UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
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): October 22, 2024
___________________
(Exact name of registrant as specified in its charter)
__________________
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||
| -3000 | ||||||||||||||||||||||||||||||||||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||||||||||||||||||||||||||||||||
(313 ) 667-1500
(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)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02 Results of Operations and Financial Condition
On October 22, 2024, General Motors Company (GM) issued a news release and supplemental materials on the subject of its 2024 third quarter consolidated earnings. The news release and supplemental materials are attached as Exhibit 99.1.
Charts furnished to securities analysts in connection with GM's 2024 third quarter consolidated earnings release are available on GM's website at www.gm.com/investors/earnings-releases.html.
ITEM 9.01 Financial Statements and Exhibits
EXHIBIT
| Exhibit | Description | ||||
| Exhibit 99.1 | |||||
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURE
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) | ||||||||
| By: | /s/ CHRISTOPHER T. HATTO | |||||||
| Date: October 22, 2024 | Christopher T. Hatto, Vice President, Global Business Solutions and Chief Accounting Officer | |||||||
Exhibit 99.1
News
For Release: Tuesday, October 22, 2024, at 6:30 a.m. ET
GM releases 2024 third-quarter results and updates full-year guidance
DETROIT – 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 - $11.5 billion, inclusive of investments in the company's battery cell manufacturing joint ventures.
Conference call for investors and analysts
GM Chair and CEO Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results.
Conference call details are as follows:
•1-800-857-9821 (U.S.)
•1-517-308-9481 (international/caller-paid)
•Conference call passcode: General Motors
•An audio replay will be available on the GM Investor Relations website in the Events section.
Visit the GM Investor Relations website to download the company’s earnings deck and GM Chair and CEO Mary Barra’s letter to shareholders.
1
Results Overview
| Three Months Ended | ||||||||||||||
| ($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
2
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.
###
| CONTACTS: | |||||
Jim Cain GM Communications 313-407-2843 james.cain@chevrolet.com | Ashish Kohli, CFA GM Investor Relations 847-964-3459 ashish.kohli@gm.com | ||||
David Caldwell GM Communications 586-899-7861 david.caldwell@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.
3
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.
4
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.
5
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.
6
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.
7
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.
8
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.
9
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.
10
General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
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.
11
General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
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.
12
General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
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 | |||||||||||||||
13
General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
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.
14
General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
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 | % | |||||||||||||||
15