Sustainable Growth and Financial Review
Non-GAAP reconciliation – adjusted net income¹
FY2017
FY2018 FY2019
FY2020
FY2021
1Q22
1Q21
$390
$269
$147
$212
$405
$92
$55
6
13
(14)
64
1
($M)
Net income
Litigation and audit assessments
Goodwill impairment
Duplicate chassis costs
15
WSL contingent
consideration adjustment
Acquisition-related costs
Restructuring charges
(14)
2
35
I
64
1
11
I
2
I
I
I
Property gain - net
I
(51)
I
Tax Cuts and Jobs Act²
(230)
I
Income tax adjustment³
(1)
(25)
(4)
3
(3)
Adjusted net income
$161
$275
$220
$222
$407
$102
$55
1 Table may not sum due to rounding.
2 Represents the effect on deferred assets and liabilities of the change in the federal income tax rate from 35% to 21% as a result of the Tax Cuts
and Jobs Act enacted in December 2017.
3 Tax impacts are calculated using the applicable consolidated federal and state effective tax rate, modified to remove the impact of tax credit
and adjustments not applicable to the specific items.
Notes:
SCHNEIDER
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