Investor Meetings January 2019 FOCUSED ON WORLD CLASS PERFORMANCE

Transcription

1 Investor Meetings January 2019 FOCUSED ON WORLD CLASS PERFORMANCE

2 This presentation is made as of the date hereof and contains forward-looking statements as defined in Rule 3b-6 of the Securities Exchange Act of 1934, Rule 175 of the Securities Act of 1933, and relevant legal decisions. The forward-looking statements are subject to risks and uncertainties. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy s and Consumers Energy s Securities and Exchange Commission filings. Forward-looking statements should be read in conjunction with FORWARD-LOOKING STATEMENTS AND INFORMATION and RISK FACTORS sections of CMS Energy s and Consumers Energy s most recent Form 10-K and as updated in reports CMS Energy and Consumers Energy file with the Securities and Exchange Commission. CMS Energy s and Consumers Energy s FORWARD-LOOKING STATEMENTS AND INFORMATION and RISK FACTORS sections are incorporated herein by reference and discuss important factors that could cause CMS Energy s and Consumers Energy s results to differ materially from those anticipated in such statements. CMS Energy and Consumers Energy undertake no obligation to update any of the information presented herein to reflect facts, events or circumstances after the date hereof. The presentation also includes non-gaap measures when describing CMS Energy s results of operations and financial performance. A reconciliation of each of these measures to the most directly comparable GAAP measure is included in the appendix and posted on our website at CMS Energy provides historical financial results on both a reported (GAAP) and adjusted (non-gaap) basis and provides forward-looking modeling on an adjusted basis. During an oral presentation, references to earnings are on an adjusted basis. All references to earnings per share are on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, regulatory items from prior years, or other items. Management views adjusted earnings as a key measure of the company s present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings. Similarly, management views the ratio of Funds From Operations (FFO)/Average Debt as a key measure of the company s operating financial performance and its financial position, and uses the ratio for external communications with analysts and investors. Because the company does not establish its target FFO/Average Debt ratio based on a specific target numerator and target denominator, the company is unable to provide a reconciliation to a comparable GAAP financial measure for future periods. Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, a channel of distribution. 2

3 CMS Overview

4 CMS Energy Overview Consumers Energy 94% of Operating Income Corporate Structure Gas Electric CMS Energy (NYSE: CMS) Enterprises 2017 Avg. Rate Base $4.6 Bn $10.7 Bn EnerBank Key Information 2017 Financial Statistics Based in Jackson, MI b Employees (40% unionized) Revenue Adjusted net income Dividend payout ratio Growth for past 15 years a c Senior Management Team Patti Poppe CEO Rejji Hayes CFO Cathy Reynolds General Counsel Cathy Hendrian Human Resources DV Rao Strategy & Planning Garrick Rochow Operations Brian Rich CIO & Customer Experience JF Brossoit Engineering Brandon Hofmeister Gov t & Regulatory Affairs _ a Non-GAAP _ b Non-GAAP CAGR _ c Dividend payout ratio calculated by dividing $1.33 by $2.16 which was the midpoint of 2017 adjusted earnings per share guidance. 4

5 CMS Performance Exemplifies... PLANET PROFIT 2017 Among Best Ever Results Safest year on record #1 Diverse Utility in the Nation and #1 Employer for Diversity in Michigan by Forbes Magazine Best place to work in Michigan by Forbes Magazine Highest customer satisfaction ever! PEOPLE #1 Company in Michigan in Newsweek s Green Rankings Highest U.S. utility score for sustainability performance by Sustainalytics Expanded CrossWinds Energy Park (44 MW) to support the Green Tariff Clean Energy Goals 15 years of +7% EPS growth Raised dividend 7% YOY, 12 years of growth Credit upgraded; ~20% b FFO/avg. debt at year-end Attracted 69 MW of new load through economic development efforts a New Goals Announced in 2018! _ a Adjusted EPS (non-gaap) CAGR CARING FOR OUR COMMUNITIES _ b Non-GAAP 80% REDUCTION IN CARBON & ZERO COAL BY 2040 CAPITAL INVESTMENT OPPORTUNITIES... world class performance delivering hometown service. 5

6 Consumers Energy... Overview 4 th largest combination utility (electric and gas) in the country 2017 revenue = $6.2 billion 2017 earnings = $630 million Our Service Territory Electric Utility 1.8 million electric customers 8,455 MW of capacity Gas Utility 1.8 million gas customers 309 bcf gas storage (#1 in the U.S.) Serving 6.7 million residents... is a world class utility. 6

7 CMS Enterprises... DIG & Peakers ~1,000 MWs of gas plants in MI Long-term energy tolling agreements Shorter-term bilateral capacity contracts Upside: tightening supply with future retirements Renewable Platform Existing: 27 MWs of solar and 64 MWs biomass Just announced: 105 MWs of wind in Ohio 15-year PPA with GM Upside: utility-like returns with credit worthy counterparties... continues to build its renewable portfolio. 7

8 Compelling Investment Thesis... Aging Infrastructure Strong Cash Flow & Balance Sheet Diversified Service Territory Affordable Prices Constructive Regulation... adaptive to changing conditions. 8

9 Large and Aging System... Electric distribution system is older than peers Gas distribution system replacement plan: 25 years, 27,000 miles 1,670 miles of gas transmission pipeline; most built in the WWII era Age of coal fleet is more than 50 years... requires significant customer investment. 9

10 Gas System Investment... Electric Dist. $3½ Bn Supply $1½ Bn Gas Infra. & Maint. $5 Bn Compression and Storage $½ Bn #1 Underground storage #5 Transmission miles Transmission $2 Bn #5 Distribution miles U.S. LDC Rank, Source: DOT Distribution $2½ Bn... has increased more than 60% over the last 5 years. 10

11 Electric System Investment... Electric Dist. $3½ Bn Supply $1½ Bn Gas Infra. & Maint. $5 Bn Supply $1½ Bn HVD System $½ Bn LVD System $2½ Bn Substations $½ Bn... consists of needed and modular projects. 11

12 Clean and Lean... Old Utility Model Clean And Lean Big Build Big Build Excess supply Supply Excess supply Retirement Expected Demand Excess supply O&M Fuel Actual Demand Modular Modular EE & DR Fully utilize assets Supply O&M Fuel Modular Demand Big Bets Lower Risk Results in excess capacity, higher cost Matches supply with demand... matches supply with demand in a modular way. 12

13 Michigan Offers... Tier 1 Premium Regulatory 6 Michigan Present Supportive Policy Economic growth (tax policies, skilled labor, balanced budgets) UBS Research, 2017 state rankings and D.C Forward-looking test year (10-month rate case) Energy efficiency incentive (20% of spend) Attractive renewable investment framework Constructive ROEs... economic and energy policies that support business growth. 13

14 Simple, Perhaps Unique Model... EPS Growth a Self Funding: - Cost reductions - Sales (continued economic development & EE) - Other (Enterprises, tax planning, etc.) INVESTMENT SELF-FUNDED Customer Prices at or below inflation Plan 6% - 8% 2-3 pts pts < 2% _ a Adjusted EPS (non-gaap)... enhanced with tax reform. 14

15 Customer Investment Plan Skewed... Large and Aging System Rate Base Growth Electric Gas 7% CAGR $15 Bn $21 Bn 60% 70% 30% 40% towards gas investments. 15

16 Cost Reduction Strategy... Capital-Enabled Gas Replacements Pole-top Hardening Clean & Lean Technology-Enabled Structural/ Process Changes Smart Grid Mobility CE Way Digital Customer Benefits Safety Reliability Better Service Affordable Bills Retirements PPAs... largely funds customer investments. 16

17 Our Entire Cost Structure % 90% 80% 70% Cost Components Coal to Gas / PPA Fuel and Power Costs Residential Electric Bills (current dollars) $106 $100 Down 6% a ~70% 60% 50% 40% 30% 20% 10% ~70% O&M Costs Taxes Tax Reform Capital Investments Cost of Capital $10½ Bn Customer Investment ( E) E Residential Gas Bills (current dollars) $85 $62 Down 27% a 0% E a Source: bls.gov for historical data, Bloomberg for 2018 estimate... provides opportunities to lower costs and avoid rate fatigue. 17

18 Economic Development Efforts... Our Service Territory Outperforms b Building permits +211% +158% +124% GDP Growth Population Growth Grand Rapids Michigan U.S a New Load 6% of Sales ~2,000 Gwh Near-Term Pipeline 2018 (est) 2017 Unemployment (October 2018) _ a Grand Rapids b Annualized numbers October are robust and help drive our model. 18

19 Credit Metrics Maintained... S&P / Fitch Moody s AA- Aa3 A+ A1 A A2 A- A3 BBB+ Baa1 BBB BBB- BB+ BBB+ BBB BBB- BB+ BB BB- Baa2 Baa3 Ba1 Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B+ B1 B B2 B- B3 S&P (Dec. 16) Moody s (Jun. 18) Fitch (Jul. 18) Outlook Stable Stable Stable Consumers Secured CMS Unsecured Present Prior 2002 FFO / Average Debt 19% 17% Target Range _ a Non-GAAP ~18% < 30% HoldCo Debt 2018 (w/ Tax Reform) a... at solid investment-grade levels. 19

20 Consistent Growth Through... EPS a Dividend Recession Cold winter _ a Adjusted EPS (non-gaap) Mild Hot summer summer Warm winter Commission (D) Mild summer Governor (D) Cold winter Recession Summer- less Hot summer Commission (D) _ b Non-GAAP Hot summer Warm winter Mild summer Polar vortex Governor (R) Commission (R) Weather Cold Feb. Warm Dec. Help Hurt Warm Winter Warm Winter Commission (I) Cold Feb. (D)... recessions and adverse weather. 20

21 Managing Work Every Year... a EPS $2.20 $2.00 $1.80 $1.60 $1.40 $1.20 Reinvestment Hot Summer +8% Reinvestment Hot Summer Storms +7% Mild Winter +7% Hot Summer Cost productivity above plan Reinvestment +7% +7% Cost productivity above plan RECORD WARM Mild Summer +7% Cost productivity above plan Storms Offsets +7% Significant utility reinvestment over the past 5 years 2017 Weather & Storms Cost productivity +7% $1.000 Cost productivity _ a Adjusted EPS (non-gaap)... maximizes benefits for customers AND investors. 21

22 22 CMS Trading Performance % Stock Performance CMS UTY S&P 500 a CMS UTY S&P 500 Total Shareowner Return b 400% 391% 604% 300% 200% 100% 0% 178% 69% 8% 51% 117% -100% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 _ a 10-year stock performance as of December 31, Year 3 Year _ b Dividends reinvested as of December 31, Year 10 Year... has exceeded those of our peers and the broader market.

23 Top of Mind

24 Top of Mind... Regulatory -- Electric & Gas Settlements, Commission Michigan Elections Integrated Resource Plan Renewables Expansion Tax Reform... People, Planet, Profit. 24

25 Long-Term Regulatory Planning... Regulatory / Policy 2/22: Tax reform order U Electric Gas 3/1: Filed 5-Yr electric dist. plan U /1: Gas investment tracker $18 MM U /15: Filed long-term generation plan (IRP) U /29: Final order U $72 MM (on 6/28) 10.0% ROE Final Settlement Revenue $11 MM Tax Reform 49 Net Increase $60 MM ROE 10.0% /28: Credit A order for Gas Utility $49 MM 7/24: Credit A order for Electric Utility $113 MM 12/18: Final Settlement Revenue $(24) MM Tax Reform 113 Net Increase $89 MM ROE 10.0% 8/28: Final order U Trackers:~9½ MM 2019 Q2: Expected IRP order U Stay-out Until /9: Final order U /30: Filed $229 MM at 10.75% ROE U provides significant customer value and long-term visibility. 25

26 Gas Investment Needs... Upcoming Gas Projects Benefits ~ 140 Miles ~ 950 Miles Safety Main Replacements Pipeline Integrity Customer Experience ~ 60 Miles 25,000 Leak Reduction Increased Capacity Saginaw Trail Vintage Service Lines... prioritize safety, reliability and affordability. 26

27 Best-in-Class Commission... MPSC Commissioners Sally Talberg (I), Chair Term Ends: July 2, 2021 Backdrop Appointed by the Governor (not elected) Two Make a Quorum Norm Saari (R) Term Ends: July 2, 2019 Chair selected by the Governor Staggered six year terms, spaced two years apart Rachel Eubanks appointed to State Treasurer Vacancy Term Ends: July 2, 2023 Maximum of two from a party at one time... supports constructive energy policy. 27

28 Michigan Election Results... Governor State Senate Gretchen Whitmer Democrat Key Issues: Infrastructure Health Care Education Energy policy is not a key issue 2018 Election: Democrats +5 seats 4-year terms, concurrent with Governor s term, 2-term limit State House Election: Democrats +5 seats 2-year terms, even numbered years, 3-term limit... supportive of continued progress. 28

29 Filed Integrated Resource Plan IRP... Clean and Lean Overview No Certificate of Necessity Required < 225 MW Modular Modular EE & DR Fully utilize assets Supply O&M Fuel Modular Demand Lower Risk File Date: June 15, 2018 Expected Order Date: Q Case No.: U Capital Investment Opportunities: No Change to 5-year, $10 Bn Plan (IRP includes REP* spend of ~$1 Bn) $3 Bn opportunity in 10-year Plan Financial Incentives: Energy Efficiency, ~$45 MM pre-tax annually by 2021 (vs. $34 MM Plan) Demand Response, filed 5/31 _ *Renewable Energy Plan... seizing a once in-a-generation opportunity to reshape Michigan's energy future. 29

30 Modeling Scenarios... Model Selection Always Energy Efficiency Renewables Business as Usual Sustained low natural gas prices and electric demand No carbon regulation Environmental Policy Stringent carbon regulations Emerging Technologies Technological advancements and economies of scale Energy Waste Reduction Preferred Solar and Never Traditional Baseload X X... almost always chose energy efficiency and renewables. 30

31 Industry-Leading Climate Goals breakthrough thinking for our planet. 31

32 Protecting Michigan s Environment... 0 Reducing Carbon Emissions (Since 2005) Today % Adding Renewable Energy 43% Renewables Karn 1 & 2 Retirement (2023) Campbell 1 & 2 Retirement (2031) Campbell 3 Retirement (2039) % ~45% cv 25% 15% RPS By 2022 ~70% -100% > 90% 0% ' '21 '24 ' '30 '33 ' '39... for future generations. 32

33 Future Capacity Resources... 1,500 (ZRC) Near-Term Plan Customer Savings a ~$30 MM 5,000 (ZRC) Long-Term Plan Karn 1 & 2 (2023) Palisades (2022) Existing Surplus Solar Wind Energy Efficiency Filer City Backfill Demand Response REP Plan Lower Price Other Small PPAs and Load Growth Campbell 3 (2039) Karn 3 & 4 (2031) Campbell 1 & 2 (2031) MCV (2030) Battery Solar Demand Response 6,000 MWs Energy Efficiency _ a Karn 1&2 O&M Savings Retirements Replacements Retirements Replacements... reshapes our generation fleet. 33

34 Expanding Our Renewable Portfolio... New Utility Wind Renewable Tariff Enterprises Gratiot Farms Wind Cross Winds II Northwest Ohio Wind 150 MW In Service: 2020 Helps achieve 15% RPS by MW Fully subscribed by Switch & GM with competitive pricing 105 MW 15-yr PPA with GM Largely contracted portfolio... in alignment with The Triple Bottom Line. 34

35 Tax Reform Three Step Approach... Step 1: (Credit A) Filed to determine forward-looking customer credit to adjust for tax reform Gas Utility filed Mar. 30 th Electric Utility filed Apr. 30 th MPSC approval within 90 days of all filings Step 2: (Credit B) Filed to determine catch-up customer credit Gas Utility filed Aug. 27 th : period of Jan. Jun. (implemented Dec. 1 st 2018) Electric Utility filed Sept. 24 th : period of Jan. Jul. (implemented Jan. 1 st 2019) Step 3: (Calculation C) Filed Oct. 1 st to determine deferred federal income taxes treatment Tax Credit Timeline 3/30: Filed forward-looking 4/30: Filed forward- 7/1: Credit A for 7/24: Credit A 8/27: Filed 9/24: Filed 10/1: Filed 12/1: Credit B 1/1: Credit B Credit A for Gas Utility looking Credit A for Electric Utility Gas Utility $49 MM in rates (U-18424) approved for Electric Utility $113 MM Credit to Customers catch-up Credit B for Gas Utility $31 MM catch-up Credit B for Electric Utility $70 MM Calc. C $1.6 Bn for Electric & Gas implemented for Gas Utility $31 MM implemented for Electric Utility $70 MM... for returning benefits to customers. 35

36 GAAP Reconciliation

37 CMS ENERGY CORPORATION Reconciliation of Non-GAAP FFO to Average Debt Ratio (Unaudited) FUNDS FROM OPERATIONS 12/31/17 Year Ended In Millions Net Cash Provided by Operating Activities $ 1,705 Reconciling item: Securitization amortization and other 10 Funds From Operations (FFO) Non-GAAP $ 1,715 AVERAGE DEBT In Millions As of 12/31/17 12/31/16 Indebtedness Long-term debt (1) $ 10,204 $ 9,504 Capital leases and financing obligation (1) Notes payable (1) Total Indebtedness 10,487 10,034 Reconciling items: Securitization debt (1) (302) (328) EnerBank debt (1) (1,245) (1,198) Adjusted Debt Non-GAAP $ 8,940 $ 8,508 Average Debt Non-GAAP $ 8,724 (1) Includes current and non-current portions. FFO TO AVERAGE DEBT RATIO In Millions, Except Ratio Year Ended 12/31/17 Funds from operations (FFO) non-gaap $ 1,715 Average debt non-gaap $ 8,724 FFO to Average Debt Ratio Non-GAAP 19.7% 37

38 CMS ENERGY CORPORATION Earnings Per Share By Year GAAP Reconciliation (Unaudited) Reported earnings (loss) per share - GAAP ($0.30) $0.64 ($0.44) ($0.41) ($1.02) $1.20 $0.91 $1.28 $1.58 $1.42 $1.66 $1.74 $1.89 $1.98 Pretax items: Electric and gas utility 0.32 (0.60) - - (0.06) Tax impact (0.11) (0.01) (0.03) (0.22) (0.02) - (0.10) (0.01) Enterprises (0.12) 1.67 (0.02) 0.14 (0.05) * (0.01) * 0.05 * * Tax impact (0.19) (0.35) (0.02) 0.10 (0.42) * (0.05) 0.02 (0.11) * (*) (0.02) (*) (*) Corporate interest and other 0.25 (0.06) * - * * * * 0.02 Tax impact (0.09) 0.03 (0.02) (0.18) (0.49) (0.03) (*) (*) (0.01) (*) (*) (*) (*) (0.01) Discontinued operations (income) loss, net (0.16) 0.02 (0.07) (0.03) 0.40 (*) (0.08) 0.08 (0.01) (0.03) * (*) (*) * Asset impairment charges Tax impact - - (0.98) (0.31) (0.33) Cumulative accounting changes Tax impact (0.09) (0.01) Adjusted earnings per share, including MTM - non-gaap $0.81 $0.87 $1.39 $0.57 $0.84 $1.21 (a) $1.26 $1.36 $1.45 $1.55 $1.66 $1.77 $1.89 $2.02 Mark-to-market 0.04 (0.65) 0.80 Tax impact (0.01) 0.22 (0.29) Adjusted earnings per share, excluding MTM - non-gaap NA $0.90 $0.96 $1.08 NA NA NA NA NA NA NA NA NA NA * Less than $0.01 per share. (a) $1.25 excluding discontinued Exeter operations and accounting changes related to convertible debt and restricted stock. (b) Reflects the impact of tax reform. 38

39 CMS ENERGY CORPORATION Reconciliation of GAAP EPS Growth CAGR to Non-GAAP EPS Growth CAGR (Unaudited) GAAP 2017 over CAGR Reported earnings (loss) per share - GAAP ($0.30) $0.64 ($0.44) ($0.41) ($1.02) $1.20 $0.91 $1.28 $1.58 $1.42 $1.66 $1.74 $1.89 $1.98 $1.64 NM Pretax items: Electric and gas utility 0.32 (0.60) - - (0.06) Tax impact (0.11) (0.01) (0.03) (0.22) (0.02) - (0.10) (0.01) 0.12 (b) Enterprises (0.12) 1.67 (0.02) 0.14 (0.05) * (0.01) * 0.05 * * * Tax impact (0.19) (0.35) (0.02) 0.10 (0.42) * (0.05) 0.02 (0.11) * (*) (0.02) (*) (*) 0.20 (b) Corporate interest and other 0.25 (0.06) * - * * * * Tax impact (0.09) 0.03 (0.02) (0.18) (0.49) (0.03) (*) (*) (0.01) (*) (*) (*) (*) (0.01) 0.20 (b) Discontinued operations (income) loss, net (0.16) 0.02 (0.07) (0.03) 0.40 (*) (0.08) 0.08 (0.01) (0.03) * (*) (*) * * Asset impairment charges Adjusted Tax impact - - (0.98) (0.31) (0.33) over Cumulative accounting changes Tax impact (0.09) (0.01) CAGR Adjusted earnings per share, including MTM - non-gaap $0.81 $0.87 $1.39 $0.57 $0.84 $1.21 (a) $1.26 $1.36 $1.45 $1.55 $1.66 $1.77 $1.89 $2.02 $2.17 7% Mark-to-market 0.04 (0.65) 0.80 Tax impact (0.01) 0.22 (0.29) Adjusted earnings per share, excluding MTM - non-gaap NA $0.90 $0.96 $1.08 NA NA NA NA NA NA NA NA NA NA NA * Less than $0.01 per share. (a) $1.25 excluding discontinued Exeter operations and accounting changes related to convertible debt and restricted stock. (b) Reflects the impact of tax reform. 39

40 CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income by Quarter (Unaudited) In Millions, Except Per Share Amounts Q 2Q 3Q 4Q YTD Dec (1) Net Income Available to Common Stockholders $ 199 $ 92 $ 172 $ (3) $ 460 Reconciling items: Electric utility and gas utility Tax impact Enterprises * * Tax impact (*) (*) (*) Corporate interest and other 1 1 * - 2 Tax impact (*) (1) (*) Discontinued operations (income) loss * * * * * Adjusted Net Income Non-GAAP $ 200 $ 92 $ 173 $ 145 $ 610 Average Common Shares Outstanding Diluted Diluted Earnings Per Average Common Share $ 0.71 $ 0.33 $ 0.61 $ (0.01) $ 1.64 Reconciling items: Electric utility and gas utility Tax impact Enterprises * * * * * Tax impact (*) (*) (*) Corporate interest and other * * 0.01 * 0.01 Tax impact (*) (*) (*) Discontinued operations (income) loss * * * * * Adjusted Diluted Earnings Per Average Common Share Non-GAAP $ 0.71 $ 0.33 $ 0.62 $ 0.51 $ 2.17 In Millions, Except Per Share Amounts Q 2Q 3Q 4Q YTD Dec (1) Net Income Available to Common Stockholders $ 164 $ 124 $ 186 $ 77 $ 551 Reconciling items: Electric utility and gas utility * 11 Tax impact - - (4) (*) (4) Enterprises * * * 1 1 Tax impact (*) (*) (*) (*) (*) Corporate interest and other * * Tax impact (*) (*) (1) (2) (3) Discontinued operations (income) loss * * (*) (*) * Adjusted Net Income Non-GAAP $ 164 $ 124 $ 194 $ 81 $ 563 Average Common Shares Outstanding Diluted Diluted Earnings Per Average Common Share $ 0.59 $ 0.45 $ 0.67 $ 0.28 $ 1.98 Reconciling items: Electric utility and gas utility * 0.04 Tax impact - - (0.01) (*) (0.01) Enterprises * * * * * Tax impact (*) (*) (*) (*) (*) Corporate interest and other * * * Tax impact (*) (*) (*) (0.01) (0.01) Discontinued operations (income) loss * * (*) (*) * Adjusted Diluted Earnings Per Average Common Share Non-GAAP $ 0.59 $ 0.45 $ 0.70 $ 0.29 $ 2.02 * Less than $0.5 million or $0.01 per share. (1) Year-to-date (YTD) EPS may not equal the sum of the quarters due to changes in the number of shares outstanding. 40