October 24, 2023

GM Releases 2023 Third Quarter Results

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 MotorsAn 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)

—

438

—

Voluntary separation program(c)

—

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

$ 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

—

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

—

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

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

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

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

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

Market Share

Industry

Market Share

Industry

Market Share

Industry

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

13.8 %

584

15.0 %

1,628

236

14.5 %

1,501

203

13.5 %

Other

353

9.3 %

413

10.2 %

1,079

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

— %

3,343

—

— %

12,252

— %

10,398

— %

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

7.0 %

688

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

3,641

(38)

44,131

38,703

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

—

(11)

229

259

—

(1)

259

Interest income and other non-
operating income, net

406

—

453

557

—

598

Equity income (loss)

194

—

227

323

—

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

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

10,482

(98)

128,863

104,140

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

—

(22)

689

719

—

(3)

719

Interest income and other non-
operating income, net

1,068

(1)

1,219

1,311

—

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)

(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)

__________

(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

—

(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

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

—

(457)

396

2,144

—

(198)

1,959

GM Financial

—

38,256

—

38,256

—

36,819

—

36,819

Cruise

—

(4)

—

(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

—

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

—

5,528

5,692

—

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

—

Additional paid-in capital(e)

25,918

115

1,374

(1,349)

26,058

26,313

1,433

(1,409)

26,428

Retained earnings

39,841

726

15,753

56,322

32,054

1,766

15,429

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

—

5,041

4,815

—

4,892

Foreign currency remeasurement
and transaction (gains) losses

111

—

114

—

(1)

—

Undistributed earnings of
nonconsolidated affiliates, net

—

(111)

—

(34)

(2)

—

(122)

—

(124)

Pension contributions and OPEB
payments

(676)

—

(676)

(585)

—

(586)

Pension and OPEB income, net

(65)

—

(64)

(902)

—

(901)

Provision (benefit) for deferred
taxes

879

(694)

—

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)

(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

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)

—

1,189

—

1,208

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

151

37,339

(151)

37,357

2,248

33,805

(60)

36,053

Payments on debt (original
maturities greater than three
months)

(1,612)

(22)

(31,650)

(33,269)

(286)

(1)

(31,336)

(26)

(31,649)

Payment to purchase common
stock

(1,119)

—

(1,119)

(1,514)

—

(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)

—

(179)

—

(11)

—

(190)

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

5,916

1,079

—

7,030

358

(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.

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

SOURCE General Motors Co.

GM Releases 2023 Third Quarter Results

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GM Releases 2023 Third Quarter Results

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