General Motors : 2021 Q1 Consolidated Financial Highlights

Exhibit 99.2

General Motors Company and Subsidiaries

Supplemental Material

(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; costs arising from the ignition switch recall and related legal matters; and certain currency devaluations associated with hyperinflationary economies. For EBIT- adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted 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.

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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
		March 31, 2021			March 31, 2020
Net income attributable to stockholders(a)	$	3,022	$	294
Automotive interest income		(32)			(83)
Automotive interest expense		250			193
Income tax expense		1,177			357
Adjustments
GMI restructuring(b)		-			489
Total adjustments		-			489
EBIT-adjusted		4,417			1,250
Operating segments
GM North America (GMNA)		3,134			2,194
GM International (GMI)		308			(551)
Cruise		(229)			(228)
GM Financial(c)		1,182			230
Total operating segments		4,395			1,645
Corporate and eliminations(d)		22			(395)
EBIT-adjusted	$	4,417	$	1,250
__________

1. Net of Net loss attributable to noncontrolling interests.
2. These adjustments were excluded because of a strategic decision to rationalize our core operations by exiting or significantly reducing our presence in various international markets to focus resources on opportunities expected to deliver higher returns. The adjustments primarily consist of asset impairments, dealer restructurings, employee separation charges and sales allowances in Australia, New Zealand and Thailand in the three months ended March 31, 2020.
3. GM Financial amounts represent EBT-adjusted.
4. 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.

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General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

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

								Three Months Ended
	March 31,		December 31,		September 30,			June 30,
	2021			2020		2020			2019		2020		2019			2020		2019
Net income (loss) attributable to stockholders	$3,022	$	294	$2,846	$	(194)	$4,045	$2,351	$	(758)	$2,418
Income tax expense (benefit)	1,177			357	642			(163)	887	271			(112)	524
Automotive interest expense	250			193	275			200	327	206			303	195
Automotive interest income	(32)			(83)	(46)			(96)	(51)	(129)			(61)	(106)
Adjustments
GMI restructuring(a)	-			489	26			-	76		-			92		-
Cadillac dealer strategy(b)	-			-	99			-		-		-			-		-
Ignition switch recall and other related matters (c)	-			-	(130)			-		-		-			-		-
Transformation activities(d)	-			-		-			194		-	390			-	361
GM Brazil indirect tax recoveries(e)	-			-		-			-		-	(123)			-	(380)
FAW-GM divestiture(f)	-			-		-			164		-		-			-		-
Total adjustments	-			489		(5)			358		76		267			92		(19)
EBIT (loss)-adjusted	$4,417	$	1,250	$3,712	$	105	$5,284	$2,966	$	(536)	$3,012
________

1. These adjustments were excluded because of a strategic decision to rationalize our core operations by exiting or significantly reducing our presence in various international markets to focus resources on opportunities expected to deliver higher returns. These adjustments primarily consist of asset impairments, dealer restructurings, employee separation charges and sales allowances in Australia, New Zealand and Thailand in the three months ended March 31, 2020, employee separation charges in the three months ended December 31, 2020, supplier claims in the three months ended September 30, 2020 and inventory provisions in the three months ended June 30, 2020.
2. This adjustment was excluded because it relates to strategic activities to transition certain Cadillac dealers from the network as part of Cadillac's electric vehicle strategy.
3. This adjustment was excluded because of the unique events associated with the ignition switch recall, which included various investigations, inquiries and complaints from constituents.
4. These adjustments were excluded because of a strategic decision to accelerate our transformation for the future to strengthen our core business, capitalize on the future of personal mobility and drive significant cost efficiencies. The adjustments primarily consist of accelerated depreciation and employee separation charges in the three months ended December 31, 2019, supplier-related charges and pension curtailment and other charges in the three months ended September 30, 2019 and supplier-related charges and accelerated depreciation in the three months ended June 30, 2019.
5. These adjustments were excluded because of the unique events associated with decisions rendered by the Superior Judicial Court of Brazil resulting in retrospective recoveries of indirect taxes.
6. This adjustment was excluded because we divested our joint venture FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM), as a result of a strategic decision by both shareholders, allowing us to focus our resources on opportunities expected to deliver higher returns.

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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
		March 31, 2021			March 31, 2020
		Amount			Per Share			Amount			Per Share
Diluted earnings per common share	$	2,976	$	2.03	$	247	$	0.17
Adjustments(a)		-			-			489			0.34
Tax effect on adjustment(b)		-			-			(73)			(0.05)
Tax adjustment(c)		316			0.22			236			0.16
EPS-diluted-adjusted	$	3,292	$	2.25	$	899	$	0.62
________

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. These adjustments consist of tax expense related to the establishment of a valuation allowance against deferred tax assets that are considered no longer realizable for Cruise in the three months ended March 31, 2021 and for GM in Australia and New Zealand for the three months ended March 31, 2020. These adjustments were excluded because significant impacts of valuation allowances are not considered part of our core operations.

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

							Three Months Ended
			March 31, 2021					March 31, 2020
		Income								Income
		before		Income tax	Effective			before		Income tax	Effective
		income				income
		taxes			expense		tax rate			taxes			expense		tax rate
Effective tax rate	$	4,191	$	1,177		28.1 %	$	643	$	357		55.5 %
Adjustments(a)		-			-				489			73
Tax adjustment(b)					(316)								(236)
ETR-adjusted	$	4,191	$	861		20.5 %	$	1,132	$	194		17.1 %
________

1. Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to segment profit (loss) for adjustment details. 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 (loss) attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):

		Four Quarters Ended
		March 31, 2021			March 31, 2020
Net income (loss) attributable to stockholders	$	9.2	$	4.9
Average equity(a)	$	45.7	$	43.6
ROE		20.0 %			11.2 %
________

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

		Four Quarters Ended
		March 31, 2021			March 31, 2020
EBIT (loss)-adjusted(a)	$	12.9	$	7.3
Average equity(b)	$	45.7	$	43.6
Add: Average automotive debt and interest liabilities (excluding finance leases)		24.7			18.8
Add: Average automotive net pension & OPEB liability		17.8			16.9
Less: Average automotive and other net income tax asset		(23.8)			(23.7)
ROIC-adjusted average net assets	$	64.4	$	55.6
ROIC-adjusted		20.0 %			13.2 %
________

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

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