Investor Presentaiton
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income, GAAP Diluted EPS to
Non-GAAP Diluted EPS, and GAAP Effective Tax Rate to Non-GAAP Effective Tax Rate
Three Months Ended
(In Millions, Except Percentages and Per
Share Amount/Unaudited)
March 31,
2023
December
31, 2022
September
30, 2022
June 30,
2022
March 31,
December September
2022
31, 2021
30, 2021
June 30,
2021
March 31,
2021
December
31, 2020
2022
2021
Year Ended December 31,
2020
2019
2017
2015
GAAP income before income taxes
$
1,074
$
1,110
$
1,578
$
49
$ 629
$
706
GAAP income tax expense (benefit)
279
189
248
390
120
(95)
$ 1,165
78
$ 1,356 $ 872
$
1,859
$ 3,366
$ 4,099
172
(225)
292
947
(70)
$ 5,065
863
$ 2,998
539
$ 2,200
405
$ 1,488
260
GAAP net income (loss)
795
921
1,330
(341)
509
801
1,087
1,184
1,097
1,567
2,419
4,169
4,202
2,459
1,795
1,228
Non-GAAP adjustments to net income:
Non-GAAP operating income adjustments
(see table above)
601
449
414
538
632
457
427
527
631
547
2,033
2,042
2,099
1,412
628
514
(Gains) losses on strategic investments
(48)
141
(495)
672
(14)
290
(173)
(283)
120
(941)
304
(46)
(1,914)
(208)
Other certain significant gains, losses, or
charges
18
(21)
431
43
(7)
410
36
242
230
224
Separation (Other income (expense),
net)
(12)
Tax effect of non-GAAP adjustments
Non-GAAP net income
(40)
(73)
5
(221)
(95)
(229)
(65)
(59)
(393)
108
(384)
(746)
(24)
(371)
(329)
(142)
$
1,326
$
1,417
$
1,254
$ 1,079
$ 1,032
$ 1,319
$ 1,319
$ 1,362
$ 1,455
$
1,281
$ 4,782
$ 5,455
$ 4,605
$ 3,522
$ 2,318
$ 1,588
Shares used in diluted share calculation:
GAAP
1,134
1,144
1,157
1,158
1,172
1,183
1,187
1,186
1,190
1,191
1,158
1,186
1,187
1,188
1,221
1,229
Non-GAAP
1,134
1,144
1,157
1,160
1,172
1,183
1,187
1,186
1,190
1,191
1,158
1,186
1,187
1,188
1,221
1,229
Net income (loss) per diluted share:
GAAP
$
0.70 $
0.81
$
1.15
$ (0.29)
$
0.43
$
0.68
$
0.92
$ 1.00
$
0.92
$
1.32
$ 2.09
$ 3.52
$ 3.54
$ 2.07 $ 1.47 $ 1.00
Non-GAAP
$
1.17 $
1.24
$
1.08
$
0.93
$
0.88
$
1.11 $
1.11
es
$
1.15
$
1.22
$
1.08
$ 4.13
$ 4.60
$ 3.88
$ 2.96 $ 1.90 $ 1.29
GAAP effective tax rate
26%
17 %
16 %
796 %
19%
(13)%
7%
13 %
(26)%
16%
28 %
(2)%
17 %
18%
18%
17%
Tax effect of non-GAAP adjustments to net
income
(7)%
― %
― %
(782)%
(2)%
22%
― %
2%
36 %
(3)%
(12)%
13%
(5)%
(2)%
― %
3%
Non-GAAP effective tax rate
19 %
17%
16 %
14 %
17 %
9%
7%
15%
10 %
13 %
16%
11 %
12 %
16%
18 %
20%
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Q1-23 Investor Update
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