Investor Presentaiton
A Sustainable Capital Story:
Platform Synergies Create Strong Cash Flows
Steady State Cash Flow
Measures the potential capital to be
deployed after investment to maintain
enterprise cash flow
5-Yr Avg 'Steady State' Cash Flow is Yielding
12+% on Market Cap over Same Period
Free Cash Flow
Measures excess cash from the platform
after total investments, leverage, and
maintaining the dividend
Balance Sheet Discipline Generates Excess
Cash after Lease Fleet Growth
$900
$900
$800
$750
Excess Cash
~$163M AVG
$700
$600
$600
~$561M AVG
$450
$500
~$354M AVG
$300
$400
$150
$300
$0
$200
$100
-$150
$0
-$300
(in $mms)
2016
OCF Continuing Ops
-
2017
2018
2019
LTM
(in $mms)
2016
2017
2018
2019
LTM
Average OCF
Steady State Cash Flow*
Average Steady State
OCF + All Portfolio Sales - Required CapEx for
maintaining steady state of the business
TRINITY INDUSTRIES
■FCF Before Lease Investment* FCF After Leasing Investment*
OCF + Portfolio Proceeds - Total Manufacturing
CapEx-Dividends - Leasing Equity CapEx
* See appendix for reconciliation of non-GAAP measures
DELIVERING GOODS for THE GOOD of ALL III
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