April/May 2018 Investor Presentation

1. Investor Presentation
April/May 2018

2. Safe Harbor
This presentation includes “forward-looking statements” which are statements that are not historical facts, including
statements that relate to the mix of and demand for our products; performance of the markets in which we operate; our
share repurchase program including the amount of shares to be repurchased and timing of such repurchases; our capital
allocation strategy including projected acquisitions; the timing of receiving regulatory approvals for our joint venture; our
projected 2018 full-year financial performance and targets and our projected 2017 to 2020 financial performance and
targets including assumptions regarding our effective tax rate and other factors described in our guidance. These forward-
looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause
actual results to differ materially from our current expectations. Such factors include, but are not limited to, global economic
conditions, the outcome of any litigation, demand for our products and services, and tax law changes and interpretations.
Additional factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2017,
as well as our subsequent reports on Form 10-Q and other SEC filings. We assume no obligation to update these forward-
looking statements.
This presentation also includes non-GAAP financial information which should be considered supplemental to, not a
substitute for, or superior to, the financial measure calculated in accordance with GAAP. The definitions of our non-GAAP
financial information are included as an appendix in our presentation and reconciliations can be found in our earnings
releases for the relevant periods located on our website at www.ingersollrand.com. All data beyond the first quarter of 2018
are estimates.
2

3. A Global Leader in Energy Efficiency and Productivity
3
Two Segments
(Revenues 2017)
Key Metrics
Manufacturing locations
worldwide 53
Employees ~46,000
Market cap ~$23B
Industrial Climate$11.2B$3.0B
# of countries we sell products 100+

4. Diversified Business With High Aftermarket Mix
4
$14.2B
68%
15%
13%
4%
North America
Asia Pacific
Europe, Middle
East, Africa
Latin America
67%
33%
Equipment
Parts and ServicesIndustrial
Segment Distribution Regional Mix Revenue Streams
Climate
All figures are FY 2017.

5. Leading Brands and Market Positions
5
● World leader in HVAC ● Leader in heating and air
conditioning solutions
● World leader in refrigerated
transportation
Commercial HVAC Residential HVAC Transport Refrigeration
Industrial and Process Fluid Handling Golf and Utility Vehicles
● A world leader in small
electric vehicles
● Leader in compression
technologies, specialty
tools & material handling
● World leader in reliable fluid
handling equipment

6. Climate Segment: Diversified and Resilient Performance
6
$11.2B
71%
14%
11%
4%
North America
Asia Pacific
Europe, Middle
East, Africa
Latin America
69%
31%
Equipment
Parts and Services
Commercial
HVAC
Equipment
Transport
Refrigeration
Residential
HVAC
Segment Mix Regional Mix Revenue Streams
• High and growing recurring revenue streams – services / parts
• Balanced mix of services, energy services, connected buildings, residential and transport solutions
Commercial HVAC Service
Parts & Contracting
All figures are FY 2017.

7. Industrial Segment: Diversified and Resilient Performance
1. Industrial Products includes Power Tools, Fluid Management, and Material Handling. All figures are FY 2017. 7
$3.0B
56%
19%
17%
5%
3%
North America
Asia Pacific
Europe, ME, Africa
Latin America
63%
37%
Equipment
Parts and Service
Compression Technologies
& Services
Small Electric
Vehicles
Industrial
Products1
India
Industrial
Comp.
Engineered
Comp.
Parts & Service
Regional Mix Revenue StreamsBusiness Units

8. Robust Financial Model Drives Powerful Cash Flow
8
1. Attractive, diversified
end markets
2. Leading brands, market positions
– outgrowing market rates
3. Focused on margin
expansion (growth /
op. excellence)
5. Investing for growth
and profitability
4. Delivering powerful
free cash flow
$4.5 billionfree cash flow over the last 4 years

9. Driving Sustained Growth and Operating Margin Improvement
9
$10
$11
$12
$13
$14
$15
2014 2015 2016 2017 2018F
In Billions
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
2014 2015 2016 2017 2018F
60%
80%
100%
120%
140%
2014 2015 2016 2017 2018F
0%
3%
6%
9%
12%
15%
18%
2014 2015 2016 2017 2018F
Adjusted Operating MarginFCF% of Adj Net Income
+1.7
Ppts
11%
CAGR
Adjusted EPSRevenue
4%
CAGR
• 2016 Adj Op Margin retrospectively restated for the adoption of accounting standard ASU 2017-07 on January 1, 2017. Non-service pension costs that were
previously reported in COGS and SG&A expense are now reported in other income/expense, net. This has no net impact to EPS.
• 2018F reflects guidance midpoint from January31, 2018; NOT AN UPDATE
Target
>=100%

10. • ~$900M Capex • ~$1.4B dividends paid
• ~22% CAGR dividend
per share
• Long history of
growing dividend
• $2.9B
• 44 million shares
repurchased
• ~$1.4B on 22
acquisitions through
Jan 2018
announcements
Capital
Expenditures
Dynamic and Balanced Capital Deployment
Focused on Maximizing Shareholder Value
10
$6.6 Billion
Dividends
Share
Buyback
Mergers &
Acquisitions
2014-2017

11. Outlook

12. Year-End 2017 to 2020 Targets
Ingersoll Rand 2020 Targets*
12* Information from May 2017 Ingersoll Rand Analyst Day --- NOT AN UPDATE OR REAFFIRMATION
Revenue Growth ~4% to ~4.5% CAGR
Operating Margins ~14.5% to ~15% in 2020
EPS Growth ~11% to ~13% CAGR
Based on ~22% tax rate
Free Cash Flow (% Net Income) >=1.0 times
Balanced Cap Deployment of Excess Cash ~100% of FCF on avg.
- Competitive and Growing Dividend
- Share buyback
- M&A

13. Consistent Strategy Execution Delivers Profitable Growth and
Powerful Cash Flow
13
Differentiated products
and services deliver
top-tier revenue growth
Sustained
Growth
1.
Margin improvement
and powerful cash flow
Operational
Excellence
2.
Reinvestment, dividends,
share repurchase and
acquisitions
Dynamic Capital
Allocation
3.
Commitment to
integrity, ingenuity and
engagement
Winning
Culture
4.
Strong, globally
recognized brands
Well positioned in both
geographic and end markets
Leading
market shares
Stable and recurring free cash flow: $4.5B past 4 Years

14. Global Mega Trends Play to Our Strengths
14
Global Mega Trends
• Climate change
• Urbanization
• Natural resource scarcity
• Digital connectedness and
technologies
Our Strengths
• Reduce energy demand and
greenhouse gas emissions
• Improve efficiency in:
– Buildings
– Industrial processes
– Transportation

15. 15
Business Investments
2014 2017
~20%
Key Examples
● ~70 major new products throughout the
world in 2017
● New low-global warming potential
refrigerants
● Digital / controls / wireless technology
● Channel expansion
● Parts and services capabilities / offerings
● Sales and services capabilities
● Operational excellence initiatives
Significant Ongoing Business Investments Support Growth and
Profitability

16. Growth and Profitability Opportunities from Ongoing Business
Investments
Industrial
Engineered to Order Personal Transportation Compression Tech Services Industrial Products
~$40M Operating Income ~$100M ~$175M ~$90M
Climate
Variable Refrigerant Flow Energy Services Digital Customer Experience Auxiliary Power Unit
~$200M ~$400M ~$300M ~$100M
16* Information from May 2017 Ingersoll Rand Analyst Day --- NOT AN UPDATE OR REAFFIRMATION
Subset of Incremental Opportunities Contributing to 2020 Targets*

17. 1
2
3
4
Business Operating System Delivers Results
17
Committed to sustainability and energy efficiency
Proven & unique system to accelerate
profitable growth
Drive innovation and productivity
Focus on employee engagement

18. Widely Recognized for Global Citizenship, Sustainability, Diversity
and Inclusion and Employee Engagement
18
Fortune World’s Most Admired
list for 6th year
2017 Dow Jones Sustainability
World and North America
for 7th consecutive year
FTSE4Good Index Series
for 3rd consecutive year
Corporate Responsibility magazine
100 Best Corporate Citizens
list for 4th consecutive year
2010 2012 2013 2014 2015 2016 2017
Citizenship Sustainability
Employee Engagement
Manufacturing Industry
Average
Manufacturing Industry
Top Quartile
18-point increase in
Employee Engagement
over five years
Global 100 Most Sustainable
Corporations
1st year
Diversity and Inclusion

19. Why Invest In Ingersoll Rand?
19
● Strategy tied to attractive end markets supported by global mega trends
● Franchise brands and businesses with leadership market positions
● Sustained business investments delivering innovation and growth,
operating excellence and improving margins
● Experienced management and high performing team culture
● Operating model delivers powerful cash flow
● Capital allocation priorities deliver strong shareholder returns
Strategy
Brands
Innovation
Performance
Cash Flow
Capital Allocation

20. First-Quarter 2018 Results
April 25, 2018

21. Executing a Consistent Strategy that Delivers Profitable Growth
21
Differentiated products
and services deliver
top-tier revenue growth
Sustained
Growth
1.
Margin improvement
and powerful cash flow
Operational
Excellence
2.
Reinvestment, dividends,
share repurchase and
acquisitions
Dynamic Capital
Allocation
3.
Commitment to
integrity, ingenuity and
engagement
Winning
Culture
4.
Strong, globally
recognized brands
Well positioned in both
geographic and end markets
Leading
market shares

22. Many things are going well
• End markets very healthy - strong organic order and revenue growth across segments / geographies / regions
• Industrial segment continues to strengthen — growth / margin expansion ahead of expectations
• China HVAC direct sales strategy performing as expected – exceptional growth, improving financials
• North America Trailer outlook improving
• Achieving positive price at a level consistent with our expectations
Inflationary headwinds increasing
• 20 basis points adjusted operating margin expansion; however persistent rising inflation (tier 1 / tier 2 materials,
freight) constraining leverage in Climate segment
• Driving additional pricing / volume / productivity / restructuring actions to help mitigate inflationary headwinds but
expect continued negative impact on leverage in 2018
Wild cards disrupting markets / limiting full year visibility
• Tariffs / trade wars / geopolitical uncertainty
On balance, early stages but confident well positioned to exceed top end
2018 revenue / EPS guidance ranges*
• Per normal cadence, will provide mid-year 2018 guidance update in conjunction w/ Q2 2018 earnings call
22
Q1 2018 – Off to Strong Start
* Information as of April 25, 2018--- NOT AN UPDATE OR REAFFIRMATION

23. 23
Q1 2018 Strong Organic Bookings and
Revenue Growth Across All Businesses
Organic* Y-O-Y Change
Climate Bookings Revenues
Commercial HVAC
- N. America
- L. America
- EMEA
- Asia
Residential HVAC
Transport
Total + 11% + 8%
Industrial
Compression Tech
Industrial Products
Small Elec. Vehicle
Total + 5% + 9%
*Organic bookings and organic revenues exclude acquisitions and currency
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+

24. Strong Performance Across Healthy End Markets
24
• Strong revenues and cont’d share gains
• Trane Go leading mkt w/ total installed price transparency driving significant lead growth w/ high conversion rates
• Key economic indicators point to continued healthy end mkt in Residential, impacted by tough YOY compares vs 2017
• Sustained growth in Global CHVAC markets - Strong equip bookings and revenues w/ outsized growth in parts / service
• N.A. CHVAC mkt growth solid – equip/services/ contracting/controls. Institutional growth led by Education, Health Care
• EMEA CHVAC markets strong across equip/services with solid lift from Q1 acquisition of ICS Cool Energy (rental
services)
• China direct sales strategy performing as expected -exceptional growth, improved financials; other Asian markets mixed
• 2018 outlook for CHVAC remains solid globally w/ growth expected in all regions. Key economic indicators strong
• N.A. trailer mkt improving - tight trucking capacity / U.S. regulations / U.S. tax law changes
• Total APU growth continues to be a standout. Marine strong, bus / rail mixed but off modest base
• Good growth in EMEA truck / trailer and in Asia
• Global Transport business increasingly diversified and resilient. 2018 outlook improving vs initial expectations
• Compression Tech markets showing positive signs consistent w/ industrial production indicators
• Q1 bookings and revenue growth led by N.A. and China; outsized bookings growth in services
• Strong revenue across short cycle products
• For 2018, expect solid, broad-based mkt growth in end markets and product categories
• Strong growth in small electric vehicles driven by continued success of consumer vehicle penetration
• Strength across the board for Industrial Products’ businesses
• 2018 shaping up to be another good year for bookings / revenue
Residential HVAC
Transport
Compression
Technologies
Small Elec. Veh. /
Industrial Products
Commercial
HVAC

25. • Strong operating results
– Adjusted continuing EPS of $0.70, up 23% year over year driven by gains in both Climate and Industrial
– Markets broadly receptive to price increases, however persistent inflation remains significant headwind
– Consistent with company expectations, restructuring was $44M primarily driven by footprint optimization
– Despite early innings, confident in exceeding high end of annual guidance range on enterprise revenue and EPS**
• Strong organic revenue and bookings growth in both segments
– Industrial organic revenues up 9% with strong growth across the segment
– Climate organic revenues up 8% with broad-based growth in equipment, controls and services
Q1 2018 - Key Takeaways
• Industrial business continues to perform ahead of expectations
– Adjusted operating margins up 190 bps
– Strong organic revenue growth in Compression Tech particularly in N. A. and Asia
• Balanced capital allocation
– Paid $112M in dividends; Annualized dividend payout of $1.80 / share; ~2% dividend yield.
– Repurchased $250M or 2.8M shares
– Acquisition pipeline remains active; Trane / Mitsubishi Electric JV regulatory approval expected Q2 2018
25
* Includes certain Non-GAAP financial measures. See the company’s Q1 2018 earnings release for additional details and reconciliations.
** Information as of April 25, 2018--- NOT AN UPDATE OR REAFFIRMATION

26. Q1 2018 Strong Revenue Growth, Margin Expansion and Capital
Deployment Delivering 23% EPS Growth
Adj. Operating Margin*Net Revenue
8.3% 8.5%
Q1 '17 Q1 '18
$3,001
$3,385
Q1 '17 Q1 '18
$0.57
$0.70
Q1 '17 Q1 '18
+13%
+8%
Organic
+20 bps
Adjusted EPS*
+23%
• Strong organic revenue growth in virtually all products and geographies
• Operating margin expansion driven by volume/price/productivity; partially offset by inflation headwinds
• Industrial segment achieved price in excess of material inflation
• ~4% FX and ~1% acquisition revenue growth
Highlights
26* Includes certain Non-GAAP financial measures. See the company’s Q1 2018 earnings release for additional details and reconciliations.

27. 8.3%
(0.2)
(0.4) 8.5%
Q1 2017 Volume / Mix / FX Price/Material Inflation Productivity/Other
Inflation
Investment/Other Q1 2018
1.2 (0.4)
+20 bps
E N T E R P R I S E
Strong Growth in Both Segments Offsetting Inflation Headwinds
• Price / cost improved 40 bps vs. Q4 2017; however inflation remains a headwind
• Op margin expansion from vol / price and productivity partially offset by persistent inflation
• Continued long-term investments in high ROI projects - products, systems, services and channel
Highlights
Adjusted Operating
Margin
Adjusted Operating
Margin
27

28. $0.57
($0.03) $0.02 $0.70
Q1 2017 Climate Industrial Other Share Count Q1 2018
$0.06
$0.08
+$0.13
E N T E R P R I S E
Strong Operating Income Growth in Both Segments Driving
Adjusted Continuing EPS Higher by 23%
• EPS growth driven by operational gains in Climate and Industrial with improvements across the businesses
• Other impacted primarily by higher corporate costs ($0.01) primarily due to stock compensation, discrete
interest expense ($0.01) due to debt refinancing and a slightly higher tax rate y-o-y ($0.01)
• Lower share count driven by $1B share buybacks in 2017 and $250M in buybacks in Q1 2018
Highlights
Adjusted
Continuing EPS*
Adjusted
Continuing EPS*
28
* Adjusted continuing EPS excludes restructuring costs and debt redemption premium and related charges in 2018 and excludes restructuring costs in
2017. See tables in news release for additional information.

29. C L I M A T E S E G M E N T
Q1 Broad-Based Revenue Growth; Persistent Inflation Headwinds
Adj. Operating Margin*Net Revenue
10.6% 10.1%
Q1 '17 Q1 '18
$2,324
$2,610
Q1 '17 Q1 '18
13.2%
12.6%
Q1 '17 Q1 '18
+12%
+8%
Organic
-50 bps
Adj. OI + D&A %**
-60 bps
* Adjusted operating margin excludes restructuring in 2017 and 2018. See tables in news release for additional information.
** Adjusted OI + D&A divided by revenue. This excludes restructuring in 2017 and 2018. See tables in news release for additional information.
• Broad-based revenue growth across all businesses and regions
• Adj Op Margin positive impacts from price / vol / productivity more than offset by increased inflationary
headwinds (tier 1 and tier 2 materials and freight)
• China HVAC direct sales strategy performing as expected—exceptional growth, improving financials
Highlights
29

30. I N D U S T R I A L S E G M E N T
Q1 Solid Margin Expansion and Revenue Growth
10.4%
12.3%
Q1 '17 Q1 '18
Adj. Operating Margin*
$676
$775
Q1 '17 Q1 '18
Net Revenue
13.2%
15.0%
Q1 '17 Q1 '18
+15%
+9%
Organic
+190 bps
Adj. OI + D&A %**
+180 bps
• Strong revenue growth in all products; North America and Asia were strong while Europe was mixed
• Fundamental business operations improvement fueled by prior period restructuring actions and solid growth
delivering significant margin expansion
* Adjusted operating margin excludes restructuring in 2017 and 2018. See tables in news release for additional information.
** Adjusted OI + D&A divided by revenue. This excludes restructuring in 2017 and in 2018. See tables in news release for additional information.
30
Highlights

31. 2014 2015 2016 2017
1,278
829
1,020
Strong Balance Sheet
Free Cash Flow*
$ Millions
$1,378
$Mil YE 16 Q1 17 Q2 17 Q3 17 YE 17 Q1 18
Cash 1,715 1,322 1,310 1,259 1,549 1,175
Debt 4,070 4,072 4,066 4,063 4,064 4,351
Net Debt 2,355 2,750 2,756 2,804 2,515 3,176
• On target to achieve free cash flow >= net income for FY 2018
• Capex of $53M consistent with plan and focused on plant consolidations, productivity improvements and growth
• Maintained strong balance sheet providing optionality as markets continue to evolve
31
Highlights
* Includes certain Non-GAAP financial measures. See the company’s Q1 2018 earnings release for additional details and reconciliations.

32. Balanced Execution of Dynamic Capital Allocation Strategy in 2018
32
Maintain Healthy,
Efficient Balance Sheet
Invest for Growth
Return Capital to
Shareholders
• Strong balance sheet, maintaining optionality as markets evolve,
preserving liquidity and managing leverage
• Maintain BBB investment grade rating
• Expect consistent deployment of 100% of excess cash over time
• Dividends of $1.80/share annualized
• Expected dividend growth > = rate of earnings growth going forward
• Repurchased $250M in shares in Q1 2018; shares trading below
company’s calculated intrinsic value
• Strengthen the core business and extend product & market leadership
• Invest in new technology and innovation
• Strategic acquisitions pipeline primarily focused on technology, product
and channel bolt-ons
2
1
3

33. Topics of Interest

34. Topics of Interest
34
• Tariffs
− We execute an in-region, for-region sourcing and manufacturing strategy
− >95% of supplies are sourced in the U.S. for U.S. customers
− Details around tariffs uncertain and negotiations are on-going; continue to monitor
− Historically, the industry generally recovers price over time

35. Q1 Organic Bookings Up 9%; Revenue Up 8% Year-Over-Year
Organic*
Bookings
2016 2017 2018
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1
Climate 6% 6% 4% 10% 6% 6% 3% 5% 7% 5% 11%
Industrial (5%) (5%) (1%) (1%) (3%) 9% 5% 5% 12% 8% 5%
Total 4% 3% 3% 7% 4% 7% 4% 5% 8% 6% 9%
2013
Organic*
Revenue
2016 2017 2018
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1
Climate 4% 5% 3% 4% 4% 6% 8% 3% 6% 6% 8%
Industrial (5%) (3%) 1% (3%) (3%) 1% 2% (1%) 5% 2% 9%
Total 2% 3% 3% 2% 3% 4% 7% 2% 6% 5% 8%
*Organic revenues and bookings exclude acquisitions and currency
35

36. Appendix

37. M&A Framework – Clear Criteria
Strong position – no major gaps to fill
Strengthening our core or extend leadership
in product, channel or technology
Must be clear strategic fit for Ingersoll Rand
and clear synergies to meet financial hurdles
Focused on core bolt-on opportunities;
adjacent opportunities also under review
IRR > WACC
ROIC: Accretive < 3 years
EPS accretive < 3 years
Cash payback
period: < 5 years
Financial CriteriaBusiness Criteria
37

38. RESIDENTIAL HVAC
Heating, cooling, thermostat controls and home automation for
the residential market
COMMERCIAL HVAC
Air conditioning systems, services and solutions. Innovative
solutions geared toward making high performance buildings
reliable and safe, as well as healthy, comfortable and efficient
TRANSPORT REFRIGERATION
Manufacturing and innovation of transport temperature control
systems for a variety of mobile applications, including trailers,
truck bodies, buses, shipboard containers and rail cars
HVAC SERVICES AND PARTS
A complete selection of innovative parts, options and
accessories for optimal performance and reliability
Our Climate Businesses
38

39. COMPRESSION TECHNOLOGIES AND SERVICES
MATERIAL HANDLING
FLUID MANAGEMENT
SMALL ELECTRIC VEHICLES
POWER TOOLS
Rotary, centrifugal and reciprocating air compressors,
and treatment products with Comprehensive multi-
year service agreements, audits, parts, and
accessories
Hoists, winches and systems for
moving and positioning loads
Pumps and systems for fluid
handling, transfer, and application
Golf, commercial and utility
vehicles for transportation
Professional tools for fastening,
drilling, and surface preparation
Our Industrial Businesses
39

40. Non-GAAP Measures Definitions
Organic bookings is defined as reported orders closed/completed in the current period adjusted for the impact of currency and
acquisitions. Organic revenue is defined as GAAP net revenues adjusted for the impact of currency and acquisitions.
• Currency impacts on net revenues and bookings are measured by applying the prior year’s foreign currency exchange rates to the
current period’s net revenues and bookings reported in local currency. This measure allows for a direct comparison of operating
results excluding the year-over-year impact of foreign currency translation.
Adjusted operating income is defined as GAAP operating income plus restructuring expenses plus or minus other adjustments as
further described in our earnings release and accompanying tables found on our website (www.ingersollrand.com).
Adjusted operating margin is defined as the ratio of adjusted operating income divided by net revenues.
Adjusted continuing EPS is defined as GAAP continuing EPS plus restructuring expenses, net of tax impacts, plus or minus other
adjustments, net of tax impacts, as further described in our earnings release and accompanying tables found on our website.
Cash flow return on invested capital (“Cash flow ROIC”) is defined as annual free cash flow divided by the sum of gross fixed assets,
receivables and inventory less accounts payables.
Free cash flow is defined as net cash provided by operating activities, less capital expenditures, plus cash payments for restructuring.
40

41. Non-GAAP Measures Definitions
Working capital measures a firm’s operating liquidity position and its overall effectiveness in managing the enterprises’ current
accounts.
• Working capital is calculated by adding net accounts and notes receivables and inventories and subtracting total current liabilities
that exclude short term debt, dividend payables and income tax payables.
• Working capital as a percent of revenue is calculated by dividing the working capital balance (e.g. as of March 31) by the annualized
revenue for the period (e.g. reported revenues for the three months ended March 31) multiplied by 4 to annualize for a full year.
Adjusted effective tax rate is defined as the ratio of income tax expense, plus or minus the tax effect of adjustments for restructuring
costs and other adjustments as further described in our earnings release and accompanying tables found on our website, divided by
earnings from continuing operations before income taxes plus or minus restructuring expenses and other adjustments as further
described in our earnings release and accompanying tables found on our website. This measure allows for a direct comparison of the
effective tax rate between periods.
Adjusted OI + D&A is defined as adjusted operating income plus depreciation and amortization expense.
Operating leverage is defined as the ratio of the change in adjusted operating income for the current period (e.g. Q1 2018 or full year
2017) less the prior period (e.g. Q1 2017 or full year 2016), divided by the change in net revenues for the current period less the prior
period.
41