Glatfelter's Strategic Transformation
37
Reconciliation of Non-GAAP measures
Adjusted Free Cash Flow from Continuing Operations
In millions
Q4 2020
Q4 2021
2020
2021
Adjusted EBITDA
(1)
$31.3
$25.7
$125.3
$119.6
Change in working capital
46.8
45.1
9.2
11.0
Taxes paid
(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
$84.5
$32.5
$109.0
$71.0
Less: Capital expenditures
(8.0)
(11.5)
(28.1)
(30.0)
Free Cash Flow
$76.5
$21.0
$80.9
$40.9
Fox River Payments
Pension Settlement
Strategic Initiatives
Cost Optimization
Metallized Restructuring
HQ Relocation
0.4
0.6
3.5
2.2
(0.5)
6.2
0.4
17.7
1.2
22.9
0.9
(0.2)
3.8
2.6
5.3
1.0
0.6
0.3
1.1
1.2
COVID19 related costs
0.8
2.5
Taxes (Refunds) on adjusting items
(20.4)
0.1
(24.1)
(0.9)
Less: Adjustments to Free Cash Flow
(18.0)
18.6
(0.6)
29.0
Adjusted Free Cash Flow
$58.5
$39.5
80.3
$70.0
(1)
Adjusted EBITDA for all periods presented has been modified to add back share-based compensation consistent with the newly amended credit agreement
Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding
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