2022 Guidance and E.S.G. Considerations
Cash Flow Statement Highlights (1)
~
2020 includes benefit of payroll tax deferral (COVID-19 relief). Total payroll tax deferral of $55M (half
paid in December 2021; remainder due in December 2022).
$ in Millions
4Q20
1Q21
2Q21
3Q21
4Q21
GAAP Net Income
45.6
50.3
80.6
45.2
34.0
Changes in working capital
34.5
(18.3)
(9.1)
(7.0)
(27.1)
Depreciation and amortization
8.8
7.6
6.7
7.5
9.1
Non-cash compensation, includes 401(k) match expense
7.0
7.3
6.2
4.4
5.9
Deferred income taxes
(23.8)
7.4
15.3
12.0
9.9
Other
(6.2)
(0.3)
(31.7)
(0.3)
(26.6)
Cash flow from operations
65.9
54.0
68.0
61.8
5.2
Capital expenditures - routine
(2.4)
(1.6)
(1.0)
(2.2)
(0.7)
(2.9)
(2.7)
(2.7)
(0.5)
(3.3)
60.6
49.7
64.3
59.1
1.2
Required debt repayments
Free cash flow
Capital Deployment
Acquisitions
Share Repurchases
Total
0.8
(2.5)
(262.4)
(5.1)
(72.9)
(1.2)
(10.8)
(15.0)
0.8
(72.9)
(3.7)
(273.2)
(20.1)
1. Free cash flow defined as cash flow from operations less routine capital expenditures and required debt repayments.
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