Form 8-K
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549-1004

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) November 10, 2010

 

 

GENERAL MOTORS COMPANY

(Exact Name of Registrant as Specified in its Charter)

 

 

 

000-53930   DELAWARE   27-0756180

(Commission

File Number)

  (State or other jurisdiction
of incorporation)
 

(I.R.S. Employer

Identification No.)

 

300 Renaissance Center, Detroit, Michigan   48265-3000
(Address of Principal Executive Offices)   (Zip Code)

(313) 556-5000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17-CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Table of Contents

 

TABLE OF CONTENTS

 

ITEM 2.02     RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS
ITEM 9.01     FINANCIAL STATEMENTS AND EXHIBITS
SIGNATURES
INDEX TO EXHIBITS

News Release Dated November 10, 2010 and Financial Statements


Table of Contents

 

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On November 10, 2010, a news release was issued on the subject of third quarter 2010 consolidated earnings for General Motors Company (GM). The news release did not include certain financial statements, related footnotes and certain other financial information that will be filed with the Securities and Exchange Commission as part of GM’s Quarterly Report on Form 10-Q. The news release and financial statements are incorporated as Exhibit 99.1.

 

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

EXHIBITS

 

Exhibit

  

Description

  

Method of Filing

Exhibit 99.1    News Release Dated November 10, 2010 and Financial Statements    Attached as Exhibit


Table of Contents

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

   

GENERAL MOTORS COMPANY

(Registrant)

Date: November 10, 2010     By:  

/S/    NICK S. CYPRUS        

     

Nick S. Cyprus

Vice President,

Controller and Chief Accounting Officer

News Release Dated November 10, 2010 and Financial Statements

Exhibit 99.1

LOGO

For Release: November 10, 2010, 7:30 a.m. ET

GM Announces Third Quarter 2010 Results

GM achieves third consecutive quarter of profitability and positive cash flow

Net income of $2.0 billion, earnings per share of $1.20

DETROIT, Mich. – General Motors Company today announced that for the third quarter ending September 30, 2010, the company generated:

 

   

Revenue of $34.1 billion

 

   

Net income attributable to common stockholders of $2.0 billion

 

   

Earnings per share on a fully diluted basis and adjusted for 3-1 stock split of $1.20

 

   

Earnings before interest and tax (EBIT) of $2.3 billion

 

   

Net cash flow from operating activities of $2.6 billion

 

   

Free cash flow of $1.4 billion

“As demonstrated by our third consecutive quarter of profitability and positive cash flow, these results continue our significant progress,” said Chris Liddell, vice chairman and chief financial officer.

GM North America had EBIT in the third quarter 2010 of $2.1 billion, up from $1.6 billion in the second quarter. GM Europe had a loss before interest and taxes of $0.6 billion, down from a loss of $0.2 billion in the second quarter. GM International Operations posted EBIT of $0.6 billion, down from $0.7 billion in the second quarter.

Net cash flow from operating activities was $2.6 billion and after adjusting for capital expenditures of $1.2 billion, free cash flow was $1.4 billion.

GM expects to also report positive EBIT for the fourth quarter, albeit at a significantly lower run rate than each of the first three quarters, and profitable year-end results for calendar year 2010.

# # #


 

About General Motors

General Motors, one of the world’s largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 208,000 people in every major region of the world and does business in more than 120 countries. GM and its strategic partners produce cars and trucks in 31 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang, Opel, Vauxhall and Wuling. GM’s largest national market is China, followed by the United States, Brazil, Germany, the United Kingdom, Canada, and Italy. GM’s OnStar subsidiary is the industry leader in vehicle safety, security and information services. General Motors acquired operations from General Motors Corporation on July 10, 2009, and references to prior periods in this and other press materials refer to operations of the old General Motors Corporation. More information on the new General Motors can be found at www.gm.com.

Forward-Looking Statements

In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planning significant investment in new technology; our ability to realize successful vehicle applications of new technology; and our ability to continue to attract new customers, particularly for our new products.

GM’s most recent annual report on Form 10-K and quarterly report on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.

Contacts:

Reneé Rashid-Merem

Office 313-665-3128

Cell 313-701-8560

renee.rashid-merem@gm.com

Randy Arickx

Office 313-667-0006

Cell 313-268-7070

randy.c.arickx@gm.com


 

Exhibit 1

General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

The accompanying tables and charts for securities analysts include earnings before interest and taxes (EBIT), adjusted EBIT and free cash flow which are not prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP) and have not been audited or reviewed by GM’s independent auditors. EBIT, adjusted EBIT and free cash flow are considered non-GAAP financial measures.

Management believes these non-GAAP financial measures provide meaningful supplemental information regarding GM’s operating results because they exclude amounts that management does not consider part of operating results when assessing and measuring the operational and financial performance of the organization. Management believes these measures allow it to readily view operating trends, perform analytical comparisons, benchmark performance among geographic regions and assess whether GM’s plan to return to sustained profitability is on target. Accordingly, GM believes these non-GAAP financial measures are useful in allowing for greater transparency of GM’s core operations and they are therefore used by management in its financial and operational decision-making.

While management believes that these non-GAAP financial measures provide useful information, they are not operating measures under U.S. GAAP and there are limitations associated with their use. GM’s calculation of these non-GAAP financial measures may not be completely 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 financial measures has limitations and should not be considered in isolation from, or as a substitute for, other measures such as Net income or Net income attributable to common stockholders. Due to these limitations, these non-GAAP financial measures are used as a supplement to U.S. GAAP measures.

The following table summarizes the reconciliation of EBIT to its most comparable U.S. GAAP measure (dollars in millions):

 

    Successor  
    Three Months
Ended
September 30, 2010
    Nine Months
Ended
September 30, 2010
    Three Months
Ended
June 30, 2010
    Three Months
Ended
March 31, 2010
 

Operating segments

       

GMNA(a)

  $ 2,125      $ 4,935      $ 1,592      $ 1,218   

GME(a)(b)

    (559     (1,196     (160     (477

GMIO(a)(b)

    646        2,484        672        1,166   
                               

Total operating segments

    2,212        6,223        2,104        1,907   

Corporate and eliminations(b)

    63        (91     (71     (83
                               

EBIT

    2,275        6,132        2,033        1,824   

Interest income

    125        329        114        90   

Interest expense

    263        850        250        337   

Income tax expense (benefit)

    (25     845        361        509   
                               

Net income attributable to stockholders

    2,162        4,766        1,536        1,068   

Less: Cumulative dividends on preferred stock

    203        608        202        203   
                               

Net income attributable to common stockholders

  $ 1,959      $ 4,158      $ 1,334      $ 865   
                               

 

(a) Interest and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for GM’s operating segments between EBIT and Net income attributable to stockholders.
(b) In the three months ended June 30, 2010 GM changed its managerial reporting structure so that certain entities geographically located within Russia and Uzbekistan were transferred from GM’s GME segment to GM’s GMIO segment. GM has revised the segment presentation for all periods presented.

Note: A three-for-one stock split was approved by GM’s stockholders and effected on November 1, 2010. All applicable Successor share, per share and related information on or subsequent to July 10, 2009 has been adjusted retroactively to give the effect of the three-for-one split. Additionally, GM’s stockholders approved amendments to its Certificate of Incorporation on November 1, 2010 to increase the number of shares of common stock that GM is authorized to issue from 2,500,000,000 shares to 5,000,000,000 shares and to increase the number of preferred shares that GM is authorized to issue from 1,000,000,000 shares to 2,000,000,000 shares.

 

1


 

General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

The following tables summarize the reconciliation of adjusted EBIT to EBIT and free cash flow to Net cash provided by operating activities (dollars in millions):

 

     Successor  
     Three Months
Ended
September 30, 2010
     Nine Months
Ended
September 30, 2010(a)
     Three Months
Ended
June 30, 2010
     Three Months
Ended
March 31, 2010(a)
 

Adjusted EBIT

   $ 2,275       $ 6,009       $ 2,033       $ 1,701   

Adjustments

     —           123         —           123   
                                   

EBIT

   $ 2,275       $ 6,132       $ 2,033       $ 1,824   
                                   

Free Cash Flow(b)

   $ 1,363       $ 5,207       $ 2,834       $ 1,010   

Capital expenditures(b)

     1,261         3,112         1,011         840   
                                   

Net cash provided by (used in) operating activities(b)

   $ 2,624       $ 8,319       $ 3,845       $ 1,850   
                                   

 

(a) In the three months ended March 31, 2010 Adjustments included a gain of $123 million as a result of the sale of Saab Automobile AB to Spyker Cars NV.
(b) In the three months ended June 30, 2010 GM identified several items which had not been properly classified in GM’s condensed consolidated statement of cash flows for the three months ended March 31, 2010. For the nine months ended September 30, 2010, GM has correctly presented these items in GM’s condensed consolidated statement of cash flows and corrected the amounts presented for the three months ended March 31, 2010.

 

2


 

General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

 

     Successor      Combined GM and Old GM  
     Three Months
Ended
September 30, 2010
     Nine Months
Ended
September 30, 2010
     Three Months
Ended
September 30, 2009
     Nine Months
Ended
September 30, 2009
 

Production Volume (units in thousands)(a)

           

GMNA - Cars

     215         737         206         493   

GMNA - Trucks

     492         1,369         325         805   
                                   

Total GMNA

     707         2,106         531         1,298   

GME

     286         921         272         851   

GMIO(b)(c)

     1,111         3,418         910         2,433   
                                   

Total Worldwide

     2,104         6,445         1,713         4,582   
                                   

 

(a) Production volume represents the number of vehicles manufactured by GM and Old GM’s assembly facilities and also includes vehicles produced by certain joint ventures.
(b) Includes SGM joint venture production in China of 246,000 vehicles and 735,000 vehicles and SGMW, FAW-GM joint venture production in China and SAIC GM Investment Ltd. (HKJV) joint venture production in India of 321,000 vehicles and 1.1 million vehicles in the three and nine months ended September 30, 2010 and combined GM and Old GM SGM joint venture production in China of 191,000 vehicles and 473,000 vehicles and combined GM and Old GM SGMW and FAW-GM joint venture production in China of 290,000 vehicles and 817,000 vehicles in the three and nine months ended September 30, 2009.
(c) The joint venture agreements with SGMW (34%) and FAW-GM (50%) allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture production in China.

 

3


General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

 

    Successor     Combined GM and Old GM  
    Three Months
Ended
September 30, 2010
    Nine Months
Ended
September 30, 2010
    Three Months
Ended
September 30, 2009
    Nine Months
Ended
September 30, 2009
 

Vehicle Sales (units in
thousands)(a)(b)(c)(d)

       

United States

       

Chevrolet – Cars

    154        503        172        413   

Chevrolet – Trucks

    239        673        223        579   

Cadillac

    40        105        24        73   

Buick

    44        114        25        72   

GMC

    80        232        63        182   

Other

    1        12        84        227   
                               

Total United States

    558        1,639        593        1,547   

Canada, Mexico and Other

    103        302        98        301   
                               

Total GMNA(e)

    661        1,941        690        1,847   
                               

GME

       

Opel/Vauxhall

    272        881        299        944   

Chevrolet

    118        351        103        320   

Other

    1        6        6        26   
                               

Total GME(f)

    391        1,238        409        1,290   
                               

GMIO

       

Chevrolet

    483        1,383        393        1,065   

Buick

    147        402        117        313   

GM Daewoo

    30        90        33        80   

Holden

    34        107        31        91   

Wuling

    272        909        262        754   

FAW-GM

    17        67        9        9   

GMC

    8        25        10        27   

Cadillac

    6        16        3        8   

Other

    15        43        14        43   
                               

Total GMIO(f)(g)(h)

    1,014        3,041        872        2,389   
                               

Total Worldwide(f)

    2,065        6,220        1,972        5,526   
                               

 

(a) Includes HUMMER, Saturn and Pontiac vehicle sales data.
(b) Includes Saab vehicle sales data through February 2010.
(c) Vehicle sales data may include rounding differences.
(d) Certain fleet sales that are accounted for as operating leases are included in vehicle sales at the time of delivery to the daily rental car companies.
(e) Vehicle sales primarily represent sales to the ultimate customer.
(f) Vehicle sales primarily represent estimated sales to the ultimate customer.
(g) Includes SGM joint venture vehicle sales in China of 262,000 vehicles and 713,000 vehicles and SGMW, FAW-GM joint venture vehicle sales in China and HKJV joint venture vehicle sales in India of 313,000 vehicles and 1.0 million vehicles in the three and nine months ended September 30, 2010 and combined GM and Old GM SGM joint venture vehicle sales in China of 195,000 vehicles and 473,000 vehicles and combined GM and Old GM SGMW and FAW-GM joint venture vehicle sales in China of 271,000 vehicles and 763,000 vehicles in the three and nine months ended September 30, 2009. GM does not record revenue from their joint ventures’ vehicle sales.
(h) The joint venture agreements with SGMW (34%) and FAW-GM (50%) allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture vehicle sales in China.

 

4


 

General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

 

    Successor     Combined GM and Old GM  
    Three Months
Ended
September 30, 2010
    Nine Months
Ended
September 30, 2010
    Three Months
Ended
September 30, 2009
    Nine Months
Ended
September 30, 2009
 

Market Share(a)(b)

       

United States – Cars

    13.9     14.6     16.5     16.5

United States – Trucks

    22.4     22.6     22.8     22.6

Total United States

    18.3     18.7     19.4     19.5

Total GMNA(c)

    17.7     18.1     18.7     18.9

Total GME(d)

    8.9     8.7     9.0     9.1

Total GMIO(d)(e)(f)

    10.3     10.2     10.3     10.2

Total Worldwide

    11.5     11.4     11.8     11.6

U.S. Retail/Fleet Mix

       

% Fleet Sales - Cars

    33.4     38.9     29.8     27.3

% Fleet Sales - Trucks

    21.9     24.8     21.2     22.0

Total Vehicles

    26.1     30.2     25.1     24.3

GMNA Capacity Utilization(g)

    90.1     89.5     53.3     43.4

 

(a) Includes HUMMER, Saturn and Pontiac vehicle sales data.
(b) Includes Saab vehicle sales data through February 2010.
(c) Vehicle sales represent sales to the ultimate customer.
(d) Vehicle sales primarily represent estimated sales to the ultimate customer.
(e) Includes SGM joint venture vehicle sales in China of 262,000 vehicles and 713,000 vehicles and SGMW, FAW-GM joint venture vehicle sales in China and HKJV joint venture vehicle sales in India of 313,000 vehicles and 1.0 million vehicles in the three and nine months ended September 30, 2010 and combined GM and Old GM SGM joint venture vehicle sales in China of 195,000 vehicles and 473,000 vehicles and combined GM and Old GM SGMW and FAW-GM joint venture vehicle sales in China of 271,000 vehicles and 763,000 vehicles in the three and nine months ended September 30, 2009. GM does not record revenue from their joint ventures’ vehicle sales.
(f) The joint venture agreements with SGMW (34%) and FAW-GM (50%) allows for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture vehicle sales in China as part of global market share. These entities are not consolidated for financial reporting purposes. Income and losses related to these entities are recorded in Equity income (loss), net of tax.
(g) Two shift rated, annualized.

 

     Successor  
     September 30, 2010      December 31, 2009  

Worldwide Employment (thousands)

     

GMNA(a)

     106         103   

GME(b)

     41         50   

GMIO(c)

     62         62   
                 

Total Worldwide

     209         215   
                 

United States — Salaried

     26         26   

United States — Hourly

     53         51   

 

(a) GM acquired AmeriCredit Corp. effective October 1, 2010, which was subsequently renamed General Motors Financial Company, Inc. (GM Financial). At September 30, 2010 GM Financial employed 3,000 employees in the United States and Canada. These employees were excluded from GM amounts because the date of acquisition was subsequent to September 30, 2010.
(b) Decrease in GME primarily relates to the sale of Saab, employees located within Russia and Uzbekistan transferred from GM’s GME segment to GM’s GMIO segment and restructuring initiatives in Germany, Spain, and the United Kingdom.
(c) GMIO includes a reduction of 2,400 employees due to the sale of GM’s India Operations.

 

     Successor           Predecessor  
     Three Months
Ended
September 30, 2010
     Nine Months
Ended
September 30, 2010
     July 10, 2009
Through
September 30, 2009
          July 1, 2009
Through
July 9, 2009
     January 1, 2009
Through
July 9, 2009
 

Worldwide Payroll (billions)

   $ 3.2       $ 9.3       $ 2.9          $ 0.3       $ 6.2   

 

5


 

General Motors Company and Subsidiaries

Condensed Consolidated Statements of Operations

(In millions, except per share amounts)

(Unaudited)

 

     Successor           Predecessor  
     Three Months
Ended
September 30, 2010
    Nine Months
Ended
September 30, 2010
    July 10, 2009
Through
September 30, 2009
          July 1, 2009
Through
July 9, 2009
    January 1, 2009
Through
July 9, 2009
 

Net sales and revenue

   $ 34,060      $ 98,710      $ 25,147          $ 1,637      $ 47,115   
                                            

Costs and expenses

              

Cost of sales

     29,468        85,818        23,554            1,819        55,814   

Selling, general and administrative expense

     2,710        8,017        2,636            728        6,161   

Other expenses (income), net

     30        115        (40         81        1,235   
                                            

Total costs and expenses

     32,208        93,950        26,150            2,628        63,210   
                                            

Operating income (loss)

     1,852        4,760        (1,003         (991     (16,095

Equity in income of and disposition of interest in Ally Financial

     —          —          —              —          1,380   

Interest expense

     (263     (850     (365         (823     (5,428

Interest income and other non-operating income, net

     258        802        454            19        852   

Loss on extinguishment of debt

     —          (1     —              —          (1,088

Reorganization gains, net

     —          —          —              129,312        128,155   
                                            

Income (loss) before income taxes and equity income

     1,847        4,711        (914         127,517        107,776   

Income tax expense (benefit)

     (25     845        (139         (607     (1,166

Equity income, net of tax

     351        1,165        204            15        61   
                                            

Net income (loss)

     2,223        5,031        (571         128,139        109,003   

Less: Net income (loss) attributable to noncontrolling interests

     61        265        287            141        (115
                                            

Net income (loss) attributable to stockholders

     2,162        4,766        (858         127,998        109,118   

Less: Cumulative dividends on preferred stock

     203        608        50            —          —     
                                            

Net income (loss) attributable to common stockholders

   $ 1,959      $ 4,158      $ (908       $ 127,998      $ 109,118   
                                            

Earnings (loss) per share

              

Basic

              

Net income (loss) attributable to common stockholders

   $ 1.31      $ 2.77      $ (0.73       $ 209.49      $ 178.63   

Weighted-average common shares outstanding

     1,500        1,500        1,238            611        611   

Diluted

              

Net income (loss) attributable to common stockholders

   $ 1.20      $ 2.62      $ (0.73       $ 209.38      $ 178.55   

Weighted-average common shares outstanding

     1,630        1,588        1,238            611        611   

 

6


 

General Motors Company and Subsidiaries

Condensed Consolidated Balance Sheets

(In millions, except share amounts)

(Unaudited)

 

     Successor  
     September 30, 2010     December 31, 2009  
ASSETS     

Current Assets

    

Cash and cash equivalents

   $ 27,466      $ 22,679   

Marketable securities

     6,010        134   
                

Total cash, cash equivalents and marketable securities

     33,476        22,813   

Restricted cash and marketable securities

     1,323        13,917   

Accounts and notes receivable (net of allowance of $279 and $250)

     8,725        7,518   

Inventories

     13,044        10,107   

Assets held for sale

     —          388   

Equipment on operating leases, net

     2,942        2,727   

Other current assets and deferred income taxes

     2,074        1,777   
                

Total current assets

     61,584        59,247   

Non-Current Assets

    

Equity in net assets of nonconsolidated affiliates

     8,691        7,936   

Assets held for sale

     —          530   

Property, net

     19,116        18,687   

Goodwill

     30,556        30,672   

Intangible assets, net

     12,454        14,547   

Other assets

     4,837        4,676   
                

Total non-current assets

     75,654        77,048   
                

Total Assets

   $ 137,238      $ 136,295   
                
LIABILITIES AND EQUITY     

Current Liabilities

    

Accounts payable (principally trade)

   $ 22,137      $ 18,725   

Short-term debt and current portion of long-term debt (including debt at GM Daewoo of $1,072 at September 30, 2010)

     5,621        10,221   

Liabilities held for sale

     —          355   

Accrued expenses (including derivative liabilities at GM Daewoo of $217 at September 30, 2010)

     24,811        23,134   
                

Total current liabilities

     52,569        52,435   

Non-Current Liabilities

    

Long-term debt (including debt at GM Daewoo of $798 at September 30, 2010)

     2,945        5,562   

Liabilities held for sale

     —          270   

Postretirement benefits other than pensions

     8,721        8,708   

Pensions

     28,965        27,086   

Other liabilities and deferred income taxes

     13,322        13,279   
                

Total non-current liabilities

     53,953        54,905   
                

Total Liabilities

     106,522        107,340   

Commitments and contingencies

    

Preferred stock, $0.01 par value (2,000,000,000 shares authorized, 360,000,000 shares issued and outstanding (each with a $25.00 liquidation preference) at September 30, 2010 and December 31, 2009)

     6,998        6,998   

Equity

    

Common stock, $0.01 par value (5,000,000,000 shares authorized, 1,500,000,000 shares issued and outstanding at September 30, 2010 and December 31, 2009)

     15        15   

Capital surplus (principally additional paid-in capital)

     24,041        24,040   

Accumulated deficit

     (236     (4,394

Accumulated other comprehensive income (loss)

     (1,073     1,588   
                

Total stockholders’ equity

     22,747        21,249   

Noncontrolling interests

     971        708   
                

Total equity

     23,718        21,957   
                

Total Liabilities and Equity

   $ 137,238      $ 136,295   
                

 

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