Investor Presentaiton
Non-GAAP Financial Measures
Free Cash Flow
Free cash flow is defined as cash provided by operating activities less capital expenditures. Vista Outdoor management believes that free cash flow provides investors with an important indication of the cash generated by our
business for debt repayment, share repurchases and acquisitions after making the capital investments required to support ongoing business operations. Vista Outdoor management uses free cash flow to assess overall liquidity.
Adjusted free cash flow is defined as free cash flow eliminating the cash impact of the following items that are adjusted in our presentation of reported income to adjusted net income: transaction costs, transition costs, planned
separation costs, post-acquisition compensation, restructuring and executive transition costs. Vista Outdoor management believes that adjusted free cash flow enhances investors' understanding of the liquidity of our ongoing
operations. Adjusted free cash flow is also used by Vista Outdoor to assess employees' performance and determine their annual incentive payments. Vista Outdoor's definition of adjusted free cash flow may differ from those
used by other companies. During the fourth quarter of fiscal year 2023, we modified our definition of adjusted free cash flow to no longer adjust for applicable tax amounts. All periods presented have been adjusted for this
modification.
OVISTA OUTDOOR
Adjusted Free Cash Flow
(in thousands)
Cash provided by operating activities
Capital expenditures
Free cash flow
Transaction costs
Transition costs
Planned separation costs
Post acquisition compensation
Restructuring
Executive transition
Adjusted free cash flow
Three months ended
June 25, 2023
June 26, 2022
$
73,701 $
(7,616)
66,085
107,577
(4,910)
Projected year ending
March 31, 2024
$323,351-374,851
~(42,750-44,250)
$
102,667
$280,601-330,601
3,217
1,663
116
1,663
2,629
4,300
2,629
83
83
83
2,241
2,241
2,783
2,783
$
75,484
110,383
$290,000-340,000
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