First Quarter 2021 · 2021. 4. 27. · - CP outstanding 1,623 2,178 Shareholders’ equity 20,861 18,976 Memos: Available credit capacity March 31 - CP $4.9 bil $2.8 bil - Other $2.1

1Proprietarybusinessinform

ationofADM.

First Quarter 2021 Earnings Conference Call April27,2021


ationofADM.

Someofourcommentsandmaterialsinthispresentationconstituteforward-lookingstatementsthatreflectmanagement’scurrentviewsandestimatesoffutureeconomiccircumstances,industryconditions,Companyperformanceandfinancialresults.

Thesestatementsandmaterialsarebasedonmanyassumptionsandfactorsthataresubjecttoriskanduncertainties.ADMhasprovidedadditionalinformationinitsreportsonfilewiththeSECconcerningassumptionsandfactorsthatcouldcauseactualresultstodiffermateriallyfromthoseinthispresentation,andyoushouldcarefullyreviewtheassumptionsandfactorsinourSECreports.

Totheextentpermittedunderapplicablelaw,ADMassumesnoobligationtoupdateanyforward-lookingstatementsasaresultofnewinformationorfutureevents.

Safe Harbor Statement


ationofADM.

AdjustedEarningsPerShare1,2 AdjustedSegmentOperatingProfit1,3

(1)Non-GAAPmeasures-seenotesonpage28 (2)Seeearningspershare,themostdirectlycomparableGAAPmeasure,onpage24(3)Seesegmentoperatingprofitasreportedonpage20(4)Seeearningsbeforeincometaxes,themostdirectlycomparableGAAPmeasure,onpage27

Exceptionally Strong Q1 Results

$0.64

$1.39

Q12020 Q12021$0.00

$0.50

$1.00

$1.50

inm

illions

$643

$1,199

Q12020 Q12021$0

$500

$1,000

$1,500

7.6%9.0%

Q12020 Q12021—%

5.0%

10.0%

Trailing4-QuartersAdjustedROIC1

inm

illions $3,533

$4,193

Q12020 Q12021$—

$2,000

$4,000

$6,000

Trailing4-QuartersAdjustedEBITDA1,4


ationofADM.

Positive Demand Trends for Broad Array of Products and Solutions

(1)USCensus;ADMestimates(2)RabobankMarch2021GlobalFoodserviceOutlook(3)GrandViewResearch,Inc.,ProteinIngredientsMarketAnalysis,2020


ationofADM.


ationofADM.

Innovating Across the Value Chain


ationofADM.

Supporting SustainabilityADM's New Policy to Protect Forests, Biodiversity and Communities


ationofADM.

MoreThan1Billion

gallonsofnewUSrenewablegreendieselcapacitycomingonline

in2021—a70%increasevs2020

Ag Services & OilseedsStrong Demand, Outstanding Execution, Record Q1

in m

illio

ns

SegmentOperatingProfit

$422$422

$777$777

AgServices Crushing RPO Wilmar

Q12020 Q12021$0

$200

$400

$600

$800

$1,000


ationofADM.

DeepFreeze,DeepCapabilitiesCarbohydrateSolutionsquicklyflexedproductionacrossitsbroadfootprinttoservecustomersduring

February'sextremeweather

Carbohydrate SolutionsSignificant Growth, Improving Environment

in m

illio

ns

SegmentOperatingProfit

$68$68

$259$259

Starches and Sweeteners Vantage Corn Processors (VCP)

Q12020 Q12021-$50

$0

$50

$100

$150

$200

$250

$300


ationofADM.

Award-WinningInnovation

ADM'sBPL1,aground-breakingprobiotictargeting

metabolichealth,washonoredwitha2021

BIGInnovationAward

NutritionStrong Demand Across Key Market Segments, Solid Revenue and OP Growth

SegmentOperatingProfitRevenue

in m

illio

ns

$1,471$1,471 $1,550$1,550

HumanNutrition AnimalNutrition

Q12020GAAPRevenue

Q12021FXAdjusted

Revenue(1)(2)

$0

$500

$1,000

$1,500

$2,000

in m

illio

ns

$142$142$154$154

HumanNutrition AnimalNutrition

Q12020

Q12021

$0

$50

$100

$150

$200

(1)Non-GAAPmeasure-seenoteonpage28(2)SeeNutritionrevenue,themostdirectlycomparableGAAPmeasure,onpage16


ationofADM.

CorporateOtherBusiness

Other Business Results and Corporatein

mill

ions

$11

$9

Q12020 Q12021$0

$3

$6

$9

$12

in m

illio

nsInterestUnallocatedCorporateOtherChargesSpecifiedItems

Q12020 Q12021-$100

$0

$100

$200

$300

$400

$(224) $(281)


ationofADM.

The Path to Sustainable Growth


ationofADM.

BankofAmericaPlant-BasedFoodConferenceMay11

BMOFarmtoMarketMay19-20

DbAccessGlobalConsumerConferenceJune7-8

StifelVirtualCrossSectorConferenceJune9

Upcoming Investor Events

Additional Facts and Explanations


ationofADM.

Corn

US 85% 81% 80%

Brazil 35% 33% 32%

Soybeans

US 88% 85% 74%

Brazil 67% 56% 74%

Argentina 14% 14% 20%

Soybeans

US $40-45 ~$30

Europe $30-$40 $50-$60

BrazilExp:$15-$20Dom:$20-$40

Exp:$40-$50Dom:$40-$50

Argentina $20-$25 $25-$30

China $10-$12 $40-$50

FrontMonthBoardCrush ~$25 ~$29

Canola/Rapeseed

NorthAmerica $70-$80 $80-$100

Europe $40-$60 $60-$80AverageIndustryEthanolEBITDAMargins/gal3

$0.11 $0.11 $(0.23)

AverageIndustryDailyProductionVolume(thousandsofbarrels/day)4

914 957 1,034

U.S.EthanolInventory(thousandsofbarrels)4

20,624 23,824 24,140

(1)ADMestimates(2)ADMestimates;reflectsmostcurrentmodelassumptionsanddataregardingcropproduction,quality,storage,andmarketinginformation(3)Bloomberg(4)EIAWeeklyPetroleumStatusReport

SpotGrossCrushMargins1

CurrentUS$/MT

Q4CallUS$/MT

U.S.EthanolMargins/Production Q121 Q420 Q120

FarmerSelling2

Current5-YearAverage

PriorYear

2020/2021CropYear

Industry Environment


ationofADM.

NutritionRevenues(amountsinmillions)

Growth

Q121 vs.Q120GAAPRevenues

Nutrition $ 1,563 6.3%

HumanNutrition $ 754 4.9%

AnimalNutrition $ 809 7.6%

FXAdjustedRevenues(1)

Nutrition $ 1,550 5.4%

HumanNutrition $ 735 2.2%

AnimalNutrition $ 815 8.4%

Q42020 ~$295M

Q12021 ~$265M

CumulativeCrushDeferredTimingGains/(Losses)

ProcessedVolumesbyYear(000sofmetrictons)

CalendarYear

2019 2020Oilseeds 36,271 36,565

Corn 22,079 17,885

58,350 54,450

ProcessedVolumesbyQuarter(000sofmetrictons)

CY20 CY21

Q1 Q2 Q3 Q4 Q1

Oilseeds 9,163 9,103 8,970 9,329 8,960

Corn 5,534 4,099 4,084 4,168 3,650

14,697 13,202 13,054 13,497 12,610

AsofMarch31,2021,approximately$265Mofdeferredmark-to-markettiminggainsareexpectedtoberecognizedinsubsequentquarters

(1)Non-GAAPmeasure-seenotesonpage28(2)Seeearningsbeforeincometaxes,themostdirectlycomparableGAAPmeasure,onpage27

Trailing4-Quarters

Q121 Q120 Q121 Q120AdjustedEBITDA(1)(2) $ 1,259 $ 726 $ 4,193 $ 3,533

AgServicesandOilseeds $ 871 $ 514 $ 2,826 $ 2,315CarbohydrateSolutions $ 342 $ 148 $ 1,223 $ 944Nutrition $ 209 $ 199 $ 812 $ 707OtherBusiness $ 11 $ 15 $ 57 $ 108Corporate $ (174)$ (150) $ (725)$ (541)

AdjustedEBITDA(1)(2)bySegment(inmillions)

ADM Additional Information

17

Financial Appendix


ationofADM.

Q1 2021 Financial Highlights (inmillionsexceptpersharedataandpercentages)

QuarterEndedMar.31

2021 2020 Change

Adjustedearningspershare(1)(2) $1.39 $0.64 $0.75

Totalsegmentoperatingprofit(unadjusted)(3) $1,105 $599 $506

Adjustedsegmentoperatingprofit(1)(3) $1,199 $643 $556

Trailing4QaverageadjustedROIC(1) 9.0% 7.6% 140bps

Trailing4QadjustedEBITDA(1)(4) $4,193 $3,533 $660

AnnualadjustedEVA(1) $1,109 $538 $571

Quarterlyeffectivetaxrate 16% (4)%

QuarterEndedMar.31

2021 2020 Change

Cashfromoperationsbeforeworkingcapitalchanges $1,202 $839 $363

Purchasesofproperty,plant,andequipment $174 $194 $(20)

Returnofcapitaltoshareholders $208 $315 ($107)

Increase(decrease)incash,cashequivalents,restrictedcash,andrestrictedcashequivalents $1,206 $4,540 ($3,334)

Netdebttototalcapitalratio(asofMarch31) 33% 29%

(1)Non-GAAPmeasures-seenotesonpage28(2)Seeearningspershare,themostdirectlycomparableGAAPmeasure,onpage24(3)Seesegmentoperatingprofitasreportedonpage20(4)Seeearningsbeforeincometaxes,themostdirectlycomparableGAAPmeasure,onpage27


ationofADM.

Q1 Adjusted Segment OP $1.2 BillionAdjustedsegmentoperatingprofit(1,2)(inmillions)Excludesspecifieditems

*Segmentoperatingprofitasreportedwas$1,105M(1)Non-GAAPmeasure-seenotesonpage28(2)Adjustedsegmentoperatingprofitequalstotalsegmentoperatingprofitexcludingspecifieditems.

AgServicesandOilseeds CarbohydrateSolutions Nutrition OtherBusiness

Q12020 Q22020 Q32020 Q42020 Q12021$643 $804 $849 $1,152 $1,199*


ationofADM.

Segment Operating Profit and Corporate ResultsQuarterEndedMar.31

(Amountsinmillions) 2021 2020 Change

TotalSegmentOperatingProfit(1) $ 1,105 $ 599 $ 506

Impairment,restructuring,andsettlementcharges 94 44 50

AdjustedSegmentOperatingProfit(1)(2) $ 1,199 $ 643 $ 556

AgServicesandOilseeds $ 777 $ 422 $ 355

AgServices 209 164 45

Crushing 382 70 312

RefinedProductsandOther 101 81 20

Wilmar 85 107 (22)

CarbohydrateSolutions $ 259 $ 68 $ 191

StarchesandSweeteners 222 99 123

VantageCornProcessors 37 (31) 68

Nutrition $ 154 $ 142 $ 12

HumanNutrition 128 113 15

AnimalNutrition 26 29 (3)

OtherBusiness $ 9 $ 11 $ (2)

TotalSegmentOperatingProfit(1) $ 1,105 $ 599 $ 506

Corporate $ (281) $ (224) $ (57)

Interestexpense–net (64) (77) 13

Unallocatedcorporatecosts (202) (189) (13)

Other 10 (52) 62

Specifieditems:LIFOcredit(charge) — 91 (91)

Lossondebtconversionoption (20) — (20)

Restructuring(charges)adjustment (5) 3 (8)

EarningsBeforeIncomeTaxes $ 824 $ 375 $ 449

(1Non-GAAPmeasure-seenotesonpage28(2)Adjustedsegmentoperatingprofitequalstotalsegmentoperatingprofitexcludingspecifieditems.


ationofADM.

Balance Sheet Highlights

(Amountsinmillions) Mar.31,2021 Mar.31,2020Cash(1) $694 $4,734Netproperty,plant,andequipment 9,799 9,883Operatingworkingcapital(2) 12,841 7,985-Totalinventories 12,764 8,830

Totaldebt 11,208 12,503-CPoutstanding 1,623 2,178

Shareholders’equity 20,861 18,976

Memos:AvailablecreditcapacityMarch31-CP $4.9bil $2.8bil-Other $2.1bil $3.1bil

Readilymarketableinventory $9.0bil $5.6bil

(1)Cash=cashandcashequivalentsandshort-termmarketablesecurities(2)Currentassets(excludingcashandcashequivalentsandshort-termmarketablesecuritieslesscurrentliabilities(excludingshort-termdebtandcurrentmaturitiesoflong-termdebt)


ationofADM.

Cash Flow Highlights

ThreeMonthsEndedMar.31(Amountsinmillions) 2021 2020Cashfromoperationsbeforeworkingcapitalchanges $1,202 $839Changesinworkingcapital(1) (904) 551Purchasesofproperty,plant,andequipment (174) (194)Netassetsofbusinessesacquired — (8)Sub-total 124 1,188

Marketablesecurities 1 5Otherinvestingactivities 4 5Debtincrease/(decrease) 1,322 3,668Dividends (208) (203)Stockbuyback — (112)Other (37) (11)Increase(decrease)incash,cashequivalents,restrictedcash,andrestrictedcashequivalents $1,206 $4,540

(1)Changesinworkingcapitalin2020includedthechangeindeferredconsiderationof($2,045million)andnetproceedsfromretainedinterestinsecuritizedreceivablesof$2,045millionwhicharepresentedseparatelyasoperatingactivitiesandinvestingactivities,respectively,inthestatementofcashflowsasrequiredbyASU2016-15whichtookeffect1/1/18.


ationofADM.

GAAP Statement of Earnings Summary

QuarterEndedMar.31

2021 2020 Change

Revenues $18,893 $14,970 $3,923

Grossprofit 1,548 951 597

Selling,generalandadministrativeexpenses 749 664 85

Assetimpairment,exit,andrestructuringcharges 59 41 18

Equityin(earnings)lossesofunconsolidatedaffiliates (125) (140) 15

Interestincome (13) (40) 27

Interestexpense 87 83 4

Other(income)expense–net (33) (32) (1)

Earningsbeforeincometaxes 824 375 449

Incometax(benefit)expense 131 (16) 147

Netearningsincludingnoncontrollinginterests 693 391 302

Less:Netearnings(losses)attributabletononcontrollinginterests 4 — 4

NetearningsattributabletoADM $ 689 $ 391 $ 298

Earningspershare(fullydiluted) $ 1.22 $ 0.69 $ 0.53

(Amountsinmillionsexceptpersharedata)


ationofADM.

Adjusted Earnings Per Share (EPS)(Amountsinmillionsexceptpersharedata)

QuarterEndedMar.312021 2020

Pre-tax After-tax Pershare Pre-tax After-tax PershareEarningsandEPS(fullydiluted)asreported $ 824 $ 689 $ 1.22 $ 375 $ 391 $ 0.69

AdjustmentsLIFO(credit)/charge — — — (91) (69) (0.12)Impairment,exit,restructuring,andsettlementcharges 99 74 0.13 41 32 0.06Lossondebtconversionoption 20 20 0.04 — — —Taxadjustment — — — 7 7 0.01AdjustedEarningsandadjustedEPS(non-GAAP)(1) $ 943 $ 783 $ 1.39 $ 332 $ 361 $ 0.64

(1)Non-GAAPmeasure-seenotesonpage28


ationofADM.

ROIC versus WACCLT ROIC Objective: 10%

(1)Non-GAAPmeasure-seenotesonpage28(2)AdjustedforLIFOandspecifieditems-seenotesonpage28(3)AdjustedforLIFO-seenotesonpage28

Trailing4QAverageROIC Trailing4QAverageAdjustedROIC

Q1CY17

Q1CY18

Q1CY19

Q1CY20

Q1CY21

4%

5%

6%

7%

8%

9%

10%

11%

Q1CY21

Trailing4QAverageAdjustedROIC(1)(2) 9.0 %

AnnualWACC 5.25 %

Trailing4QAverageAdjustedEVA $1,109M

Long-TermWACC 7.0 %

Trailing4QAverageROIC(1)(3) 7.9 %


ationofADM.

Return on Invested Capital AdjustedROICEarnings(1)

(Amountsinmillions) FourthQuarters

QuarterEnded Ended

June30,2020 Sep.30,2020 Dec.31,2020 Mar.31,2021 Mar.31,2021

NetearningsattributabletoADM $ 469 $ 225 $ 687 $ 689 $ 2,070

Adjustments

Interestexpense 87 100 69 87 343

Otheradjustments 8 355 1 99 463

Totaladjustments 95 455 70 186 806

Taxonadjustments (23) (120) (22) (45) (210)

Netadjustments 72 335 48 141 596

TotalAdjustedROICEarnings $ 541 $ 560 $ 735 $ 830 $ 2,666

AdjustedInvestedCapital(1)

(Amountsinmillions) Trailing

QuarterEnded FourQuarter

June30,2020 Sep.30,2020 Dec.31,2020 Mar.31,2021 Average

Equity(2) $ 19,293 $ 19,322 $ 20,000 $ 20,841 $ 19,864

+ Interest-bearingliabilities(3) 9,181 8,141 9,937 11,208 9,617

+ Otheradjustments(netoftax) 6 259 (5) 74 84

TotalAdjustedInvestedCapital $ 28,480 $ 27,722 $ 29,932 $ 32,123 $ 29,565

(1)Non-GAAPmeasure–seenotesonpage28(2)Excludesnoncontrollinginterests(3)Includesshort-termdebt,currentmaturitiesoflong-termdebt,financeleaseobligations,andlong-termdebt


ationofADM.

Adjusted Earnings Before Taxes, Interest, and Depreciation and Amortization (EBITDA)(1) Four Quarters Ended March 31, 2021

AdjustedEBITDA(1)

(Amountsinmillions) FourthQuarters

QuarterEnded Ended


Earningsbeforeincometaxes $ 552 $ 200 $ 756 $ 824 $ 2,332

Interestexpense 87 100 69 87 343

Depreciationamortization 244 238 249 249 980

Losses(gains)onsalesofassetsandbusinesses (23) (57) (10) — (90)

Assetimpairment,exit,restructuring,andsettlementcharges 16 8 27 99 150

Railroadmaintenanceexpense — 28 37 — 65

Gain(loss)ondebtextinguishment 14 396 (1) — 409

Expensesrelatedtoacquisitions — — 4 — 4

AdjustedEBITDA $ 890 $ 913 $ 1,131 $ 1,259 $ 4,193

AdjustedEBITDA(1)bySegment

(Amountsinmillions) FourQuarters

QuarterEnded Ended


AgServicesandOilseeds $ 502 $ 527 $ 926 $ 871 $ 2,826

CarbohydrateSolutions 274 323 284 342 1,223

Nutrition 217 201 185 209 812

OtherBusiness 39 21 (14) 11 57

Corporate (142) (159) (250) (174) (725)

AdjustedEBITDA $ 890 $ 913 $ 1,131 $ 1,259 $ 4,193

(1)Non-GAAPmeasure–seenotesonpage28


ationofADM.

Notes: Non-GAAP ReconciliationTheCompanyusescertain“Non-GAAP”financialmeasuresasdefinedbytheSecuritiesandExchangeCommission.ThesearemeasuresofperformancenotdefinedbyaccountingprinciplesgenerallyacceptedintheUnitedStates,andshouldbeconsideredinadditionto,notinlieuof,GAAPreportedmeasures.

(1) AdjustednetearningsandAdjustedearningspershare(EPS)AdjustednetearningsreflectsADM’sreportednetearningsafterremovaloftheeffectonnetearningsofspecifieditemsasmorefullydescribedabove.AdjustedEPSreflectsADM’sfullydilutedEPSafterremovaloftheeffectonEPSasreportedofspecifieditemsasmorefullydescribedabove.ManagementbelievesthatAdjustednetearningsandAdjustedEPSareusefulmeasuresofADM’sperformancebecausetheyprovideinvestorsadditionalinformationaboutADM’soperationsallowingbetterevaluationofunderlyingbusinessperformanceandbetterperiod-to-periodcomparability.Thesenon-GAAPfinancialmeasuresarenotintendedtoreplaceorbealternativestonetearningsandEPSasreported,themostdirectlycomparableGAAPfinancialmeasures,oranyothermeasuresofoperatingresultsunderGAAP.Earningsamountsdescribedabovehavebeendividedbythecompany’sdilutedsharesoutstandingforeachrespectiveperiodinordertoarriveatanadjustedEPSamountforeachspecifieditem.

(2) SegmentoperatingprofitandadjustedsegmentoperatingprofitSegmentoperatingprofitisADM’sconsolidatedincomefromoperationsbeforeincometaxexcludingcorporateitems.Adjustedsegmentoperatingprofit,anon-GAAPmeasure,issegmentoperatingprofitexcludingspecifieditems.ManagementbelievesthatsegmentoperatingprofitandadjustedsegmentoperatingprofitareusefulmeasuresofADM’sperformancebecausetheyprovideinvestorsinformationaboutADM’sbusinessunitperformanceexcludingcorporateoverheadcostsaswellasspecifieditems.SegmentoperatingprofitandadjustedsegmentoperatingprofitarenotmeasuresofconsolidatedoperatingresultsunderU.S.GAAPandshouldnotbeconsideredalternativestoincomebeforeincometaxes,themostdirectlycomparableGAAPfinancialmeasure,oranyothermeasureofconsolidatedoperatingresultsunderU.S.GAAP.

(3) AdjustedReturnonInvestedCapital(ROIC)AdjustedROICisAdjustedROICearningsdividedbyadjustedinvestedcapital.AdjustedROICearningsisADM’snetearningsadjustedfortheafter-taxeffectsofinterestexpense,changesintheLIFOreserveandotherspecifieditems.AdjustedinvestedcapitalisthesumofADM’sequity(excludingnoncontrollinginterests)andinterest-bearingliabilitiesadjustedfortheafter-taxeffectoftheLIFOreserve,andotherspecifieditems.ManagementbelievesAdjustedROICisausefulfinancialmeasurebecauseitprovidesinvestorsinformationaboutADM’sreturnsexcludingtheimpactsofLIFOinventoryreservesandotherspecifieditemsandincreasesperiod-to-periodcomparabilityofunderlyingbusinessperformance.ManagementusesAdjustedROICtomeasureADM’sperformancebycomparingAdjustedROICtoitsweightedaveragecostofcapital(WACC).AdjustedROIC,AdjustedROICearningsandAdjustedinvestedcapitalarenon-GAAPfinancialmeasuresandarenotintendedtoreplaceorbealternativestoGAAPfinancialmeasures.

(4) AverageROICAverageROICisADM’strailing4-quarternetearningsadjustedfortheafter-taxeffectsofinterestexpenseandchangesintheLIFOreservedividedbythesumofADM’sequity(excludingnon-controllinginterests)andinterest-bearingliabilitiesadjustedfortheafter-taxeffectoftheLIFOreserve.ManagementusesaverageROICforinvestorsasadditionalinformationaboutADM’sreturns.AverageROICisanon-GAAPfinancialmeasureandisnotintendedtoreplaceorbeanalternativetoGAAPfinancialmeasures.

(5) AdjustedEconomicValueAddedAdjustedeconomicvalueaddedisADM’strailing4-quartereconomicvalueaddedadjustedforspecifieditems.TheCompanycalculateseconomicvalueaddedbycomparingADM’strailing4-quarteradjustedreturnstoitsAnnualWACCmultipliedbyadjustedinvestedcapital.Adjustedeconomicvalueaddedisanon-GAAPfinancialmeasureandisnotintendedtoreplaceorbeanalternativetoGAAPfinancialmeasures.

(6) AdjustedEBITDAAdjustedEBITDAisADM’searningsbeforetaxes,interest,anddepreciationandamortization,adjustedforspecifieditems.TheCompanycalculatesadjustedEBITDAbyremovingtheimpactofspecifieditemsandaddingbacktheamountsofinterestexpenseanddepreciationandamortizationtoearningsbeforeincometaxes.ManagementbelievesthatadjustedEBITDAisausefulmeasureoftheCompany'sperformancebecauseitprovidesinvestorsadditionalinformationabouttheCompany'soperationsallowingbetterevaluationofunderlyingbusinessperformanceandbetterperiodtoperiodcomparability.AdjustedEBITDAisanon-GAAPfinancialmeasureandisnotintendedtoreplaceorbeanalternativetoearningsbeforeincometaxes,themostdirectlycomparableGAAPfinancialmeasure.

(7) FXAdjustedRevenueFXadjustedrevenueisADM'sGAAPrevenueadjustedfortheimpactoffluctuationsinforeigncurrencyexchangerates.TheCompanycalculatesFXadjustedrevenuebyconvertingitscurrentperiodrevenueusingthepriorperiodexchangeratesandcomparingtheadjustedamounttoitspriorperiodreportedresults.ManagementbelievesprovidingFXadjustedrevenueprovidesvaluablesupplementalinformationregardingitsrevenueandfacilitatesperiod-to-periodcomparison.FXadjustedrevenueisanon-GAAPmeasureandisnotintendedtoreplaceorbeanalternativetoGAAPrevenues,themostdirectlycomparableGAAPfinancialmeasure.

Documents

First Quarter 2021 · 2021. 4. 27. · - CP outstanding 1,623 2,178 Shareholders’ equity 20,861 18,976 Memos: Available credit capacity March 31 - CP $4.9 bil $2.8 bil - Other $2.1