#1KEVIN JOHNSON president and chief executive officer STARBUCKS INVESTOR DAY 2020 6#2SINCE DECEMBER 2018 TOTAL SHAREHOLDER RETURN OVER 50% EQUITY MARKET CAP INCREASE OVER $30B#3● Focus, discipline, and a growth mindset#4● Focus, discipline, and a growth mindset Stronger and more resilient than ever#5● ● Focus, discipline, and a growth mindset Stronger and more resilient than ever Well positioned for the future#6THE COFFEE ADDRESSABLE MARKET Away From Home Specialty Coffee Retail Flagship Retail Food Service $450B GLOBALLY IN 2023* Single-Serve Platforms Ready-to-Drink Whole Bean, Ground and Instant At Home 1. Euromonitor 2019 2. NPD 2018: A. 2019 Limited Service Consumer Food Service '19-20 growth rate applied for estimates; StudyLogic 2018 (Food Service) CAGR applied for 2019 value Total Worldwide CAM (2019) - ~$360B 2. With expected growth at a CAGR of 5 - 6% through 2023 will make CAM ~$450B of revenue globally in 2023.#7SPECIALTY COFFEE RETAIL F ORDER pick up. PICK UP STARBUCKS COFFEE STARBUCKS COFFEE M STARBUCKS COFFEE OP EN 6- STARBUCKS CO 20 Specialty Coffee Retail#8FLAGSHIP RETAIL 0 1 FREUN ANGHAI THE CHICAGO SAMM TO GO ZHR Flagship Retail#9CHANNELS Food Service Single-Serve Platforms NEW! STARBUCKS PIKE PLACE ROAS LUNGO 10 CAPSULES WE PROUDLY NETWY STOGO 3M SERVE TM NEW! STARBUCKS ESPRESSO ROAST NESPRESSO ALUMINUM SWEET VANILLA SWEET CREAM MIL FLAVORED WITH OTHER NATURAL FLAVORS STARBUCKS NITRO COLD BREW PREMIUM COFFEE DRINK MEDIUM ROAST COFFEE WITH GOLDEN TURMERIC GROUND COFFEE WITH SPICES 100% ARABICA COFFEE NEW GROUND STARBUCKS COLD BREW COFFEE CONCENTRATE MEDIUM ROAST Whole Bean, Roast & Ground, and Soluble COFFEE WITH ESSENTIAL VITAMINS SIGNATURE BLACK UND COFFEE WITH VITAMINE COFFEE CONCENTRATE 32 FL 02 (1 QT) (946 ml) NEW GROUND Ready-to-Drink KEURIG 10 KOD-PODS M MEDIA MEDIUM ENERA&TO COFFEE 2X CA GROUND COFFEE WITH COFFLE EXTRACT Food Service Single-Serve Platforms Ready-to- Drink Whole Bean, Ground and Instant#10EMAIFE FEELING OF CONNECTION BEHE 81 EFFORTLESSLY FIT THEIR LIFESTYLE CONSISTENT EXPERIENCES WELLBEING OF PEOPLE AND PLANET LOYAL TO BRANDS WITH STRONG VALUES This store stands for this community. Local contractors. Local partners. Local love.#11EMAI FE FEELING OF CONNECTION SI EFFORTLESSLY FIT THEIR LIFESTYLE Kinza CONSISTENT EXPERIENCES WELLBEING OF PEOPLE AND PLANET LOYAL TO BRANDS WITH STRONG VALUES This store stands for this community. Local contractors. Local partners. Local love.#12EMAI FE FEELING OF CONNECTION EFFORTLESSLY FIT THEIR LIFESTYLE . THUẬN CONSISTENT EXPERIENCES WELLBEING OF PEOPLE AND PLANET LOYAL TO BRANDS WITH STRONG VALUES This store stands for this community. Local contractors. Local partners. Local love.#13EMAI FE FEELING OF CONNECTION EFFORTLESSLY FIT THEIR LIFESTYLE CONSISTENT EXPERIENCES WELLBEING OF PEOPLE AND PLANET LOYAL TO BRANDS WITH STRONG VALUES This store stands for this community. Local contractors. Local partners. Local love.#14EMAI FE FEELING OF CONNECTION EFFORTLESSLY FIT THEIR LIFESTYLE CONSISTENT EXPERIENCES WELLBEING OF PEOPLE AND PLANET LOYAL TO BRANDS WITH STRONG VALUES This store stands for this community. Local contractors. Local partners. Local love.#15EMAI FE FEELING OF CONNECTION PS EFFORTLESSLY FIT THEIR LIFESTYLE Thalas . THUẬN CONSISTENT EXPERIENCES WELLBEING OF PEOPLE AND PLANET Conny LOYAL TO BRANDS WITH STRONG VALUES This store stands for this community. Local contractors. Local partners. Local love.#16OUR MISSION To inspire and nurture the human spirit - one person, one cup and one neighborhood at a time.#17P INCLUSION, OPPORTUNITY, AND COMMUNITY Foer Sumin RBUCKS E Fyder OUR MISSION To inspir one per one ne nurture t ne cup, Dodat GANGS WAPPENING human s#18PEOPLE POSITIVE PARTNERS PLANET POSITIVE STARBUCKS VREMENESEA PROFIT POSITIVE TE#19ROZ BREWER chief operating officer and group president, Americas STARBUCKS INVESTOR DAY 2020 6#20TM TARBUCKS R CONNECTION#21aileen#22Alex "When I get a Starbucks beverage during COVID, I feel like it's a treat, first because I'm out, and second because someone else is preparing something for me. I feel cared for." "The staff at our location is ALWAYS very friendly, they make you feel VALUED and WELCOMED and our orders are always accurate." "I don't think I've ever seen a Starbucks employee that was having a bad day and dealing with the public, they generally seem happy and ready to serve."#2319.3M 90D ACTIVE MEMBERS All data reflected is from FY20 U.S. STARBUCKS REWARDS BY THE NUMBERS That first sip feeling. Let us add a little joy to your day. Join Starbucks Rewards. STARBUCKS' REWARDS ~50% FY20 REVENUE GENERATED BY SR MEMBERS the affè Latte kur dark, rich espresso balanced with steamed milk and a ght layer of foam. A perfect milk-forward warm-up. 150 item Size Add-ins Espresso & Shot Options 2 Shots Flavors 1 in 4 TRANSACTIONS THROUGH MOBILE ORDER AND PAY APP Tea Pickup at S. Michigan & 6th Ave S. Hone Cans D Order Grande Add item Gift Offers 544* Star balance 25 Details 50 150 Collect up to 60 Bonus Stars Mar 13-15 C Redeem Home Rewards options Visit 3 times Collect 60 Stars in the Star Dash when you vis times Visit 3 times, get 60 Stars Start Cards 200 400 Order Pay in s#24CARON DARY STA BUG *FESION CRAFT#25COLD PLATFORM FUELS GROWTH COLD BEVERAGES HAVE GROWN BY NEARLY 45% OVER THE PAST 4 YEARS ~45% FY16 ~50% FY18 COLD AS % OF TOTAL BEVERAGE U.S. Company operated stores only ~60% FY20#261. Steam Milk pdated to provide a more intense coffee 2. Shots 2 STARBUCKS COFFEE #Starbucks Truck GARC FIARE MAMIA www STARBUCKS KDRIVE THRU CONVENIENCE#27POPULATION PER STARBUCKS LOCATION LOW HIGH Nevi ABUNDANT U.S. GROWTH OPPORTUNITY daho Baja California Utah lontana Sonora Baja California Sur Wyo Chihuahua Sinaloa North kota South Dakota State Kansas 17 Coahuila braska Texas Nuevo León Minta Missour Louisia Wisco sippi West inia Main Maryland District of Columbia New Jersey Delaware N Brun New Hamps Massachus Rhode Island#28STORE BASE SHIFTING TOWARD CONVENIENCE PickUP / New Formats Drive-Thru Café 35% *U.S. = US-Company Operated + Licensed Stores 65% FY20 ~ 15,000+ STORES 5% 40% 55% FY23 ~ 16,000+ STORES STARBUCKS 04:0#29WEYER ONWARD ВЯАТ? toirl0 МОВИ ORDE PICK#30MANHATTAN 9A MANHATTAN AT A GLANCE WE WILL OVERCOME COVID IMPACTS AND RETURN STRONGER THAN EVER BRA LLAGI ATTAN UP MANH WAS GTO HE TS HARLEM Financial District AN & Midtown Harlem & Washington Heights Upper West & East Side South of Midtown excluding Financial District Population Daytime Pop. Store Count Café Pickup MANHATTAN 1.7M 3.2M 214#31Air seum O E O W 42nd St ARDS Time Warn HELL'S KITCHEN MIDTOWN (2019) 1th Ave 495 cel 8. Carnegie Hall Temporarily MANHATTAN AT A GLANCE WE WILL OVERCOME COVID IMPACTS AND RETURN STRONGER THAN EVER es Savare MID MONHATTA 80 Macy's The un ofdern Ar atris Cathedral N ST Queensboro Franklin Rooseve Free Sta rysler Building State Bung MURRAY HILL FDR Dr EC Population Daytime Pop. Store Count Café Pickup MANHATTAN 1.7M 3.2M 214 MIDTOWN (2019) 160K 980K 79 78 1#32Air seum B O W 42nd St ARDS Time Warn MIDTOWN (FUTURE) HELL'S KITCHEN 1th Ave 495 Cer 8 Carnegie Hall Temporarily bes Savare MANHATTAN AT A GLANCE WE WILL OVERCOME COVID IMPACTS AND RETURN STRONGER THAN EVER MIDWI NHATTA Macy's The un odern Art atri Cathedral IN ST Queensboro Franklin rysler Building State Bung MURRAY HILL FDR Dr E Rooseve Free Sta Population Daytime Pop. Store Count Café Pickup MANHATTAN 1.7M 3.2M 214 MIDTOWN (2019) 160K 980K 79 78 1 MIDTOWN (FUTURE) 160K 730K 79 64 15#3310 CORE77 DESIGN AWARDS 2020 NOTABLE SILVER AWARD 2020 COSTA RICA MICROBLEND NO. 21 R. RAINSHINE BLEND ETHIOPIA KAYON MOUNTAIN FARM DECAF COSTA RICA ***EADY STARBUCKS RESERVE MICKOBLEND No 27 STARBUCKS RESERVE NET WT 250FRE#34IRBUC MARBUCKS STARBUCK STA TRE MERRY CARRYTHEM CARRY THE ARMY OSO We love you! COMMITMENT#35JOHN CULVER group president, International, Channel Development and Global Coffee, Tea and Cocoa STARBUCKS INVESTOR DAY 2020 6#36T 小 22350 bais 中国加油 实行 ww y 成因。 新 日期 圖机起 28.38 发热 E90 STARBUCKS 星巴克 COMMUNITY SERVICE 社区服务 站题请小心饮用。 GREAT 中国加油! 中国解! 气越泽小心饮用。 BIVELORE 温题酒小心饮用。 SMA 4515 E 120 我知您同在 有 11.X L 111H/ Coffee Master Bris Candy Coffee Master Shirleyat#37gro 取单口令① 眼疾手快 X 菜单 历史订单 1.3* 自取门店 星巴克(新研大厦店) 10:23 茶云”白科技"新鲜发布 今日点单免运费 到门店后,请和出品台伙伴联系,领取您的 订单产品。 预计取单时间 16:23 陈快-在线点 到店取 57* ES.G#38PARTNERS PURPOSE-DRIVEN CHINA GROWTH AGENDA AND PLACE FOURTH DO0OS FAMILIES THIRD PLACE K AND AT HOM AWAY SOCIAL IMPACT#39www 323 THE TEAVANA STARBUCKS RESERVE 104. wwwwwww RICH SYVAWUHIH oko STARBUCKS RESERVE 44% STARBUCKS RESERVE NJW STARBUCKS NOW STARBUCKS ARE 100 AB#405448 END OF FY22 6,000 stores 11 STARBUCKS COFFEE 230 cities SC K 星巴克咖啡 R 45#4190-DAY ACTIVE MEMBERS 10M > 13.5M Q3FY20 Q4FY20 See details 专星送 星巴克 萨 【等你 Gold Level REWARDS RMB 24 Off 1 Bag Icy Dumpling Expires on May 28, 2019 w Starbucks Now in-store pickup 22.9 9* for 1 designated food/beverage > YOURS 16:55 星冰粽 Today's good mood is sponsored by coffee Science & Technology Building 181 m Delivery 30min delivery 5 Rewards More stores 4G 36951 |风驰电骋 1of1 |范华先生 大/冰百香果桃桃茶云 Passion FruitPeach-G 2020/07/17 15:25 16:48 20211 579 O 321 Ⓒ 星星可能需要24小时在帐户中显示#4290-DAY ACTIVE MEMBERS 10M > 13.5M Q3FY20 Q4FY20 See details 专星送 星巴克 萨 【等你 Gold Level REWARDS RMB 24 Off 1 Bag Icy Dumpling Expires on May 28, 2019 w Starbucks Now in-store pickup 22.9 9* for 1 designated food/beverage > YOURS 16:55 星冰粽 Today's good mood is sponsored by coffee Science & Technology Building - 181 m Delivery 30min delivery 5 Rewards More stores 4G DIGITAL SALES MIX 2x vs. prior year 26% Q4FY20#43ឌ \ z ...#448888 LESS PLAST IS FANTAST J 情谊也在C 说的都在这里 理 摩卡再甜也 定制你的心里话。 这个七夕说觉,别等 STARBUCKS STARBUCKS GOOD 星善食主义 Delivery G475 ♥星爸爸的表白咖啡 让咖啡捎句话 想说 别等 用星说 SAY IT WITH STARBUC "藏了很多话,不好意思开口。 点杯咖啡诉说,似乎更有味道。 用星说「心意派送」新功能上线 咖啡和心里话 外卖一起送达 这里风景很美 下看#45Coffee Innovation Park GREEN BEANSING WAREHOUSE www wwwwwww ROASTING AND PACKAGING WORKSHOP 27 EXPERIENCE CENTER T Starbucks China Foundation Yunnan, China#46JOHN CULVER group president, International, Channel Development and Global Coffee, Tea and Cocoa STARBUCKS INVESTOR DAY 2020 6#47INNOVATION 12 coffee roasts and café inspired flavors STARBUCKS HOUSE BLEN Fiscal Year Ended 9/27/2020 #1 at-home coffee brand (U.S.) Wido GLOBAL COFFEE ALLIANCE STARBUCKS NORTH AMERICA MACCHIATO LATTE MACCHIATO Smooth & creamy Dolce Gusto +13% retail sales year-over-year LATTE WORLDWIDE 62 markets STARBUCKS HOUSE BLEND ハウスブレンド いきいきとして ORIGAMI 和のとれた味わい 1 CUP#48SHEET VANILLA SWEET CREAM. FLAVORED WITH OTHER NATURAL FLAVORS STARBUCKS' NITRO COLD BREW PREMIUM COFFEE DRINK TRIPLESH UNSWEET BLACK UNSWEET D STARBUCKS NITRO COLD BREW PREMIUM COFFEE DRINK BLACK DARK CARAMEL SWEET PLAVORED WITH OTHER NATURAL FLAVORS STARBUCKS NITRO COLD BREW Ett PREMIUM COFFEE DRINK COFFEE BREAK ESPRESSO & CREAM BRING HOME THE TASTE YOU LOVE PREMIUM ESPRESSO BEVERAGE Mocha STARBUCKS DOUBLESHOT rappuccino chilled coffee drink ESPRESSO 270 CALDAIES CHILLED COFFEE DRINK PER UNSWEET BLACK UNSWEET STARBUCKS NITRO COLD BREW PREMIUM COFFEE DRINK NITRO COLD BREW DOUBLESHOT ESPRESSO#49Peppermint Mochal AVORED WITH OTHER . START trappucam STARBUCKS ICED ESPRESSO Fiscal Year Ended 9/27/2020 #1 brand in RTD coffee (Global) PEPPERMINT MOCHA FLAVORED WITH OTHER NATURAL FLAVORS MINTY LIMITED EDITION pogle 36% volume growth over prior year (China) READY-TO-DRINK 16688 STARBUCKS DOUBLESHOT. 浓咖啡饮料 经典美式 AMERICANO volume growth over prior year (EMEA) STADO NEARLY 25% FOOD C CHRISTY S STARBUCKS CAFFE LATTE 咖啡拿铁 . 咖啡饮料 净含量250毫升 STARBUCKS ESPRESSO MACCHIATO 浓郁咖啡玛奇朵 •#50MICHAEL CONWAY executive vice president and president, International Licensed Markets STARBUCKS INVESTOR DAY 2020 6#5183 markets 90% licensed >#5283 markets 90% licensed 1 in 3 stores 1 in 4 partners#53Top 10 International Licensed Partners Alsea AmRest ALSHAYA GROUP TATA O MAP Mitra Adiperkasa ** SHINSEGAE Maxim's UNI-PRESIDENT Rustan's BERJAYA#54Paris, France Bangkok, Thailand STARBUCKS R MARIA ATTEN A LOVER 233 SKATOS TUNITRAC SVILLE Strong Economic Model Seoul, South Korea STARBUCKS#55Starbucks Jolly Baked Apple Cold Brew, Singapore SALONS DE CAFE 1 salon de café à X Accueil 9:41 Bonjour, Alice. Comment allez-vous ? Messages EVOLUTION DE VOS RECOMPENSES 42.13. Reward(s) available 450 pour conserver le niveau Gold Toutes les 150 étoiles, nous vous offrons une boisson Détails des récompenses Activité CREDIT ÉPUISE 2 C'est le moment de recharger votre carte. Recharger maintenant Créditer votre compte Payer - 0,00 € Récompenses Leverage Success Drivers Digital Engagement Beverage Innovation Cape Town, South Africa STARBUCKS STARBUCKS STARBUCKS PIKE PLACE Customer Experience#56Starbucks Jolly Baked Apple Cold Brew, Singapore TAXE Accueil 1 salon de café à mainish 9:41 CREDIT EPUISE Bonjour, Alice. Comment allez-vous ? Messages EVOLUTION DE VOS RECOMPENSES 42.13* Reward(s) available - 450 pour conserver le niveau Gold Toutes les 150 étoiles, nous vous offrons une boisson Détails des récompenses Activité C'est le moment de recharger votre carte. Recharger maintenant Créditer votre compte Payer - 0,00 € Salons de café Récompenses 20 Leverage Success Drivers Digital Engagement Beverage Innovation Cape Town, South Africa STARBUCKS STARBUCKS STARBUCKS PIKE PLACE Customer Experience#57Starbucks Jolly Baked Apple Cold Brew, Singapore Accueil 1 salon de café à mainish 9:41 1 CREDIT EPUISE Bonjour, Alice. Comment allez-vous ? Messages EVOLUTION DE VOS RECOMPENSES 42.13* Reward(s) available - 450 pour conserver le niveau Gold Toutes les 150 étoiles, nous vous offrons une boisson Détails des récompenses Activité C'est le moment de recharger votre carte. Recharger maintenant Créditer votre compte Payer - 0,00 € Salons de café Récompenses 20 Leverage Success Drivers Digital Engagement Beverage Innovation Cape Town, South Africa STARBUCKS STARBUCKS DUROAST STARBUCKS PIKE PLACE Customer Experience#58Guadalajara, Mexico Bali, Indonesia Com 1 Does not include conversions from company-operated stores MAR Al Khobar, Saudi Arabia NEARLY 2,000 additional licensed stores by FY23¹ STARBUCKS 一月 R AR#59PATRICK GRISMER executive vice president and chief financial officer STARBUCKS INVESTOR DAY 2020 6#60GLOBAL SCALE WITH SIGNIFICANT GROWTH RUNWAY REMAINING FY20 Approaching 33,000 stores in 83 markets 耸耸耸耸耸耸 In 10 years, 唱唱唱唱唱唱 耸耸耸耸 耸耸耸耸耸耸 FY30 ~55,000 stores in ~100 markets#61DOUBLE-DIGIT NON-GAAP EPS GROWTH AT SCALE 10% -12%¹ ¹ Represents an estimated annual Non-GAAP EPS growth range and applies to FY23 and FY24#62Comp Growth BUILDING BLOCKS OF ONGOING GROWTH Unit Growth Margin Improvement Disciplined Capital Allocation#63ONGOING COMP GROWTH¹ (COMPANY-OPERATED STORES) 1 Growth rates are estimated and apply to FY23 and FY24 Global U.S. 4% - 5% 4% - 5% China 2% -4%#64D PF Global ~6% ONGOING NET NEW UNIT GROWTH¹ ¹ Growth rates are estimated and apply to FY22 through FY24 G U.S. ~3% STARBUCKS COFFEE China LOW TEENS#65Enterprise 8% - 10% ¹ Growth rates are estimated and apply to FY23 and FY24 ONGOING REVENUE GROWTH¹ Retail Business 8% - 10% STARBUCKS Latte Macchiato TARBUCKS ERONA STARBUCKS STARBUCKS Cappuccino ESPRESSO STARBUCKS PLACE STARBUCKS Caramel hiato VERANDA BLEND Americano Channel Development 5% -6% STARBUCK STARBUCKS STARBUCKS#66● ● ● ONGOING NON-GAAP OPERATING INCOME MARGIN¹ + Sales Leverage Supply Chain Savings Store Productivity G&A Efficiency ¹Non-GAAP figures are estimated and apply to FY22 through FY24 2 Based on annual non-GAAP Operating Income growth percentage point 18%-19% ~1% NON-GAAP OPERATING INCOME GROWTH BENEFIT¹,2 ● ● Cost Inflation Investments - Partner Wages and Benefits - Technology Initiatives - Environmental Sustainability#67CAPITAL ALLOCATION ● ● ● CAPITAL INVESTMENTS PRIORITY GIVEN TO HIGH-RETURN INVESTMENTS New Stores Technology Sustainability COMPETITIVE DIVIDEND ~50% Earnings Payout Ratio¹ ~2% Yield² 1 Figures are estimated and apply to FY22 through FY24. 2 Yield applies to FY21 through FY24 and is estimated based on expected dividend and share price. SHARE REPURCHASES Non-GAAP EPS Benefit¹ ~1% After Interest at ~3X Leverage#682449 STARBUCKS HHHHHH STARBUCKS NEW UNIT ECONOMICS YEAR-1 PERFORMANCE PROJECTIONS FOR UNITS OPENED IN FY21¹ Sales to Investment Cash Margin² 3 ROIS U.S. ~2x ~25% ~50% ¹ Includes Starbucks company-operated core retail stores only; represents estimated Year-1 performance for FY21 Age Class 2 Cash margin is pre-tax and represented as store-level profit excluding depreciation and non-cash rent 3 Cash-on-cash ROI based on total pre-tax cash profit over total investment CHINA ~2x ~35% ~70%#69ADDING IT ALL UP REVENUE GROWTH¹ 8%-10% NON-GAAP OPERATING INCOME GROWTH¹ ¹ Growth range is estimated and applies to FY23 and FY24 ERRY CARRY THE MERRY CARRYTH 9%-11% NON-GAAP EPS GROWTH¹ DOUBLE-DIGIT NON-GAAP EPS¹ GROWTH AT SCALE IS STARBUCKS STARE Y CARRY THE MERRY CARRY THE ME 10%-12% CKS ST#70$1.17¹ FY20 ANNUAL EPS OUTLOOK ANNUAL NON-GAAP EPS & GROWTH $2.70- $2.90² (53WK) FY21 (53 Weeks) Rebounds but still a recovery year >20% FY22 (52 Weeks) Outsized growth³ lapping FY21 recovery 10%-12% FY23 Stabilizes at ongoing growth algorithm ¹Non-GAAP EPS. GAAP EPS was $0.79. Refer to page 20 of our Q4 FY20 Earnings Release on our IR website for the reconciliation of GAAP to Non-GAAP EPS. 253-Week Non-GAAP EPS includes approximately $0.10 attributed to the 53rd week. Projected FY21 GAAP EPS is $2.34-$2.54. Refer to page 22 of our Q4 FY20 Earnings Release on our IR website for the reconciliation of GAAP to Non-GAAP EPS. 3> 20% growth rate is inclusive of the negative impact of lapping a 53-week year.#71"10-20-30" SCENARIO POSSIBLE BY FY24 POTENTIAL MARKET LICENSING MAY UNLOCK: NON-GAAP EPS¹ GROWTH At Least 10% NON-GAAP OPERATING MARGIN¹ Approaching 20% ¹Non-GAAP amount is estimated and applies to FY24 in a potential scenario where markets outside of the U.S. and China are licensed prior to FY24. ROIC Approaching 30%#72** STARBUCKS STAR **** RY CARRY THE MERRY CARRY KYNNY VV *XXXX** BA CVBBA AHE WEBBA CYER RESTORING ROIC¹ TO 25%+ Led by margin expansion and capital efficiency ~25% FY14 - FY17 ~20% FY18 - FY19 ROIC with Current Ownership Model ROIC with Incremental Market Licensing Approaching 30% >25% FY24 ¹ Calculated as Net Operating Profit After Tax (NOPAT) / Invested Capital. NOPAT = (Non-GAAP Operating Income + Interest Expense on Lease Liability) * (1-Tax Rate). Invested Capital = Operating Lease Liability + Shareholder's Equity + Debt + Other Long-Term Liabilities - Cash and Cash Equivalents - Short-Term Investments. Balance Sheet items are calculated using annual averages.#73DOUBLE-DIGIT NON-GAAP EPS GROWTH AT SCALE 10% -12%¹ ¹ Represents an estimated annual Non-GAAP EPS growth range and applies to FY23 and FY24