Investor Presentaiton
Q4/2020 Cash Flow Results
and 2021 Cash Flow Outlook
FMC
An Agricultural
Sciences Company
($ in millions)
Q4 '19
Q4'20
% Chg.³
3
2019
2020
3
% Chg.
2021 Outlook
% Chg.³
3
Adjusted Cash from Operations
$505
$434
-14%
$633
$801
27%
$790 - $950
9%
Capital Additions and Other
Investing Activities
($70)
($29)
-58%
($148)
($88)
-41%
($160) - ($200)
105%
Legacy and Transformation
2
($53)
($8)
-84%
($183)
($169)
-8%
($100) - ($130)
-32%
1
FCF (before dividends, repurchases
and M&A)
$383
$396
4%
$302
$544
80%
$530 - $620
6%
2020 Cash Drivers 3
Adj. cash from operations up $168 million: Growth in
working capital more than offset by lower change in other
assets/liabilities, lower cash taxes, and increased
EBITDA
Capital additions down $60 million: COVID-driven
project delays/deferrals result in lower spend
Legacy and transformation down $14 million:
Completed SAP program on schedule and below 2020
budget
(1) Denotes non-GAAP financial term. Refer to non-GAAP financial terms at the beginning of this presentation.
(2)
13 (3)
(4)
2021 Outlook 4
Adj. cash from operations up $69 million: Higher
EBITDA and working capital improvement partially offset
by increases in non-working capital items
Capital additions up $92 million: Catch up on deferred
projects, capacity growth
Legacy and transformation down $54 million:
Completion of SAP program partially offset by higher
Legacy items
Legacy Liabilities include liabilities from discontinued operations, net of legacy liabilities from continuing operations that are already captured in Adjusted Cash from Operations.
Transformation costs include SAP implementation, DuPont Integration and Livent Separation.
These amounts / percentages are calculated using the amounts shown in the Financial Schedules that accompany our earnings release.
Relative changes noted here are based on midpoint of guidance ranges in the table above.View entire presentation