Cash flow General Motors Company

Equities

GM

US37045V1008

Auto & Truck Manufacturers

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01-14	Longtime UAW union officer to retire, sources say	RE
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Published financial data: GENERAL MOTORS COMPANY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	123B	109B	114B	144B	158B
Finance Div. Revenues	14.54B	13.81B	13.41B	12.76B	14.18B
Total Revenues	137B	122B	127B	157B	172B
Cost of Goods Sold, Total	112B	96.86B	101B	127B	141B
Finance Div. Operating Exp.	8.81B	8.1B	5.84B	5.81B	6.55B
Interest Expense - Finance Division	3.64B	3.02B	2.55B	2.88B	4.68B
Gross Profit	12.78B	14.5B	18.08B	21.15B	19.28B
Selling General & Admin Expenses, Total	7.69B	5.94B	6.64B	9.16B	9.66B
Other Operating Expenses, Total	7.69B	5.94B	6.64B	9.16B	9.66B
Operating Income	5.08B	8.56B	11.43B	12B	9.62B
Interest Expense, Total	-782M	-1.1B	-950M	-987M	-911M
Interest And Investment Income	429M	241M	146M	460M	1.11B
Net Interest Expenses	-353M	-857M	-804M	-527M	198M
Income (Loss) On Equity Invest.	1.1B	527M	1.1B	664M	342M
Currency Exchange Gains (Loss)	85M	-203M	17M	-172M	-349M
Other Non Operating Income (Expenses)	242M	487M	82M	888M	669M
EBT, Excl. Unusual Items	6.16B	8.51B	11.83B	12.85B	10.48B
Restructuring Charges	-	-683M	-	-657M	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-84M	265M	887M	-599M	-77M
Asset Writedown	-	-	-	-	-
Legal Settlements	1.36B	-	-	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	7.44B	8.1B	12.72B	11.6B	10.4B
Income Tax Expense	769M	1.77B	2.77B	1.89B	563M
Earnings From Continuing Operations	6.67B	6.32B	9.94B	9.71B	9.84B
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	6.67B	6.32B	9.94B	9.71B	9.84B
Minority Interest	65M	106M	74M	226M	287M
Net Income - (IS)	6.73B	6.43B	10.02B	9.93B	10.13B
Preferred Dividend and Other Adjustments	151M	180M	182M	1.02B	106M
Net Income to Common Incl Extra Items	6.58B	6.25B	9.84B	8.92B	10.02B
Net Income to Common Excl. Extra Items	6.58B	6.25B	9.84B	8.92B	10.02B
Per Share Items
Net EPS - Basic	4.62	4.36	6.78	6.17	7.35
Basic EPS - Continuing Operations	4.62	4.36	6.78	6.17	7.35
Basic Weighted Average Shares Outstanding	1.42B	1.43B	1.45B	1.44B	1.36B
Net EPS - Diluted	4.57	4.33	6.7	6.13	7.32
Diluted EPS - Continuing Operations	4.57	4.33	6.7	6.13	7.32
Diluted Weighted Average Shares Outstanding	1.44B	1.44B	1.47B	1.45B	1.37B
Normalized Basic EPS	2.75	3.79	5.15	5.72	5.01
Normalized Diluted EPS	2.72	3.76	5.09	5.68	4.99
Dividend Per Share	1.52	0.38	-	0.18	0.36
Payout Ratio	34.91	10.41	-	4	4.71
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	11.41B	13.65B	16.89B	17.82B	15.78B
EBITA	5.29B	8.7B	11.58B	12.14B	9.73B
EBIT	5.08B	8.56B	11.43B	12B	9.62B
EBITDAR	11.76B	13.97B	17.19B	18.14B	16.13B
Total Revenues (As Reported)	137B	122B	127B	157B	172B
Effective Tax Rate - (Ratio)	10.34	21.91	21.79	16.28	5.41
Current Domestic Taxes	144M	356M	162M	757M	730M
Current Foreign Taxes	758M	493M	395M	707M	874M
Total Current Taxes	902M	849M	557M	1.46B	1.6B
Deferred Domestic Taxes	-142M	617M	1.93B	372M	-163M
Deferred Foreign Taxes	9M	308M	286M	53M	-878M
Total Deferred Taxes	-133M	925M	2.21B	425M	-1.04B
Normalized Net Income	3.92B	5.43B	7.47B	8.26B	6.84B
Interest Capitalized	-	-	-	-	-
Non-Cash Pension Expense	-1.25B	-1.42B	-2.22B	-1.8B	-480M
Supplemental Operating Expense Items
Advertising Expense	3.7B	2.7B	3.3B	4B	3.6B
Selling and Marketing Expenses	3.7B	2.7B	3.3B	4B	3.6B
Research And Development Expense From Footnotes	6.8B	6.2B	7.9B	9.8B	9.9B
Net Rental Expense, Total	354M	317M	294M	317M	346M
Imputed Operating Lease Interest Expense	150M	162M	122M	135M	138M
Imputed Operating Lease Depreciation	204M	155M	172M	182M	208M
Stock-Based Comp., Other (Total)	456M	351M	391M	2.02B	740M
Total Stock-Based Compensation	456M	351M	391M	2.02B	740M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	15.77B	14.89B	16.07B	15.15B	13.55B
Short Term Investments	4.71B	9.05B	8.61B	12.15B	7.61B
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	20.48B	23.94B	24.68B	27.3B	21.17B
Accounts Receivable, Total	6.8B	8.04B	7.39B	13.03B	12.19B
Other Receivables	-	-	-	300M	190M
Total Receivables	6.8B	8.04B	7.39B	13.33B	12.38B
Inventory	10.4B	10.24B	12.99B	15.37B	16.46B
Finance Division Loans and Leases Current	26.6B	26.21B	26.65B	33.62B	39.08B
Finance Division Other Current Assets, Total	5.5B	7.29B	6.29B	6.18B	7.7B
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	1.15B	391M	644M	180M	206M
Other Current Assets, Total	4.07B	4.83B	3.46B	4.47B	4.63B
Total Current Assets	74.99B	80.92B	82.1B	100B	102B
Gross Property Plant And Equipment	68.55B	66.46B	73.5B	79.4B	86.82B
Accumulated Depreciation	-28.7B	-27.82B	-31.29B	-33.05B	-35.52B
Net Property Plant And Equipment	39.85B	38.63B	42.22B	46.35B	51.3B
Long-term Investments	7.99B	6.82B	7.96B	8.51B	8.94B
Goodwill	-	-	-	-	-
Other Intangibles, Total	3.98B	3.89B	3.75B	3.6B	3.51B
Finance Division Loans and Leases Long-Term	26.36B	31.78B	36.17B	40.59B	45.04B
Finance Division Other Long-Term Assets, Total	45.65B	44.15B	42.28B	38.34B	35.55B
Deferred Tax Assets Long-Term	24.64B	24.14B	21.15B	20.54B	22.34B
Other Long-Term Assets, Total	4.58B	4.86B	9.09B	5.66B	4.77B
Total Assets	228B	235B	245B	264B	273B
Liabilities
Accounts Payable, Total	21.02B	19.93B	20.39B	27.49B	28.11B
Accrued Expenses, Total	20.03B	16.68B	13.86B	19.13B	21.01B
Short-term Borrowings	1.79B	1.28B	463M	1.96B	428M
Current Portion of Leases	348M	209M	204M	247M	264M
Finance Division Debt Current	35.5B	35.64B	33.26B	36.82B	38.54B
Unearned Revenue Current, Total	3.23B	3.13B	2.46B	2.49B	2.8B
Other Current Liabilities	2.99B	3.05B	3.77B	3.04B	3.28B
Total Current Liabilities	84.9B	79.91B	74.41B	91.17B	94.44B
Long-Term Debt	12.29B	15.96B	16.01B	15.5B	15.55B
Long-Term Leases	1.21B	1.21B	1.36B	1.35B	1.34B
Finance Division Debt Non Current	53.44B	56.79B	59.3B	60.04B	66.79B
Unearned Revenue Non Current	2.96B	2.72B	3.01B	3.55B	5.02B
Pension & Other Post Retirement Benefits	19.44B	20.74B	15.15B	10.91B	11.69B
Other Non Current Liabilities	7.84B	8.2B	9.67B	9.23B	9.92B
Total Liabilities	182B	186B	179B	192B	205B
Common Stock, Total	14M	14M	15M	14M	12M
Additional Paid In Capital	26.07B	26.54B	27.06B	26.43B	19.13B
Retained Earnings	26.86B	31.96B	41.94B	49.25B	55.39B
Comprehensive Income and Other	-11.16B	-13.49B	-9.27B	-7.9B	-10.25B
Total Common Equity	41.79B	45.03B	59.74B	67.79B	64.29B
Minority Interest	4.16B	4.65B	6.07B	4.49B	4.02B
Total Equity	45.96B	49.68B	65.82B	72.28B	68.31B
Total Liabilities And Equity	228B	235B	245B	264B	273B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.43B	1.44B	1.45B	1.39B	1.15B
ECS Total Common Shares Outstanding	1.4B	1.4B	1.5B	1.4B	1.2B
Book Value / Share	29.85	32.16	39.83	48.42	53.57
Tangible Book Value	36.46B	39.8B	54.66B	62.85B	59.42B
Tangible Book Value Per Share	26.04	28.43	36.44	44.89	49.52
Total Debt	105B	111B	111B	116B	123B
Net Debt	84.1B	87.13B	85.92B	88.61B	102B
Debt Equivalent of Unfunded Proj. Benefit Obligation	11.88B	12.35B	5.08B	2.97B	5.52B
Debt Equivalent Oper. Leases	2.83B	2.54B	2.35B	2.54B	2.77B
Minority Interest, Total (Incl. Fin. Div)	4.16B	4.65B	6.07B	4.49B	4.02B
Equity Method Investments, Total	7.11B	6.82B	7.96B	8.51B	8.94B
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	4.71B	5.12B	8.24B	8.01B	7.42B
Inventories - Finished Goods, Total	5.68B	5.12B	4.75B	7.35B	9.04B
Land - (BS)	1.3B	1.34B	1.3B	1.31B	1.29B
Buildings, Total	9.7B	9.67B	10.54B	11.46B	13.26B
Machinery, Total	53.4B	50.86B	55.16B	58.19B	63.16B
Full Time Employees	164K	155K	157K	167K	163K
Accumulated Allowance for Doubtful Accounts (Supple)	201M	224M	192M	260M	298M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	6.73B	6.43B	10.02B	9.93B	10.13B
Depreciation & Amortization - CF	6.12B	4.95B	5.32B	5.69B	6.05B
Amortization of Goodwill and Intangible Assets - (CF)	202M	144M	141M	139M	114M
Depreciation & Amortization, Total	6.33B	5.09B	5.46B	5.82B	6.16B
Amortization of Deferred Charges, Total - (CF)	7.73B	7.58B	6.59B	5.45B	5.61B
Asset Writedown & Restructuring Costs	58M	139M	4M	12M	115M
(Income) Loss On Equity Investments - (CF)	585M	524M	-517M	193M	245M
Net Cash From Discontinued Operations	-	-	-	-	-
Other Operating Activities, Total	-2.62B	-2.7B	-3B	-2.4B	-3.15B
Change In Accounts Receivable	-563M	-1.34B	493M	-4.48B	1.18B
Change In Inventories	-761M	-104M	-3.16B	-2.58B	-757M
Change In Accounts Payable	-492M	42M	-1.17B	6.14B	-398M
Change In Income Taxes	213M	130M	-95M	273M	-121M
Change in Other Net Operating Assets	-2.19B	874M	557M	-2.33B	1.92B
Cash from Operations	15.02B	16.67B	15.19B	16.04B	20.93B
Capital Expenditure	-7.59B	-5.3B	-7.51B	-9.24B	-10.97B
Cash Acquisitions	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	2.19B	-4.26B	385M	-3.78B	4.92B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-2.53B	-10.36B	-8.39B	-7.09B	-7.03B
Other Investing Activities, Total	-2.96B	-1.9B	-844M	2.22B	-1.58B
Cash from Investing	-10.9B	-21.83B	-16.36B	-17.88B	-14.66B
Short Term Debt Issued, Total	-	277M	2.91B	373M	-
Long-Term Debt Issued, Total	36.94B	78.53B	45.3B	45.81B	50.96B
Total Debt Issued	36.94B	78.8B	48.21B	46.19B	50.96B
Short Term Debt Repaid, Total	-312M	-	-	-	-156M
Long-Term Debt Repaid, Total	-39.16B	-72.66B	-47.81B	-39.61B	-44.68B
Total Debt Repaid	-39.47B	-72.66B	-47.81B	-39.61B	-44.83B
Repurchase of Common Stock	-	-	-	-2.5B	-11.12B
Common Dividends Paid	-2.35B	-669M	-	-397M	-477M
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-2.35B	-669M	-	-397M	-477M
Other Financing Activities, Total	204M	80M	1.34B	-3.3B	-893M
Cash from Financing	-4.68B	5.55B	1.74B	383M	-6.35B
Foreign Exchange Rate Adjustments	2M	-222M	-152M	-138M	54M
Miscellaneous Cash Flow Adjustments	-	-	-	-	1M
Net Change in Cash	-553M	174M	425M	-1.59B	-31M
Supplemental Items
Cash Interest Paid	4.21B	3.96B	3.4B	3.61B	5.52B
Cash Income Tax Paid (Refund)	689M	719M	652M	1.19B	1.73B
Levered Free Cash Flow	9.41B	6.11B	6.36B	10.45B	4.47B
Unlevered Free Cash Flow	9.9B	6.8B	6.95B	11.06B	5.04B
Change In Net Working Capital	199M	6.28B	5.12B	495M	2.52B
Net Debt Issued / Repaid	-2.53B	6.14B	406M	6.58B	6.13B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	1.4	2.31	2.98	2.95	2.24
Return on Total Capital	2.13	3.44	4.24	4.11	3.17
Return On Equity %	15.03	13.22	17.22	14.06	14
Return on Common Equity	16.32	14.39	18.78	13.98	15.17
Margin Analysis
Gross Profit Margin %	9.31	11.84	14.23	13.5	11.22
SG&A Margin	5.61	4.85	5.23	5.84	5.62
EBITDA Margin %	8.31	11.15	13.3	11.37	9.19
EBITA Margin %	3.85	7.11	9.11	7.74	5.66
EBIT Margin %	3.7	6.99	9	7.66	5.6
Income From Continuing Operations Margin %	4.86	5.16	7.83	6.19	5.73
Net Income Margin %	4.91	5.25	7.89	6.34	5.89
Net Avail. For Common Margin %	4.8	5.1	7.75	5.69	5.83
Normalized Net Income Margin	2.85	4.43	5.88	5.27	3.98
Levered Free Cash Flow Margin	6.86	4.99	5	6.66	2.6
Unlevered Free Cash Flow Margin	7.22	5.55	5.47	7.06	2.93
Asset Turnover
Asset Turnover	0.6	0.53	0.53	0.62	0.64
Fixed Assets Turnover	3.49	3.12	3.14	3.54	3.52
Receivables Turnover (Average Receivables)	18.39	14.65	14.72	14.1	12.36
Inventory Turnover (Average Inventory)	11.08	9.39	8.66	8.95	8.88
Short Term Liquidity
Current Ratio