THOR Investor Day 2022
Reconciliation of Non-GAAP Measures
Free Cash Flow
($ in thousands)
Net Cash Flows Provided by Operating Activities
Less: Capital Expenditures
Free Cash Flows
2017
2018
Fiscal Year Ended July 31,
2019
2020
2021
$
419,333 $
115,027
304,306 $
466,508 $
138,197
328,311 $
508,019 $
130,224
377,795 $
540,941 $
106,697
434,244 $
526,482
128,835
397,647
Free cash flow is a non-GAAP measure of liquidity, calculated by subtracting capital expenditures from net cash flows provided by operating activities. The Company considers free
cash flow to be a profitability and liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after
necessary capital expenditures. Other companies, including companies in the same industry, may not use free cash flow, may calculate free cash flow in a different manner than the
Company does, or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of free cash flow as a comparative measure.
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THOR Investor Day 2022
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