General Motors : Q4 2022 Detailed quarterly results with year-over-year comparisons

Exhibit 99.2

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.

________

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

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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 Ended			Years Ended
		December 31,			December 31,			December 31,			December 31,
		2022			2021			2022			2021
Net income attributable to stockholders(a)	$	1,999	$	1,741	$	9,934	$	10,019
Income tax expense		580			471			1,888			2,771
Automotive interest expense		267			227			987			950
Automotive interest income		(215)			(44)			(460)			(146)
Adjustments
Cruise compensation modifications(b)		-			-			1,057			-
Russia exit(c)		657			-			657			-
Buick dealer strategy(d)		511			-			511			-
Patent royalty matters(e)		-			250			(100)			250
GM Brazil indirect tax matters(f)		-			194			-			194
Cadillac dealer strategy(g)		-			-			-			175
GM Korea wage litigation(h)		-			-			-			82
Total adjustments		1,168			444			2,125			701
EBIT-adjusted		3,799			2,839			14,474			14,295
Operating segments
GM North America (GMNA)		3,654			2,165			12,988			10,318
GM International (GMI)		272			275			1,143			827
Cruise		(524)			(349)			(1,890)			(1,196)
GM Financial(i)		775			1,180			4,076			5,036
Total operating segments		4,176			3,271			16,317			14,985
Corporate and eliminations(j)		(377)			(432)			(1,843)			(690)
EBIT-adjusted	$	3,799	$	2,839	$	14,474	$	14,295

__________

1. Net of net loss attributable to noncontrolling interests.
2. This adjustment was excluded because it relates to the one-time modification of Cruise stock incentive awards.
3. This adjustment was excluded because it relates to the shutdown of our Russia business including the write off of our net investment and release of accumulated translation losses into earnings.
4. This adjustment was excluded because it relates to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick's electric vehicle (EV) strategy. In 2023, we expect to incur additional charges as we continue to optimize our Buick dealer network. The ultimate amount of any future charges will depend on negotiations with our dealers.
5. These adjustments were excluded because they relate to certain royalties accrued with respect to past-year vehicle sales in 2021 and the resolution of substantially all of these matters in 2022.
6. This adjustment was excluded because it relates to a settlement with third parties relating to retrospective recoveries of indirect taxes in Brazil realized in prior periods.
7. This adjustment was excluded because it relates to strategic activities to transition certain Cadillac dealers out of our dealer network as part of Cadillac's EV strategy.
8. This adjustment was excluded because of the unique events associated with Supreme Court of the Republic of Korea (Korea Supreme Court) decisions related to our salaried workers.
9. GM Financial amounts represent EBT-adjusted.
10. GM's automotive interest income and interest expense, legacy costs from the Opel and Vauxhall businesses and certain other assets in Europe, which are primarily pension costs, corporate expenditures and certain nonsegment-specific revenues and expenses are recorded centrally in Corporate.

2

General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

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

		Years Ended December 31,
		2022			2021			2020
Net income attributable to stockholders	$	9,934	$	10,019	$	6,427
Income tax expense		1,888			2,771			1,774
Automotive interest expense		987			950			1,098
Automotive interest income		(460)			(146)			(241)
Adjustments
Cruise compensation modifications(a)		1,057			-			-
Russia exit(b)		657			-			-
Buick dealer strategy(c)		511			-			-
Patent royalty matters(d)		(100)			250			-
GM Brazil indirect tax matters(e)		-			194			-
Cadillac dealer strategy(f)		-			175			99
GM Korea wage litigation(g)		-			82			-
GMI restructuring(h)		-			-			683
Ignition switch recall and related legal matters(i)		-			-			(130)
Total adjustments		2,125			701			652
EBIT-adjusted	$	14,474	$	14,295	$	9,710
__________

1. This adjustment was excluded because it relates to the one-time modification of Cruise stock incentive awards.
2. This adjustment was excluded because it relates to the shutdown of our Russia business including the write off of our net investment and release of accumulated translation losses into earnings.
3. This adjustment was excluded because it relates to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick's EV strategy. In 2023, we expect to incur additional charges as we continue to optimize our Buick dealer network. The ultimate amount of any future charges will depend on negotiations with our dealers.
4. These adjustments were excluded because they relate to certain royalties accrued with respect to past-year vehicle sales in 2021 and the resolution of substantially all of these matters in 2022.
5. This adjustment was excluded because it relates to a settlement with third parties relating to retrospective recoveries of indirect taxes in Brazil realized in prior periods.
6. These adjustments were excluded because they relate to strategic activities to transition certain Cadillac dealers out of our dealer network as part of Cadillac's EV strategy.
7. This adjustment was excluded because of the unique events associated with Supreme Court of the Republic of Korea (Korea Supreme Court) decisions related to our salaried workers.
8. 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 adjustments primarily consist of dealer restructurings, asset impairments, inventory provisions and employee separation charges in Australia, New Zealand, Thailand and India.
9. This adjustment was excluded because of the unique events associated with the ignition switch recall.

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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 Ended								Years Ended
	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
	Amount		Per Share		Amount		Per Share		Amount		Per Share		Amount		Per Share
Diluted earnings per common share	$ 1,987	$	1.39	$ 1,703	$	1.16	$ 8,915	$	6.13	$ 9,837	$	6.70
Adjustments(a)	1,168			0.82	444			0.30	2,125			1.46	701			0.47
Tax effect on adjustments(b)	(127)			(0.09)	(62)			(0.04)	(423)			(0.29)	(105)			(0.07)
Tax adjustments(c)	-			-	(96)			(0.07)	(482)			(0.33)	(51)			(0.03)
Deemed dividend adjustment(d)	-			-		-			-		909			0.63		-			-
EPS-diluted-adjusted	$ 3,028	$	2.12	$ 1,989	$	1.35	$11,044	$	7.59	$10,382	$	7.07

________

1. Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to segment profit (loss) for adjustment details.
2. 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.
3. In the year ended December 31, 2022, the adjustment consists of tax benefit related to the release of a valuation allowance against deferred tax assets considered realizable as a result of Cruise tax reconsolidation. In the year ended December 31, 2021, the adjustments consist of tax benefits related to a deduction for an investment in a subsidiary and resolution of uncertainty relating to an indirect tax refund claim in Brazil, partially offset by tax expense related to the establishment of a valuation allowance against Cruise deferred tax assets.
4. 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 year ended December 31, 2022.

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

						Years Ended December 31,
			2022							2021
	Income before		Income tax			Effective		Income before		Income tax		Effective
	income taxes			expense			tax rate		income taxes			expense		tax rate
Effective tax rate	$	11,597	$	1,888	16.3 %	$	12,716	$	2,771	21.8 %
Adjustments(a)		2,221			423						726			105
Tax adjustments(b)					482									51
ETR-adjusted	$	13,818	$	2,793	20.2 %	$	13,442	$	2,927	21.8 %

________

1. Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to segment profit (loss) for adjustment details. Net income attributable to noncontrolling interests for these adjustments is included in the years ended December 31, 2022 and 2021. 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.
2. 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 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):

		Years Ended December 31,
		2022			2021
Net income attributable to stockholders	$	9.9	$	10.0
Average equity(a)	$	66.6	$	56.5
ROE		14.9 %			17.7 %
________

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

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General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

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

		Years Ended December 31,
		2022			2021
EBIT-adjusted(a)	$	14.5	$	14.3
Average equity(b)	$	66.6	$	56.5
Add: Average automotive debt and interest liabilities (excluding finance leases)		17.6			17.1
Add: Average automotive net pension & OPEB liability		9.4			15.8
Less: Average automotive net income tax asset		(21.2)			(22.2)
ROIC-adjusted average net assets	$	72.3	$	67.2
ROIC-adjusted		20.0 %			21.3 %
________

1. Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to segment profit (loss) for adjustment details.
2. Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.

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