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ADM Reports First Quarter Earnings per Share of $1.86, $1.90 on an Adjusted Basis

By: via Business Wire
  • First quarter net earnings and adjusted earnings of about $1.1 billion

 

ADM (NYSE: ADM) today reported financial results for the quarter ended March 31, 2022.

“I’m very proud of how our team lived our culture and fulfilled our purpose over the last quarter, as they continued to serve the world’s need for nutrition in a dynamic global environment,” said Chairman and CEO Juan Luciano. “Our first quarter financial results, including adjusted earnings per share of $1.90, reflect an extension and amplification of the factors that drove our 2021 performance: great execution by our team, including exceptional growth in Nutrition and effective risk management; a tighter supply environment, especially with the smaller South American crop; and robust and resilient demand. Importantly, I’m also very appreciative of how our company has rallied to support our colleagues in Ukraine and the country’s agriculture industry.

“Looking forward, we expect reduced crop supplies — caused by the weak Canadian canola crop, the short South American crops, and now the disruptions in the Black Sea region — to drive continued tightness in global grain markets for the next few years. Longer term, markets continue to reflect the importance of the enduring global trends that are fueling performance across our portfolio by driving demand for our products. And within ADM, our productivity and innovation efforts are continuing to help us deliver on the evolving needs of our customers. Considering these factors, we expect 2022 results to exceed 2021's.”

First Quarter 2022 Highlights

(Amounts in millions except per share amounts)

2022

 

2021

Earnings per share (as reported)

$

1.86

 

$

1.22

Adjusted earnings per share1

$

1.90

 

$

1.39

 

 

 

 

Segment operating profit

$

1,539

 

$

1,105

Adjusted segment operating profit (loss)1

$

1,556

 

$

1,199

Ag Services and Oilseeds

 

1,008

 

 

777

Carbohydrate Solutions

 

317

 

 

259

Nutrition

 

189

 

 

154

Other Business

 

42

 

 

9

  • Q1 2022 EPS as reported of $1.86 includes a $0.02 per share net charge related to impairments, restructuring, and settlement; a $0.03 per share loss related to the mark-to-market adjustment on the Wilmar exchangeable bond; and a $0.01 per share tax benefit related to certain discrete items. Adjusted EPS, which excludes these items, was $1.90.1

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

Quarterly Results of Operations

Ag Services & Oilseeds delivered substantially higher year-over-year results, effectively managing risk and executing exceptionally well in a dynamic environment of robust global demand and tight supply, driven primarily by the short South American crop, to deliver substantially higher year-over-year results.

  • Ag Services results were significantly higher versus the first quarter of 2021. Global Trade results were higher, driven by strong performances in destination marketing and global ocean freight. North American origination margins and volumes were lower year over year, including approximately $75 million in negative timing effects, which will reverse in the coming quarters.
  • Crushing was higher year over year in a strong global margin environment driven by robust protein and vegetable oil demand. Improving margins in the quarter resulted in approximately $60 million in negative timing effects — which will reverse in the coming quarters — versus approximately $50 million in positive timing in the prior-year quarter.
  • Refined Products and Other results were much higher than the prior-year period, driven by healthy refining premiums and good refined oils demand in North America, as well as strong biodiesel margins in EMEA.
  • Equity earnings from Wilmar were significantly higher versus the first quarter of 2021.

Carbohydrate Solutions delivered results that were substantially higher year over year.

  • The Starches and Sweeteners subsegment, including ethanol production from our wet mills, delivered much higher results versus the prior-year quarter, driven by higher corn co-product revenues and improved citric acid profits in North America; higher volumes and margins in EMEA; and higher volumes and margins in wheat milling. Sales volumes for starches and sweeteners continued their recovery.
  • Vantage Corn Processors delivered solid execution margins, but position losses on ethanol inventory as prices fell early in the quarter drove lower results versus the prior year. The prior-year quarter’s results also benefited from demand for USP-grade industrial alcohol from the Peoria facility, which was divested in Q4 2021.

Nutrition delivered extremely strong revenue growth of 23% and maintained healthy margins, driving substantially higher results.

  • Human Nutrition delivered higher year-over-year results. Flavors continued to deliver solid revenue growth, offset by some higher costs. Strong sales growth in alternative proteins, including accretion from our Sojaprotein acquisition, and positive currency timing impacts in South America, offset some higher operating costs to help deliver better year-over-year results in Specialty Ingredients. Health & Wellness was also higher year over year, powered by probiotics, including contributions from our late-2021 Deerland Probiotics acquisition, and robust demand for fiber.
  • Animal Nutrition profits were nearly double the year-ago period, due primarily to strength in amino acids, which was driven by a combination of product mix changes, improved North American demand and global supply chain disruptions.

Other Business results were substantially higher, driven primarily by better performance in captive insurance, including reduced claim settlements versus the prior year.

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 $1.5 billion for the quarter includes net charges related to gains, impairments, restructuring and settlement of $17 million ($0.02 per share).

In Corporate results, interest expense increased year over year on higher expense for long-term debt, higher short-term borrowings to support working capital needs, and interest related to a tax item. Unallocated corporate costs were higher year over year due primarily to higher IT operating and project-related costs and higher costs in the company’s centers of excellence, partially offset by incentive compensation accrual adjustments. Other Corporate was favorable to the prior year primarily due to an ADM Ventures investment revaluation gain. Corporate results also included a loss related to the mark-to-market adjustment on the Wilmar exchangeable bond of $15 million ($0.03 per share).

The effective tax rate for the quarter was 16%, in line with 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 ADM Q1 Earnings Presentation at www.adm.com/webcast.

Conference Call Information

ADM will host a webcast on April 26, 2022, at 8 a.m. Central Time to discuss financial results and provide a company update. To listen to the webcast, go to www.adm.com/webcast. A replay of the webcast will also be available for an extended period of time at www.adm.com/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. ADM 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, ADM assumes no obligation to update any forward-looking statements as a result of new information or future events.

About ADM

ADM unlocks the power of nature to enrich the quality of life. We’re a premier global human and animal nutrition company, delivering solutions today with an eye to the future. We’re blazing new trails in health and well-being as our scientists develop groundbreaking products to support healthier living. We’re a cutting-edge innovator leading the way to a new future of plant-based consumer and industrial solutions to replace petroleum-based products. We’re an unmatched agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. And we’re a leader in sustainability, scaling across entire value chains to help decarbonize our industry and safeguard our planet. From the seed of the idea to the outcome of the solution, we give customers an edge in solving the nutritional and sustainability challenges of today and tomorrow. Learn more at www.adm.com.

Financial Tables Follow

Source: Corporate Release

Source: ADM

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

and Corporate Results

(unaudited)

 

 

Quarter ended

 

 

March 31

 

(In millions)

2022

2021

Change

 

 

 

 

Segment Operating Profit

$

1,539

 

$

1,105

 

$

434

 

Specified items:

 

 

 

Gain on sale of assets

 

(1

)

 

 

 

(1

)

Impairment, restructuring, and settlement charges

 

18

 

 

94

 

 

(76

)

Adjusted Segment Operating Profit

$

1,556

 

$

1,199

 

$

357

 

 

 

 

 

Ag Services and Oilseeds

$

1,008

 

$

777

 

$

231

 

Ag Services

 

258

 

 

209

 

 

49

 

Crushing

 

428

 

 

382

 

 

46

 

Refined Products and Other

 

198

 

 

101

 

 

97

 

Wilmar

 

124

 

 

85

 

 

39

 

 

 

 

 

Carbohydrate Solutions

$

317

 

$

259

 

$

58

 

Starches and Sweeteners

 

316

 

 

222

 

 

94

 

Vantage Corn Processors

 

1

 

 

37

 

 

(36

)

 

 

 

 

Nutrition

$

189

 

$

154

 

$

35

 

Human Nutrition

 

141

 

 

128

 

 

13

 

Animal Nutrition

 

48

 

 

26

 

 

22

 

 

 

 

 

Other Business

$

42

 

$

9

 

$

33

 

 

 

 

 

 

 

 

 

Segment Operating Profit

$

1,539

 

$

1,105

 

$

434

 

 

 

 

 

Corporate Results

$

(268

)

$

(281

)

$

13

 

 

 

 

 

Interest expense - net

 

(76

)

 

(64

)

 

(12

)

Unallocated corporate costs

 

(209

)

 

(202

)

 

(7

)

Other

 

36

 

 

10

 

 

26

 

Specified items:

 

 

 

Expenses related to acquisitions

 

(2

)

 

 

 

(2

)

Loss on debt conversion option

 

(15

)

 

(20

)

 

5

 

Loss on sale of assets

 

(3

)

 

 

 

(3

)

Restructuring adjustment (charges)

 

1

 

 

(5

)

 

6

 

Earnings Before Income Taxes

$

1,271

 

$

824

 

$

447

 

Segment operating profit is ADM’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 ADM’s performance because they provide investors information about ADM’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

 

2022

 

2021

 

(in millions, except per share amounts)

 

 

 

 

Revenues

$

23,650

 

 

$

18,893

 

Cost of products sold (1)

 

21,753

 

 

 

17,345

 

Gross profit

 

1,897

 

 

 

1,548

 

Selling, general, and administrative expenses (2)

 

829

 

 

 

749

 

Asset impairment, exit, and restructuring costs (3)

 

1

 

 

 

59

 

Equity in (earnings) losses of unconsolidated affiliates

 

(204

)

 

 

(125

)

Investment income

 

(59

)

 

 

(13

)

Interest expense (4)

 

92

 

 

 

87

 

Other (income) expense - net (5,6)

 

(33

)

 

 

(33

)

Earnings before income taxes

 

1,271

 

 

 

824

 

Income tax expense (benefit) (7)

 

207

 

 

 

131

 

Net earnings including noncontrolling interests

 

1,064

 

 

 

693

 

 

 

 

 

Less: Net earnings (losses) attributable to noncontrolling interests

 

10

 

 

 

4

 

Net earnings attributable to ADM

$

1,054

 

 

$

689

 

 

 

 

 

Diluted earnings per common share

$

1.86

 

 

$

1.22

 

 

 

 

 

Average diluted shares outstanding

 

568

 

 

 

564

 

(1) Includes net charges of $9 million related to inventory writedown partially offset by an insurance settlement of $2 million in the current quarter.

 

(2) Includes charges of $7 million related to receivable impairment in the current quarter.

 

(3) Includes charges related to the impairment of certain assets and restructuring of $1 million and $59 million in the current quarter and prior year quarter, respectively.

 

(4) Includes losses related to the mark-to-market adjustment of the conversion option of the exchangeable bond issued in August 2020 of $15 million and $20 million in the current quarter and prior year quarter, respectively.

 

(5) Includes net losses related to the sale of certain assets of $2 million in the current quarter.

 

(6) Includes a legal settlement charge and exit costs of $40 million in the prior year quarter.

 

(7) Includes the tax benefit impact of the above specified items and tax discrete items totaling $8 million and $25 million in the current quarter and prior year quarter, respectively.

Summary of Financial Condition

(unaudited)

 

 

 

March 31,

2022

 

March 31,

2021

 

 

(in millions)

Net Investment In

 

 

 

 

Cash and cash equivalents (a)

 

$

1,079

 

$

694

Operating working capital (b)

 

 

15,171

 

 

12,841

Property, plant, and equipment

 

 

9,794

 

 

9,799

Investments in and advances to affiliates

 

 

5,404

 

 

4,998

Goodwill and other intangibles

 

 

6,750

 

 

5,249

Other non-current assets

 

 

2,465

 

 

2,148

 

 

$

40,663

 

$

35,729

Financed By

 

 

 

 

Short-term debt (a)

 

$

3,777

 

$

2,763

Long-term debt, including current maturities (a)

 

 

9,295

 

 

8,437

Deferred liabilities

 

 

3,574

 

 

3,586

Temporary equity

 

 

262

 

 

82

Shareholders’ equity

 

 

23,755

 

 

20,861

 

 

$

40,663

 

$

35,729

(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

 

 

2022

 

2021

 

 

(in millions)

Operating Activities

 

 

 

 

Net earnings

 

$

1,064

 

 

$

693

 

Depreciation and amortization

 

 

257

 

 

 

249

 

Asset impairment charges

 

 

1

 

 

 

31

 

(Gains) losses on sales/revaluation of assets

 

 

(34

)

 

 

(11

)

Other - net

 

 

328

 

 

 

240

 

Other changes in operating assets and liabilities

 

 

(2,822

)

 

 

(904

)

Total Operating Activities

 

 

(1,206

)

 

 

298

 

 

 

 

 

 

Investing Activities

 

 

 

 

Purchases of property, plant and equipment

 

 

(217

)

 

 

(174

)

Proceeds from sale of business/assets

 

 

5

 

 

 

14

 

Marketable securities - net

 

 

 

 

 

1

 

Investments in and advances to affiliates

 

 

(36

)

 

 

(4

)

Other investing activities

 

 

(94

)

 

 

(6

)

Total Investing Activities

 

 

(342

)

 

 

(169

)

 

 

 

 

 

Financing Activities

 

 

 

 

Long-term debt borrowings

 

 

750

 

 

 

593

 

Net borrowings (payments) under lines of credit

 

 

2,824

 

 

 

729

 

Cash dividends

 

 

(226

)

 

 

(208

)

Other

 

 

(30

)

 

 

(37

)

Total Financing Activities

 

 

3,318

 

 

 

1,077

 

 

 

 

 

 

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

 

 

1,770

 

 

 

1,206

 

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

 

 

7,454

 

 

 

4,646

 

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

 

$

9,224

 

 

$

5,852

 

Segment Operating Analysis

(unaudited)

 

 

Quarter ended

 

March 31

 

2022

 

2021

 

(in ‘000s metric tons)

Processed volumes (by commodity)

 

 

 

Oilseeds

 

8,491

 

 

8,960

Corn

 

4,812

 

 

3,650

Total processed volumes

 

13,303

 

 

12,610

 

 

 

 

 

 

 

 

 

Quarter ended

 

March 31

 

2022

 

2021

 

(in millions)

Revenues

 

 

 

Ag Services and Oilseeds

$

18,253

 

$

15,007

Carbohydrate Solutions

 

3,366

 

 

2,223

Nutrition

 

1,924

 

 

1,563

Other Business

 

107

 

 

100

Total revenues

$

23,650

 

$

18,893

Adjusted Earnings Per Share

A non-GAAP financial measure

(unaudited)

 

 

Quarter ended March 31

 

2022

2021

 

In millions

Per share

In millions

Per share

Net earnings and fully diluted EPS

$

1,054

 

$

1.86

 

$

689

$

1.22

Adjustments:

 

 

 

 

Loss on sales of assets and businesses (a)

 

2

 

 

 

 

 

Impairment, restructuring, and settlement charges (b)

 

14

 

 

0.02

 

 

74

 

0.13

Expenses related to acquisitions (c)

 

1

 

 

 

 

 

Loss on debt conversion option (d)

 

15

 

 

0.03

 

 

20

 

0.04

Tax adjustment (e)

 

(4

)

 

(0.01

)

 

 

Sub-total adjustments

 

28

 

 

0.04

 

 

94

 

0.17

Adjusted net earnings and adjusted EPS

$

1,082

 

$

1.90

 

$

783

$

1.39

 

 

 

 

 

(a)

 

Loss on sale of assets of $2 million pretax ($2 million after tax).

(b)

 

Current quarter charges of $17 million pretax ($14 million after tax) were primarily related to the impairment of certain assets partially offset by a restructuring adjustment and an insurance settlement, tax effected using the applicable tax rates. Prior quarter charges of $99 million pretax ($74 million after tax) were related to the impairment of certain assets, restructuring, and a legal settlement, tax effected using the applicable tax rates.

(c)

 

Expenses of $2 million pretax ($1 million after tax) related to the Deerland and Sojaprotein acquisitions.

(d)

 

Loss on debt conversion option of $15 million pretax ($15 million after tax) in the current quarter and $20 million pretax ($20 million after tax) in the prior quarter, was 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.

(e)

 

Tax adjustment totaling $4 million in the current quarter was related to certain discrete items.

Adjusted net earnings reflects ADM’s reported net earnings after removal of the effect on net earnings of specified items as more fully described above. Adjusted EPS reflects ADM’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 ADM’s performance because they provide investors additional information about ADM’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, 2021

 

Sep. 30, 2021

 

Dec. 31, 2021

 

Mar. 31, 2022

 

Mar. 31, 2022

 

 

 

 

 

 

 

 

 

 

Net earnings attributable to ADM

$

712

 

 

$

526

 

 

$

782

 

 

$

1,054

 

 

$

3,074

 

Adjustments:

 

 

 

 

 

 

 

 

 

Interest expense

 

40

 

 

 

61

 

 

 

77

 

 

 

92

 

 

 

270

 

Other adjustments

 

95

 

 

 

39

 

 

 

66

 

 

 

17

 

 

 

217

 

Total adjustments

 

135

 

 

 

100

 

 

 

143

 

 

 

109

 

 

 

487

 

Tax on adjustments

 

(32

)

 

 

(24

)

 

 

(14

)

 

 

(26

)

 

 

(96

)

Net adjustments

 

103

 

 

 

76

 

 

 

129

 

 

 

83

 

 

 

391

 

Total Adjusted ROIC Earnings

$

815

 

 

$

602

 

 

$

911

 

 

$

1,137

 

 

$

3,465

 

 

 

 

 

 

 

 

 

 

 

Adjusted Invested Capital (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Trailing Four

 

June 30, 2021

 

Sep. 30, 2021

 

Dec. 31, 2021

 

Mar. 31, 2022

 

Quarter Average

 

 

 

 

 

 

 

 

 

 

Equity (1)

$

21,582

 

$

21,969

 

$

22,477

 

$

23,722

 

$

22,438

 

+ Interest-bearing liabilities (2)

 

9,729

 

 

8,941

 

 

9,546

 

 

13,079

 

 

10,324

 

Other adjustments

 

72

 

 

29

 

 

70

 

 

13

 

 

46

 

Total Adjusted Invested Capital

$

31,383

 

$

30,939

 

$

32,093

 

$

36,814

 

$

32,808

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Return on Invested Capital

 

 

 

 

 

 

 

 

10.6

%

(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 ADM’s net earnings adjusted for the after-tax effects of interest expense and specified items. Adjusted invested capital is the sum of ADM’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 ADM’s returns excluding the impacts of specified items and increases period-to-period comparability of underlying business performance. Management uses Adjusted ROIC to measure ADM’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, 2022.

 

 

 

 

 

 

 

 

 

Four Quarters

 

Quarter Ended

 

Ended

 

June 30, 2021

 

Sep. 30, 2021

 

Dec. 31, 2021

 

Mar. 31, 2022

 

Mar. 31, 2022

 

 

 

 

 

(in millions)

 

 

 

 

Earnings before income taxes

$

825

 

 

$

653

 

$

1,011

 

 

$

1,271

 

$

3,760

 

Interest expense

 

40

 

 

 

61

 

 

77

 

 

 

92

 

 

270

 

Depreciation and amortization

 

243

 

 

 

247

 

 

257

 

 

 

257

 

 

1,004

 

Losses (gains) on sales of assets and businesses

 

(22

)

 

 

 

 

(55

)

 

 

2

 

 

(75

)

Asset impairment, exit, restructuring, and settlement charges

 

118

 

 

 

3

 

 

80

 

 

 

17

 

 

218

 

Railroad maintenance expense

 

3

 

 

 

31

 

 

33

 

 

 

 

 

67

 

Debt extinguishment charges

 

 

 

 

36

 

 

 

 

 

 

 

36

 

Expenses related to acquisitions

 

 

 

 

3

 

 

4

 

 

 

2

 

 

9

 

Adjusted EBITDA

$

1,207

 

 

$

1,034

 

$

1,407

 

 

$

1,641

 

$

5,289

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Four Quarters

 

Quarter Ended

 

Ended

 

June 30, 2021

 

Sep. 30, 2021

 

Dec. 31, 2021

 

Mar. 31, 2022

 

Mar. 31, 2022

 

 

 

 

 

(in millions)

 

 

 

 

Ag Services and Oilseeds

$

661

 

 

$

711

 

 

$

902

 

 

$

1,096

 

 

$

3,370

 

Carbohydrate Solutions

 

467

 

 

 

297

 

 

 

510

 

 

 

396

 

 

 

1,670

 

Nutrition

 

253

 

 

 

230

 

 

 

220

 

 

 

254

 

 

 

957

 

Other Business

 

7

 

 

 

(3

)

 

 

17

 

 

 

44

 

 

 

65

 

Corporate

 

(181

)

 

 

(201

)

 

 

(242

)

 

 

(149

)

 

 

(773

)

Adjusted EBITDA

$

1,207

 

 

$

1,034

 

 

$

1,407

 

 

$

1,641

 

 

$

5,289

 

 

 

 

 

 

 

 

 

 

 

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.

Contacts

Media Relations

Jackie Anderson

312-634-8484

Investor Relations

Michael Cross

217-451-4647

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