Slide 1: Investor Presentation
Investor Presentation CREATING VALUE & IMPROVING LIVES FEBRUARY 2023 THROUGH SUSTAINABLE, RESPONSIBLE MINING FEBRUARY 2023 INVESTOR PRESENTATION NEWMONT CORPORATION 1
Slide 2: Cautionary Statement Regarding Forward Looking Statements
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS: This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the
Slide 3: Newmont Is the World's Leading Gold Company
NEWMONT IS THE WORLD’S LEADING GOLD COMPANY COMMITMENT TO INDUSTRY PROVEN DISCIPLINED CAPITAL LEADING ESG PRACTICES LEADING PORTFOLIO OPERATING MODEL ALLOCATION STRATEGY Creating value and improving lives World-class assets in Experienced leaders with strong Balanced approach to deliver for all stak
Slide 4: The Gold Sector's Recognized Sustainability Leader
THE GOLD SECTOR’S RECOGNIZED SUSTAINABILITY LEADER SAM S&P (DJSI) SUSTAINALYTICS TRANSPARENCY CLIMATE 100% Percentile ranking 20 ESG Risk Rating measures exposure and #1 Most transparent company in A- CDP Climate Scores reflective of global metals and mining sector management of material ESG risks*
Slide 5: Committed to Leading ESG Practices
COMMITTED TO LEADING ESG PRACTICES DEMONSTRATING NEWMONT’S DEDICATION TO ACCOUNTABILITY AND TRANSPARENCY Launched 18th Annual Sustainability Report in April 2022, a transparent review of ESG performance and the issues and metrics that matter most to stakeholders Published 2nd Annual Climate Report i
Slide 6: Industry-Leading Portfolio of Global Operations
INDUSTRY-LEADING PORTFOLIO OF GLOBAL OPERATIONS #1 GOLD ROBUST GOLD & UPSIDE FROM OTHER PRODUCER COPPER RESERVES METALS* MUSSELWHITE 96 Moz Gold ~35 Moz Silver production ÉLÉONORE ~6 Moz ~200 Mlbs Lead production NEVADA GOLD MINES*** Unmatched gold production per 16 Blbs Copper PORCUPINE year throug
Slide 7: Project Pipeline to Sustain Production into 2040s
PROJECT PIPELINE TO SUSTAIN PRODUCTION INTO 2040s 7+ YEARS 4 TO 7 YEARS 0 TO 4 YEARS EXECUTION LEGEND* FEASIBILITY <$500M Investment DEFINITIVE YANACOCHA SULFIDES TANAMI EXPANSION 2 Included in 10-Year Peru – Gold (~45%), Copper (~45%), Australia – Gold $500M - $1.0B Investment Production Profile***
Slide 8: Investment Delivers a Steady 10-Year Production Profile
INVESTMENT DELIVERS A STEADY 10-YEAR PRODUCTION PROFILE INDICATIVE 10-YEAR PRODUCTION PROFILE* (Attributable Moz per Year) 8 Total GEO Production** 7 Gold Production*** 6 5 4 3 2 1 - 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 ~6 Million Ounces of Gold per Year for the Next Decade with Upside
Slide 9: Operating Model Drives Continuous Improvement
OPERATING MODEL DRIVES CONTINUOUS IMPROVEMENT Diagnose Design Deliver Refresh EXTERNAL SPEND & PROCESSING – 50% OTHER – 15% ✓ Proven integrated operating model with deep bench Increasing Throughput and Supply Chain, Asset Recoveries of experienced leaders and technical experts Management and G&A Imp
Slide 10: Proven Operating Model with a Strong Track Record
PROVEN OPERATING MODEL WITH A STRONG TRACK RECORD APPLYING LESSONS LEARNED DURING THE PANDEMIC TO CHANGE THE WAY WE WORK Sharing Knowledge, Expertise and Talent Across the Global Business Global Supply Chain team minimizing cost pressures and secure competitive supplier contracts Implementing new te
Slide 11: Disciplined Capital Allocation Strategy
DISCIPLINED CAPITAL ALLOCATION STRATEGY MAINTAINING FINANCIAL FLEXIBILITY Sustain an Investment-Grade Balance Sheet with Strength & Flexibility BALANCED INVESTING IN SUSTAINABLE PRODUCTION CAPITAL ALLOCATION Reinvest in the Business to Improve Cash Margins Over the Long Term STRATEGY RETURNING CASH
Slide 12: The Industry's Strongest Balance Sheet
THE INDUSTRY’S STRONGEST BALANCE SHEET CASH AND SHORT-TERM NET DEBT TO TOTAL LIQUIDITY* BANK DEPOSITS* ADJUSTED EBITDA** $6.7B Cash Balance and Undrawn Revolving $3.7B Maintaining Strength During Time of 0.5x Substantially Below Target of Credit Facility Meaningful Reinvestment Less than 1.0x WEIGHT
Slide 13: Investing in Sustainable Production
INVESTING IN SUSTAINABLE PRODUCTION ANNUAL INVESTMENT ($B) AVERAGE ANNUAL INVESTMENT: ~$2.5B * $5.0 ▪ Sustaining capital: ~$1.0 – $1.2B per year Sustaining Capital (+/- 5%) Exploration and Advanced Projects (+/- 5%) ▪ Exploration & Advanced projects: ~$400 – $500M Development Capital (+/- 5%) Contri
Slide 14: Free Cash Flow Increases with Higher Gold Price
FREE CASH FLOW INCREASES WITH HIGHER GOLD PRICE ANNUAL INCREMENTAL FREE CASH FLOW* (Average Over 5-year Period) +$3.6B INCREMENTAL FCF +$2.4B +$1.2B $1,400 $1,700 $2,000 $2,300 +$400M FCF per Annum for Every $100/oz Increase in Gold Price *Free Cash Flow assumptions as of February 23, 2023; Includes
Slide 15: 2023 Dividend Payout Range Set Within Established Framework
2023 DIVIDEND PAYOUT RANGE SET WITHIN ESTABLISHED FRAMEWORK INDUSTRY-LEADING DIVIDEND FRAMEWORK 2023 DIVIDEND PAYOUT RANGE* ▪ Base dividend of $1.00/share at a $1,400 gold reserve price $2.00 – 3.00 ▪ Variable component based on incremental Free Cash Flow ▪ Calibrated on gold price, evaluated in inc
Slide 16: Newmont Is the World's Leading Gold Company
NEWMONT IS THE WORLD’S LEADING GOLD COMPANY GLOBAL #1 GOLD ROBUST GOLD & UPSIDE FROM PORTFOLIO PRODUCER COPPER RESERVES* OTHER METALS*** 12 ~6 Moz 96 Moz Gold 16 Blbs Copper ~35 Moz Silver production ~200 Mlbs Lead production Managed operations balanced Unmatched gold production across 8 countries p
Slide 17: Newmont & Newcrest – A Powerful Value Proposition
NEWMONT & NEWCREST – A POWERFUL VALUE PROPOSITION The New World-Class Delivering Driving ESG STANDARD PORTFOLIO SYNERGIES CAPITAL ALLOCATION Annual Production of 8Moz of Gold & Proven Track Record of Newmont Newmont Returned $6.7B to Recognized Sustainability Leader 155ktonnes of Copper Team & Opera
Slide 18: Appendix
Appendix CREATING VALUE & IMPROVING LIVES THROUGH SUSTAINABLE, RESPONSIBLE MINING FEBRUARY 2023 INVESTOR PRESENTATION NEWMONT CORPORATION 18
Slide 19: Safely Delivered on Our Commitments – Achieved 2022 Guidance
SAFELY DELIVERED ON OUR COMMITMENTS – ACHIEVED 2022 GUIDANCE ATTRIBUTABLE GOLD GOLD COSTS GOLD ALL-IN GOLD RESERVES PRODUCTION* APPLICABLE TO SALES SUSTAINING COSTS** 6.0Moz Achieved original production guidance $933/oz Within updated full-year guidance range, $1,211/oz In line with updated guidance
Slide 20: Full-Year and Fourth Quarter Financial Performance
FULL-YEAR AND FOURTH QUARTER FINANCIAL PERFORMANCE METRICS Q4 2022 FY 2022 Revenue ($M) $3,200 $11,915 GAAP Net Loss from Continuing Operations ($M) $(1,488) $(459) * Adjusted Net Income ($M) $348 $1,468 * Adjusted Net Income ($/diluted share) $0.44 $1.85 * Adjusted EBITDA ($M) $1,161 $4,550 Cash fr
Slide 21: Strongly Positioned to Safely Deliver 2023
STRONGLY POSITIONED TO SAFELY DELIVER 2023 ATTRIBUTABLE GOLD GOLD COSTS GOLD ALL-IN PRODUCTION* APPLICABLE TO SALES SUSTAINING COSTS** 5.7 – 6.3Moz $870 – 970/oz $1,150 – 1,250/oz EXPLORATION & ADVANCED SUSTAINING CAPITAL DEVELOPMENT CAPITAL*** PROJECTS $475 – 525M $1.0 – 1.2B $1.2 – 1.4B Meaningful
Slide 22: Gold Production Expected to Be Naturally Weighted Toward H2
GOLD PRODUCTION EXPECTED TO BE NATURALLY WEIGHTED TOWARD H2 H1 2023 PROJECTED H2 2023 PROJECTED PRODUCTION PRODUCTION 45% 55% Q1 EXPECTATION – 21% OF 2023 GOLD PRODUCTION ▪ Strong H2 weighting at Ahafo and Cerro Negro due to mine sequence ▪ Closure of Tanami track expected to delay production from Q
Slide 23: Five-Year Outlook – Strong Gold Production & Improving Costs
FIVE-YEAR OUTLOOK – STRONG GOLD PRODUCTION & IMPROVING COSTS ATTRIBUTABLE GOLD PRODUCTION (Moz)* ALL-IN SUSTAINING COSTS ($/oz)** 7.0 $1,300 = Actual = Actual = Outlook (+/-5%) = Outlook (+/-5%) 6.5 $1,100 6.0 $900 5.5 $700 5.0 $500 4.5 4.0 $300 2022A 2023E 2024E 2025E 2026E 2027E 2022A 2023E 2024E
Slide 24: Portfolio Strengthened by Production from Other Metals
PORTFOLIO STRENGTHENED BY PRODUCTION FROM OTHER METALS COPPER PRODUCTION = Actual SILVER PRODUCTION = Actual = Outlook (+/-5%) = Outlook (+/-5%) (Mlb) (Moz) 110 40 80 30 50 20 20 10 2022A 2023E 2024E 2025E 2026E 2027E 2022A 2023E 2024E 2025E 2026E 2027E = Actual = Actual ZINC PRODUCTION = Outlook (+
Slide 25: Diverse, Global Portfolio of World-Class Assets
DIVERSE, GLOBAL PORTFOLIO OF WORLD-CLASS ASSETS GOLD ALL-IN SUSTAINING COSTS * = World-Class Assets Cumulative 2023 through 2027 ($/oz) $1,800 $1,600 $1,400 $1,200 Total Newmont $1,000 $800 Pueblo Viejo** $600 Peñasquito Musselwhite Boddington Cerro Negro Yanacocha Nevada** Porcupine Éléonore Tanami
Slide 26: Operating Costs by Category
OPERATING COSTS BY CATEGORY* 3% 2% Liners, Wear Natural Gas, & 30% 8% 8% Parts, & Other Other Newmont Consumables Diesel Employees 50% 4% Explosives 30% 15% Materials & Labor Costs Fuel & Energy Consumables 20% Costs 7% 9% 5% Contracted Chemical & Maintenance Electric Power Services Reagents Parts *
Slide 27: Basis for Disciplined 2023 Outlook
BASIS FOR DISCIPLINED 2023 OUTLOOK PRICING ASSUMPTIONS AND SENSITIVITIES (as of February 23, 2023) PRICE CHANGE (-/+) FCF in $M (+/-) AISC in $/oz (-/+) Gold ($/oz) $1,700 $100 $400 $5 Australian Dollar $0.70 $0.05 $60 $15 Canadian Dollar $0.77 $0.05 $35 $10 Oil ($/bbl) $90 $10 $20 $5 Copper ($/lb)
Slide 28: Established Operations Support Networks (OSNs)
ESTABLISHED OPERATIONS SUPPORT NETWORKS (OSNs) Monitor Coach Intervene Sustain Supporting operations through centralized network of world-class subject matter experts Providing expert data and analytics through ASSET a consistent platform to produce improved MINING PROCESSING MANAGEMENT performance
Slide 29: OSNs: Driving Improvements Across Operations
OSNs: DRIVING IMPROVEMENTS ACROSS OPERATIONS Monitor Coach Intervene Sustain >3,400 >1.2M >16,356 >11,319 ~91% >$5.8M >$132M Assets Data Streams Opportunities Recommendations Site Acceptance Value created in Value created since Monitored Monitored Identified in 2023* Actioned by Site* Rate 2023* 202
Slide 30: Processing OSN: Boddington Spotlight
PROCESSING OSN: BODDINGTON SPOTLIGHT MONITOR ▪ OSN identified ball mill tonnage rate is trending below other ball mills ▪ OSN Analyst reviewed additional ball mill performance indicators and discovered issues with the feed pump’s electrical targets COACH & INTERVENE ▪ The OSN and Newmont’s Technical
Slide 31: Mining OSN: Cripple Creek & Victor Spotlight
MINING OSN: CRIPPLE CREEK & VICTOR SPOTLIGHT MONITOR ▪ OSN identified site operator with idling time 300% higher than crew average ▪ A truck is idle when the engine is on, the truck is not in gear, and the truck is not being loaded COACH & INTERVENE ▪ OSN sent a notification to site and provided gui
Slide 32: Asset Management OSN: Tanami Spotlight
ASSET MANAGEMENT OSN: TANAMI SPOTLIGHT MONITOR ▪ OSN identified a sudden emergence and rapid deterioration of a ball mill gearbox component through vibration analysis COACH & INTERVENE ▪ OSN recommended an initial inspection of gearbox to site; inspection confirmed diagnosis and severity ▪ OSN and s
Slide 33: Tanami Expansion 2: Investing in Future Growth and Profitability
TANAMI EXPANSION 2: INVESTING IN FUTURE GROWTH AND PROFITABILITY OPERATIONAL EFFICIENCY IMPROVES MARGINS PROGRESSING TANAMI EXPANSION 2 ▪ Delivers a 1.5km deep production shaft, reducing operating costs ▪ Supports Tanami’s future as a long-life, low-cost producer and unlocks by ~10% through efficien
Slide 34: Ahafo North: Best Unmined Deposit in West Africa
AHAFO NORTH: BEST UNMINED DEPOSIT IN WEST AFRICA EXPANDING CURRENT FOOTPRINT IN GHANA PROGRESSING AHAFO NORTH ▪ Open pit mine, stand-alone mill for processing 3.8Mozs of Reserve ▪ Investment of $950-$1,050M; commercial production anticipated in and 1.4Mozs of Resource late 2025 ▪ 13-year mine life w
Slide 35: Yanacocha Sulfides: Assessing Optionality
YANACOCHA SULFIDES: ASSESSING OPTIONALITY POSSBILITIES WITHIN CURRENT FOOTPRINT REVIEWING THE SULFIDES PROJECT IN TOTAL ▪ First phase includes Yanacocha Verde and Chaquicocha deposits ▪ Appointed Dean Gehring to lead Yanacocha and the Sulfides to profitably extend Yanacocha operations beyond 2040 Pr
Slide 36: Significant Milestones in Our ESG Journey
SIGNIFICANT MILESTONES THE GOLD SECTOR’S IN OUR ESG SUSTAINABILITY RECOGNIZED JOURNEY LEADER 2001 2004 2007 2013 2016 2020 Founding member Established Safety Appointed Adopted Conflict-Free Sustainability and Implementing Global of ICMM & Sustainability Company’s first Gold Standard safety targets I
Slide 37: Pathway to Achieving 2030 Reduction Goals
PATHWAY TO ACHIEVING 2030 REDUCTION GOALS TARGETED STRATEGY TO REDUCE SCOPE 1 & 2 EMISSIONS SCIENCE-BASED CLIMATE (KtCO 2 e) TARGETS APPROVED BY SBTi 3,570 32% Driven by increase in renewable Reduction by 2030 energy through development, grid or partnership (900) (200) 2,040 (160) (130) (90) (50) St
Slide 38: Governance Underpins Sustainability Strategy
GOVERNANCE UNDERPINS SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE AT NEWMONT SHORT-TERM INCENTIVE PLAN BOARD OF DIRECTORS ▪ Oversight, advice and counsel on key sustainability matters ▪ Dedicated Safety & Sustainability Committee Environment, 20% Health and Safety Sustainability & Governance EX
Slide 39: Broad Management Experience
BROAD MANAGEMENT EXPERIENCE EXECUTIVE LEADERSHIP TEAM BOARD OF DIRECTORS Tom Palmer Rob Atkinson Brian Tabolt EVP and COO Greg Boyce, Chair Bruce R. Brook Maura Clark President and CEO EVP and CFO (Interim) Peter Toth Nancy Lipson Aaron Puna René Médori Julio M. Quintana Susan Story Jane Nelson EVP,
Slide 40: Robust Reserves in Stable Mining Jurisdictions
ROBUST RESERVES IN STABLE MINING JURISDICTIONS Africa 9% South America COPPER SILVER 48% Australia COPPER RESERVES* SILVER RESERVES* 12% GOLD RESERVES* 15.7 593 96 Blbs Moz + + Moz COPPER RESOURCES** SILVER RESOURCES** + GOLD RESOURCES** 26.5 Blbs 652 Moz 111 Moz LEAD ZINC LEAD RESERVES* ZINC RESERV
Slide 41: Investing in Exploration to Extend Mine Life
INVESTING IN EXPLORATION TO EXTEND MINE LIFE Exploration Investment** Coffee Saddle North 20% Musselwhite Éléonore Japan Porcupine $280M Nevada Gold Mines* in 2023 CC&V 80% 80% Peñasquito Mexico Pueblo Viejo* Merian Espérance Akyem Ahafo Yanacocha Tanami Andes LEGEND Boddington Lachlan LEGEND Greenf
Slide 42: Exploration Is a Core Expertise and Investment Priority
EXPLORATION IS A CORE EXPERTISE AND INVESTMENT PRIORITY 28 Exploration Success Discoveries 343 Geoscientists Sector-Leading Team Underpinned by a Proven Operating Model Technology Cutting Edge Exploration Technologies Safety and Sustainability Industry Leading Safety and ESG Practices Land Position
Slide 43: Developing Mining Districts Through Exploration
DEVELOPING MINING DISTRICTS THROUGH EXPLORATION SUPERIOR PROVINCE TINTINA PROVINCE TANAMI Porcupine Coffee Project Tanami Borden Triumph Gold Oberon Project Éléonore Independence Gold Monza JV Musselwhite Tobruk JV Éléonore South JV GOLDEN TRIANGLE Quebec Precious Metals CENTRALIAN Galore Creek JV S
Slide 44: Nevada Joint Venture Processes
NEVADA JOINT VENTURE PROCESSES For contributing excluded assets Four Mile (Barrick), Fiberline (Newmont) and Mike (Newmont): ▪ Party that owns asset has obligation to contribute upon completion of successful Feasibility Study, which requires a project IRR of at least 15% ▪ Feasibility Study must be
Slide 45: Five Year Outlook: Gold & Consolidated Metrics
Five Year Outlook: Gold & Consolidated Metrics GUIDANCE METRIC 2023E 2024E 2025E 2026E 2027E Gold ($1,700/oz price assumption) Attributable Gold Production (Moz) 5.7 – 6.3 5.9 – 6.5 5.9 – 6.5 6.1 – 6.7 6.1 – 6.7 Gold CAS ($/oz)* $870 – $970 $850 – $950 $780 – $880 $750 – $850 $750 – $850 Gold AISC (
Slide 46: Five Year Outlook: Copper, Silver, Lead & Zinc
Five Year Outlook: Copper, Silver, Lead & Zinc GUIDANCE METRIC 2023E 2024E 2025E 2026E 2027E Copper ($3.50/lb price assumption) Copper Production (Mlbs) 95 – 105 85 – 95 45 – 55 45 – 55 55 – 65 Copper CAS ($/lb)* $1.85 – $2.15 Copper AISC ($/lb)* $2.35 – $2.65 Silver ($20/oz price assumption) Silver
Slide 47: 2023 Outlook
2023 Outlooka as of February 23, 2023 Consolidated Attributable Production Consolidated All-In Attributable Sustaining Attributable Development 2023 Outlook Production (Koz) (Koz) Consolidated CAS ($/oz) Sustaining Costsb ($/oz) Capital Expenditures ($M) Capital Expenditures ($M) CC&V 160 – 180 160
Slide 48: Adjusted Net Income (Loss)
Adjusted Net Income (Loss) Management uses Adjusted Net Income (Loss) to evaluate the Company’s operating performance and for planning and forecasting future business operations. The Company believes the use of Adjusted Net Income (Loss) allows investors and analysts to understand the results of the
Slide 49: EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA Management uses earnings before interest, taxes and depreciation and amortization (“EBITDA”) and EBITDA adjusted for non-core or certain items that have a disproportionate impact on our results for a particular period (“Adjusted EBITDA”) as non-GAAP measures to evaluate th
Slide 50: Free Cash Flow
Free Cash Flow Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Net cash provided by (used in) operating activities less Net cash provided by (used in) operating activities of discontinued operations less Additions to property, p
Slide 51: Attributable Free Cash Flow
Attributable Free Cash Flow Management uses Attributable Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations that are attributable to the Company. Attributable Free Cash Flow is Net cash provided by (used in) operating activities after deducting net cash flows from o
Slide 52: All-in Sustaining Costs
All-in Sustaining Costs Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all of the expenditures incurred to discover, develop and sustain production. Therefore, Newmont calculates All-In Sustaining Costs (“AISC”) based on the definition published by the
Slide 53: All-in Sustaining Costs
All-in Sustaining Costs Advanced Sustaining Projects, Capital and All-In Costs Research and Treatment Lease All-In Sustaining Three Months Ended Applicable to Reclamation Development and General and Other Expense, and Refining Related Sustaining Ounces Costs Per December 31, 2022 Sales(1)(2)(3) Cost
Slide 54: All-in Sustaining Costs
All-in Sustaining Costs Advanced Sustaining Projects, Capital and All-In Costs Research and Treatment Lease All-In Sustaining Year Ended Applicable to Reclamation Development and General and Other Expense, and Refining Related Sustaining Ounces Costs Per December 31, 2022 Sales(1)(2)(3) Costs(4) Exp
Slide 55: Gold All-in Sustaining Costs - 2023 Outlook
Gold All-in Sustaining Costs - 2023 Outlook A reconciliation of the 2023 Gold AISC outlook to the 2023 Gold CAS outlook is provided below. The estimates in the table below are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Sec
Slide 56: Net Debt to Adjusted EBITDA Ratio
Net Debt to Adjusted EBITDA Ratio Management uses net debt to Adjusted EBITDA as non-GAAP measures to evaluate the Company’s operating performance, including our ability to generate earnings sufficient to service our debt. Net debt to Adjusted EBITDA represents the ratio of the Company’s debt, net o
Slide 57: Endnotes
Endnotes Investors are encouraged to read the information contained in this presentation in conjunction with the most recent Form 10-K for the year ended December 31, 2022 filed with the SEC on February 23, 2023. Investors are reminded that expectations regarding outlook and guidance, including futu
Slide 58: Endnotes
Endnotes Cautionary Statement Regarding Reserve and Resource Estimates: The reserves stated herein were prepared in compliance with Subpart 1300 of Regulation S-K adopted by the United States Securities and Exchanges Commission (the “SEC”) and represent the amount of gold, copper, silver, lead, zinc
Slide 59: Endnotes
Endnotes Reserve and Resource Estimates (cont.): Estimates of Proven and Probable reserves are subject to considerable uncertainty. Such estimates are, or will be, to a large extent, based on the prices of gold, silver, copper, zinc, lead and molybdenum and interpretations of geologic data obtained
Slide 60: Endnotes
Endnotes Full Potential. Full Potential improvement value creation is considered an operating measure provided for illustrative purposes, and should not be considered GAAP or non-GAAP financial measures. Full Potential amounts are estimates utilized by management that represent estimated cumulative