Investor Presentaiton
Q3 2023 Non-GAAP Reconciliations
(In millions)
OPERATING ACTIVITIES
Net income....
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Adjustments to reconcile net income to net cash provided by operating activities:
39 Weeks Ended
September 24,
September 25,
2023
2022
145.9
$
140.0
Depreciation.
Amortization of intangibles.....
Restructuring charges, net of cash payments
Amortization of finance fees
Stock-based compensation..
Asset impairment charge.....
Changes in operating assets and liabilities:
Accounts receivable.
Inventories....
Other current assets
Accounts payable.
34.9
35.1
11.6
13.2
(13.9)
7.3
1.7
13.2
8.1
26.0
60.1
(22.9)
103.9
(113.1)
6.9
11.9
(42.8)
6.8
Accrued expenses and other current liabilities.
9.2
24.5
Other items...
5.8
(19.0)
NET CASH PROVIDED BY OPERATING ACTIVITIES
336.5
117.9
INVESTING ACTIVITIES
Capital expenditures.....
Proceeds from the disposition of assets..
NET CASH USED IN INVESTING ACTIVITIES
FINANCING ACTIVITIES
Issuance of long-term and short-term debt.
(21.4)
(32.2)
0.3
(21.1)
(32.2)
55.0
Repayments of long-term and short-term debt.
Repurchase of common stock
(327.5)
(15.6)
Payments of employee taxes withheld from share-based awards...
Repayment of finance leases..
(3.0)
(1.0)
Related party borrowings.
Related party repayments.
Net contributions from Fortune Brands
NET CASH USED IN FINANCING ACTIVITIES.
(0.6)
2,224.2
(2,424.1)
113.2
Effect of foreign exchange rate changes on cash and cash equivalents
(292.1)
(1.9)
(87.3)
(5.8)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS.
Cash and cash equivalents at beginning of period.
21.4 $
(7.4)
$
101.1
$
141.4
Cash and cash equivalents at end of period.
$
122.5 $
134.0
Reconciliation of Free Cash Flow
Net cash provided by operating activities.
Less: Capital expenditures..
Free cash flow........
$
336.5 $
117.9
18
(21.4)
(32.2)
$
315.1
$
85.7View entire presentation