DETROIT, Oct. 24, 2023 /PRNewswire/ -- General Motors Co. (NYSE: GM) today reported third-quarter 2023 revenue of $44.1 billion, net income attributable to stockholders of $3.1 billion and EBIT-adjusted of $3.6 billion.

An overview of GM's quarterly results and financial highlights appears below.

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 where noted

September 30, 2023

September 30, 2022

Change

% Change


Revenue

$             44,131

$             41,889

$                  2,242

5.4 %


Net income attributable to stockholders

$               3,064

$               3,305

$                    (241)

(7.3) %


EBIT-adjusted

$               3,564

$               4,287

$                    (723)

(16.9) %


Net income margin

6.9 %

7.9 %

(1.0) ppts

(12.7) %


EBIT-adjusted margin

8.1 %

10.2 %

(2.1) ppts

(20.6) %


Automotive operating cash flow

$               6,794

$               6,502

$                     292

4.5 %


Adjusted automotive free cash flow

$               4,910

$               4,593

$                     317

6.9 %


EPS-diluted(a)

$                 2.20

$                 2.25

$                   (0.05)

(2.2) %


EPS-diluted-adjusted(a)

$                 2.28

$                 2.25

$                    0.03

1.3 %


GMNA EBIT-adjusted

$               3,526

$               3,894

$                    (368)

(9.5) %


GMNA EBIT-adjusted margin

9.8 %

11.2 %

(1.4) ppts

(12.5) %


GMI EBIT-adjusted

$                  357

$                  334

$                       23

6.9 %


China equity income

$                  192

$                  330

$                    (138)

(41.8) %


GM Financial EBT-adjusted

$                  741

$                  911

$                    (170)

(18.7) %




__________

(a)

EPS-diluted and EPS-diluted-adjusted include a $(0.05) and $0.03 impact from revaluation on equity investments in the three months ended September 30, 2023 and September 30, 2022.

General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in safety services and connected vehicle technology, can be found at https://www.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.

General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)

General Motors Company's (GM) 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  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  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 reversal of significant deferred tax asset valuation allowances.

ETR-adjusted  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  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  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.

  ________

  1 Certain columns and rows may not add due to rounding.

 

The following table reconciles Net income attributable to stockholders under U.S. GAAP to segment profit (loss) (dollars in millions):


Three Months Ended


Nine Months Ended


September 30, 2023


September 30, 2022


September 30, 2023


September 30, 2022

Net income attributable to stockholders(a)

$                  3,064


$                   3,305


$                  8,026


$                  7,935

Income tax expense (benefit)

470


845


1,421


1,308

Automotive interest expense

229


259


689


719

Automotive interest income

(322)


(122)


(801)


(245)

Adjustments








   Buick dealer strategy(b)

93


—


438


—

   Voluntary separation program(c)

30


—


905


—

   GM Korea wage litigation(d)

—


—


(76)


—

   Cruise compensation modifications(e)

—


—


—


1,057

   Patent royalty matters(f)

—


—


—


(100)

Total adjustments

123


—


1,267


957

EBIT-adjusted

3,564


4,287


10,601


10,675

Operating segments








GM North America (GMNA)

3,526


3,894


10,295


9,334

GM International (GMI)

357


334


940


871

Cruise

(732)


(497)


(1,904)


(1,365)

GM Financial(g)

741


911


2,278


3,301

Total operating segments

3,892


4,642


11,610


12,141

Corporate and eliminations(h)

(328)


(355)


(1,009)


(1,466)

EBIT-adjusted

$                  3,564


$                   4,287


$                10,601


$                10,675

__________

(a)

Net of net loss attributable to noncontrolling interests.

(b)

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.

(c)

These adjustments were excluded because they relate to the acceleration of attrition as part of the cost reduction program announced in January 2023, primarily in the United States.

(d)

This adjustment was excluded because it relates to the partial resolution of subcontractor matters in Korea.

(e)

This adjustment was excluded because it relates to the one-time modification of Cruise stock incentive awards.

(f)

This adjustment was excluded because it relates to the resolution of substantially all royalty matters accrued with respect to past-year vehicle sales in the three months ended March 31, 2022.

(g)

GM Financial amounts represent EBT-adjusted.

(h)

GM's automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures and certain nonsegment specific revenues and expenses 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, 2023


September 30, 2022


September 30, 2023


September 30, 2022


Amount


Per Share


Amount


Per Share


Amount


Per Share


Amount


Per Share

Diluted earnings per common share

$ 3,038


$    2.20


$ 3,278


$    2.25


$ 7,946


$    5.72


$  6,931


$    4.73

Adjustments(a)

123


0.09


—


—


1,267


0.91


957


0.65

Tax effect on adjustments(b)

(25)


(0.02)


—


—


(324)


(0.23)


(296)


(0.20)

Tax adjustments(c)

—


—


—


—


—


—


(482)


(0.33)

Deemed dividend adjustment(d)

—


—


—


—


—


—


909


0.62

EPS-diluted-adjusted

$ 3,136


$    2.28


$ 3,278


$    2.25


$ 8,889


$    6.40


$  8,019


$    5.48

________

(a)

Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to 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.

(c)

This adjustment consists of tax benefit related to the release of a valuation allowance against deferred tax assets that are considered realizable as a result of Cruise tax reconsolidation in the nine months ended September 30, 2022. This adjustment was excluded because significant impacts of valuation allowances are not considered part of our core operations.

(d)

This adjustment consists of a deemed dividend related to the redemption of Cruise preferred shares from SoftBank Vision Fund (AIV M2) L.P. (SoftBank) in the nine months ended September 30, 2022.

 

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, 2023


September 30, 2022


September 30, 2023


September 30, 2022


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

$  3,464


$  470


13.6 %


$  4,097


$  845


20.6 %


$ 9,267


$  1,421


15.3 %


$ 9,009


$  1,308


14.5 %

Adjustments(a)

123


25




—


—




1,267


324




1,053


296



Tax adjustments(b)



—






—






—






482



ETR-adjusted

$  3,587


$  495


13.8 %


$  4,097


$  845


20.6 %


$  10,534


$  1,745


16.6 %


$  10,062


$  2,086


20.7 %

________

(a)

Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to 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.

(b)

Refer to the reconciliation of diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted for adjustment details.

 

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, 2023


September 30, 2022

Net income attributable to stockholders

$                 10.0


$                   9.7

Average equity(a)

$                 72.8


$                 64.9

ROE

13.8 %


14.9 %

________

(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, 2023


September 30, 2022

EBIT-adjusted(a)

$                 14.4


$                 13.5

Average equity(b)

$                 72.8


$                 64.9

Add: Average automotive debt and interest liabilities (excluding finance leases)

16.6


17.3

Add: Average automotive net pension & OPEB liability

7.5


10.2

Less: Average automotive and other net income tax asset

(20.5)


(21.3)

ROIC-adjusted average net assets

$                 76.4


$                 71.1

ROIC-adjusted

18.9 %


19.0 %

________

(a)

Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to 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, 2023


September 30, 2022


September 30, 2023


September 30, 2022

Net automotive cash provided by operating activities

$              6,794


$              6,502


$           16,140


$           11,606

Less: Capital expenditures

(2,528)


(2,054)


(7,072)


(5,771)

Add: Buick dealer strategy

106


—


461


—

Add: Employee separation costs

538


—


796


—

Add: GM Korea wage litigation

—


—


—


26

Add: Patent royalty matters

—


145


—


145

Adjusted automotive free cash flow

$              4,910


$              4,593


$           10,325


$              6,006

 

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, 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

Three Months Ended September 30, 2022


















Net sales and revenue

$ 34,691


$   3,980


$        32


$           —


$     38,703


$     25


$   3,187


$                (27)


$   41,889

Expenditures for property

$   1,951


$        96


$          7


$           —


$       2,054


$     49


$        10


$                  (8)


$     2,104

Depreciation and amortization

$   1,419


$      124


$          5


$           —


$       1,548


$     15


$   1,212


$                  —


$     2,774

Impairment charges

$        —


$        —


$        —


$           —


$            —


$     —


$         —


$                  —


$          —

Equity income (loss)(a)

$        (6)


$      329


$        —


$           —


$          323


$     —


$        44


$                  —


$        367




















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




















GMNA


GMI


Corporate


Eliminations


Total

Automotive


Cruise


GM

Financial


Reclassifications/
Eliminations


Total

Nine Months Ended September 30, 2022


















Net sales and revenue

$ 92,907


$ 11,100


$      132


$           —


$     04,140


$     76


$   9,489


$                (79)


$ 113,627

Expenditures for property

$   5,366


$      395


$        10


$           —


$       5,771


$   140


$        28


$                  (6)


$     5,933

Depreciation and amortization

$   4,399


$      389


$        16


$           —


$       4,804


$     39


$   3,666


$                  —


$     8,509

Impairment charges

$        11


$        —


$        —


$           —


$            11


$     —


$        —


$                  —


$          11

Equity income (loss)(a)

$         (6)


$      472


$        —


$           —


$          467


$     —


$      148


$                  —


$        615

________

(a)

Includes Automotive China equity income of $192 million and $330 million in the three months ended September 30, 2023 and 2022 and $353 million and $477 million in the nine months ended September 30, 2023 and 2022.

(b)

Equity earnings related to Ultium Cells Holdings LLC 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. Equity earnings related to Ultium Cells Holdings LLC were $101 million and $191 million in the three and nine months ended September 30, 2023.

 

Vehicle Sales

GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and our 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, 2023, 28.8% 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, 2023


September 30, 2022


September 30, 2023


September 30, 2022

GMNA

810



784



2,365



2,139


GMI

171



182



459



474


Total

981



966



2,824



2,613


 

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 GM's 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, 2023


September 30, 2022


September 30, 2023


September 30, 2022


Industry


GM


Market Share


Industry


GM


Market Share


Industry


GM


Market Share


Industry


GM


Market Share

North America
























United States

4,092


674


16.5 %


3,512


556


15.8 %


11,993


1,970


16.4 %


10,519


1,651


15.7 %

Other

934


122


13.0 %


773


107


13.9 %


2,648


338


12.8 %


2,275


300


13.2 %

Total North America

5,026


796


15.8 %


4,285


663


15.5 %


14,641


2,308


15.8 %


12,794


1,950


15.2 %

Asia/Pacific, Middle
  East and Africa
























China(a)

6,497


542


8.3 %


6,337


630


9.9 %


17,756


1,530


8.6 %


17,156


1,727


10.1 %

Other

5,373


161


3.0 %


5,039


117


2.3 %


16,106


412


2.6 %


15,014


381


2.5 %

Total Asia/Pacific,
  Middle East and
  Africa

11,870


703


5.9 %


11,376


747


6.6 %


33,862


1,942


5.7 %


32,170


2,109


6.6 %

South America
























Brazil

631


87


13.8 %


584


88


15.0 %


1,628


236


14.5 %


1,501


203


13.5 %

Other

353


33


9.3 %


413


42


10.2 %


1,079


98


9.1 %


1,198


124


10.3 %

Total South America

983


120


12.2 %


997


130


13.0 %


2,707


334


12.3 %


2,699


327


12.1 %

Total in GM markets

17,879


1,619


9.1 %


16,658


1,539


9.2 %


51,210


4,584


9.0 %


47,662


4,386


9.2 %

Total Europe

3,851


1


— %


3,343


—


— %


12,252


2


— %


10,398


1


— %

Total Worldwide(b)(c)

21,731


1,619


7.5 %


20,001


1,539


7.7 %


63,462


4,585


7.2 %


58,061


4,388


7.6 %

United States
























Cars

790


55


7.0 %


688


49


7.2 %


2,332


183


7.9 %


2,098


152


7.3 %

Trucks

1,084


343


31.7 %


1,000


299


29.9 %


3,214


982


30.6 %


2,887


899


31.2 %

Crossovers

2,218


276


12.4 %


1,823


207


11.4 %


6,447


804


12.5 %


5,534


599


10.8 %

Total United States

4,092


674


16.5 %


3,512


556


15.8 %


11,993


1,970


16.4 %


10,519


1,651


15.7 %

China(a)
























SGMS



246






298






659






766



SGMW



296






332






871






962



Total China

6,497


542


8.3 %


6,337


630


9.9 %


17,756


1,530


8.6 %


17,156


1,727


10.1 %

__________

(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.

(c)

As of March 2022, GM is no longer importing vehicles or parts to Russia, Belarus and certain sanctioned provinces in Ukraine.

 


Three Months Ended


Nine Months Ended


September 30, 2023


September 30, 2022


September 30, 2023


September 30, 2022

GMNA

165


116


538


406

GMI

131


126


339


289

Total fleet sales

296


242


877


695









Fleet sales as a percentage of total vehicle sales

18.3 %


15.7 %


19.1 %


15.8 %

North America capacity two-shift utilization

96.5 %


103.3 %


98.4 %


98.7 %

 

General Motors Company and Subsidiaries

Combining Income Statement Information

(In millions) (Unaudited)



Three Months Ended September 30, 2023


Three Months Ended September 30, 2022


Automotive


Cruise


GM Financial


Reclassifications
/Eliminations


Combined


Automotive


Cruise


GM Financial


Reclassifications
/Eliminations


Combined

Net sales and revenue




















Automotive

$ 40,503


$       25


$      —


$                (30)


$ 40,498


$ 38,703


$       25


$      —


$                (25)


$ 38,703

GM Financial

—


—


3,641


(8)


3,633


—


—


3,187


(2)


3,185

Total net sales and revenue

40,503


25


3,641


(38)


44,131


38,703


25


3,187


(27)


41,889

Costs and expenses




















Automotive and other cost of
  sales

35,141


706


—


(5)


35,842


33,234


467


—


—


33,700

GM Financial interest,
  operating and other
  expenses

—


—


2,933


—


2,933


—


—


2,321


—


2,320

Automotive and other
  selling, general and
  administrative expense

2,217


127


—


(1)


2,344


2,364


113


—


—


2,477

Total costs and expenses

37,359


833


2,933


(6)


41,118


35,598


580


2,321


(1)


38,497

Operating income (loss)

3,144


(807)


708


(32)


3,013


3,105


(554)


867


(25)


3,392

Automotive interest expense

231


9


—


(11)


229


259


1


—


(1)


259

Interest income and other non-
  operating income, net

406


26


—


20


453


557


18


—


23


598

Equity income (loss)

194


—


33


—


227


323


—


44


—


367

Income (loss) before income taxes

$   3,514


$   (791)


$   741


$                  —


$   3,464


$   3,725


$   (537)


$   911


$                  (2)


$   4,097

Income tax expense (benefit)









470










845

Net income (loss)









2,994










3,252

Net loss (income) attributable
  to noncontrolling interests









70










53

Net income (loss)
  attributable to
  stockholders









$   3,064










$   3,305





















Net income (loss)
  attributable to common
  stockholders









$   3,038










$   3,278



Nine Months Ended September 30, 2023


Nine Months Ended September 30, 2022


Automotive


Cruise


GM Financial


Reclassifications
/Eliminations


Combined


Automotive


Cruise


GM Financial


Reclassifications
/Eliminations


Combined

Net sales and revenue




















Automotive

$ 118,403


$       76


$      —


$                (81)


$ 118,398


$ 104,140


$       76


$      —


$                (75)


$ 104,141

GM Financial

—


—


10,482


(17)


10,465


—


—


9,489


(3)


9,486

Total net sales and revenue

118,403


76


10,482


(98)


128,863


104,140


76


9,489


(79)


113,627

Costs and expenses




















Automotive and other cost of
  sales

102,917


1,811


—


(7)


104,721


90,221


2,094


—


(2)


92,314

GM Financial interest,
  operating and other
  expenses

—


—


8,314


(1)


8,313


—


—


6,336


(1)


6,335

Automotive and other
  selling, general and
  administrative expense

7,089


362


—


(2)


7,449


6,629


645


—


—


7,274

Total costs and expenses

110,006


2,172


8,314


(10)


120,483


96,850


2,739


6,336


(3)


105,922

Operating income (loss)

8,397


(2,096)


2,168


(88)


8,380


7,289


(2,663)


3,153


(75)


7,704

Automotive interest expense

691


20


—


(22)


689


719


3


—


(3)


719

Interest income and other non-
  operating income, net

1,068


86


(1)


66


1,219


1,311


22


—


78


1,410

Equity income (loss)

246


—


111


—


357


467


—


148


—


615

Income (loss) before income
  taxes

$   9,019


$  (2,030)


$ 2,278


$                  —


$   9,267


$   8,347


$  (2,644)


$ 3,301


$                    5


$   9,009

Income tax expense (benefit)









1,421










1,308

Net income (loss)









7,846










7,701

Net loss (income) attributable
  to noncontrolling interests









179










234

Net income (loss)
  attributable to
  stockholders









$   8,026










$   7,935





















Net income (loss)
  attributable to common
  stockholders









$   7,946










$   6,931

 

General Motors Company and Subsidiaries
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, 2023


September 30, 2022


September 30, 2023


September 30, 2022

Basic earnings per share








Net income (loss) attributable to stockholders

$             3,064


$             3,305


$             8,026


$             7,935

Less: cumulative dividends on subsidiary preferred
  stock(a)

(26)


(26)


(80)


(1,004)

Net income (loss) attributable to common stockholders

$             3,038


$             3,278


$             7,946


$             6,931









Weighted-average common shares outstanding

1,372


1,448


1,384


1,455









Basic earnings per common share

$               2.21


$               2.26


$               5.74


$               4.76

Diluted earnings per share








Net income (loss) attributable to common stockholders –
  diluted

$             3,038


$             3,278


$             7,946


$             6,931









Weighted-average common shares outstanding – diluted

1,378


1,457


1,390


1,464









Diluted earnings per common share

$               2.20


$               2.25


$               5.72


$               4.73

Potentially dilutive securities(b)

14


10


14


10

__________

(a)

Includes a $909 million deemed dividend related to the redemption of Cruise preferred shares from SoftBank in the nine months ended September 30, 2022.

(b)

Potentially dilutive securities attributable to outstanding stock options and Restricted Stock Units (RSUs) at September 30, 2023 and 2022 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.

 

General Motors Company and Subsidiaries

Combining Balance Sheet Information

(In millions, except per share amounts) (Unaudited)



September 30, 2023


December 31, 2022


Automotive


Cruise


GM Financial


Reclassifications/
Eliminations


Combined


Automotive


Cruise


GM Financial


Reclassifications/
Eliminations


Combined

ASSETS




















Current Assets




















Cash and cash equivalents

$    19,566


$ 1,546


$   4,112


$                    —


$  25,224


$    13,629


$ 1,519


$   4,005


$                    —


$  19,153

Marketable debt securities

9,459


192


—


—


9,651


10,760


1,390


—


—


12,150

Accounts and notes receivable,
  net(a)(d)

12,657


—


2,747


(1,481)


13,923


11,910


—


2,114


(691)


13,333

GM Financial receivables, net

—


—


36,391


(167)


36,224


—


—


33,811


(188)


33,623

Inventories

17,743


1


—


(4)


17,740


15,369


—


—


(2)


15,366

Other current assets(b)

1,921


432


6,010


(404)


7,959


2,009


347


4,912


(442)


6,825

Total current assets

61,347


2,170


49,260


(2,056)


110,721


53,677


3,256


44,842


(1,324)


100,451

Non-current Assets




















GM Financial receivables, net

—


—


45,259


(272)


44,987


—


—


40,702


(112)


40,591

Equity in net assets of
  nonconsolidated affiliates

8,859


—


1,691


—


10,549


8,511


—


1,665


—


10,176

Property, net

49,107


160


132


—


49,399


45,011


98


140


—


45,248

Goodwill and intangible assets,
  net

2,832


723


1,352


—


4,907


2,877


727


1,341


—


4,945

Equipment on operating leases,
  net

—


—


31,061


—


31,061


—


—


32,701


—


32,701

Deferred income taxes

19,673


1,541


(925)


—


20,289


20,348


1,108


(917)


—


20,539

Other assets(c)

8,687


294


1,134


(321)


9,793


7,995


322


1,069


—


9,386

Total non-current assets

89,157


2,718


79,702


(593)


170,984


84,742


2,254


76,702


(112)


163,586

Total Assets

$  150,504


$ 4,888


$ 128,962


$             (2,649)


$ 281,705


$  138,419


$ 5,510


$ 121,544


$             (1,436)


$ 264,037

LIABILITIES AND EQUITY




















Current Liabilities




















Accounts payable (principally
  trade)(a)

$    30,238


$   193


$   1,141


$             (1,186)


$  30,387


$    27,307


$   146


$      712


$                (679)


$  27,486

Short-term debt and current
  portion of long-term debt




















Automotive(d)

810


43


—


(457)


396


2,144


13


—


(198)


1,959

GM Financial

—


—


38,256


—


38,256


—


—


36,819


—


36,819

Cruise

—


4


—


(4)


—


—


2


—


(2)


—

Accrued liabilities(b)

20,702


637


6,852


(409)


27,782


18,662


612


6,081


(445)


24,910

Total current liabilities

51,749


877


46,250


(2,056)


96,820


48,113


772


43,612


(1,324)


91,173

Non-current Liabilities




















Long-term debt




















Automotive(c)

15,956


327


—


(321)


15,962


15,879


6


—


—


15,885

GM Financial

—


—


64,259


—


64,259


—


—


60,036


—


60,036

Cruise

—


272


—


(272)


—


—


112


—


(112)


—

Postretirement benefits other
  than pensions

4,090


—


—


—


4,090


4,193


—


—


—


4,193

Pensions

5,520


—


8


—


5,528


5,692


—


6


—


5,698

Other liabilities

13,276


447


2,596


—


16,320


11,927


465


2,375


—


14,767

Total non-current liabilities

38,843


1,045


66,862


(593)


106,158


37,691


583


62,417


(112)


100,579

Total Liabilities

90,592


1,923


113,113


(2,649)


202,978


85,804


1,356


106,029


(1,436)


191,752

Noncontrolling interest - Cruise
  stock incentive awards

—


323


—


—


323


—


357


—


—


357

Equity




















Common stock, $0.01 par value

14


—


—


—


14


14


—


—


—


14

Additional paid-in capital(e)

25,918


115


1,374


(1,349)


26,058


26,313


90


1,433


(1,409)


26,428

Retained earnings

39,841


726


15,753


1


56,322


32,054


1,766


15,429


1


49,251

Accumulated other
  comprehensive loss

(6,639)


(2)


(1,278)


—


(7,918)


(6,552)


(2)


(1,348)


—


(7,901)

Total stockholders' equity

59,134


840


15,850


(1,348)


74,475


51,829


1,855


15,515


(1,407)


67,792

Noncontrolling interests(e)

779


1,802


—


1,348


3,929


786


1,942


—


1,407


4,135

Total Equity

59,912


2,642


15,850


—


78,404


52,615


3,797


15,515


—


71,927

Total Liabilities and Equity

$  150,504


$ 4,888


$ 128,962


$             (2,649)


$ 281,705


$  138,419


$ 5,510


$ 121,544


$             (1,436)


$ 264,037

_________

(a)

Eliminations primarily include: GM Financial accounts and notes receivable of $0.9 billion due from Automotive; and Automotive accounts receivable of $0.5 million due from GM Financial at September 30, 2023. At December 31, 2022, eliminations primarily include GM Financial accounts and notes receivable of $0.5 billion due from Automotive and Automotive accounts receivable of $0.1 billion due from GM Financial.

(b)

Eliminations primarily related to intercompany asset transfers between Automotive and Cruise for AV capital.

(c)

Eliminations related to deferral agreement between Cruise and Automotive as regards engineering and capital spending 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 Automotive to GM Financial in the nine months ended September 30, 2023.

(e)

Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B and C. The preferred stock is classified as noncontrolling interests in our condensed consolidated balance sheet.

 

General Motors Company and Subsidiaries

Combining Cash Flow Information

(In millions) (Unaudited)



Nine Months Ended September 30, 2023


Nine Months Ended September 30, 2022


Automotive


Cruise


GM Financial


Reclassifications
/Eliminations


Combined


Automotive


Cruise


GM Financial


Reclassifications
/Eliminations


Combined

Cash flows from operating
  activities




















Net income (loss)

$     7,537


$  (1,336)


$   1,645


$                   —


$    7,846


$     6,747


$  (1,546)


$   2,495


$                    5


$     7,701

Depreciation and impairment of
  Equipment on operating leases,
  net

—


—


3,697


—


3,697


—


—


3,628


—


3,628

Depreciation, amortization and
  impairment charges on
  Property, net

4,984


27


30


—


5,041


4,815


39


37


—


4,892

Foreign currency remeasurement
  and transaction (gains) losses

111


—


3


—


114


27


—


(1)


—


26

Undistributed earnings of
  nonconsolidated affiliates, net

77


—


(111)


—


(34)


(2)


—


(122)


—


(124)

Pension contributions and OPEB
  payments

(676)


—


—


—


(676)


(585)


—


—


—


(586)

Pension and OPEB income, net

(65)


—


1


—


(64)


(902)


—


1


—


(901)

Provision (benefit) for deferred
  taxes

879


(694)


49


—


235


1,264


(1,099)


339


—


504

Change in other operating assets
  and liabilities(a)(c)

3,293


583


(454)


(2,309)


1,114


242


1,289


(2,548)


(3,706)


(4,722)

Net cash provided by (used in)
  operating activities

16,140


(1,420)


4,862


(2,309)


17,273


11,606


(1,316)


3,830


(3,701)


10,419

Cash flows from investing
  activities




















Expenditures for property

(7,072)


(50)


(21)


(121)


(7,264)


(5,771)


(140)


(28)


6


(5,933)

Available-for-sale marketable
  securities, acquisitions

(3,499)


(490)


—


—


(3,989)


(5,019)


(2,430)


—


—


(7,450)

Available-for-sale marketable
  securities, liquidations

4,966


1,709


—


—


6,675


3,743


2,416


—


(14)


6,145

Purchases of finance receivables,
  net(a)

—


—


(28,376)


1,196


(27,180)


—


—


(29,212)


2,768


(26,444)

Principal collections and
  recoveries on finance
  receivables

—


—


21,132


2


21,135


—


—


20,604


(82)


20,522

Purchases of leased vehicles, net

—


—


(10,247)


—


(10,247)


—


—


(9,062)


—


(9,062)

Proceeds from termination of
  leased vehicles

—


—


9,860


—


9,860


—


—


11,052


—


11,052

Other investing activities(b)(d)

(1,471)


—


(252)


632


(1,091)


(4,020)


—


(81)


4,299


198

Net cash provided by (used in)
  investing activities

(7,076)


1,169


(7,903)


1,710


(12,100)


(11,067)


(154)


(6,726)


6,976


(10,971)

Cash flows from financing
  activities




















Net increase (decrease) in short-
  term debt(d)

227


—


(24)


(252)


(48)


20


—


1,189


—


1,208

Proceeds from issuance of debt
  (original maturities greater than
  three months)

18


151


37,339


(151)


37,357


2,248


60


33,805


(60)


36,053

Payments on debt (original
  maturities greater than three
  months)

(1,612)


(22)


(31,650)


14


(33,269)


(286)


(1)


(31,336)


(26)


(31,649)

Payment to purchase common
  stock

(1,119)


—


—


—


(1,119)


(1,514)


—


—


14


(1,500)

Issuance (redemption) of
  subsidiary stock(b)

—


362


—


(362)


—


—


2,139


—


(4,261)


(2,121)

Dividends paid(c)

(375)


—


(1,469)


1,350


(493)


(138)


(58)


(1,144)


1,070


(270)

Other financing activities

(279)


(207)


(116)


—


(602)


(332)


(571)


(106)


(13)


(1,022)

Net cash provided by (used in)
  financing activities

(3,138)


284


4,080


599


1,826


(3)


1,569


2,408


(3,275)


699

Effect of exchange rate changes
  on cash, cash equivalents and
  restricted cash

(9)


—


41


—


31


(179)


—


(11)


—


(190)

Net increase (decrease) in cash,
  cash equivalents and restricted
  cash

5,916


34


1,079


—


7,030


358


99


(499)


—


(43)

Cash, cash equivalents and
  restricted cash at beginning of
  period

13,746


1,526


6,676


—


21,948


14,774


1,584


7,183


—


23,542

Cash, cash equivalents and
  restricted cash at end of period

$   19,663


$  1,560


$   7,755


$                   —


$  28,978


$   15,132


$  1,683


$   6,684


$                   —


$   23,499

_________

(a)

Includes reclassifications of $1.0 billion and $2.7 billion in the nine months ended September 30, 2023 and 2022 for 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 $0.4 billion and $2.1 billion in the nine months ended September 30, 2023 and 2022 for Automotive investment in Cruise and reclassifications of $2.1 billion in the nine months ended September 30, 2022 for redemption of Cruise preferred shares from SoftBank.

(c)

Eliminations include dividends issued by GM Financial to Automotive in the nine months ended September 30, 2023 and 2022.

(d)

Includes eliminations of $0.3 billion of Intercompany loans due from Automotive to GM Financial in the nine months ended September 30, 2023.

 

 

 

Cision View original content:https://www.prnewswire.com/news-releases/gm-releases-2023-third-quarter-results-301965121.html

SOURCE General Motors Co.