Glatfelter's Strategic Transformation
Cash Flow
2021 Adjusted Free Cash Flow from continuing
operations $10.0 million lower versus last year
Adjusted EBITDA lower by ~$5.5 million
Q4 2021 Adjusted Free cash flow $19 million
lower than Q4 2020 due to lower earnings and
higher capital expenditures
2022 Outlook:
Expect capital expenditures to be approximately
$45 to $50 million, including $7 million to $8 million
for Spunlace integration
Expect depreciation and amortization expense to
be approximately $74 million
Q1 2022 tax rate between 48% and 50% on
adjusted earnings
(in millions)
Adjusted EBITDA
Change in working capital (*)
Taxes paid
Q4 2020 Q4 2021
2020
2021
$31.3
$25.7
$125.3
$119.6
46.8
45.1
9.2
11.0
(3.9)
(5.7)
10.0
(15.5)
Interest paid
(1.5)
(2.2)
(6.2)
(7.0)
Other
11.8
(30.4)
(29.2)
(37.2)
Cash Flow from continuing Operations
Less: Capital expenditures
$84.5
$32.5
$109.0
$71.0
(8.0)
(11.5)
(28.1)
(30.0)
Free Cash Flow
$76.5
$21.0
$80.9
$40.9
Less: Adjustments to Free Cash Flow
Adjusted Free Cash Flow
(18.0)
18.6
(0.5)
29.0
$58.5
$39.5
$80.3
$70.0
Notes:
-
(*) Working capital is defined as accounts receivable plus inventories less
accounts payable.
The sum of individual amounts set forth above may not agree to the column
totals due to rounding.
(1)- Slide 24 in appendix includes the details for the Adjustments to Free Cash Flow and recasts prior quarters to align with full year presentation
Note: Adjusted EBITDA for all periods presented has been modified to add back share-based compensation consistent with the newly amended credit agreement.
18
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