Estee Lauder : 2024 Q3 Earnings Release

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THE ESTÉE LAUDER COMPANIES REPORTS FISCAL 2024 THIRD QUARTER RESULTS

Net Sales Increased 5% and Diluted EPS Increased to $.91

Organic Net Sales1 Grew 6% and Adjusted Diluted EPS Increased to $.97

Asia Travel Retail Returned to Net Sales Growth

Affirms Inflection Point of Net Sales Growth and Profitability in the Second Half

New York, May 1, 2024 - The Estée Lauder Companies Inc.(NYSE: EL) today reported net sales of $3.94 billion for its third quarter ended March 31, 2024, an increase of 5% from $3.75 billion in the prior-year period. Organic net sales increased 6% primarily due to double-digit growth in Europe, the Middle East

• Africa ("EMEA"), driven by stronger sales in Asia travel retail. The growth in Asia travel retail was driven by higher shipments reflecting significant sequential improvement in retail sales trends and continued progress in achieving targeted retailer inventory levels as well as lower shipments in the prior- year period due, in part, to transitory headwinds. The growth in organic net sales also reflected increases in several developed and emerging markets in Asia/Pacific, The Americas and EMEA, including strong double-digit growth in the Company's Priority Emerging Markets2. Net sales increased in nearly all product categories, led by the return to high-single-digit growth in Skin Care.

The Company reported net earnings of $330 million, compared with net earnings of $156 million in the prior-year period. The Company's reported effective tax rate was 31.1% in the quarter compared to the elevated rate in the prior-year period of 44.6%. The decrease in the effective tax rate was primarily driven by a lower effective tax rate on the Company's foreign operations due to the timing of the estimated change in the Company's full year geographical mix of earnings in the current and prior-year periods, partially offset by the unfavorable impact associated with previously issued stock-based compensation. Diluted net earnings per common share was $.91, compared with $.43 reported in the prior-year period. Excluding restructuring and other charges and adjustments as detailed on page 2, adjusted diluted net earnings per common share increased to $.97. The fiscal 2024 third quarter impact of business disruptions in Israel and other parts of the Middle East was $.01 dilutive to reported and adjusted net earnings per common share.

Fabrizio Freda, President and Chief Executive Officer said, "For the third quarter of fiscal 2024, we delivered our organic sales outlook, exceeded expectations for profitability and continued to improve working capital. La Mer, Estée Lauder, Jo Malone London, Le Labo, and The Ordinary led organic sales growth, driven by beloved hero products and highly sought innovation. Asia travel retail returned to organic sales growth, as developed and emerging markets across Asia/Pacific, EMEA, and Latin America further contributed.

1Organic net sales represents net sales excluding returns associated with restructuring and other activities; non-comparable impacts of acquisitions, divestitures and brand closures; as well as the impact from foreign currency translation. The Company believes that the Non-GAAP measure of organic net sales growth provides year-over-year sales comparisons on a consistent basis. See page 2 for reconciliations to GAAP.

2The Company's Priority Emerging Markets by geographic region: The Americas: Brazil and Mexico; EMEA: India, the Middle East, Turkey and South Africa;

and Asia/Pacific: Thailand, Malaysia, Vietnam, Indonesia and the Philippines.

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During the second half of fiscal 2024, we have strategically expanded our consumer reach in exciting ways, from Clinique's debut on the U.S. Amazon Premium Beauty store, which has greatly exceeded our retail sales expectations thus far, to striking new flagship stores in Asia/Pacific for Jo Malone London and Le Labo. We have also made progress across all work streams for the Profit Recovery Plan, setting the stage to deliver its $1.1 to $1.4 billion of incremental operating profit in fiscal years 2025 and 2026 while also generating funds to reinvest into our brands and consumer-facing initiatives to accelerate sustainable sales and profit growth as a faster and leaner organization."

Freda emphasized, "With our third quarter results and fourth quarter outlook, we are confident that the second half of fiscal 2024 will prove to be an inflection point for our Company performance. We expect accelerating momentum in organic sales growth in the fourth quarter, and for operating margin in the second half of fiscal 2024 to not only be stronger than the first half but also to expand from the year-ago period."

Fiscal 2024 Third Quarter Results

Reported net sales increased 5%, including royalty revenue from the fiscal 2023 fourth quarter acquisition of the TOM FORD brand and the impact from foreign currency translation.

Reconciliation between GAAP and Non-GAAP Net Sales Growth

(Unaudited)

	Three Months Ended
	March 31, 2024(1)
As Reported - GAAP	5.0 %
Impact of royalty revenue from the acquisition of the TOM FORD brand	(0.4)
Impact of foreign currency translation	1.4
Returns associated with restructuring and other activities	(0.1)
Organic, Non-GAAP	5.9 %

(1)Percentages are calculated on an individual basis

Adjusted diluted net earnings per common share excludes restructuring and other charges and adjustments as detailed in the following table.

Reconciliation between GAAP and Non-GAAP - Diluted Net Earnings Per Common Share ("EPS")

(Unaudited)

		Three Months Ended
		March 31
		2024		2023	Growth
As Reported EPS - GAAP	$	.91	$	.43	100+%
Non-GAAP
Restructuring and other charges		.04		.04
Change in fair value of acquisition-related stock options (less the portion attributable to		.02		-
redeemable noncontrolling interest)
Adjusted EPS - Non-GAAP	$	.97	$	.47	100+%
Impact of foreign currency translation on earnings per share		.05
Adjusted Constant Currency EPS - Non-GAAP	$	1.02	$	.47	100+%

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Total reported operating income was $531 million, a 79% increase from $297 million in the prior-year period. In constant currency, adjusted operating income increased 83%, primarily reflecting higher net sales and lower cost of sales, excluding the following items:

• Fiscal 2024 third quarter: $23 million restructuring and other charges and adjustments.
• Fiscal 2023 third quarter: $19 million of restructuring and other charges and adjustments.
• The unfavorable impact of foreign currency translation of $25 million.

During the fiscal 2024 second quarter, the Company identified and corrected prior-period misclassifications of net sales and operating income between certain of its product categories. As a result, product category net sales and operating income have been adjusted from the amounts previously reported for the three and nine months ended March 31, 2023 for comparability purposes. Presentation of product category net sales and operating income for the fiscal years ended June 30, 2023 and 2022, will also be adjusted to reflect the misclassifications arising in those periods for comparability purposes within the prospective filing. The misclassifications had no impact on the current-period or prior-period consolidated statements of earnings, consolidated statements of comprehensive income, consolidated balance sheets, or the consolidated statements of cash flows, and the Company determined that the impact on its current-period and previously issued financial statements for the respective periods was not material. See the Q2 Quarterly Earnings section of the Company's website for supplemental information relating to the impacts of these misclassifications.

Results by Product Category

(Unaudited)

				Three Months Ended March 31
	Net Sales		Percentage Change(1)			Operating	Percentage
									Income (Loss)	Change
				Impact of
				Royalty		Impact of
				Revenue		Organic
			Reported		Foreign					Reported
	2024	2023	from the		Net Sales		2024		2023
	Basis		Currency			Basis
			Acquisition		(Non-GAAP)
					Translation
				of the TOM
($ in millions)				FORD Brand
Skin Care	$ 2,060	$ 1,915	8 %	- %		2 %	9 %	$	468	$	269	74 %
Makeup	1,136	1,104	3	-		1	4		66		(5)	100+
Fragrance	575	577	-	-		1	1		29		66	(56)
Hair Care	143	148	(3)	-		(1)	(4)		(25)		(24)	(4)
Other	26	11	100+	(100+)		9	-		11		9	22
Subtotal	$ 3,940	$ 3,755	5 %	- %		1 %	6 %	$	549	$	315	74 %
Returns/charges
associated with
restructuring and	-	(4)							(18)		(18)
other activities
Total	$ 3,940	$ 3,751	5 %	- %		1 %	6 %	$	531	$	297	79 %
Non-GAAP Adjustments to As Reported Operating Income:
Returns/charges associated with restructuring and other activities				18		18
Skin Care - Changes in fair value of acquisition-related stock options			5		1
Adjusted Operating Income - Non-GAAP					$	554	$	316	75 %

(1)Percentages are calculated on an individual basis. Refer to the Reconciliation between GAAP and Non-GAAP Net Sales Growth on page 2 for additional detail on the organic impacts to reported net sales.

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The product category net sales commentary below reflects organic performance, which excludes the negative (positive) impacts reflected in the preceding table.

Skin Care

• Skin Care net sales increased 9%, due to growth in every geographic region. Double-digit growth in EMEA was driven by stronger sales in Asia travel retail. The growth in Asia travel retail was driven by higher shipments reflecting significant sequential improvement in retail sales trends and continued progress in achieving targeted retailer inventory levels as well as lower shipments in the prior-year period due, in part, to transitory headwinds.
• Net sales from La Mer rose strong double digits globally, driven by double-digit growth in EMEA and Asia/Pacific, benefiting from continued strength from hero products, including The Treatment Lotion, Crème de la Mer and The Concentrate, and new product innovation, such as The Moisturizing Fresh Cream.
• Estée Lauder net sales grew mid-single digits, primarily due to the Advanced Night Repair and Revitalizing Supreme product franchises and benefiting from new product innovation, including Re-Nutriv Ultimate Diamond Transformative Brilliance Soft Creme Moisturizer primarily in mainland China.
• Skin Care operating income increased, primarily reflecting the growth in net sales as well as the decrease in obsolescence charges compared to the prior-year period primarily due to less inventory on hand reflecting the Company's progress to reduce excess.

Makeup

• Makeup net sales increased 4%, primarily benefiting from growth in the Company's travel retail business as well as strong double-digit growth in Latin America and Korea. Partially offsetting these increases was a benefit in the prior-year period as a result of changes to M·A·C's take-back loyalty program.
• Estée Lauder net sales grew strong double digits, reflecting growth across all geographic regions and continued success from the Double Wear product franchise.
• Net sales from Clinique rose double digits globally, with growth across all geographic regions, benefiting from continued strength across the eye, face and lip subcategories.
• Makeup operating results increased, primarily reflecting net sales growth and disciplined expense management.

Fragrance

• Fragrance net sales grew 1%. Net sales from the Company's luxury brands increased mid-single digits, reflecting growth across all geographic regions, partially offset by a decline from Estée Lauder.
• Jo Malone London net sales increased high-single digits, led by strong double-digit growth in EMEA and The Americas, primarily driven by hero product franchises, including English Pear and Wood Sage & Sea Salt and new product innovation, such as Red Hibiscus.
• Net sales from Le Labo rose strong double digits globally and in Asia/Pacific, primarily driven by continued success of hero product franchises, such as Santal 33 and Another 13, and benefited from targeted expanded consumer reach globally.
• Estée Lauder net sales declined, primarily due to softer retail sales during holiday and key shopping moments that led to lower shipments for replenishment orders compared to the prior- year period.
• Fragrance operating income declined, primarily driven by strategic investments, including for targeted expanded consumer reach globally as well as advertising and promotional activities, to support growth of the Company's luxury brands.

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Hair Care

• Hair Care net sales decreased 4%, primarily driven by Aveda reflecting softness in the Company's North America salon channel.
• Hair Care operating results decreased, driven by the decline in net sales, partially offset by disciplined expense management.

Results by Geographic Region

(Unaudited)

				Three Months Ended March 31
	Net Sales		Percentage Change(1)			Operating	Percentage
								Income (Loss)	Change
				Impact of
				Royalty	Impact of
				Revenue	Organic
			Reported	Foreign					Reported
	2024	2023	from the	Net Sales		2024		2023
	Basis	Currency			Basis
			Acquisition of	(Non-GAAP)
				Translation
($ in millions)				the TOM
			FORD Brand
The Americas	$ 1,117	$ 1,089	3 %	(1) %	- %	1 %	$	(6)	$	(93)	94 %
Europe, the
Middle East &	1,647	1,474	12	-	-	12		302		176	72
Africa
Asia/Pacific	1,176	1,192	(1)	-	5	3		253		232	9
Subtotal	$ 3,940	$ 3,755	5 %	- %	1 %	6 %	$	549	$	315	74 %
Returns/charges
associated with
restructuring and	-	(4)						(18)		(18)
other activities
Total	$ 3,940	$ 3,751	5 %	- %	1 %	6 %	$	531	$	297	79 %
Non-GAAP Adjustments to As Reported Operating Income:
Returns/charges associated with restructuring and other activities				18		18
The Americas - Changes in fair value of acquisition-related stock options			5		1
Adjusted Operating Income - Non-GAAP				$	554	$	316	75 %

(1)Percentages are calculated on an individual basis. Refer to the Reconciliation between GAAP and Non-GAAP Net Sales Growth on page 2 for additional detail on the organic impacts to reported net sales.

The geographic region net sales commentary below reflects organic performance, which excludes the negative/(positive) impacts reflected in the preceding table.

The Americas

• Net sales increased 1%. In Latin America, net sales grew double digits and were flat in North America.
• In Latin America, net sales continued to be fueled by strong double-digit growth in Mexico and Brazil, particularly in Makeup.
• Net sales performance in North America reflected growth in Fragrance, led by the Company's luxury brands, and in Skin Care, led by Estée Lauder and The Ordinary, offset by declines in Makeup, attributed to a benefit in the prior-year period as a result of changes to M·A·C's take- back loyalty program, and in Hair Care, due to Aveda softness as previously mentioned. The performance in North America also reflected double-digit growth in specialty-multi, partially offset by declines in other channels of distribution, primarily department stores. Online net sales

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in the fiscal 2024 third quarter benefited from Clinique's launch on the U.S. Amazon Premium Beauty store.

• Operating results in The Americas increased, primarily reflecting $86 million of higher intercompany royalty income due to the increase in income from the Company's travel retail business and higher net sales, partially offset by strategic investments in advertising and promotional activities to accelerate growth. The increase also reflects an unfavorable year-over- year comparison in adjustments to stock-based compensation expense related to the Company's performance share awards.

Europe, the Middle East & Africa

• Net sales increased 12%, primarily due to the Company's travel retail business, reflecting double- digit growth in Skin Care and Makeup.
• Travel retail net sales increased strong double digits, led by double-digit growth in Skin Care and Makeup, driven by stronger sales in Asia travel retail. The growth in Asia travel retail was driven by higher shipments reflecting significant sequential improvement in retail sales trends and continued progress in achieving targeted retailer inventory levels as well as lower shipments in the prior-year period due, in part, to transitory headwinds.
• Net sales in the Company's Priority Emerging Markets in the region increased strong double digits, while net sales growth was flat in the developed markets, reflecting increases in Nordic, Italy and Germany, offset by declines in other markets, led by the United Kingdom.
• Operating income increased, driven by higher net sales and disciplined expense management, partially offset by $86 million of higher intercompany royalty expense due to the increase in income from the Company's travel retail business.

Asia/Pacific

• Net sales increased 3%, led by Hong Kong SAR, mainland China and Japan, reflecting growth in Skin Care and Fragrance.
• In Hong Kong SAR, net sales rose strong double digits, led by Skin Care, driven by the increase in traveling consumers compared to the prior-year period. This increase led to growth in the Company's freestanding stores that more than doubled.
• Mainland China net sales grew low single digits, due to strong double-digit growth in January 2024 compared to the prior-year period, which was challenged by a rise in COVID-19 cases. This growth was partially offset by the ongoing softness in overall prestige beauty in mainland China reflecting subdued consumer confidence and softness during holiday and key shopping moments.
• Net sales in Japan increased double digits, led by double-digit growth in Fragrance, driven by domestic and traveling consumers, which fueled growth in nearly all channels of distribution, led by freestanding stores.
• Operating income increased, primarily driven by disciplined expense management, partially offset by strategic investments to support distribution expansion of the Company's freestanding stores.

Nine-Months Results

• For the nine months ended March 31, 2024, the Company reported net sales of $11.74 billion, a 5% decrease compared with $12.30 billion in the prior-year period. Organic net sales decreased 5%, primarily driven by Asia travel retail and mainland China.
• The Company's reported effective tax rate was 33.9% for the nine months ended March 31, 2024, compared to 27.9% in the prior-year period. The increase in rate reflects a higher effective

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tax rate on the Company's foreign operations, due to the change in the Company's geographical mix of earnings for fiscal 2024, as well as the unfavorable impact from previously issued stock- based compensation.

• Net earnings were $674 million, and diluted net earnings per common share was $1.87. In the prior-year nine months, the Company reported net earnings of $1,039 million and diluted net earnings per common share of $2.88.
• During the nine months ended March 31, 2024, the Company recorded restructuring and other charges and change in fair value of acquisition-related stock options, that, combined, resulted in an unfavorable impact of $36 million ($29 million less the portion attributable to redeemable noncontrolling interest and net of tax), equal to $.08 per diluted share, as detailed on page 15. The cybersecurity incident disclosed in July 2023 was dilutive to fiscal 2024 year-to-date net earnings per common share by $.08. The prior-year period results include restructuring and other charges, other intangible asset impairments, and change in fair value of acquisition-related stock options, that, combined, resulted in an unfavorable impact of $238 million ($182 million less the portion attributable to redeemable noncontrolling interest and net of tax), equal to $.50 per diluted share.
• Excluding restructuring and other charges and adjustments referred to in the previous bullet, adjusted diluted net earnings per common share for the nine months ended March 31, 2024 was $1.95, and declined 40% in constant currency. For the nine months ended March 31, 2024, the unfavorable impact of foreign currency translation on adjusted diluted net earnings per common share was $.08.

Cash Flows

• For the nine months ended March 31, 2024, net cash flows provided by operating activities were $1.47 billion, compared with $1.02 billion in the prior-year period. This increase reflects lower working capital, primarily due to the improvement in inventory, partially offset by lower earnings before taxes.
• Capital Expenditures increased to $702 million from $652 million in the prior-year period primarily due to timing of payments relating to the manufacturing facility in Japan as it nears completion.
• The Company ended the quarter with $3.70 billion in cash and cash equivalents and paid dividends of $0.71 billion.
• In February 2024, the Company completed a public offering of $650 million aggregate principal amount of its 5.000% Senior Notes. The Company intends to use the net proceeds from this offering for general corporate purposes, which may include funding a portion of the purchase price for the remaining interest in DECIEM.

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Outlook for Fiscal 2024 Fourth Quarter and Full Year

The Company remains focused on re-establishing sustainable, profitable long-term growth across regions, product categories, brands and channels. Given the Company's fiscal 2024 third quarter results and fourth quarter outlook, it remains confident in its renewed net sales and profit growth trajectory. For the full-year fiscal 2024 outlook, amid ongoing macroeconomic headwinds, including continued softness in overall prestige beauty in mainland China, and geopolitical volatility in some areas around the world, the Company is reducing its organic net sales outlook range and both increasing and tightening its adjusted diluted net earnings per common share range, partially offset by an expected unfavorable impact from foreign currency translation. With these revisions, the Company is maintaining its adjusted full-year operating margin outlook.

The Company plans to continue to strategically invest in consumer-facing activities in areas to support sales growth, share gains and long-term profitable growth. These investments include innovation, advertising, growth of its emerging markets and the completion of its first manufacturing facility in Asia, located in Japan, to support the development of the regionalization of the supply chain in the Asia/ Pacific region.

Leveraging the progress the Company has made through the fiscal 2024 third quarter, its full year outlook reflects the following assumptions and expectations:

• Acceleration of organic net sales growth in the fiscal 2024 fourth quarter and high-single-digit growth in the second half.
• In Asia travel retail, a continuation of net sales growth in the fiscal 2024 fourth quarter, as well as investments to drive retail sales, following meaningful progress made through the third quarter.
• Clinique doubling down in Active Derma with new campaigns in the United States and the United Kingdom in the second half of fiscal 2024.
• Gross margin expansion in the second half of fiscal 2024 compared to the prior-year period.
• Stronger operating margin in the second half of fiscal 2024 compared to the first half, with expansion compared to the prior-year period.
• Full year effective tax rate of approximately 35%, largely due to the estimated geographical mix of earnings in fiscal 2024.
• Improvements in the Company's inventory balance and days to sell for fiscal year 2024.

Fiscal 2025 and 2026 Profit Recovery Plan

The Company is in the initial stages of executing its Profit Recovery Plan to rebuild stronger, more sustainable profitability, support sales growth acceleration and increase speed and agility. The plan is designed to improve gross margin, lower the cost base, and reduce overhead expenses, while increasing investments in key consumer-facing activities. Upon completion of this plan, the Company expects to have improved its gross margin and expense base to drive greater operating leverage for the future.

The Company continues to expect to drive incremental operating profit through the initiatives in the Profit Recovery Plan of $1.1 billion to $1.4 billion, including net benefits from the restructuring program. The plan is anticipated to enable the realization of nearly all of the expected benefits in fiscal years 2025 and 2026, slightly more than half of which is expected to benefit fiscal 2025 operating profitability.

The Company remains optimistic about the long-term prospects and future growth opportunities in global prestige beauty. As part of this plan, the Company expects to increase its investments in the strong equity and desirability of its brands to drive sustainable growth, and believes it is well-positioned to drive better diversified growth across its portfolio.

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The Company continues to monitor the effects of the global macro environment, including the risk of recession; currency volatility; inflationary pressures; supply chain challenges; social and political issues; regulatory matters, including the imposition of tariffs and sanctions; geopolitical tensions; and global security issues. The Company is also mindful of inflationary pressures on its cost base and is monitoring the impact on consumer preferences.

Fourth Quarter Fiscal 2024

Sales Outlook

• Reported net sales are forecasted to increase between 5% and 9% versus the prior-year period.
• • Currency exchange rates are volatile and difficult to predict. Using March 29, 2024 spot rates for the fourth quarter of fiscal 2024, the Company expects a 1% headwind due to foreign currency translation.
• Organic net sales are forecasted to increase between 6% and 10%.

Earnings per Share Outlook

• Reported diluted net earnings per common share are projected to be between $.11 and $.22. Excluding restructuring and other charges and adjustments, diluted net earnings per common share are projected to be between $.18 and $.28.
• • The combined impact from the increases in the Company's net interest expense and effective tax rate is expected to dilute net earnings per common share by $.21.
  • The Company expects to take charges associated with previously approved restructuring and other activities. For the Restructuring Program Component of the Profit Recovery Plan, the charges are estimated to be between approximately $25 million to $30 million, equal to $.05 to $.06 per diluted common share.
  • The potential risks of further business disruptions in Israel and other parts of the Middle East are expected to have a dilutive impact to net earnings per common share of $.03.
• Adjusted diluted net earnings per common share are expected to increase over 100% and range between $.19 and $.29 on a constant currency basis.
• • Currency exchange rates are volatile and difficult to predict. Using March 29, 2024 spot rates for fiscal 2024, the foreign currency translation impact equates to about $.01 of dilution to earnings per common share.

Full Year Fiscal 2024

Sales Outlook

• Reported net sales are forecasted to decrease between 3% and 2% versus the prior-year period.
• • Currency exchange rates are volatile and difficult to predict. Using March 29, 2024 spot rates for the full year, the Company expects a 1% headwind due to foreign currency translation.
• Organic net sales are forecasted to decrease between 2% and 1%.

Earnings per Share Outlook

• Reported diluted net earnings per common share are projected to be between $1.96 and $2.09. Excluding restructuring and other charges and adjustments, diluted net earnings per common share are projected to be between $2.14 and $2.24.

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• • The combined impact from the increases in the Company's net interest expense and effective tax rate is expected to dilute net earnings per common share by $.48.
  • The Company expects to take charges associated with previously approved restructuring and other activities. For the Restructuring Program Component of the Profit Recovery Plan, the charges are estimated to be between approximately $45 million to $55 million, equal to $.10 to $.12 per diluted common share.
  • The potential risks of further business disruptions in Israel and other parts of the Middle East are expected to have a dilutive impact to net earnings per common share of $.06.
• Adjusted diluted net earnings per common share are expected to decrease between 36% and 33% on a constant currency basis.
• • Currency exchange rates are volatile and difficult to predict. Using March 29, 2024 spot rates for fiscal 2024, the foreign currency translation impact equates to about $.09 of dilution to earnings per common share.

Reconciliation between GAAP and Non-GAAP - Net Sales Growth

(Unaudited)

					Three Months Ending			Twelve Months Ending
					June 30, 2024(F)			June 30, 2024(F)
As Reported - GAAP						5% - 9%				(3%) - (2%)
Impact of royalty revenue from the acquisition of the TOM FORD brand		-				-
Impact of foreign currency translation						1				1
Returns associated with restructuring and other activities					-				-
Organic, Non-GAAP						6% - 10%				(2%) - (1%)
(F)Represents forecast
Reconciliation between GAAP and Non-GAAP - Diluted Net Earnings Per Common Share ("EPS")
		(Unaudited)
	Three Months Ending	Twelve Months Ending
	June 30				June 30
	2024(F)		2023		Growth	2024(F)		2023	Growth
Forecasted/As Reported EPS - GAAP	$.11 - $.22	$	(.09)		100+%	$1.96 - $2.09	$	2.79	(30%) - (25%)
Non-GAAP
Restructuring and other charges	.06 - .07		.11			.12 - .15		.18
Change in fair value of acquisition-related
stock options (less the portion attributable
to redeemable noncontrolling interest)	-		.05			.03		.05
Other intangible asset impairments	-		-			-		.44
Forecasted/Adjusted EPS - Non-GAAP	$.18 - $.28	$	.07		100+%	$2.14 - $2.24	$	3.46	(38%) - (35%)
Impact of foreign currency translation	.01					.09
Forecasted/Adjusted Constant Currency
EPS - Non-GAAP	$.19 - $.29	$	.07		100+%	$2.23 - $2.33	$	3.46	(36%) - (33%)

(F)Represents forecast

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