EX-99.2 3 gmq12023financialhighlights.htm EX-99.2 - 2023 Q1 HIGHLIGHTS
Exhibit 99.2
General Motors Company and Subsidiaries
Supplemental Material 1
(Unaudited)
General Motors Company's (GM) non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes (EBT)-adjusted for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.
These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these, and other measures, as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors.
EBIT-adjusted EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment.
EPS-diluted-adjusted EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or reversal of significant deferred tax asset valuation allowances.
ETR-adjusted ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we do not provide an expected effective tax rate because the U.S. GAAP measure may include significant adjustments that are difficult to predict.
ROIC-adjusted ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is considered to be the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.
Adjusted automotive free cash flow Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.
________
1 Certain columns and rows may not add due to rounding.
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
|  |  |  |  | March 31, 2023 |  | March 31, 2022
Net income attributable to stockholders(a) |  |  |  |  | $ | 2,395 |  |  | $ | 2,939 |
Income tax expense (benefit) |  |  |  |  | 428 |  |  | (28) |
Automotive interest expense |  |  |  |  | 234 |  |  | 226 |
Automotive interest income |  |  |  |  | (229) |  |  | (50) |
Adjustments |  |  |  |  |  |  |
Voluntary separation program(b) |  |  |  |  | 875 |  |  | — |
Cruise compensation modifications(c) |  |  |  |  | — |  |  | 1,057 |
Buick dealer strategy(d) |  |  |  |  | 99 |  |  | — |
Patent royalty matters(e) |  |  |  |  | — |  |  | (100) |
Total adjustments |  |  |  |  | 974 |  |  | 957 |
EBIT-adjusted |  |  |  |  | 3,803 |  |  | 4,044 |
Operating segments |  |  |  |  |  |  |
GM North America (GMNA) |  |  |  |  | 3,576 |  |  | 3,141 |
GM International (GMI) |  |  |  |  | 347 |  |  | 328 |
Cruise |  |  |  |  | (561) |  |  | (325) |
GM Financial(f) |  |  |  |  | 771 |  |  | 1,284 |
Total operating segments |  |  |  |  | 4,133 |  |  | 4,428 |
Corporate and eliminations(g) |  |  |  |  | (330) |  |  | (383) |
EBIT-adjusted |  |  |  |  | $ | 3,803 |  |  | $ | 4,044 |

__________
(a)Net of net loss attributable to noncontrolling interests.
(b)This adjustment was excluded because it relates to the acceleration of attrition as part of the cost reduction program announced in January 2023, primarily in the United States.
(c)This adjustment was excluded because it relates to the one-time modification of Cruise stock incentive awards.
(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 EV strategy.
(e)This adjustment was excluded because it relates to the resolution of substantially all royalty matters accrued with respect to past-year vehicle sales in the three months ended March 31, 2022.
(f)GM Financial amounts represent EBT-adjusted.
(g)GM's automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures and certain nonsegment specific revenues and expenses are recorded centrally in Corporate.
2

General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles diluted earnin gs pe r common share under U.S. GAAP to EPS-diluted-adjusted (dollars in millions, except per share amounts):

|  |  | Three Months Ended
|  |  |  |  | March 31, 2023 |  | March 31, 2022
|  |  |  |  |  |  |  |  | Amount |  | Per Share |  | Amount |  | Per Share
Diluted earnings per common share |  |  |  |  |  |  |  |  | $ | 2,369 |  |  | $ | 1.69 |  |  | $ | 1,987 |  |  | $ | 1.35 |
Adjustments(a) |  |  |  |  |  |  |  |  | 974 |  |  | 0.69 |  |  | 957 |  |  | 0.65 |
Tax effect on adjustments(b) |  |  |  |  |  |  |  |  | (239) |  |  | (0.17) |  |  | (296) |  |  | (0.20) |
Tax adjustments(c) |  |  |  |  |  |  |  |  | — |  |  | — |  |  | (482) |  |  | (0.33) |
Deemed dividend adjustment(d) |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 909 |  |  | 0.62 |
EPS-diluted-adjusted |  |  |  |  |  |  |  |  | $ | 3,104 |  |  | $ | 2.21 |  |  | $ | 3,075 |  |  | $ | 2.09 |

________
(a)Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to segment profit (loss) for adjustment details.
(b)The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.
(c)This adjustment consists of tax benefit related to the release of a valuation allowance against deferred tax assets that are considered realizable as a result of Cruise tax reconsolidation in the three months ended March 31, 2022. This adjustment was excluded because significant impacts of valuation allowances are not considered part of our core operations.
(d)This adjustment consists of a deemed dividend related to the redemption of Cruise preferred shares from SoftBank Vision Fund (AIV M2) L.P. (SoftBank) in the three months ended March 31, 2022.
The following table reconciles our effective tax rate under U.S. GAAP to ETR-adjusted (dollars in millions):

|  |  | Three Months Ended
|  |  |  |  | March 31, 2023 |  | March 31, 2022
|  |  |  |  |  |  |  |  |  |  |  |  | Income before income taxes |  | Income tax expense (benefit) |  | Effective tax rate |  | Income before income taxes |  | Income tax expense (benefit) |  | Effective tax rate
Effective tax rate |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,775 |  |  | $ | 428 |  |  | 15.4 | % |  | $ | 2,779 |  |  | $ | (28) |  |  | (1.0) | %
Adjustments(a) |  |  |  |  |  |  |  |  |  |  |  |  | 974 |  |  | 239 |  |  |  |  | 1,053 |  |  | 296 |  |  |
Tax adjustments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  | 482 |  |  |
ETR-adjusted |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,749 |  |  | $ | 667 |  |  | 17.8 | % |  | $ | 3,832 |  |  | $ | 750 |  |  | 19.6 | %

________
(a)Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to segment profit (loss) for adjustment details. These adjustments include Net income attributable to noncontrolling interests where applicable. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.
(b)Refer to the reconciliation of diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted for adjustment details.
3

General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
We define return on equity (ROE) as Net income attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):

| Four Quarters Ended
| March 31, 2023 |  | March 31, 2022
Net income attributable to stockholders | $ | 9.4 |  |  | $ | 9.9 |
Average equity(a) | $ | 68.6 |  |  | $ | 59.6 |
ROE | 13.7 | % |  | 16.7 | %

________
(a)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.
The following table summarizes the calculation of ROIC-adjusted (dollars in billions):

| Four Quarters Ended
| March 31, 2023 |  | March 31, 2022
EBIT-adjusted(a) | $ | 14.2 |  |  | $ | 13.9 |
Average equity(b) | $ | 68.6 |  |  | $ | 59.6 |
Add: Average automotive debt and interest liabilities (excluding finance leases) | 17.4 |  |  | 16.9 |
Add: Average automotive net pension & OPEB liability | 8.6 |  |  | 14.0 |
Less: Average automotive and other net income tax asset | (20.9) |  |  | (21.8) |
ROIC-adjusted average net assets | $ | 73.6 |  |  | $ | 68.8 |
ROIC-adjusted | 19.3 | % |  | 20.2 | %

________
(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.
4

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
|  |  |  |  |  | March 31, 2023 |  | March 31, 2022
Net automotive cash provided by operating activities |  |  |  |  |  | $ | 2,232 |  |  | $ | 1,635 |
Less: Capital expenditures |  |  |  |  |  | (2,408) |  |  | (1,645) |
Add: Buick dealer strategy |  |  |  |  |  | 39 |  |  | — |
Add: Employee separation costs |  |  |  |  |  | 5 |  |  | — |
Add: GM Korea wage litigation |  |  |  |  |  | — |  |  | 16 |
Adjusted automotive free cash flow |  |  |  |  |  | $ | (132) |  |  | $ | 6 |

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 March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales and revenue | $ | 32,889 |  |  | $ | 3,727 |  |  | $ | 31 |  |  | $ | — |  |  | $ | 36,646 |  |  | $ | 25 |  |  | $ | 3,343 |  |  | $ | (29) |  |  | $ | 39,985 |
Expenditures for property | $ | 2,260 |  |  | $ | 148 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,408 |  |  | $ | 16 |  |  | $ | 6 |  |  | $ | 1 |  |  | $ | 2,431 |
Depreciation and amortization | $ | 1,428 |  |  | $ | 122 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 1,555 |  |  | $ | 4 |  |  | $ | 1,251 |  |  | $ | — |  |  | $ | 2,810 |
Impairment charges | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity income(a)(b) | $ | (46) |  |  | $ | 81 |  |  | $ | — |  |  | $ | — |  |  | $ | 34 |  |  | $ | — |  |  | $ | 41 |  |  | $ | — |  |  | $ | 75 |
| GMNA |  | GMI |  | Corporate |  | Eliminations |  | Total Automotive |  | Cruise |  | GM Financial |  | Reclassifications/Eliminations |  | Total
Three Months Ended March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales and revenue | $ | 29,456 |  |  | $ | 3,313 |  |  | $ | 53 |  |  | $ | — |  |  | $ | 32,823 |  |  | $ | 26 |  |  | $ | 3,156 |  |  | $ | (26) |  |  | $ | 35,979 |
Expenditures for property | $ | 1,521 |  |  | $ | 121 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 1,645 |  |  | $ | 4 |  |  | $ | 10 |  |  | $ | 2 |  |  | $ | 1,661 |
Depreciation and amortization | $ | 1,504 |  |  | $ | 134 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 1,643 |  |  | $ | 12 |  |  | $ | 1,236 |  |  | $ | — |  |  | $ | 2,891 |
Impairment charges | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity income(a) | $ | 6 |  |  | $ | 232 |  |  | $ | — |  |  | $ | — |  |  | $ | 238 |  |  | $ | — |  |  | $ | 54 |  |  | $ | — |  |  | $ | 292 |

________
(a)Includes Automotive China equity income of $83 million and $234 million in the three months ended March 31, 2023 and 2022.
(b)Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our electric vehicles. In the three months ended March 31, 2023, equity earnings related to Ultium Cells Holdings LLC were insignificant.
5

General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Vehicle Sales
GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and our market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. Government and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the three months ended March 31, 2023, 28.4% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by automotive segment (vehicles in thousands):

|  |  |  |  |  |  | Three Months Ended
|  |  |  |  |  |  |  |  | March 31, 2023 |  | March 31, 2022
GMNA |  |  |  |  |  |  |  |  |  |  |  |  | 723 |  |  | 83.7 | % |  | 694 |  |  | 83.5 | %
GMI |  |  |  |  |  |  |  |  |  |  |  |  | 141 |  |  | 16.3 | % |  | 137 |  |  | 16.5 | %
Total |  |  |  |  |  |  |  |  |  |  |  |  | 864 |  |  | 100.0 | % |  | 831 |  |  | 100.0 | %

Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments, and daily rental car companies); and (3) certain vehicles used by dealers in their business. Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-GM trademarked vehicles by those joint ventures, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue GM recognizes during a particular period, we believe it is indicative of the underlying demand for GM's vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by GM's dealers, distributors, and joint ventures, commercially available data sources such as registration and insurance data, and internal estimates and forecasts when other data is not available.
6

General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):

|  | Three Months Ended
|  |  |  | March 31, 2023 |  | March 31, 2022
|  |  |  |  |  |  |  |  |  |  |  | Industry |  | GM |  | Market Share |  | Industry |  | GM |  | Market Share
North America |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  |  |  |  |  |  |  |  |  |  | 3,684 |  |  | 603 |  |  | 16.4 | % |  | 3,402 |  |  | 513 |  |  | 15.1 | %
Other |  |  |  |  |  |  |  |  |  |  |  | 786 |  |  | 103 |  |  | 13.2 | % |  | 693 |  |  | 88 |  |  | 12.7 | %
Total North America |  |  |  |  |  |  |  |  |  |  |  | 4,470 |  |  | 707 |  |  | 15.8 | % |  | 4,095 |  |  | 601 |  |  | 14.7 | %
Asia/Pacific, Middle East and Africa |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
China(a) |  |  |  |  |  |  |  |  |  |  |  | 5,154 |  |  | 462 |  |  | 9.0 | % |  | 5,745 |  |  | 613 |  |  | 10.7 | %
Other |  |  |  |  |  |  |  |  |  |  |  | 5,547 |  |  | 110 |  |  | 2.0 | % |  | 5,260 |  |  | 123 |  |  | 2.3 | %
Total Asia/Pacific, Middle East and Africa |  |  |  |  |  |  |  |  |  |  |  | 10,701 |  |  | 572 |  |  | 5.3 | % |  | 11,005 |  |  | 736 |  |  | 6.7 | %
South America |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brazil |  |  |  |  |  |  |  |  |  |  |  | 471 |  |  | 71 |  |  | 15.1 | % |  | 405 |  |  | 50 |  |  | 12.4 | %
Other |  |  |  |  |  |  |  |  |  |  |  | 380 |  |  | 34 |  |  | 9.0 | % |  | 389 |  |  | 40 |  |  | 10.3 | %
Total South America |  |  |  |  |  |  |  |  |  |  |  | 852 |  |  | 105 |  |  | 12.4 | % |  | 795 |  |  | 90 |  |  | 11.3 | %
Total in GM markets |  |  |  |  |  |  |  |  |  |  |  | 16,023 |  |  | 1,384 |  |  | 8.6 | % |  | 15,895 |  |  | 1,427 |  |  | 9.0 | %
Total Europe |  |  |  |  |  |  |  |  |  |  |  | 4,012 |  |  | — |  |  | — | % |  | 3,461 |  |  | 1 |  |  | — | %
Total Worldwide(b)(c) |  |  |  |  |  |  |  |  |  |  |  | 20,035 |  |  | 1,384 |  |  | 6.9 | % |  | 19,357 |  |  | 1,427 |  |  | 7.4 | %
United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cars |  |  |  |  |  |  |  |  |  |  |  | 719 |  |  | 61 |  |  | 8.4 | % |  | 672 |  |  | 47 |  |  | 7.0 | %
Trucks |  |  |  |  |  |  |  |  |  |  |  | 993 |  |  | 297 |  |  | 29.9 | % |  | 904 |  |  | 287 |  |  | 31.8 | %
Crossovers |  |  |  |  |  |  |  |  |  |  |  | 1,972 |  |  | 246 |  |  | 12.5 | % |  | 1,826 |  |  | 179 |  |  | 9.8 | %
Total United States |  |  |  |  |  |  |  |  |  |  |  | 3,684 |  |  | 603 |  |  | 16.4 | % |  | 3,402 |  |  | 513 |  |  | 15.1 | %
China(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SGMS |  |  |  |  |  |  |  |  |  |  |  |  |  | 173 |  |  |  |  |  |  | 263 |  |  |
SGMW |  |  |  |  |  |  |  |  |  |  |  |  |  | 289 |  |  |  |  |  |  | 350 |  |  |
Total China |  |  |  |  |  |  |  |  |  |  |  | 5,154 |  |  | 462 |  |  | 9.0 | % |  | 5,745 |  |  | 613 |  |  | 10.7 | %

__________
(a)Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).
(b)Cuba, Iran, North Korea, Sudan and Syria are subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.
(c)As of March 2022, GM is no longer importing vehicles or parts to Russia, Belarus and other sanctioned provinces in Ukraine.
As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands):

|  |  | Three Months Ended
|  |  |  |  | March 31, 2023 |  | March 31, 2022
GMNA |  |  |  |  | 177 |  |  | 142 |
GMI |  |  |  |  | 90 |  |  | 71 |
Total fleet sales |  |  |  |  | 267 |  |  | 213 |
Fleet sales as a percentage of total vehicle sales |  |  |  |  | 19.3 | % |  | 14.9 | %

North America capacity two-shift utilization |  |  |  |  | 96.0 | % |  | 96.2 | %

7

General Motors Company and Subsidiaries
Combining Income Statement Information
(In millions) (Unaudited)

| Three Months Ended March 31, 2023 |  | Three Months Ended March 31, 2022
| Automotive |  | Cruise |  | GM Financial |  | Reclassifications/Eliminations |  | Combined |  | Automotive |  | Cruise |  | GM Financial |  | Reclassifications/Eliminations |  | Combined
Net sales and revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automotive | $ | 36,646 |  |  | $ | 25 |  |  | $ | — |  |  | $ | (25) |  |  | $ | 36,646 |  |  | $ | 32,823 |  |  | $ | 26 |  |  | $ | — |  |  | $ | (25) |  |  | $ | 32,824 |
GM Financial | — |  |  | — |  |  | 3,343 |  |  | (4) |  |  | 3,339 |  |  | — |  |  | — |  |  | 3,156 |  |  | (1) |  |  | 3,155 |
Total net sales and revenue | 36,646 |  |  | 25 |  |  | 3,343 |  |  | (29) |  |  | 39,985 |  |  | 32,823 |  |  | 26 |  |  | 3,156 |  |  | (26) |  |  | 35,979 |
Costs and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automotive and other cost of sales | 31,716 |  |  | 532 |  |  | — |  |  | (1) |  |  | 32,247 |  |  | 28,222 |  |  | 1,132 |  |  | — |  |  | — |  |  | 29,353 |
GM Financial interest, operating and other expenses | — |  |  | — |  |  | 2,613 |  |  | — |  |  | 2,612 |  |  | — |  |  | — |  |  | 1,926 |  |  | — |  |  | 1,926 |
Automotive and other selling, general and administrative expense | 2,438 |  |  | 109 |  |  | — |  |  | (1) |  |  | 2,547 |  |  | 2,106 |  |  | 398 |  |  | — |  |  | — |  |  | 2,504 |
Total costs and expenses | 34,155 |  |  | 641 |  |  | 2,613 |  |  | (2) |  |  | 37,407 |  |  | 30,328 |  |  | 1,530 |  |  | 1,926 |  |  | (1) |  |  | 33,783 |
Operating income (loss) | 2,492 |  |  | (616) |  |  | 730 |  |  | (28) |  |  | 2,578 |  |  | 2,495 |  |  | (1,504) |  |  | 1,230 |  |  | (25) |  |  | 2,196 |
Automotive interest expense | 234 |  |  | 3 |  |  | — |  |  | (3) |  |  | 234 |  |  | 226 |  |  | 2 |  |  | — |  |  | (2) |  |  | 226 |
Interest income and other non-operating income (loss), net | 354 |  |  | 31 |  |  | — |  |  | 25 |  |  | 409 |  |  | 492 |  |  | (2) |  |  | — |  |  | 27 |  |  | 517 |
Equity income (loss) | (20) |  |  | — |  |  | 41 |  |  | — |  |  | 21 |  |  | 238 |  |  | — |  |  | 54 |  |  | — |  |  | 292 |
Income (loss) before income taxes | $ | 2,592 |  |  | $ | (588) |  |  | $ | 771 |  |  | $ | — |  |  | $ | 2,775 |  |  | $ | 2,999 |  |  | $ | (1,508) |  |  | $ | 1,284 |  |  | $ | 4 |  |  | $ | 2,779 |
Income tax expense (benefit) |  |  |  |  |  |  |  |  | 428 |  |  |  |  |  |  |  |  |  |  | (28) |
Net income |  |  |  |  |  |  |  |  | 2,346 |  |  |  |  |  |  |  |  |  |  | 2,807 |
Net loss attributable to noncontrolling interests |  |  |  |  |  |  |  |  | 49 |  |  |  |  |  |  |  |  |  |  | 131 |
Net income attributable to stockholders |  |  |  |  |  |  |  |  | $ | 2,395 |  |  |  |  |  |  |  |  |  |  | $ | 2,939 |
Net income attributable to common stockholders |  |  |  |  |  |  |  |  | $ | 2,369 |  |  |  |  |  |  |  |  |  |  | $ | 1,987 |

8

General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)
The following table summarizes basic and diluted ea rnings pe r share (in millions, except per share amounts):

|  |  | Three Months Ended
|  |  |  |  | March 31, 2023 |  | March 31, 2022
Basic earnings per share |  |  |  |  |  |  |
Net income attributable to stockholders |  |  |  |  | $ | 2,395 |  |  | $ | 2,939 |
Less: cumulative dividends on subsidiary preferred stock(a) |  |  |  |  | (27) |  |  | (952) |
Net income attributable to common stockholders |  |  |  |  | $ | 2,369 |  |  | $ | 1,987 |
Weighted-average common shares outstanding |  |  |  |  | 1,396 |  |  | 1,458 |
Basic earnings per common share |  |  |  |  | $ | 1.70 |  |  | $ | 1.36 |
Diluted earnings per share |  |  |  |  |  |  |
Net income attributable to common stockholders – diluted |  |  |  |  | $ | 2,369 |  |  | $ | 1,987 |
Weighted-average common shares outstanding – diluted |  |  |  |  | 1,402 |  |  | 1,470 |
Diluted earnings per common share |  |  |  |  | $ | 1.69 |  |  | $ | 1.35 |
Potentially dilutive securities(b) |  |  |  |  | 22 |  |  | 6 |

__________
(a)Includes a $909 million deemed dividend related to the redemption of Cruise preferred shares from SoftBank in the three months ended March 31, 2022.
(b)Potentially dilutive securities attributable to outstanding stock options, Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) at March 31, 2023 and outstanding RSUs at March 31, 2022 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.
9

General Motors Company and Subsidiaries
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)

| March 31, 2023 |  | December 31, 2022
| Automotive |  | Cruise |  | GM Financial |  | Reclassifications/Eliminations |  | Combined |  | Automotive |  | Cruise |  | GM Financial |  | Reclassifications/Eliminations |  | Combined
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 12,015 |  |  | $ | 1,860 |  |  | $ | 4,352 |  |  | $ | — |  |  | $ | 18,227 |  |  | $ | 13,629 |  |  | $ | 1,519 |  |  | $ | 4,005 |  |  | $ | — |  |  | $ | 19,153 |
Marketable debt securities | 9,369 |  |  | 612 |  |  | — |  |  | — |  |  | 9,981 |  |  | 10,760 |  |  | 1,390 |  |  | — |  |  | — |  |  | 12,150 |
Accounts and notes receivable, net(a) | 12,872 |  |  | — |  |  | 2,061 |  |  | (1,232) |  |  | 13,702 |  |  | 11,910 |  |  | — |  |  | 2,114 |  |  | (691) |  |  | 13,333 |
GM Financial receivables, net | — |  |  | — |  |  | 32,447 |  |  | (165) |  |  | 32,283 |  |  | — |  |  | — |  |  | 33,811 |  |  | (188) |  |  | 33,623 |
Inventories | 17,758 |  |  | 1 |  |  | — |  |  | (1) |  |  | 17,758 |  |  | 15,369 |  |  | — |  |  | — |  |  | (2) |  |  | 15,366 |
Other current assets(b) | 2,266 |  |  | 409 |  |  | 4,759 |  |  | (553) |  |  | 6,881 |  |  | 2,009 |  |  | 347 |  |  | 4,912 |  |  | (442) |  |  | 6,825 |
Total current assets | 54,281 |  |  | 2,882 |  |  | 43,620 |  |  | (1,950) |  |  | 98,832 |  |  | 53,677 |  |  | 3,256 |  |  | 44,842 |  |  | (1,324) |  |  | 100,451 |
Non-current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GM Financial receivables, net | — |  |  | — |  |  | 43,731 |  |  | (149) |  |  | 43,582 |  |  | — |  |  | — |  |  | 40,702 |  |  | (112) |  |  | 40,591 |
Equity in net assets of nonconsolidated affiliates | 8,818 |  |  | — |  |  | 1,725 |  |  | — |  |  | 10,542 |  |  | 8,511 |  |  | — |  |  | 1,665 |  |  | — |  |  | 10,176 |
Property, net | 46,652 |  |  | 107 |  |  | 137 |  |  | — |  |  | 46,895 |  |  | 45,011 |  |  | 98 |  |  | 140 |  |  | — |  |  | 45,248 |
Goodwill and intangible assets, net | 2,890 |  |  | 728 |  |  | 1,350 |  |  | — |  |  | 4,968 |  |  | 2,877 |  |  | 727 |  |  | 1,341 |  |  | — |  |  | 4,945 |
Equipment on operating leases, net | — |  |  | — |  |  | 31,848 |  |  | — |  |  | 31,848 |  |  | — |  |  | — |  |  | 32,701 |  |  | — |  |  | 32,701 |
Deferred income taxes | 20,147 |  |  | 1,203 |  |  | (674) |  |  | — |  |  | 20,676 |  |  | 20,348 |  |  | 1,108 |  |  | (917) |  |  | — |  |  | 20,539 |
Other assets | 8,312 |  |  | 297 |  |  | 1,051 |  |  | — |  |  | 9,661 |  |  | 7,995 |  |  | 322 |  |  | 1,069 |  |  | — |  |  | 9,386 |
Total non-current assets | 86,818 |  |  | 2,335 |  |  | 79,169 |  |  | (149) |  |  | 168,173 |  |  | 84,742 |  |  | 2,254 |  |  | 76,702 |  |  | (112) |  |  | 163,586 |
Total Assets | $ | 141,098 |  |  | $ | 5,217 |  |  | $ | 122,789 |  |  | $ | (2,099) |  |  | $ | 267,004 |  |  | $ | 138,419 |  |  | $ | 5,510 |  |  | $ | 121,544 |  |  | $ | (1,436) |  |  | $ | 264,037 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable (principally trade)(a) | $ | 28,870 |  |  | $ | 212 |  |  | $ | 1,072 |  |  | $ | (1,224) |  |  | $ | 28,931 |  |  | $ | 27,307 |  |  | $ | 146 |  |  | $ | 712 |  |  | $ | (679) |  |  | $ | 27,486 |
Short-term debt and current portion of long-term debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automotive | 586 |  |  | 8 |  |  | — |  |  | (169) |  |  | 425 |  |  | 2,144 |  |  | 13 |  |  | — |  |  | (198) |  |  | 1,959 |
GM Financial | — |  |  | — |  |  | 36,585 |  |  | — |  |  | 36,585 |  |  | — |  |  | — |  |  | 36,819 |  |  | — |  |  | 36,819 |
Cruise | — |  |  | 2 |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | (2) |  |  | — |
Accrued liabilities(b) | 18,658 |  |  | 592 |  |  | 5,549 |  |  | (555) |  |  | 24,244 |  |  | 18,662 |  |  | 612 |  |  | 6,081 |  |  | (445) |  |  | 24,910 |
Total current liabilities | 48,115 |  |  | 815 |  |  | 43,206 |  |  | (1,950) |  |  | 90,185 |  |  | 48,113 |  |  | 772 |  |  | 43,612 |  |  | (1,324) |  |  | 91,173 |
Non-current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automotive | 15,923 |  |  | 6 |  |  | — |  |  | — |  |  | 15,929 |  |  | 15,879 |  |  | 6 |  |  | — |  |  | — |  |  | 15,885 |
GM Financial | — |  |  | — |  |  | 61,482 |  |  | — |  |  | 61,482 |  |  | — |  |  | — |  |  | 60,036 |  |  | — |  |  | 60,036 |
Cruise | — |  |  | 149 |  |  | — |  |  | (149) |  |  | — |  |  | — |  |  | 112 |  |  | — |  |  | (112) |  |  | — |
Postretirement benefits other than pensions | 4,162 |  |  | — |  |  | — |  |  | — |  |  | 4,162 |  |  | 4,193 |  |  | — |  |  | — |  |  | — |  |  | 4,193 |
Pensions | 5,690 |  |  | — |  |  | 7 |  |  | — |  |  | 5,697 |  |  | 5,692 |  |  | — |  |  | 6 |  |  | — |  |  | 5,698 |
Other liabilities | 12,456 |  |  | 440 |  |  | 2,422 |  |  | — |  |  | 15,318 |  |  | 11,927 |  |  | 465 |  |  | 2,375 |  |  | — |  |  | 14,767 |
Total non-current liabilities | 38,232 |  |  | 595 |  |  | 63,910 |  |  | (149) |  |  | 102,588 |  |  | 37,691 |  |  | 583 |  |  | 62,417 |  |  | (112) |  |  | 100,579 |
Total Liabilities | 86,347 |  |  | 1,410 |  |  | 107,116 |  |  | (2,099) |  |  | 192,773 |  |  | 85,804 |  |  | 1,356 |  |  | 106,029 |  |  | (1,436) |  |  | 191,752 |
Noncontrolling interest - Cruise Stock Incentive Awards | — |  |  | 271 |  |  | — |  |  | — |  |  | 271 |  |  | — |  |  | 357 |  |  | — |  |  | — |  |  | 357 |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock, $0.01 par value | 14 |  |  | — |  |  | — |  |  | — |  |  | 14 |  |  | 14 |  |  | — |  |  | — |  |  | — |  |  | 14 |
Additional paid-in capital(c) | 26,112 |  |  | 187 |  |  | 1,433 |  |  | (1,409) |  |  | 26,323 |  |  | 26,313 |  |  | 90 |  |  | 1,433 |  |  | (1,409) |  |  | 26,428 |
Retained earnings | 34,318 |  |  | 1,462 |  |  | 15,538 |  |  | 1 |  |  | 51,318 |  |  | 32,054 |  |  | 1,766 |  |  | 15,429 |  |  | 1 |  |  | 49,251 |
Accumulated other comprehensive loss | (6,480) |  |  | — |  |  | (1,298) |  |  | — |  |  | (7,778) |  |  | (6,552) |  |  | (2) |  |  | (1,348) |  |  | — |  |  | (7,901) |
Total stockholders’ equity | 53,962 |  |  | 1,649 |  |  | 15,673 |  |  | (1,407) |  |  | 69,877 |  |  | 51,829 |  |  | 1,855 |  |  | 15,515 |  |  | (1,407) |  |  | 67,792 |
Noncontrolling interests(c) | 789 |  |  | 1,887 |  |  | — |  |  | 1,407 |  |  | 4,084 |  |  | 786 |  |  | 1,942 |  |  | — |  |  | 1,407 |  |  | 4,135 |
Total Equity | 54,752 |  |  | 3,536 |  |  | 15,673 |  |  | — |  |  | 73,961 |  |  | 52,615 |  |  | 3,797 |  |  | 15,515 |  |  | — |  |  | 71,927 |
Total Liabilities and Equity | $ | 141,098 |  |  | $ | 5,217 |  |  | $ | 122,789 |  |  | $ | (2,099) |  |  | $ | 267,004 |  |  | $ | 138,419 |  |  | $ | 5,510 |  |  | $ | 121,544 |  |  | $ | (1,436) |  |  | $ | 264,037 |

_________
(a)Eliminations primarily include: GM Financial accounts and notes receivable from Automotive of $639 million offset by Automotive accounts payable and Automotive accounts receivable from GM Financial of $457 million offset by GM Financial accounts payable at March 31, 2023; and 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.
(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.
10

General Motors Company and Subsidiaries
Combining Cash Flow Information
(In millions) (Unaudited)

| Three Months Ended March 31, 2023 |  | Three Months Ended March 31, 2022
| Automotive |  | Cruise |  | GM Financial |  | Reclassifications/Eliminations |  | Combined |  | Automotive |  | Cruise |  | GM Financial |  | Reclassifications/Eliminations |  | Combined
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 2,221 |  |  | $ | (426) |  |  | $ | 551 |  |  | $ | — |  |  | $ | 2,346 |  |  | $ | 2,550 |  |  | $ | (713) |  |  | $ | 966 |  |  | $ | 4 |  |  | $ | 2,807 |
Depreciation and impairment of Equipment on operating leases, net | — |  |  | — |  |  | 1,241 |  |  | — |  |  | 1,241 |  |  | — |  |  | — |  |  | 1,223 |  |  | — |  |  | 1,223 |
Depreciation, amortization and impairment charges on Property, net | 1,555 |  |  | 6 |  |  | 10 |  |  | — |  |  | 1,571 |  |  | 1,643 |  |  | 12 |  |  | 13 |  |  | — |  |  | 1,668 |
Foreign currency remeasurement and transaction (gains) losses | 131 |  |  | — |  |  | 4 |  |  | — |  |  | 135 |  |  | 57 |  |  | — |  |  | — |  |  | — |  |  | 56 |
Undistributed earnings of nonconsolidated affiliates, net | (21) |  |  | — |  |  | (41) |  |  | — |  |  | (61) |  |  | (219) |  |  | — |  |  | (54) |  |  | — |  |  | (274) |
Pension contributions and OPEB payments | (236) |  |  | — |  |  | — |  |  | — |  |  | (236) |  |  | (213) |  |  | — |  |  | — |  |  | — |  |  | (213) |
Pension and OPEB income, net | (21) |  |  | — |  |  | — |  |  | — |  |  | (20) |  |  | (300) |  |  | — |  |  | — |  |  | — |  |  | (300) |
Provision (benefit) for deferred taxes | 408 |  |  | (162) |  |  | (200) |  |  | — |  |  | 46 |  |  | 410 |  |  | (795) |  |  | 304 |  |  | — |  |  | (81) |
Change in other operating assets and liabilities(a)(c) | (1,807) |  |  | 69 |  |  | 159 |  |  | (356) |  |  | (1,936) |  |  | (2,292) |  |  | 1,191 |  |  | (1,203) |  |  | (479) |  |  | (2,784) |
Net cash provided by (used in) operating activities | 2,232 |  |  | (514) |  |  | 1,724 |  |  | (356) |  |  | 3,086 |  |  | 1,635 |  |  | (305) |  |  | 1,248 |  |  | (475) |  |  | 2,104 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenditures for property | (2,408) |  |  | (16) |  |  | (6) |  |  | (1) |  |  | (2,431) |  |  | (1,645) |  |  | (4) |  |  | (10) |  |  | (2) |  |  | (1,661) |
Available-for-sale marketable securities, acquisitions | (416) |  |  | (227) |  |  | — |  |  | — |  |  | (643) |  |  | (2,686) |  |  | (765) |  |  | — |  |  | — |  |  | (3,451) |
Available-for-sale marketable securities, liquidations | 1,929 |  |  | 1,017 |  |  | — |  |  | — |  |  | 2,947 |  |  | 1,180 |  |  | 783 |  |  | — |  |  | (3) |  |  | 1,960 |
Purchases of finance receivables, net(a) | — |  |  | — |  |  | (9,106) |  |  | 144 |  |  | (8,963) |  |  | — |  |  | — |  |  | (8,685) |  |  | 496 |  |  | (8,189) |
Principal collections and recoveries on finance receivables(a) | — |  |  | — |  |  | 7,509 |  |  | (228) |  |  | 7,282 |  |  | — |  |  | — |  |  | 6,904 |  |  | (59) |  |  | 6,845 |
Purchases of leased vehicles, net | — |  |  | — |  |  | (3,154) |  |  | — |  |  | (3,154) |  |  | — |  |  | — |  |  | (2,990) |  |  | — |  |  | (2,990) |
Proceeds from termination of leased vehicles | — |  |  | — |  |  | 3,264 |  |  | — |  |  | 3,264 |  |  | — |  |  | — |  |  | 3,732 |  |  | — |  |  | 3,732 |
Other investing activities(b) | (714) |  |  | — |  |  | — |  |  | 151 |  |  | (563) |  |  | (3,681) |  |  | — |  |  | — |  |  | 3,526 |  |  | (154) |
Net cash provided by (used in) investing activities | (1,609) |  |  | 774 |  |  | (1,493) |  |  | 66 |  |  | (2,262) |  |  | (6,832) |  |  | 14 |  |  | (1,048) |  |  | 3,957 |  |  | (3,909) |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in short-term debt | (25) |  |  | — |  |  | (143) |  |  | — |  |  | (167) |  |  | 10 |  |  | — |  |  | 712 |  |  | — |  |  | 722 |
Proceeds from issuance of debt (original maturities greater than three months) | 1 |  |  | 33 |  |  | 11,486 |  |  | (33) |  |  | 11,487 |  |  | 1 |  |  | — |  |  | 10,684 |  |  | — |  |  | 10,685 |
Payments on debt (original maturities greater than three months) | (1,535) |  |  | (5) |  |  | (10,590) |  |  | 3 |  |  | (12,127) |  |  | (42) |  |  | — |  |  | (10,783) |  |  | (1) |  |  | (10,827) |
Payment to purchase common stock | (369) |  |  | — |  |  | — |  |  | — |  |  | (369) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Issuance (redemptions) of subsidiary preferred stock(b) | — |  |  | 131 |  |  | — |  |  | (131) |  |  | — |  |  | — |  |  | 1,350 |  |  | — |  |  | (3,474) |  |  | (2,124) |
Dividends paid(c) | (126) |  |  | — |  |  | (509) |  |  | 450 |  |  | (185) |  |  | — |  |  | (14) |  |  | (59) |  |  | — |  |  | (73) |
Other financing activities | (218) |  |  | (75) |  |  | (31) |  |  | — |  |  | (324) |  |  | (160) |  |  | (30) |  |  | (37) |  |  | (7) |  |  | (235) |
Net cash provided by (used in) financing activities | (2,271) |  |  | 84 |  |  | 213 |  |  | 290 |  |  | (1,685) |  |  | (192) |  |  | 1,306 |  |  | 517 |  |  | (3,483) |  |  | (1,852) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 25 |  |  | — |  |  | 29 |  |  | — |  |  | 54 |  |  | 41 |  |  | — |  |  | 53 |  |  | — |  |  | 93 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (1,623) |  |  | 344 |  |  | 472 |  |  | — |  |  | (807) |  |  | (5,348) |  |  | 1,015 |  |  | 769 |  |  | — |  |  | (3,564) |
Cash, cash equivalents and restricted cash at beginning of period | 13,746 |  |  | 1,526 |  |  | 6,676 |  |  | — |  |  | 21,948 |  |  | 14,774 |  |  | 1,584 |  |  | 7,183 |  |  | — |  |  | 23,542 |
Cash, cash equivalents and restricted cash at end of period | $ | 12,123 |  |  | $ | 1,870 |  |  | $ | 7,148 |  |  | $ | — |  |  | $ | 21,141 |  |  | $ | 9,426 |  |  | $ | 2,600 |  |  | $ | 7,953 |  |  | $ | — |  |  | $ | 19,978 |

_________
(a)Includes reclassifications of $0.2 billion and $0.5 billion in the three months ended March 31, 2023 and 2022 for purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.
(b)Includes reclassifications of $3.5 billion in the three months ended March 31, 2022 for redemption of Cruise preferred shares from SoftBank and Automotive investment in Cruise.
(c)Eliminations include dividends of $0.5 billion issued by GM Financial to Automotive in the three months ended March 31, 2023.
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