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1、Proprietary business information of ADM.Proprietary business information of ADM.First Quarter 2024Earnings Conference CallApril 30,2024Proprietary business information of ADM.|2This presentation contains“forward-looking statements”within the meaning of the Private Securities Litigation Reform Act of

2、 1995 that involve substantial risks and uncertainties.All statements,other than statements of historical fact included in this release,are forward-looking statements.You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts.These stateme

3、nts may include words such as“anticipate,”“estimate,”“expect,”“project,”“plan,”“intend,”“believe,”“may,”“outlook,”“will,”“should,”“can have,”“likely,”and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or

4、 other events.All forward-looking statements are subject to significant risks,uncertainties and changes in circumstances that could cause actual results and outcomes to differ materially from the forward-looking statements.These forward-looking statements are not guarantees of future performance and

5、 involve risks,assumptions and uncertainties,including,without limitation,those that are described in the Companys most recent Annual Report on Form 10-K and in other documents that the Company files or furnishes with the Securities and Exchange Commission.Should one or more of these risks or uncert

6、ainties materialize,or should underlying assumptions prove incorrect,actual outcomes may vary materially from those indicated or anticipated by such forward-looking statements.Accordingly,you are cautioned not to place undue reliance on these forward-looking statements,which speak only as of the dat

7、e they are made.Except to the extent required by law,ADM does not undertake,and expressly disclaims,any duty or obligation to update publicly any forward-looking statement after the date of this announcement,whether as a result of new information,future events,changes in assumptions or otherwise.Cau

8、tionary Note Regarding Forward-Looking StatementsProprietary business information of ADM.|3The Company uses certain“Non-GAAP”financial measures as defined by the Securities and Exchange Commission.These are measures of performance not defined by accounting principles generally accepted in the United

9、 States,and should be considered in addition to,not in lieu of,GAAP reported measures.Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this presentation.1.Adjusted net earnings and Adjusted earnings per share(EPS):Adjusted ne

10、t earnings reflects ADMs reported net earnings after removal of the effect on net earnings of specified items as more fully described in the reconciliation tables.Adjusted EPS reflects ADMs fully diluted EPS after removal of the effect on EPS as reported of specified items as more fully described in

11、 the reconciliation tables.Management believes that Adjusted net earnings and Adjusted EPS are useful measures of ADMs performance because they provide investors additional information about ADMs operations allowing better evaluation of underlying business performance and better period-to-period com

12、parability.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

13、s diluted shares outstanding for each respective period in order to arrive at an adjusted EPS amount for each specified item.2.Segment operating profit and adjusted segment operating profit:Segment operating profit is ADMs consolidated income from operations before income tax excluding corporate ite

14、ms.Adjusted segment operating profit,a non-GAAP measure,is segment operating profit excluding specified items.Management believes that segment operating profit and adjusted segment operating profit are useful measures of ADMs performance because they provide investors information about ADMs business

15、 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 c

16、omparable GAAP financial measure,or any other measure of consolidated operating results under U.S.GAAP.3.Adjusted Return on Invested Capital(ROIC):Adjusted ROIC is Adjusted ROIC earnings divided by adjusted invested capital.Adjusted ROIC earnings is ADMs net earnings adjusted for the after-tax effec

17、ts of interest expense on borrowings,changes in the LIFO reserve and other specified items.Adjusted invested capital is the sum of ADMs equity(excluding noncontrolling interests)and interest-bearing liabilities adjusted for the after-tax effect of the LIFO reserve,and other specified items.Managemen

18、t believes Adjusted ROIC is a useful financial measure because it provides investors information about ADMs returns excluding the impacts of LIFO inventory reserves and other specified items and increases period-to-period comparability of underlying business performance.Management uses Adjusted ROIC

19、 to measure ADMs 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.4.Average ROIC:Averag

20、e ROIC is ADMs trailing 4-quarter net earnings adjusted for the after-tax effects of interest expense on borrowings,and changes in the LIFO reserve divided by the sum of ADMs equity(excluding non-controlling interests)and interest-bearing liabilities adjusted for the after-tax effect of the LIFO res

21、erve.Management uses average ROIC for investors as additional information about ADMs returns.Average ROIC is a non-GAAP financial measure and is not intended to replace or be an alternative to GAAP financial measures.5.Adjusted Economic Value Added:Adjusted economic value added is ADMs trailing 4-qu

22、arter economic value added adjusted for specified items.The Company calculates economic value added by comparing ADMs trailing 4-quarter adjusted returns to its Annual WACC multiplied by adjusted invested capital.Adjusted economic value added is a non-GAAP financial measure and is not intended to re

23、place or be an alternative to GAAP financial measures.6.Adjusted EBITDA:Adjusted EBITDA is defined as earnings before interest,taxes,depreciation,and amortization,adjusted for specified items.The Company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts

24、 of interest expense on borrowings and depreciation and amortization to earnings before income taxes.Management believes that adjusted EBITDA is a useful measure of the Companys performance because it provides investors additional information about the Companys operations allowing better evaluation

25、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 net earnings,the most directly comparable GAAP financial measure.7.Forecasted GAAP Earnings Reconciliation:ADM is not pr

26、esenting forecasted GAAP earnings per diluted share or a quantitative reconciliation to forecasted adjusted earnings per diluted share in reliance on the unreasonable efforts exemption provided under Item 10(e)(1)(i)(B)of Regulation S-K.ADM is unable to predict with reasonable certainty and without

27、unreasonable effort the impact of any impairment and timing of restructuring-related and other charges,along with acquisition-related expenses and the outcome of certain regulatory,legal and tax matters.The financial impact of these items is uncertain and is dependent on various factors,including ti

28、ming,and could be material to our Consolidated Statements of Earnings.Non-GAAP Financial Measures Proprietary business information of ADM.|41.Non-GAAP measures-see notes on page 32.See earnings per share,the most directly comparable GAAP measure,on page 213.See segment operating profit as reported o

29、n page 174.Cash from operations before working capital is total operating activities of$0.7 billion plus the changes in working capital of$0.2 billionPRIVILEGED AND CONFIDENTIAL|DRAFTFinancial HighlightsAdjusted Earnings Per Share1,2$1.46Adjusted Segment Operating Profit1,3$1.3BTRAILING 4-QUARTER Ad

30、justed ROIC111.2%Reported Earnings Per Share$1.42Cash Flow from Operations Before Working Capital4$0.9BReturn of Cash to Shareholders$1.6BQ1 2024(Unless otherwise stated)Proprietary business information of ADM.|5Making Progress on Our Value Creation Priorities for the YearStrategic InitiativesStrate

31、gic Initiatives Delivered 10%volume growth in BioSolutions Exceeded 2023 regenerative ag acre target and increasing 2025 goal from 4M to 5M acres New CapacitiesNew Capacities Increased volume and utilization rate at Green Bison JVDrive for ExcellenceDrive for Excellence Nearly 1,200 initiatives in t

32、he pipeline focused on$500M in cost reduction over 2 years Operational ChangesOperational Changes Debottlenecked EMEA demand fulfillment challenges post-1ADM go-liveSimplificationSimplification Continuing SKU reduction effortsPortfolio OptimizationPortfolio Optimization M&A integration playbook driv

33、ing results ahead of model in new acquisitionsDemand CreationDemand Creation Fine-tuned go-to-market teams to better align to customer demand and drive stronger pipeline wins and conversion rates Enhanced Return of Cash to Enhanced Return of Cash to ShareholdersShareholders Completed$1B in share rep

34、urchases through the Accelerated Share Repurchase program announced in March Plan to complete over$2B in share repurchases in 2024Q1 2024 AccomplishmentsProprietary business information of ADM.|6Adjusted Earnings Per Share1(dollars per share)Adjusted Segment Operating Profit1,2(in millions of dollar

35、s)AS&O margin normalizationCarb Sol lower on pressured domestic ethanol margins1.Non-GAAP measures-see notes on page 3Lower pricing and execution margins,primarily in AS&OImprovement in AS&O volumesLower manufacturing costs in AS&O and Carb SolShare repurchases drove improvement in other2.See segmen

36、t operating profit as reported on page 17Nutrition down due headwinds in Specialty IngredientsOther business up on higher captive insuranceTotal Consolidated Operating Profit and Earnings Per ShareQ1 2024 versus Prior Year QuarterEarnings declined due to lower margins partially offset by improvement

37、s in processed volumes and costsProprietary business information of ADM.|7Risk managementGlobal Trade marginsSA origination volumes and margins$75M timing impactsNA biodiesel margins$205M timing impactsGlobal soy crush marginsManufacturing costsProcessed volumesAg Services&Oilseeds Operating ProfitQ

38、1 2024 versus Prior Year QuarterStabilization of trade flows have led to lower risk management results and Global Trade margins compared to an outsized 1Q 2023Lower South American origination volumes and margins in Ag ServicesImproved cost position and processed volumes in CrushingLower global soy c

39、rush margins partially offset by improved processed oilseeds volumesSignificant negative year-over-year timing impacts in Crushing and RPOHigher equity earnings results in WilmarSegment Operating Profit(in millions of dollars)Higher processed volumes and improved manufacturing costs partially suppor

40、ted earnings as margins declined1.2023 Ag Services&Oilseeds segment operating profits has been revised to reflect immaterial error corrections with no change to total Adjusted Segment Operating Profit.See Note 13,Segment Information of the Companys consolidated financial statements included in the Q

41、uarterly Report on Form 10-Q for the quarter ended March 31,2024.1Proprietary business information of ADM.|8In S&S,lower domestic ethanol margins and moderating margins in EMEA were partially offset by lower manufacturing and input costsIn VCP,strong export demand for sustainably certified ethanol s

42、upported strong volumes and improved marginsManufacturing costsDomestic ethanol marginsEMEA marginsExport ethanol volumes and marginsCarbohydrate Solutions Operating ProfitQ1 2024 versus Prior Year QuarterSegment Operating Profit(in millions of dollars)Lower manufacturing costs partially offset lowe

43、r domestic ethanol margins and lower EMEA margins1.2023 Carbohydrate Solutions segment operating profits has been revised to reflect immaterial error corrections with no change to total Adjusted Segment Operating Profit.See Note 13,Segment Information of the Companys consolidated financial statement

44、s included in the Quarterly Report on Form 10-Q for the quarter ended March 31,2024.1Proprietary business information of ADM.|9Nutrition RevenueQ1 2024 versus Prior Year QuarterOverall,Nutrition revenue declined 1%In Human Nutrition,recent M&A and strong Flavors performance more than offset lower vo

45、lumes in plant-based proteins and lower texturants pricingIn Animal Nutrition,lower price and mix was partially offset by currency benefitsSegment Revenue(in millions of dollars)M&A contributionsPlant-based protein volumes Texturants pricing Flavors price/mix and volumesNutrition revenue declined du

46、e to headwinds in Specialty Ingredients and lower pricing in Animal NutritionPrice/mixFXProprietary business information of ADM.|10Segment Operating Profit(in millions of dollars)Nutrition Operating ProfitQ1 2024 versus Prior Year QuarterFlavors operating profit was down slightly relative to last ye

47、ar as demand fulfillment challenges in EMEA offset volume and price improvement in NAIn Specialty Ingredients,unplanned downtime at Decatur East resulted in higher fixed cost absorption Lower texturants pricing due to market normalization was a headwind to Specialty Ingredients operating profit in t

48、he quarterIn Animal Nutrition,cost optimization actions and lower commodity prices supported improved margins,partially offsetting lower volumesHeadwinds from Specialty Ingredients business led to significant decline in operating profitUnplanned downtime at Decatur EastTexturants pricingMarginsVolum

49、es1.2023 Nutrition segment operating profits has been revised to reflect immaterial error corrections with no change to total Adjusted Segment Operating Profit.See Note 13,Segment Information of the Companys consolidated financial statements included in the Quarterly Report on Form 10-Q for the quar

50、ter ended March 31,2024.1Proprietary business information of ADM.|11Other Business Results and CorporateQ1 2024 versus Prior Year Quarter Increased spend related to 1ADM to support digital transformation and legal feesOther includes impacts of$18M related to valuation losses associated with ADM Vent

51、ures investmentsCaptive Insurance results supported by higher program premiums and lower claimsOther Business Segment Operating Profit(in millions of dollars)Corporate and Other Costs(in millions of dollars)Proprietary business information of ADM.|12Cash Flow from Operations and Cash Deployment Cash

52、 from Operations Before Working Capital1(in billions of dollars)Q1 2023$1.3BQ1 2024$0.9B1.Cash from operations before working capital is total operating activities of$0.7 billion plus the changes in working capital of$0.2 billionQ1 2024 versus Prior Year Cash Deployment(in billions of dollars)Q1 202

53、3Q1 2024Share Repurchase$1.3B$0.3BDividendCapex$0.3BShare Repurchase$0.4B$0.2BDividendCapex$0.3B$0.9B$1.9BContinued strong cash flow creates opportunity to return excess cash to shareholdersProprietary business information of ADM.|13MetricFY 2023FY 2024 Guidance1Q1 2024Adjusted EPS1,3$6.98$5.25$6.25

54、$1.46Corporate Costs*$1.6 billion$1.8 billion$426 millionCorporate Net Interest Expense$431 million$525 million$110 millionCapital Expenditures$1.5 billion$1.3 billion$328 millionDepreciation&Amortization$1.1 billion$1.2 billion$280 millionEffective Tax Rate19.3%18%21%18.8%Diluted Weighted Avg.Share

55、s Outstanding542 million shares495 million shares513 million sharesAdjusted Net Debt2/Adjusted EBITDA10.9x1.5x 2.0 x1.5x*includes corporate net interest expense1.Non-GAAP measures-see notes on page 32.see calculation on page 253.See earnings per share,the most directly comparable GAAP measure,on pag

56、e 21Consolidated OutlookProprietary business information of ADM.|14Operating ProfitQ2 2024FY 2024Full Year Planning AssumptionsAS&OExpect to be significantly lower versus prior yearExpect to be lower versus prior yearAnticipate easing global supply environment with another year of strong South Ameri

57、can cropsExpect global soybean crush margin in the range of$35/metric ton to$60/metric tonExpect operational excellence leading to mid to high single digit processed volume improvementExpect significantly lower biodiesel margins Carbohydrate SolutionsExpect to be slightly higher versus prior yearExp

58、ect to be slightly lower versus prior yearStrong volumes and lower energy costs to support margin expansion in starches and sweetenersExpect lower wheat milling marginsRobust export opportunities in ethanol,but lower domestic marginsNutritionExpect to be lower versus prior yearExpect to be higher ve

59、rsus prior yearExpect mid-single digit revenue growth,led by strong pipeline conversionTexturants market normalization expected to be a headwindSegment OutlookQ2 2024 and FY 2024Proprietary business information of ADM.|1516AppendixProprietary business information of ADM.|17Quarter Ended Mar.31Quarte

60、r Ended Mar.31(Amounts in millions)2024202420232023ChangeChangeTotal Segment Operating Profit$1,311$1,719$(408)Specified items:(Gain)loss on sale of assets(1)1 Impairment and restructuring charges6 7(1)Adjusted Segment Operating Profit(1)(2)$1,317$1,725$(408)Ag Services and Oilseeds$864$1,211$(347)A

61、g Services232 348(116)Crushing313 427(114)Refined Products and Other170 327(157)Wilmar149 109 40 Carbohydrate Solutions$248$279$(31)Starches and Sweeteners261 313(52)Vantage Corn Processors(13)(34)21 Nutrition$84$138$(54)Human Nutrition76 138(62)Animal Nutrition8 8 Other Business$121$97$24 Total Seg

62、ment Operating Profit$1,311$1,719$(408)Corporate$(426)$(322)$(104)Interest expense net(110)(103)(7)Unallocated corporate costs(304)(248)(56)Other 24(24)Specified Items:Gain on debt conversion option 5(5)Restructuring charges(12)(12)Earnings Before Income Taxes$885$1,397$(512)Segment Operating Profit

63、 and Corporate Results1.Non-GAAP measure-see notes on page 32.Adjusted segment operating profit equals total segment operating profit excluding specified items.Proprietary business information of ADM.|18MarchMarch 3131(Amounts in millions)2022024 42022023 3Cash(1)$830$899 Net property,plant,and equi

64、pment10,596 10,071 Operating working capital(2)10,181 13,457-Total inventories11,634 14,771 Total debt9,980 10,506-CP outstanding884845 Shareholders equity23,232 24,896 MemosMemosAvailable credit capacity March 31-CP$4.1 bil$4.2 bil-Other$4.7 bil$4.7 bil Readily marketable inventory$6.7 bil$9.2 bil

65、Balance Sheet Highlights1.Cash=cash and cash equivalents and short-term marketable securities 2.Current assets(excluding cash and cash equivalents and short-term marketable securities less current liabilities(excluding short-term debt and current maturities of long-term debt).Proprietary business in

66、formation of ADM.|19Three Months Ended Mar.31Three Months Ended Mar.31(Amounts in millions)2024202420232023Cash from operations before working capital changes$882$1,310 Changes in working capital(182)(2,920)Purchases of property,plant,and equipment(328)(327)Net assets of businesses acquired(915)Sub-

67、total(543)(1,937)Other investing activities 13(1)Debt increase/(decrease)1,619 1,304 Dividends(257)(248)Stock buyback(1,327)(351)Other(50)(113)Increase(decrease)in cash,cash equivalents,restricted cash,and restricted cash equivalents$(545)$(1,346)Cash Flow HighlightsProprietary business information

68、of ADM.|20GAAP Statement of Earnings SummaryQuarter Ended Mar.31Quarter Ended Mar.31(Amounts in millions except per share data)2024202420232023ChangeChangeRevenues$21,847$24,072$(2,225)Gross profit1,6592,080(421)Selling,general and administrative expenses95188170 Asset impairment,exit,and restructur

69、ing charges18711 Equity in(earnings)losses of unconsolidated affiliates(212)(174)(38)Interest and investment income(123)(134)11 Interest expense16614719 Other(income)expense net(26)(44)18 Earnings before income taxes8851,397(512)Income tax expense(benefit)166225(59)Net earnings including noncontroll

70、ing interests7191,172(453)Less:Net earnings(losses)attributable to noncontrolling interests(10)2(12)Net earnings attributable to ADM$729$1,170$(441)Earnings per share(fully diluted)$1.42$2.12$(0.70)Proprietary business information of ADM.|21Reconciliation of Adjusted Earnings Per Share(EPS)1.Non-GAA

71、P measure-see notes on page 3Quarter Ended Mar.3120242023In millionsPer shareIn millionsPer shareNet earnings and EPS(fully diluted)as reported$729$1.42$1,170$2.12 AdjustmentsAdjustments(Gain)loss on sales of assets(1)Impairment and restructuring charges180.0350.01Gain on debt conversion option(5)(0

72、.01)Tax adjustment30.01(18)(0.03)Adjusted net earnings and adjusted EPS(non-GAAP)(1)$750$1.46$1,151$2.09 Proprietary business information of ADM.|22Q1 CY24Q1 CY24Trailing 4Q Average Adjusted ROIC(1)(2)11.2%Annual WACC8.00%Trailing 4Q Average Adjusted EVA$1.1B Long-Term WACC7.0%Trailing 4Q Average RO

73、IC(1)(3)10.2%ROIC versus WACCLT ROIC Objective:10%1.Non-GAAP measure-see notes on page 32.Adjusted for LIFO and specified items see notes on page 33.Adjusted for LIFO see notes on page 3Proprietary business information of ADM.|23Adjusted ROIC EarningsAdjusted ROIC Earnings(1)(1)(Amounts in millions)

74、Four Quarters Four Quarters Ended Ended Quarter EndedQuarter EndedJun.30,2023Jun.30,2023Sep.30,2023Sep.30,2023Dec.31,2023Dec.31,2023Mar.31,2024Mar.31,2024Mar.31,2024Mar.31,2024Net earnings attributable to ADM$927$821$565$729$3,042 AdjustmentsInterest expense124 97 109 115 445 Other adjustments130 76

75、 167 21 394 Total adjustments254 173 276 136 839 Tax on adjustments(52)(40)(38)(27)(157)Net adjustments202 133 238 109 682 Total Adjusted ROIC Earnings$1,129$954$803$838$3,724 Adjusted Invested CapitalAdjusted Invested Capital(1)(1)(Amounts in millions)Trailing Trailing Four QuarterFour QuarterAvera

76、ge Average Quarter EndedQuarter EndedJun.30,2023Jun.30,2023Sep.30,2023Sep.30,2023Dec.31,2023Dec.31,2023Mar.31,2024Mar.31,2024Equity(2)$24,939$25,228$24,132$23,219$24,380+Interest-bearing liabilities(3)8,675 8,346 8,370 9,995 8,847+Other adjustments(net of tax)108 59 155 21 86 Total Adjusted Invested

77、 Capital$33,722$33,633$32,657$33,235$33,313 Reconciliation of Return on Invested Capital1.Non-GAAP measure see notes on page 32.Excludes noncontrolling interests 3.Includes short-term debt,current maturities of long-term debt,finance lease obligations,and long-term debtProprietary business informati

78、on of ADM.|24Adjusted EBITDAAdjusted EBITDA(1)(1)(Amounts in millions)Four Quarters Four Quarters Ended Ended Quarter EndedQuarter EndedJun.30,2023Jun.30,2023Sep.30,2023Sep.30,2023Dec.31,2023Dec.31,2023Mar.31,2024Mar.31,2024Mar.31,2024Mar.31,2024Net earnings$927$821$565$729$3,042 Net earnings attrib

79、utable to noncontrolling interests1 3(23)(10)(29)Income tax expense204 207 192 166 769 Interest expense124 97 109 115 445 Depreciation and amortization262 261 277 280 1,080 EBITDA1,5181,3891,1201,2805,307(Gain)loss on sales of assets and businesses(11)2(7)(16)Impairment and restructuring charges and

80、 settlement contingencies117 71 172 18 378Railroad maintenance expense2 26 39 67 Expenses related to acquisitions3 3 1 7 Adjusted EBITDA$1,629$1,491$1,325$1,298$5,743 Adjusted EBITDAAdjusted EBITDA(1)(1)by Segmentby Segment(Amounts in millions)Four QuartersFour QuartersEndedEndedQuarter EndedQuarter

81、 EndedJun.30,2023Jun.30,2023Sep.30,2023Sep.30,2023Dec.31,2023Dec.31,2023Mar.31,2024Mar.31,2024Mar.31,2024Mar.31,2024Ag Services and Oilseeds$1,143$937$1,053$959$4,092 Carbohydrate Solutions397 546 387 325 1,655 Nutrition237 197 58 158 650 Other Business84 44 143 119 390 Corporate(232)(233)(316)(263)

82、(1,044)Adjusted EBITDA$1,629$1,491$1,325$1,298$5,743 Reconciliation of Adjusted Earnings Before Interest,Taxes,and Depreciation and Amortization(EBITDA)(1)Four Quarters Ended March 31,20241.Non-GAAP measure see notes on page 3Proprietary business information of ADM.|25Adjusted Net DebtAdjusted Net D

83、ebtMarch 31March 31(Amounts in millions)2024202420232023Short-term debt$1,734$1,809 Current maturities of long-term debt1 952 Long-term debt8,245 7,745 Total Debt9,980 10,506 Cash and cash equivalents(830)(899)Net Debt$9,150$9,607 Adjustments:Readily marketable inventories(RMI)$(6,707)$(9,157)x RMI

84、factor40%40%RMI adjustment(2,683)(3,663)Accounts receivable transferred against the securitization programs facility2,271 2,630 Total adjustments$(412)$(1,033)Adjusted Net Debt$8,738$8,574 Trailing Four Quarters Adjusted EBITDA(1,2)$5,743$6,951 Adjusted Net Debt/Adjusted EBITDA1.5x1.2xReconciliation of Adjusted Net Debt to Total Debt and to Adjusted EBITDA1.Non-GAAP measure-see notes on page 32.See net earnings,the most directly comparable GAAP measure,reconciliation on page 24