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April 23, 2025 1 1Q 2025 Financial Results © 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license
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© 2025 GE Vernova and/or its affiliates. All rights reserved. 2 Caution concerning forward-looking statements: Certain statements contained in this presentation may constitute “forward-looking statements” that involve risks and uncertainties. These statements by their nature address matters that are uncertain to different degrees. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Words such as “anticipates,” “believes,” “expects,” “estimates,” “intends,” “guidance,” “plans,” “projects,” and similar expressions, may identify such forward-looking statements. Any forward-looking statement in this presentation speaks only as of the date on which it is made. Although we believe that the forward-looking statements contained in this presentation are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results, cash flows, or results of operations and could cause actual results to differ materially from those in such forward-looking statements. These factors may cause our actual future results to be materially different than those expressed in our forward-looking statements, and are more fully discussed in our most recent Annual Report on Form 10-K and in any subsequent Quarterly Report on Form 10-Q of ours, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections included therein, as may be updated from time to time in our filings with the U.S. Securities and Exchange Commission (SEC) and as posted on our website at www.gevernova.com/investors/fls. There may be other factors not presently known to GE Vernova or which we currently consider to be immaterial that could cause our actual results to differ materially from those projected in any forward-looking statement that we make. We do not undertake any obligation to update or revise our forward-looking statements except as required by applicable law or regulation. This presentation also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially. Non-GAAP financial measures: In this presentation, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered “non-GAAP financial measures” under the SEC rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in our earnings press release and in the appendix of this presentation, as applicable. Additional Information: GE Vernova’s Investor Relations website at https://www.gevernova.com/investors contains a significant amount of information about GE Vernova, including financial and other information for investors. GE Vernova encourages investors to visit this website from time to time, as information is updated and new information is posted. Investors are also encouraged to visit GE Vernova’s LinkedIn and other social media accounts, which are platforms on which the Company posts information from time to time.
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3 Accelerating demand for our products and services to electrify and decarbonize the world, as the electricity supercycle begins Solid balance sheet, growing FCF* and backlog position us to invest in our business and shareholder accretive actions 3 *Free cash flow is a non-GAAP Financial Measure Backlog defined on a remaining performance obligation (RPO) basis © 2025 GE Vernova and/or its affiliates. All rights reserved. Well-positioned to meet growing demand with disciplined execution Today’s global supply chain volatility is an opportunity for GE Vernova to differentiate itself with nimble operations & accelerated actions to offset increased costs Creating a stronger company
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• Delivered solid orders, revenue & backlog growth in both equipment & services • Continued strength at Power & Electrification, improving execution at Wind • Expanded margin in each segment while lean accelerates across the company • Generated $1B of free cash flow*, with $1.6B in year-over-year improvement • Returned $1.3B of capital to shareholders in the quarter; continuing in April * Non-GAAP Financial Measure Backlog defined on a remaining performance obligation (RPO) basis © 2025 GE Vernova and/or its affiliates. All rights reserved. 4 Reaffirming 2025 guidance Equipment backlog Power Wind Electrification $B Electrification backlog grew $2B primarily with growth in North America & Asia Gas Power backlog increased to 29GW, additional 21GW of slot reservations Strong 1Q’25 results
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+1.6 Improvement led by increased down payments at Power & actions to enhance quarterly linearity +170bps Year over year growth and expansion driven by more profitable volume, price, & productivity +15% Strong growth in both equipment & services * Non-GAAP Financial Measure Year-over-year variances and commentary for orders, revenue, & adj. EBITDA margin are presented on an organic basis; organic revenue and adj. organic EBITDA margin are non-GAAP financial measures © 2025 GE Vernova and/or its affiliates. All rights reserved. $ in billions 5 Orders 9.7 10.2 Strong start to 2025 with continued growth, margin expansion & significant FCF* improvement 1Q’24 1Q’25 Revenue 7.3 8.0 Adjusted EBITDA Margin* 2.6% 5.7% Free cash flow (FCF)* (0.7) 1.0 +8% Robust services & Power equipment growth, partially offset by lower Onshore Wind & a tough comparison in Electrification due to a large HVDC order recorded in 1Q’24 +0.3Adjusted EBITDA* 0.2 0.5 Financial Snapshot
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6 “Reported” references on this page are defined as U.S. GAAP (a – year-over-year variance commentary for orders, revenue, and EBITDA margin are presented on an organic basis; organic revenue and organic EBITDA margin are non-GAAP financial measures (b – defined as remaining performance obligation (RPO); 1Q’24 Power adjusted backlog, a non-GAAP financial measure, was $68.8B, which excludes $4.0B of backlog for the portion of Steam Power nuclear activities sold to Electricité de France S.A. The sale was completed 2Q’24 © 2025 GE Vernova and/or its affiliates. All rights reserved. 1Q’25 Dynamics -a) Orders ($B) 5.0 6.2 Revenue ($B) 4.0 4.4 Backlog-b) ($B) 72.8 76.3 EBITDA ($M) EBITDA Margin 345 508 1Q'24 1Q'25 8.6% 11.5% 2Q’25 Outlook -a) Expect mid-single digit organic revenue growth (up low- single digits on a reported basis); 14-16% EBITDA margin Orders remained robust led by 29 heavy duty gas turbines (+13 units year over year) & 18% services growth Revenue increased 16%, driven by higher HA deliveries & services growth EBITDA margin expanded as productivity, price, & volume more than offset inflation & additional expenses to support R&D and capacity investments Power Robust orders growth, increased revenue & EBITDA margin
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Wind 7 (a – year-over-year variance commentary for orders, revenue, and EBITDA are presented on an organic basis; organic revenue and organic EBITDA margin are non-GAAP financial measures (b – defined as remaining performance obligation (RPO) © 2025 GE Vernova and/or its affiliates. All rights reserved. Orders ($B) 1.1 0.6 Revenue ($B) 1.6 1.8 Backlog-b) ($B) 26.2 22.2 (173) (146) 1Q'24 1Q'25 (10.6)% (7.9)% EBITDA ($M) EBITDA Margin Improved EBITDA 1Q’25 Dynamics -a) 2Q’25 Outlook -a) Expect revenue up high-single digits; EBITDA losses similar to 1Q’25 as y/y volume growth offsets higher services cost Lower Onshore Wind equipment orders, navigating a dynamic U.S. policy environment Revenue growth of 15% driven by Onshore Wind volume & price, partially offset by lower Offshore Wind EBITDA improved due to Onshore Wind growth, despite Onshore Wind services cost & Offshore Wind losses
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8 Orders ($B) 3.6 3.4 Revenue ($B) 1.7 1.9 Backlog-b) ($B) 18.1 25.5 66 214 1Q'24 1Q'25 4.0% 11.4% EBITDA ($M) EBITDA Margin Electrification Significant growth with continued EBITDA margin expansion & increasing backlog-b) 1Q’25 Dynamics -a) 2Q’25 Outlook -a) Expect revenue growth in line with the FY’25 guide & modest sequential EBITDA margin expansion Orders strong, approximately 1.8 times revenue from growing demand for grid equipment Revenue growth of 18%, primarily driven by Grid Solutions, with higher volume & price Significant EBITDA margin expansion with strong volume, productivity, & favorable pricing (a – year-over-year variance commentary for orders, revenue, and EBITDA are presented on an organic basis; organic revenue and organic EBITDA margin are non-GAAP financial measures (b – defined as remaining performance obligation (RPO) (© 2025 GE Vernova and/or its affiliates. All rights reserved.
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Includes the impact of tariffs as currently outlined and resulting inflation, which is estimated to be approximately $300M-$400M, net of mitigating actions. (a – includes $(300)M - $(350)M of Corporate and other costs 9 Power • Organic revenue* growth of mid-single-digits • 13% - 14% segment EBITDA margin Wind • Organic revenue* down mid-single-digits • $200M - $400M segment EBITDA losses * Non-GAAP Financial Measure © 2025 GE Vernova and/or its affiliates. All rights reserved. REVENUE $36B - $37B ADJUSTED EBITDA MARGIN*-a) HSD FREE CASH FLOW* $2.0B - $2.5B Electrification • Organic revenue* growth of mid to high-teens • 11% - 13% segment EBITDA margin Reaffirming 2025 guidance Expecting continued adjusted EBITDA margin* expansion and FCF* growth in 2025
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Robust markets in Power and Electrification; Wind a tougher market ... executing better across all three segments Early stages of substantial margin expansion; pleased with the momentum and the adoption of lean Reaffirming our 2025 guidance; actively mitigating increased costs Continued acceleration of the GE Vernova culture across the team 10 * Non-GAAP Financial Measure © 2025 GE Vernova and/or its affiliates. All rights reserved. Solid balance sheet and improving financial performance enables us to invest in our business while returning substantial capital to shareholders Just getting started ... GE Vernova well-positioned
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CEO Kaizen Week, where GE Vernova held 120+ events across 13 countries, focused on improving safety, quality, delivery, and cost Q A& 11 © 2025 GE Vernova and/or its affiliates. All rights reserved.
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12 Appendix © 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license
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ALIGNING GE VERNOVA’S BUSINESS SUCCESS WITH SUSTAINABILITY SUCCESS: OUR SUSTAINABILITY FRAMEWORK Invent, deploy, and service the technology to decarbonize and electrify the world LEADING GOALSLEADING GOALS Innovate more while using less, safeguarding natural resources LEADING GOALS Advance safe, responsible, and fair working conditions in our operations and across our value chain LEADING GOALS Improve the trajectory on carbon intensity for near-term impact Innovate toward our 2050 Scope 3 net zero ambition for use of sold products Be a leading provider of new power generating capacity and grid capacity for the world Address electrification in regions underserved by reliable, affordable, and sustainable electricity Support workforce development, with a focus on underserved populations globally Carbon neutrality for Scope 1 and 2 GHG emissions by 2030 90% of our top products covered by our 4R circularity framework by 2030 Fatality-free operations Demonstrate progress on inclusive culture and equal employment opportunity for all employees Embed and implement ethical decision-making into business decisions Partner with suppliers to promote and uphold human rights in our value chain © 2025 GE Vernova and/or its affiliates. All rights reserved. 136 Catalyze access to more secure, sustainable, reliable, and affordable electricity, and help drive global economic development
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Orders ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 1Q'25 y/y % (organic) Total Orders 9,659 11,844 9,378 13,207 10,152 8 % Equipment 5,773 7,428 5,042 8,336 5,760 2 % Services 3,887 4,416 4,336 4,871 4,392 16 % * Non-GAAP Financial Measure © 2025 GE Vernova and/or its affiliates. All rights reserved. RPO ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 1Q'25 y/y % Total RPO 116,293 115,476 117,746 119,023 123,438 6 % Equipment 42,210 41,561 42,069 43,047 45,478 8 % Services 74,083 73,915 75,678 75,976 77,959 5 % Revenues ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 1Q'25 y/y % (organic)* Total Revenues 7,260 8,204 8,913 10,559 8,032 15 % Equipment 3,617 4,194 5,290 5,852 4,197 22 % Services 3,642 4,010 3,623 4,707 3,835 8 % 14 Financial trending metrics
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Power ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 1Q'25 y/y % (organic)* Segment Revenue 4,035 4,455 4,206 5,431 4,423 16 % Equipment 1,201 1,285 1,426 1,796 1,491 38 % Services 2,833 3,170 2,781 3,635 2,931 7 % Segment EBITDA 345 613 499 810 508 Segment EBITDA margin 8.6 % 13.8 % 11.9 % 14.9 % 11.5 % 70 bps Wind ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 1Q'25 y/y % (organic)* Segment Revenue 1,639 2,062 2,891 3,109 1,850 15 % Equipment 1,232 1,668 2,494 2,653 1,412 16 % Services 407 394 397 455 438 11 % Segment EBITDA (173) (117) (317) 19 (146) Segment EBITDA margin (10.6) % (5.7) % (11.0) % 0.6 % (7.9) % 190 bps Electrification ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 1Q'25 y/y % (organic)* Segment Revenue 1,651 1,790 1,928 2,181 1,879 18 % Equipment 1,230 1,286 1,451 1,567 1,391 18 % Services 421 504 477 613 487 18 % Segment EBITDA 66 129 201 283 214 Segment EBITDA margin 4.0 % 7.2 % 10.4 % 13.0 % 11.4 % 680 bps * Non-GAAP Financial Measure © 2025 GE Vernova and/or its affiliates. All rights reserved. 15 Financial trending metrics by segment
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RPO ($M) 1Q'24 1Q'25 y/y % Equipment 14,394 13,920 (3) % Services 58,389 62,372 7 % Total RPO 72,783 76,292 5 % Segment Revenues and EBITDA ($M) 1Q'24 1Q'25 y/y % (organic)* Gas Power 3,041 3,579 Steam Power 584 487 Hydro Power 181 157 Nuclear Power 229 200 Total Segment Revenues 4,035 4,423 16 % Equipment 1,201 1,491 38 % Services 2,833 2,931 7 % Total Segment Revenues 4,035 4,423 16 % Segment EBITDA 345 508 Segment EBITDA margin 8.6 % 11.5 % 70 bps Orders ($M) 1Q'24 1Q'25 y/y % (organic) Equipment 2,057 2,842 43 % Services 2,972 3,405 18 % Total Orders 5,029 6,247 28 % * Non-GAAP Financial Measure © 2025 GE Vernova and/or its affiliates. All rights reserved. 16 Power: key performance metrics
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RPO ($M) 1Q'24 1Q'25 y/y % Equipment 13,119 9,676 (26) % Services 13,045 12,484 (4) % Total RPO 26,164 22,160 (15) % Segment Revenues and EBITDA ($M) 1Q'24 1Q'25 y/y % (organic)* Onshore Wind 1,059 1,583 Offshore Wind 441 204 LM Wind Power 139 63 Total Segment Revenues 1,639 1,850 15 % Equipment 1,232 1,412 16 % Services 407 438 11 % Total Segment Revenues 1,639 1,850 15 % Segment EBITDA (173) (146) Segment EBITDA margin (10.6) % (7.9) % 190 bps Orders ($M) 1Q'24 1Q'25 y/y % (organic) Equipment 744 202 (72) % Services 406 438 11 % Total Orders 1,150 640 (43) % * Non-GAAP Financial Measure © 2025 GE Vernova and/or its affiliates. All rights reserved. 17 Wind: key performance metrics
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RPO ($M) 1Q'24 1Q'25 y/y % Equipment 14,849 21,996 48 % Services 3,221 3,466 8 % Total RPO 18,069 25,462 41 % Segment Revenues and EBITDA ($M) 1Q'24 1Q'25 y/y % (organic)* Grid Solutions 1,109 1,275 Power Conversion & Storage 336 381 Electrification Software 206 224 Total Segment Revenues 1,651 1,879 18 % Equipment 1,230 1,391 18 % Services 421 487 18 % Total Segment Revenues 1,651 1,879 18 % Segment EBITDA 66 214 Segment EBITDA margin 4.0 % 11.4 % 680 bps Orders ($M) 1Q'24 1Q'25 y/y % (organic) Equipment 3,012 2,808 (4) % Services 559 584 6 % Total Orders 3,571 3,393 (3) % * Non-GAAP Financial Measure © 2025 GE Vernova and/or its affiliates. All rights reserved. 18 Electrification: key performance metrics
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FCF* ($M) 1Q'24 1Q'25 y/y Net income (loss) (GAAP) (106) 264 370 Adjustments to reconcile net income (loss) to cash from (used for) operating activities Depreciation and amortization of property, plant, and equipment 188 149 (38) Amortization of intangible assets 63 56 (7) (Gains) losses on purchases and sales of business interests 3 (21) (25) Principal pension plans – net (95) (89) 6 Other postretirement benefit plans – net (47) (44) 4 Provision (benefit) for income taxes 10 68 58 Cash recovered (paid) during the year for income taxes (58) (145) (86) Changes in operating working capital: Decrease (increase) in current receivables 303 918 615 Decrease (increase) in inventories, including deferred inventory costs (717) (432) 285 Decrease (increase) in current contract assets (270) (345) (75) Increase (decrease) in accounts payable and equipment project payables (671) (269) 402 Increase (decrease) in contract liabilities and current deferred income 885 1,124 238 All other operating activities 68 (74) (142) Cash from (used for) operating activities (GAAP) (444) 1,161 1,605 Add: gross additions to property, plant and equipment and internal-use software (217) (186) 31 Free cash flow* (Non-GAAP) (661) 975 1,636 Free cash flow conversion*-a) N/M 369 % * Non-GAAP Financial Measure (a- Defined as free cash flow* divided by net income (loss) N/M - metric result for the applicable period is not meaningful © 2025 GE Vernova and/or its affiliates. All rights reserved. 19 Free cash flow* performance
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Orders 1Q’24 1Q’25 Gas Turbines 34 38 • Heavy-Duty Gas Turbines-a) 16 29 ◦ HA-Turbines-b) 8 8 • Aeroderivatives-a) 18 9 Gas Turbines (GW)-d) 4.9 7.1 Wind Turbines-c) 190 23 Repower units 41 — Wind Turbines and Repower (GW)-c),-d) 0.7 0.1 Sales 1Q’24 1Q’25 Gas Turbines 17 19 • Heavy-Duty Gas Turbines-a) 10 12 ◦ HA-Turbines-b) 1 5 • Aeroderivatives-a) 7 7 Gas Turbines (GW)-d) 2.3 3.0 Wind Turbines-c) 252 276 Repower units — 130 Wind Turbines and Repower (GW)-c),-d) 1.1 1.3 (a- Heavy-Duty Gas Turbines and Aeroderivatives are subsets of Gas Turbines (b- HA-Turbines are a subset of Heavy-Duty Gas Turbines (c- Includes Onshore and Offshore units (d- Gigawatts reported associated with orders and sales in the periods presented © 2025 GE Vernova and/or its affiliates. All rights reserved. 20 Unit metrics: orders and sales
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21 Non-GAAP reconciliations © 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license
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Adjusted backlog* & Adjusted Power backlog* * Non-GAAP Financial Measure (a- The sale was completed in the second quarter of 2024. © 2025 GE Vernova and/or its affiliates. All rights reserved. 22 ADJUSTED BACKLOG ($ in millions) March 31, 2024 December 31, 2024 March 31, 2025 Remaining Performance Obligations (RPO) (GAAP) $ 116,293 $ 119,023 $ 123,438 Less: RPO related to the portion of Steam Power nuclear activities sold to Electricité de France S.A.-a) 4,012 — — Adjusted Backlog* (Non-GAAP) $ 112,281 $ 119,023 $ 123,438 ADJUSTED POWER BACKLOG ($ in millions) March 31, 2024 December 31, 2024 March 31, 2025 Power Remaining Performance Obligations (RPO) (GAAP) $ 72,783 $ 73,351 $ 76,292 Less: RPO related to the portion of Steam Power nuclear activities sold to Electricité de France S.A.-a) 4,012 — — Adjusted Power Backlog* (Non-GAAP) $ 68,771 $ 73,351 $ 76,292
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Organic revenue*, Segment organic revenue*, Segment organic EBITDA* & Segment organic EBITDA margin* We believe the organic measures presented above provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. * Non-GAAP Financial Measure © 2025 GE Vernova and/or its affiliates. All rights reserved. 23 Revenue Equipment revenue Services revenue Segment EBITDA Segment EBITDA margin % Three months ended March 31, ($ in millions) 2025 2024 V% 2025 2024 V% 2025 2024 V% 2025 2024 V% 2025 2024 V% Power (GAAP) $ 4,423 $ 4,035 10 % $ 1,491 $ 1,201 24 % $ 2,931 $ 2,833 3 % $ 508 $ 345 47 % 11.5 % 8.6 % 290 bps Less: Acquisitions — — — — — — 1 — Less: Business dispositions — 182 — 105 — 77 — (20) Less: Foreign currency effect (27) 2 (17) 2 (9) — 15 (36) Power organic* (Non-GAAP) $ 4,449 $ 3,851 16 % $ 1,508 $ 1,094 38 % $ 2,941 $ 2,757 7 % $ 493 $ 401 23 % 11.1 % 10.4 % 70 bps Wind (GAAP) $ 1,850 $ 1,639 13 % $ 1,412 $ 1,232 15 % $ 438 $ 407 8 % $ (146) $ (173) 16 % (7.9) % (10.6) % 270 bps Less: Acquisitions — — — — — — — — Less: Business dispositions — — — — — — — — Less: Foreign currency effect (36) (7) (24) (7) (12) — 2 (14) Wind organic* (Non-GAAP) $ 1,886 $ 1,646 15 % $ 1,436 $ 1,239 16 % $ 451 $ 407 11 % $ (148) $ (159) 7 % (7.8) % (9.7) % 190 bps Electrification (GAAP) $ 1,879 $ 1,651 14 % $ 1,391 $ 1,230 13 % $ 487 $ 421 16 % $ 214 $ 66 224 % 11.4 % 4.0 % 740 bps Less: Acquisitions 1 — — — 1 — — — Less: Business dispositions — — — — — — — — Less: Foreign currency effect (66) 6 (58) 5 (9) 1 (2) (7) Electrification organic* (Non-GAAP) $ 1,945 $ 1,645 18 % $ 1,449 $ 1,225 18 % $ 496 $ 421 18 % $ 217 $ 73 197 % 11.2 % 4.4 % 680 bps Total Company (GAAP) $ 8,032 $ 7,260 11 % $ 4,197 $ 3,617 16 % $ 3,835 $ 3,642 5 % Less: Acquisitions 1 — — — 1 — Less: Business dispositions — 182 — 105 — 77 Less: Foreign currency effect (129) 1 (99) 1 (31) — Total Company organic* (Non-GAAP) $ 8,161 $ 7,077 15 % $ 4,296 $ 3,512 22 % $ 3,865 $ 3,565 8 %
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* Non-GAAP Financial Measure © 2025 GE Vernova and/or its affiliates. All rights reserved. 24 Adjusted general and administrative expenses* We believe Adjusted general and administrative expenses* provides investors with improved comparability of underlying operating results and a further understanding and additional transparency regarding how we evaluate our business. Adjusted general and administrative expenses* also provides management and investors with additional perspective regarding the impact of certain significant items on our expenses. Adjusted general and administrative expenses* excludes unique and/or non-cash items that can have a material impact on our results. However, Adjusted general and administrative expenses* should not be construed as inferring that our future results will be unaffected by the items for which the measure adjusts. ADJUSTED GENERAL AND ADMINISTRATIVE (G&A) EXPENSES Three months ended March 31 ($ in millions) 2025 2024 V% Selling, general, and administrative expenses (GAAP) $ 1,188 $ 1,202 (1) % Less: Restructuring and other charges 15 43 Less: Separation costs (benefits)(a) 44 — Less: Depreciation and amortization(b) 66 64 Less: Selling and marketing expenses 298 285 Adjusted G&A expenses* (Non-GAAP) $ 766 $ 811 (6) % (a) Costs incurred in our spin-off and separation from General Electric Company (GE), including system implementations, advisory fees, one-time stock option grant, and other one-time costs. (b) Excludes depreciation and amortization expense included in Restructuring and other charges. Free Cash Flow* 2025 Guidance: Free cash flow* We cannot provide a reconciliation of the differences between the non-GAAP financial measure expectations and the corresponding GAAP financial measure for free cash flow* in the 2025 guidance without unreasonable effort due to the uncertainty of timing for capital expenditures.