Form 8-K General Motors Co For: Oct 29



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Exhibit 99.1 THIRD-QUARTER 2019 EARNINGS GM Reports Income of $2.3 Billion and EBIT-adjusted of $3.0 Billion • EPS-diluted of $1.60 and EPS-diluted-adjusted of $1.72. • Net strike impact to GMNA EBIT-adjusted was $(1.0) billion, including $0.3 billion of favorable timing items. • Strong GMNA EBIT-adjusted margin of 10.8 percent, driven by full-size trucks, record crossover sales and cost savings. Q3 2019 RESULTS OVERVIEW Net Revenue Income Auto Operating Cash Flow EPS-Diluted GAAP $ 35.5B $2.3B $5.0B $1.60 vs. Q3 2018 (0.9%) (8.7%) +$2.5 B (8.6%) EBIT-adj. Margin EBIT-adj. Adj. Auto FCF EPS-Diluted-adj. Non-GAAP 8.4% $3.0B $3.8B $1.72 vs. Q3 2018 (0.4) pts (5.9%) +$3.4B (8.0%) EPS-diluted and EPS-diluted-adj. reduced by $(0.52) from UAW strike impact, and $(0.15) from Lyft and PSA revaluations. Our new labor agreement maintains our competitiveness, preserves our operating fexibility and allows us to continue improving our quality and productivity. We remain focused on strengthening our core business and leading in the future of personal mobility.” – Mary Barra, Chairman and CEO FULL-SIZE“ PICKUP TRUCK MOMENTUM STRIKE IMPACT GM’s industry-leading full-size pickups continued to The work stoppage in the U.S. negatively afected build sales momentum in the quarter, with the launch North American business results in the third quarter of light-duty (LD) diesels and more heavy-duty (HD) and expected results for the year. In the third quarter, variants. Since January, GM’s full-size LD and HD about two weeks of vehicle production was lost. pickups have gained more than 8 percentage points of retail market share in the segment through The net strike impact to the third quarter GMNA EBIT- September.* adjusted was $(1.0) billion including $0.3 billion of favorable timing items, or $(0.52) per diluted share. We Sales of the Chevrolet Silverado and GMC Sierra LD expect the 2019 calendar-year impact of the strike to be models were up 18 and 38 percent year over year approximately $(2.00) per diluted-share. respectively, and have gained retail market share sequentially each month this quarter.* Early production of HD models was focused on crew cabs, FULL-YEAR GUIDANCE UPDATE and those deliveries were up 19 percent. Overall pricing GM expects full-year capital expenditures to be lower of GM’s all-new pickups remained strong, up about than originally projected, approximately $7.5 billion, $2,200 year to date versus 2018.* due to actions taken to accelerate the achievement of *Based on JD Power PIN data its Capex target. Given this, and the impact of the strike, GM has revised its full-year outlook: EPS-diluted $4.28 to $4.69 EPS-diluted-adjusted $4.50 to $4.80 Auto Operating Cash Flow $5.5B to $7.5B Adjusted Auto Free Cash Flow $0B to $1B 2020 GMC Sierra 2500HD AT4


 

“ SEGMENT RESULTS (EBIT-ADJUSTED – $B) North America International Cruise GM Financial (EBT) Q3 19 Q3 18 Q3 19 Q3 18 Q3 19 Q3 18 Q3 19 Q3 18 3.0 2.8 (0.1) 0.1 (0.3) (0.2) 0.7 0.5 Results driven by strong HD China equity income was Spend on plan as Cruise Record EBT-adj. performance pickup and crossovers sales $0.3B, down $0.2B as c o n t i n u e s t o m a k e driven by consistent and cost actions, partially expected, driven by lower signifcant progress toward execution of the full captive ofset by strike impact. wholesales, partially ofset commercialization gated by strategy and portfolio by favorable mix including safety and regulations. growth. from product launches. Our underlying third-quarter performance demonstrates the ongoing resilience and earnings power of our company, building on our leading truck and crossover franchises, and transformational cost actions. Our focus going forward will continue to be the disciplined execution of our business plan.” – Dhivya Suryadevara, CFO Q3“ U.S. SALES HIGHLIGHTS CHINA PERFORMANCE Dealerships delivered nearly 739,000 vehicles in the Year-over-year industry vehicle sales declined nearly 11 third quarter of 2019, an increase of 6 percent year over percent in the quarter and GM China underperformed year. Results were led by GM’s all-new full-size pickups relative to the industry, due to segment shifts and and the company’s fresh lineup of crossovers. lower demand for outgoing models. Despite continued softening of the overall vehicle market, Cadillac third- Deliveries increased for all brands, and crossover sales quarter sales increased 11 percent, driven by the XT4 were the best-ever for any quarter, growing 29 percent. and XT5. With XT6 joining the lineup, Cadillac will strengthen its foothold in the steadily growing luxury Chevrolet crossover sales increased 35 percent, led by SUV segment. Traverse and Trax, which set quarterly records. Buick crossover sales were up 17 percent, led by Envision and Encore, which were up 39 percent and 18 percent, respectively. GMC sales increased 11 percent, led by the Acadia, which was up 51 percent. Cadillac crossover deliveries rose 67 percent, led by the segment-leading XT4 and the all-new XT6. To build on the momentum of GM’s industry leading truck franchise, the company’s next-generation full-size SUVs, which dominate the segment, will arrive in 2020 Cadillac XT6 dealerships in 2020. COST ACTIONS GM has achieved $2.4 billion in transformation cost savings since 2018, and is on track to realize its 2019 target. As a result of the company’s decision to invest in its Detroit-Hamtramck plant with plans to build an all- electric pickup truck, GM will incur operating costs outside of the scope of its original transformation plan. With this, GM is revising its year-end 2020 cost savings target to $4.0 to $4.5 billion. CASH FLOW AND LIQUIDITY GM’s adjusted automotive free cash fow in the quarter was $3.8 billion, up signifcantly year over year primarily due to the timing of working capital fows, lower capital expenditures and the receipt of a portion of the dividend from our China JVs. Total liquidity stood at $37.2 billion, up $3.4 billion versus year-end 2018, and 2020 Chevrolet Silverado Diesel up $3.2 billion compared to the second quarter of 2019. 2020 Cadillac XT6 Sport


 

MEDIA CONTACT INVESTOR CONTACT Tom Henderson Michael Heifler GM Finance Communications GM Investor Relations Media Investors 313-410-2704 313-418-0220 tom.e.henderson@gm.com michael.heifler@gm.com General Motors (NYSE: GM) is a global company committed to delivering safer, better and more sustainable ways for people to get around. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Holden, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, Maven, its personal mobility brand and Cruise, its autonomous vehicle ride-sharing company, can be found at http:// www.gm.com. Cautionary Note on Forward-Looking Statements: This press release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers not to place undue reliance on forward-looking statements. Statements including words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “efect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions to identify forward-looking statements 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. These statements are not guarantees of future performance; they involve risks and uncertainties and actual events or results may difer materially from these statements. Factors that might cause such diferences include, but are not limited to, a variety of economic, competitive and regulatory factors, many of which are beyond our control and are described in our Annual Report on Form 10-K for the year ended December 31, 2018, as well as additional factors we may describe from time to time in other flings with the U.S. Securities and Exchange Commission. 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 afect the subject of these statements, except where we are expressly required to do so by law. Basis of Presentation: The fnancial and operational information included in this press release relate to our continuing operations and not our discontinued operations, which consist of the Opel and Vauxhall businesses and certain other assets in Europe and the European fnancing subsidiaries and branches that were sold in 2017.

 

Exhibit 99.2

General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

Unless otherwise indicated, General Motors Company’s (GM) non-GAAP measures are related to our continuing operations and not our discontinued operations. GM’s 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; costs arising from the ignition switch recall and related legal matters; and certain currency devaluations associated with hyperinflationary economies. 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.

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 income (loss) from discontinued operations on an after-tax basis, 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 continuing 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.


General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

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

 

Three Months Ended

 

Nine Months Ended

 

September 30, 2019

 

September 30, 2018

 

September 30, 2019

 

September 30, 2018

Operating segments

 

 

 

 

 

 

 

GM North America (GMNA)

$

3,023

 

$

2,825

$

7,941

$

7,728

GM International (GMI)

(65

)

 

139

(82

)

471

Cruise

(251

)

(214

)

(699

)

(534

)

GM Financial(a)

711

 

498

1,606

1,477

Total operating segments

3,418

 

3,248

8,766

9,142

Corporate and eliminations(b)

(452

)

 

(95

)

(478

)

(187

)

EBIT-adjusted

2,966

 

3,153

8,288

 

8,955

Adjustments

 

 

 

 

 

Transformation activities(c)

(390

)

 

(1,541

)

 

GM Brazil indirect tax recoveries(d)

123

 

1,360

 

GMI restructuring(e)

 

(1,138

)

Ignition switch recall and related legal matters(f)

 

(440

)

(440

)

Total adjustments

(267

)

 

(440

)

(181

)

(1,578

)

Automotive interest income

129

 

82

333

218

Automotive interest expense

(206

)

 

(161

)

(582

)

(470

)

Income tax expense(g)

(271

)

 

(100

)

(932

)

(1,085

)

Income from continuing operations(h)

2,351

 

2,534

6,926

6,040

Loss from discontinued operations, net of tax(i)

 

70

Net income attributable to stockholders

$

2,351

$

2,534

$

6,926

$

5,970

__________

(a)

GM Financial amounts represent earnings before income taxes-adjusted.

(b)

GM’s automotive interest income and interest expense, Maven, legacy costs from the Opel and Vauxhall businesses and certain other assets in Europe (the Opel/Vauxhall Business), which are primarily pension costs, corporate expenditures and certain nonsegment-specific revenues and expenses are recorded centrally in Corporate.

(c)

These adjustments were excluded because of a strategic decision to accelerate our transformation for the future to strengthen our core business, capitalize on the future of personal mobility and drive significant cost efficiencies. The adjustments primarily consist of supplier-related charges, pension curtailment and other charges in the three months ended September 30, 2019 and accelerated depreciation, supplier-related charges and pension curtailment and other charges in the nine months ended September 30, 2019.

(d)

These adjustments were excluded because of the unique events associated with decisions rendered by the Superior Judicial Court of Brazil resulting in retrospective recoveries of indirect taxes.

(e)

This adjustment was excluded because of a strategic decision to rationalize our core operations by exiting or significantly reducing our presence in various international markets to focus resources on opportunities expected to deliver higher returns. The adjustment primarily consists of employee separation charges and asset impairments in Korea.

(f)

This adjustment was excluded because of the unique events associated with the ignition switch recall, which included various investigations, inquiries and complaints from constituents.

(g)

Income tax expense includes an adjustment of $157 million as a result of a tax change in the three and nine months ended September 30, 2018 related to U.S. tax reform.

(h)

Net of Net loss attributable to noncontrolling interests.

(i)

Represents the results of the Opel/Vauxhall Business and our European financing subsidiaries and branches (the Fincos, and together with the Opel/Vauxhall Business, the European Business).


General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

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

 

Three Months Ended

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 

2019

2018

2019

 

2018

 

2019

 

2018

 

2018

 

2017

Net income (loss) attributable to stockholders

$

2,351

$

2,534

$

2,418

$

2,390

$

2,157

$

1,046

$

2,044

$

(5,151

)

Loss from discontinued operations, net of tax

70

277

Income tax expense (benefit)

271

100

524

519

137

466

(611

)

7,896

Automotive interest expense

206

161

195

159

181

150

185

145

Automotive interest income

(129

)

(82

)

(106

)

(72

)

(98

)

(64

)

(117

)

(82

)

Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transformation activities(a)

390

 

 

361

 

 

790

 

 

1,327

 

GM Brazil indirect tax recoveries(b)

(123

)

(380

)

(857

)

GMI restructuring(c)

196

942

Ignition switch recall and related legal matters(d)

440

Total adjustments

267

 

440

 

(19

)

 

196

 

(67

)

 

942

 

1,327

 

EBIT-adjusted

$

2,966

 

$

3,153

 

$

3,012

 

$

3,192

 

$

2,310

 

$

2,610

 

$

2,828

 

$

3,085

________

(a)

These adjustments were excluded because of a strategic decision to accelerate our transformation for the future to strengthen our core business, capitalize on the future of personal mobility and drive significant cost efficiencies. The adjustments primarily consist of supplier-related charges, pension curtailment and other charges in the three months ended September 30, 2019, supplier-related charges and accelerated depreciation in the three months ended June 30, 2019, accelerated depreciation in the three months ended March 31, 2019 and employee separation charges and accelerated depreciation in the three months ended December 31, 2018.

(b)

These adjustments were excluded because of the unique events associated with decisions rendered by the Superior Judicial Court of Brazil resulting in retrospective recoveries of indirect taxes.

(c)

These adjustments were excluded because of a strategic decision to rationalize our core operations by exiting or significantly reducing our presence in various international markets to focus resources on opportunities expected to deliver higher returns. The adjustments primarily consist of employee separation charges and non-cash asset impairments in Korea.

(d)

This adjustment was excluded because of the unique events associated with the ignition switch recall, which included various investigations, inquiries and complaints from constituents.

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, 2019

September 30, 2018

September 30, 2019

September 30, 2018

 

Amount

Per Share

Amount

Per Share

Amount

 

Per Share

 

Amount

 

Per Share

Diluted earnings per common share

$

2,313

 

$

1.60

 

$

2,503

 

$

1.75

 

$

6,813

 

$

4.74

 

$

5,910

 

$

4.13

Diluted loss per common share – discontinued operations

 

 

 

 

 

 

70

 

0.05

Adjustments(a)

267

 

0.18

 

440

 

0.31

 

181

 

0.12

 

1,578

 

1.10

Tax effect on adjustment(b)

(93

)

 

(0.06

)

 

(109

)

 

(0.08

)

 

(134

)

 

(0.09

)

 

(89

)

 

(0.06

)

Tax adjustment(c)

 

 

(157

)

 

(0.11

)

 

 

 

(157

)

 

(0.11

)

EPS-diluted-adjusted

$

2,487

 

$

1.72

 

$

2,677

 

$

1.87

 

$

6,860

 

$

4.77

 

$

7,312

 

$

5.11

________

(a)

Refer to the reconciliation of segment profit (loss) to Net income attributable to stockholders under U.S. GAAP 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 a tax change related to U.S. tax reform in the three and nine months ended September 30, 2018.


General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

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, 2019

 

September 30, 2018

 

September 30, 2019

September 30, 2018

 

Income before income taxes

 

Income tax expense

 

Effective tax rate

 

Income before income taxes

 

Income tax expense

 

Effective tax rate

 

Income before income taxes

 

Income tax expense

 

Effective tax rate

 

Income before income taxes

 

Income tax expense

 

Effective tax rate

Effective tax rate

$

2,582

$

271

10.5

%

 

$

2,630

$

100

3.8

%

 

$

7,791

 

$

932

 

12.0

%

 

$

7,091

 

$

1,085

 

15.3

%

Adjustments(a)

268

93

 

440

109

 

185

 

134

 

 

1,619

 

89

 

Tax adjustment(b)

157

157

ETR-adjusted

$

2,850

$

364

12.8

%

 

$

3,070

$

366

11.9

%

 

$

7,976

 

$

1,066

 

13.4

%

 

$

8,710

 

$

1,331

 

15.3

%

________

(a)

Refer to the reconciliation of segment profit (loss) to Net income attributable to stockholders under U.S. GAAP for adjustment details. Net income attributable to noncontrolling interests included for these adjustments is insignificant in the three and nine months ended September 30, 2019 and $41 million in the nine months ended September 30, 2018. 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 within the previous section for adjustment details.

We define return on equity (ROE) as Net income (loss) 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, 2019

 

September 30, 2018

Net income (loss) attributable to stockholders

$

9.0

 

$

0.8

Average equity(a)

$

42.8

 

$

36.3

ROE

20.9

%

 

2.3

%

________

(a)

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

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

 

Four Quarters Ended

 

September 30, 2019

 

September 30, 2018

EBIT-adjusted(a)

$

11.1

$

12.0

Average equity(b)

$

42.8

$

36.3

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

14.8

14.2

Add: Average automotive net pension & OPEB liability

16.5

19.1

Less: Average automotive and other net income tax asset

(23.3

)

(22.5

)

ROIC-adjusted average net assets

$

50.8

$

47.1

ROIC-adjusted

21.9

%

25.6

%

________

(a)

Refer to the reconciliation of Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted.

(b)

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


General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

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

 

Three Months Ended

 

Nine Months Ended

 

September 30, 2019

September 30, 2018

 

September 30, 2019

 

September 30, 2018

Net automotive cash provided by operating activities

$

5,017

 

$

2,515

 

$

6,623

$

5,438

Less: Capital expenditures

(1,351

)

 

(2,191

)

 

(4,779

)

(6,496

)

Add: Transformation activities

158

 

 

645

 

Add: GMI restructuring

72

9

748

Less: GM Brazil indirect tax recoveries

(60

)

 

 

(76

)

 

Adjusted automotive free cash flow

$

3,764

 

$

396

 

$

2,422

$

(310

)

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, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales and revenue

$

27,971

$

3,794

$

52

 

$

31,817

$

25

$

3,659

$

(28

)

$

35,473

Expenditures for property

$

1,122

$

229

$

$

$

1,351

$

16

$

9

$

$

1,376

Depreciation and amortization

$

1,325

$

133

$

11

$

$

1,469

$

7

$

1,832

$

$

3,308

Impairment charges

$

$

1

$

$

$

1

$

$

$

$

1

Equity income (loss)(a)

$

3

$

279

$

(6

)

$

$

276

$

$

39

$

$

315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GMNA

 

GMI

 

Corporate

 

Eliminations

 

Total
Automotive

 

Cruise

 

GM
Financial

 

Eliminations

 

Total

Three Months Ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales and revenue

$

27,650

$

4,582

$

56

 

$

32,288

$

$

3,518

$

(15

)

$

35,791

Expenditures for property

$

1,943

$

249

$

1

$

(2

)

$

2,191

$

3

$

17

$

$

2,211

Depreciation and amortization

$

1,251

$

136

$

12

$

$

1,399

$

2

$

1,904

$

$

3,305

Impairment charges

$

$

2

$

6

$

$

8

$

$

$

$

8

Equity income(a)

$

2

 

$

484

 

$

 

$

$

486

$

$

44

$

$

530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GMNA

 

GMI

 

Corporate

 

Eliminations

 

Total
Automotive

 

Cruise

 

GM
Financial

 

Reclassifications/Eliminations

 

Total

Nine Months Ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales and revenue

$

83,660

$

11,691

$

152

 

$

95,503

$

75

$

10,918

$

(85

)

$

106,411

Expenditures for property

$

4,091

$

687

$

1

$

$

4,779

$

39

$

34

$

$

4,852

Depreciation and amortization

$

4,803

$

379

$

36

$

$

5,218

$

16

$

5,579

$

$

10,813

Impairment charges

$

15

$

4

$

$

$

19

$

$

$

$

19

Equity income (loss)(a)

$

7

$

886

$

(19

)

$

$

874

$

$

126

$

$

1,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GMNA

 

GMI

 

Corporate

 

Eliminations

 

Total
Automotive

 

Cruise

 

GM
Financial

 

Eliminations

 

Total

Nine Months Ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales and revenue

$

83,969

$

14,188

$

155

 

$

98,312

$

$

10,417

$

(79

)

$

108,650

Expenditures for property

$

5,842

$

640

$

17

$

(3

)

$

6,496

$

15

$

51

$

$

6,562

Depreciation and amortization

$

3,474

$

426

$

36

$

$

3,936

$

5

$

5,560

$

$

9,501

Impairment charges

$

53

$

463

$

6

$

$

522

$

$

$

$

522

Equity income(a)

$

7

$

1,667

$

$

$

1,674

$

$

141

$

$

1,815

________

(a)

Includes Automotive China equity income of $282 million and $485 million in the three months ended September 30, 2019 and 2018 and $893 million and $1.7 billion in the nine months ended September 30, 2019 and 2018.


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. Cuba, Iran, North Korea, Sudan and Syria are subject to broad economic sanctions. Accordingly these countries are excluded from industry sales data and the corresponding calculation of GM’s 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, 2019, 33.5% of our 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, 2019

September 30, 2018

September 30, 2019

September 30, 2018

GMNA

801

843

2,530

2,659

GMI

232

289

727

836

Total

1,033

1,132

3,257

3,495


General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales, such as sales to large and small businesses, governments, and daily rental car companies; and (3) vehicles used by dealers in their businesses, including courtesy transportation vehicles. 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 vehicles. Total vehicle sales data represents management’s good faith estimate based on sales reported by GM’s dealers, distributors, and joint ventures, commercially available data sources such as registration and insurance data, and internal estimates and forecasts when other data is not available.

The following table summarizes total vehicle sales by geographic region (vehicles in thousands):

 

Three Months Ended

Nine Months Ended

 

September 30, 2019

September 30, 2018

September 30, 2019

September 30, 2018

United States

 

 

 

 

 

 

 

Chevrolet – Cars

75

 

118

 

265

 

365

Chevrolet – Trucks

249

 

231

 

695

 

715

Chevrolet – Crossovers

183

 

136

 

500

 

424

Cadillac

40

 

37

 

116

 

113

Buick

51

 

46

 

158

 

156

GMC

141

 

127

 

417

 

396

Total United States

739

 

695

 

2,151

 

2,169

Canada, Mexico and Other

124

 

139

 

363

 

404

Total North America

863

 

834

 

2,514

 

2,573

Asia/Pacific, Middle East and Africa

 

 

 

 

 

 

 

Chevrolet

209

 

224

 

653

 

672

Wuling

226

 

235

 

743

 

776

Buick

200

 

252

 

623

 

754

Baojun

123

 

189

 

428

 

632

Cadillac

53

 

48

 

167

 

155

Other

18

 

21

 

61

 

70

Total Asia/Pacific, Middle East and Africa

829

 

969

 

2,675

 

3,059

South America(a)

176

 

174

 

493

 

506

Total in GM markets

1,868

 

1,977

 

5,682

 

6,138

Total Europe

1

 

1

 

3

 

3

Total Worldwide

1,869

 

1,978

 

5,685

 

6,141

_______


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 the preceding vehicle sales table (vehicles in thousands):    

 

Three Months Ended

 

Nine Months Ended

 

September 30, 2019

 

September 30, 2018

 

September 30, 2019

 

September 30, 2018

SAIC General Motors Sales Co., Ltd.

348

416

1,102

1,284

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

342

420

1,155

1,396

 

Three Months Ended

 

Nine Months Ended

 

September 30, 2019

 

September 30, 2018

 

September 30, 2019

 

September 30, 2018

Market Share

 

 

 

 

 

 

 

United States – Cars

7.0

%

 

10.4

%

 

8.2

%

 

10.5

%

United States – Trucks(a)

30.8

%

 

30.8

%

 

29.8

%

 

32.1

%

United States – Crossovers(a)

14.2

%

 

11.4

%

 

14.1

%

 

12.3

%

Total United States

16.6

%

15.8

%

16.4

%

16.4

%

Total North America

16.1

%

15.5

%

15.8

%

16.0

%

Total Asia/Pacific, Middle East and Africa

7.6

%

8.2

%

7.8

%

8.5

%

Total South America

15.5

%

15.2

%

15.4

%

15.1

%

Total GM Market

10.7

%

10.8

%

10.6

%

11.1

%

Total Worldwide

8.5

%

8.7

%

8.3

%

8.8

%

 

 

 

 

 

 

 

 

United States fleet sales as a percentage of retail vehicle sales

19.5

%

 

20.5

%

 

22.5

%

 

21.9

%

 

 

 

 

 

 

 

 

North America capacity two shift utilization

89.0

%

 

92.9

%

 

94.0

%

 

98.2

%

________

(a)

Certain industry vehicles have been reclassified between these vehicle segments. GM vehicles were not impacted by this change. The prior period has been recast to reflect the changes.


General Motors Company and Subsidiaries

Combining Income Statement Information

(In millions) (Unaudited)

 

Three Months Ended September 30, 2019

Three Months Ended September 30, 2018

 

Automotive

Cruise

 

GM Financial

Reclassifications/Eliminations

Combined

Automotive

Cruise

 

GM Financial

Eliminations

Combined

Net sales and revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive

$

31,817

$

25

 

$

$

(25

)

$

31,817

$

32,288

$

 

$

$

(12

)

$

32,276

GM Financial

 

3,659

(3

)

3,656

 

3,518

(3

)

3,515

Total net sales and revenue

31,817

25

 

3,659

(28

)

35,473

32,288

 

3,518

(15

)

35,791

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive and other cost of sales

27,919

256

 

(1

)

28,174

28,337

209

 

(13

)

28,533

GM Financial interest, operating and other expenses

 

2,987

2,987

 

3,064

3,064

Automotive and other selling, general and administrative expense

1,969

39

 

2,008

2,579

5

 

2,584

Total costs and expenses

29,888

295

 

2,987

(1

)

33,169

30,916

214

 

3,064

(13

)

34,181

Operating income (loss)

1,929

(270

)

 

672

(27

)

2,304

1,372

(214

)

 

454

(2

)

1,610

Automotive interest expense

209

 

(3

)

206

162

 

(1

)

161

Interest income and other non-operating income, net

128

16

 

25

169

641

9

 

1

651

Equity income

276

 

39

315

486

 

44

530

Income (loss) before income taxes

$

2,124

$

(254

)

 

$

711

$

1

2,582

$

2,337

$

(205

)

 

$

498

$

2,630

Income tax expense

 

 

 

 

 

 

 

271

 

 

 

 

 

100

Income from continuing operations

 

 

 

 

 

 

 

2,311

 

 

 

 

 

 

 

2,530

Loss from discontinued operations, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

2,311

 

 

 

 

 

 

 

2,530

Net loss attributable to noncontrolling interests

 

 

 

 

 

 

 

40

 

 

 

 

 

 

 

4

Net income attributable to stockholders

 

 

 

 

 

 

 

$

2,351

 

 

 

 

 

 

 

$

2,534

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

 

 

 

 

 

 

$

2,313

 

 

 

 

 

 

 

$

2,503

 

Nine Months Ended September 30, 2019

 

Nine Months Ended September 30, 2018

 

Automotive

 

Cruise

 

GM Financial

 

Reclassifications/Eliminations

 

Combined

 

Automotive

 

Cruise

 

GM Financial

 

Eliminations

 

Combined

Net sales and revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive

$

95,503

$

75

 

$

$

(75

)

$

95,503

$

98,312

$

$

$

(70

)

$

98,242

GM Financial

 

10,918

(10

)

10,908

10,417

(9

)

10,408

Total net sales and revenue

95,503

75

 

10,918

(85

)

106,411

98,312

10,417

(79

)

108,650

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive and other cost of sales

83,990

743

 

(3

)

84,730

88,346

514

(72

)

88,788

GM Financial interest, operating and other expenses

 

9,438

(1

)

9,437

9,081

(7

)

9,074

Automotive and other selling, general and administrative expense

6,104

105

 

6,209

7,152

20

7,172

Total costs and expenses

90,094

848

 

9,438

(4

)

100,376

95,498

534

9,081

(79

)

105,034

Operating income (loss)

5,409

(773

)

 

1,480

(81

)

6,035

2,814

(534

)

1,336

3,616

Automotive interest expense

588

 

(6

)

582

475

1

(6

)

470

Interest income and other non-operating income, net

1,216

61

 

61

1,338

2,121

9

2,130

Equity income

874

 

126

1,000

1,674

141

1,815

Income (loss) before income taxes

$

6,911

$

(712

)

 

$

1,606

$

(14

)

7,791

$

6,134

$

(526

)

$

1,477

$

6

7,091

Income tax expense

 

 

 

 

 

 

 

932

 

 

 

 

 

 

 

1,085

Income from continuing operations

 

 

 

 

 

 

 

6,859

 

 

 

 

 

 

 

6,006

Loss from discontinued operations, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70

Net income

 

 

 

 

 

 

 

6,859

 

 

 

 

 

 

 

5,936

Net loss attributable to noncontrolling interests

 

 

 

 

 

 

 

67

 

 

 

 

 

 

 

34

Net income attributable to stockholders

 

 

 

 

 

 

 

$

6,926

 

 

 

 

 

 

 

$

5,970

 

 

 

 

Net income attributable to common stockholders

 

 

$

6,813

 

$

5,910


General Motors Company and Subsidiaries

Basic and Diluted Earnings per Share

(Unaudited)

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

Three Months Ended

Nine Months Ended

September 30, 2019

September 30, 2018

September 30, 2019

September 30, 2018

Basic earnings per share

Income from continuing operations(a)

$

2,351

$

2,534

$

6,926

$

6,040

Less: cumulative dividends on subsidiary preferred stock

(38

)

(31

)

(113

)

(60

)

Income from continuing operations attributable to common stockholders

2,313

2,503

6,813

5,980

Loss from discontinued operations, net of tax

70

Net income attributable to common stockholders

$

2,313

$

2,503

$

6,813

$

5,910

Weighted-average common shares outstanding

1,428

1,412

1,422

1,410

 

Basic earnings per common share – continuing operations

$

1.62

$

1.77

$

4.79

$

4.24

Basic loss per common share – discontinued operations

$

$

$

$

0.05

Basic earnings per common share

$

1.62

$

1.77

$

4.79

$

4.19

Diluted earnings per share

Income from continuing operations attributable to common stockholders – diluted(a)

$

2,313

$

2,503

$

6,813

$

5,980

Loss from discontinued operations, net of tax – diluted

$

$

$

$

70

Net income attributable to common stockholders – diluted

$

2,313

$

2,503

$

6,813

$

5,910

Weighted-average common shares outstanding – diluted

1,442

1,431

1,439

1,431

Diluted earnings per common share – continuing operations

$

1.60

$

1.75

$

4.74

$

4.18

Diluted loss per common share – discontinued operations

$

$

$

$

0.05

Diluted earnings per common share

$

1.60

$

1.75

$

4.74

$

4.13

Potentially dilutive securities(b)

7

4

7

4

__________

(a)

Net of Net loss attributable to noncontrolling interests.

(b)

Potentially dilutive securities attributable to outstanding stock options and Restricted Stock Units were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect.


General Motors Company and Subsidiaries

Combining Balance Sheet Information

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

 

September 30, 2019

 

December 31, 2018

 

Automotive

 

Cruise

 

GM Financial

 

Reclassifications/Eliminations

 

Combined

 

Automotive

 

Cruise

 

GM Financial

 

Reclassifications/Eliminations

 

Combined

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

14,587

$

2,246

 

$

3,218

$

$

20,051

$

13,670

$

2,291

 

$

4,883

$

$

20,844

Marketable debt securities(b)

6,139

651

 

(65

)

6,725

5,966

92

 

(92

)

5,966

Accounts and notes receivable, net(c)

6,594

1

 

1,096

(768

)

6,924

5,916

1

 

1,430

(798

)

6,549

GM Financial receivables, net(d)

 

28,555

(538

)

28,017

 

27,367

(517

)

26,850

Inventories

11,797

 

11,797

9,816

 

9,816

Other current assets(e)

2,742

18

 

4,294

(5

)

7,051

1,619

27

 

3,640

(18

)

5,268

Total current assets

41,860

 

2,916

 

37,164

 

(1,375

)

 

80,565

 

36,987

 

2,411

 

37,320

 

(1,425

)

 

75,293

Non-current Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GM Financial receivables, net(d)

 

25,777

(34

)

25,743

 

25,145

(62

)

25,083

Equity in net assets of nonconsolidated affiliates

7,115

 

1,381

8,496

7,860

 

1,355

9,215

Property, net

37,606

133

 

230

37,969

38,464

43

 

251

38,758

Goodwill and intangible assets, net

3,385

670

 

1,353

5,408

3,552

671

 

1,356

5,579

Equipment on operating leases, net

 

42,527

42,527

 

43,559

43,559

Deferred income taxes

23,741

263

 

(222

)

23,783

23,935

70

 

77

24,082

Other assets

5,777

424

 

890

(52

)

7,038

4,880

 

890

5,770

Total non-current assets

77,624

1,491

 

71,936

(86

)

150,964

78,691

784

 

72,633

(62

)

152,046

Total Assets

$

119,485

$

4,406

 

$

109,099

$

(1,461

)

$

231,529

$

115,678

$

3,195

 

$

109,953

$

(1,487

)

$

227,339

LIABILITIES AND EQUITY

 

 

 

Current Liabilities

 

 

 

Accounts payable (principally trade)(c)

$

21,570

$

54

 

$

563

$

(780

)

$

21,406

$

22,359

$

28

 

$

707

$

(797

)

$

22,297

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive(d)

3,429

 

(539

)

2,890

1,452

 

(517

)

935

GM Financial

 

31,884

31,884

 

30,956

30,956

Accrued liabilities

23,894

111

 

4,071

(4

)

28,072

24,042

41

 

3,985

(19

)

28,049

Total current liabilities

48,893

165

 

36,517

(1,323

)

84,252

47,853

69

 

35,648

(1,333

)

82,237

Non-current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive(d)

12,482

 

(34

)

12,448

13,090

 

(62

)

13,028

GM Financial

 

57,244

57,244

 

60,032

60,032

Postretirement benefits other than pensions

5,301

 

5,301

5,370

 

5,370

Pensions

10,220

 

4

10,223

11,535

 

3

11,538

Other liabilities

10,656

506

 

2,180

(52

)

13,290

10,167

35

 

2,155

12,357

Total non-current liabilities

38,659

506

 

59,428

(86

)

98,506

40,162

35

 

62,190

(62

)

102,325

Total Liabilities

87,552

671

 

95,946

(1,409

)

182,758

88,015

104

 

97,838

(1,395

)

184,562

Commitments and contingencies

 

 

 

Equity

 

 

 

Common stock, $0.01 par value

14

 

14

14

 

14

Preferred stock, $0.01 par value

 

 

Additional paid-in capital(b)(f)

25,951

44

 

1,328

(1,396

)

25,928

25,606

4

 

1,373

(1,420

)

25,563

Retained earnings(b)

12,890

1,736

 

13,011

(27

)

27,609

9,103

1,480

 

11,783

(44

)

22,322

Accumulated other comprehensive loss

(7,813

)

 

(1,185

)

(8,997

)

(7,998

)

 

(1,041

)

(9,039

)

Total stockholders’ equity

31,042

1,780

 

13,154

(1,423

)

44,554

26,725

1,484

 

12,115

(1,464

)

38,860

Noncontrolling interests(f)

891

1,955

 

1,370

4,217

938

1,607

 

1,372

3,917

Total Equity

31,933

3,735

 

13,154

(52

)

48,771

27,663

3,091

 

12,115

(92

)

42,777

Total Liabilities and Equity

$

119,485

$

4,406

 

$

109,099

$

(1,461

)

$

231,529

$

115,678

$

3,195

 

$

109,953

$

(1,487

)

$

227,339

_________

(a)

Amounts may not sum due to rounding.

(b)

Elimination primarily includes Cruise investment in GM common stock at September 30, 2019 and December 31, 2018.

(c)

Eliminations primarily include Automotive accounts receivable of $63 million offset by GM Financial accounts payable and GM Financial accounts receivable of $695 million offset by Automotive accounts payable at September 30, 2019 and Automotive accounts receivable of $63 million offset by GM Financial accounts payable and GM Financial accounts receivable of $729 million offset by Automotive accounts payable at December 31, 2018.

(d)

Eliminations include GM Financial loan receivable of $572 million and $579 million offset by an Automotive loan payable at September 30, 2019 and December 31, 2018.

(e)

Includes the reclassification of the current portion of Equipment on operating leases, net. The prior period has been recast to reflect the changes.

(f)

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


General Motors Company and Subsidiaries

Combining Cash Flow Information

(In millions) (Unaudited)(a)

 

Nine Months Ended September 30, 2019

Nine Months Ended September 30, 2018

 

Automotive

Cruise

 

GM Financial

Reclassification/Eliminations

Combined

Automotive

Cruise

 

GM Financial

Reclassification/Eliminations

Combined

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$

6,192

$

(519

)

$

1,201

$

(15

)

$

6,859

$

5,203

$

(444

)

$

1,241

$

6

$

6,006

Depreciation and impairment of Equipment on operating leases, net

48

5,525

5,573

 

124

5,509

5,633

Depreciation, amortization and impairment charges on Property, net

5,189

16

54

5,259

4,334

5

51

4,390

Foreign currency remeasurement and transaction (gains) losses

(164

)

(6

)

(170

)

271

9

280

Undistributed earnings of nonconsolidated affiliates, net

370

(126

)

243

326

(141

)

185

Pension contributions and OPEB payments

(789

)

(789

)

(1,750

)

(1,750

)

Pension and OPEB income, net

(352

)

1

(351

)

(941

)

1

(940

)

Provision (benefit) for deferred taxes

95

(193

)

332

234

598

(83

)

165

680

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

(3,964

)

134

(676

)

(802

)

(5,310

)

(2,727

)

 

94

(1,527

)

(1,098

)

(5,258

)

Net cash provided by (used in) operating activities

6,623

(562

)

6,304

(817

)

11,548

5,438

(428

)

5,308

(1,092

)

9,226

Cash flows from investing activities

 

 

 

 

 

 

 

 

Expenditures for property

(4,779

)

(39

)

(34

)

(4,852

)

(6,496

)

(15

)

(51

)

(6,562

)

Available-for-sale marketable securities, acquisitions

(2,077

)

(1,053

)

(3,130

)

(2,313

)

(2,313

)

Available-for-sale marketable securities, liquidations

2,112

514

(39

)

2,587

4,637

4,637

Purchases of finance receivables, net(b)(c)

(20,466

)

1,438

(19,027

)

(18,680

)

1,383

(17,297

)

Principal collections and recoveries on finance receivables(c)

17,733

(645

)

17,088

12,010

(234

)

11,776

Purchases of leased vehicles, net

(12,488

)

(12,488

)

(13,051

)

(13,051

)

Proceeds from termination of leased vehicles

9,982

9,983

8,094

8,094

Other investing activities(d)

(538

)

(3

)

689

148

(1,349

)

(49

)

1,373

(25

)

Net cash used in investing activities – continuing operations

(5,283

)

(578

)

(5,275

)

1,443

(9,691

)

(5,521

)

(15

)

(11,727

)

2,522

(14,741

)

Net cash provided by investing activities – discontinued operations

166

166

Net cash used in investing activities

(5,283

)

(578

)

(5,275

)

1,443

(9,691

)

(5,355

)

(15

)

(11,727

)

2,522

(14,575

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

Net increase in short-term debt

729

27

756

132

1,563

1,695

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

1,159

26,676

27,835

4,708

275

28,093

(275

)

32,801

Payments on debt (original maturities greater than three months)

(447

)

(28,985

)

(29,432

)

(2,208

)

(23,133

)

(67

)

(25,408

)

Proceeds from issuance of preferred stock(d)

1,150

(687

)

463

 

361

2,000

492

(1,100

)

1,753

Dividends paid

(1,656

)

(47

)

(91

)

2

(1,792

)

(1,615

)

(16

)

(59

)

(1,690

)

Other financing activities(e)

(127

)

(3

)

(102

)

56

(175

)

(417

)

 

(16

)

 

(118

)

 

12

 

(539

)

Net cash provided by (used in) financing activities

(344

)

1,100

(2,475

)

(628

)

(2,345

)

961

2,243

6,838

(1,430

)

8,612

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

(88

)

(20

)

(109

)

(197

)

(56

)

(253

)

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

909

(39

)

(1,466

)

(597

)

847

1,800

363

3,010

Cash, cash equivalents and restricted cash at beginning of period

13,762

2,291

7,443

23,496

11,258

23

6,567

17,848

Cash, cash equivalents and restricted cash at end of period

$

14,670

$

2,251

$

5,978

$

$

22,899

$

12,105

$

1,823

$

6,930

$

$

20,858

Cash, cash equivalents and restricted cash – continuing operations at end of period

$

14,670

$

2,251

$

5,978

$

$

22,899

$

12,105

$

1,823

$

6,930

$

$

20,858

_________

(a)

Amounts may not sum due to rounding.

(b)

Includes reclassifications of $732 million and $965 million in the nine months ended September 30, 2019 and 2018 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.

(c)

Eliminations include $706 million and $418 million in Purchases of finance receivables, net in the nine months ended September 30, 2019 and 2018 and $645 million and $234 million in Principal collections and recoveries on finance receivables in the nine months ended September 30, 2019 and 2018 primarily related to the re-timing of cash receipts and payments between Automotive and GM Financial.

(d)

Eliminations include $689 million and $1.4 billion in the nine months ended September 30, 2019 and 2018 for Automotive cash injections in Cruise, inclusive of investments of $687 million and $1.1 billion in Cruise Preferred Shares in the nine months ended September 30, 2019 and 2018.

(e)

Includes the reclassification of Payments to purchase common stock. The prior period has been recast to reflect the changes.





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