EX-99.1 2 gmq12015earningspressrelea.htm EXHIBIT 99.1 - Q1 2015 EARNINGS RELEASE GM Q1 2015 Earnings Press Release and Highlights


Exhibit 99.1

For Release: Thursday, April 23, 7:30 a.m. EDT

GM Reports Solid First Quarter Operating Performance
Reaffirms 2015 outlook

EBIT-adjusted of $2.1 billion, up $0.3 billion from Q1 2014, excluding recalls
Repurchased 10 million shares for approximately $0.4 billion
GM North America EBIT-adjusted best since company was established in 2009, expanding core operating margin for seventh straight quarter year over year
GM Europe increased Opel/Vauxhall share in 11 markets and improved operating performance, despite Russia market challenges
First quarter net income of $0.9 billion, up $0.8 billion from first quarter 2014
EPS of $0.56, EPS adjusted for special items of $0.86

DETROIT - General Motors Co. (NYSE: GM) today announced first quarter net income attributable to common stockholders of $0.9 billion, or $0.56 per diluted share. The current quarter included a net loss from special items of $0.5 billion, or $(0.30) per diluted share.

Special items in the quarter included $0.4 billion related to the decision to change the company’s business model in Russia and $0.1 billion for an adjustment to the estimated costs of the ignition switch compensation program.

In the first quarter of 2014, GM’s net income attributable to common stockholders was $0.1 billion, or $0.06 per diluted share, including a net loss from special items of $0.4 billion or $(0.23) per diluted share, and the impact of recall-related pre-tax costs of $1.3 billion, or $(0.48) per diluted share.

Earnings before interest and tax (EBIT) adjusted was $2.1 billion and included the impact of $0.1 billion in restructuring costs. This compares to the first quarter of 2014, when the company recorded EBIT-adjusted of $0.5 billion, which included recall-related pre-tax costs of $1.3 billion and $0.3 billion in restructuring costs.

Net revenue in the first quarter of 2015 was $35.7 billion, compared to $37.4 billion in the first quarter of 2014.

“Our results in the first quarter provide a solid foundation to achieve our financial commitments for the year,” said GM CEO Mary Barra. “Continued execution of our plan, including our capital allocation framework, will drive profitable growth, return on invested capital and shareholder value.”

GM Results Overview (in billions except for per share amounts and ROIC)

1



 
Q1 2015
Q1 2014
Revenue
$35.7
$37.4
Net income attributable to common stockholders
$0.9
$0.1
Earnings per share (EPS) diluted
$0.56
$0.06
Impact of special items on EPS diluted
$(0.30)
$(0.23)
EBIT-adjusted
$2.1
$0.5
Automotive net cash flow from operating activities
$0.0
$2.0
Adjusted automotive free cash flow
$(1.7)
$0.2
% Return on Invested Capital (ROIC)
19.5
16.9

Segment Results

GM North America reported EBIT-adjusted of $2.2 billion. This compares with EBIT-adjusted of $0.6 billion in the first quarter of 2014, which included the impact of a $1.3 billion pre-tax charge for recall costs.
GM Europe reported EBIT-adjusted of $(0.2) billion. This compares with EBIT-adjusted of $(0.3) billion in the first quarter of 2014, which included $0.2 billion for restructuring costs.
GM International Operations reported EBIT-adjusted of $0.4 billion, compared with EBIT-adjusted of $0.3 billion in the first quarter of 2014.
GM South America reported EBIT-adjusted of $(0.2) billion, approximately equal to the first quarter of 2014.
GM Financial reported earnings before tax of $0.2 billion, matching its results for the first quarter of 2014.

“Key vehicles like our recently launched full and mid-size trucks, and our cost discipline helped us deliver a solid quarter,” said Chuck Stevens, GM executive vice president and chief financial officer. “We continue to take decisive actions to address issues head-on and to drive the company to generate strong results.”

Cash Flow, Capital Return, Liquidity and ROIC

First quarter automotive cash flow from operating activities of $0.0 billion and adjusted automotive free cash flow of $(1.7) billion, were down from $2.0 billion and $0.2 billion a year ago, respectively. The declines in automotive operating and adjusted automotive free cash flows were primarily related to one extra weekly payment cycle to suppliers during the quarter compared with the same quarter a year ago, and cash payments related to recalls and restructuring.

Since announcing its $5 billion common stock repurchase program on March 9, 2015, GM has repurchased 19.4 million shares through April 21. Of this total, 10 million shares were repurchased through the March 31 trading date for approximately $0.4 billion. Additionally, GM paid common stock dividends of approximately $0.5 billion to shareholders during the quarter.

GM ended the quarter with strong total automotive liquidity of $34.2 billion. Automotive cash and marketable securities was $22.1 billion compared with $25.2 billion at year-end 2014.

As previously announced, GM will reinvest in its business with the objective of driving 20 percent or higher average return on invested capital (ROIC) through investments in world-class vehicles and leading technology. Beginning this quarter, the company will report trailing four quarter ROIC. On this basis, ROIC at the end of the quarter was 19.5 percent, compared to 16.9 percent at the end of the first quarter of 2014.

Based on its first quarter results, the company reaffirmed the 2015 annual outlook it communicated on January 14. GM expects its total EBIT adjusted and EBIT-adjusted margin to increase in 2015, compared to 2014, after adjusting 2014 for the impact of recall costs, with improved automotive results anticipated in all regions.


2



General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM’s brands include Chevrolet and Cadillac, as well as Baojun, Buick, GMC, Holden, Daewoo, Jiefang, Opel, Vauxhall and Wuling. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.

# # #
CONTACTS:

Tom Henderson
313-410-2704
Global Financial Communications
tom.e.henderson@gm.com
Randy Arickx
313-268-7070
GM Investor Relations
randy.c.arickx@gm.com


Forward-Looking Statements
In this press release and in related comments by our management, our use of the words “plans,” “expect,” “anticipate,” “possible,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “appears,” “potential,” “projected,” “upside,” “positioned,” “outlook” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors may include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls and the cost and effect on our reputation of product recalls; our ability to maintain adequate financing sources, including as required to fund our planned significant investment in new technology; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; overall strength and stability of our markets, particularly outside of North America and China; costs and risks associated with litigation and government investigations including those related to our recent recalls; our ability to remain competitive and our ability to continue to attract new customers, particularly for our new products. General Motors Co. (“GM”)’s most recent annual report on Form 10-K provides information about these and other factors, which we may revise or supplement in future reports to the Securities and Exchange Commission (the "SEC").


3



Exhibit 1

General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

The accompanying tables and charts include earnings before interest and taxes adjusted for special items, presented net of noncontrolling interests (EBIT-adjusted), return on invested capital (ROIC) and Automotive adjusted free cash flow. These metrics are not prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP) and have not been audited or reviewed by GM's independent auditors. EBIT-adjusted, ROIC and Automotive adjusted free cash flow are considered non-GAAP financial measures.

Management uses EBIT-adjusted to review the operating results of its automotive segments because it excludes interest income, interest expense and income taxes as well as certain additional adjustments. GM Financial uses income before income taxes-adjusted because management believes interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment.

Management uses ROIC to review investment and capital allocation decisions. GM defines ROIC as EBIT-adjusted for the trailing four quarters divided by average net assets, which is considered to be the average equity balances adjusted for certain assets and liabilities during the same period.

Management uses adjusted free cash flow to review the liquidity of its automotive operations. GM measures adjusted free cash flow as cash flow from operations less capital expenditures adjusted for management actions, primarily related to strengthening its balance sheet, such as accrued interest on prepayments of debt and voluntary contributions to employee benefit plans.

Management uses these non-GAAP measures in its financial and operational decision making processes, for internal reporting and as part of its forecasting and budgeting processes as they provide additional transparency of GM's core operations. These measures allow management to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions.

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 in isolation from, or as a substitute for, related U.S. GAAP measures.

The following table summarizes the reconciliation of EBIT-adjusted to its most comparable U.S. GAAP measure, Income before income taxes (dollars in millions):
 
Three Months Ended
 
March 31, 2015
 
March 31, 2014
Operating segments
 
 
 
GM North America (GMNA)
$
2,182

 
$
557

GM Europe (GME)
(239
)
 
(284
)
GM International Operations (GMIO)
371

 
252

GM South America (GMSA)
(214
)
 
(156
)
General Motors Financial Company, Inc. (GM Financial)(a)
214

 
221

Total operating segments(a)
2,314

 
590

Corporate and eliminations
(232
)
 
(124
)
EBIT-adjusted(b)
2,082

 
466

Special items
(547
)
 
(427
)
Automotive interest income
49

 
53

Automotive interest expense
(110
)
 
(103
)
Net income (loss) attributable to noncontrolling interests
(37
)
 
67

Income before income taxes
$
1,437

 
$
56

__________
(a)
GM Financial amounts represent income before income taxes-adjusted.
(b)
GM's automotive operations' interest income and interest expense are recorded centrally in Corporate.


1



General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

In the three months ended March 31, 2015 special items consisted of net insurance recoveries related to flood damage of $32 million in its GMNA segment; costs related to the change in GM's business model in Russia of $337 million in its GME segment and $91 million in its GMIO segment, which is net of non-controlling interests; charge related to the ignition switch recall compensation program of $150 million in its Corporate segment; and other of $1 million.

In the three months ended March 31, 2014 special items consisted of Venezuela currency devaluation of $419 million in its GMSA segment and other of $8 million.

The following table summarizes the reconciliation of ROIC (dollars in billions):
 
Four Quarters Ended
 
March 31, 2015
 
March 31, 2014
EBIT-adjusted
$
8.1

 
$
7.3

Average equity
$
39.7

 
$
40.6

Add: Average automotive debt and interest liabilities (excluding capital leases)
7.3

 
5.6

Add: Average automotive net pension & OPEB liability
27.4

 
30.3

Less: Average fresh start accounting goodwill
(0.1
)
 
(0.4
)
Less: Average net automotive income tax asset
(32.6
)
 
(33.1
)
ROIC average net assets
$
41.7

 
$
43.0

ROIC
19.5
%
 
16.9
%

The following table summarizes the reconciliation of Automotive adjusted free cash flow to Automotive net cash provided by operating activities (dollars in millions):
 
Three Months Ended
 
March 31, 2015
 
March 31, 2014
Automotive adjusted free cash flow
$
(1,664
)
 
$
248

Capital expenditures
1,667

 
1,752

Automotive net cash provided by operating activities
$
3

 
$
2,000





















2



General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

The following tables summarize key financial information by segment (dollars in millions):
 
GMNA
 
GME
 
GMIO
 
GMSA
 
Corporate
 
Eliminations
 
Total Automotive
 
GM Financial
 
Eliminations
 
Total
Three Months Ended
March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total net sales and revenue
$
24,676

 
$
4,449

 
$
3,112

 
$
2,092

 
$
35

 
$

 
$
34,364

 
$
1,354

 
$
(6
)
 
$
35,712

Expenditures for property
$
1,101

 
$
244

 
$
180

 
$
139

 
$
3

 
$

 
$
1,667

 
$
17

 
$

 
$
1,684

Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets
$
1,101

 
$
121

 
$
111

 
$
76

 
$
4

 
$
(1
)
 
$
1,412

 
$
345

 
$

 
$
1,757

Equity income
$
5

 
$
1

 
$
519

 
$

 
$

 
$

 
$
525

 
$
28

 
$

 
$
553

 
GMNA
 
GME
 
GMIO
 
GMSA
 
Corporate
 
Eliminations
 
Total Automotive
 
GM Financial
 
Eliminations
 
Total
Three Months Ended
March 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total net sales and revenue
$
24,404

 
$
5,620

 
$
3,230

 
$
3,025

 
$
36

 
$

 
$
36,315

 
$
1,097

 
$
(4
)
 
$
37,408

Expenditures for property
$
1,195

 
$
201

 
$
257

 
$
68

 
$
31

 
$

 
$
1,752

 
$
7

 
$

 
$
1,759

Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets
$
1,092

 
$
109

 
$
114

 
$
101

 
$
16

 
$
(1
)
 
$
1,431

 
$
176

 
$

 
$
1,607

Equity income
$
4

 
$
3

 
$
598

 
$

 
$

 
$

 
$
605

 
$

 
$

 
$
605


3



General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
 
March 31, 2015
 
December 31, 2014
Worldwide Employment (in thousands)
 
 
 
GMNA
112

 
110

GME
35

 
37

GMIO
32

 
33

GMSA
28

 
29

GM Financial
7

 
7

Total Worldwide
214

 
216

 
 
 
 
U.S. - Salaried
41

 
40

U.S. - Hourly
51

 
51


Vehicle Sales

GM presents both wholesale and retail vehicle sales data to assist in the analysis of its revenue and market share. GM does not currently export vehicles to Cuba, Iran, North Korea, Sudan or Syria. Accordingly, these countries are excluded from industry sales data in the tables below and corresponding calculations of its market share.

Wholesale Vehicle Sales

Wholesale vehicle sales data, which represents sales directly to dealers and others, is the measure that correlates vehicle sales to revenue from the sale of vehicles, which is the largest component of automotive Net sales and revenue. Wholesale vehicle sales exclude vehicles produced by unconsolidated joint ventures. In the three months ended March 31, 2015, 49.5% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes total wholesale vehicle sales of new vehicles by automotive segment (vehicles in thousands):
 
Three Months Ended
 
March 31, 2015
 
March 31, 2014
GMNA
829

 
807

GME
268

 
291

GMIO
144

 
162

GMSA
150

 
208

Worldwide
1,391

 
1,468







4



General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

Retail Vehicle Sales and Market Share

Retail vehicle sales data, which represents sales to the end customers based upon the good faith estimates of management, including fleets, does not correlate directly to the revenue GM recognizes during the period. However, retail vehicle sales data is indicative of the underlying demand for GM vehicles. Market share information is based primarily on retail vehicle sales volume. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate retail vehicle sales.

Retail vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on the percentage of ownership in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicles sales on non-GM trademarked vehicles by those joint ventures. Retail vehicle sales data includes vehicles sold through the dealer registration channel. This sales channel consists primarily of dealer demonstrator, loaner and self-registered vehicles (primarily in Europe). These vehicles are not eligible to be sold as new vehicles after being registered by dealers. Certain fleet sales that are accounted for as operating leases are included in retail vehicle sales at the time of delivery to the daily rental car companies. The following table summarizes total retail sales volume, or estimated sales volume where retail sales volume is not available, of new vehicles by geographic region (vehicles in thousands):
 
Three Months Ended
 
March 31, 2015

 
March 31, 2014

United States
 
 
 
Chevrolet - Cars
179

 
217

Chevrolet - Trucks
189

 
144

Chevrolet - Crossovers
108

 
91

Cadillac
37

 
40

Buick
50

 
53

GMC
121

 
105

Total United States
684

 
650

Canada, Mexico and Other
106

 
95

Total North America
790

 
745

Europe
 
 
 
Opel/Vauxhall
279

 
271

Chevrolet
12

 
66

Other
1

 

Total Europe
292

 
337

Asia/Pacific, Middle East and Africa
 
 
 
Chevrolet
316

 
319

Wuling
425

 
461

Buick
228

 
238

Holden
28

 
30

GMC
7

 
7

Cadillac
22

 
17

Other
112

 
51

Total Asia/Pacific, Middle East and Africa
1,138

 
1,123

South America
 
 
 
Chevrolet
178

 
211

Other
1

 

Total South America
179

 
211

Total Worldwide
2,399

 
2,416


5



General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

The vehicle sales at GM's China joint ventures presented in the following table are included in GM's retail vehicle sales (vehicles in thousands):
 
Three Months Ended
 
March 31, 2015
 
March 31, 2014
SAIC General Motors Sales Co., Ltd.
418

 
422

SAIC-GM-Wuling Automobile Co., Ltd. and FAW-GM Light Duty Commercial Vehicle Co., Ltd.
521

 
497

 
Three Months Ended
 
March 31, 2015
 
March 31, 2014
Market Share
 
 
 
United States - Cars
12.2%
 
14.9%
United States - Trucks
23.7%
 
20.4%
United States - Crossovers
17.6%
 
17.4%
Total United States
16.9%
 
17.0%
Total North America
16.4%
 
16.5%
Total Europe
6.1%
 
7.2%
Total Asia/Pacific, Middle East and Africa
10.1%
 
10.0%
Total South America
16.7%
 
16.3%
Total Worldwide
11.0%
 
11.1%
 
 
 
 
U.S. Retail/Fleet Mix
 
 
 
% Fleet Sales - Cars
36.6%
 
31.7%
% Fleet Sales - Trucks
22.5%
 
17.8%
% Fleet Sales - Crossovers
21.5%
 
21.7%
Total Vehicles
26.7%
 
24.6%
 
 
 
 
North America Capacity Utilization
100.5%
 
104.4%





6



General Motors Company and Subsidiaries
Consolidating Income Statements
(In millions)
(Unaudited)
 
Three Months Ended March 31, 2015
 
Three Months Ended March 31, 2014
 
Automotive
 
GM Financial
 
Eliminations
 
Consolidated
 
Automotive
 
GM Financial
 
Eliminations
 
Consolidated
Net sales and revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Automotive
$
34,364

 
$

 
$

 
$
34,364

 
$
36,315

 
$

 
$

 
$
36,315

GM Financial

 
1,354

 
(6
)
 
1,348

 

 
1,097

 
(4
)
 
1,093

Total net sales and revenue
34,364

 
1,354

 
(6
)
 
35,712

 
36,315

 
1,097

 
(4
)
 
37,408

Costs and expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Automotive cost of sales
30,677

 

 
(3
)
 
30,674

 
34,130

 

 
(3
)
 
34,127

GM Financial interest, operating and other expenses

 
1,168

 

 
1,168

 

 
875

 

 
875

Automotive selling, general and administrative expense
3,117

 

 

 
3,117

 
2,941

 

 

 
2,941

Total costs and expenses
33,794

 
1,168

 
(3
)
 
34,959

 
37,071

 
875

 
(3
)
 
37,943

Operating income (loss)
570

 
186

 
(3
)
 
753

 
(756
)
 
222

 
(1
)
 
(535
)
Automotive interest expense
113

 

 
(3
)
 
110

 
104

 

 
(1
)
 
103

Interest income and other non-operating income, net
241

 

 

 
241

 
89

 

 

 
89

Equity income
525

 
28

 

 
553

 
605

 

 

 
605

Income (loss) before income taxes
1,223

 
214

 

 
1,437

 
(166
)
 
222

 

 
56

Income tax expense (benefit)
464

 
65

 

 
529

 
(303
)
 
79

 

 
(224
)
Net income
759

 
149

 

 
908

 
137

 
143

 

 
280

Net (income) loss attributable to noncontrolling interests
37

 

 

 
37

 
(67
)
 

 

 
(67
)
Net income attributable to stockholders
$
796

 
$
149

 
$

 
$
945

 
$
70

 
$
143

 
$

 
$
213

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 






7



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
 
March 31, 2015
 
March 31, 2014
Basic earnings per share
 
 
 
Net income attributable to stockholders
$
945

 
$
213

Less: cumulative dividends on Series A preferred stock(a)

 
(88
)
Net income attributable to common stockholders
$
945

 
$
125

Weighted-average common shares outstanding
1,617

 
1,587

Basic earnings per common share
$
0.58

 
$
0.08

Diluted earnings per share
 
 
 
Net income attributable to common stockholders - basic
$
945

 
$
125

Less: earnings adjustment for dilutive stock compensation rights

 
(17
)
Net income attributable to common stockholders - diluted
$
945

 
$
108

Weighted-average common shares outstanding - basic
1,617

 
1,587

Dilutive effect of warrants and restricted stock units
69

 
104

Weighted-average common shares outstanding - diluted
1,686

 
1,691

Diluted earnings per common share
$
0.56

 
$
0.06

________
(a)
Includes earned but undeclared dividends of $15 million on GM's Series A preferred stock in the three months ended March 31, 2014.




















8



General Motors Company and Subsidiaries
Consolidating Balance Sheets
(In millions)
(Unaudited)
 
March 31, 2015
 
December 31, 2014
 
Automotive
 
GM Financial
 
Eliminations
 
Consolidated
 
Automotive
 
GM Financial
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
13,655

 
$
2,121

 
$

 
$
15,776

 
$
15,980

 
$
2,974

 
$

 
$
18,954

Marketable securities
8,409

 

 

 
8,409

 
9,222

 

 

 
9,222

Restricted cash and marketable securities
126

 
1,288

 

 
1,414

 
136

 
1,202

 

 
1,338

Accounts and notes receivable, net
11,816

 
640

 
(887
)
 
11,569

 
9,396

 
788

 
(1,106
)
 
9,078

GM Financial receivables, net

 
16,290

 
(163
)
 
16,127

 

 
16,705

 
(177
)
 
16,528

Inventories
14,051

 

 

 
14,051

 
13,642

 

 

 
13,642

Equipment on operating leases, net
4,563

 

 

 
4,563

 
3,564

 

 

 
3,564

Deferred income taxes
9,445

 
259

 

 
9,704

 
9,440

 
320

 

 
9,760

Other current assets
1,362

 
256

 

 
1,618

 
1,410

 
174

 

 
1,584

Total current assets
63,427

 
20,854

 
(1,050
)
 
83,231

 
62,790

 
22,163

 
(1,283
)
 
83,670

Non-current Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restricted cash and marketable securities
64

 
561

 

 
625

 
67

 
868

 

 
935

GM Financial receivables, net

 
16,180

 

 
16,180

 

 
16,006

 

 
16,006

Equity in net assets of nonconsolidated affiliates
8,827

 
929

 

 
9,756

 
8,350

 

 

 
8,350

Property, net
27,579

 
176

 

 
27,755

 
27,570

 
173

 

 
27,743

Goodwill and intangible assets, net
4,841

 
1,456

 

 
6,297

 
4,945

 
1,465

 

 
6,410

GM Financial equipment on operating leases, net

 
8,939

 

 
8,939

 

 
7,060

 

 
7,060

Deferred income taxes
24,809

 
(27
)
 

 
24,782

 
25,439

 
(25
)
 

 
25,414

Other assets
2,580

 
410

 
(637
)
 
2,353

 
2,573

 
151

 
(635
)
 
2,089

Total non-current assets
68,700

 
28,624

 
(637
)
 
96,687

 
68,944

 
25,698

 
(635
)
 
94,007

Total Assets
$
132,127

 
$
49,478

 
$
(1,687
)
 
$
179,918

 
$
131,734

 
$
47,861

 
$
(1,918
)
 
$
177,677

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable (principally trade)
$
25,145

 
$
771

 
$
(729
)
 
$
25,187

 
$
22,463

 
$
716

 
$
(650
)
 
$
22,529

Short-term debt and current portion of long-term debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Automotive
733

 

 
(322
)
 
411

 
1,131

 

 
(631
)
 
500

GM Financial

 
13,940

 

 
13,940

 

 
14,488

 

 
14,488

Accrued liabilities
27,074

 
730

 

 
27,804

 
27,444

 
741

 
(1
)
 
28,184

Total current liabilities
52,952

 
15,441

 
(1,051
)
 
67,342

 
51,038

 
15,945

 
(1,282
)
 
65,701

Non-current Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Automotive
8,722

 

 

 
8,722

 
8,910

 

 

 
8,910

GM Financial

 
25,185

 

 
25,185

 

 
22,943

 

 
22,943

Postretirement benefits other than pensions
6,089

 

 

 
6,089

 
6,229

 

 

 
6,229

Pensions
22,106

 
100

 

 
22,206

 
23,676

 
112

 

 
23,788

Other liabilities
12,784

 
1,403

 
(636
)
 
13,551

 
13,396

 
1,322

 
(636
)
 
14,082

Total non-current liabilities
49,701

 
26,688

 
(636
)
 
75,753

 
52,211

 
24,377

 
(636
)
 
75,952

Total Liabilities
102,653

 
42,129

 
(1,687
)
 
143,095

 
103,249

 
40,322

 
(1,918
)
 
141,653

Commitments and contingencies
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock
16

 

 

 
16

 
16

 

 

 
16

Additional paid-in capital
28,819

 

 

 
28,819

 
28,937

 

 

 
28,937

Retained earnings
6,697

 
8,128

 

 
14,825

 
6,604

 
7,973

 

 
14,577

Accumulated other comprehensive loss
(6,552
)
 
(779
)
 

 
(7,331
)
 
(7,639
)
 
(434
)
 

 
(8,073
)
Total stockholders’ equity
28,980

 
7,349

 

 
36,329

 
27,918

 
7,539

 

 
35,457

Noncontrolling interests
494

 

 

 
494

 
567

 

 

 
567

Total Equity
29,474

 
7,349

 

 
36,823

 
28,485

 
7,539

 

 
36,024

Total Liabilities and Equity
$
132,127

 
$
49,478

 
$
(1,687
)
 
$
179,918

 
$
131,734

 
$
47,861

 
$
(1,918
)
 
$
177,677


9



General Motors Company and Subsidiaries
Consolidating Statements of Cash Flows
(In millions)
(Unaudited)
 
Three Months Ended March 31, 2015
 
Three Months Ended March 31, 2014
 
Automotive
 
GM Financial
 
Reclassification(a)
 
Consolidated
 
Automotive
 
GM Financial
 
Reclassification(a)
 
Consolidated
Net cash provided by operating activities
$
3

 
$
540

 
$
(168
)
 
$
375

 
$
2,000

 
$
376

 
$
(400
)
 
$
1,976

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenditures for property
(1,667
)
 
(17
)
 

 
(1,684
)
 
(1,752
)
 
(7
)
 

 
(1,759
)
Available-for-sale marketable securities, acquisitions
(1,634
)
 

 

 
(1,634
)
 
(891
)
 

 

 
(891
)
Trading marketable securities, acquisitions
(522
)
 

 

 
(522
)
 
(302
)
 

 

 
(302
)
Available-for-sale marketable securities, liquidations
2,467

 

 

 
2,467

 
1,055

 

 

 
1,055

Trading marketable securities, liquidations
386

 

 

 
386

 
332

 

 

 
332

Acquisition of companies/investments, net of cash acquired
(2
)
 
(1,049
)
 
 
 
(1,051
)
 

 

 
 
 

Increase in restricted cash and marketable securities
(54
)
 
(167
)
 

 
(221
)
 
(25
)
 
(256
)
 

 
(281
)
Decrease in restricted cash and marketable securities
55

 
13

 

 
68

 
50

 
109

 

 
159

Purchases of finance receivables

 
(4,235
)
 
168

 
(4,067
)
 

 
(3,700
)
 
400

 
(3,300
)
Principal collections and recoveries on finance receivables

 
2,814

 

 
2,814

 

 
2,639

 

 
2,639

Purchases of leased vehicles, net

 
(2,252
)
 

 
(2,252
)
 

 
(620
)
 

 
(620
)
Proceeds from termination of leased vehicles

 
185

 

 
185

 

 
123

 

 
123

Other investing activities
38

 
5

 

 
43

 
8

 

 

 
8

Net cash provided by (used in) investing activities
(933
)
 
(4,703
)
 
168

 
(5,468
)
 
(1,525
)
 
(1,712
)
 
400

 
(2,837
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in short-term debt
(100
)
 
198

 

 
98

 
(67
)
 
451

 

 
384

Proceeds from issuance of debt (original maturities greater than three months)
8

 
6,147

 

 
6,155

 
223

 
5,460

 

 
5,683

Payments on debt (original maturities greater than three months)
(53
)
 
(3,056
)
 

 
(3,109
)
 
(197
)
 
(4,567
)
 

 
(4,764
)
Payments to purchase stock
(300
)
 

 
 
 
(300
)
 

 

 
 
 

Dividends paid
(488
)
 

 

 
(488
)
 
(571
)
 

 

 
(571
)
Other financing activities
44

 
(41
)
 

 
3

 
9

 
(23
)
 

 
(14
)
Net cash provided by (used in) financing activities
(889
)
 
3,248

 

 
2,359

 
(603
)
 
1,321

 

 
718

Effect of exchange rate changes on cash and cash equivalents
(343
)
 
(101
)
 

 
(444
)
 
(450
)
 
(2
)
 

 
(452
)
Net transactions with Automotive/GM Financial
(163
)
 
163

 

 

 
(105
)
 
105

 

 

Net increase (decrease) in cash and cash equivalents
(2,325
)
 
(853
)
 

 
(3,178
)
 
(683
)
 
88

 

 
(595
)
Cash and cash equivalents at beginning of period
15,980

 
2,974

 

 
18,954

 
18,947

 
1,074

 

 
20,021

Cash and cash equivalents at end of period
$
13,655

 
$
2,121

 
$

 
$
15,776

 
$
18,264

 
$
1,162

 
$

 
$
19,426

_____
(a)
Reclassification of 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.

10