Driving Growth and Transformation in Agriculture Technology
2013-2022 Historical Free Cash Flow 1,2
($M)
Net cash flows from operating activities
Net cash flows from investing activities
Net cash flows from financing activities
Net cash flows from operating activities
Purchase of plant, property, and equipment
Free cash flows
Net earnings attributed to Valmont Industries, Inc.
Adjusted free cash flow net earnings attributed to Valmont Industries, Inc.
Free Cash Flow Conversion-GAAP
2019
2020
2021
2022
$
307.6 $
316.3 $
65.9 $
(168.1)
(104.0)
(98.9)
(173.8)
(417.3)
133.5
326.3
(132.1)
(181.9)
$
307.6 $
316.3 $
65.9 $
326.3
(97.4)
210.2
(106.7)
209.6
(107.8)
(93.3)
(41.9)
233.0
$
146.4 $
140.7 $
195.6 $
250.9
N/A $
159.8 $
222.3 $
284.2
1.44
1.49
(0.21)
0.93
N/A
1.31
(0.19)
0.82
Free Cash Flow Conversion - Adjusted
1) Reconciliation of Net Earnings to Adjusted Figures
Net earnings attributed to Valmont Industries, Inc.
Loss from divestiture of offshore wind energy structures business
Change in valuation allowance against deferred tax assets
Impairment of long-lived assets
$
146.4
$
140.7
$
195.6
$
250.9
33.3
19.1
5.0
21.7
Adjusted free cash flow net earnings attributed to Valmont Industries, Inc.
$
146.4
$
159.8 $
222.3
$
284.2
CONSERVING RESOURCES. IMPROVING LIFE: Valmont
1 Adjusted earnings for purposes of calculating FCF conversion may not agree to the adjusted net earnings. The difference is due to non-recurring expenses which were settled in cash in the year of occurrence as part of
net cash flows from operating activities. 2 We use the non-GAAP measure of FCF, which we define as GAAP net cash flows from operating activities reduced by capex. We believe that FCF is a useful performance
measure for management and useful to investors as the basis for comparing our performance with other companies. Our measure of FCF may not be directly comparable to similar measures used by other companies.
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