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.
1
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, 2022
December 31, 2021
December 31, 2022
December 31, 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
__________
(a)Net of net loss attributable to noncontrolling interests.
(b)This adjustment was excluded because it relates to the one-time modification of Cruise stock incentive awards.
(c)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.
(d)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.
(e)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.
(f)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.
(g)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.
(h)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.
(i)GM Financial amounts represent EBT-adjusted.
(j)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
__________
(a)This adjustment was excluded because it relates to the one-time modification of Cruise stock incentive awards.
(b)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.
(c)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.
(d)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.
(e)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.
(f)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.
(g)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.
(h)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.
(i)This adjustment was excluded because of the unique events associated with the ignition switch recall.
3
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
________
(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) 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.
(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 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 taxes
Income tax expense
Effective tax rate
Income before income taxes
Income tax expense
Effective 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
%
________
(a) 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.
(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 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
%
________
(a) Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.
4
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
%
________
(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.
5
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 Ended
Years Ended
December 31, 2022
December 31, 2021
December 31, 2022
December 31, 2021
Net automotive cash provided by operating activities
$
7,488
$
9,384
$
19,094
$
9,693
Less: Capital expenditures
(3,235)
(3,154)
(9,007)
(7,389)
Add: Patent royalty matters
—
—
145
—
Add: Buick dealer strategy
120
—
120
—
Add: GM Brazil indirect tax matters
57
—
57
—
Add: Russia exit
31
—
31
—
Add: Cadillac dealer strategy
—
100
—
144
Add: GM Korea wage litigation
—
73
26
92
Add: GMI restructuring
—
—
—
24
Adjusted automotive free cash flow
$
4,460
$
6,403
$
10,466
$
2,564
6
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
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 December 31, 2022
Net sales and revenue
$
35,471
$
4,319
$
44
$
39,834
$
25
$
3,277
$
(28)
$
43,108
Expenditures for property
$
2,914
$
311
$
10
$
—
$
3,235
$
57
$
16
$
(4)
$
3,304
Depreciation and amortization
$
1,401
$
124
$
5
$
—
$
1,531
$
14
$
1,223
$
—
$
2,767
Impairment charges
$
—
$
1
$
—
$
—
$
1
$
—
$
—
$
—
$
1
Equity income (loss)(a)
$
(4)
$
200
$
—
$
—
$
197
$
—
$
25
$
—
$
222
GMNA
GMI
Corporate
Eliminations
Total Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Total
Three Months Ended December 31, 2021
Net sales and revenue
$
26,865
$
3,451
$
37
$
30,353
$
25
$
3,232
$
(26)
$
33,584
Expenditures for property
$
2,716
$
421
$
17
$
—
$
3,154
$
34
$
6
$
5
$
3,199
Depreciation and amortization
$
1,449
$
135
$
5
$
—
$
1,589
$
15
$
1,333
$
—
$
2,937
Impairment charges
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Equity income (loss)(a)
$
—
$
242
$
—
$
—
$
242
$
—
$
44
$
—
$
286
GMNA
GMI
Corporate
Eliminations
Total Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Total
Year Ended December 31, 2022
Net sales and revenue
$
128,378
$
15,420
$
177
$
143,974
$
102
$
12,766
$
(107)
$
156,735
Expenditures for property
$
8,280
$
706
$
20
$
—
$
9,007
$
197
$
44
$
(10)
$
9,238
Depreciation and amortization
$
5,800
$
513
$
21
$
—
$
6,335
$
53
$
4,888
$
—
$
11,276
Impairment charges
$
11
$
1
$
—
$
—
$
12
$
—
$
—
$
—
$
12
Equity income (loss)(a)
$
(9)
$
672
$
—
$
—
$
663
$
—
$
173
$
—
$
837
GMNA
GMI
Corporate
Eliminations
Total Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Total
Year Ended December 31, 2021
Net sales and revenue
$
101,308
$
12,172
$
104
$
113,584
$
106
$
13,419
$
(105)
$
127,004
Expenditures for property
$
6,576
$
783
$
30
$
—
$
7,389
$
89
$
26
$
5
$
7,509
Depreciation and amortization
$
5,298
$
542
$
21
$
—
$
5,861
$
52
$
6,134
$
—
$
12,047
Impairment charges
$
—
$
—
$
—
$
—
$
—
$
4
$
—
$
—
$
4
Equity income (loss)(a)
$
8
$
1,092
$
—
$
—
$
1,100
$
—
$
201
$
—
$
1,301
________
(a)Includes Automotive China equity income of $201 million and $244 million in the three months ended December 31, 2022 and 2021 and $677 million and $1,098 million in the years ended December 31, 2022 and 2021.
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. 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. Also, as of March 2022, GM is no longer importing vehicles or parts to Russia, Belarus and other sanctioned provinces in Ukraine.
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 year ended December 31, 2022, 30.5% 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
Years Ended
December 31, 2022
December 31, 2021
December 31, 2022
December 31, 2021
GMNA
787
579
2,926
2,308
GMI
180
163
653
551
Total
967
742
3,579
2,859
8
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 (i.e., sales to large and small businesses, governments and daily rental car companies); and (3) vehicles used by dealers in their businesses. Total vehicle sales data for periods presented prior to 2022 reflect courtesy transportation vehicles used by U.S. dealers in their business. Beginning in 2022, we stopped including such dealership courtesy transportation vehicles in total vehicle sales until such time as those vehicles were sold to the end customer. 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
Years Ended
December 31, 2022
December 31, 2021
December 31, 2022
December 31, 2021
United States
Chevrolet – Cars
54
24
188
121
Chevrolet – Trucks
228
191
828
807
Chevrolet – Crossovers
132
74
502
509
Cadillac
39
22
135
118
Buick
27
29
104
180
GMC
144
101
518
482
Total United States
623
441
2,274
2,218
Canada, Mexico and Other
106
71
406
355
Total North America
729
511
2,680
2,574
Asia/Pacific, Middle East and Africa
Chevrolet
155
151
647
610
Wuling
305
410
1,244
1,429
Buick
168
200
644
816
Baojun
8
33
49
211
Cadillac
55
53
202
240
Other
5
4
19
20
Total Asia/Pacific, Middle East and Africa
696
851
2,805
3,326
South America(a)
125
118
452
394
Total in GM markets
1,551
1,480
5,937
6,294
Total Europe
1
1
2
2
Total Worldwide
1,551
1,481
5,939
6,296
_______
(a) Primarily Chevrolet.
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
Years Ended
December 31, 2022
December 31, 2021
December 31, 2022
December 31, 2021
SAIC General Motors Sales Co., Ltd.
271
303
1,037
1,277
SAIC GM Wuling Automobile Co., Ltd.
305
434
1,266
1,615
9
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months Ended
Years Ended
December 31, 2022
December 31, 2021
December 31, 2022
December 31, 2021
Market Share
United States – Cars
8.6
%
4.2
%
7.6
%
4.2
%
United States – Trucks
32.2
%
29.4
%
31.4
%
30.3
%
United States – Crossovers
11.3
%
6.9
%
11.0
%
10.6
%
Total United States
16.8
%
13.0
%
16.0
%
14.4
%
Total North America
16.2
%
12.5
%
15.5
%
13.9
%
Total Asia/Pacific, Middle East and Africa
6.2
%
7.3
%
6.4
%
7.3
%
Total South America
12.9
%
12.7
%
12.3
%
10.9
%
Total GM Market
9.2
%
8.9
%
9.2
%
9.3
%
Total Worldwide
7.6
%
7.4
%
7.6
%
7.6
%
United States fleet sales as a percentage of retail vehicle sales
22.5
%
15.9
%
21.3
%
15.2
%
North America capacity two shift utilization
99.2
%
69.9
%
98.8
%
78.4
%
10
General Motors Company and Subsidiaries
Combining Income Statement Information
(In millions) (Unaudited)
Year Ended December 31, 2022
Year Ended December 31, 2021
Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Combined
Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Combined
Net sales and revenue
Automotive
$
143,974
$
102
$
—
$
(101)
$
143,975
$
113,584
$
106
$
—
$
(100)
$
113,590
GM Financial
—
—
12,766
(6)
12,760
—
—
13,419
(5)
13,414
Total net sales and revenue
143,974
102
12,766
(107)
156,735
113,584
106
13,419
(105)
127,004
Costs and expenses
Automotive and other cost of sales
124,317
2,576
—
(2)
126,892
99,421
1,124
—
(1)
100,544
GM Financial interest, operating and other expenses
—
—
8,864
(2)
8,862
—
—
8,584
(2)
8,582
Automotive and other selling, general and administrative expense
9,902
766
—
(1)
10,667
8,257
297
—
—
8,554
Total costs and expenses
134,219
3,342
8,864
(5)
146,421
107,678
1,421
8,584
(3)
117,680
Operating income (loss)
9,755
(3,240)
3,903
(102)
10,315
5,906
(1,315)
4,835
(102)
9,324
Automotive interest expense
986
5
—
(5)
987
952
—
—
(2)
950
Interest income and other non-operating income, net
1,282
48
(1)
103
1,432
2,934
16
—
91
3,041
Equity income
663
—
173
—
837
1,100
—
201
—
1,301
Income (loss) before income taxes
10,713
(3,197)
4,076
5
11,597
8,988
(1,299)
5,036
(9)
12,716
Income tax expense
1,888
2,771
Net income
9,708
9,945
Net loss attributable to noncontrolling interests
226
74
Net income attributable to stockholders
$
9,934
$
10,019
Net income attributable to common stockholders
$
8,915
$
9,837
11
General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)
The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
Three Months Ended
Years Ended
December 31, 2022
December 31, 2021
December 31, 2022
December 31, 2021
Basic earnings per share
Net income attributable to stockholders
$
1,999
$
1,741
$
9,934
$
10,019
Less: cumulative dividends on subsidiary preferred stock(a)
(12)
(38)
(1,019)
(182)
Net income attributable to common stockholders
$
1,987
$
1,703
$
8,915
$
9,837
Weighted-average common shares outstanding
1,415
1,453
1,445
1,451
Basic earnings per common share
$
1.40
$
1.17
$
6.17
$
6.78
Diluted earnings per share
Net income attributable to common stockholders – diluted
$
1,987
$
1,703
$
8,915
$
9,837
Weighted-average common shares outstanding – diluted
1,425
1,472
1,454
1,468
Diluted earnings per common share
$
1.39
$
1.16
$
6.13
$
6.70
Potentially dilutive securities(b)
10
2
10
2
__________
(a)Cumulative dividends on subsidiary preferred stock includes a $909 million deemed dividend related to the redemption of Cruise preferred shares from SoftBank for the year ended December 31, 2022 and an insignificant amount in participating securities income from a subsidiary in the year ended December 31, 2022 and in the three months ended December 31, 2022 and 2021.
(b)Potentially dilutive securities attributable to outstanding stock options at December 31, 2022 and 2021 and restricted stock units (RSUs) at December 31, 2022, were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect.
12
General Motors Company and Subsidiaries
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
December 31, 2022
December 31, 2021
Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Combined
Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Combined
ASSETS
Current Assets
Cash and cash equivalents
$
13,629
$
1,519
$
4,005
$
—
$
19,153
$
14,541
$
1,578
$
3,948
$
—
$
20,067
Marketable debt securities
10,760
1,390
—
—
12,150
7,076
1,551
—
(19)
8,609
Accounts and notes receivable, net(a)
11,910
—
2,114
(691)
13,333
7,553
1
532
(691)
7,394
GM Financial receivables, net
—
—
33,811
(188)
33,623
—
—
26,812
(163)
26,649
Inventories
15,369
—
—
(2)
15,366
12,990
—
—
(2)
12,988
Other current assets(b)
2,009
347
4,912
(442)
6,825
2,167
179
4,301
(250)
6,396
Total current assets
53,677
3,256
44,842
(1,324)
100,451
44,326
3,309
35,592
(1,124)
82,103
Non-current Assets
GM Financial receivables, net
—
—
40,702
(112)
40,591
—
—
36,167
—
36,167
Equity in net assets of nonconsolidated affiliates
8,511
—
1,665
—
10,176
7,960
—
1,717
—
9,677
Property, net
45,011
98
140
—
45,248
40,858
105
152
—
41,115
Goodwill and intangible assets, net
2,877
727
1,341
—
4,945
3,012
736
1,339
—
5,087
Equipment on operating leases, net
—
—
32,701
—
32,701
—
—
37,929
—
37,929
Deferred income taxes
20,348
1,108
(917)
—
20,539
21,653
—
(501)
—
21,152
Other assets
7,995
322
1,069
—
9,386
10,358
339
812
(21)
11,488
Total non-current assets
84,742
2,254
76,702
(112)
163,586
83,842
1,180
77,615
(21)
162,615
Total Assets
$
138,419
$
5,510
$
121,544
$
(1,436)
$
264,037
$
128,167
$
4,489
$
113,207
$
(1,145)
$
244,718
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)(a)
$
27,307
$
146
$
712
$
(679)
$
27,486
$
20,065
$
140
$
855
$
(669)
$
20,391
Short-term debt and current portion of long-term debt
(a)Eliminations primarily include GM Financial accounts and notes receivable of $495 million offset by Automotive accounts payable and Automotive accounts receivable of $115 million offset by GM Financial accounts payable at December 31, 2022; and GM Financial accounts and notes receivable of $301 million offset by Automotive accounts payable and Automotive accounts receivable of $313 million offset by GM Financial accounts payable at December 31, 2021.
(b)Eliminations primarily related to intercompany capital expenditures between Automotive and Cruise for the Cruise Origin.
(c)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 sheets.
13
General Motors Company and Subsidiaries
Combining Cash Flow Information
(In millions) (Unaudited)
Year Ended December 31, 2022
Year Ended December 31, 2021
Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Combined
Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Combined
Cash flows from operating activities
Net income (loss)
$
8,509
$
(1,900)
$
3,095
$
5
$
9,708
$
7,774
$
(1,616)
$
3,796
$
(9)
$
9,945
Depreciation and impairment of Equipment on operating leases, net
—
—
4,839
—
4,839
—
—
6,076
—
6,076
Depreciation, amortization and impairment charges on Property, net
6,346
55
49
—
6,451
5,861
56
58
—
5,975
Foreign currency remeasurement and transaction (gains) losses
173
—
(1)
—
172
(15)
2
(3)
—
(17)
Undistributed earnings of nonconsolidated affiliates, net
225
—
(32)
—
193
(390)
—
(127)
—
(517)
Pension contributions and OPEB payments
(790)
—
—
—
(790)
(837)
—
—
—
(838)
Pension and OPEB income, net
(1,190)
—
1
—
(1,189)
(1,606)
—
1
—
(1,605)
Provision (benefit) for deferred taxes
1,247
(1,297)
475
—
425
1,697
317
201
—
2,214
Change in other operating assets and liabilities(a)
2,363
1,067
(1,263)
(5,144)
(2,977)
(6,224)
74
(3)
2,787
(3,366)
Other operating activities(c)
2,211
243
(1,688)
(1,556)
(790)
3,435
—
(2,702)
(3,412)
(2,679)
Net cash provided by (used in) operating activities
Principal collections and recoveries on finance receivables(a)
—
—
27,017
(129)
26,887
—
—
27,720
(3,097)
24,622
Purchases of leased vehicles, net
—
—
(11,949)
—
(11,949)
—
—
(14,602)
—
(14,602)
Proceeds from termination of leased vehicles
—
—
14,234
—
14,234
—
—
14,393
—
14,393
Other investing activities(b)
(4,544)
—
(151)
4,633
(62)
(1,758)
(5)
(14)
1,142
(635)
Net cash provided by (used in) investing activities
(17,497)
(17)
(10,006)
9,638
(17,882)
(8,174)
(661)
(5,543)
(1,978)
(16,355)
Cash flows from financing activities
Net increase (decrease) in short-term debt
40
—
333
—
373
1
—
2,911
—
2,912
Proceeds from issuance of debt (original maturities greater than three months)
2,255
99
43,557
(99)
45,813
367
26
44,933
(26)
45,300
Payments on debt (original maturities greater than three months)
(1,631)
(1)
(37,925)
(50)
(39,606)
(1,203)
(18)
(46,708)
123
(47,806)
Payment to purchase common stock
(2,514)
—
—
14
(2,500)
—
—
—
—
—
Issuance (redemptions) of subsidiary preferred stock(b)
—
2,419
—
(4,541)
(2,121)
—
2,736
—
(1,000)
1,736
Dividends paid(c)
(265)
(58)
(1,819)
1,745
(397)
(1)
(65)
(3,620)
3,500
(186)
Other financing activities
(363)
(668)
(134)
(13)
(1,178)
(37)
(32)
(158)
15
(212)
Net cash provided by (used in) financing activities
(2,478)
1,791
4,014
(2,943)
383
(873)
2,647
(2,641)
2,612
1,744
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(147)
—
9
—
(138)
(97)
—
(56)
—
(152)
Net increase (decrease) in cash, cash equivalents and restricted cash
(1,028)
(59)
(507)
—
(1,594)
549
818
(943)
—
425
Cash, cash equivalents and restricted cash at beginning of period
14,774
1,584
7,183
—
23,542
14,225
766
8,126
—
23,117
Cash, cash equivalents and restricted cash at end of period
$
13,746
$
1,526
$
6,676
$
—
$
21,948
$
14,774
$
1,584
$
7,183
$
—
$
23,542
_________
(a)Includes reclassifications of $5.0 billion and $2.9 billion in the years ended December 31, 2022 and 2021 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 reclassification of $2.1 billion redemption of Cruise preferred shares from SoftBank in the year ended December 31, 2022 and $2.4 billion and $1.0 billion in the years ended December 31, 2022 and 2021 for Automotive investment in Cruise.
(c)Eliminations include dividends issued by GM Financial to Automotive.
