EX-99.2 3 ecl-20240430xex99d2.htm EX-99.2
Exhibit 99.2

| 1 ECOLAB First Quarter 2024 Supplemental

| Cautionary statement Forward-Looking Information This communication contains forward looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding macroeconomic conditions, delivered product costs, and demand; our financial and business performance and prospects, including sales, earnings, margins, pricing, volume, productivity, new business, and investments.; and the expected timing and likelihood of completion of the sale of the global surgical solutions business, including the timing, receipt and terms and conditions of any required governmental and regulatory clearance of the proposed transaction, the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement, the inability to consummate the proposed transaction due to the failure to satisfy other closing conditions, risks that the proposed transaction disrupts current operations, and the amount of the costs, fees, expenses and charges related to the proposed transaction. These statements are based on the current expectations of management. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. In particular, the ultimate results of any restructuring initiative depend on a number of factors, including the development of final plans, the impact of local regulatory requirements regarding employee terminations, the time necessary to develop and implement the restructuring initiatives and the level of success achieved through such actions in improving competitiveness, efficiency and effectiveness. Additional risks and uncertainties are set forth under Item 1A of our most recent Form 10-K, and our other public filings with the Securities and Exchange Commission (“SEC”), and include the impact of economic factors such as the worldwide economy, interest rates, foreign currency risk, reduced sales and earnings in our international operations resulting from the weakening of local currencies versus the U.S. dollar, demand uncertainty, supply chain challenges and inflation; the vitality of the markets we serve; exposure to global economic, political and legal risks related to our international operations, including geopolitical instability and the escalation of armed conflicts; our ability to successfully execute organizational change and management transitions; information technology infrastructure failures or breaches in data security; difficulty in procuring raw materials or fluctuations in raw material costs; the occurrence of severe public health outbreaks not limited to COVID-19; our ability to acquire complementary businesses and to effectively integrate such businesses; and other uncertainties or risks reported from time to time in our reports to the SEC. In light of these risks, uncertainties and factors, the forward-looking events discussed in this communication may not occur. We caution that undue reliance should not be placed on forward-looking statements, which speak only as of the date made. Ecolab does not undertake, and expressly disclaims, any duty to update any forward-looking statement, except as required by law. Non-GAAP Financial Information This communication includes Company information that does not conform to generally accepted accounting principles (GAAP). Management believes that a presentation of this information is meaningful to investors because it provides insight with respect to ongoing operating results of the Company and allows investors to better evaluate the financial results of the Company. These measures should not be viewed as an alternative to GAAP measures of performance. Furthermore, these measures may not be consistent with similar measures provided by other companies. Reconciliations of our non-GAAP measures included within this presentation are included in the “Non-GAAP Financial Measures” section of this presentation.

| Strong start to 2024, increased full-year outlook 3 Good sales growth led by very strong growth in Institutional & Specialty and Pest Elimination Strong double-digit OI growth with margin improving quickly towards 20% Reported diluted EPS $1.43; Adjusted diluted EPS $1.34, +52% Confidence in 2024 outlook continues to strengthen ▪ Reported sales +5%, organic sales +5% ▪ Strong customer value driving continued pricing and positive volume growth ▪ Reported OI +47%, Organic OI +44% ▪ Reported OI margin 13.8%. Organic OI margin 14.7%, +400 bps reflecting robust gross margin expansion, partially offset by growth-oriented investments in the business ▪ Strong performance driven by continued pricing, volume growth, and lower delivered product costs ▪ 2024 outlook: Increased adjusted diluted earnings per share range to $6.40 - $6.70, +23% to +29%, from prior $6.10 - $6.50 range ▪ 2Q outlook: Expect adjusted diluted EPS in the $1.62 - $1.72 range, +31% to +39% versus last year ▪ Unchanged 12-15% earnings growth trajectory for 2025 and beyond Agrees to sale of global surgical solutions business to Medline for $950 million in cash ▪ Enables Ecolab to both deliver for its shareholders and provide more dedicated service to its important hospital customers, leveraging the company’s leading environmental hygiene, instrument reprocessing offering, and water technologies

| 1Q overview ▪ Good growth with reported sales +5% and organic sales +5% o Pricing +3%, reflected further value-based pricing on top of last year’s strong pricing o Volume +2%, as new business overcame soft macroeconomic demand ▪ Strong organic growth led by Institutional & Specialty and Pest Elimination o Industrial +1%, as modest growth in Food & Beverage and Water offset softer Paper sales o Institutional & Specialty +11%, with both divisions growing double-digits o Healthcare & Life Sciences sales decreased 1%. Growth in Life Sciences partially offset softer Healthcare sales o Pest Elimination +9% ▪ Reported diluted EPS $1.43 ▪ Adjusted diluted EPS $1.34, +52% o Strong growth reflected continued robust pricing, volume growth, and lower delivered product costs Sales EPS 4

| Expect strong 2Q and 2024 performance 2Q 2024 ▪ Ecolab expects second quarter 2024 adjusted diluted earnings per share in the $1.62 - $1.72 range, rising 31% to 39% compared with adjusted diluted earnings per share of $1.24 a year ago. ▪ This very strong growth reflects good pricing, volume growth, and continued short-term benefits from lower delivered product costs. ▪ Ecolab expects full year 2024 adjusted diluted earnings per share in the $6.40 - $6.70 range, rising 23% to 29% compared with adjusted diluted earnings per share of $5.21 in 2023. This forecast assumes soft but stable macroeconomic demand and favorability from delivered product costs that eases through the third quarter of 2024, though the impact of global inflation remains hard to predict. ▪ Ecolab expects sales growth, driven by continued value-based pricing and new business gains. The company expects to leverage this growth with attractive organic operating income margin expansion, driven by robust increases in gross margin. Good underlying productivity is expected to be offset in the short-term by growth-oriented investments in the business to fuel Ecolab’s long-term performance. As a result, second quarter SG&A expense is anticipated to increase by a couple of percentage points sequentially and stabilize at that level in the second half of the year. Quarterly adjusted diluted earnings per share growth in the second half of 2024 is expected to progressively normalize towards the upper-end of Ecolab’s long-term 12-15% target as favorability from lower delivered product costs eases. 5

| 1Q 2024 sales growth detail Amounts in the tables above may reflect rounding. Organic excludes sales to ChampionX post-separation. 6 Fixed Rate Organic % Change % Change Global Industrial Consolidated Water 3% 2% Volume 2% Food & Beverage 3% 3% Pricing 3% Paper -5% -5% Subtotal 5% Total Global Industrial 2% 1% Acq./Div. 1% Fixed currency growth 5% Global Institutional & Specialty Currency impact 0% Institutional 11% 11% Total 5% Specialty 16% 10% Total Global Institutional & Specialty 12% 11% Global Healthcare & Life Sciences Healthcare -2% -2% Life Sciences 1% 1% Total Global Healthcare & Life Sciences -1% -1% Total Global Pest Elimination 9% 9% Total 5% 5% % Change

| 7 Sales +2% Water Sales +3% Food & Beverage All sales figures are organic unless otherwise noted ▪ Continued strong growth in Downstream and good gains in light and heavy water sales overcame comparisons to last year’s very strong 14% growth and lower mining sales (which had a 2 percentage point unfavorable impact on Water’s first quarter growth). o Light Water: good growth driven by continued strong performance in high-tech (data center/microelectronics) and good growth in food & beverage and institutional segments. o Heavy Water: good growth reflecting gains in chemicals, primary metals, and power. o Downstream: strong sales growth driven by innovative water treatment programs that help our customers improve productivity and reliability while achieving sustainability goals. o Mining: lower sales reflected comparisons to last year’s very strong double-digit growth. Good underlying performance continues to benefit from our strategic shift toward water management and productivity enhancing programs for fertilizers and high-value metals. ▪ The impact of increasing water demand, its growing quality and availability issues, and the resulting rising costs continue to be a critical issue for our customers, and one that Ecolab is uniquely positioned to help them solve. Our innovative chemistry solutions, digital technologies, and service expertise help our customers significantly reduce water consumption and meet their sustainability objectives. Q2: Expect good sales growth that overcomes comparisons to last year’s strong 10% growth. Q2: Anticipate stable sales reflecting good new business and comparisons to last year’s very strong 11% growth. ▪ Solid sales growth driven by strong performance in dairy, good growth in food, and solid gains in beverage & brewery, which overcame comparisons to last year’s very strong 14% growth. ▪ Regionally, sales grew double-digits in Latin America. Asia Pacific delivered good growth and North America showed solid growth. ▪ We continue to benefit from our enterprise selling approach to customers, where we combine our industry-leading cleaning and sanitizing and water treatment capabilities to deliver significant customer value though improved product quality, food safety, water efficiency, and lower operating costs. Global Industrial Segment

| 8 Sales -5% Paper All sales figures are organic unless otherwise noted Q2: Expect modestly lower sales as new business wins are more than offset by soft customer production rates. ▪ As expected, lower sales reflected new business wins that were more than offset by soft customer production rates. ▪ Modest growth in graphics was offset by lower board & packaging, and tissue & towel sales. ▪ Regionally, sales grew modestly in Latin America and Asia Pacific while North America and Europe remained soft. Global Industrial Segment

| 9 Sales +11% Institutional Sales +10% Specialty All sales figures are organic unless otherwise noted Q2: Expect good sales within foodservice, lodging and long-term care to more than overcome comparisons to last year’s strong 12% growth. ▪ Double-digit growth, with strong performance across foodservice, lodging, and long-term care. We continue to outperform rather stable end-market trends, benefiting from our innovative products and service expertise that help customers improve their performance, optimize labor, and reduce total costs. ▪ Regionally, sales grew double digits in North America, Asia Pacific, and Latin America. Europe showed upper-single digit growth. ▪ We remain focused on capitalizing on our attractive growth opportunities, maximizing service effectiveness, and leveraging investments in digital technology to further improve productivity. We expect these advantages, along with our innovative chemistry and digital programs which save customers time and money, will drive enhanced customer value and support further strong new business gains across both new and existing customers. Q2: Expect good sales growth that overcomes comparisons to last year’s very strong 15% growth. ▪ Continued strong sales growth driven by robust gains in quick service and food retail. o Quick Service: strong sales growth continues to benefit from our ongoing product and program innovation that delivers leading food safety outcomes, labor optimization, and lower total operating costs.​ o Food Retail: improved sales growth driven by good new business wins. As a trusted global partner for food retailers, we continue to expand our competitive differentiation by helping customers improve their customer experience, protect their brands, and optimize their operations. Global Institutional & Specialty Segment

| 10 Sales -2% Healthcare Sales +1% Life Sciences All sales figures are organic unless otherwise noted Q2: Expect rather stable sales reflecting continued low margin business exits as we execute Healthcare’s business transformation. ▪ Slightly lower sales reflected comparisons to strong growth last year and strategic low margin business exits. ▪ We continue to take deliberate action to transform our Healthcare business. The announced sale of our global surgical solutions business will create a sharper strategic focus on our infection prevention and instrument reprocessing businesses to drive profitable long-term growth. ▪ Our new business efforts are focused on attractive long-term growth opportunities in the infection prevention and instrument reprocessing areas. Our leading product lines, ongoing innovation, and digital technologies make us uniquely positioned to help improve patient outcomes while also increasing operational efficiencies for our customers. Q2: Expect modest growth as improved underlying business momentum more than offsets continued soft near-term industry demand. ▪ Modest sales growth reflected improved underlying business momentum that offset continued soft near-term industry demand. ▪ The long-term growth opportunities for the Life Sciences industry are very attractive. We continue to invest and innovate to further expand our global capabilities and technical expertise across environmental hygiene and purification technologies to capitalize on this long-term growth opportunity. Global Healthcare & Life Sciences Segment

| 11 Sales +9% Pest Elimination All sales figures are organic unless otherwise noted ▪ Strong sales growth led by robust gains in food & beverage, restaurants, and food retail. o Growth continues to benefit from our high service levels, innovation, and circle the customer enterprise selling strategy. ▪ Regionally, North America, Europe, and Asia Pacific all delivered strong growth. Q2: Expect continued strong growth, benefiting from new customer wins as we leverage our ongoing innovation and enhanced digital offerings to further extend our competitive advantages. Global Pest Elimination Segment

| Segment operating income performance ▪ Organic operating income increased 21% as lower delivered product costs were partially offset by continued investments in the business. ▪ Organic operating income margin expanded 240 bps versus last year. ▪ Organic operating income increased 90% as strong sales growth and lower delivered product costs were partially offset by continued investments in the business. ▪ Organic operating income margin expanded 820 bps versus last year. ▪ Organic operating income increased 5% as pricing and lower delivered product costs overcame continued investments in the business and softer volume. ▪ Organic operating income margin expanded 50 bps versus last year. ▪ Organic operating income increased 10% as strong sales growth more than offset continued investments in the business. ▪ Organic operating income margin expanded 10 bps versus last year. ($ millions – fixed currency, unaudited) 12 Global Industrial 1Q 2024 1Q 2023 Change Operating income $265.0 $219.8 21% Operating income margin 14.4% 12.2% 220 bps Organic operating income $265.0 $219.6 21% Organic operating income margin 14.6% 12.2% 240 bps Global Institutional & Specialty 1Q 2024 1Q 2023 Change Operating income $248.0 $130.1 91% Operating income margin 19.5% 11.5% 800 bps Organic operating income $247.1 $130.1 90% Organic operating income margin 19.7% 11.5% 820 bps Global Healthcare & Life Sciences 1Q 2024 1Q 2023 Change Operating income $37.0 $35.4 5% Operating income margin 9.7% 9.2% 50 bps Organic operating income $37.0 $35.4 5% Organic operating income margin 9.7% 9.2% 50 bps Global Pest Elimination 1Q 2024 1Q 2023 Change Operating income $48.8 $44.5 10% Operating income margin 18.3% 18.2% 10 bps Organic operating income $48.8 $44.5 10% Organic operating income margin 18.3% 18.2% 10 bps

| Consolidated margin performance ▪ Gross margin expanded significantly, reflecting lower delivered product costs and value-based pricing. ▪ Sales productivity was offset by growth-oriented investments in the business. ▪ Operating margin expanded as lower delivered product costs, value-based pricing, and volume growth more than offset growth-oriented investments in the business. Gross Margin SG&A Operating Margin 13 $ millions, unaudited 1Q 2024 1Q 2023 Change Gross profit $1,623.8 $1,366.4 19% Gross margin 43.3% 38.3% 500 bps Adjusted gross profit $1,625.4 $1,369.6 19% Adjusted gross margin 43.3% 38.3% 500 bps SG&A $1,077.7 $990.3 9% % of Sales 28.7% 27.7% 100 bps Reported operating income $517.9 $351.6 47% Reported operating income margin 13.8% 9.8% 400 bps Adj. fixed currency operating income $548.9 $380.1 44% Adj. fixed currency operating income margin 14.6% 10.6% 400 bps Organic operating income $548.0 $379.6 44% Organic operating income margin 14.7% 10.7% 400 bps

| 1Q 2024 balance sheet / cash flow * EBITDA and Adjusted EBITDA are non-GAAP measures. EBITDA is defined as the sum of net income including non-controlling interest, provision for income taxes, net interest expense, depreciation and amortization, and adjusted EBITDA further adds special (gains) and charges impacting EBITDA. The inputs to EBITDA reflect the trailing twelve months of activity for the period presented. See “Non-GAAP Financial Measures” section of this presentation for corresponding reconciliations. 14 Summary Balance Sheet (millions, unaudited) 2024 2023 (millions, unaudited) 2024 2023 Cash and cash eq. $479.9 $419.4 Short-term debt $11.3 $1,118.1 Accounts receivable, net 2,786.6 2,667.8 Accounts payable 1,607.1 1,469.9 Inventories 1,565.9 1,727.3 Other current liabilities 2,082.7 1,901.6 Other current assets 379.3 458.3 Long-term debt 7,528.6 7,521.7 PP&E, net 3,451.1 3,312.7 Pension/Postretirement 640.4 665.5 Goodwill and intangibles 11,525.0 11,679.0 Other liabilities 1,202.8 1,209.7 Other assets 1,110.7 987.0 Total equity 8,225.6 7,365.0 Total assets $21,298.5 $21,251.5 Total liab. and equity $21,298.5 $21,251.5 Selected Cash Flow items (millions, unaudited) 2024 2023 (unaudited) 2024 2023 Cash from op. activities $649.4 $198.2 Total Debt/Total Capital 47.8% 54.0% Depreciation 157.0 158.7 Net Debt/Total Capital 46.2% 52.7% Amortization 77.8 75.6 Net Debt/EBITDA(*) 2.2 3.1 Capital expenditures 201.5 173.7 Net Debt/Adjusted EBITDA(*) 2.2 2.9 March 31 March 31 Three Months Ended Selected Balance Sheet measures March 31 March 31

| Non-GAAP financial measures 15 (millions, except percent and per share) Net sales Reported GAAP net sales $3,751.9 $3,571.6 Effect of foreign currency translation 9.8 9.2 Non-GAAP fixed currency sales 3,761.7 3,580.8 Effect of acquisitions and divestitures (44.1) (24.0) Non-GAAP organic sales $3,717.6 $3,556.8 Cost of sales Reported GAAP cost of sales $2,128.1 $2,205.2 Special (gains) and charges 1.6 3.2 Non-GAAP adjusted cost of sales $2,126.5 $2,202.0 Gross profit Reported GAAP gross profit $1,623.8 $1,366.4 Special (gains) and charges 1.6 3.2 Non-GAAP adjusted gross profit $1,625.4 $1,369.6 Gross margin Reported GAAP gross margin 43.3 % 38.3 % Non-GAAP adjusted gross margin 43.3 % 38.3 % First Quarter Ended March 31 2024 2023

| Non-GAAP financial measures 16 (millions, except percent and per share) Operating income Reported GAAP operating income $517.9 $351.6 Special (gains) and charges at public currency rates 29.8 27.7 Non-GAAP adjusted operating income 547.7 379.3 Effect of foreign currency translation 1.2 0.8 Non-GAAP adjusted fixed currency operating income 548.9 380.1 Effect of acquisitions and divestitures (0.9) (0.5) Non-GAAP organic operating income $548.0 $379.6 Operating income margin Reported GAAP operating income margin 13.8 % 9.8 % Non-GAAP adjusted fixed currency operating income margin 14.6 % 10.6 % Non-GAAP organic operating income margin 14.7 % 10.7 % Net Income attributable to Ecolab Reported GAAP net income attributable to Ecolab $412.1 $233.4 Special (gains) and charges, after tax 23.1 21.1 Discrete tax net expense (benefit) (48.2) (4.0) Non-GAAP adjusted net income attributable to Ecolab $387.0 $250.5 First Quarter Ended March 31 2024 2023

| Non-GAAP financial measures 17 (millions, except percent and per share) Diluted EPS attributable to Ecolab Reported GAAP diluted EPS $1.43 $0.82 Special (gains) and charges, after tax 0.08 0.07 Discrete tax net expense (benefit) (0.17) (0.01) Non-GAAP adjusted diluted EPS $1.34 $0.88 Provision for Income Taxes Reported GAAP tax rate 9.2 % 18.0 % Special gains and charges 0.8 0.5 Discrete tax items 9.9 1.3 Non-GAAP adjusted tax rate 19.9 % 19.8 % First Quarter Ended March 31 2024 2023

| Non-GAAP financial measures 18 EBITDA (trailing tw elve months ended) Net income including non-controlling interest $1,571.5 $1,172.3 Provision for income taxes 352.4 241.3 Interest expense, net 294.1 264.8 Depreciation 615.0 622.0 Amortization 309.1 316.3 EBITDA $3,142.1 $2,616.7 Special (gains) and charges impacting EBITDA 136.0 211.7 Adjusted EBITDA $3,278.1 $2,828.4 First Quarter Ended March 31 2024 2023

| Non-GAAP financial measures 19 (millions) Fixed Currency Impact of Acquisitions and Divestitures Organic Fixed Currency Impact of Acquisitions and Divestitures Organic Net Sales Global Industrial $1,841.7 ($26.1) $1,815.6 $1,808.2 ($13.3) $1,794.9 Global Institutional & Specialty 1,270.3 (18.0) 1,252.3 1,131.2 - 1,131.2 Global Healthcare & Life Sciences 382.9 - 382.9 386.1 - 386.1 Global Pest Elimination 266.8 - 266.8 244.6 - 244.6 Corporate - - - 10.7 (10.7) - Subtotal at fixed currency rates 3,761.7 (44.1) 3,717.6 3,580.8 (24.0) 3,556.8 Currency impact (9.8) (9.2) Consolidated reported GAAP net sales $3,751.9 $3,571.6 Operating Income (loss) Global Industrial $265.0 $ - $265.0 $219.8 ($0.2) $219.6 Global Institutional & Specialty 248.0 (0.9) 247.1 130.1 - 130.1 Global Healthcare & Life Sciences 37.0 - 37.0 35.4 - 35.4 Global Pest Elimination 48.8 - 48.8 44.5 - 44.5 Corporate (49.9) - (49.9) (49.7) (0.3) (50.0) Subtotal at fixed currency rates 548.9 (0.9) 548.0 380.1 (0.5) 379.6 Special (gains) and charges at fixed currency rates 29.9 27.7 Reported OI at fixed currency rates 519.0 352.4 Currency impact (1.1) (0.8) Consolidated reported GAAP operating income $517.9 $351.6 First Quarter Ended March 31 2024 2023

| 20 Non-GAAP Financial Information: This communication and certain of the accompanying tables include financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (“GAAP”). These non-GAAP financial measures include: • fixed currency sales • organic sales • adjusted cost of sales • adjusted gross profit • adjusted gross margin • fixed currency operating income • adjusted operating income • adjusted fixed currency operating income • adjusted fixed currency operating income margin • organic operating income • organic operating income margin operating income margin • adjusted tax rate • adjusted net income attributable to Ecolab • adjusted diluted earnings per share • EBITDA • Adjusted EBITDA We provide these measures as additional information regarding our operating results. We use these non-GAAP measures internally to evaluate our performance and in making financial and operational decisions, including with respect to incentive compensation. We believe that our presentation of these measures provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparison of results. Non-GAAP financial information

| 21 Non-GAAP Financial Information (Continued): Our non-GAAP financial measures for adjusted cost of sales, adjusted gross margin, adjusted gross profit and adjusted operating income exclude the impact of special (gains) and charges and our non-GAAP financial measures for adjusted tax rate, adjusted net income attributable to Ecolab and adjusted diluted earnings per share further exclude the impact of discrete tax items. We include items within special (gains) and charges and discrete tax items that we believe can significantly affect the period-over-period assessment of operating results and not necessarily reflect costs and/or income associated with historical trends and future results. After tax special (gains) and charges are derived by applying the applicable local jurisdictional tax rate to the corresponding pre-tax special (gains) and charges. EBITDA is defined as the sum of net income including non-controlling interest, provision for income taxes, net interest expense, depreciation and amortization, and adjusted EBITDA further adds special (gains) and charges impacting EBITDA. EBITDA and adjusted EBITDA are used in our net debt to EBITDA and net debt to adjusted EBITDA ratios, which we view as important indicators of the operational and financial health of our organization. We evaluate the performance of our international operations based on fixed currency rates of foreign exchange, which eliminate the translation impact of exchange rate fluctuations on our international results. Fixed currency amounts included in this release are based on translation into U.S. dollars at the fixed foreign currency exchange rates established by management at the beginning of 2023. We also provide our segment results based on public currency rates for informational purposes. Our reportable segments do not include the impact of intangible asset amortization from the Nalco and Purolite transactions or the impact of special (gains) and charges as these are not allocated to the Company’s reportable segments. Our non-GAAP financial measures for organic sales, organic operating income and organic operating income margin are at fixed currency and exclude the impact of special (gains) and charges, the results of our acquired businesses from the first twelve months post acquisition and the results of divested businesses from the twelve months prior to divestiture. In addition, as part of the separation, we also entered into an agreement with ChampionX to provide, receive or transfer certain products for a transitionary period. Transitionary period sales of product to ChampionX under this agreement are recorded in product and equipment sales in the Corporate segment along with the related cost of sales. The remaining sales to ChampionX are recorded in product and equipment sales in the Global Industrial segment along with the related cost of sales. These transactions are removed from the consolidated results as part of the calculation of the impact of acquisitions and divestitures. These non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and may be different from non-GAAP measures used by other companies. Investors should not rely on any single financial measure when evaluating our business. We recommend that investors view these measures in conjunction with the GAAP measures included in this news release. Reconciliations of our non-GAAP measures are included in the following “Non-GAAP Financial Measures” tables of this communication. We do not provide reconciliations for non-GAAP estimates on a forward-looking basis (including those contained in this news release) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of various items that have not yet occurred, are out of our control and/or cannot be reasonably predicted, and that would impact reported earnings per share and the reported tax rate, the most directly comparable forward-looking GAAP financial measures to adjusted earnings per share and the adjusted tax rate. For the same reasons, we are unable to address the probable significance of the unavailable information. Non-GAAP financial information (cont.)