Fourth Quarter 2020...4. Q4 2020 Financial Highlights (in millions except per share data and...

1Proprietarybusinessinform

ationofADM.

Fourth Quarter 2020 Earnings Conference Call January26,2021


ationofADM.

Safe Harbor Statement

Someofourcommentsandmaterialsinthispresentationconstituteforward-lookingstatementsthatreflectmanagement’scurrentviewsandestimatesoffutureeconomiccircumstances,industryconditions,Companyperformanceandfinancialresults.

Thesestatementsandmaterialsarebasedonmanyassumptionsandfactorsthataresubjecttoriskanduncertainties.ADMhasprovidedadditionalinformationinitsreportsonfilewiththeSECconcerningassumptionsandfactorsthatcouldcauseactualresultstodiffermateriallyfromthoseinthispresentation,andyoushouldcarefullyreviewtheassumptionsandfactorsinourSECreports.

Totheextentpermittedunderapplicablelaw,ADMassumesnoobligationtoupdateanyforward-lookingstatementsasaresultofnewinformationorfutureevents.


ationofADM.

• COEs,1ADMdrivingimprovements

• ReducingGHGemissions,energy,waterandwaste;supportingsustainablefarmingpractices

A Year of Accomplishments

• Deliveredonourpurposebyservingcustomersandprovidingnutritionamidunprecedentedcircumstances

• Achieved$300+MinAS&Ocapitalreductioninitiatives

• Neoviasynergies,expandedplant-basedproteincapabilities,newNutritionproducts

• Productionofretailflour,starchesandhigh-gradealcohol

• Innovationpartnerships:AirProtein,Spiber,InnovaFeed

• Exceeded2020goalof$1.3Binrun-ratebenefits


ationofADM.

Q4 2020 Financial Highlights (inmillionsexceptpersharedataandpercentages)

QuarterEndedDec.31

2020 2019 Change

Adjustedearningspershare(1)(2) $1.21 $1.42 ($0.21)

Totalsegmentoperatingprofit(unadjusted)(3) $1,139 $934 $205

Adjustedsegmentoperatingprofit(1)(3) $1,152 $1,028 $124

Trailing4QaverageadjustedROIC(1) 7.7% 7.5% 20bps

Trailing4QadjustedEBITDA(1)(4) $3,660 $3,482 $178

AnnualadjustedEVA(1) $573 $213 $360

Quarterlyeffectivetaxrate 8% (1)%

YearEndedDec.31

2020 2019 Change

Cashfromoperationsbeforeworkingcapitalchanges $3,129 $2,286 $843

Purchasesofproperty,plant,andequipment $823 $828 $(5)

Returnofcapitaltoshareholders $942 $939 $3

Increase(decrease)incash,cashequivalents,restrictedcash,andrestrictedcashequivalents $1,656 $(853) $2,509

Netdebttototalcapitalratio(asofDecember31) 32% 29%

(1)Non-GAAPmeasures-seenotesonpage26(2)Seeearningspershare,themostdirectlycomparableGAAPmeasure,onpage20(3)Seesegmentoperatingprofitasreportedonpage16(4)Seeearningsbeforeincometaxes,themostdirectlycomparableGAAPmeasure,onpages23and24


ationofADM.

Q4 Other Business and Corporate Results

OtherBusiness

Q42019 Q12020 Q22020 Q32020 Q42020$(438) $(224) $(261) $(704) $(383)

• OtherBusinessresultsloweronADMInvestorServicesearningsandintra-companyinsurancesettlements

• UnallocatedCorporateupduetoperformance-basedcompaccruals,increasedITandproject-relatedexpenses

• Otherchargesdownduetolowerrailroadmaintenanceexpenses,partiallyoffsetbyabsenceofprior-yearinvestmentgains

Unallocatedcorporate Interestexpense OtherchargesLIFO Otherspecifieditems

Q42019 Q12020 Q22020 Q32020 Q42020$13 $11 $38 $20 $(17)

CorporateCharges

(Inmillions)


ationofADM.

AgServices Crushing RefinedProductsandOther Wilmar

Q42019 Q12020 Q22020 Q32020 Q42020

$739 $422 $413 $436 $834

AS&O: Strong Execution Delivers Record Q4

• AgServices:strongexecutiontocapturehigherexportvolumesandmarginsinNA;SAoriginationlowerafteraggressivefarmersellingin1H;continuedgreatperformancefromGlobalTrade

• Crushing:extremelygoodexecutioninstrongdemandenvironment

• RPOhigherabsentrecognitionofthebiodieseltaxcreditinQ42019

• EquityearningsfromWilmarhigher

Adjustedsegmentoperatingprofit(inmillions)

2020OP+9%Outstandingfull-yearresultsof$2.1B;

multipleproductionrecords,including

globalcrush


ationofADM.

Q42019 Q12020 Q22020 Q32020 Q42020

$174 $68 $195 $246 $208

VantageCornProcessors(VCP) StarchesandSweeteners

Carbohydrate Solutions: Another Quarter of Good Execution, Higher Results


• S&Suponlowernetcorncostsandintra-companyinsurancesettlements,partiallyoffsetbylowerresultsfromcornoilandwetmillethanolmargins

• VCPbetter;highermarginsasteamcontinuedtomeetdemandforhigh-gradealcohol,partiallyoffsetbyfixedcostsfromidleddrymills

2020OP+11%Full-yearresultsof$717Mdemonstrateexcellent

executioninachallengingenvironment


ationofADM.

Q42019 Q12020 Q22020 Q32020 Q42020

$102 $142 $158 $147 $127

HumanNutrition AnimalNutrition

Nutrition: 24% YOY Growth in Q4


• HumanNutritionhigherongreatperformanceinflavors;strengthinplantproteins;goodsalesandmarginsinprobioticsandfibers;andintra-companyinsurancesettlements.Prior-yearresultsincludedrevenueandincomefromlaunchofSpiberrelationship.

• AnimalNutritionupsignificantly:strongperformanceinAsiaandEMEAI;improvementinaminoacidresults;negativecurrencyeffectsinLatinAmerica

2020OP+37%Full-yearresultsof

$574M,5%increaseinrevenuereflectharvestinginvestments,leadershipin

consumertrends,partnershipwith

customers


ationofADM.

Expect to Grow Operating Profit and EPS in 2021


ationofADM.

Upcoming Investor Events

BairdSustainabilityConference2021February23

BankofAmerica2021GlobalAgricultureandMaterialsConferenceMarch3-4

ExaneBNPParibasConsumerIngredientConferenceMarch16-17

Additional Facts and Explanations


ationofADM.

Industry Environment

Corn

US 74% 67% 66%

Brazil 25% 22% 14%

Soybeans

US 79% 72% 62%

Brazil 58% 43% 39%

Argentina 6% 7% 17%

Soybeans

US ~$30 ~$40

Europe $50-$60 $30-$40

BrazilExp:$40-$50Dom:$40-$50

Exp:$0-$5Dom:$20-$30

Argentina $25-$30 $3-$8

China $40-$50 $15-$20

FrontMonthBoardCrush ~$29 ~$50

Canola/Rapeseed

NorthAmerica $80-$100 $70-$80

Europe $60-$80 $30-$35AverageIndustryEthanolEBITDAMargins/gal3

$0.11 $0.09 $(0.05)

AverageIndustryDailyProductionVolume(thousandsofbarrels/day)4

957 923 1,034

U.S.EthanolInventory(thousandsofbarrels)4

23,284 19,672 21,034

1ADMestimates2ADMestimates;reflectsmostcurrentmodelassumptionsanddataregardingcropproduction,quality,storage,andmarketinginformation3Bloomberg4EIAWeeklyPetroleumStatusReport

SpotGrossCrushMargins1

CurrentUS$/MT

Q3CallUS$/MT

U.S.EthanolMargins/Production Q420 Q320 Q419

FarmerSelling2

Current5-YearAverage

PriorYear

2020/2021CropYear


ationofADM.

ADM Additional Information

NutritionRevenues(amountsinmillions)

Growth Growth

Q420 vs.Q419 FY20 vs.FY19GAAPRevenues

Nutrition $ 1,441 1.8% $ 5,800 2.2%

HumanNutrition $ 651 1.7% $ 2,812 2.4%

AnimalNutrition $ 790 1.9% $ 2,988 1.9%

FXAdjustedRevenues(1)

Nutrition $ 1,458 3.0% $ 5,962 5.0%

HumanNutrition $ 643 0.5% $ 2,822 2.8%

AnimalNutrition $ 815 5.2% $ 3,140 7.1%

Q32020 ~$170M

Q42020 ~$295M

CumulativeCrushDeferredTimingGains/(Losses)

ProcessedVolumesbyYear(000sofmetrictons)

CalendarYear

2018 2019 2020Oilseeds 36,308 36,271 36,565

Corn 22,343 22,079 17,885

58,651 58,350 54,450

ProcessedVolumesbyQuarter(000sofmetrictons)

CY19 CY20

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Oilseeds 9,167 8,773 9,062 9,269 9,163 9,103 8,970 9,329

Corn 5,132 5,546 5,619 5,782 5,534 4,099 4,084 4,168

14,299 14,319 14,681 15,051 14,697 13,202 13,054 13,497

AsofDecember31,2020,approximately$295Mofdeferredmark-to-markettiminggainsareexpectedtoberecognizedinsubsequentquarters

(1)Non-GAAPmeasure-seenotesonpage26(2)Seeearningsbeforeincometaxes,themostdirectlycomparableGAAPmeasure,onpages23and24

Trailing4-Quarters

Q420 Q419 Q420 Q419AdjustedEBITDA(1)(2) $ 1,131 $ 1,127 $ 3,660 $ 3,482

AgServicesandOilseeds $ 926 $ 833 $ 2,469 $ 2,311CarbohydrateSolutions $ 284 $ 258 $ 1,029 $ 974Nutrition $ 185 $ 160 $ 802 $ 642OtherBusiness $ (14)$ 20 $ 61 $ 117Corporate $ (250)$ (144) $ (701)$ (562)

AdjustedEBITDA(1)(2)bySegment(inmillions)

14

Financial Appendix


ationofADM.

Q4 Adjusted Segment OP $1.15 BillionAdjustedsegmentoperatingprofit(1,2)(inmillions)Excludesspecifieditems

*Segmentoperatingprofitasreportedwas$1,139M

(1)Non-GAAPmeasure-seenotesonpage26;(2)Adjustedsegmentoperatingprofitequalstotalsegmentoperatingprofitexcludingspecifieditemsandtimingeffects.

AgServicesandOilseeds CarbohydrateSolutions Nutrition OtherBusiness

Q42019 Q12020 Q22020 Q32020 Q42020$1,028 $643 $804 $849 $1,152*


ationofADM.

Segment Operating Profit and Corporate ResultsQuarterEndedDec.31 YearEndedDec.31

(Amountsinmillions) 2020 2019 Change 2020 2019 Change

TotalSegmentOperatingProfit(1) $ 1,139 $ 934 $ 205 $ 3,455 $ 2,948 $ 507

Specifieditems:(Gains)lossesonsalesofassetsandbusinesses (3) — (3) (83) (12) (71)

Impairment,restructuring,andsettlementcharges 16 94 (78) 76 146 (70)

AdjustedSegmentOperatingProfit(1)(2) $ 1,152 $ 1,028 $ 124 $ 3,448 $ 3,082 $ 366

AgServicesandOilseeds $ 834 $ 739 $ 95 $ 2,105 $ 1,935 $ 170

AgServices 346 176 170 828 502 326

Crushing 217 87 130 466 580 (114)

RefinedProductsandOther 153 363 (210) 439 586 (147)

Wilmar 118 113 5 372 267 105

CarbohydrateSolutions $ 208 $ 174 $ 34 $ 717 $ 644 $ 73

StarchesandSweeteners 229 206 23 762 753 9

VantageCornProcessors (21) (32) 11 (45) (109) 64

Nutrition $ 127 $ 102 $ 25 $ 574 $ 418 $ 156

HumanNutrition 90 83 7 462 376 86

AnimalNutrition 37 19 18 112 42 70

OtherBusiness $ (17) $ 13 $ (30) $ 52 $ 85 $ (33)

TotalSegmentOperatingProfit(1) $ 1,139 $ 934 $ 205 $ 3,455 $ 2,948 $ 507

Corporate $ (383) $ (438) $ 55 $ (1,572) $ (1,360) $ (212)

Interestexpense–net (67) (72) 5 (313) (348) 35

Unallocatedcorporatecosts (278) (193) (85) (857) (647) (210)

Othercharges (29) (33) 4 (54) (51) (3)

Specifieditems:LIFOcredit(charge) — (27) 27 91 (37) 128

Lossondebtconversionoption (2) — (2) (17) — (17)

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

Gains(losses)onsalesofassets 7 (101) 108 7 (101) 108

Expensesrelatedtoacquisitions (4) (3) (1) (4) (17) 13

Impairment,restructuring,andsettlementcharges (11) (9) (2) (16) (159) 143

EarningsBeforeIncomeTaxes $ 756 $ 496 $ 260 $ 1,883 $ 1,588 $ 295(1)Non-GAAPmeasure-seenotesonpage26;(2)Adjustedsegmentoperatingprofitequalstotalsegmentoperatingprofitexcludingspecifieditemsandtimingeffects.


ationofADM.

Balance Sheet Highlights

(Amountsinmillions) Dec.31,2020 Dec.31,2019Cash(1) $667 $852Netproperty,plant,andequipment 9,951 10,106Operatingworkingcapital(2) 10,481 7,970-Totalinventories 11,713 9,170

Totaldebt 9,929 8,881-CPoutstanding 1,662 957

Shareholders’equity 20,022 19,225

Memos:AvailablecreditcapacityDecember31-CP $3.3bil $4.0bil-Other $3.3bil $2.4bil

Readilymarketableinventory $7.9bil $5.7bil

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


ationofADM.

Cash Flow Highlights

YearsEndedDec.31(Amountsinmillions) 2020 2019Cashfromoperationsbeforeworkingcapitalchanges $3,129 $2,286Changesinworkingcapital(1) (912) (57)Purchasesofproperty,plant,andequipment (823) (828)Netassetsofbusinessesacquired (15) (1,946)Sub-total 1,379 (545)

Marketablesecuritiesinvestment 4 77Otherinvestingactivities 696 275Debtincrease/(decrease) 492 301Dividends (809) (789)Stockbuyback (133) (150)Other 27 (22)Increase(decrease)incash,cashequivalents,restrictedcash,andrestrictedcashequivalents $1,656 ($853)

(1)Includesthechangeindeferredconsiderationof($4,603million)in2020and($7,681million)in2019andthenetproceedsfromretainedinterestinsecuritizedreceivablesof$4,603millionin2020and$7,681millionin2019whicharepresentedseparatelyasoperatingactivitiesandinvestingactivities,respectively,inthestatementofcashflowsasrequiredbyASU2016-15whichtookeffect1/1/18.


ationofADM.

GAAP Statement of Earnings Summary

QuarterEndedDec.31

2020 2019 Change

Revenues $17,978 $16,329 $1,649

Grossprofit 1,352 1,169 183

Selling,generalandadministrativeexpenses 749 654 95

Assetimpairment,exit,andrestructuringcharges 19 103 (84)

Equityin(earnings)lossesofunconsolidatedaffiliates (176) (175) (1)

Gainondebtextinguishment (1) — (1)

Interestincome (17) (50) 33

Interestexpense 69 95 (26)

Other(income)expense–net (47) 46 (93)

Earningsbeforeincometaxes 756 496 260

Incometax(benefit)expense 63 (3) 66

Netearningsincludingnoncontrollinginterests 693 499 194

Less:Netearnings(losses)attributabletononcontrollinginterests 6 (5) 11

NetearningsattributabletoADM $ 687 $ 504 $ 183

Earningspershare(fullydiluted) $ 1.22 $ 0.90 $ 0.32

(Amountsinmillionsexceptpersharedata)


ationofADM.

Adjusted Earnings Per Share (EPS)(Amountsinmillionsexceptpersharedata)

QuarterEndedDec.312020 2019

Pre-tax After-tax Pershare Pre-tax After-tax PershareEarningsandEPS(fullydiluted)asreported $ 756 $ 687 $ 1.22 $ 496 $ 504 $ 0.90

AdjustmentsLIFO(credit)/charge — — — 27 20 0.04(Gains)lossonsalesofassets (10) (8) (0.01) 101 133 0.24Impairment,restructuring,andsettlementcharges 27 20 0.03 103 93 0.16Loss(gain)ondebtextinguishment (1) (1) — — — —Lossondebtconversionoption 2 2 — — — —Expensesrelatedtoacquisitions 4 3 0.01 3 2 —Taxadjustment (19) (19) (0.04) 46 46 0.08AdjustedEarningsandadjustedEPS(non-GAAP)(1) $ 759 $ 684 $ 1.21 $ 776 $ 798 $ 1.42

(1)Non-GAAPmeasure-seenotesonpage26


ationofADM.

ROIC versus WACCLT ROIC Objective: 10%

(1)Non-GAAPmeasure-seenotesonpage26(2)AdjustedforLIFOandspecifieditems-seenotesonpage26(3)AdjustedforLIFO-seenotesonpage26

Trailing4QAverageROIC Trailing4QAverageAdjustedROIC

Q4CY16

Q4CY17

Q4CY18

Q4CY19

Q4CY20

4%

5%

6%

7%

8%

9%

10%

11%

Q4CY20

Trailing4QAverageAdjustedROIC(1)(2) 7.7 %

AnnualWACC 5.75 %

Trailing4QAverageAdjustedEVA $573M

Long-TermWACC 7.0 %

Trailing4QAverageROIC(1)(3) 6.7 %


ationofADM.

Return on Invested Capital AdjustedROICEarnings(1)

(Amountsinmillions) FourthQuarters

QuarterEnded Ended

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

NetearningsattributabletoADM $ 391 $ 469 $ 225 $ 687 $ 1,772

Adjustments

Interestexpense 83 87 100 69 339

LIFOcharge(credit) (91) — — — (91)

Otheradjustments 48 8 355 1 412

Totaladjustments 40 95 455 70 660

Taxonadjustments (7) (23) (120) (22) (172)

Netadjustments 33 72 335 48 488

TotalAdjustedROICEarnings $ 424 $ 541 $ 560 $ 735 $ 2,260

AdjustedInvestedCapital(1)

(Amountsinmillions) Trailing

QuarterEnded FourQuarter

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

Equity(2) $ 18,952 $ 19,293 $ 19,322 $ 20,000 $ 19,392

+ Interest-bearingliabilities(3) 12,512 9,181 8,141 9,937 9,943

+ LIFOadjustment(netoftax) — — — — —

+ Otheradjustments(netoftax) 39 6 259 (5) 75

TotalAdjustedInvestedCapital $ 31,503 $ 28,480 $ 27,722 $ 29,932 $ 29,410

(1)Non-GAAPmeasure–seenotesonpage26(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 December 31, 2020

AdjustedEBITDA(1)


QuarterEnded Ended


Earningsbeforeincometaxes $ 375 $ 552 $ 200 $ 756 $ 1,883


Depreciationamortization 245 244 238 249 976

LIFOcharge(credit) (91) — — — (91)

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

Assetimpairment,restructuring,andsettlementcharges 41 16 8 27 92

Railroadmaintenanceexpense 73 — 28 37 138

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

Expensesrelatedtoacquisitions — — — 4 4

AdjustedEBITDA $ 726 $ 890 $ 913 $ 1,131 $ 3,660

AdjustedEBITDA(1)bySegment

(Amountsinmillions) FourQuarters

QuarterEnded Ended


AgServicesandOilseeds $ 514 $ 502 $ 527 $ 926 $ 2,469

CarbohydrateSolutions 148 274 323 284 1,029

Nutrition 199 217 201 185 802

OtherBusiness 15 39 21 (14) 61

Corporate (150) (142) (159) (250) (701)

AdjustedEBITDA $ 726 $ 890 $ 913 $ 1,131 $ 3,660(1)Non-GAAPmeasure–seenotesonpage26


ationofADM.

Adjusted Earnings Before Taxes, Interest, and Depreciation and Amortization (EBITDA)(1) Four Quarters Ended December 31, 2019

AdjustedEBITDA(1)


QuarterEnded Ended

Mar.31,2019 Jun.30,2019 Sep.30,2019 Dec.31,2019 Dec.31,2019

Earningsbeforeincometaxes $ 315 $ 274 $ 503 $ 496 $ 1,588


Depreciationamortization 245 248 249 251 993

LIFOcharge(credit) 1 25 (16) 27 37

Losses(gains)onsalesofassetsandbusinesses (12) — — 101 89

Assetimpairment,exit,restructuring,andsettlementcharges 11 138 53 103 305

Railroadmaintenanceexpense — — — 51 51

Expensesrelatedtoacquisitions 14 — — 3 17

AdjustedEBITDA $ 675 $ 794 $ 886 $ 1,127 $ 3,482

AdjustedEBITDA(1)bySegment

(Amountsinmillions) FourQuarters

QuarterEnded Ended


AgServicesandOilseeds $ 510 $ 457 $ 511 $ 833 $ 2,311

CarbohydrateSolutions 178 274 264 258 974

Nutrition 134 173 175 160 642

OtherBusiness 24 18 55 20 117

Corporate (171) (128) (119) (144) (562)

AdjustedEBITDA $ 675 $ 794 $ 886 $ 1,127 $ 3,482(1)Non-GAAPmeasure–seenotesonpage26


ationofADM.

2019 Segment OP and Adjusted Segment OP(1,2) Comparatives with VCP in Carbohydrate Solutions (in millions)

Qtr.Ended Qtr.Ended Qtr.Ended Qtr.Ended YearEnded


As As As As As As As As As As As As

Reported Restated Reported Restated Reported Restated Reported Restated Reported Restated Reported Restated

SegmentOperatingProfit(1) SegmentOperatingProfit(1) $ 611 $ 611 $ 645 $ 645 $ 758 $ 758 $ 934 $ 934 $ 2,948 $ 2,948

Specifieditems: Specifieditems:

(Gains)lossesonsalesofassets/businesses (Gains)lossesonsalesofassets/businesses (12) (12) — — — — — — (12) (12)

Impairment,restructuring,andsettlementchargesImpairment,restructuring,andsettlementcharges 9 9 37 37 6 6 94 94 146 146

AdjustedSegmentOperatingProfit(1)(2) AdjustedSegmentOperatingProfit(1)(2) $ 608 $ 608 $ 682 $ 682 $ 764 $ 764 $ 1,028 $ 1,028 $ 3,082 $ 3,082

AgServicesandOilseeds AgServicesandOilseeds $ 417 $ 417 $ 362 $ 362 $ 417 $ 417 $ 739 $ 739 $ 1,935 $ 1,935

AgServices AgServices 75 75 90 90 161 161 176 176 502 502

Crushing Crushing 216 216 139 139 138 138 87 87 580 580

RefinedProductsandOther RefinedProductsandOther 72 72 71 71 80 80 363 363 586 586

Wilmar Wilmar 54 54 62 62 38 38 113 113 267 267

CarbohydrateSolutions CarbohydrateSolutions $ 96 $ 96 $ 192 $ 192 $ 182 $ 182 $ 174 $ 174 $ 644 $ 644

StarchesandSweeteners StarchesandSweeteners 170 135 218 215 207 197 208 206 803 753

Bioproducts VantageCornProcessors (74) (39) (26) (23) (25) (15) (34) (32) (159) (109)

Nutrition Nutrition $ 81 $ 81 $ 117 $ 117 $ 118 $ 118 $ 102 $ 102 $ 418 $ 418

WildFlavorsandSpecialtyIngredients HumanNutrition 88 88 103 103 102 102 83 83 376 376

AnimalNutrition AnimalNutrition (7) (7) 14 14 16 16 19 19 42 42

Other OtherBusiness $ 14 $ 14 $ 11 $ 11 $ 47 $ 47 $ 13 $ 13 $ 85 $ 85

(1)Non-GAAPmeasure-seenotesonpage26;(2)Adjustedsegmentoperatingprofitequalstotalsegmentoperatingprofitexcludingspecifieditemsandtimingeffects.


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’sdilutedsh aresoutstandingforeachrespectiveperiodinordertoarriveatanadjustedEPSamountforeachspecifieditem.

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

(3) AdjustedReturnonInvestedCapital(ROIC)AdjustedROICisAdjustedROICearningsdividedbyadjustedinvestedcapital.AdjustedROICearningsisADM’snetearningsadjustedfortheaftertaxeffectsofinterestexpense,changesintheLIFOreserveandotherspecifieditems.AdjustedinvestedcapitalisthesumofADM’sequity(excludingnoncontrollinginterests)andinterest-bearingliabilitiesadjustedfortheaftertaxeffectoftheLIFOreserve,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-quartereconomicvalueaddedadjustedforLIFOandotherspecifieditems.TheCompanycalculateseconomicvalueaddedbycomparingADM’strailing4-quarteradjustedreturnstoitsAnnualWACCmultipliedbyadjustedinvestedcapital.Adjustedeconomicvalueaddedisanon-GAAPfinancialmeasureandisnotintendedtoreplaceorbeanalternativetoGAAPfinancialmeasures.

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

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

Fourth Quarter 2020...4. Q4 2020 Financial Highlights (in millions except per share data and...

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Transcript of Fourth Quarter 2020...4. Q4 2020 Financial Highlights (in millions except per share data and...