GM releases 2024 third-quarter results and updates full-year guidance

News provided by

General Motors Company

Oct 22, 2024, 06:30 ET

DETROIT, Oct. 22, 2024 /PRNewswire/ -- General Motors (NYSE: GM) today reported third-quarter 2024 revenue of $48.8 billion, net income attributable to stockholders of $3.1 billion, and EBIT-adjusted of $4.1 billion.

GM is also updating its 2024 full-year earnings guidance for the third consecutive quarter:


Updated 2024 Guidance

Previous 2024 Guidance

Net income attributable to stockholders

$10.4 billion - $11.1 billion

$10.0 billion - $11.4 billion

EBIT-adjusted

$14.0 billion - $15.0 billion

$13.0 billion - $15.0 billion

Automotive operating cash flow

$22.0 billion - $24.0 billion

$19.2 billion - $22.2 billion

Adjusted automotive free cash flow

$12.5 billion - $13.5 billion

$9.5 billion - $11.5 billion

EPS-diluted

$9.14 - $9.64

$8.93 - $9.93

EPS-diluted-adjusted

$10.00 - $10.50

$9.50 - $10.50

GM's 2024 financial guidance includes anticipated capital spending of $10.5 billion - $11.5 billion, inclusive of investments in the company's battery cell manufacturing joint ventures.

Conference call for investors and analysts

GM Chair and CEO Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results.

Conference call details are as follows:

  • 1-800-857-9821 (U.S.)
  • 1-517-308-9481 (international/caller-paid)
  • Conference call passcode: General Motors
  • An audio replay will be available on the GM Investor Relations website in the Events section.

Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's letter to shareholders.

Results Overview


Three Months Ended



($M) except per share amounts

September 30,
2024

September 30,
2023

Change

% Change

Revenue

$    48,757

$    44,131

$      4,626

10.5 %

Net income attributable to stockholders

$      3,056

$      3,064

$            (8)

(0.3) %

EBIT-adjusted

$      4,115

$      3,564

$         551

15.5 %

Net income margin

6.3 %

6.9 %

(0.6) ppts

(8.7) %

EBIT-adjusted margin

8.4 %

8.1 %

0.3 ppts

3.7 %

Automotive operating cash flow

$      7,863

$      6,794

$      1,069

15.7 %

Adjusted automotive free cash flow

$      5,834

$      4,910

$         924

18.8 %

EPS-diluted(a)

$        2.68

$        2.20

$        0.48

21.8 %

EPS-diluted-adjusted(a)

$        2.96

$        2.28

$        0.68

29.8 %

GMNA EBIT-adjusted

$      3,982

$      3,526

$         456

12.9 %

GMNA EBIT-adjusted margin

9.7 %

9.8 %

(0.1) ppts

(1.0) %

GMI EBIT-adjusted

$           42

$         357

$        (315)

(88.2) %

China equity income (loss)

$        (137)

$         192

$        (329)

n.m.

GM Financial EBT-adjusted

$         687

$         741

$          (54)

(7.3) %

__________

(a)

EPS-diluted and EPS-diluted-adjusted include a $(0.02) and $(0.05) impact from revaluation on equity investments in the three months ended September 30, 2024 and 2023.

(b)

n.m. = not meaningful

General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM's Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry's widest range of EVs, as we move to an all-electric future. Learn more at GM.com.

Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.

Guidance Reconciliations

The following table reconciles expected Net income attributable to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars in billions):


Year Ending December 31, 2024


Updated


Previous

Net income attributable to stockholders

$ 10.4-11.1


$ 10.0-11.4

Income tax expense

2.4-2.7


2.2-2.8

Automotive interest income, net

(0.1)


(0.1)

Adjustments(a)

1.3


0.9

EBIT-adjusted

$ 14.0-15.0


$ 13.0-15.0

__________

(a)

Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.

The following table reconciles expected EPS-diluted under U.S. GAAP to expected EPS-diluted-adjusted:


Year Ending December 31, 2024


Updated


Previous

Diluted earnings per common share

$ 9.14-9.64


$ 8.93-9.93

Adjustments(a)

0.86


0.57

EPS-diluted-adjusted

$ 10.00-10.50


$ 9.50-10.50

__________

(a)

Refer to the reconciliation of diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.

The following table reconciles expected automotive net cash provided by operating activities under U.S. GAAP to expected adjusted automotive free cash flow (dollars in billions):


Year Ending December 31, 2024


Updated


Previous

Net automotive cash provided by operating activities

$ 22.0-24.0


$ 19.2-22.2

Less: Capital expenditures

10.0-11.0


10.0-11.0

Adjustments

0.5


0.3

Adjusted automotive free cash flow(a)

$ 12.5-13.5


$ 9.5-11.5

__________

(a)

These expected financial results do not include the potential impact of future adjustments related to special items.

General Motors Company and Subsidiaries1

Combining Income Statement Information

(In millions) (Unaudited)



Three Months Ended September 30, 2024


Three Months Ended September 30, 2023


Automotive


Cruise


GM Financial


Reclassifications/
Eliminations


Combined


Automotive


Cruise


GM Financial


Reclassifications/
Eliminations


Combined

Net sales and revenue




















Automotive

$ 44,735


$      26


$     —


$              (26)


$ 44,735


$ 40,503


$      25


$     —


$              (30)


$ 40,498

GM Financial

—


—


4,031


(10)


4,021


—


—


3,641


(8)


3,633

Total net sales and revenue

44,735


26


4,031


(36)


48,757


40,503


25


3,641


(38)


44,131

Costs and expenses




















Automotive and other cost of sales

38,768


240


—


(1)


39,007


35,141


706


—


(5)


35,842

GM Financial interest, operating and other expenses

—


—


3,354


—


3,353


—


—


2,933


—


2,933

Automotive and other selling, general and administrative expense

2,544


203


—


(1)


2,745


2,217


127


—


(1)


2,344

Total costs and expenses

41,312


442


3,354


(2)


45,105


37,359


833


2,933


(6)


41,118

Operating income (loss)

3,424


(417)


678


(33)


3,651


3,144


(807)


708


(32)


3,013

Automotive interest expense

206


30


—


(30)


206


231


9


—


(11)


229

Interest income and other non-operating income, net

379


11


—


4


394


406


26


—


20


453

Equity income (loss)

(132)


—


10


—


(122)


194


—


33


—


227

Income (loss) before income taxes

$   3,465


$  (435)


$   687


$                —


$   3,717


$   3,514


$  (791)


$   741


$                —


$   3,464

Income tax expense (benefit)









709










470

Net income (loss)









3,008










2,994

Net loss (income) attributable to noncontrolling interests









48










70

Net income (loss) attributable to stockholders









$   3,056










$   3,064





















Net income (loss) attributable to common stockholders









$   3,029










$   3,038
























Nine Months Ended September 30, 2024


Nine Months Ended September 30, 2023


Automotive


Cruise


GM Financial


Reclassifications/
Eliminations


Combined


Automotive


Cruise


GM Financial


Reclassifications/
Eliminations


Combined

Net sales and revenue




















Automotive

$  128,007


$      76


$     —


$              (76)


$  128,008


$  118,403


$      76


$     —


$              (81)


$  118,398

GM Financial

—


—


11,761


(29)


11,732


—


—


10,482


(17)


10,465

Total net sales and revenue

128,007


76


11,761


(105)


139,740


118,403


76


10,482


(98)


128,863

Costs and expenses




















Automotive and other cost of sales

109,958


1,662


—


(2)


111,618


102,917


1,811


—


(7)


104,721

GM Financial interest, operating and other expenses

—


—


9,569


(1)


9,568


—


—


8,314


(1)


8,313

Automotive and other selling, general and administrative expense

6,813


482


—


(3)


7,292


7,089


362


—


(2)


7,449

Total costs and expenses

116,771


2,144


9,569


(5)


128,478


110,006


2,172


8,314


(10)


120,483

Operating income (loss)

11,237


(2,067)


2,192


(100)


11,262


8,397


(2,096)


2,168


(88)


8,380

Automotive interest expense

631


158


—


(158)


631


691


20


—


(22)


689

Interest income and other non-operating income, net

785


29


(1)


(58)


756


1,068


86


(1)


66


1,219

Equity income (loss)

(366)


—


55


—


(311)


246


—


111


—


357

Income (loss) before income taxes

$ 11,026


$(2,196)


$          2,246


$                —


$ 11,076


$   9,019


$(2,030)


$          2,278


$                —


$   9,267

Income tax expense (benefit)









2,238










1,421

Net income (loss)









8,837










7,846

Net loss (income) attributable to noncontrolling interests









132










179

Net income (loss) attributable to stockholders









$   8,969










$   8,026





















Net income (loss) attributable to common stockholders









$   8,914










$   7,946

__________

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

General Motors Company and Subsidiaries1
Basic and Diluted Earnings per Share
(Unaudited)


The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):



Three Months Ended


Nine Months Ended


September 30, 2024


September 30, 2023


September 30, 2024


September 30, 2023

Basic earnings per share








Net income (loss) attributable to stockholders

$               3,056


$               3,064


$               8,969


$               8,026

Less: cumulative dividends on subsidiary preferred stock(a)

(27)


(26)


(55)


(80)

Net income (loss) attributable to common stockholders

$               3,029


$               3,038


$               8,914


$               7,946









Weighted-average common shares outstanding

1,116


1,372


1,136


1,384









Basic earnings per common share

$                 2.71


$                 2.21


$                 7.85


$                 5.74

Diluted earnings per share








Net income (loss) attributable to common stockholders – diluted

$               3,029


$               3,038


$               8,914


$               7,946









Weighted-average common shares outstanding – diluted

1,131


1,378


1,147


1,390









Diluted earnings per common share

$                 2.68


$                 2.20


$                 7.77


$                 5.72

Potentially dilutive securities(b)

6


14


6


14

__________

(a) 

Includes an insignificant amount in participating securities income from a subsidiary for the nine months ended September 30, 2024.

(b) 

Potentially dilutive securities attributable to outstanding stock options, Performance Stock Units and Restricted Stock Units (RSUs) at September 30, 2024 and outstanding stock options and RSUs at September 30, 2023, were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.

General Motors Company and Subsidiaries1

Combining Balance Sheet Information

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



September 30, 2024


December 31, 2023


Automotive


Cruise


GM Financial


Reclassifications/
Eliminations


Combined


Automotive


Cruise


GM Financial


Reclassifications/
Eliminations


Combined

ASSETS




















Current Assets




















Cash and cash equivalents

$   18,172


$    720


$  4,852


$                 —


$   23,744


$   12,228


$ 1,344


$  5,282


$                 —


$   18,853

Marketable debt securities

8,477


—


—


—


8,477


7,613


—


—


—


7,613

Accounts and notes receivable, net(a)

12,684


38


1,679


(619)


13,782


11,814


—


1,891


(1,327)


12,378

GM Financial receivables, net(e)

—


—


44,736


(283)


44,453


—


—


39,246


(170)


39,076

Inventories

17,330


—


—


(5)


17,325


16,467


—


—


(6)


16,461

Other current assets(b)

2,639


39


4,957


1


7,636


1,994


466


5,205


(428)


7,238

Total current assets

59,303


796


56,224


(905)


115,419


50,115


1,809


51,624


(1,931)


101,618

Non-current Assets




















GM Financial receivables, net(d)

—


—


46,249


(320)


45,928


—


—


45,391


(348)


45,043

Equity in net assets of nonconsolidated affiliates

9,469


—


1,570


—


11,039


8,943


—


1,670


—


10,613

Property, net

51,306


89


109


—


51,505


50,104


93


124


—


50,321

Goodwill and intangible assets, net

2,682


717


1,346


—


4,745


2,793


715


1,354


—


4,862

Equipment on operating leases, net

—


—


30,956


—


30,956


—


—


30,582


—


30,582

Deferred income taxes

21,003


1,751


(1,747)


—


21,007


21,722


1,723


(1,106)


—


22,339

Other assets(c)

9,512


199


1,211


(2,232)


8,690


6,869


215


1,140


(538)


7,686

Total non-current assets

93,972


2,756


79,694


(2,552)


173,870


90,430


2,745


79,156


(886)


171,446

Total Assets

$ 153,275


$ 3,552


$  135,918


$           (3,457)


$ 289,289


$ 140,546


$ 4,555


$  130,780


$           (2,817)


$ 273,064

LIABILITIES AND EQUITY




















Current Liabilities




















Accounts payable (principally trade)(a)

$   29,527


$    135


$     586


$             (619)


$   29,629


$   27,846


$    185


$  1,136


$           (1,054)


$   28,114

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




















Automotive(a)(e)

1,147


5


—


(208)


944


591


272


—


(435)


428

GM Financial

—


—


35,218


—


35,218


—


—


38,540


—


38,540

Cruise(e)

—


75


—


(75)


—


—


6


—


(6)


—

Accrued liabilities(b)

24,165


354


5,157


(4)


29,672


21,468


590


5,741


(436)


27,364

Total current liabilities

54,839


568


40,961


(905)


95,463


49,906


1,053


45,417


(1,931)


94,445

Non-current Liabilities




















Long-term debt




















Automotive(c)

15,512


2,259


—


(2,232)


15,540


15,979


544


—


(538)


15,985

GM Financial

—


—


76,149


—


76,149


—


—


66,788


—


66,788

Cruise(d)

—


320


—


(320)


—


—


348


—


(348)


—

Postretirement benefits other than pensions

4,235


—


—


—


4,235


4,345


—


—


—


4,345

Pensions

5,991


—


7


—


5,998


6,673


—


8


—


6,680

Other liabilities

14,469


455


2,817


—


17,742


13,447


454


2,614


—


16,515

Total non-current liabilities

40,207


3,035


78,974


(2,552)


119,664


40,444


1,345


69,409


(886)


110,312

Total Liabilities

95,045


3,603


119,935


(3,457)


215,127


90,350


2,399


114,826


(2,817)


204,757

Noncontrolling interest - Cruise stock incentive awards

—


—


—


—


—


—


118


—


—


118

Equity




















Common stock, $0.01 par value

11


—


—


—


11


12


—


—


—


12

Additional paid-in capital(f)

18,625


693


1,255


(1,231)


19,342


18,866


240


1,314


(1,290)


19,130

Retained earnings

47,849


(1,934)


16,133


1


62,050


39,579


(12)


15,823


1


55,391

Accumulated other comprehensive loss

(9,065)


2


(1,405)


—


(10,468)


(9,066)


1


(1,183)


—


(10,247)

Total stockholders' equity

57,420


(1,239)


15,983


(1,229)


70,935


49,391


229


15,954


(1,289)


64,286

Noncontrolling interests(f)

809


1,188


—


1,229


3,227


805


1,809


—


1,289


3,903

Total Equity

58,230


(51)


15,983


—


74,162


50,196


2,038


15,954


—


68,189

Total Liabilities and Equity

$ 153,275


$ 3,552


$  135,918


$           (3,457)


$ 289,289


$ 140,546


$ 4,555


$  130,780


$           (2,817)


$ 273,064

__________

(a)   

Eliminations primarily include GM Financial accounts and notes receivable of $0.4 billion due from Automotive; and Automotive accounts receivable of $0.2 billion primarily due from GM Financial and Cruise at September 30, 2024; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive and Automotive accounts receivable of $0.8 billion due from GM Financial and Cruise at December 31, 2023.

(b)  

Eliminations primarily related to intercompany asset transfer between Automotive and Cruise for autonomous vehicle (AV) capital at December 31, 2023.

(c)   

Eliminations primarily related to convertible note issued by Cruise to Automotive at September 30, 2024 and deferral agreement between Cruise and Automotive as regards to engineering, capital spending, restructuring and other costs incurred by Automotive on behalf of Cruise resulting in a long-term payable for Cruise offset by a long-term receivable for Automotive.

(d)  

Eliminations primarily related to intercompany loans due from Cruise to GM Financial.

(e)  

Eliminations primarily related to GM Financial accounts receivables due from Automotive and Cruise.

(f)   

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

General Motors Company and Subsidiaries1

Combining Cash Flow Information

(In millions) (Unaudited)



Nine Months Ended September 30, 2024


Nine Months Ended September 30, 2023


Automotive


Cruise


GM Financial


Reclassifications/
Eliminations


Combined


Automotive


Cruise


GM Financial


Reclassifications/
Eliminations


Combined

Cash flows from operating activities




















Net income (loss)

$    8,944


$(1,743)


$  1,637


$                 —


$    8,837


$    7,537


$(1,336)


$  1,645


$                 —


$    7,846

Depreciation and impairment of Equipment on operating leases, net

—


—


3,633


—


3,633


—


—


3,697


—


3,697

Depreciation, amortization and impairment charges on Property, net

4,871


623


29


—


5,523


4,984


27


30


—


5,041

Foreign currency remeasurement and transaction (gains) losses

(231)


—


2


—


(228)


111


—


3


—


114

Undistributed earnings of nonconsolidated affiliates, net

(232)


—


(55)


—


(287)


77


—


(111)


—


(34)

Pension contributions and OPEB payments

(815)


—


—


—


(815)


(676)


—


—


—


(676)

Pension and OPEB income, net

49


—


1


—


50


(65)


—


1


—


(64)

Provision (benefit) for deferred taxes

970


(455)


881


—


1,396


879


(694)


49


—


235

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

5,618


(175)


(1,014)


(6,549)


(2,120)


3,293


583


(454)


(2,309)


1,114

Net cash provided by (used in) operating activities

19,174


(1,750)


5,114


(6,549)


15,989


16,140


(1,420)


4,862


(2,309)


17,273

Cash flows from investing activities




















Expenditures for property

(7,495)


(4)


(16)


(81)


(7,597)


(7,072)


(50)


(21)


(121)


(7,264)

Available-for-sale marketable securities, acquisitions

(3,467)


—


—


—


(3,467)


(3,499)


(490)


—


—


(3,989)

Available-for-sale marketable securities, liquidations

2,757


—


—


—


2,757


4,966


1,709


—


—


6,675

Purchases of finance receivables(a)

—


—


(31,222)


5,358


(25,864)


—


—


(28,376)


1,196


(27,180)

Principal collections and recoveries on finance receivables(a)

—


—


23,524


1


23,526


—


—


21,132


2


21,135

Purchases of leased vehicles

—


—


(11,243)


—


(11,243)


—


—


(10,247)


—


(10,247)

Proceeds from termination of leased vehicles

—


—


8,627


—


8,627


—


—


9,860


—


9,860

Other investing activities(b)(d)

(1,999)


—


1


1,256


(742)


(1,471)


—


(252)


632


(1,091)

Net cash provided by (used in) investing activities

(10,204)


(4)


(10,329)


6,535


(14,004)


(7,076)


1,169


(7,903)


1,710


(12,100)

Cash flows from financing activities




















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

(1)


—


87


—


85


227


—


(24)


(252)


(48)

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

64


1,044


38,142


(1,087)


38,163


18


151


37,339


(151)


37,357

Payments on debt (original maturities greater than three months)

(128)


(7)


(31,882)


6


(32,012)


(1,612)


(22)


(31,650)


14


(33,269)

Payment to purchase common stock

(2,378)


—


—


—


(2,378)


(1,119)


—


—


—


(1,119)

Issuance (redemption) of subsidiary stock(b)

—


255


—


(255)


—


—


362


—


(362)


—

Dividends paid(c)

(408)


—


(1,469)


1,350


(526)


(375)


—


(1,469)


1,350


(493)

Other financing activities

(65)


(162)


(142)


—


(369)


(279)


(207)


(116)


—


(602)

Net cash provided by (used in) financing activities

(2,916)


1,130


4,735


14


2,963


(3,138)


284


4,080


599


1,826

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

(84)


—


(67)


—


(151)


(9)


—


41


—


31

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

5,969


(625)


(547)


—


4,798


5,916


34


1,079


—


7,030

Cash, cash equivalents and restricted cash at beginning of period

12,310


1,359


8,249


—


21,917


13,746


1,526


6,676


—


21,948

Cash, cash equivalents and restricted cash at end of period

$   18,279


$    734


$  7,702


$                 —


$   26,715


$   19,663


$ 1,560


$  7,755


$                 —


$   28,978

__________

(a)   

Includes eliminations of $5.3 billion and $1.0 billion in the nine months ended September 30, 2024 and 2023 primarily driven by purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial

(b) 

Includes eliminations of $0.9 billion convertible note issued by Cruise to Automotive in the nine months ended September 30, 2024 and $0.4 billion of Automotive investment in Cruise in the nine months ended September 30, 2024 and 2023.

(c)  

Eliminations include dividends issued by GM Financial to Automotive in the nine months ended September 30, 2024 and 2023.

(d)  

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

General Motors Company and Subsidiaries1


The following tables summarize key financial information by segment (dollars in millions):



GMNA


GMI


Corporate


Eliminations


Total

Automotive


Cruise


GM

Financial


Reclassifications/
Eliminations


Total

Three Months Ended September 30, 2024


















Net sales and revenue

$ 41,157


$   3,517


$        62


$           —


$     44,735


$       26


$   4,031


$                (36)


$   48,757

Expenditures for property

$   2,128


$        91


$        10


$           —


$       2,229


$         3


$          6


$                   8


$     2,245

Depreciation and amortization

$   1,491


$      131


$        27


$           —


$       1,650


$         6


$   1,217


$                  —


$     2,873

Impairment charges

$        —


$        —


$        —


$           —


$            —


$        —


$        —


$                  —


$          —

Equity income (loss)(a)(b)

$      309


$    (132)


$        —


$           —


$          177


$        —


$       10


$                  —


$        187




















GMNA


GMI


Corporate


Eliminations


Total

Automotive


Cruise


GM

Financial


Reclassifications/
Eliminations


Total

Three Months Ended September 30, 2023


















Net sales and revenue

$ 36,106


$   4,330


$        67


$           —


$     40,503


$       25


$   3,641


$                (38)


$   44,131

Expenditures for property

$   2,435


$        87


$          5


$           —


$       2,528


$       18


$          4


$                 30


$     2,581

Depreciation and amortization

$   1,585


$      158


$          5


$           —


$       1,749


$       12


$   1,231


$                  —


$     2,992

Impairment charges

$        —


$        —


$        —


$           —


$            —


$        —


$        —


$                  —


$          —

Equity income (loss)(a)(b)

$      105


$      190


$        —


$           —


$          295


$        —


$       33


$                  —


$        328




















GMNA


GMI


Corporate


Eliminations


Total

Automotive


Cruise


GM

Financial


Reclassifications/
Eliminations


Total

Nine Months Ended September 30, 2024


















Net sales and revenue

$  117,981


$   9,897


$      130


$           —


$    128,007


$       76


$ 11,761


$              (105)


$  139,740

Expenditures for property

$     7,220


$      258


$        18


$           —


$       7,495


$         4


$        16


$                 81


$     7,597

Depreciation and amortization

$     4,415


$      403


$        53


$           —


$       4,871


$       18


$   3,662


$                  —


$     8,551

Impairment charges

$          —


$        —


$        —


$           —


$            —


$      605


$        —


$                  —


$        605

Equity income (loss)(a)(b)

$        766


$    (343)


$        —


$           —


$          423


$        —


$       55


$                  —


$        477




















GMNA


GMI


Corporate


Eliminations


Total

Automotive


Cruise


GM

Financial


Reclassifications/
Eliminations


Total

Nine Months Ended September 30, 2023


















Net sales and revenue

$  106,214


$ 12,011


$      177


$           —


$    118,403


$       76


$ 10,482


$                (98)


$  128,863

Expenditures for property

$     6,710


$      350


$        12


$           —


$       7,072


$       50


$        21


$                121


$     7,264

Depreciation and amortization

$     4,544


$      424


$        15


$           —


$       4,984


$       27


$   3,727


$                  —


$     8,738

Impairment charges

$          —


$        —


$        —


$           —


$            —


$        —


$        —


$                  —


$          —

Equity income (loss)(a)(b)

$          89


$      348


$        —


$           —


$          437


$        —


$      111


$                  —


$        548

__________

(a) 

Includes Automotive China joint ventures (Automotive China JVs) equity loss of $137 million and $347 million in the three and nine months ended September 30, 2024 and Automotive China JVs equity income of $192 million and $353 million in the three and nine months ended September 30, 2023.

(b) 

Equity earnings related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our electric vehicles (EVs). Equity earnings related to Ultium Cells Holdings LLC were $309 million and $788 million in the three and nine months ended September 30, 2024 and $101 million and $191 million in the three and nine months ended September 30, 2023.

General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)

General Motors Company (GM) uses both generally accepted accounting principles (GAAP) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes (EBT)-adjusted for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these, and other measures, as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors. 

EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders)  EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment. 

EPS-diluted-adjusted (Most comparable GAAP measure: Diluted earnings per common share)  EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.

ETR-adjusted (Most comparable GAAP measure: Effective tax rate)  ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we do not provide an expected effective tax rate because the U.S. GAAP measure may include significant adjustments that are difficult to predict. 

ROIC-adjusted (Most comparable GAAP measure: Return on equity)  ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is considered to be the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.

Adjusted automotive free cash flow (Most comparable GAAP measure: Net automotive cash provided by operating activities)  Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.

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


Three Months Ended


Nine Months Ended


September 30, 2024


September 30, 2023


September 30, 2024


September 30, 2023

Net income attributable to stockholders(a)

$                  3,056


$                  3,064


$                  8,969


$                  8,026

Income tax expense (benefit)

709


470


2,238


1,421

Automotive interest expense

206


229


631


689

Automotive interest income

(274)


(322)


(688)


(801)

Adjustments








Restructuring actions(b)

190


—


190


—

Buick dealer strategy(c)

150


93


321


438

GMI plant wind down(d)

43


—


146


—

Headquarters relocation(e)

34


—


34


—

Cruise restructuring(f)

—


—


583


—

Voluntary separation program(g)

—


30


—


905

GM Korea wage litigation(h)

—


—


—


(76)

Total adjustments

417


123


1,274


1,267

EBIT-adjusted

4,115


3,564


12,424


10,601

Operating segments








GM North America (GMNA)

3,982


3,526


12,254


10,295

GM International (GMI)

42


357


82


940

Cruise

(383)


(732)


(1,284)


(1,904)

GM Financial(i)

687


741


2,246


2,278

Total operating segments

4,327


3,892


13,299


11,610

Corporate and eliminations(j)

(213)


(328)


(874)


(1,009)

EBIT-adjusted

$                  4,115


$                  3,564


$                12,424


$                10,601

__________

(a) 

Net of net loss attributable to noncontrolling interests.

(b) 

These adjustments were excluded because they relate to employee separation charges primarily in North America.

(c) 

These adjustments were excluded because they relate to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick's EV strategy.

(d) 

These adjustments were excluded because they relate to the wind down of our manufacturing operations in Colombia and Ecuador.

(e) 

These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation.

(f)   

These adjustments were excluded because they relate to restructuring costs resulting from Cruise voluntarily pausing its driverless, supervised and manual AV operations in the U.S. and the indefinite delay of the Cruise Origin. The adjustments primarily consist of non-cash restructuring charges, supplier related charges and employee separation charges.

(g) 

This adjustment was excluded because it relates to the acceleration of attrition as part of the cost reduction program announced in January 2023, primarily in the U.S.

(h) 

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

(i)  

GM Financial amounts represent EBT-adjusted.

(j)   

GM's automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate.

The following table reconciles diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted (dollars in millions, except per share amounts):


Three Months Ended


Nine Months Ended


September 30, 2024


September 30, 2023


September 30, 2024


September 30, 2023


Amount


Per Share


Amount


Per Share


Amount


Per Share


Amount


Per Share

Diluted earnings per common share

$  3,029


$    2.68


$  3,038


$    2.20


$  8,914


$    7.77


$  7,946


$    5.72

Adjustments(a)

417


0.37


123


0.09


1,274


1.11


1,267


0.91

Tax effect on adjustments(b)

(96)


(0.08)


(25)


(0.02)


(290)


(0.25)


(324)


(0.23)

EPS-diluted-adjusted

$  3,350


$    2.96


$  3,136


$    2.28


$  9,898


$    8.63


$  8,889


$    6.40

__________

(a)

Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details.

(b) 

The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

The following table reconciles our effective tax rate under U.S. GAAP to ETR-adjusted (dollars in millions):


Three Months Ended


Nine Months Ended


September 30, 2024


September 30, 2023


September 30, 2024


September 30, 2023


Income before
income taxes


Income tax
expense
(benefit)


Effective
tax rate


Income before
income taxes


Income tax
expense
(benefit)


Effective
tax rate


Income before
income taxes


Income tax
expense
(benefit)


Effective
tax rate


Income before
income taxes


Income tax
expense
(benefit)


Effective
tax rate

Effective tax rate

$ 3,717


$   709


19.1 %


$  3,464


$   470


13.6 %


$  11,076


$  2,238


20.2 %


$ 9,267


$  1,421


15.3 %

Adjustments(a)

418


96




123


25




1,342


290




1,267


324



ETR-adjusted

$ 4,135


$   805


19.5 %


$  3,587


$   495


13.8 %


$  12,418


$  2,528


20.4 %


$  10,534


$  1,745


16.6 %

__________

(a) 

Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details. These adjustments include Net income attributable to noncontrolling interests where applicable. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

We define return on equity (ROE) as Net income attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):


Four Quarters Ended


September 30, 2024


September 30, 2023

Net income attributable to stockholders

$                 11.1


$                 10.0

Average equity(a)

$                 69.5


$                 72.8

ROE

15.9 %


13.8 %

__________

(a)

Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.

The following table summarizes the calculation of ROIC-adjusted (dollars in billions): 


Four Quarters Ended


September 30, 2024


September 30, 2023

EBIT-adjusted(a)

$                 14.2


$                 14.4

Average equity(b)

$                 69.5


$                 72.8

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

16.3


16.6

Add: Average automotive net pension & OPEB liability

9.8


7.5

Less: Average automotive and other net income tax asset

(22.7)


(20.5)

ROIC-adjusted average net assets

$                 73.0


$                 76.4

ROIC-adjusted

19.4 %


18.9 %

__________

(a) 

Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details.

(b) 

Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.

The following table reconciles Net automotive cash provided by operating activities under U.S. GAAP to adjusted automotive free cash flow (dollars in millions):


Three Months Ended


Nine Months Ended


September 30, 2024


September 30, 2023


September 30, 2024


September 30, 2023

Net automotive cash provided by operating activities

$              7,863


$              6,794


$           19,174


$           16,140

Less: Capital expenditures

(2,229)


(2,528)


(7,495)


(7,072)

Add: Buick dealer strategy

100


106


376


461

Add: Restructuring actions

74


—


74


—

Add: Employee separation costs

—


538


58


796

Add: GMI plant wind down

26


—


35


—

Adjusted automotive free cash flow

$              5,834


$              4,910


$           12,222


$           10,325

Vehicle Sales

GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. government and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the nine months ended September 30, 2024, 27.0% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by automotive segment (vehicles in thousands):


Three Months Ended


Nine Months Ended


September 30, 2024


September 30, 2023


September 30, 2024


September 30, 2023

GMNA

893


810


2,588


2,365

GMI

140


171


383


459

Total

1,033


981


2,971


2,824

Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments and daily rental car companies); and (3) certain vehicles used by dealers in their business. Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-GM trademarked vehicles by those joint ventures, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue GM recognizes during a particular period, we believe it is indicative of the underlying demand for GM's vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by our dealers, distributors and joint ventures; commercially available data sources such as registration and insurance data; and internal estimates and forecasts when other data is not available.

The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):


Three Months Ended


Nine Months Ended


September 30, 2024


September 30, 2023


September 30, 2024


September 30, 2023


Industry


GM


Market
Share


Industry


GM


Market
Share


Industry


GM


Market
Share


Industry


GM


Market
Share

North America
























United States

3,993


660


16.5 %


4,091


674


16.5 %


12,039


1,950


16.2 %


12,001


1,970


16.4 %

Other

987


130


13.2 %


933


122


13.0 %


2,887


376


13.0 %


2,647


338


12.8 %

Total North America

4,981


790


15.9 %


5,025


796


15.8 %


14,925


2,326


15.6 %


14,648


2,308


15.8 %

Asia/Pacific, Middle East and Africa
























China(a)

6,602


426


6.5 %


6,489


542


8.3 %


18,141


1,240


6.8 %


17,740


1,530


8.6 %

Other

5,486


150


2.7 %


5,547


159


2.9 %


16,168


382


2.4 %


16,363


410


2.5 %

Total Asia/Pacific, Middle East and Africa

12,088


576


4.8 %


12,036


701


5.8 %


34,309


1,622


4.7 %


34,103


1,940


5.7 %

South America
























Brazil

715


82


11.4 %


631


87


13.8 %


1,858


223


12.0 %


1,628


236


14.5 %

Other

363


28


7.7 %


354


33


9.3 %


989


82


8.3 %


1,081


98


9.1 %

Total South America

1,078


110


10.2 %


985


120


12.2 %


2,847


305


10.7 %


2,709


334


12.3 %

Total in GM markets

18,146


1,475


8.1 %


18,046


1,617


9.0 %


52,081


4,253


8.2 %


51,460


4,582


8.9 %

Total Europe

3,770


1


— %


4,012


1


— %


12,623


2


— %


12,414


2


— %

Total Worldwide(b)

21,916


1,476


6.7 %


22,057


1,618


7.3 %


64,704


4,255


6.6 %


63,874


4,584


7.2 %

United States
























Cars

723


38


5.3 %


791


55


7.0 %


2,205


141


6.4 %


2,334


183


7.9 %

Trucks

1,099


337


30.7 %


1,083


343


31.7 %


3,152


987


31.3 %


3,212


982


30.6 %

Crossovers

2,172


284


13.1 %


2,217


276


12.4 %


6,682


822


12.3 %


6,455


804


12.5 %

Total United States

3,993


660


16.5 %


4,091


674


16.5 %


12,039


1,950


16.2 %


12,001


1,970


16.4 %

China(a)
























SGMS



98






246






372






659



SGMW



329






296






868






871



Total China

6,602


426


6.5 %


6,489


542


8.3 %


18,141


1,240


6.8 %


17,740


1,530


8.6 %

__________ 

(a)

Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).

(b) 

Cuba, Iran, North Korea, Sudan and Syria are subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.

As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands):


Three Months Ended


Nine Months Ended


September 30, 2024


September 30, 2023


September 30, 2024


September 30, 2023

GMNA

127


165


447


538

GMI

109


130


275


338

Total fleet sales

236


295


722


876









Fleet sales as a percentage of total vehicle sales

16.0 %


18.2 %


17.0 %


19.1 %









North America capacity two-shift utilization

109.1 %


96.5 %


106.4 %


98.4 %

SOURCE General Motors Company