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Ford Motor Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:
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For example, the suspension of production at most of our assembly plants and lower industry volumes due to COVID-19 in early 2020 resulted in an initial deterioration of our cash flow, while the subsequent resumption of manufacturing operations and return to pre-COVID-19 production levels at most of our assembly plants resulted in a subsequent improvement of our cash flow.
Our second quarter 2023 Net cash provided by/(used in) operating activities was positive $5.0 billion, an increase of $2.1 billion from a year ago (see page 59 for additional information), driven primarily by higher net income and higher Ford Credit operating cash flow, offset partially by an increase in inventory.
As of June 30, 2023, our estimated expenditures for the maximum quantity that we are committed to purchase under these offtake agreements, subject to certain conditions, total about $12 billion through 2035 based on our present pricing forecast; however, our pricing forecast could fluctuate significantly from period to period, which could result in significant increases or decreases in the estimate of our overall purchase commitment.
Our actual results could differ materially from our guidance due to risks, uncertainties, and other factors, including those set forth in "Risk Factors" in Item 1A of our 2022 Form 10-K Report and as updated by our subsequent filings with the SEC. 2023 Guidance Total Company Adjusted EBIT (a) $11 - $12 billion Adjusted Free Cash Flow (a) $6.5 - $7 billion Capital spending $8 - $9 billion Ford Credit EBT About $1.3 billion (a)When we provide guidance for adjusted EBIT and adjusted free cash flow, we do not provide guidance for the most comparable GAAP measures because, as described in more detail below in "Non-GAAP Measures That Supplement GAAP Measures," they include items that are difficult to predict with reasonable certainty.
The corporate credit facility is unsecured and free of material adverse change conditions to borrowing, restrictive financial covenants (for example, interest or fixed-charge coverage ratio, debt-to-equity ratio, and minimum net worth requirements), and credit rating triggers that could limit our ability to obtain funding or trigger early repayment.
Ford Credit holds the right...Read more
At June 30, 2023, Ford...Read more
Company adjusted free cash flow...Read more
The year-over-year increase of $64...Read more
The improvement in EBIT was...Read more
Any future changes to our...Read more
As a result, our cash...Read more
Net income/(loss) margin was 4.3%...Read more
Company Adjusted EBIT Margin (Most...Read more
Ford Pro's second quarter 2023...Read more
Company adjusted EBIT margin was...Read more
Our finished product inventory at...Read more
Structural costs include the following...Read more
For full-year 2023, we now...Read more
Moreover, Ford Credit may be...Read more
Moreover, we may be subject...Read more
Second quarter 2023 working capital...Read more
The year-over-year increase of $1.3...Read more
Second quarter 2023 revenue increased...Read more
Second quarter 2023 revenue increased...Read more
In the second quarter of...Read more
In the second quarter of...Read more
Ford Credit's total net receivables...Read more
Our second quarter and first...Read more
The non-GAAP measures listed below...Read more
This measure is useful to...Read more
On a segment basis, we...Read more
Key elements of Ford Credit's...Read more
Ford Credit saw sequential improvement...Read more
58 Effective Tax Rate Reconciliation...Read more
Ford Blue's second quarter 2023...Read more
The following table summarizes certain...Read more
The lower EBIT was driven...Read more
Interest on Debt Interest on...Read more
The measure contains elements management...Read more
We believe that these non-GAAP...Read more
43 LIQUIDITY AND CAPITAL RESOURCES...Read more
Conversely, our cash flow improves...Read more
In addition, we may enter...Read more
Ford Credit's material cash requirements...Read more
Includes debt issued in securitizations...Read more
Ford Model e's second quarter...Read more
As of June 30, 2023,...Read more
The measure provides an ongoing...Read more
Financial institutions participate in a...Read more
The terms and conditions of...Read more
Such actions could have a...Read more
When we provide guidance for...Read more
Operating items include: Company adjusted...Read more
For analysis purposes, management splits...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
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Ford Motor Co provided additional information to their SEC Filing as exhibits
Ticker: F
CIK: 37996
Form Type: 10-Q Quarterly Report
Accession Number: 0000037996-23-000050
Submitted to the SEC: Thu Jul 27 2023 7:35:09 PM EST
Accepted by the SEC: Fri Jul 28 2023
Period: Friday, June 30, 2023
Industry: Motor Vehicles And Passenger Car Bodies