L Brands : 1Q 2019 Earnings Presentation

First Quarter Earnings Presentation

May 22, 2019

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made by our company or our management involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Words such as "estimate," "project," "plan," "believe," "expect," "anticipate," "intend," "planned," "potential" and any similar expressions may identify forward-looking statements. Risks associated with the following factors, among others, in some cases have affected and in the future could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this press release or otherwise made by our company or our management:

• general economic conditions, consumer confidence, consumer spending patterns and market disruptions including severe weather conditions, natural disasters, health hazards, terrorist activities, financial crises, political crises or other major events, or the prospect of these events;
• the seasonality of our business;
• the dependence on mall traffic and the availability of suitable store locations on appropriate terms;
• our ability to grow through new store openings and existing store remodels and expansions;
• our ability to successfully expand internationally and related risks;
• our independent franchise, license and wholesale partners;
• our direct channel businesses;
• our ability to protect our reputation and our brand images;
• our ability to attract customers with marketing, advertising and promotional programs;
• our ability to protect our trade names, trademarks and patents;
• the highly competitive nature of the retail industry and the segments in which we operate;
• consumer acceptance of our products and our ability to manage the life cycle of our brands, keep up with fashion trends, develop new merchandise and launch new product lines successfully;
• our ability to source, distribute and sell goods and materials on a global basis, including risks related to:
• • political instability, significant health hazards, environmental hazards or natural disasters;
  • duties, taxes and other charges;
  • legal and regulatory matters;
  • volatility in currency exchange rates;
  • local business practices and political issues;
  • potential delays or disruptions in shipping and transportation and related pricing impacts;
  • disruption due to labor disputes; and
  • changing expectations regarding product safety due to new legislation;
• our geographic concentration of vendor and distribution facilities in central Ohio;
• fluctuations in foreign currency exchange rates;
• stock price volatility;
• our ability to pay dividends and related effects;
• our ability to maintain our credit rating;
• our ability to service or refinance our debt;
• shareholder activism matters;
• our ability to retain key personnel;
• our ability to attract, develop and retain qualified associates and managelabor-related costs;
• the ability of our vendors to deliver products in a timely manner, meet quality standards and comply with applicable laws and regulations;
• fluctuations in product input costs;
• our ability to adequately protect our assets from loss and theft;
• fluctuations in energy costs;
• increases in the costs of mailing, paper and printing;
• claims arising from ourself-insurance;
• liabilities arising from divested businesses;
• our ability to implement and maintain information technology systems and to protect associated data;
• our ability to maintain the security of customer, associate,third-party or company information;
• our ability to comply with regulatory requirements;
• legal and compliance matters; and
• tax, trade and other regulatory matters.

We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this report to reflect circumstances existing after the date of this report or to reflect the	2
occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized.

L BRANDS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME THIRTEEN WEEKS ENDED MAY 4, 2019 AND MAY 5, 2018

(Unaudited)

(In millions except per share amounts)

											%
										Increase	Increase
			2019				2018			(Decrease)	(Decrease)
Net Sales	$	2,628.8	$	2,625.8	$	3.0	0%
Comparable Store Sales			-3%				-2%
Comparable Sales			0%				3%
Gross Profit			934.0				943.8			(9.8)	-1%
% of Sales			35.5%				35.9%			(40 bps)
General, Administrative and
Store Operating Expenses			780.7				789.0			(8.3)	-1%
% of Sales			29.7%				30.0%			(30 bps)
Operating Income										(1.5)	-1%
		153.3				154.8
% of Sales			5.8%				5.9%			(10 bps)
Interest Expense and Other			92.7				96.5			(3.8)	-4%
Income Before Income Taxes			60.6				58.3			2.3	4%
Provision for Income Taxes			20.3				10.8			9.5	89%
% of Pre-Tax Income			33.6%				18.5%
Net Income	$	40.3	$	47.5	$	(7.2)	-15%
% of Sales										(30 bps)
		1.5%				1.8%
Net Income Per Diluted Share	$	0.14	$	0.17	$	(0.03)	-18%
Weighted Average Shares Outstanding			278.2				281.6

3

L BRANDS, INC. AND SUBSIDIARIES

OPERATING INCOME BY SEGMENT

THIRTEEN WEEKS ENDED MAY 4, 2019 AND MAY 5, 2018

(Unaudited)

(In millions)

											%
										Increase		Increase
			2019				2018			(Decrease)		(Decrease)
Victoria's Secret	$	32.7	$	83.2	$	(50.5)	-61%
% of Sales			2.2%				5.2%			(300 bps)
Bath & Body Works			154.8				123.7			31.1	25%
% of Sales			17.8%				16.3%			150 bps
Victoria's Secret and Bath & Body Works International			(4.0)				(4.8)			0.8	16%
% of Sales			(3.0%)				(3.6%)			60 bps
Other			(30.2)				(47.3)			17.1	36%
% of Sales			(26.9%)				(33.5%)			660 bps
Total L Brands							$	(1.5)	-1%
$	153.3	$	154.8
% of Sales										(10 bps)
		5.8%				5.9%

4

L BRANDS, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(Unaudited) (In thousands)

ASSETS			May 4, 2019			May 5, 2018
Current Assets
Cash and Cash Equivalents	$	1,145,577	$	1,031,527
Accounts Receivable, Net		273,926			273,654
Inventories		1,357,483			1,350,506
Other			169,966			233,764
Total Current Assets		2,946,952			2,889,451
Property and Equipment, Net		2,794,319			2,893,521
Right-of-Use Lease Assets		3,270,613			-
Goodwill		1,348,287			1,348,287
Trade Names		411,000			411,000
Deferred Income Taxes		61,022			22,308
Other Assets			165,966			184,029
TOTAL ASSETS		$	10,998,159		$	7,748,596
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current Liabilities
Accounts Payable	$	688,195	$	716,880
Accrued Expenses and Other		872,531			847,385
Current Debt				71,741			88,782
Current Lease Liabilities				443,093			-
Income Taxes				121,634			204,217
Total Current Liabilities		2,197,194			1,857,264
Deferred Income Taxes		238,059			234,295
Long-Term Debt		5,748,696			5,718,602
Long-Term Lease Liabilities		3,234,085			-
Other Long-Term Liabilities		478,001			906,989
Shareholders' Equity (Deficit)			(897,876)			(968,554)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)		$	10,998,159		$	7,748,596

5

L BRANDS 1ST QUARTER

1st Quarter 2019 versus 2018

($ amounts in millions)

(Unaudited)

	Victoria's Secret		Bath & Body Works		Total L Brands
Comparable store sales	(7%)	7%	(3%)
Comparable sales	(5%)	13%	0%
Sales change	(5%)	15%	0%
Sales	$1,511	$871	$2,629
Gross profit (% of sales)	Down Significantly		Up	35.5%
Operating income (% of sales)	2.2%	17.8%	5.8%
Operating income	$33	$155	$153
Net income				$40
Average shares outstanding				278
Earnings per share				$0.14

6

L Brands, Inc.

2019 Outlook as of May 22, 2019

	Second Quarter	Full Year 2019
Comps	About flat	Up low-single digits
Gross Margin Rate	Down from 35.5% LY	Down from 37.7% LY
SG&A Expense Rate	Up from 27.8% LY	Up from 26.9% LY
Net Non-Operating Expense	About $90 million	About $370 million
Tax Rate (before discrete items)	Between 30% and 35%	Between 28% and 30%
Weighted Average Shares Outstanding	Approximately 279 million	Approximately 279 million
Earnings Per Share	$0.15 to $0.20	$2.30 to $2.60
Capital Expenditures	N/A	About $575 - $600 million
Depreciation and Amortization	N/A	Approximately $580 million1
Free Cash Flow2	N/A	About $700 million

1As a result of the adoption of the new lease accounting standard in the first quarter of 2019, our estimate for depreciation and amortization no longer includes amortization of landlord allowances.

2Defined as operating cash flow less capital expenditures.

7

L BRANDS

COMPANY - OWNED STORE COUNT AND SELLING SQ FT

2019 Forecast

				Total
	Beginning of	New Stores	Closures	Reconstructions	End of Year		Increase / (Decrease)
	Year	and Change in
				SSF
Victoria's Secret								(5%)
Store Count	957	2	(50)	7	909	(48)
Selling Sq Ft 000's	6,613	12	(238)	(1)	6,386	(227)	(3%)
PINK								2%
Store Count	141	3	-	2	144	3
Selling Sq Ft 000's	506	11	-	4	521	15	3%
Victoria's Secret - Canada								(8%)
Store Count	39	-	(3)	-	36	(3)
Selling Sq Ft 000's	379	-	(29)	-	350	(29)	(8%)
PINK - Canada								-
Store Count	6	-	-	-	6	-
Selling Sq Ft 000's	23	-	-	-	23	-	-
Subtotal VS
Store Count	1,143	5	(53)	9	1,095	(48)	(4%)
Selling Sq Ft 000's	7,521	24	(267)	3	7,280	(241)	(3%)
Bath & Body Works								1%
Store Count	1,619	46	(24)	175	1,641	22
Selling Sq Ft 000's	4,185	123	(57)	63	4,314	128	3%
Bath & Body Works - Canada								2%
Store Count	102	2	-	8	104	2
Selling Sq Ft 000's	258	5	-	3	265	7	3%

Subtotal BBW

Store Count	1,721	48	(24)	183	1,745
Selling Sq Ft 000's	4,443	127	(57)	65	4,579
Victoria's Secret - UK / Ireland
Store Count	21	-	-	-	21
Selling Sq Ft 000's	214	-	-	-	214
PINK - UK
Store Count	5	-	-	-	5
Selling Sq Ft 000's	17	-	-	-	17
Victoria's Secret - Greater China
Store Count	15	5	-	1	20
Selling Sq Ft 000's	165	24	-	(5)	184
VSBA - Greater China
Store Count	38	15	(6)	-	47
Selling Sq Ft 000's	36	11	(6)	-	41
Subtotal VS & BBW International
Store Count	79	20	(6)	1	93
Selling Sq Ft 000's	432	35	(6)	(5)	456

24	1%
136	3%
-	-
-	-
-	-
-	-

533%

1911%

924%

515%

1. 18%

1. 6%

Total
Store Count	2,943	73	(83)	193	2,933	(10)	(0%)	8
Selling Sq Ft 000's	12,396	186	(330)	63	12,315		(81)	(1%)

L BRANDS, INC.

INTERNATIONAL STORE COUNT

2019 FORECAST

	2018	2019	2019		2019 Fcst
	Year End		New Stores		Closures		Year End
Wholly Owned Stores
Victoria's Secret Full Assortment - U.K.	20	0	0	20
PINK - U.K.	5	0	0	5
Victoria's Secret Full Assortment - Ireland	1	0	0	1
Victoria's Secret Full Assortment - Greater China	15		3 to 5	0		18 to	20
Victoria's Secret Beauty & Accessories - Greater China	38		12 to 15		5 to 6		44 to	48
Wholly Owned Total
79		15 to 20		5 to 6		88 to	94
Partner Owned Stores
Victoria's Secret Full Assortment	47		18 to 20	0		65 to	67
PINK	9		1 to 2	0		10 to	11
Victoria's Secret Beauty & Accessories - Local Market	219		5 to 7		18 to 20		204 to	208
Bath & Body Works - Local Market	223		44 to 48		4 to 5		262 to	267
Victoria's Secret Beauty & Accessories - Travel Retail	164		15 to 18		18 to 20		159 to	164
Bath & Body Works - Travel Retail	12		4 to 5		0 to 1		15 to	17
Partner Owned Total
674		87 to 100		40 to 46		715 to	734
Total VS & BBW International
753		102 to 120		45 to 52		803 to	828

9

L BRANDS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME THIRTEEN WEEKS ENDED MAY 4, 2019 AND MAY 5, 2018

(Unaudited)

(In thousands except per share amounts)

Net Sales		2019			2018
$	2,628,809		$	2,625,846
Costs of Goods Sold, Buying and Occupancy		(1,694,795)			(1,682,016)
Gross Profit		934,014			943,830
General, Administrative and Store Operating Expenses		(780,669)			(789,023)
Operating Income		153,345			154,807
Interest Expense		(98,897)			(97,899)
Other Income		6,152			1,401
Income Before Income Taxes		60,600			58,309
Provision for Income Taxes		20,345			10,792
Net Income	$	40,255	$	47,517
Net Income Per Diluted Share	$	0.14	$	0.17
Weighted Average Shares Outstanding		278,165			281,587

11

L BRANDS, INC. AND SUBSIDIARIES

STORES AND SELLING SQUARE FOOTAGE

At May 4, 2019 and May 5, 2018

	May 4, 2019		May 5, 2018
			Selling				Selling
	Stores		Sq. Ft. (000's)		Stores		Sq. Ft. (000's)
Victoria's Secret U.S.	922	6,448	980	6,697
PINK U.S.	142	511	140	492
Victoria's Secret Canada	39	379	39	379
PINK Canada	6	23	6	23
Bath & Body Works U.S.	1,630	4,224	1,594	4,052
Bath & Body Works Canada	102	258	102	255
Victoria's Secret U.K. / Ireland	21	214	19	193
PINK U.K.	5	17	5	17
Victoria's Secret Beauty and Accessories	38	35	29	29
Victoria's Secret China	15	165	7	89
Henri Bendel	-	-	24	73
La Senza Canada	-	-	119	335
La Senza U.S.	-	-	5	13
Total L Brands	2,920	12,274	3,069	12,647

12

L BRANDS, INC. AND SUBSIDIARIES

2019 Selected Data

(Unaudited) (In thousands)

		2019			2018
Capital Expenditures
First Quarter	$	123,307	$	159,678
Second Quarter					185,600
Spring Season					345,278
Third Quarter					215,286
Fourth Quarter					68,311
Year	$	123,307	$	628,875
Depreciation & Amortization
First Quarter	$	145,314	$	136,874
Second Quarter					137,034
Spring Season					273,908
Third Quarter					137,787
Fourth Quarter					135,358
Year	$	145,314	$	547,053

13

L BRANDS, INC.

QUARTERLY FINANCIAL INFORMATION

(UNAUDITED)

The following table provides our quarterly financial information as determined in accordance with generally accepted accounting principles and also on an "Adjusted" basis. The "Adjusted" financial information should not be construed as an alternative to the reported results determined in accordance with generally accepted accounting principles. Further, our definition of "Adjusted" may differ from similarly titled measures used by other companies. We believe the "Adjusted" financial information is useful for assessing our ongoing operations. The "Adjusted" financial information should be used in conjunction with the reported financial information included herein and also our historical financial statements and notes thereto contained in our quarterly reports on Form 10-Q and annual report on Form 10-K. For detailed information related to the adjustments included in our "Adjusted"

financial information, please refer to our quarterly earnings press releases available on our website www.LB.com.

14

PERIOD			2017	2018	2019
1. Net Sales - Consolidated
1st Qtr			2,436,523	2,625,846	2,628,809
2nd Qtr			2,755,020	2,983,849
3rd Qtr			2,617,784	2,774,874
4th Qtr			4,823,105	4,852,309
6 Mos			5,191,543	5,609,695
9 Mos			7,809,327	8,384,569
Year			12,632,431	13,236,878
2. Net Sales - Victoria's Secret
1st Qtr			1,533,049	1,589,427	1,510,852
2nd Qtr			1,646,288	1,724,803
3rd Qtr			1,538,940	1,528,799
4th Qtr			2,668,879	2,531,836
6 Mos			3,179,337	3,314,229
9 Mos			4,718,277	4,843,028
Year			7,387,156	7,374,864
3. Net Sales - Bath & Body Works
1st Qtr			678,044	760,434	870,734
2nd Qtr			860,337	963,586
3rd Qtr			815,791	956,202
4th Qtr			1,793,716	1,950,798
6 Mos			1,538,381	1,724,019
9 Mos			2,354,173	2,680,221
Year			4,147,888	4,631,020

15

PERIOD	2017	2018		2019
4. Net Sales - Victoria's Secret and Bath & Body Works International
1st Qtr		103,307	135,117	134,955
2nd Qtr		113,940	145,489
3rd Qtr		114,900	134,004
4th Qtr		170,285	190,673
6 Mos		217,247	280,607
9 Mos		332,147	414,611
Year		502,432	605,284
5. Net Sales - Other
1st Qtr		122,122	140,868	112,268
2nd Qtr		134,454	149,972
3rd Qtr		148,153	155,868
4th Qtr		190,225	179,003
6 Mos		256,577	290,840
9 Mos		404,730	446,708
Year		594,955	625,710
6. Comparable Store Sales - Consolidated
1st Qtr		-9%	-2%	-3%
2nd Qtr		-6%	-1%
3rd Qtr		-3%	0%
4th Qtr		-2%	-1%
6 Mos		-7%	-2%
9 Mos		-6%	-1%
Year		-4%	-1%

16

PERIOD

2017

2018

2019

7. Comparable Sales - Consolidated
1st Qtr	-9%	3%	0%
2nd Qtr	-8%	3%
3rd Qtr	-1%	4%
4th Qtr	2%	3%
6 Mos	-9%	3%
9 Mos	-6%	3%
Year	-3%	3%
8. Comparable Store Sales - Victoria's Secret
1st Qtr	-12%	-5%	-7%
2nd Qtr	-11%	-5%
3rd Qtr	-5%	-6%
4th Qtr	-6%	-7%
6 Mos	-11%	-5%
9 Mos	-9%	-5%
Year	-8%	-6%
9. Comparable Sales - Victoria's Secret
1st Qtr	-14%	1%	-5%
2nd Qtr	-14%	-1%
3rd Qtr	-4%	-2%
4th Qtr	-1%	-3%
6 Mos	-14%	0%
9 Mos	-11%	-1%
Year	-8%	-2%

17

PERIOD			2017	2018		2019
10. Comparable Store Sales - Bath & Body Works
1st Qtr				-1%	5%	7%
2nd Qtr				4%	7%
3rd Qtr				1%	10%
4th Qtr				4%	8%
6 Mos				2%	6%
9 Mos				1%	8%
Year				2%	8%
11. Comparable Sales - Bath & Body Works
1st Qtr				2%	8%	13%
2nd Qtr				6%	10%
3rd Qtr				4%	13%
4th Qtr				6%	12%
6 Mos				4%	9%
9 Mos				4%	10%
Year				5%	11%
12. Costs of Goods Sold, Buying and Occupancy Costs
1st Qtr				1,533,673	1,682,016	1,694,795
2nd Qtr				1,727,129	1,924,804
3rd Qtr				1,629,437	1,846,622
3rd Qtr - Adjusted				N/A	1,751,982
4th Qtr				2,782,769	2,884,629
6 Mos				3,260,802	3,606,820
9 Mos				4,890,239	5,453,442
9 Mos - Adjusted				N/A	5,358,802
Year				7,673,007	8,338,071
Year - Adjusted				N/A	8,243,431

18

PERIOD			2017	2018		2019
13. Gross Profit
1st Qtr				902,850	943,830	934,014
2nd Qtr				1,027,891	1,059,045
3rd Qtr				988,347	928,252
3rd Qtr - Adjusted				N/A	1,022,892
4th Qtr				2,040,336	1,967,680
6	Mos				1,930,741	2,002,875
9	Mos				2,919,088	2,931,127
9	Mos - Adjusted				N/A	3,025,767
Year				4,959,424	4,898,807
Year - Adjusted				N/A	4,993,447
14. General Administrative & Store Operating Expenses
1st Qtr		693,658	789,023	780,669
2nd Qtr		726,996	830,908
3rd Qtr		756,684	873,857
3rd Qtr - Adjusted		N/A	867,309
4th Qtr		1,053,697	1,068,990
6	Mos		1,420,655	1,619,931
9	Mos		2,177,339	2,493,787
9	Mos - Adjusted		N/A	2,487,239
Year		3,231,035	3,562,778
Year - Adjusted		N/A	3,556,230

19

PERIOD			2017	2018		2019
15. Operating Income (Loss) - Consolidated
1st Qtr				209,192	154,807	153,345
2nd Qtr				300,895	228,137
3rd Qtr				231,663	54,395
3rd Qtr - Adjusted				N/A	155,583
4th Qtr				986,639	799,448
4th Qtr - Adjusted				N/A	898,690
6	Mos				510,086	382,944
9	Mos				741,749	437,340
9	Mos - Adjusted				N/A	538,528
Year				1,728,389	1,236,787
Year - Adjusted				N/A	1,437,217
16. Operating Income (Loss) - Victoria's Secret
1st Qtr				158,735	83,170	32,720
2nd Qtr				183,051	114,250
3rd Qtr				134,093	(35,872)
3rd Qtr - Adjusted				N/A	14,248
4th Qtr				456,468	300,739
6	Mos				341,786	197,420
9	Mos				475,879	161,549
9	Mos - Adjusted				N/A	211,669
Year				932,347	462,288
Year - Adjusted				N/A	512,408

20

PERIOD		2017	2018		2019
17. Operating Income (Loss) - Bath & Body Works
1st Qtr			101,829	123,660	154,851
2nd Qtr			156,354	168,766
3rd Qtr			137,520	177,845
4th Qtr			556,813	607,183
6	Mos			258,182	292,426
9	Mos			395,702	470,271
Year			952,515	1,077,454
18. Operating Income (Loss) - Victoria's Secret and Bath & Body Works International
1st Qtr			(566)	(4,803)	(4,011)
2nd Qtr			1,657	(9,392)
3rd Qtr			(70)	(41,806)
3rd Qtr - Adjusted			N/A	(11,048)
4th Qtr			3,976	18,666
6	Mos			1,091	(14,195)
9	Mos			1,021	(56,001)
9	Mos - Adjusted			N/A	(25,243)
Year			4,997	(37,335)
Year - Adjusted			N/A	(6,577)

21

PERIOD			2017	2018		2019
19. Operating Income (Loss) - Other
1st Qtr				(50,806)	(47,220)	(30,216)
2nd Qtr				(40,168)	(45,488)
3rd Qtr				(39,880)	(45,772)
3rd Qtr - Adjusted				N/A	(25,462)
4th Qtr				(30,618)	(127,141)
4th Qtr - Adjusted				N/A	(27,899)
6	Mos				(90,973)	(92,708)
9	Mos				(130,853)	(138,479)
9	Mos - Adjusted				N/A	(118,169)
Year				(161,470)	(265,620)
Year - Adjusted				N/A	(146,068)
20. Interest Expense
1st Qtr				100,608	97,899	98,897
2nd Qtr				100,428	98,332
3rd Qtr				98,640	95,685
4th Qtr				106,313	92,812
6	Mos				201,035	196,231
9	Mos				299,675	291,916
Year				405,988	384,728

22

PERIOD			2017	2018		2019
21. Other Income (Loss)
1st Qtr				9,863	1,401	6,152
2nd Qtr				16,617	(830)
3rd Qtr				1,639	164
4th Qtr				(38,146)	4,390
4th Qtr - Adjusted				6,839	N/A
6	Mos				26,479	570
9	Mos				28,118	733
Year				(10,029)	5,124
Year - Adjusted				34,956	N/A
22. Income (Loss) Before Income Taxes
1st Qtr				118,447	58,309	60,600
2nd Qtr				217,084	128,975
3rd Qtr				134,662	(41,126)
3rd Qtr - Adjusted				N/A	60,062
4th Qtr				842,180	711,026
4th Qtr - Adjusted				887,165	810,268
6	Mos				335,530	187,283
9	Mos				470,192	146,157
9	Mos - Adjusted				N/A	247,345
Year				1,312,372	857,183
Year - Adjusted				1,357,357	1,057,613

23

PERIOD			2017	2018		2019
23. Provision (Benefit) for Income Taxes
1st Qtr				24,393	10,792	20,345
2nd Qtr				78,210	29,941
3rd Qtr				48,677	1,624
3rd Qtr - Adjusted				N/A	15,087
4th Qtr				178,108	170,944
4th Qtr - Adjusted				286,554	215,061
6	Mos				102,602	40,732
9	Mos				151,279	42,356
9	Mos - Adjusted				N/A	55,819
Year				329,386	213,300
Year - Adjusted				437,832	270,880
24. Net Income (Loss)
1st Qtr				94,054	47,517	40,255
2nd Qtr				138,874	99,034
3rd Qtr				85,985	(42,750)
3rd Qtr - Adjusted				N/A	44,975
4th Qtr				664,072	540,082
4th Qtr - Adjusted				600,611	595,207
6	Mos				232,928	146,551
9	Mos				318,913	103,801
9	Mos - Adjusted				N/A	191,526
Year				982,986	643,883
Year - Adjusted				919,525	786,733

24

PERIOD			2017	2018		2019
25. Net Income (Loss) Per Dilutive Share
1st Qtr				$0.33	$0.17	$0.14
2nd Qtr				$0.48	$0.36
3rd Qtr				$0.30	($0.16)
3rd Qtr - Adjusted				N/A	$0.16
4th Qtr				$2.33	$1.94
4th Qtr - Adjusted				$2.11	$2.14
6	Mos				$0.81	$0.52
9	Mos				$1.11	$0.37
9	Mos - Adjusted				N/A	$0.69
Year				$3.42	$2.31
Year - Adjusted				$3.20	$2.82
26. Weighted Average Diluted Shares Outstanding
1st Qtr				289,327	281,587	278,165
2nd Qtr				288,936	278,723
3rd Qtr				285,437	277,116
3rd Qtr - Basic				N/A	275,103
4th Qtr				284,546	277,935
6	Mos				289,132	280,155
9	Mos				287,900	279,142
Year				287,062	278,840
27. Dividends per Share
1st Qtr				0.60	0.60	0.30
2nd Qtr				0.60	0.60
3rd Qtr				0.60	0.60
4th Qtr				0.60	0.60
6	Mos				1.20	1.20
9	Mos				1.80	1.80	25
Year				2.40	2.40