GE Vernova Files Q3 2024 10-Q

TL;DR

GE Vernova's Q3 2024 10-Q is in: financials updated, check for performance details.

AI Summary

GE Vernova Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial figures and business segment information are presented, reflecting the company's ongoing activities in the energy sector.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for GE Vernova, crucial for understanding the company's trajectory in the energy transition market.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information and forward-looking statements that carry inherent risks and uncertainties typical of public company reporting.

Key Numbers

• Q3 2024 — Reporting Period (The third quarter of 2024 financial results are detailed.)
• 2024-01-01 to 2024-09-30 — Year-to-Date Period (Covers the first nine months of the fiscal year.)

Key Players & Entities

• GE Vernova Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-10-23 (date) — Filing date
• 58 Charles Street, Cambridge, MA 02141 (address) — Company's business and mail address

FAQ

Key Financial Figures

• $0.01 — ch registered Common stock, par value $0.01 per share GEV New York Stock Exchange
• $1.2 billion — e energy U.S. tax equity investments of $1.2 billion and any tax attributes from historical
• $0.1 billion — tax equity investments, we recognized a $0.1 billion benefit, recorded in Cost of equipment,
• $0.6 b — ition, we received net cash proceeds of $0.6 billion, which is subject to customary wo
• $0.9 billion — result, we recognized a pre-tax gain of $0.9 billion recorded in Other income (expense) – ne
• $306 million — ATION REFUND. In June 2024, we received $306 million in cash, which represented the return o
• $254 million — n June 2024. During the second quarter, $254 million of cash, constituting the payments prev
• $52 million — eneral, and administrative expenses and $52 million of cash, constituting interest on such
• $0.7 billion — mental contract losses of approximately $0.7 billion during the third quarter which includes
• $0.3 billion — er resulting in a gain of approximately $0.3 billion in the quarter, which was recorded as $
• $0.5 billion — n in the quarter, which was recorded as $0.5 billion in revenues and $0.2 billion in cost of
• $0.2 billion — ecorded as $0.5 billion in revenues and $0.2 billion in cost of sales. The settlement includ
• $117.7 billion — ning performance obligations (RPO) were $117.7 billion and $112.2 billion as of September 30,
• $112.2 billion — ligations (RPO) were $117.7 billion and $112.2 billion as of September 30, 2024 and 2023, resp
• $8.9 b — September 30, 2024, total revenues were $8.9 billion, an increase of $0.7 billion for

Filing Documents

• gev-20240930.htm (10-Q) — 2066KB
• gev3q202410qex31a111111.htm (EX-31.A) — 8KB
• gev3q202410qex31b111211.htm (EX-31.B) — 8KB
• gev3q202410qexhibit32.htm (EX-32) — 5KB
• gev-20240930_g1.gif (GRAPHIC) — 86KB
• 0001996810-24-000083.txt ( ) — 11529KB
• gev-20240930.xsd (EX-101.SCH) — 74KB
• gev-20240930_cal.xml (EX-101.CAL) — 102KB
• gev-20240930_def.xml (EX-101.DEF) — 412KB
• gev-20240930_lab.xml (EX-101.LAB) — 834KB
• gev-20240930_pre.xml (EX-101.PRE) — 651KB
• gev-20240930_htm.xml (XML) — 2004KB

Forward-Looking Statements 3

Forward-Looking Statements 3 About GE Vernova 4

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) 4

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) 4 Transition to Stand-Alone Company 4 Disposition Activity 4 Arbitration Refund 5 Offshore Wind 5 Results of Operations 5 Segment Operations 7 Other Information 10 Capital Resources and Liquidity 11 Recently Issued Accounting Pronouncements 13 Critical Accounting Estimates 13 Non-GAAP Financial Measures 13

Controls and Procedures 16

Controls and Procedures 16 Legal Proceedings 17

Financial Statements and Notes 18

Financial Statements and Notes 18 Consolidated and Combined Statement of Income (Loss) 18 Consolidated and Combined Statement of Financial Position 19 Consolidated and Combined Statement of Cash Flows 20 Consolidated and Combined Statement of Comprehensive Income (Loss) 21 Consolidated and Combined Statement of Changes in Equity 22 Note 1 Organization and Basis of Presentation 24 Note 2 Summary of Significant Accounting Policies 25 Note 3 Dispositions and Businesses Held for Sale 25 Note 4 Current and Long-Term Receivables 26 Note 5 Inventories, Including Deferred Inventory Costs 26 Note 6 Property, Plant, and Equipment 26 Note 7 Leases 27 Note 8 Acquisitions, Goodwill, and Other Intangible Assets 27 Note 9 Contract and Other Deferred Assets & Contract Liabilities and Deferred Income 27 Note 10 Current and All Other Assets 28 Note 11 Equity Method Investments 28 Note 12 Accounts Payable and Equipment Project Payables 28 Note 13 Postretirement Benefit Plans 28 Note 14 Current and All Other Liabilities 29 Note 15 Income Taxes 29 Note 16 Accumulated Other Comprehensive Income (Loss) (AOCI) and Common Stock 30 Note 17 Share-Based Compensation 30 Note 18 Earnings Per Share Information 31 Note 19 Other Income (Expense) – Net 32 Note 20 Financial Instruments 32 Note 21 Variable Interest Entities 34 Note 22 Commitments, Guarantees, Product Warranties, and Other Loss Contingencies 34 Note 23 Restructuring Charges and Separation Costs 35 Note 24 Related Parties 36 Note 25 Segment Information 37 Exhibits 39 Form 10-Q Cross Reference Index 39 Signatures 40 FORWARD-LOOKING STATEMENTS . The public communications and SEC filings of GE Vernova Inc. (the Company, GE Vernova, our, we or us) may contain statements related to future, not past, events. These forward-looking statements often address our current expected future business and financial performance and condition based on certain assumptions and include any s

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View this 10-Q filing on SEC EDGAR