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  4. betway altior offer Reports First Quarter Earnings of $1.22 per Share, $1.39 per Share on an Adjusted Basis

demo slot joker jewels,dugout football meaning,world cup odds 2026,betway altior offer Reports First Quarter Earnings of $1.22 per Share, $1.39 per Share on an Adjusted Basis

04/27/2021
  • Q1 net earnings of $689 million; adjusted net earnings of $783 million
  • Adjusted segment operating profit up 86 percent year over year
  • Calendar year outlook for 2021 substantially improved; expect significant EPS growth and another record year

CHICAGO--(BUSINESS WIRE)-- betway altior offer (NYSE: betway altior offer) today reported financial results for the quarter ended March 31, 2021.

“betway altior offer delivered an outstanding first quarter, building on our great 2020 performance. As expected, we achieved strong earnings spanning all three of our businesses, and a sixth consecutive quarter of year-over-year adjusted operating profit growth,” said Chairman and CEO Juan Luciano.

“Our team executed well across the board, as we continued to find new and innovative ways to meet the evolving needs of our customers. We are seeing clear, favorable demand trends for many of our products, and we expect that pattern to continue as vaccine rollouts accelerate and restrictions ease.

“We are also moving into the next phase of our strategic transformation, which will sharpen our focus on two key pillars — Productivity and Innovation — to enhance our capabilities to deliver outstanding execution, serve customer needs, and power growth and profitability.

“Taking all of these factors into account, our outlook today is even more optimistic than what we shared at the beginning of the year. We expect significant year-over-year growth in earnings across all three of our businesses in 2021, and continued sustainable growth in the years to come.”

First Quarter 2021 Highlights





(Amounts in millions except per share amounts)

2021

 


2020

Earnings per share (as reported)

$

1.22

 


 


$

0.69

 


Adjusted earnings per share1

$

1.39

 


 


$

0.64

 


 


 


 


 


Segment operating profit

$

1,105

 


 


$

599

 


Adjusted segment operating profit1

$

1,199

 


 


$

643

 


Ag Services and Oilseeds

777

 


 


422

 


Carbohydrate Solutions

259

 


 


68

 


Nutrition

154

 


 


142

 


Other Business

9

 


 


11

 


  • Q1 2021 EPS as reported of $1.22 includes a $0.13 per share charge related to asset impairment, restructuring, and legal settlements, and a $0.04 per share charge related to the mark-to-market adjustment on the Wilmar exchangeable bond. Adjusted EPS, which excludes these items, was $1.39.1

Quarterly Results of Operations

Ag Services & Oilseeds achieved a record Q1, with operating profits 84 percent higher year over year.

  • Ag Services results were significantly higher versus the first quarter of 2020. In North America, great execution helped capitalize on strong Chinese demand, resulting in an outstanding performance. South American origination results were down significantly due to lower farmer selling versus the prior year. Lower margins, including impacts from the slightly delayed harvest and higher freight costs, also affected South American results. Results for the quarter were impacted by approximately $75 million in negative timing effects related to ocean freight positions; those impacts will reverse in the coming quarters.
  • Crushing delivered its best quarter ever, as the business leveraged its diversified global footprint to capture strong execution margins in both soybean and softseed crushing, driven by robust vegetable oil demand and tight soybean stocks. Net timing impacts for the quarter were minimal.
  • Refined betway andar bahar and Other results were higher year over year. While overall volumes were down due to pandemic impacts, margins were stronger in both North America and EMEAI refined oils. Global biodiesel results were lower year over year.
  • Equity earnings from Wilmar were lower versus the prior-year period.

1 Non-GAAP financial measures; see pages 5, 10, 11 and 12 for explanations and reconciliations, including after-tax amounts.

Carbohydrate Solutions results were significantly higher than the prior-year period.

  • Starches and Sweeteners, including ethanol production from our wet mills, achieved significantly higher results. The business managed risk exceptionally well, capitalizing on rising prices in the ethanol complex and favorable co-product values in an industry environment of improving margins and falling inventories. Corn oil results were significantly higher than the previous year, which had been impacted by substantial mark-to-market effects. In general, though demand for sweeteners and flour by the foodservice sector remained below the prior year, there were signs of acceleration in March.
  • Vantage Corn Processors results were substantially higher, driven by improved margins on the distribution of fuel ethanol and strong performance in USP-grade industrial alcohol.

Nutrition delivered solid year-over-year operating profit growth.

  • Human Nutrition results were significantly higher than the prior-year quarter. Flavors had an exceptional quarter, driven by strong sales across various market segments, especially beverages. Favorable product mix in North America, improved margins in EMEAI, and accelerated income from a customer agreement also contributed to results, partially offset by certain specific expenses. Specialty Ingredients results were lower, primarily driven by demand factors, including the effect of pantry loading in the previous-year quarter and shifts in demand for texturants. Health and Wellness had a strong start to the year, with robust demand driving higher results in probiotics and fibers.
  • Animal Nutrition results were lower versus the first quarter of 2020, driven primarily by lower demand and higher input costs as a result of pandemic effects, primarily in South America. This was partially offset by favorable results in amino acids, driven by improved product mix.

Other Business results were lower than the prior-year period, driven by lower Captive Insurance underwriting results, partially offset by more favorable betway altior offerIS earnings.

Other Items of Note

As additional information to help clarify underlying business performance, the table on page 10 includes reported earnings and EPS as well as adjusted earnings and EPS.

Segment operating profit of $1.1 billion for the quarter includes charges related to asset impairment, restructuring, and legal settlements of $94 million ($0.12 per share).

In Corporate results, interest expense decreased from the prior year on lower interest rates and the favorable liability management actions taken in the prior year. Unallocated corporate costs were slightly higher year over year due primarily to the continued investments in IT and business transformation, and transfers of costs from business segments into the centralized centers of expertise in supply chain and operations. Other charges decreased due primarily to the absence of railroad maintenance expenses in the prior-year quarter. Corporate results also included restructuring charges of $5 million ($0.01 per share) and a charge related to the mark-to-market adjustment on the Wilmar exchangeable bond of $20 million ($0.04 per share).

The effective tax rate for the quarter was approximately 16 percent compared to a benefit of approximately 4 percent in the prior year.

Note: Additional Facts and Explanations

Additional facts and explanations about results and industry environment can be found at the end of the betway altior offer Q1 Earnings Presentation at amazingpictures.in/webcast.

Conference Call Information

betway altior offer will host a webcast on April 27, 2021, at 8 a.m. Central Time to discuss financial results and provide a company update. To listen to the webcast, go to amazingpictures.in/webcast. A replay of the webcast will also be available for an extended period of time at amazingpictures.in/webcast.

Forward-Looking Statements

Some of our comments and materials in this presentation constitute forward-looking statements that reflect management’s current views and estimates of future economic circumstances, industry conditions, Company performance and financial results. These statements and materials are based on many assumptions and factors that are subject to risk and uncertainties. betway altior offer has provided additional information in its reports on file with the SEC concerning assumptions and factors that could cause actual results to differ materially from those in this presentation, and you should carefully review the assumptions and factors in our SEC reports. To the extent permitted under applicable law, betway altior offer assumes no obligation to update any forward-looking statements as a result of new information or future events.

About betway altior offer

At betway altior offer, we unlock the power of nature to provide access to nutrition worldwide. With industry-advancing innovations, a complete portfolio of ingredients and solutions to meet any taste, and a commitment to sustainability, we give customers an edge in solving the nutritional challenges of today and tomorrow. We’re a global leader in human and animal nutrition and the world’s premier agricultural origination and processing company. Our breadth, depth, insights, facilities and logistical expertise give us unparalleled capabilities to meet needs for food, beverages, health and wellness, and more. From the seed of the idea to the outcome of the solution, we enrich the quality of life the world over. Learn more at amazingpictures.in.

Financial Tables Follow

Source: Corporate Release

Segment Operating Profit, Adjusted Segment Operating Profit (a non-GAAP financial measure)

and Corporate Results

(unaudited)




 


Quarter ended

 


 


March 31

 


(In millions)

2021

2020

Change

 


 


 


 


Segment Operating Profit

$

1,105

 


$

599

 


$

506

 


Specified items:

 


 


 


Impairment, restructuring, and settlement charges

94

 


44

 


50

 


Adjusted Segment Operating Profit

$

1,199

 


$

643

 


$

556

 


 


 


 


 


Ag Services and Oilseeds

$

777

 


$

422

 


$

355

 


Ag Services

209

 


164

 


45

 


Crushing

382

 


70

 


312

 


Refined betway andar bahar and Other

101

 


81

 


20

 


Wilmar

85

 


107

 


(22)

 


 


 


 


 


Carbohydrate Solutions

$

259

 


$

68

 


$

191

 


Starches and Sweeteners

222

 


99

 


123

 


Vantage Corn Processors

37

 


(31)

 


68

 


 


 


 


 


Nutrition

$

154

 


$

142

 


$

12

 


Human Nutrition

128

 


113

 


15

 


Animal Nutrition

26

 


29

 


(3)

 


 


 


 


 


Other Business

$

9

 


$

11

 


$

(2)

 


 


 


 


 


 


 


 


 


Segment Operating Profit

$

1,105

 


$

599

 


$

506

 


 


 


 


 


Corporate Results

$

(281)

 


$

(224)

 


$

(57)

 


 


 


 


 


Interest expense - net

(64)

 


(77)

 


13

 


Unallocated corporate costs

(202)

 


(189)

 


(13)

 


Other

10

 


(52)

 


62

 


Specified items:

 


 


 


LIFO credit (charge)

 


91

 


(91)

 


Loss on debt conversion option

(20)

 


 


(20)

 


Restructuring (charges) adjustment

(5)

 


3

 


(8)

 


Earnings Before Income Taxes

$

824

 


$

375

 


$

449

 


Segment operating profit is betway altior offer’s consolidated income from operations before income tax excluding corporate items. Adjusted segment operating profit, a non-GAAP financial measure, is segment operating profit excluding specified items. Management believes that segment operating profit and adjusted segment operating profit are useful measures of betway altior offer’s performance because they provide investors information about betway altior offer’s business unit performance excluding corporate overhead costs as well as specified items. Segment operating profit and adjusted segment operating profit are not measures of consolidated operating results under U.S. GAAP and should not be considered alternatives to income before income taxes, the most directly comparable GAAP financial measure, or any other measure of consolidated operating results under U.S. GAAP.

Consolidated Statements of Earnings

(unaudited)



 


Quarter ended

 


March 31

 


2021

 


2020

 


(in millions, except per share amounts)

 


 


 


 


Revenues

$

18,893

 


 


$

14,970

 


Cost of products sold (1)

17,345

 


 


14,019

 


Gross profit

1,548

 


 


951

 


Selling, general, and administrative expenses

749

 


 


664

 


Asset impairment, exit, and restructuring costs (2)

59

 


 


41

 


Equity in (earnings) losses of unconsolidated affiliates

(125)

 


 


(140)

 


Interest income

(13)

 


 


(40)

 


Interest expense (3)

87

 


 


83

 


Other (income) expense - net (4,5)

(33)

 


 


(32)

 


Earnings before income taxes

824

 


 


375

 


Income tax (benefit) expense (6)

131

 


 


(16)

 


Net earnings including noncontrolling interests

693

 


 


391

 


 


 


 


 


Less: Net earnings (losses) attributable to noncontrolling interests

4

 


 


 


Net earnings attributable to betway altior offer

$

689

 


 


$

391

 


 


 


 


 


Diluted earnings per common share

$

1.22

 


 


$

0.69

 


 


 


 


 


Average diluted shares outstanding

564

 


 


564

 


 


 


 


 


(1) Includes a credit related to changes in the Company’s LIFO reserves of $91 million in the prior quarter.

(2) Includes charges related to impairment of certain assets and restructuring of $59 million in the current quarter and $41 million in the prior quarter.

(3) Includes charges related to the mark-to-market adjustment of the conversion option of the exchangeable bond issued in August 2020 of $20 million in the current quarter.

(4) Includes gains of $12 million related to the sale of certain assets and a step-up gain on an equity investment in the prior quarter.

(5) Includes a legal settlement charge of $38 million and exit costs of $2 million in the current quarter.

(6) Includes the current quarter tax expense impact of the above specified items of $25 million and the prior quarter tax expense impact of the above specified items and certain discrete items totaling $20 million.

Summary of Financial Condition

(unaudited)






 


 


March 31,
2021

 


March 31,
2020

 


 


(in millions)

Net Investment In

 


 


 


 


Cash and cash equivalents (a)

 


$

694

 


 


$

4,734

 


Operating working capital (b)

 


12,841

 


 


7,985

 


Property, plant, and equipment

 


9,799

 


 


9,883

 


Investments in and advances to affiliates

 


4,998

 


 


5,143

 


Goodwill and other intangibles

 


5,249

 


 


5,194

 


Other non-current assets

 


2,148

 


 


2,029

 


 


 


$

35,729

 


 


$

34,968

 


Financed By

 


 


 


 


Short-term debt (a)

 


$

2,763

 


 


$

3,382

 


Long-term debt, including current maturities (a)

 


8,437

 


 


9,121

 


Deferred liabilities

 


3,586

 


 


3,418

 


Temporary equity

 


82

 


 


71

 


Shareholders’ equity

 


20,861

 


 


18,976

 


 


 


$

35,729

 


 


$

34,968

 


(a)

Net debt is calculated as short-term debt plus long-term debt (including current maturities) less cash and cash equivalents.

(b)

Current assets (excluding cash and cash equivalents) less current liabilities (excluding short-term debt and current maturities of long-term debt).

Summary of Cash Flows

(unaudited)




 


 


Three months ended

 


 


March 31

 


 


2021

 


2020

 


 


(in millions)

Operating Activities

 


 


 


 


Net earnings

 


$

693

 


 


$

391

 


Depreciation and amortization

 


249

 


 


245

 


Asset impairment charges

 


31

 


 


44

 


(Gains) losses on sales of assets

 


(11)

 


 


 


Other - net

 


240

 


 


159

 


Change in deferred consideration in securitized receivables(a)

 


 


 


(2,045)

 


Other changes in operating assets and liabilities

 


(904)

 


 


551

 


Total Operating Activities

 


298

 


 


(655)

 


 


 


 


 


 


Investing Activities

 


 


 


 


Purchases of property, plant and equipment

 


(174)

 


 


(194)

 


Net assets of businesses acquired

 


 


 


(8)

 


Proceeds from sale of business/assets

 


14

 


 


7

 


Investments in retained interest in securitized receivables(a)

 


 


 


(1,271)

 


Proceeds from retained interest in securitized receivables(a)

 


 


 


3,316

 


Marketable securities - net

 


1

 


 


5

 


Investments in and advances to affiliates

 


(4)

 


 


(3)

 


Other investing activities

 


(6)

 


 


1

 


Total Investing Activities

 


(169)

 


 


1,853

 


 


 


 


 


 


Financing Activities

 


 


 


 


Long-term debt borrowings

 


593

 


 


1,481

 


Long-term debt payments

 


 


 


(1)

 


Net borrowings (payments) under lines of credit

 


729

 


 


2,188

 


Share repurchases

 


 


 


(112)

 


Cash dividends

 


(208)

 


 


(203)

 


Other

 


(37)

 


 


(11)

 


Total Financing Activities

 


1,077

 


 


3,342

 


 


 


 


 


 


Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents

 


1,206

 


 


4,540

 


Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period

 


4,646

 


 


2,990

 


Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period

 


$

5,852

 


 


$

7,530

 


(a)

Cash flows related to the Company’s retained interest in securitized receivables as required by ASU 2016-15 which took effect January 1, 2018.

Segment Operating Analysis

(unaudited)



 


Quarter ended

 


March 31

 


2021

 


2020

 


(in ‘000s metric tons)

Processed volumes (by commodity)

 


 


 


Oilseeds

8,960

 


 


9,163

 


Corn

3,650

 


 


5,534

 


Total processed volumes

12,610

 


 


14,697

 


 


 


 


 


 


 


 


 


 


Quarter ended

 


March 31

 


2021

 


2020

 


(in millions)

Revenues

 


 


 


Ag Services and Oilseeds

$

15,007

 


 


$

11,079

 


Carbohydrate Solutions

2,223

 


 


2,316

 


Nutrition

1,563

 


 


1,471

 


Other Business

100

 


 


104

 


Total revenues

$

18,893

 


 


$

14,970

 


Adjusted Earnings Per Share

A non-GAAP financial measure

(unaudited)



 


Quarter ended March 31

 


2021

2020

 


In millions

Per share

In millions

Per share

Net earnings and fully diluted EPS

$

689

 


$

1.22

 


$

391

 


$

0.69

 


Adjustments:

 


 


 


 


LIFO charge (credit) (a)

 


 


(69)

 


(0.12)

 


Impairment, restructuring, and settlement charges (b)

74

 


0.13

 


32

 


0.06

 


Loss on debt conversion option (c)

20

 


0.04

 


 


 


Tax adjustment (d)

 


 


7

 


0.01

 


Sub-total adjustments

94

 


0.17

 


(30)

 


(0.05)

 


Adjusted net earnings and adjusted EPS

$

783

 


$

1.39

 


$

361

 


$

0.64

 


 


 


 


 


 


(a)

Prior quarter changes in the Company’s LIFO reserves of $(91) million pretax ($69 million after tax), tax effected using the Company’s U.S. income tax rate.

(b)

Current quarter charges of $99 million pretax ($74 million after tax) related to the impairment of certain assets, restructuring, and legal settlement, tax effected using the applicable rates. Prior quarter charges of $41 million pretax ($32 million after tax), related to the impairment of certain assets and restructuring, tax effected using the applicable tax rates.

(c)

Current quarter loss on debt conversion option of $20 million pretax ($20 million after tax) related to the mark-to-market adjustment of the conversion option of the exchangeable bonds issued in August 2020, tax effected using the applicable tax rate.

(d)

Tax adjustment due to certain discrete items totaling $7 million in the prior quarter.

Adjusted net earnings reflects betway altior offer’s reported net earnings after removal of the effect on net earnings of specified items as more fully described above. Adjusted EPS reflects betway altior offer’s fully diluted EPS after removal of the effect on EPS as reported of specified items as more fully described above. Management believes that Adjusted net earnings and Adjusted EPS are useful measures of betway altior offer’s performance because they provide investors additional information about betway altior offer’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. These non-GAAP financial measures are not intended to replace or be alternatives to net earnings and EPS as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company’s diluted shares outstanding for each respective period in order to arrive at an adjusted EPS amount for each specified item.

Adjusted Return on Invested Capital

A non-GAAP financial measure

(unaudited)










Adjusted ROIC Earnings (in millions)

 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


Four Quarters

 


Quarter Ended

 


Ended

 


June 30, 2020

 


Sep. 30, 2020

 


Dec. 31, 2020

 


Mar. 31, 2021

 


Mar. 31, 2021

 


 


 


 


 


 


 


 


 


 


Net earnings attributable to betway altior offer

$

469

 


 


$

225

 


 


$

687

 


 


$

689

 


 


$

2,070

 


Adjustments:

 


 


 


 


 


 


 


 


 


Interest expense

87

 


 


100

 


 


69

 


 


87

 


 


343

 


Other adjustments

8

 


 


355

 


 


1

 


 


99

 


 


463

 


Total adjustments

95

 


 


455

 


 


70

 


 


186

 


 


806

 


Tax on adjustments

(23)

 


 


(120)

 


 


(22)

 


 


(45)

 


 


(210)

 


Net adjustments

72

 


 


335

 


 


48

 


 


141

 


 


596

 


Total Adjusted ROIC Earnings

$

541

 


 


$

560

 


 


$

735

 


 


$

830

 


 


$

2,666

 


 


 


 


 


 


 


 


 


 


 


Adjusted Invested Capital (in millions)

 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


Quarter Ended

 


Trailing Four

 


June 30, 2020

 


Sep. 30, 2020

 


Dec. 31, 2020

 


Mar. 31, 2021

 


Quarter Average

 


 


 


 


 


 


 


 


 


 


Equity (1)

$

19,293

 


 


$

19,322

 


 


$

20,000

 


 


$

20,841

 


 


$

19,864

 


+ Interest-bearing liabilities (2)

9,181

 


 


8,141

 


 


9,937

 


 


11,208

 


 


9,617

 


Other adjustments

6

 


 


259

 


 


(5)

 


 


74

 


 


84

 


Total Adjusted Invested Capital

$

28,480

 


 


$

27,722

 


 


$

29,932

 


 


$

32,123

 


 


$

29,565

 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


Adjusted Return on Invested Capital

 


 


 


 


 


 


 


9.0

%

(1) Excludes noncontrolling interests

(2) Includes short-term debt, current maturities of long-term debt, finance lease obligations, and long-term debt

Adjusted ROIC is Adjusted ROIC earnings divided by adjusted invested capital. Adjusted ROIC earnings is betway altior offer’s net earnings adjusted for the after-tax effects of interest expense and specified items. Adjusted invested capital is the sum of betway altior offer’s equity (excluding noncontrolling interests) and interest-bearing liabilities adjusted for the after-tax effect of specified items. Management believes Adjusted ROIC is a useful financial measure because it provides investors information about betway altior offer’s returns excluding the impacts of specified items and increases period-to-period comparability of underlying business performance. Management uses Adjusted ROIC to measure betway altior offer’s performance by comparing Adjusted ROIC to its weighted average cost of capital (WACC). Adjusted ROIC, Adjusted ROIC earnings and Adjusted invested capital are non-GAAP financial measures and are not intended to replace or be alternatives to GAAP financial measures.

Adjusted Earnings Before Taxes, Interest, and Depreciation and Amortization (EBITDA)

A non-GAAP financial measure

(unaudited)

 

The tables below provide a reconciliation of earnings before income taxes to adjusted EBITDA and adjusted EBITDA by segment for the trailing four quarters ended March 31, 2021.

 


 


 


 


 


 


 


 


 


Four Quarters

 


Quarter Ended

 


Ended

 


June 30, 2020

 


Sep. 30, 2020

 


Dec. 31, 2020

 


Mar. 31, 2021

 


Mar. 31, 2021

 


 


 


 


 


(in millions)

 


 


 


 


Earnings before income taxes

$

552

 


 


$

200

 


 


$

756

 


 


$

824

 


 


$

2,332

 


Interest expense

87

 


 


100

 


 


69

 


 


87

 


 


343

 


Depreciation and amortization

244

 


 


238

 


 


249

 


 


249

 


 


980

 


Losses (gains) on sales of assets and businesses

(23)

 


 


(57)

 


 


(10)

 


 


 


 


(90)

 


Asset impairment, exit, restructuring, and settlement charges

16

 


 


8

 


 


27

 


 


99

 


 


150

 


Railroad maintenance expense

 


 


28

 


 


37

 


 


 


 


65

 


Loss (gain) on debt extinguishment

14

 


 


396

 


 


(1)

 


 


 


 


409

 


Expenses related to acquisitions

 


 


 


 


4

 


 


 


 


4

 


Adjusted EBITDA

$

890

 


 


$

913

 


 


$

1,131

 


 


$

1,259

 


 


$

4,193

 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


Four Quarters

 


Quarter Ended

 


Ended

 


June 30, 2020

 


Sep. 30, 2020

 


Dec. 31, 2020

 


Mar. 31, 2021

 


Mar. 31, 2021

 


 


 


 


 


(in millions)

 


 


 


 


Ag Services and Oilseeds

$

502

 


 


$

527

 


 


$

926

 


 


$

871

 


 


$

2,826

 


Carbohydrate Solutions

274

 


 


323

 


 


284

 


 


342

 


 


1,223

 


Nutrition

217

 


 


201

 


 


185

 


 


209

 


 


812

 


Other Business

39

 


 


21

 


 


(14)

 


 


11

 


 


57

 


Corporate

(142)

 


 


(159)

 


 


(250)

 


 


(174)

 


 


(725)

 


Adjusted EBITDA

$

890

 


 


$

913

 


 


$

1,131

 


 


$

1,259

 


 


$

4,193

 


 


 


 


 


 


 


 


 


 


 


Adjusted EBITDA is defined as earnings before taxes, interest, and depreciation and amortization, adjusted for specified items. The Company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense and depreciation and amortization to earnings before income taxes. Management believes that adjusted EBITDA is a useful measure of the Company’s performance because it provides investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to earnings before income taxes, the most directly comparable GAAP financial measure.

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Media Relations
Jackie Anderson
312-634-8484

Investor Relations
Victoria de la Huerga
312-634-8457

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