DETROIT, Oct. 22,
2024 /PRNewswire/ -- General Motors (NYSE: GM)
today reported third-quarter 2024 revenue of $48.8 billion, net income attributable to
stockholders of $3.1 billion, and
EBIT-adjusted of $4.1 billion.
GM is also updating its 2024 full-year earnings guidance for the
third consecutive quarter:
|
Updated 2024
Guidance
|
Previous 2024
Guidance
|
|
Net income attributable
to stockholders
|
$10.4 billion - $11.1
billion
|
$10.0 billion - $11.4
billion
|
|
EBIT-adjusted
|
$14.0 billion - $15.0
billion
|
$13.0 billion - $15.0
billion
|
|
Automotive operating
cash flow
|
$22.0 billion - $24.0
billion
|
$19.2 billion - $22.2
billion
|
|
Adjusted automotive
free cash flow
|
$12.5 billion - $13.5
billion
|
$9.5 billion - $11.5
billion
|
|
EPS-diluted
|
$9.14 -
$9.64
|
$8.93 -
$9.93
|
|
EPS-diluted-adjusted
|
$10.00 -
$10.50
|
$9.50 -
$10.50
|
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
|
September 30,
2024
|
September 30,
2023
|
Change
|
%
Change
|
|
Revenue
|
$
48,757
|
$
44,131
|
$
4,626
|
10.5 %
|
|
Net income attributable
to stockholders
|
$
3,056
|
$ 3,064
|
$
(8)
|
(0.3) %
|
|
EBIT-adjusted
|
$
4,115
|
$ 3,564
|
$
551
|
15.5 %
|
|
Net income
margin
|
6.3 %
|
6.9 %
|
(0.6) ppts
|
(8.7) %
|
|
EBIT-adjusted
margin
|
8.4 %
|
8.1 %
|
0.3 ppts
|
3.7 %
|
|
Automotive operating
cash flow
|
$ 7,863
|
$ 6,794
|
$
1,069
|
15.7 %
|
|
Adjusted automotive
free cash flow
|
$ 5,834
|
$ 4,910
|
$
924
|
18.8 %
|
|
EPS-diluted(a)
|
$
2.68
|
$
2.20
|
$
0.48
|
21.8 %
|
|
EPS-diluted-adjusted(a)
|
$
2.96
|
$
2.28
|
$
0.68
|
29.8 %
|
|
GMNA
EBIT-adjusted
|
$ 3,982
|
$ 3,526
|
$
456
|
12.9 %
|
|
GMNA EBIT-adjusted
margin
|
9.7 %
|
9.8 %
|
(0.1) ppts
|
(1.0) %
|
|
GMI
EBIT-adjusted
|
$
42
|
$
357
|
$
(315)
|
(88.2) %
|
|
China equity income
(loss)
|
$
(137)
|
$
192
|
$
(329)
|
n.m.
|
|
GM Financial
EBT-adjusted
|
$
687
|
$
741
|
$
(54)
|
(7.3) %
|
|
__________
|
|
(a)
|
EPS-diluted and
EPS-diluted-adjusted include a $(0.02) and $(0.05) impact from
revaluation on equity investments in the three months ended
September 30, 2024 and 2023.
|
|
(b)
|
n.m. = not
meaningful
|
General Motors (NYSE:GM) is driving the future of
transportation, leveraging advanced technology to build safer,
smarter, and lower emission cars, trucks, and SUVs. GM's Buick,
Cadillac, Chevrolet, and GMC brands offer a broad portfolio of
innovative gasoline-powered vehicles and the industry's widest
range of EVs, as we move to an all-electric future. Learn more at
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
|
$ 10.4-11.1
|
|
$ 10.0-11.4
|
|
Income tax
expense
|
2.4-2.7
|
|
2.2-2.8
|
|
Automotive interest
income, net
|
(0.1)
|
|
(0.1)
|
|
Adjustments(a)
|
1.3
|
|
0.9
|
|
EBIT-adjusted
|
$ 14.0-15.0
|
|
$ 13.0-15.0
|
|
__________
|
|
(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
|
$ 9.14-9.64
|
|
$ 8.93-9.93
|
|
Adjustments(a)
|
0.86
|
|
0.57
|
|
EPS-diluted-adjusted
|
$
10.00-10.50
|
|
$ 9.50-10.50
|
|
__________
|
|
(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
|
$ 22.0-24.0
|
|
$ 19.2-22.2
|
|
Less: Capital
expenditures
|
10.0-11.0
|
|
10.0-11.0
|
|
Adjustments
|
0.5
|
|
0.3
|
|
Adjusted automotive
free cash flow(a)
|
$ 12.5-13.5
|
|
$ 9.5-11.5
|
|
__________
|
|
(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
September 30, 2024
|
|
Three Months Ended
September 30, 2023
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Combined
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Combined
|
|
Net sales and
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive
|
$ 44,735
|
|
$ 26
|
|
$ —
|
|
$
(26)
|
|
$ 44,735
|
|
$ 40,503
|
|
$ 25
|
|
$ —
|
|
$
(30)
|
|
$ 40,498
|
|
GM
Financial
|
—
|
|
—
|
|
4,031
|
|
(10)
|
|
4,021
|
|
—
|
|
—
|
|
3,641
|
|
(8)
|
|
3,633
|
|
Total net sales and
revenue
|
44,735
|
|
26
|
|
4,031
|
|
(36)
|
|
48,757
|
|
40,503
|
|
25
|
|
3,641
|
|
(38)
|
|
44,131
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive and other
cost of sales
|
38,768
|
|
240
|
|
—
|
|
(1)
|
|
39,007
|
|
35,141
|
|
706
|
|
—
|
|
(5)
|
|
35,842
|
|
GM Financial interest,
operating and other expenses
|
—
|
|
—
|
|
3,354
|
|
—
|
|
3,353
|
|
—
|
|
—
|
|
2,933
|
|
—
|
|
2,933
|
|
Automotive and other
selling, general and administrative expense
|
2,544
|
|
203
|
|
—
|
|
(1)
|
|
2,745
|
|
2,217
|
|
127
|
|
—
|
|
(1)
|
|
2,344
|
|
Total costs and
expenses
|
41,312
|
|
442
|
|
3,354
|
|
(2)
|
|
45,105
|
|
37,359
|
|
833
|
|
2,933
|
|
(6)
|
|
41,118
|
|
Operating income
(loss)
|
3,424
|
|
(417)
|
|
678
|
|
(33)
|
|
3,651
|
|
3,144
|
|
(807)
|
|
708
|
|
(32)
|
|
3,013
|
|
Automotive interest
expense
|
206
|
|
30
|
|
—
|
|
(30)
|
|
206
|
|
231
|
|
9
|
|
—
|
|
(11)
|
|
229
|
|
Interest income and
other non-operating income, net
|
379
|
|
11
|
|
—
|
|
4
|
|
394
|
|
406
|
|
26
|
|
—
|
|
20
|
|
453
|
|
Equity income
(loss)
|
(132)
|
|
—
|
|
10
|
|
—
|
|
(122)
|
|
194
|
|
—
|
|
33
|
|
—
|
|
227
|
|
Income (loss) before
income taxes
|
$
3,465
|
|
$
(435)
|
|
$
687
|
|
$
—
|
|
$
3,717
|
|
$
3,514
|
|
$
(791)
|
|
$
741
|
|
$
—
|
|
$
3,464
|
|
Income tax expense
(benefit)
|
|
|
|
|
|
|
|
|
709
|
|
|
|
|
|
|
|
|
|
470
|
|
Net income
(loss)
|
|
|
|
|
|
|
|
|
3,008
|
|
|
|
|
|
|
|
|
|
2,994
|
|
Net loss (income)
attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
48
|
|
|
|
|
|
|
|
|
|
70
|
|
Net income (loss)
attributable to stockholders
|
|
|
|
|
|
|
|
|
$
3,056
|
|
|
|
|
|
|
|
|
|
$
3,064
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
|
|
|
|
|
|
|
|
$
3,029
|
|
|
|
|
|
|
|
|
|
$
3,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2024
|
|
Nine Months Ended
September 30, 2023
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Combined
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Combined
|
|
Net sales and
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive
|
$
128,007
|
|
$ 76
|
|
$ —
|
|
$
(76)
|
|
$
128,008
|
|
$
118,403
|
|
$ 76
|
|
$ —
|
|
$
(81)
|
|
$
118,398
|
|
GM
Financial
|
—
|
|
—
|
|
11,761
|
|
(29)
|
|
11,732
|
|
—
|
|
—
|
|
10,482
|
|
(17)
|
|
10,465
|
|
Total net sales and
revenue
|
128,007
|
|
76
|
|
11,761
|
|
(105)
|
|
139,740
|
|
118,403
|
|
76
|
|
10,482
|
|
(98)
|
|
128,863
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive and other
cost of sales
|
109,958
|
|
1,662
|
|
—
|
|
(2)
|
|
111,618
|
|
102,917
|
|
1,811
|
|
—
|
|
(7)
|
|
104,721
|
|
GM Financial interest,
operating and other expenses
|
—
|
|
—
|
|
9,569
|
|
(1)
|
|
9,568
|
|
—
|
|
—
|
|
8,314
|
|
(1)
|
|
8,313
|
|
Automotive and other
selling, general and administrative expense
|
6,813
|
|
482
|
|
—
|
|
(3)
|
|
7,292
|
|
7,089
|
|
362
|
|
—
|
|
(2)
|
|
7,449
|
|
Total costs and
expenses
|
116,771
|
|
2,144
|
|
9,569
|
|
(5)
|
|
128,478
|
|
110,006
|
|
2,172
|
|
8,314
|
|
(10)
|
|
120,483
|
|
Operating income
(loss)
|
11,237
|
|
(2,067)
|
|
2,192
|
|
(100)
|
|
11,262
|
|
8,397
|
|
(2,096)
|
|
2,168
|
|
(88)
|
|
8,380
|
|
Automotive interest
expense
|
631
|
|
158
|
|
—
|
|
(158)
|
|
631
|
|
691
|
|
20
|
|
—
|
|
(22)
|
|
689
|
|
Interest income and
other non-operating income, net
|
785
|
|
29
|
|
(1)
|
|
(58)
|
|
756
|
|
1,068
|
|
86
|
|
(1)
|
|
66
|
|
1,219
|
|
Equity income
(loss)
|
(366)
|
|
—
|
|
55
|
|
—
|
|
(311)
|
|
246
|
|
—
|
|
111
|
|
—
|
|
357
|
|
Income (loss) before
income taxes
|
$ 11,026
|
|
$(2,196)
|
|
$
2,246
|
|
$
—
|
|
$ 11,076
|
|
$
9,019
|
|
$(2,030)
|
|
$
2,278
|
|
$
—
|
|
$
9,267
|
|
Income tax expense
(benefit)
|
|
|
|
|
|
|
|
|
2,238
|
|
|
|
|
|
|
|
|
|
1,421
|
|
Net income
(loss)
|
|
|
|
|
|
|
|
|
8,837
|
|
|
|
|
|
|
|
|
|
7,846
|
|
Net loss (income)
attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
132
|
|
|
|
|
|
|
|
|
|
179
|
|
Net income (loss)
attributable to stockholders
|
|
|
|
|
|
|
|
|
$
8,969
|
|
|
|
|
|
|
|
|
|
$
8,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
|
|
|
|
|
|
|
|
$
8,914
|
|
|
|
|
|
|
|
|
|
$
7,946
|
|
__________
|
|
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
|
|
Nine Months
Ended
|
|
September 30,
2024
|
|
September 30,
2023
|
|
September 30,
2024
|
|
September 30,
2023
|
|
Basic earnings per
share
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to stockholders
|
$
3,056
|
|
$
3,064
|
|
$
8,969
|
|
$
8,026
|
|
Less: cumulative
dividends on subsidiary preferred stock(a)
|
(27)
|
|
(26)
|
|
(55)
|
|
(80)
|
|
Net income (loss)
attributable to common stockholders
|
$
3,029
|
|
$
3,038
|
|
$
8,914
|
|
$
7,946
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding
|
1,116
|
|
1,372
|
|
1,136
|
|
1,384
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
$
2.71
|
|
$
2.21
|
|
$
7.85
|
|
$
5.74
|
|
Diluted earnings per
share
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders – diluted
|
$
3,029
|
|
$
3,038
|
|
$
8,914
|
|
$
7,946
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding – diluted
|
1,131
|
|
1,378
|
|
1,147
|
|
1,390
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
$
2.68
|
|
$
2.20
|
|
$
7.77
|
|
$
5.72
|
|
Potentially dilutive
securities(b)
|
6
|
|
14
|
|
6
|
|
14
|
|
__________
|
|
(a)
|
Includes an
insignificant amount in participating securities income from a
subsidiary for the nine months ended September 30, 2024.
|
|
(b)
|
Potentially dilutive
securities attributable to outstanding stock options, Performance
Stock Units and Restricted Stock Units (RSUs) at September 30, 2024
and outstanding stock options and RSUs at September 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)
|
|
|
September 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
|
$
18,172
|
|
$
720
|
|
$
4,852
|
|
$
—
|
|
$
23,744
|
|
$
12,228
|
|
$ 1,344
|
|
$
5,282
|
|
$
—
|
|
$
18,853
|
|
Marketable debt
securities
|
8,477
|
|
—
|
|
—
|
|
—
|
|
8,477
|
|
7,613
|
|
—
|
|
—
|
|
—
|
|
7,613
|
|
Accounts and notes
receivable, net(a)
|
12,684
|
|
38
|
|
1,679
|
|
(619)
|
|
13,782
|
|
11,814
|
|
—
|
|
1,891
|
|
(1,327)
|
|
12,378
|
|
GM Financial
receivables, net(e)
|
—
|
|
—
|
|
44,736
|
|
(283)
|
|
44,453
|
|
—
|
|
—
|
|
39,246
|
|
(170)
|
|
39,076
|
|
Inventories
|
17,330
|
|
—
|
|
—
|
|
(5)
|
|
17,325
|
|
16,467
|
|
—
|
|
—
|
|
(6)
|
|
16,461
|
|
Other current
assets(b)
|
2,639
|
|
39
|
|
4,957
|
|
1
|
|
7,636
|
|
1,994
|
|
466
|
|
5,205
|
|
(428)
|
|
7,238
|
|
Total current
assets
|
59,303
|
|
796
|
|
56,224
|
|
(905)
|
|
115,419
|
|
50,115
|
|
1,809
|
|
51,624
|
|
(1,931)
|
|
101,618
|
|
Non-current
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GM Financial
receivables, net(d)
|
—
|
|
—
|
|
46,249
|
|
(320)
|
|
45,928
|
|
—
|
|
—
|
|
45,391
|
|
(348)
|
|
45,043
|
|
Equity in net assets
of nonconsolidated affiliates
|
9,469
|
|
—
|
|
1,570
|
|
—
|
|
11,039
|
|
8,943
|
|
—
|
|
1,670
|
|
—
|
|
10,613
|
|
Property,
net
|
51,306
|
|
89
|
|
109
|
|
—
|
|
51,505
|
|
50,104
|
|
93
|
|
124
|
|
—
|
|
50,321
|
|
Goodwill and
intangible assets, net
|
2,682
|
|
717
|
|
1,346
|
|
—
|
|
4,745
|
|
2,793
|
|
715
|
|
1,354
|
|
—
|
|
4,862
|
|
Equipment on operating
leases, net
|
—
|
|
—
|
|
30,956
|
|
—
|
|
30,956
|
|
—
|
|
—
|
|
30,582
|
|
—
|
|
30,582
|
|
Deferred income
taxes
|
21,003
|
|
1,751
|
|
(1,747)
|
|
—
|
|
21,007
|
|
21,722
|
|
1,723
|
|
(1,106)
|
|
—
|
|
22,339
|
|
Other
assets(c)
|
9,512
|
|
199
|
|
1,211
|
|
(2,232)
|
|
8,690
|
|
6,869
|
|
215
|
|
1,140
|
|
(538)
|
|
7,686
|
|
Total non-current
assets
|
93,972
|
|
2,756
|
|
79,694
|
|
(2,552)
|
|
173,870
|
|
90,430
|
|
2,745
|
|
79,156
|
|
(886)
|
|
171,446
|
|
Total
Assets
|
$ 153,275
|
|
$ 3,552
|
|
$
135,918
|
|
$
(3,457)
|
|
$ 289,289
|
|
$ 140,546
|
|
$ 4,555
|
|
$
130,780
|
|
$
(2,817)
|
|
$ 273,064
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
(principally trade)(a)
|
$
29,527
|
|
$
135
|
|
$ 586
|
|
$
(619)
|
|
$
29,629
|
|
$
27,846
|
|
$
185
|
|
$
1,136
|
|
$
(1,054)
|
|
$
28,114
|
|
Short-term debt and
current portion of long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive(a)(e)
|
1,147
|
|
5
|
|
—
|
|
(208)
|
|
944
|
|
591
|
|
272
|
|
—
|
|
(435)
|
|
428
|
|
GM
Financial
|
—
|
|
—
|
|
35,218
|
|
—
|
|
35,218
|
|
—
|
|
—
|
|
38,540
|
|
—
|
|
38,540
|
|
Cruise(e)
|
—
|
|
75
|
|
—
|
|
(75)
|
|
—
|
|
—
|
|
6
|
|
—
|
|
(6)
|
|
—
|
|
Accrued
liabilities(b)
|
24,165
|
|
354
|
|
5,157
|
|
(4)
|
|
29,672
|
|
21,468
|
|
590
|
|
5,741
|
|
(436)
|
|
27,364
|
|
Total current
liabilities
|
54,839
|
|
568
|
|
40,961
|
|
(905)
|
|
95,463
|
|
49,906
|
|
1,053
|
|
45,417
|
|
(1,931)
|
|
94,445
|
|
Non-current
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive(c)
|
15,512
|
|
2,259
|
|
—
|
|
(2,232)
|
|
15,540
|
|
15,979
|
|
544
|
|
—
|
|
(538)
|
|
15,985
|
|
GM
Financial
|
—
|
|
—
|
|
76,149
|
|
—
|
|
76,149
|
|
—
|
|
—
|
|
66,788
|
|
—
|
|
66,788
|
|
Cruise(d)
|
—
|
|
320
|
|
—
|
|
(320)
|
|
—
|
|
—
|
|
348
|
|
—
|
|
(348)
|
|
—
|
|
Postretirement
benefits other than pensions
|
4,235
|
|
—
|
|
—
|
|
—
|
|
4,235
|
|
4,345
|
|
—
|
|
—
|
|
—
|
|
4,345
|
|
Pensions
|
5,991
|
|
—
|
|
7
|
|
—
|
|
5,998
|
|
6,673
|
|
—
|
|
8
|
|
—
|
|
6,680
|
|
Other
liabilities
|
14,469
|
|
455
|
|
2,817
|
|
—
|
|
17,742
|
|
13,447
|
|
454
|
|
2,614
|
|
—
|
|
16,515
|
|
Total non-current
liabilities
|
40,207
|
|
3,035
|
|
78,974
|
|
(2,552)
|
|
119,664
|
|
40,444
|
|
1,345
|
|
69,409
|
|
(886)
|
|
110,312
|
|
Total
Liabilities
|
95,045
|
|
3,603
|
|
119,935
|
|
(3,457)
|
|
215,127
|
|
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(f)
|
18,625
|
|
693
|
|
1,255
|
|
(1,231)
|
|
19,342
|
|
18,866
|
|
240
|
|
1,314
|
|
(1,290)
|
|
19,130
|
|
Retained
earnings
|
47,849
|
|
(1,934)
|
|
16,133
|
|
1
|
|
62,050
|
|
39,579
|
|
(12)
|
|
15,823
|
|
1
|
|
55,391
|
|
Accumulated other
comprehensive loss
|
(9,065)
|
|
2
|
|
(1,405)
|
|
—
|
|
(10,468)
|
|
(9,066)
|
|
1
|
|
(1,183)
|
|
—
|
|
(10,247)
|
|
Total stockholders'
equity
|
57,420
|
|
(1,239)
|
|
15,983
|
|
(1,229)
|
|
70,935
|
|
49,391
|
|
229
|
|
15,954
|
|
(1,289)
|
|
64,286
|
|
Noncontrolling
interests(f)
|
809
|
|
1,188
|
|
—
|
|
1,229
|
|
3,227
|
|
805
|
|
1,809
|
|
—
|
|
1,289
|
|
3,903
|
|
Total
Equity
|
58,230
|
|
(51)
|
|
15,983
|
|
—
|
|
74,162
|
|
50,196
|
|
2,038
|
|
15,954
|
|
—
|
|
68,189
|
|
Total Liabilities
and Equity
|
$ 153,275
|
|
$ 3,552
|
|
$
135,918
|
|
$
(3,457)
|
|
$ 289,289
|
|
$ 140,546
|
|
$ 4,555
|
|
$
130,780
|
|
$
(2,817)
|
|
$ 273,064
|
|
__________
|
|
(a)
|
Eliminations primarily
include GM Financial accounts and notes receivable of $0.4 billion
due from Automotive; and Automotive accounts receivable of $0.2
billion primarily due from GM Financial and Cruise at September 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 intercompany asset transfer between Automotive and
Cruise for autonomous vehicle (AV) capital at December 31,
2023.
|
|
(c)
|
Eliminations primarily
related to convertible note issued by Cruise to Automotive at
September 30, 2024 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.
|
|
(d)
|
Eliminations primarily
related to intercompany loans due from Cruise to GM
Financial.
|
|
(e)
|
Eliminations primarily
related to GM Financial accounts receivables due from Automotive
and Cruise.
|
|
(f)
|
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)
|
|
|
Nine Months Ended
September 30, 2024
|
|
Nine Months Ended
September 30, 2023
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Combined
|
|
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Combined
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
8,944
|
|
$(1,743)
|
|
$
1,637
|
|
$
—
|
|
$
8,837
|
|
$
7,537
|
|
$(1,336)
|
|
$
1,645
|
|
$
—
|
|
$
7,846
|
|
Depreciation and
impairment of Equipment on operating leases, net
|
—
|
|
—
|
|
3,633
|
|
—
|
|
3,633
|
|
—
|
|
—
|
|
3,697
|
|
—
|
|
3,697
|
|
Depreciation,
amortization and impairment charges on Property, net
|
4,871
|
|
623
|
|
29
|
|
—
|
|
5,523
|
|
4,984
|
|
27
|
|
30
|
|
—
|
|
5,041
|
|
Foreign currency
remeasurement and transaction (gains) losses
|
(231)
|
|
—
|
|
2
|
|
—
|
|
(228)
|
|
111
|
|
—
|
|
3
|
|
—
|
|
114
|
|
Undistributed earnings
of nonconsolidated affiliates, net
|
(232)
|
|
—
|
|
(55)
|
|
—
|
|
(287)
|
|
77
|
|
—
|
|
(111)
|
|
—
|
|
(34)
|
|
Pension contributions
and OPEB payments
|
(815)
|
|
—
|
|
—
|
|
—
|
|
(815)
|
|
(676)
|
|
—
|
|
—
|
|
—
|
|
(676)
|
|
Pension and OPEB
income, net
|
49
|
|
—
|
|
1
|
|
—
|
|
50
|
|
(65)
|
|
—
|
|
1
|
|
—
|
|
(64)
|
|
Provision (benefit)
for deferred taxes
|
970
|
|
(455)
|
|
881
|
|
—
|
|
1,396
|
|
879
|
|
(694)
|
|
49
|
|
—
|
|
235
|
|
Change in other
operating assets and liabilities(a)(c)
|
5,618
|
|
(175)
|
|
(1,014)
|
|
(6,549)
|
|
(2,120)
|
|
3,293
|
|
583
|
|
(454)
|
|
(2,309)
|
|
1,114
|
|
Net cash provided by
(used in) operating activities
|
19,174
|
|
(1,750)
|
|
5,114
|
|
(6,549)
|
|
15,989
|
|
16,140
|
|
(1,420)
|
|
4,862
|
|
(2,309)
|
|
17,273
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenditures for
property
|
(7,495)
|
|
(4)
|
|
(16)
|
|
(81)
|
|
(7,597)
|
|
(7,072)
|
|
(50)
|
|
(21)
|
|
(121)
|
|
(7,264)
|
|
Available-for-sale
marketable securities, acquisitions
|
(3,467)
|
|
—
|
|
—
|
|
—
|
|
(3,467)
|
|
(3,499)
|
|
(490)
|
|
—
|
|
—
|
|
(3,989)
|
|
Available-for-sale
marketable securities, liquidations
|
2,757
|
|
—
|
|
—
|
|
—
|
|
2,757
|
|
4,966
|
|
1,709
|
|
—
|
|
—
|
|
6,675
|
|
Purchases of finance
receivables(a)
|
—
|
|
—
|
|
(31,222)
|
|
5,358
|
|
(25,864)
|
|
—
|
|
—
|
|
(28,376)
|
|
1,196
|
|
(27,180)
|
|
Principal collections
and recoveries on finance receivables(a)
|
—
|
|
—
|
|
23,524
|
|
1
|
|
23,526
|
|
—
|
|
—
|
|
21,132
|
|
2
|
|
21,135
|
|
Purchases of leased
vehicles
|
—
|
|
—
|
|
(11,243)
|
|
—
|
|
(11,243)
|
|
—
|
|
—
|
|
(10,247)
|
|
—
|
|
(10,247)
|
|
Proceeds from
termination of leased vehicles
|
—
|
|
—
|
|
8,627
|
|
—
|
|
8,627
|
|
—
|
|
—
|
|
9,860
|
|
—
|
|
9,860
|
|
Other investing
activities(b)(d)
|
(1,999)
|
|
—
|
|
1
|
|
1,256
|
|
(742)
|
|
(1,471)
|
|
—
|
|
(252)
|
|
632
|
|
(1,091)
|
|
Net cash provided by
(used in) investing activities
|
(10,204)
|
|
(4)
|
|
(10,329)
|
|
6,535
|
|
(14,004)
|
|
(7,076)
|
|
1,169
|
|
(7,903)
|
|
1,710
|
|
(12,100)
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in short-term debt(d)
|
(1)
|
|
—
|
|
87
|
|
—
|
|
85
|
|
227
|
|
—
|
|
(24)
|
|
(252)
|
|
(48)
|
|
Proceeds from issuance
of debt (original maturities greater than three
months)(b)
|
64
|
|
1,044
|
|
38,142
|
|
(1,087)
|
|
38,163
|
|
18
|
|
151
|
|
37,339
|
|
(151)
|
|
37,357
|
|
Payments on debt
(original maturities greater than three months)
|
(128)
|
|
(7)
|
|
(31,882)
|
|
6
|
|
(32,012)
|
|
(1,612)
|
|
(22)
|
|
(31,650)
|
|
14
|
|
(33,269)
|
|
Payment to purchase
common stock
|
(2,378)
|
|
—
|
|
—
|
|
—
|
|
(2,378)
|
|
(1,119)
|
|
—
|
|
—
|
|
—
|
|
(1,119)
|
|
Issuance (redemption)
of subsidiary stock(b)
|
—
|
|
255
|
|
—
|
|
(255)
|
|
—
|
|
—
|
|
362
|
|
—
|
|
(362)
|
|
—
|
|
Dividends
paid(c)
|
(408)
|
|
—
|
|
(1,469)
|
|
1,350
|
|
(526)
|
|
(375)
|
|
—
|
|
(1,469)
|
|
1,350
|
|
(493)
|
|
Other financing
activities
|
(65)
|
|
(162)
|
|
(142)
|
|
—
|
|
(369)
|
|
(279)
|
|
(207)
|
|
(116)
|
|
—
|
|
(602)
|
|
Net cash provided by
(used in) financing activities
|
(2,916)
|
|
1,130
|
|
4,735
|
|
14
|
|
2,963
|
|
(3,138)
|
|
284
|
|
4,080
|
|
599
|
|
1,826
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
(84)
|
|
—
|
|
(67)
|
|
—
|
|
(151)
|
|
(9)
|
|
—
|
|
41
|
|
—
|
|
31
|
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
5,969
|
|
(625)
|
|
(547)
|
|
—
|
|
4,798
|
|
5,916
|
|
34
|
|
1,079
|
|
—
|
|
7,030
|
|
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
|
$
18,279
|
|
$
734
|
|
$
7,702
|
|
$
—
|
|
$
26,715
|
|
$
19,663
|
|
$ 1,560
|
|
$
7,755
|
|
$
—
|
|
$
28,978
|
|
__________
|
|
(a)
|
Includes eliminations of $5.3 billion and $1.0
billion in the nine months ended September 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 nine months
ended September 30, 2024 and $0.4 billion of Automotive investment
in Cruise in the nine months ended September 30, 2024 and
2023.
|
|
(c)
|
Eliminations include
dividends issued by GM Financial to Automotive in the nine months
ended September 30, 2024 and 2023.
|
|
(d)
|
Includes eliminations
of $0.3 billion of Intercompany loans due from Automotive to GM
Financial in the nine months ended September 30, 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
September 30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales and
revenue
|
$ 41,157
|
|
$
3,517
|
|
$
62
|
|
$
—
|
|
$ 44,735
|
|
$ 26
|
|
$
4,031
|
|
$
(36)
|
|
$
48,757
|
|
Expenditures for
property
|
$
2,128
|
|
$
91
|
|
$
10
|
|
$
—
|
|
$
2,229
|
|
$
3
|
|
$
6
|
|
$
8
|
|
$ 2,245
|
|
Depreciation and
amortization
|
$
1,491
|
|
$ 131
|
|
$
27
|
|
$
—
|
|
$
1,650
|
|
$
6
|
|
$
1,217
|
|
$
—
|
|
$ 2,873
|
|
Impairment
charges
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
Equity income
(loss)(a)(b)
|
$ 309
|
|
$
(132)
|
|
$
—
|
|
$
—
|
|
$
177
|
|
$
—
|
|
$ 10
|
|
$
—
|
|
$
187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Eliminations
|
|
Total
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Total
|
|
Three Months Ended
September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales and
revenue
|
$ 36,106
|
|
$
4,330
|
|
$
67
|
|
$
—
|
|
$ 40,503
|
|
$ 25
|
|
$
3,641
|
|
$
(38)
|
|
$
44,131
|
|
Expenditures for
property
|
$
2,435
|
|
$
87
|
|
$
5
|
|
$
—
|
|
$
2,528
|
|
$ 18
|
|
$
4
|
|
$
30
|
|
$ 2,581
|
|
Depreciation and
amortization
|
$
1,585
|
|
$ 158
|
|
$
5
|
|
$
—
|
|
$
1,749
|
|
$ 12
|
|
$
1,231
|
|
$
—
|
|
$ 2,992
|
|
Impairment
charges
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
Equity income
(loss)(a)(b)
|
$ 105
|
|
$ 190
|
|
$
—
|
|
$
—
|
|
$
295
|
|
$
—
|
|
$ 33
|
|
$
—
|
|
$
328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Eliminations
|
|
Total
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Total
|
|
Nine Months Ended
September 30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales and
revenue
|
$
117,981
|
|
$
9,897
|
|
$ 130
|
|
$
—
|
|
$
128,007
|
|
$ 76
|
|
$ 11,761
|
|
$
(105)
|
|
$
139,740
|
|
Expenditures for
property
|
$
7,220
|
|
$ 258
|
|
$
18
|
|
$
—
|
|
$
7,495
|
|
$
4
|
|
$
16
|
|
$
81
|
|
$ 7,597
|
|
Depreciation and
amortization
|
$
4,415
|
|
$ 403
|
|
$
53
|
|
$
—
|
|
$
4,871
|
|
$ 18
|
|
$
3,662
|
|
$
—
|
|
$ 8,551
|
|
Impairment
charges
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$ 605
|
|
$
—
|
|
$
—
|
|
$
605
|
|
Equity income
(loss)(a)(b)
|
$
766
|
|
$
(343)
|
|
$
—
|
|
$
—
|
|
$
423
|
|
$
—
|
|
$ 55
|
|
$
—
|
|
$
477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Eliminations
|
|
Total
Automotive
|
|
Cruise
|
|
GM
Financial
|
|
Reclassifications/
Eliminations
|
|
Total
|
|
Nine Months Ended
September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales and
revenue
|
$
106,214
|
|
$ 12,011
|
|
$ 177
|
|
$
—
|
|
$
118,403
|
|
$ 76
|
|
$ 10,482
|
|
$
(98)
|
|
$
128,863
|
|
Expenditures for
property
|
$
6,710
|
|
$ 350
|
|
$
12
|
|
$
—
|
|
$
7,072
|
|
$ 50
|
|
$
21
|
|
$
121
|
|
$ 7,264
|
|
Depreciation and
amortization
|
$
4,544
|
|
$ 424
|
|
$
15
|
|
$
—
|
|
$
4,984
|
|
$ 27
|
|
$
3,727
|
|
$
—
|
|
$ 8,738
|
|
Impairment
charges
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
Equity income
(loss)(a)(b)
|
$
89
|
|
$ 348
|
|
$
—
|
|
$
—
|
|
$
437
|
|
$
—
|
|
$ 111
|
|
$
—
|
|
$
548
|
|
__________
|
|
(a)
|
Includes Automotive
China joint ventures (Automotive China JVs) equity loss of
$137 million and $347 million in the three and nine months ended
September 30, 2024 and Automotive China JVs equity income of $192
million and $353 million in the three and nine months ended
September 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
$309 million and $788 million in the three and nine months ended
September 30, 2024 and $101 million and $191 million in the three
and nine months ended September 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
|
|
Nine Months
Ended
|
|
September 30,
2024
|
|
September 30,
2023
|
|
September 30,
2024
|
|
September 30,
2023
|
|
Net income attributable
to stockholders(a)
|
$
3,056
|
|
$
3,064
|
|
$
8,969
|
|
$
8,026
|
|
Income tax expense
(benefit)
|
709
|
|
470
|
|
2,238
|
|
1,421
|
|
Automotive interest
expense
|
206
|
|
229
|
|
631
|
|
689
|
|
Automotive interest
income
|
(274)
|
|
(322)
|
|
(688)
|
|
(801)
|
|
Adjustments
|
|
|
|
|
|
|
|
|
Restructuring
actions(b)
|
190
|
|
—
|
|
190
|
|
—
|
|
Buick dealer
strategy(c)
|
150
|
|
93
|
|
321
|
|
438
|
|
GMI plant wind
down(d)
|
43
|
|
—
|
|
146
|
|
—
|
|
Headquarters
relocation(e)
|
34
|
|
—
|
|
34
|
|
—
|
|
Cruise
restructuring(f)
|
—
|
|
—
|
|
583
|
|
—
|
|
Voluntary separation
program(g)
|
—
|
|
30
|
|
—
|
|
905
|
|
GM Korea wage
litigation(h)
|
—
|
|
—
|
|
—
|
|
(76)
|
|
Total
adjustments
|
417
|
|
123
|
|
1,274
|
|
1,267
|
|
EBIT-adjusted
|
4,115
|
|
3,564
|
|
12,424
|
|
10,601
|
|
Operating
segments
|
|
|
|
|
|
|
|
|
GM North America
(GMNA)
|
3,982
|
|
3,526
|
|
12,254
|
|
10,295
|
|
GM International
(GMI)
|
42
|
|
357
|
|
82
|
|
940
|
|
Cruise
|
(383)
|
|
(732)
|
|
(1,284)
|
|
(1,904)
|
|
GM
Financial(i)
|
687
|
|
741
|
|
2,246
|
|
2,278
|
|
Total operating
segments
|
4,327
|
|
3,892
|
|
13,299
|
|
11,610
|
|
Corporate and
eliminations(j)
|
(213)
|
|
(328)
|
|
(874)
|
|
(1,009)
|
|
EBIT-adjusted
|
$
4,115
|
|
$
3,564
|
|
$
12,424
|
|
$
10,601
|
|
__________
|
|
(a)
|
Net of net loss
attributable to noncontrolling interests.
|
|
(b)
|
These adjustments were
excluded because they relate to employee separation charges
primarily in North America.
|
|
(c)
|
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.
|
|
(d)
|
These adjustments were
excluded because they relate to the wind down of our manufacturing
operations in Colombia and Ecuador.
|
|
(e)
|
These adjustments were
excluded because they relate to the GM headquarters relocation,
primarily consisting of accelerated depreciation.
|
|
(f)
|
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.
|
|
(g)
|
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.
|
|
(h)
|
This adjustment was
excluded because it relates to the partial resolution of
subcontractor matters in Korea.
|
|
(i)
|
GM Financial amounts
represent EBT-adjusted.
|
|
(j)
|
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
|
|
Nine Months
Ended
|
|
September 30,
2024
|
|
September 30,
2023
|
|
September 30,
2024
|
|
September 30,
2023
|
|
Amount
|
|
Per
Share
|
|
Amount
|
|
Per
Share
|
|
Amount
|
|
Per
Share
|
|
Amount
|
|
Per
Share
|
|
Diluted earnings per
common share
|
$
3,029
|
|
$
2.68
|
|
$
3,038
|
|
$
2.20
|
|
$
8,914
|
|
$
7.77
|
|
$
7,946
|
|
$
5.72
|
|
Adjustments(a)
|
417
|
|
0.37
|
|
123
|
|
0.09
|
|
1,274
|
|
1.11
|
|
1,267
|
|
0.91
|
|
Tax effect on
adjustments(b)
|
(96)
|
|
(0.08)
|
|
(25)
|
|
(0.02)
|
|
(290)
|
|
(0.25)
|
|
(324)
|
|
(0.23)
|
|
EPS-diluted-adjusted
|
$
3,350
|
|
$
2.96
|
|
$
3,136
|
|
$
2.28
|
|
$
9,898
|
|
$
8.63
|
|
$
8,889
|
|
$
6.40
|
|
__________
|
|
(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
|
|
Nine Months
Ended
|
|
September 30,
2024
|
|
September 30,
2023
|
|
September 30,
2024
|
|
September 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
|
$ 3,717
|
|
$
709
|
|
19.1 %
|
|
$
3,464
|
|
$
470
|
|
13.6 %
|
|
$
11,076
|
|
$
2,238
|
|
20.2 %
|
|
$ 9,267
|
|
$
1,421
|
|
15.3 %
|
|
Adjustments(a)
|
418
|
|
96
|
|
|
|
123
|
|
25
|
|
|
|
1,342
|
|
290
|
|
|
|
1,267
|
|
324
|
|
|
|
ETR-adjusted
|
$ 4,135
|
|
$
805
|
|
19.5 %
|
|
$
3,587
|
|
$
495
|
|
13.8 %
|
|
$
12,418
|
|
$
2,528
|
|
20.4 %
|
|
$
10,534
|
|
$
1,745
|
|
16.6 %
|
|
__________
|
|
(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
|
|
September 30,
2024
|
|
September 30,
2023
|
|
Net income attributable
to stockholders
|
$
11.1
|
|
$
10.0
|
|
Average
equity(a)
|
$
69.5
|
|
$
72.8
|
|
ROE
|
15.9 %
|
|
13.8 %
|
|
__________
|
|
(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
|
|
September 30,
2024
|
|
September 30,
2023
|
|
EBIT-adjusted(a)
|
$
14.2
|
|
$
14.4
|
|
Average
equity(b)
|
$
69.5
|
|
$
72.8
|
|
Add: Average automotive
debt and interest liabilities (excluding finance leases)
|
16.3
|
|
16.6
|
|
Add: Average automotive
net pension & OPEB liability
|
9.8
|
|
7.5
|
|
Less: Average
automotive and other net income tax asset
|
(22.7)
|
|
(20.5)
|
|
ROIC-adjusted average
net assets
|
$
73.0
|
|
$
76.4
|
|
ROIC-adjusted
|
19.4 %
|
|
18.9 %
|
|
__________
|
|
(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
|
|
Nine Months
Ended
|
|
September 30,
2024
|
|
September 30,
2023
|
|
September 30,
2024
|
|
September 30,
2023
|
|
Net automotive cash
provided by operating activities
|
$
7,863
|
|
$
6,794
|
|
$
19,174
|
|
$
16,140
|
|
Less: Capital
expenditures
|
(2,229)
|
|
(2,528)
|
|
(7,495)
|
|
(7,072)
|
|
Add: Buick dealer
strategy
|
100
|
|
106
|
|
376
|
|
461
|
|
Add: Restructuring
actions
|
74
|
|
—
|
|
74
|
|
—
|
|
Add: Employee
separation costs
|
—
|
|
538
|
|
58
|
|
796
|
|
Add: GMI plant wind
down
|
26
|
|
—
|
|
35
|
|
—
|
|
Adjusted automotive
free cash flow
|
$
5,834
|
|
$
4,910
|
|
$
12,222
|
|
$
10,325
|
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 nine months ended September 30,
2024, 27.0% 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
|
|
Nine Months
Ended
|
|
September 30,
2024
|
|
September 30,
2023
|
|
September 30,
2024
|
|
September 30,
2023
|
|
GMNA
|
893
|
|
810
|
|
2,588
|
|
2,365
|
|
GMI
|
140
|
|
171
|
|
383
|
|
459
|
|
Total
|
1,033
|
|
981
|
|
2,971
|
|
2,824
|
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
|
|
Nine Months
Ended
|
|
September 30,
2024
|
|
September 30,
2023
|
|
September 30,
2024
|
|
September 30,
2023
|
|
Industry
|
|
GM
|
|
Market
Share
|
|
Industry
|
|
GM
|
|
Market
Share
|
|
Industry
|
|
GM
|
|
Market
Share
|
|
Industry
|
|
GM
|
|
Market
Share
|
|
North
America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
3,993
|
|
660
|
|
16.5 %
|
|
4,091
|
|
674
|
|
16.5 %
|
|
12,039
|
|
1,950
|
|
16.2 %
|
|
12,001
|
|
1,970
|
|
16.4 %
|
|
Other
|
987
|
|
130
|
|
13.2 %
|
|
933
|
|
122
|
|
13.0 %
|
|
2,887
|
|
376
|
|
13.0 %
|
|
2,647
|
|
338
|
|
12.8 %
|
|
Total North
America
|
4,981
|
|
790
|
|
15.9 %
|
|
5,025
|
|
796
|
|
15.8 %
|
|
14,925
|
|
2,326
|
|
15.6 %
|
|
14,648
|
|
2,308
|
|
15.8 %
|
|
Asia/Pacific, Middle
East and Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China(a)
|
6,602
|
|
426
|
|
6.5 %
|
|
6,489
|
|
542
|
|
8.3 %
|
|
18,141
|
|
1,240
|
|
6.8 %
|
|
17,740
|
|
1,530
|
|
8.6 %
|
|
Other
|
5,486
|
|
150
|
|
2.7 %
|
|
5,547
|
|
159
|
|
2.9 %
|
|
16,168
|
|
382
|
|
2.4 %
|
|
16,363
|
|
410
|
|
2.5 %
|
|
Total Asia/Pacific,
Middle East and Africa
|
12,088
|
|
576
|
|
4.8 %
|
|
12,036
|
|
701
|
|
5.8 %
|
|
34,309
|
|
1,622
|
|
4.7 %
|
|
34,103
|
|
1,940
|
|
5.7 %
|
|
South
America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil
|
715
|
|
82
|
|
11.4 %
|
|
631
|
|
87
|
|
13.8 %
|
|
1,858
|
|
223
|
|
12.0 %
|
|
1,628
|
|
236
|
|
14.5 %
|
|
Other
|
363
|
|
28
|
|
7.7 %
|
|
354
|
|
33
|
|
9.3 %
|
|
989
|
|
82
|
|
8.3 %
|
|
1,081
|
|
98
|
|
9.1 %
|
|
Total South
America
|
1,078
|
|
110
|
|
10.2 %
|
|
985
|
|
120
|
|
12.2 %
|
|
2,847
|
|
305
|
|
10.7 %
|
|
2,709
|
|
334
|
|
12.3 %
|
|
Total in GM
markets
|
18,146
|
|
1,475
|
|
8.1 %
|
|
18,046
|
|
1,617
|
|
9.0 %
|
|
52,081
|
|
4,253
|
|
8.2 %
|
|
51,460
|
|
4,582
|
|
8.9 %
|
|
Total Europe
|
3,770
|
|
1
|
|
— %
|
|
4,012
|
|
1
|
|
— %
|
|
12,623
|
|
2
|
|
— %
|
|
12,414
|
|
2
|
|
— %
|
|
Total
Worldwide(b)
|
21,916
|
|
1,476
|
|
6.7 %
|
|
22,057
|
|
1,618
|
|
7.3 %
|
|
64,704
|
|
4,255
|
|
6.6 %
|
|
63,874
|
|
4,584
|
|
7.2 %
|
|
United
States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cars
|
723
|
|
38
|
|
5.3 %
|
|
791
|
|
55
|
|
7.0 %
|
|
2,205
|
|
141
|
|
6.4 %
|
|
2,334
|
|
183
|
|
7.9 %
|
|
Trucks
|
1,099
|
|
337
|
|
30.7 %
|
|
1,083
|
|
343
|
|
31.7 %
|
|
3,152
|
|
987
|
|
31.3 %
|
|
3,212
|
|
982
|
|
30.6 %
|
|
Crossovers
|
2,172
|
|
284
|
|
13.1 %
|
|
2,217
|
|
276
|
|
12.4 %
|
|
6,682
|
|
822
|
|
12.3 %
|
|
6,455
|
|
804
|
|
12.5 %
|
|
Total United
States
|
3,993
|
|
660
|
|
16.5 %
|
|
4,091
|
|
674
|
|
16.5 %
|
|
12,039
|
|
1,950
|
|
16.2 %
|
|
12,001
|
|
1,970
|
|
16.4 %
|
|
China(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SGMS
|
|
|
98
|
|
|
|
|
|
246
|
|
|
|
|
|
372
|
|
|
|
|
|
659
|
|
|
|
SGMW
|
|
|
329
|
|
|
|
|
|
296
|
|
|
|
|
|
868
|
|
|
|
|
|
871
|
|
|
|
Total China
|
6,602
|
|
426
|
|
6.5 %
|
|
6,489
|
|
542
|
|
8.3 %
|
|
18,141
|
|
1,240
|
|
6.8 %
|
|
17,740
|
|
1,530
|
|
8.6 %
|
|
__________
|
|
(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
|
|
Nine Months
Ended
|
|
September 30,
2024
|
|
September 30,
2023
|
|
September 30,
2024
|
|
September 30,
2023
|
|
GMNA
|
127
|
|
165
|
|
447
|
|
538
|
|
GMI
|
109
|
|
130
|
|
275
|
|
338
|
|
Total fleet
sales
|
236
|
|
295
|
|
722
|
|
876
|
|
|
|
|
|
|
|
|
|
Fleet sales as a
percentage of total vehicle sales
|
16.0 %
|
|
18.2 %
|
|
17.0 %
|
|
19.1 %
|
|
|
|
|
|
|
|
|
|
North America capacity
two-shift utilization
|
109.1 %
|
|
96.5 %
|
|
106.4 %
|
|
98.4 %
|
View original
content:https://www.prnewswire.com/news-releases/gm-releases-2024-third-quarter-results-and-updates-full-year-guidance-302282403.html
SOURCE General Motors Company
