EX-99.1 2 tm2231537d1_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1

| NOVEMBER 30, 2022 4Q22 CAPITAL MARKETS PRESENTATION

| SAFE HARBOR COMMENTSFORWARD-LOOKINGSTATEMENTSThis presentation contains “forward-looking” statements related to O-I Glass, Inc. (“O-I” or the “company”) within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements reflect the company’s current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words “believe,” “expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,” “potential,” “continue,” and the negatives of these words and other similar expressions generally identify forward-looking statements.It is possible that the company’s future financial performance may differ from expectations due to a variety of factors including, but not limited to the following: (1) the impact of the COVID-19 pandemic and the various governmental, industry and consumer actions related thereto, (2) the company’s ability to obtain thebenefits it anticipates from the Corporate Modernization, (3) the company’s ability to manage its cost structure, including its success in implementing restructuring or other plans aimed at improving the company’s operating efficiency and working capital management, and achieving cost savings, (4) the company’s ability to acquire or divest businesses, acquire and expand plants,integrate operations of acquired businesses and achieve expected benefits from acquisitions, divestitures or expansions, (5) the company’s ability to achieve its strategic plan, (6) the company’s ability to improve its glass melting technology, known as the MAGMA program, and implement it within the timeframe expected, (7) foreign currency fluctuations relative to the U.S. dollar,(8) changes in capital availability or cost, including interest rate fluctuations and the ability of the company to refinance debt on favorable terms, (9) the general political, economic and competitive conditions in markets and countries where the company has operations, including uncertainties related to economic and social conditions, disruptions in the supply chain, competitive pricing pressures, inflation or deflation, changes in tax rates and laws, war, civil disturbance or acts of terrorism, natural disasters, and weather, (10) the company’s ability to generate sufficient future cash flows to ensure the company’s goodwill is not impaired, (11) consumer preferences for alternative forms of packaging, (12) cost and availability of raw materials, labor, energy and transportation (including impacts related to the current conflict between Russia and Ukraine and disruptions in supply of raw materials caused by transportation delays), (13) consolidation among competitors and customers, (14) unanticipated expenditures with respect to data privacy, environmental, safety and health laws, (15) unanticipated operational disruptions, including higher capital spending, (16) the company’s ability to further develop its sales, marketing and product development capabilities, (17) the failure of the company’s joint venture partners to meet theirobligations or commit additional capital to the joint venture, (18) the ability of the company and the third parties on which it relies for information technology system support to prevent and detect security breaches related to cybersecurity and data privacy, (19) changes in U.S. trade policies, (20) risks related to recycling and recycled content laws and regulations, (21) risks relatedtoclimate-change and air emissions, including related laws or regulations and the other risk factors discussed in the company's filings with the Securities and Exchange Commission. It is not possible to foresee or identify all such factors. Any forward-looking statements in this document are based on certain assumptions and analyses made by the company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. Forward-looking statements are not a guarantee of future performance and actual results or developments may differ materially from expectations.While the company continually reviews trends and uncertainties affecting the company’s results or operations and financial condition, the company does not assume any obligation to update or supplement any particular forward-looking statements contained in this document.

| 3 AT A GLANCE #170 factories 19countries ATTRACTIVE PRODUCT PORTFOLIO33% beer 20% wine 18%food 15%spirits 14%NAB GLASS IS THE MOST SUSTAINABLE PACKAGE all natural, endlessly recyclable, NEVER trash Note: based on 2021 data MAGMAreimagines glass making to support customer aspirations and enable profitable growthDIVERSE CUSTOMER BASE6,000+ direct customersDEDICATED & ENGAGED TEAM24,000+ associates UNPARALLELED PRODUCTION NETWORKLEADER IN GLASS PACKAGING $6.4 billion in net sales

| 4 ATTRACTIVE INVESTMENT OPPORTUNITY REDUCE RISK PROFILEResolve Legacy Liabilities and Improve The Balance SheetPROFITABLE GROWTHStrongest Glass Fundamentals in 20+ yrAGILE EXECUTIONBold Transformation and Delivering on CommitmentsBREAKTHROUGH INNOVATIONMAGMA Creates a New Paradigm for GlassSUSTAINABILITYGlass is Set to Win in the New Green Economy

| 5 REDUCE RISK PROFILE1Management defines Financial Leverage as the addition of net debt, Support for Paddock and unfunded pension liability dividedbyAdjusted EBITDA. See the appendix for further disclosure. 0.01.02.03.04.05.0 6.02019202020212022F2023F(Leverage Ratio) Net Debt Unfunded Pension Liability Paddock Asbestos LiabilityREDUCING FINANCIAL LEVERAGE1Resolve Legacy Liabilities and Improve The Balance Sheet Mid 3sFair and Final Resolution ofLegacy Asbestos Liabilities in July 2022Eliminating Net Unfunded Pension Position by 2024Completed $1.5B Portfolio Optimization in August 2022 Reducing Financial Leverage and Improving Cash Flow Conversion Improving Credit ProfileLow 3s

| INCREASE COST COMPETITIVENESSOPTIMIZE BUSINESS PORTFOLIO AND STRUCTUREINCREASE SUPPLY CHAIN EFFICIENCYENABLE A MORE FLEXIBLE, SCALABLE AND SUSTAINABLE PRODUCTION CAPABILITYBUILD A SIMPLE, AGILE AND EFFECTIVE ORGANIZATION AGILE EXECUTION BOLD TRANSFORMATION AND DELIVERING ON COMMITMENTS 6

| 7 PROFITABLE GROWTHStrongest Glass Fundamentals in 20+ Years▲Structural shifts in LatAm:Premium products, brand localization, one way/returnable mix▲North America mix improvement:O-I shifting away from beer to higher value categories▲EU supply dislocation:Russia / Ukraine glass imports to Europe displaced▲Resilience to channel shift: Strongglass performance both on and off-premise▲New product development:Increased new product launches in glass▲Cost-competitive and local supply chain:Favorable trends vs. other substrates▲Rebalancing the dialogue on glass:Promotion of glass attributes increases purchasing intent▲Favorable and sustained consumer trends:Wellness, premium, sustainability▲Markets reopening:Increased on-premise consumption as COVID concerns recede 37%23%15%1%14%10% 52%14%11%2%9%11% 20172022O-I NORTH AMERICA VOLUME MIX 3.8%2.2%1.7%3.5%1.9%1.7%0.0%1.0%2.0%3.0%4.0%5.0%LatAmEuropeNorth AmericaCAGR 2023 -2025 Glass All PackagingPROJECTED GLASS GROWTH(SOURCE: EUROMONITOR PER UNIT CONSUMPTION PROJECTIONS 2023-2025)

| 8 O-I EXPANSION PLAN: 2022 –2024 •Enables ~ 600KT (5% -6%) Growth•~ $630M Investment, $110M EBIT Run Rate, ~ 20% IRRPROFITABLE GROWTH O-I Leveraging Strong Glass Fundamental to Expand the Business 0.6%-1.4%-0.4%-4.0%5.3%2.4%1.8%0.8%1.5%-3.0%6.2%2.8%-6%-4% -2%0% 2% 4% 6% 8%20172018201920202021YTD22O-I VOLUME GROWTH(IN TONS, ADJUSTED FOR DIVESTITURES) O-I CONSOLIDATED O-I PLUS STRATEGIC JVs CAGR ‘16-YTD22O-I Consolidated: +0.3 %O-I Plus Strategic JV’s: +1.6%

| 9 BREAKTHROUGH INNOVATIONCREATES A NEW PARADIGM FOR GLASSEXPAND RIGHT TO WIN WITHRAPID COLOR, SHAPE & SIZE CHANGESAGILETHROUGH ECONOMIC CYCLES & SEASONALITYSUPPLY CHAIN EFFICIENT WITH CO/NEAR LOCATIONLOWER CAPITAL INTENSITY WITH EXTENDED ASSET LIFEGROW WITH THE MARKET WITH SCALABLE CAPACITYSUSTAINABLEPRODUCTION WITH LOWER EMISSIONSCONVENIENT PACKAGE WITH LOWER WEIGHT CONTAINERCOST EFFICIENT WITH MORE VARIABLE COST STRUCTUREENTER NEW MARKETS WITH SCALABILITY & LOWER CAPITAL

| 10 FIRST MAGMA GREENFIELD IN KENTUCKY WILL BE A SHOWCASE PLANTMAGMA MELTERSmall, Incremental Growth, Flexibility, SustainabilityPILOT FORMING MACHINEQuality, EfficiencySUSTAINABLEGas-Oxy Combustion, Bio-Fuel Capable, Recycling Ecosystem, Efficient and SafeULTRALight-WeightingCapability, SustainabilityMODULAR BATCH SYSTEMFast and Agile for Greenfield Deployment DIGITALIZATIONIndustry 4.0, Smart Manufacturing, Integration 10CUSTOMER ENGAGEMENT CENTERCustomer Intimacy, Collaborative InnovationNEAR-LOCATEDSupply Chain Efficient in Heart of Bourbon CountrySCALEABLELine 1 2024 (GEN 2), Line 2 2025 (GEN 3 Pilot), Line 3 CapableHIGH-PERFORMANCE OPERATIONSWorld Class Safety, Quality and Efficiency Bowling Green, KYMAGMA Greenfield

| 11 Energy Needed By a G.O.A.T. Furnace Is Lower By Up ToConsequently, Scope 1CO2Emissions Are Cut ByUp ToMore GOATfurnaces to beDeployed From 2022-2030 ataRate of 4 Per YearGLOBAL RENEWABLEELECTRICITY CONSUMPTIONSOURCING RENEWABLE ELECTRICITY (2021) 27% RECYCLING COLLECTION SITES (27 TOTAL):9 Operationalat end of 202118 approved for implementationin early 2022TONS OF GLASS PER SITE DIVERTED FROM LANDFILLS EACH YEAR OUR SUSTAINABILITY AT A GLANCEOur Sustainability Scorecard 2021 LIGHTWEIGHTING AND PRODUCTIVITY IMPROVEMENTS SAVED GREEN BOND PURCHASES: CULLET PROJECT SAVINGSBased on the volume of cullet allocated to the offering, the company conserved approximately:Furnaces Already Outfitted With This Technology Excerpts from O-I’s Updated Sustainability Report Available at O-I.com OUR COMMITMENT(by 2030)OUR PERFORMANCE(2021) RECYCLED CONTENTEMISSIONSENERGYIncrease recycled content to 50% average Recycled content averaged38% Reduce GHG emissions 25% (10% interim target by 2025)13.5% GHG emission reduction(Scope 1 and2 vs 2017 baseline)40% renewable electricity27% renewable electricity (14% increase from 2020) GHG EMISSION REDUCTION1. Source: third-party verified data. (Market-based.) For more information view our latest CDP report.2. Source: EPA, Greenhouse Gas Equivalencies Calculator

| 12 2022 KEY OBJECTIVES2022 KEY OBJECTIVES PROGRESSDelivering on O-I’s Transformation Commitments MARGINEXPANSIONHigher selling prices offset PY unfav Net Price and 2022 inflation≥ $50M margin expansion initiative benefits▲Fav 3Q22 Net Price, on track to exceed FY22 guidance▲> $60M in 2022 YTD initiative benefits, exceeding annual targetPROFITABLE GROWTHSubstantially complete Colombia and Canada expansionInitiate Peru and Brazil expansion▲Phase 1 of Canada expansion operating; Colombia expansion tracking for 2Q23▲Revised Capital Plan in response to macro challenges (supply chain, etc.)COMPLETE MAGMA DEVELOPMENTFinalize Gen 1 optimization and complete Gen 2 pilot validationAdvance Gen 3 and Ultra light-weighting prototypes▲Accelerating MAGMA, 1stUS Greenfield in Bowling Green KY on track for 2024▲Gen 3 / Light-weighting prototypes are proceeding wellADVANCE ESG AND GLASS ADVOCACYReduce GHG 5-10%, 30-35% elect. sourced from renewable energy≥1.5B add’limpressions with Glass Advocacy, expand target categories▲13.5% GHG reduction (2021 vs 2017 baseline); Renewable energy > 31%▲880M digital impressions YTD22;98M people engaged avg 9x eachEXPAND PORTFOLIO OPTIMIZATIONComplete $1.5B portfolio optimization programReceive proceeds prior to significant expansion investment▲Completed $1.5B portfolio optimization Aug 2022▲Received all net proceeds prior to significant expansion CapExRESOLVE LEGACY LIABILITIESConfirm Paddock plan of reorg.; fund $610M 524(g) trust ~mid-yearContinue to de-risk pension liabilities inline with 2024 target▲524(g) trust funded as of July 18, 2022 ▲Continue to advance pension de-risking actionsPRIORITIES

| 1Volume Growth Targets are gross of divestitures and net of capacity realignment2aEPSexcludes certain items management considers not representative of ongoing operations3FCF represents Cash Flow from Operations less Capital Expendituresexcluding funding of Paddock 524(g) trust4aFCFreflects Cash Flow from Operations less Maintenance Capex, and excluding funding of Paddock 524(g) trust5Leverage defined as the addition of net debt, Support for Paddock and unfunded pension liability divided by Adjusted EBITDA6 aETR excludes certain items that management considers not representative of ongoing operations DELIVERING ON OUR COMMITMENTS 13 FY22Outlook as of 11/1/22THEMES FOR FY23As of 11/1/22FY24Targets from Sept 28, 2021 I-DayVolume1GrowthApproximately +1%Flat or Slight Growth1-2% CAGR 2022-2024Earnings (aEPS2)$2.20 -$2.25/sh≥ 2022Despite $0.25/shheadwind from FX, asset sales and interest on funding Paddock Trust$2.20 -$2.40/shin 2024Cash FlowFCF3≥ $200MaFCF4≥ $400MaFCF4 Solidly> 2022FCF3< or comparable to 2022$275M -$300M Expansion InvestmentaFCF4of $400M -$450M in 2024Leverage5“Mid 3s” by FYE22“Low-3s” by FYE23~ 3.5x by FYE24Updated target to < 3.0x over new few yearsComments•Favorable Net Price–Benefits from higher selling prices–>$60M initiative benefits•aETR6:25%-28%•CapEx ~$575M–Elevated Strategic CapEx funded by proceeds from Portfolio Opt. program•Favorable Net Price•New capacity partially offset by elevated asset project activity–Est. 1% -3% vol sensitivity to potential recession•Higher operating costs due to asset projects•≥$50M Margin Expansion initiative benefits•Higher interest expense•$725M -$750M CapEx•Strong earnings momentum from expansion programs heading into 2025Improving Business Outlook and Expect Continued Progress in 2023

| 14 CAPITAL ALLOCATION PRINCIPALS•Complete MAGMA development and grow glass volumes consistent with underlying glass market demand•Target net debt to EBITDA leverage < 3x over next few years•Evaluating return of excess cash to shareholders

| RESILIENCE AMID ELEVATED MACRO VOLATILITY 15▲Improving balance sheet and fairand final resolution of legacy asbestos liabilities▲Stable Food/Beverage end markets that are more resilient amid recession cycles(US mega beer 3% of vol)▲Oversold positions in Europe and Latin America mitigate potential recession pressures▲Well positioned to manage Russia natural gascurtailment risks in Europe▲Proven operational agility through elevated volatility since beginning of the Pandemic

| 16 CONCLUSION▲CLEAR STRATEGY TO CREATE VALUE▲DELIVERING ON KEY TRANSFORMATON INITIATIVES▲IMPROVING BUSINESS OUTLOOK ▲CONTINUED PROGRESS IN 2023▲RESILIENCE AMID ELEVATED MACRO VOLITILITY▲O-I REPRESENTS AN ATTRACTIVE INVESTMENT OPPORTUNITY COMPELLING INVESTMENT THESISO-I is aggressively addressing many historic overhangs on the stock and shifting to profitable growth, advancing MAGMA as well as continued agile execution and balance sheet improvement

| APPENDIX

| 18 O-I ESG GOALS Increase recycled content to 50% average by 2030. O-I is taking a tailored approach to increase recycled content rates across its enterprise network as rates vary significantly by geography.Approved SBTi target to reduce GHG emissions 25% by 2030 (interim target of 10% by 2025).As part of our journey toward zero injuries, we are committed to a 50% improvement of our Total Recordable Incident Rate (TRIR) by 2030. Reduce the amount of natural resource used and reduce the generation of waste by reuse and recycling as we drive towards a Zero Waste organization.Renewable energy is a pillar in our strategy to lower carbon emissions. Our goal is to reach 40% renewable energy use by 2030 and to reduce total energy consumption by 9%.We see tremendous opportunity to positively impact the planet and communities where we operate. We will collaborate with customers, NGOs, suppliers and local leaders to make glass recycling available in 100% of our locations.Achieve sustainability balance, together, by aligning our supply chain with our 2030 sustainability vision and goals.We are committed to reducing our global water usage 25% by 2030, prioritizing operations in higher risk areas.Reinvent and re-imagine glassmaking –where the circularity of glass meets the potential of our MAGMA melting technology, low-carbon alternative fuels, and light-weighted glass packaging. Create a diverse and inclusive environment where people feel welcomed to create a better future for themselves, each other, and O-I. We are focused on increasing all aspects of diversity across our team.

| 19 SEGMENT FX IMPACT ON EARNINGS APPROXIMATE ANNUAL IMPACT ONFX RATES AT KEY POINTSEPS FROM 10% FX CHANGEOct 31,AVGAVG20223Q223Q21EUR0.19 EUR1.00 1.00 1.18 MXN0.05 MXN19.82 20.19 20.16 BRL0.02 BRL5.29 5.23 5.23 COP0.01 COP4,824 4,434 3,829

| 20 NON-GAAP FINANCIAL MEASURESThe company uses certain non-GAAP financial measures, which are measures of its historical or future financial performance that are not calculated and presented in accordance with GAAP, within the meaning of applicable SEC rules.Management believes that its presentation and use of certain non-GAAP financial measures, including adjusted earnings, adjusted earnings per share, free cash flow, adjusted free cash flow, adjusted effective tax rate, total financial leverage, EBITDA, and adjusted EBITDA, provide relevant and useful supplemental financial information that is widely used by analysts and investors, as well as by management in assessing both consolidated and business unit performance.These non-GAAP measures are reconciled to the most directly comparable GAAP measures and should be considered supplemental in nature and should not be considered in isolation or be construed as being more important than comparable GAAP measures.Adjusted earnings relates to earnings from continuing operations attributable to the company,exclusive of items management considers not representative of ongoing operations and other adjustments because such items are not reflective of the company’s principal business activity, which is glass container production.Adjusted earnings are divided by weighted average shares outstanding (diluted) to derive adjusted earnings per share.Adjusted effective tax rate relates tothe provision for income taxes, excluding tax itemsmanagement considers not representative of ongoing operations and other adjustments, divided byearnings from continuing operations before income taxes, exclusive of itemsmanagement considers not representative of ongoing operations and other adjustments. EBITDA refers to net earnings (loss), excluding gains or losses from discontinued operations, interest expense, net, provision for income taxes, depreciation and amortization of intangibles.Adjusted EBITDA refers to EBITDA, exclusive ofitems management considers not representative of ongoingoperations and other adjustments. Total financial leverage refers to the sum of total debt less cash, plus unfunded pension liability, plus the asbestos liabilityor Paddock liabilitydivided by Adjusted EBITDA.Management uses adjusted earnings, adjusted earnings per share, EBITDA, Adjusted EBITDA, adjusted effective tax rate and total financial leverage to evaluate its period-over-period operating performance because it believes these provide useful supplemental measures of the results of operations of its principal business activity by excluding items that are not reflective of such operations.The above non-GAAP financial measures may be useful to investors in evaluating the underlying operating performance of the company’s business as these measures eliminate items that are not reflective of its principal business activity. Further, free cash flow relates to cash provided by operating activities plus cash payments to fund the Paddock 524(g) trust andrelated expenses less cash payments for property, plant and equipment.Adjusted free cash flow relates to cash provided by operating activities plus cash payments to fund the Paddock 524(g) trust and relatedexpenses less cash payments for property, plant and equipment plus cash payments for property, plant and equipment related to strategic or expansion projects.Management has historically used free cash flow and adjusted free cash flow to evaluate its period-over-period cash generation performance because it believes these have provided useful supplemental measuresrelated to its principal business activity.It should not be inferred that the entire free cash flow or adjusted free cash flow amount is available for discretionary expenditures, since the company has mandatory debt service requirements and other non-discretionary expenditures that are not deducted from these measures.Management uses non-GAAP information principally for internal reporting, forecasting, budgeting and calculatingcompensation payments. The company routinely posts important information on its website – www.o-i.com/investors.

| 21 ADDITIONAL RECONCILIATIONS RECONCILIATION TO FCF & ADJUSTED FCF RECONCILIATION TO FCF and ADJUSTED FCF Current Forecast for Ye-,ar Ended (Demars.n liiflrlftons.) Dernm ber 3 I , 2022 Cash provided by mnti1nui1ng oper-atng actiiV~tes $ 1:5:5 Addbadk: Funding of P-addodk .S24(g) trust and rerated expem,e.s. 620 Cash paym-ents. for property., plant and equi1prnent (:57:5) Fr,ee cash flow ( non -'GMP) $ 200 Addbadk: Cash paymnents. for property pliant and equipment - str-ategi:dexpanston onliy (non -oGMP) 200 Adj1usted Free Cash Ff.ow (non-'GMP) $ 400 The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measures, free cash flow and adjusted free cash flow, for all periods after December 31, 2022 to its most directly comparable U.S. GAAP financial measure, cash provided by operating activities, without unreasonable effort. This is due to potentially high variability, complexity and low visibility, in the relevant future periods, of components of cash provided by operating activities and cash spent on property, plant and equipment, as well as items that would be excluded from cash provided by operating activities. The variability of these excluded items and other components of cash provided by operating activities may have a significant, and potentially unpredictable, impact on the Company's future financial results.

| 22 RECONCILIATION TO FINANCIAL LEVERAGEFor all periods after the year ending December 31, 2021, the Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, Net Debt divided by Adjusted EBITDA and Financial Leverage, to its most directly comparable U.S. GAAP financial measure, earnings (loss) from continuing operations, because management cannot reliably predict all of the necessary components of this U.S. GAAP financial measure without unreasonable efforts.Earnings (loss) from continuing operations includes several significant items, such as restructuring, asset impairment and other charges, charges for the write-off of finance fees, and the income tax effect on such items.The decisions and events that typically lead to the recognition of these and other similar non-GAAP adjustments are inherently unpredictable as to if and when they may occur.The inability to provide a reconciliation is due to that unpredictability and the related difficulties in assessing the potential financial impact of the non-GAAP adjustments.For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to the Company’s future financial results. $ millions201920202021Earnings (loss) from continuing operations(379)$ 264$ 165$ Interest expense (net)311 265 216$ Interest income9 5 7$ Provision for income taxes118 89 167$ Depreciation390 369 356$ Amortization of intangibles109 99 93$ EBITDA558$ 1,091$ 1,004$ Adjustments to EBITDA:Charge for asbestos-related costs35 - - Restructuring, asset impairment, pension settlement and other charges140 168 109 Charge for goodwill impairment595 - - Gain on sale of ANZ Business- (275) - Gain on Sale of Equity Investment(107) - - Gain on sale of miscellaneous assets- - (84) Charge related to Paddock support agreement liability- - 154 Charge for deconsolidation of Paddock- 14 - Brazil indirect tax credit- - (71) Strategic transactions and Corporate Modernization costs31 8 - Adjusted EBITDA1,252$ 1,006$ 1,112$ Total debt5,559$ 5,142$ 4,825$ Less cash551$ 563$ 725$ Net debt5,008$ 4,579$ 4,100$ Net debt divided by Adjusted EBITDA4.04.63.7Unfunded Pension Liability493$ 464$ 141$ Unfunded Pension Liability divided by Adjusted EBITDA0.40.50.1Asbestos / Paddock Liability486$ 471$ 625$ Asbestos / Paddock Liability divided by Adjusted EBITDA0.40.50.6Financial Leverage ((Net Debt + Unfunded Pension Liability + Asbestos/Paddock Liability)/Adjusted EBITDA)4.85.54.4

| 23 ADDITIONAL RECONCILIATIONSTheCompanyisunabletopresentaquantitativereconciliationofitsforward-lookingnon-GAAPmeasures,adjustedearningsandadjustedearningspershare,f ortheyearendingDecember31,2022,andallperiodsafter,toitsmostdirectlycomparableGAAPfinancialmeasure,earningsfromoperationsattributablet RECONCILIATION TO ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measures, adjusted earnings and adjusted earnings per share, for the year ending December 31, 2022, and all periods after, to its most directly comparable GAAP financial measure, earnings from operations attributable to the Company, because management cannot reliably predict all of the necessary components of the GAAP financial measures without unreasonable efforts. Earnings from operations attributable to the Company includes several significant items, such as restructuring charges, asset impairment charges, charges for the write-off of finance fees, and the income tax effect on such items. The decisions and events that typically lead to the recognition of these and other similar items are complex and inherently unpredictable, and the amount recognized for each item can vary significantly. Accordingly, the Company is unable to provide a reconciliation of adjusted earnings and adjusted earnings per share to earnings from operations attributable to the Company or address the probable significance of the unavailable information, which could be material to the Company's future financial results. RECONCILIATION TO ADJUSTED EFFECTIVE TAX RATE The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, adjusted effective tax rate, for the year ending December 31, 2022, and all periods after, to its most directly comparable GAAP financial measure, provision for income taxes divided by earnings (loss) from continuing operations before income taxes, because management cannot reliably predict all of the necessary components of these GAAP financial measures without unreasonable efforts. Earnings (loss) from continuing operations before income taxes includes several significant items, such as restructuring charges, asset impairment charges, charges for the write-off of finance fees, and the provision for income taxes would include the income tax effect on such items. The decisions and events that typically lead to the recognition of these and other similar items are complex and inherently unpredictable, and the amount recognized for each item can vary significantly. Accordingly, the Company is unable to provide a of adjusted effective tax rate to earnings (loss) from continuing operations before income taxes divided by provision for income taxes or address the probable significance of the unavailable information, which could be material to the Company's future financial results.