholders – diluted

$                                2,970

 

$                                2,369

       

Weighted-average common shares outstanding – diluted

1,162

 

1,402

       

Diluted earnings per common share

$                                  2.56

 

$                                  1.69

Potentially dilutive securities(b)

17

 

22

                   

(a)

Includes an insignificant amount in participating securities income from a subsidiary for the three months ended March 31, 2024.

(b)

Potentially dilutive securities attributable to outstanding stock options, Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) at March 31, 2024 and 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)

 
 

March 31, 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

$   11,894

 

$    713

 

$  5,028

 

$                 —

 

$   17,635

 

$   12,228

 

$ 1,344

 

$  5,282

 

$                 —

 

$   18,853

Marketable debt securities

7,845

 

 

 

 

7,845

 

7,613

 

 

 

 

7,613

Accounts and notes receivable, net(a)

13,558

 

 

2,099

 

(1,883)

 

13,774

 

11,814

 

 

1,891

 

(1,327)

 

12,378

GM Financial receivables, net

 

 

41,872

 

(190)

 

41,682

 

 

 

39,246

 

(170)

 

39,076

Inventories

17,540

 

 

 

(7)

 

17,533

 

16,467

 

 

 

(6)

 

16,461

Other current assets(b)

2,183

 

484

 

5,776

 

(443)

 

8,001

 

1,994

 

466

 

5,205

 

(428)

 

7,238

Total current assets

53,021

 

1,196

 

54,775

 

(2,523)

 

106,470

 

50,115

 

1,809

 

51,624

 

(1,931)

 

101,618

Non-current Assets

                                     

GM Financial receivables, net(d)

 

 

43,899

 

(388)

 

43,511

 

 

 

45,391

 

(348)

 

45,043

Equity in net assets of nonconsolidated affiliates

9,069

 

 

1,670

 

 

10,740

 

8,943

 

 

1,670

 

 

10,613

Property, net

51,208

 

97

 

118

 

 

51,423

 

50,104

 

93

 

124

 

 

50,321

Goodwill and intangible assets, net

2,755

 

715

 

1,353

 

 

4,823

 

2,793

 

715

 

1,354

 

 

4,862

Equipment on operating leases, net

 

 

30,106

 

 

30,106

 

 

 

30,582

 

 

30,582

Deferred income taxes

21,050

 

1,762

 

(1,108)

 

 

21,704

 

21,722

 

1,723

 

(1,106)

 

 

22,339

Other assets(c)

7,007

 

207

 

1,186

 

(584)

 

7,815

 

6,869

 

215

 

1,140

 

(538)

 

7,686

Total non-current assets

91,089

 

2,781

 

77,224

 

(973)

 

170,121

 

90,430

 

2,745

 

79,156

 

(886)

 

171,446

Total Assets

$ 144,111

 

$ 3,977

 

$  131,998

 

$           (3,496)

 

$ 276,591

 

$ 140,546

 

$ 4,555

 

$  130,780

 

$           (2,817)

 

$ 273,064

LIABILITIES AND EQUITY

                                     

Current Liabilities

                                     

Accounts payable (principally trade)(a)

$   29,253

 

$    597

 

$  1,426

 

$           (1,884)

 

$   29,393

 

$   27,846

 

$    185

 

$  1,136

 

$           (1,054)

 

$   28,114

Short-term debt and current portion of long-term debt

                                     

Automotive(a)

559

 

2

 

 

(183)

 

378

 

591

 

272

 

 

(435)

 

428

GM Financial

 

 

35,598

 

 

35,598

 

 

 

38,540

 

 

38,540

Cruise

 

7

 

 

(7)

 

 

 

6

 

 

(6)

 

Accrued liabilities(b)

20,483

 

425

 

5,950

 

(449)

 

26,409

 

21,468

 

590

 

5,741

 

(436)

 

27,364

Total current liabilities

50,296

 

1,031

 

42,973

 

(2,523)

 

91,777

 

49,906

 

1,053

 

45,417

 

(1,931)

 

94,445

Non-current Liabilities

                                     

Long-term debt

                                     

Automotive(c)

15,935

 

598

 

 

(584)

 

15,949

 

15,979

 

544

 

 

(538)

 

15,985

GM Financial

 

 

70,312

 

 

70,312

 

 

 

66,788

 

 

66,788

Cruise(d)

 

388

 

 

(388)

 

 

 

348

 

 

(348)

 

Postretirement benefits other than pensions

4,292

 

 

 

 

4,292

 

4,345

 

 

 

 

4,345

Pensions

6,376

 

 

8

 

 

6,384

 

6,673

 

 

8

 

 

6,680

Other liabilities

14,127

 

450

 

2,698

 

 

17,275

 

13,447

 

454

 

2,614

 

 

16,515

Total non-current liabilities

40,731

 

1,436

 

73,018

 

(973)

 

114,213

 

40,444

 

1,345

 

69,409

 

(886)

 

110,312

Total Liabilities

91,027

 

2,467

 

115,991

 

(3,496)

 

205,990

 

90,350

 

2,399

 

114,826

 

(2,817)

 

204,757

Noncontrolling interest - Cruise stock incentive awards

 

175

 

 

 

175

 

 

118

 

 

 

118

Equity

                                     

 Common stock, $0.01 par value

11

 

 

 

 

11

 

12

 

 

 

 

12

 Additional paid-in capital(e)

19,087

 

247

 

1,314

 

(1,290)

 

19,358

 

18,866

 

240

 

1,314

 

(1,290)

 

19,130

 Retained earnings

42,422

 

(649)

 

15,914

 

1

 

57,688

 

39,579

 

(12)

 

15,823

 

1

 

55,391

Accumulated other comprehensive loss

(9,238)

 

 

(1,221)

 

 

(10,459)

 

(9,066)

 

1

 

(1,183)

 

 

(10,247)

Total stockholders' equity

52,282

 

(402)

 

16,007

 

(1,289)

 

66,598

 

49,391

 

229

 

15,954

 

(1,289)

 

64,286

Noncontrolling interests(e)

802

 

1,737

 

 

1,289

 

3,828

 

805

 

1,809

 

 

1,289

 

3,903

Total Equity

53,084

 

1,335

 

16,007

 

 

70,426

 

50,196

 

2,038

 

15,954

 

 

68,189

Total Liabilities and Equity

$ 144,111

 

$ 3,977

 

$  131,998

 

$           (3,496)

 

$ 276,591

 

$ 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 $1.2 billion primarily due from GM Financial and Cruise at March 31, 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 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.

(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.

 

General Motors Company and Subsidiaries1

Combining Cash Flow Information

(In millions) (Unaudited)

 
 

Three Months Ended March 31, 2024

 

Three Months Ended March 31, 2023

 

Automotive

 

Cruise

 

GM
Financial

 

Reclassifications
/Eliminations

 

Combined

 

Automotive

 

Cruise

 

GM
Financial

 

Reclassifications
/Eliminations

 

Combined

Cash flows from operating activities

                                     

Net income (loss)

$    2,804

 

$  (386)

 

$     535

 

$                 —

 

$    2,953

 

$    2,221

 

$  (426)

 

$     551

 

$                 —

 

$    2,346

Depreciation and impairment of Equipment on operating leases, net

 

 

1,243

 

 

1,243

 

 

 

1,241

 

 

1,241

Depreciation, amortization and impairment charges on Property, net

1,540

 

5

 

10

 

 

1,555

 

1,555

 

6

 

10

 

 

1,571

Foreign currency remeasurement and transaction (gains) losses

(33)

 

 

(4)

 

 

(36)

 

131

 

 

4

 

 

135

Undistributed earnings of nonconsolidated affiliates, net

63

 

 

(32)

 

 

32

 

(21)

 

 

(41)

 

 

(61)

Pension contributions and OPEB payments

(242)

 

 

 

 

(242)

 

(236)

 

 

 

 

(236)

Pension and OPEB income, net

14

 

 

 

 

15

 

(21)

 

 

 

 

(20)

Provision (benefit) for deferred taxes

781

 

(135)

 

9

 

 

655

 

408

 

(162)

 

(200)

 

 

46

Change in other operating assets and liabilities(a)(b)

(1,329)

 

(198)

 

(162)

 

(1,333)

 

(3,022)

 

(1,807)

 

69

 

159

 

(356)

 

(1,936)

Net cash provided by (used in) operating activities

3,598

 

(713)

 

1,601

 

(1,333)

 

3,152

 

2,232

 

(514)

 

1,724

 

(356)

 

3,086

Cash flows from investing activities

                                     

Expenditures for property

(2,728)

 

(12)

 

(4)

 

(39)

 

(2,783)

 

(2,408)

 

(16)

 

(6)

 

(1)

 

(2,431)

Available-for-sale marketable securities, acquisitions

(995)

 

 

 

 

(995)

 

(416)

 

(227)

 

 

 

(643)

Available-for-sale marketable securities, liquidations

745

 

 

 

 

745

 

1,929

 

1,017

 

 

 

2,947

Purchases of finance receivables(a)

 

 

(8,921)

 

989

 

(7,932)

 

 

 

(9,106)

 

144

 

(8,963)

Principal collections and recoveries on finance receivables(a)

 

 

7,650

 

1

 

7,651

 

 

 

7,509

 

(228)

 

7,282

Purchases of leased vehicles

 

 

(3,436)

 

 

(3,436)

 

 

 

(3,154)

 

 

(3,154)

Proceeds from termination of leased vehicles

 

 

3,085

 

 

3,085

 

 

 

3,264

 

 

3,264

Other investing activities

(291)

 

 

(1)

 

42

 

(249)

 

(714)

 

 

 

151

 

(563)

Net cash provided by (used in) investing activities

(3,268)

 

(12)

 

(1,626)

 

993

 

(3,914)

 

(1,609)

 

774

 

(1,493)

 

66

 

(2,262)

Cash flows from financing activities

                                     

Net increase (decrease) in short-term debt

(26)

 

 

(223)

 

 

(249)

 

(25)

 

 

(143)

 

 

(167)

Proceeds from issuance of debt (original maturities greater than three months)

10

 

55

 

14,297

 

(55)

 

14,307

 

1

 

33

 

11,486

 

(33)

 

11,487

Payments on debt (original maturities greater than three months)

(33)

 

 

(13,088)

 

(19)

 

(13,140)

 

(1,535)

 

(5)

 

(10,590)

 

3

 

(12,127)

Payment to purchase common stock

(280)

 

 

 

 

(280)

 

(369)

 

 

 

 

(369)

Issuance (redemption) of subsidiary stock

 

36

 

 

(36)

 

 

 

131

 

 

(131)

 

Dividends paid(b)

(139)

 

 

(509)

 

450

 

(198)

 

(126)

 

 

(509)

 

450

 

(185)

Other financing activities

(53)

 

(41)

 

(44)

 

 

(139)

 

(218)

 

(75)

 

(31)

 

 

(324)

Net cash provided by (used in) financing activities

(521)

 

50

 

432

 

340

 

300

 

(2,271)

 

84

 

213

 

290

 

(1,685)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(69)

 

 

(9)

 

 

(78)

 

25

 

 

29

 

 

54

Net increase (decrease) in cash, cash equivalents and restricted cash

(304)

 

(632)

 

397

 

 

(539)

 

(1,623)

 

344

 

472

 

 

(807)

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

$   12,005

 

$    727

 

$  8,646

 

$                 —

 

$   21,378

 

$   12,123

 

$ 1,870

 

$  7,148

 

$                 —

 

$   21,141

                   

(a)

Includes eliminations of $0.9 billion and $0.2 billion in the three months ended March 31, 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)

Eliminations include dividends issued by GM Financial to Automotive in the three months ended March 31, 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 March 31, 2024

                                 

Net sales and revenue

$ 36,099

 

$   3,082

 

$        32

 

$           —

 

$     39,212

 

$       25

 

$   3,811

 

$                (34)

 

$   43,014

Expenditures for property

$   2,631

 

$        93

 

$          4

 

$           —

 

$       2,728

 

$       12

 

$          4

 

$                 39

 

$     2,783

Depreciation and amortization

$   1,409

 

$      125

 

$          5

 

$           —

 

$       1,540

 

$         5

 

$   1,253

 

$                 —

 

$     2,798

Impairment charges

$        —

 

$        —

 

$        —

 

$           —

 

$            —

 

$        —

 

$        —

 

$                 —

 

$          —

Equity income (loss)(a)(b)

$      127

 

$    (108)

 

$        —

 

$           —

 

$            19

 

$        —

 

$        32

 

$                 —

 

$         50

                                   
 

GMNA

 

GMI

 

Corporate

 

Eliminations

 

Total

Automotive

 

Cruise

 

GM

Financial

 

Reclassifications
/Eliminations

 

Total

Three Months Ended March 31, 2023

                                 

Net sales and revenue

$ 32,889

 

$   3,727

 

$        31

 

$           —

 

$     36,646

 

$       25

 

$   3,343

 

$                (29)

 

$   39,985

Expenditures for property

$   2,260

 

$      148

 

$        —

 

$           —

 

$       2,408

 

$       16

 

$          6

 

$                   1

 

$     2,431

Depreciation and amortization

$   1,428

 

$      122

 

$          5

 

$           —

 

$       1,555

 

$         4

 

$   1,251

 

$                 —

 

$     2,810

Impairment charges

$        —

 

$        —

 

$        —

 

$           —

 

$            —

 

$        —

 

$        —

 

$                 —

 

$          —

Equity income (loss)(a)(b)

$      (46)

 

$        81

 

$        —

 

$           —

 

$            34

 

$        —

 

$        41

 

$                 —

 

$         75

                   

(a)

Includes Automotive China equity income of $(106) million and $83 million in the three months ended March 31, 2024 and 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 $156 million and insignificant in the three months ended March 31, 2024 and 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.

           

1

Certain columns and rows may not add due to rounding.

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

 

March 31, 2024

 

March 31, 2023

Net income attributable to stockholders(a)

$                  2,980

 

$                  2,395

Income tax expense (benefit)

762

 

428

Automotive interest expense

219

 

234

Automotive interest income

(186)

 

(229)

Adjustments

     

Buick dealer strategy(b)

96

 

99

Voluntary separation program(c)

 

875

Total adjustments

96

 

974

EBIT-adjusted

3,871

 

3,803

Operating segments

     

GM North America (GMNA)

3,840

 

3,576

GM International (GMI)

(10)

 

347

Cruise

(442)

 

(561)

GM Financial(d)

737

 

771

Total operating segments

4,124

 

4,133

Corporate and eliminations(e)

(253)

 

(330)

EBIT-adjusted

$                  3,871

 

$                  3,803

                   

(a)

Net of net loss attributable to noncontrolling interests.

(b)

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.

(c)

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.

(d)

GM Financial amounts represent EBT-adjusted.

(e)

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

 

March 31, 2024

 

March 31, 2023

 

Amount

 

Per Share

 

Amount

 

Per Share

Diluted earnings per common share

$            2,970

 

$              2.56

 

$            2,369

 

$              1.69

Adjustments(a)

96

 

0.08

 

974

 

0.69

Tax effect on adjustments(b)

(24)

 

(0.02)

 

(239)

 

(0.17)

EPS-diluted-adjusted

$            3,042

 

$              2.62

 

$            3,104

 

$              2.21

                   

(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

 

March 31, 2024

 

March 31, 2023

 

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

$       3,715

 

$           762

 

20.5 %

 

$       2,775

 

$           428

 

15.4 %

Adjustments(a)

96

 

24

     

974

 

239

   

ETR-adjusted

$       3,811

 

$           786