EX-99.1 2 gmq32023financialhighlights.htm EX-99.1 Document
Exhibit 99.1
gm_brandmarkxwordmarkxlock.jpg
News


For Release: Tuesday, Oct. 24, 2023, at 6:30 a.m. ET

GM Releases 2023 Third Quarter Results

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

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

Conference Call for Investors and Analysts

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

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

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

Results Overview
Three Months Ended
($M) except where notedSeptember 30, 2023September 30, 2022Change% 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 margin6.9 %7.9 %(1.0) ppts(12.7)%
EBIT-adjusted margin8.1 %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 margin9.8 %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.


1




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.

###

CONTACTS:
Jim Cain
GM Communications
313-407-2843
james.cain@chevrolet.com

Ashish Kohli
GM Investor Relations
847-964-3459
ashish.kohli@gm.com
David Caldwell
GM Communications
586-899-7861
david.caldwell@gm.com


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


2


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.

3


General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles Net income attributable to stockholders under U.S. GAAP to segment profit (loss) (dollars in millions):
Three Months EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 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 expense229 259 689 719 
Automotive interest income (322)(122)(801)(245)
Adjustments
   Buick dealer strategy(b)93 — 438 — 
   Voluntary separation program(c)30 — 905 — 
   GM Korea wage litigation(d)— — (76)— 
   Cruise compensation modifications(e)— — — 1,057 
   Patent royalty matters(f)— — — (100)
Total adjustments123 — 1,267 957 
EBIT-adjusted3,564 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 segments3,892 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.








4


General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted (dollars in millions, except per share amounts):
Three Months EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
AmountPer ShareAmountPer ShareAmountPer ShareAmountPer 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 EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Income before income taxesIncome tax expense (benefit)Effective tax rateIncome before income taxesIncome tax expense (benefit)Effective tax rateIncome before income taxesIncome tax expense (benefit)Effective tax rateIncome before income taxesIncome tax expense (benefit)Effective tax rate
Effective tax rate$3,464 $470 13.6 %$4,097 $845 20.6 %$9,267 $1,421 15.3 %$9,009 $1,308 14.5 %
Adjustments(a)123 25 — — 1,267 324 1,053 296 
Tax adjustments(b)— — — 482 
ETR-adjusted$3,587 $495 13.8 %$4,097 $845 20.6 %$10,534 $1,745 16.6 %$10,062 $2,086 20.7 %
________
(a)Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to segment profit (loss) for adjustment details. These adjustments include Net income attributable to noncontrolling interests where applicable. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.
(b)Refer to the reconciliation of diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted for adjustment details.


















5


General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
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, 2023September 30, 2022
Net income attributable to stockholders$10.0 $9.7 
Average equity(a)$72.8 $64.9 
ROE13.8 %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, 2023September 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 liability7.5 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-adjusted18.9 %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.



















6


General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
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 EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 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 strategy106 — 461 — 
Add: Employee separation costs538 — 796 — 
Add: GM Korea wage litigation— — — 26 
Add: Patent royalty matters— 145 — 145 
Adjusted automotive free cash flow$4,910 $4,593 $10,325 $6,006 

The following tables summarize key financial information by segment (dollars in millions):
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
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 
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
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 
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
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 
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Nine Months Ended September 30, 2022
Net sales and revenue$92,907 $11,100 $132 $— $104,140 $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.


7


General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
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 EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
GMNA810 784 2,365 2,139 
GMI171 182 459 474 
Total981 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.

8


General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):
 Three Months EndedNine Months Ended
 September 30, 2023September 30, 2022September 30, 2023September 30, 2022
 IndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket Share
North America
United States4,092 674 16.5 %3,512 556 15.8 %11,993 1,970 16.4 %10,519 1,651 15.7 %
Other934 122 13.0 %773 107 13.9 %2,648 338 12.8 %2,275 300 13.2 %
Total North America5,026 796 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 %
Other5,373 161 3.0 %5,039 117 2.3 %16,106 412 2.6 %15,014 381 2.5 %
Total Asia/Pacific, Middle East and Africa11,870 703 5.9 %11,376 747 6.6 %33,862 1,942 5.7 %32,170 2,109 6.6 %
South America
Brazil631 87 13.8 %584 88 15.0 %1,628 236 14.5 %1,501 203 13.5 %
Other353 33 9.3 %413 42 10.2 %1,079 98 9.1 %1,198 124 10.3 %
Total South America983 120 12.2 %997 130 13.0 %2,707 334 12.3 %2,699 327 12.1 %
Total in GM markets17,879 1,619 9.1 %16,658 1,539 9.2 %51,210 4,584 9.0 %47,662 4,386 9.2 %
Total Europe3,851 1 — %3,343 — — %12,252 2 — %10,398 1 — %
Total Worldwide(b)(c)21,731 1,619 7.5 %20,001 1,539 7.7 %63,462 4,585 7.2 %58,061 4,388 7.6 %
United States
Cars790 55 7.0 %688 49 7.2 %2,332 183 7.9 %2,098 152 7.3 %
Trucks1,084 343 31.7 %1,000 299 29.9 %3,214 982 30.6 %2,887 899 31.2 %
Crossovers2,218 276 12.4 %1,823 207 11.4 %6,447 804 12.5 %5,534 599 10.8 %
Total United States4,092 674 16.5 %3,512 556 15.8 %11,993 1,970 16.4 %10,519 1,651 15.7 %
China(a)
SGMS246 298 659 766 
SGMW296 332 871 962 
Total China6,497 542 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.

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 EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
GMNA165 116 538 406 
GMI131 126 339 289 
Total fleet sales296 242 877 695 
Fleet sales as a percentage of total vehicle sales18.3 %15.7 %19.1 %15.8 %
North America capacity two-shift utilization96.5 %103.3 %98.4 %98.7 %
9



General Motors Company and Subsidiaries
Combining Income Statement Information
(In millions) (Unaudited)
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
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 revenue40,503 25 3,641 (38)44,131 38,703 25 3,187 (27)41,889 
Costs and expenses
Automotive and other cost of sales35,141 706 — (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 expense2,217 127 — (1)2,344 2,364 113 — — 2,477 
Total costs and expenses37,359 833 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 expense231 9 — (11)229 259 1 — (1)259 
Interest income and other non-operating income, net406 26 — 20 453 557 18 — 23 598 
Equity income (loss)194 — 33 — 227 323 — 44 — 367 
Income (loss) before income taxes$3,514 $(791)$741 $— $3,464 $3,725 $(537)$911 $(2)$4,097 
Income tax expense (benefit)470 845 
Net income (loss)2,994 3,252 
Net loss (income) attributable to noncontrolling interests70 53 
Net income (loss) attributable to stockholders$3,064 $3,305 
Net income (loss) attributable to common stockholders$3,038 $3,278 
Nine Months Ended September 30, 2023Nine Months Ended September 30, 2022
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
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 revenue118,403 76 10,482 (98)128,863 104,140 76 9,489 (79)113,627 
Costs and expenses
Automotive and other cost of sales 102,917 

1,811 — 

(7)

104,721 

90,221 2,094 — (2)92,314 
GM Financial interest, operating and other expenses— — 8,314 (1)8,313 — — 6,336 (1)6,335 
Automotive and other selling, general and administrative expense7,089 362 — (2)7,449 6,629 645 — — 7,274 
Total costs and expenses110,006 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 expense691 20 — (22)689 719 3 — (3)719 
Interest income and other non-operating income, net1,068 86 (1)66 1,219 1,311 22 — 78 1,410 
Equity income (loss)246 — 111 — 357 467 — 148 — 615 
Income (loss) before income taxes$9,019 $(2,030)$2,278 $— $9,267 $8,347 $(2,644)$3,301 $5 $9,009 
Income tax expense (benefit)1,421 1,308 
Net income (loss)7,846 7,701 
Net loss (income) attributable to noncontrolling interests179 234 
Net income (loss) attributable to stockholders$8,026 $7,935 
Net income (loss) attributable to common stockholders$7,946 $6,931 
10



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 EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Basic earnings per share
Net income (loss) attributable to stockholders$3,064 $3,305 $8,026 $7,935 
Less: cumulative dividends on subsidiary preferred stock(a)(26)(26)(80)(1,004)
Net income (loss) attributable to common stockholders$3,038 $3,278 $7,946 $6,931 
Weighted-average common shares outstanding1,372 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 – diluted1,378 1,457 1,390 1,464 
Diluted earnings per common share$2.20 $2.25 $5.72 $4.73 
Potentially dilutive securities(b)14 10 14 10 
__________
(a)Includes a $909 million deemed dividend related to the redemption of Cruise preferred shares from SoftBank in the nine months ended September 30, 2022.
(b)Potentially dilutive securities attributable to outstanding stock options and Restricted Stock Units (RSUs) at September 30, 2023 and 2022 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.
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General Motors Company and Subsidiaries
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
September 30, 2023December 31, 2022
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
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 securities9,459 192 — — 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 
Inventories17,743 1 — (4)17,740 15,369 — — (2)15,366 
Other current assets(b)1,921 432 6,010 (404)7,959 2,009 347 4,912 (442)6,825 
Total current assets61,347 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 affiliates8,859 — 1,691 — 10,549 8,511 — 1,665 — 10,176 
Property, net 49,107 160 132 — 49,399 45,011 98 140 — 45,248 
Goodwill and intangible assets, net 2,832 723 1,352 — 4,907 2,877 727 1,341 — 4,945 
Equipment on operating leases, net— — 31,061 — 31,061 — — 32,701 — 32,701 
Deferred income taxes19,673 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 assets89,157 2,718 79,702 (593)170,984 84,742 2,254 76,702 (112)163,586 
Total Assets$150,504 $4,888 $128,962 $(2,649)$281,705 $138,419 $5,510 $121,544 $(1,436)$264,037 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)(a)$30,238 $193 $1,141 $(1,186)$30,387 $27,307 $146 $712 $(679)$27,486 
Short-term debt and current portion of long-term debt
Automotive(d)810 43 — (457)396 2,144 13 — (198)1,959 
GM Financial— — 38,256 — 38,256 — — 36,819 — 36,819 
Cruise— 4 — (4)— — 2 — (2)— 
Accrued liabilities(b)20,702 637 6,852 (409)27,782 18,662 612 6,081 (445)24,910 
Total current liabilities51,749 877 46,250 (2,056)96,820 48,113 772 43,612 (1,324)91,173 
Non-current Liabilities
Long-term debt
Automotive(c)15,956 327 — (321)15,962 15,879 6 — — 15,885 
GM Financial — — 64,259 — 64,259 — — 60,036 — 60,036 
Cruise— 272 — (272)— — 112 — (112)— 
Postretirement benefits other than pensions4,090 — — — 4,090 4,193 — — — 4,193 
Pensions 5,520 — 8 — 5,528 5,692 — 6 — 5,698 
Other liabilities13,276 447 2,596 — 16,320 11,927 465 2,375 — 14,767 
Total non-current liabilities38,843 1,045 66,862 (593)106,158 37,691 583 62,417 (112)100,579 
Total Liabilities90,592 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 value14 — — — 14 14 — — — 14 
Additional paid-in capital(e)25,918 115 1,374 (1,349)26,058 26,313 90 1,433 (1,409)26,428 
Retained earnings39,841 726 15,753 1 56,322 32,054 1,766 15,429 1 49,251 
Accumulated other comprehensive loss(6,639)(2)(1,278)— (7,918)(6,552)(2)(1,348)— (7,901)
Total stockholders’ equity59,134 840 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 Equity59,912 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.
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General Motors Company and Subsidiaries
Combining Cash Flow Information
(In millions) (Unaudited)
Nine Months Ended September 30, 2023Nine Months Ended September 30, 2022
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
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, net4,984 27 30 — 5,041 4,815 39 37 — 4,892 
Foreign currency remeasurement and transaction (gains) losses111 — 3 — 114 27 — (1)— 26 
Undistributed earnings of nonconsolidated affiliates, net77 — (111)— (34)(2)— (122)— (124)
Pension contributions and OPEB payments(676)— — — (676)(585)— — — (586)
Pension and OPEB income, net(65)— 1 — (64)(902)— 1 — (901)
Provision (benefit) for deferred taxes879 (694)49 — 235 1,264 (1,099)339 — 504 
Change in other operating assets and liabilities(a)(c)3,293 583 (454)(2,309)1,114 242 1,289 (2,548)(3,706)(4,722)
Net cash provided by (used in) operating activities16,140 (1,420)4,862 (2,309)17,273 11,606 (1,316)3,830 (3,701)10,419 
Cash flows from investing activities
Expenditures for property(7,072)(50)(21)(121)(7,264)(5,771)(140)(28)6 (5,933)
Available-for-sale marketable securities, acquisitions(3,499)(490)— — (3,989)(5,019)(2,430)— — (7,450)
Available-for-sale marketable securities, liquidations4,966 1,709 — — 6,675 3,743 2,416 — (14)6,145 
Purchases of finance receivables, net(a)— — (28,376)1,196 (27,180)— — (29,212)2,768 (26,444)
Principal collections and recoveries on finance receivables— — 21,132 2 21,135 — — 20,604 (82)20,522 
Purchases of leased vehicles, net— — (10,247)— (10,247)— — (9,062)— (9,062)
Proceeds from termination of leased vehicles— — 9,860 — 9,860 — — 11,052 — 11,052 
Other investing activities(b)(d)(1,471)— (252)632 (1,091)(4,020)— (81)4,299 198 
Net cash provided by (used in) investing activities(7,076)1,169 (7,903)1,710 (12,100)(11,067)(154)(6,726)6,976 (10,971)
Cash flows from financing activities
Net increase (decrease) in short-term debt(d)227 — (24)(252)(48)20 — 1,189 — 1,208 
Proceeds from issuance of debt (original maturities greater than three months)18 151 37,339 (151)37,357 2,248 60 33,805 (60)36,053 
Payments on debt (original maturities greater than three months)(1,612)(22)(31,650)14 (33,269)(286)(1)(31,336)(26)(31,649)
Payment to purchase common stock(1,119)— — — (1,119)(1,514)— — 14 (1,500)
Issuance (redemption) of subsidiary stock(b)— 362 — (362)— — 2,139 — (4,261)(2,121)
Dividends paid(c)(375)— (1,469)1,350 (493)(138)(58)(1,144)1,070 (270)
Other financing activities(279)(207)(116)— (602)(332)(571)(106)(13)(1,022)
Net cash provided by (used in) financing activities(3,138)284 4,080 599 1,826 (3)1,569 2,408 (3,275)699 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(9)— 41 — 31 (179)— (11)— (190)
Net increase (decrease) in cash, cash equivalents and restricted cash5,916 34 1,079 — 7,030 358 99 (499)— (43)
Cash, cash equivalents and restricted cash at beginning of period13,746 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.
13