LCI Industries Investor Presentation Deck
APPENDIX
Reconciliation of Non-GAAP Measures
Free cash flow
($ in millions)
Net Cash Flows Provided by (Used in) Operating $
Activities
Less: Capital Expenditures
Free Cash Flow
$
2017
2018
155.1 $ 156.6 $
87.2
67.9 $
119.8
36.8 $
2019
269.5 $ 231.4 $
58.2
2020
211.3 $
57.3
174.1 $
2021
(111.6) $
98.5
(210.1) $
Free cash flow is a non-GAAP measure of liquidity, calculated by subtracting capital expenditures from net cash flows provided by operating activities. The Company considers free cash flow to be
a profitability and liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after necessary capital expenditures. A
limitation of the utility of free cash flow as a measure of the Company's financial performance and liquidity is that it does not represent the total increase or decrease in the Company's cash balance
for the period. In addition, it is important to note that other companies, including companies in the same industry, may not use free cash flow, may calculate free cash flow in a different manner than
the Company does, or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of free cash flow as a comparative measure. A reconciliation of free
cash flow to net cash flows provided by operating activities, the most directly comparable financial measure calculated and presented in accordance with GAAP, is provided above.
2022
602.5
130.6
471.9
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