\n| \n \nPayment date:<\/p>\n<\/td>\n | | \n\n \nAugust 4, 2023<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe quarterly dividend is declared in U.S. dollars and since March 2021, the default currency for dividends is also U.S. dollars. Those shareholders who have not elected to receive the dividend in pounds sterling and who would like to make such an election may do so online by going to Computershare’s Investor Center and returning the completed form to the address located in the upper\u2010right corner of the form. The deadline to elect to receive the quarterly dividend in pounds sterling, or to amend an existing election, is 5:00 p.m. ET on July 7, 2023 and any requests should be made in good time ahead of that date.<\/p>\n \nThe form is available at www\u2010us.computershare.com\/investor\/#home and navigating to Company Info > FERG > GBP Dividend Election and Mandate Form.<\/p>\n \nThe completion of cross-border movements of shares between the U.K. and the U.S. is contingent upon the receiving broker identifying and acknowledging any such movements. Where a cross-border movement of shares has been initiated but not completed by the relevant dividend record date (being June 16, 2023 for this quarterly dividend), there is a risk that the dividend in respect of such shares will not be received on the dividend payment date. Accordingly, shareholders are advised not to initiate any cross-border movements of shares during the period from June 14, 2023 through June 16, 2023 inclusive.<\/p>\n Cautionary note on forward-looking statements<\/b><\/p>\n \nCertain information included in this announcement is forward-looking, including within the meaning of the Private Securities Litigation Reform Act of 1995, and involves risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements. Forward-looking statements cover all matters which are not historical facts and include, without limitation, statements or guidance regarding or relating to our future financial position, results of operations and growth, projected interest in and ownership of our ordinary shares by domestic US investors, plans and objectives for future capabilities, risks associated with changes in global and regional economic, market and political conditions, ability to manage supply chain challenges, ability to manage the impact of product price fluctuations, our financial condition and liquidity, legal or regulatory changes, and other statements concerning the success of our business and strategies. Forward-looking statements can be identified by the use of forward-looking terminology, including terms such as \u201cbelieves\u201d, \u201cestimates\u201d, \u201canticipates\u201d, \u201cpotential\u201d, \u201cexpects\u201d, \u201cforecasts\u201d, \u201cguidance\u201d, \u201cintends\u201d, \u201ccontinues\u201d, \u201cplans\u201d, \u201cprojects\u201d, \u201cgoal\u201d, \u201ctarget\u201d, \u201caim\u201d, \u201cmay\u201d, \u201cwill\u201d, \u201cwould\u201d, \u201ccould\u201d or \u201cshould\u201d or, in each case, their negative or other variations or comparable terminology and other similar references to future periods. Forward-looking statements speak only as of the date on which they are made. They are not assurances of future performance and are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Therefore, you should not place undue reliance on any of these forward-looking statements. Although we believe that the forward-looking statements contained in this announcement are based on reasonable assumptions, you should be aware that many factors could cause actual results to differ materially from those in such forward-looking statements, including but not limited to: weakness in the economy, market trends, uncertainty and other conditions in the markets in which we operate, and other factors beyond our control, including any macroeconomic or other consequences of the current conflict in Ukraine; failure to rapidly identify or effectively respond to direct and\/or end customers\u2019 wants, expectations or trends, including costs and potential problems associated with new or upgraded information technology systems; decreased demand for our products as a result of operating in highly competitive industries and the impact of declines in the residential and non-residential markets, as well as the RMI and new construction markets; changes in competition, including as a result of market consolidation; failure of a key information technology system or process as well as exposure to fraud or theft resulting from payment-related risks; privacy and protection of sensitive data failures, including failures due to data corruption, cybersecurity incidents or network security breaches; ineffectiveness of or disruption in our domestic or international supply chain or our fulfillment network, including delays in inventory, increased delivery costs or lack of availability; failure to effectively manage and protect our facilities and inventory; unsuccessful execution of our operational strategies; failure to attract, retain and motivate key associates; exposure of associates, contractors, customers, suppliers and other individuals to health and safety risks; inherent risks associated with acquisitions, partnerships, joint ventures and other business combinations, dispositions or strategic transactions; regulatory, product liability and reputational risks and the failure to achieve and maintain a high level of product and service quality; inability to renew leases on favorable terms or at all, as well as any remaining obligations under a lease if we close a facility; changes in, interpretations of, or compliance with tax laws in the United States, the United Kingdom, Switzerland or Canada; our indebtedness and changes in our credit ratings and outlook; fluctuations in foreign currency and product prices (e.g., commodity-priced materials, inflation\/deflation); funding risks related to our defined benefit pension plans; legal proceedings as well as failure to comply with domestic and foreign laws and regulations or the occurrence of unforeseen developments such as litigation; risks associated with the relocation of our primary listing to the United States and any volatility in our share price and shareholder base in connection therewith; the costs and risk exposure relating to environmental, social and governance matters; adverse impacts caused by the COVID\u201019 pandemic (or related variants); and other risks and uncertainties set forth under the heading \u201cRisk Factors\u201d in our Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2023 as filed with the SEC on March 8, 2023, our Annual Report on Form 10-K for the fiscal year ended July 31, 2022 as filed with the SEC on September 27, 2022 and in other filings we make with the SEC in the future.<\/p>\n \nAdditionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with our legal or regulatory obligations, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.<\/p>\n Ferguson plc
\n
<\/b>Non-GAAP Reconciliations and Supplementary Information
\n
<\/b>(unaudited)<\/b><\/p>\n Non-GAAP items<\/b><\/p>\n \nThis announcement contains certain financial information that is not presented in conformity with U.S. GAAP. These non-GAAP measures include adjusted operating profit, adjusted operating margin, adjusted net income, adjusted earnings per share – diluted, adjusted EBITDA, adjusted effective tax rate, net debt and net debt to adjusted EBITDA ratio. The Company believes that these non-GAAP measures provide users of the Company\u2019s financial information with additional meaningful information to assist in understanding financial results and assessing the Company\u2019s performance from period to period. Management believes these measures are important indicators of operations because they exclude items that may not be indicative of our core operating results and provide a better baseline for analyzing trends in our underlying businesses, and they are consistent with how business performance is planned, reported and assessed internally by management and the Board. Such non-GAAP adjustments include amortization of acquired intangible assets, discrete tax items, and any other items that are non-recurring. Non-recurring items may include business restructuring charges, corporate restructuring charges, which includes costs associated with the Company\u2019s listing in the United States, gains or losses on the disposals of businesses which by their nature do not reflect primary operations, as well as certain other items deemed non-recurring in nature and\/or that are not a result of the Company\u2019s primary operations. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. These non-GAAP financial measures should not be considered in isolation or as a substitute for results reported under U.S. GAAP. These non-GAAP financial measures reflect an additional way of viewing aspects of operations that, when viewed with U.S. GAAP results, provide a more complete understanding of the business. The Company strongly encourages investors and shareholders to review the Company\u2019s financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.<\/p>\n \nThe Company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures on a forward-looking basis because it is unable to predict with reasonable certainty or without unreasonable effort non-recurring items, such as those described above, that may arise in the future. The variability of these items is unpredictable and may have a significant impact.<\/p>\n Summary of Organic Revenue<\/b><\/p>\n \nManagement evaluates organic revenue as it provides a consistent measure of the change in revenue year-on-year. Organic revenue growth (or decline) is determined as the growth (or decline) in total reported revenue excluding the growth (or decline) attributable to currency exchange rate fluctuations, sales days, acquisitions and disposals, divided by the preceding financial year\u2019s revenue at the current year\u2019s exchange rates.<\/p>\n \nA summary of the Company\u2019s historical revenue and organic revenue growth is below:<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Q3 2023<\/b><\/p>\n<\/td>\n | \n Q2 2023<\/b><\/p>\n<\/td>\n | \n Q1 2023<\/b><\/p>\n<\/td>\n | \n Q4 2022<\/b><\/p>\n<\/td>\n | \n Q3 2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \nRevenue<\/p>\n<\/td>\n | \n \nOrganic<\/p>\n \nRevenue<\/p>\n<\/td>\n | \n \nRevenue<\/p>\n<\/td>\n | \n \nOrganic<\/p>\n \nRevenue<\/p>\n<\/td>\n | \n \nRevenue<\/p>\n<\/td>\n | \n \nOrganic<\/p>\n \nRevenue<\/p>\n<\/td>\n | \n \nRevenue<\/p>\n<\/td>\n | \n \nOrganic<\/p>\n \nRevenue<\/p>\n<\/td>\n | \n \nRevenue<\/p>\n<\/td>\n | \n \nOrganic<\/p>\n \nRevenue<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUSA<\/p>\n<\/td>\n | \n \n(1.6)%<\/p>\n<\/td>\n | \n \n(2.5)%<\/p>\n<\/td>\n | \n \n5.4%<\/p>\n<\/td>\n | \n \n2.6%<\/p>\n<\/td>\n | \n \n17.4%<\/p>\n<\/td>\n | \n \n13.0%<\/p>\n<\/td>\n | \n \n22.1%<\/p>\n<\/td>\n | \n \n19.8%<\/p>\n<\/td>\n | \n \n23.9%<\/p>\n<\/td>\n | \n \n23.7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCanada<\/p>\n<\/td>\n | \n \n(9.5)%<\/p>\n<\/td>\n | \n \n(1.5)%<\/p>\n<\/td>\n | \n \n(4.5)%<\/p>\n<\/td>\n | \n \n3.0%<\/p>\n<\/td>\n | \n \n3.6%<\/p>\n<\/td>\n | \n \n8.2%<\/p>\n<\/td>\n | \n \n10.5%<\/p>\n<\/td>\n | \n \n14.2%<\/p>\n<\/td>\n | \n \n8.8%<\/p>\n<\/td>\n | \n \n11.3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nContinuing operations<\/p>\n<\/td>\n | \n \n(2.0)%<\/p>\n<\/td>\n | \n \n(2.5)%<\/p>\n<\/td>\n | \n \n4.9%<\/p>\n<\/td>\n | \n \n2.7%<\/p>\n<\/td>\n | \n \n16.6%<\/p>\n<\/td>\n | \n \n12.7%<\/p>\n<\/td>\n | \n \n21.4%<\/p>\n<\/td>\n | \n \n19.5%<\/p>\n<\/td>\n | \n \n23.1%<\/p>\n<\/td>\n | \n \n23.1%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nFor further details regarding organic revenue growth, visit www.corporate.ferguson.com<\/a> on the Investors menu under Analyst Consensus and Resources.<\/p>\n \n\n| \n Reconciliation of Net Income to Adjusted Operating Profit and Adjusted EBITDA<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n Three months ended<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Nine months ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n April 30,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n April 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (In millions)<\/b><\/p>\n<\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Net income<\/b><\/p>\n<\/td>\n | | \n\n \n$336<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$546<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$1,305<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$1,542<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome from discontinued operations (net of tax)<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(25)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Income from continuing operations<\/b><\/p>\n<\/td>\n | | \n\n \n336<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n546<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,305<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,517<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProvision for income taxes<\/p>\n<\/td>\n | | \n\n \n111<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n144<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n429<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n416<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest expense, net<\/p>\n<\/td>\n | | \n\n \n48<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n22<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n136<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n71<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther expense, net<\/p>\n<\/td>\n | | \n\n \n2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n<\/tr>\n | \n| \n Operating profit<\/b><\/p>\n<\/td>\n | | \n\n \n497<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n712<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,877<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,006<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCorporate restructurings(1)<\/sup><\/p>\n<\/td>\n | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n12<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nImpairments and other charges(2)<\/sup><\/p>\n<\/td>\n | \n\n \n127<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n127<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization of acquired intangibles<\/p>\n<\/td>\n | | \n\n \n33<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n30<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n99<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n84<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted Operating Profit<\/b><\/p>\n<\/td>\n | | \n\n \n657<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n747<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,103<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,102<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation & impairment of PP&E<\/p>\n<\/td>\n | | \n\n \n38<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n35<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n111<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n105<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization & impairment of non-acquired intangibles<\/p>\n<\/td>\n | | \n\n \n10<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n33<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n50<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted EBITDA<\/b><\/p>\n<\/td>\n | | \n\n \n$705<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$795<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$2,247<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$2,257<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n(1)<\/p>\n<\/td>\n | | \n\n \nFor the three and nine months ended April 30, 2022, corporate restructuring costs related to the incremental costs of the Company\u2019s listing in the United States.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(2)<\/p>\n<\/td>\n | | \n\n \nFor the three and nine months ended April 30, 2023, impairments and other charges related to the $107 million in software impairment charges in the United States, as well as $20 million in charges associated with the closure of certain smaller, underperforming branches in the United States.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Net Debt : Adjusted EBITDA Reconciliation<\/b><\/p>\n \nTo assess the appropriateness of its capital structure, the Company\u2019s principal measure of financial leverage is net debt to adjusted EBITDA. The Company aims to operate with investment grade credit metrics and keep this ratio within one to two times.<\/p>\n Net debt<\/b><\/p>\n \nNet debt comprises bank overdrafts, bank and other loans and derivative financial instruments, excluding lease liabilities, less cash and cash equivalents. Long-term debt is presented net of debt issuance costs.<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n As of April 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (In millions)<\/b><\/p>\n<\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nLong-term debt(1)<\/sup><\/p>\n<\/td>\n | \n\n \n$3,839<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$3,221<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShort-term debt(2)<\/sup><\/p>\n<\/td>\n | \n\n \n87<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n300<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDerivative liabilities (assets)<\/p>\n<\/td>\n | | \n\n \n12<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash and cash equivalents<\/p>\n<\/td>\n | | \n\n \n(625)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,160)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet debt<\/p>\n<\/td>\n | | \n\n \n$3,313<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$2,375<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n(1)<\/p>\n<\/td>\n | | \n\n \nThe increase in long-term debt as of April 30, 2023 primarily reflects the $500 million in term loans entered into in October 2022, net of other borrowings and repayments since April 2022.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(2)<\/p>\n<\/td>\n | | \n\n \nIncludes bank overdrafts of $32 million and $50 million, respectively.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Adjusted EBITDA (Rolling 12-month)<\/b><\/p>\n \nAdjusted EBITDA is net income before charges\/credits relating to depreciation, amortization, impairment and certain non-GAAP adjustments. A rolling 12-month adjusted EBITDA is used in the net debt to adjusted EBITDA ratio to assess the appropriateness of the Company\u2019s financial leverage.<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n Twelve months ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (In millions, except ratios)<\/b><\/p>\n<\/td>\n | | \n\n April 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet income<\/p>\n<\/td>\n | | \n\n \n$1,885<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$2,216<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLoss (income) from discontinued operations (net of tax)<\/p>\n<\/td>\n | | \n\n \n2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(34)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProvision for income taxes<\/p>\n<\/td>\n | | \n\n \n622<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n401<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest expense, net<\/p>\n<\/td>\n | | \n\n \n176<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n91<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther expense (income), net<\/p>\n<\/td>\n | | \n\n \n6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(7)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCorporate restructurings(1)<\/sup><\/p>\n<\/td>\n | \n\n \n5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n20<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nImpairments and other charges(2)<\/sup><\/p>\n<\/td>\n | \n\n \n127<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization<\/p>\n<\/td>\n | | \n\n \n320<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n312<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted EBITDA<\/p>\n<\/td>\n | | \n\n \n$3,143<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$2,999<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet Debt: Adjusted EBITDA<\/p>\n<\/td>\n | | \n\n \n1.1x<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.8x<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n(1)<\/p>\n<\/td>\n | | \n\n \nFor the rolling twelve months ended April 30, 2023 and 2022, the corporate restructuring costs primarily related to incremental costs in connection with the Company\u2019s listing in the United States.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(2)<\/p>\n<\/td>\n | | \n\n \nFor the rolling twelve months ended April 30, 2023, impairments and other charges related to the $107 million in software impairment charges in the United States, as well as $20 million in charges associated with the closure of certain smaller, underperforming branches in the United States.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS – Diluted<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n Three months ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n April 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (In millions, except per share amounts)<\/b><\/p>\n<\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | \n\n per share(1)<\/sup><\/i><\/p>\n<\/td>\n | \n | \n | \n\n per share(1)<\/sup><\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Net income<\/b><\/p>\n<\/td>\n | | \n\n \n$336<\/p>\n<\/td>\n | | \n\n \n$1.63<\/p>\n<\/td>\n | | \n\n \n$546<\/p>\n<\/td>\n | | \n\n \n$2.50<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome from discontinued operations (net of tax)<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n | \n| \n Income from continuing operations<\/b><\/p>\n<\/td>\n | | \n\n \n336<\/p>\n<\/td>\n | | \n\n \n1.63<\/p>\n<\/td>\n | | \n\n \n546<\/p>\n<\/td>\n | | \n\n \n2.50<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCorporate restructurings(2)<\/sup><\/p>\n<\/td>\n | \n\n \n\u2014<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | | \n\n \n5<\/p>\n<\/td>\n | | \n\n \n0.02<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nImpairments and other charges(3)<\/sup><\/p>\n<\/td>\n | \n\n \n127<\/p>\n<\/td>\n | | \n\n \n0.62<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization of acquired intangibles<\/p>\n<\/td>\n | | \n\n \n33<\/p>\n<\/td>\n | | \n\n \n0.16<\/p>\n<\/td>\n | | \n\n \n30<\/p>\n<\/td>\n | | \n\n \n0.14<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiscrete tax adjustments(4)<\/sup><\/p>\n<\/td>\n | \n\n \n(1)<\/p>\n<\/td>\n | | \n\n \n(0.01)<\/p>\n<\/td>\n | | \n\n \n(33)<\/p>\n<\/td>\n | | \n\n \n(0.15)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTax impact-non-GAAP adjustments(5)<\/sup><\/p>\n<\/td>\n | \n\n \n(41)<\/p>\n<\/td>\n | | \n\n \n(0.20)<\/p>\n<\/td>\n | | \n\n \n(2)<\/p>\n<\/td>\n | | \n\n \n(0.01)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted net income<\/b><\/p>\n<\/td>\n | | \n\n \n$454<\/p>\n<\/td>\n | | \n\n \n$2.20<\/p>\n<\/td>\n | | \n\n \n$546<\/p>\n<\/td>\n | | \n\n \n$2.50<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| \n \nDiluted weighted-average shares<\/p>\n<\/td>\n | | \n | \n | \n\n \n206.1<\/p>\n<\/td>\n | | \n | \n | \n\n \n218.0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n Nine months ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n April 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (In millions, except per share amounts)<\/b><\/p>\n<\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n per share(1)<\/sup><\/i><\/p>\n<\/td>\n | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n per share(1)<\/sup><\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Net income<\/b><\/p>\n<\/td>\n | | \n\n \n$1,305<\/p>\n<\/td>\n | | \n\n \n$6.28<\/p>\n<\/td>\n | | \n\n \n$1,542<\/p>\n<\/td>\n | | \n\n \n$6.99<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome from discontinued operations (net of tax)<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | | \n\n \n(25)<\/p>\n<\/td>\n | | \n\n \n(0.11)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Income from continuing operations<\/b><\/p>\n<\/td>\n | | \n\n \n1,305<\/p>\n<\/td>\n | | \n\n \n6.28<\/p>\n<\/td>\n | | \n\n \n1,517<\/p>\n<\/td>\n | | \n\n \n6.88<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCorporate restructurings(2)<\/sup><\/p>\n<\/td>\n | \n\n \n\u2014<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | | \n\n \n12<\/p>\n<\/td>\n | | \n\n \n0.05<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nImpairments and other charges(3)<\/sup><\/p>\n<\/td>\n | \n\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |