Investor Presentation 2022
APPENDIX
NON-U.S. GAAP RECONCILIATIONS
Non-U.S. GAAP Measures
INVESTOR PRESENTATION 2022
88
YTD FY 21
(mils)
YTD FY 20
(mils)
YTD FY 19
(mils)
YTD FY 18
(mils)
YTD FY 17
(mils)
YTD FY16
(mils)
YTD FY15
(mils)
YTD FY14
(mils)
Net Earnings Per Share
YTD FY 21
$ 3.18
YTD FY 20
$ 3.74
YTD FY 19
$ 4.02
YTD FY 18
$ 2.82
YTD FY 17
$ 3.16
YTD FY16
$ 2.85
Non-U.S. GAAP Adjustments
Net Earnings
$ 208.6
$ 240.4
$ 259.6
$ 180.4
$ 200.5
$ 180.8
$ 181.5
$ 165.8
Restructuring charges, net of tax
0.06
0.26
0.20
Income Taxes
37.2
41.5
61.0
39.2
52.2
45.6
59.5
61.4
Other charges, net of tax*
(0.04)
0.69
0.66
Interest Expense
34.3
35.8
44.0
40.5
35.6
26.8
24.9
22.8
Interest Income
(1.5)
(1.8)
(1.4)
(1.7)
(1.7)
(2.0)
(0.8)
(0.3)
Non-U.S. GAAP adjustments
0.06
0.22
0.69
0.86
Transition impact of recent changes to
EBIT
278.6
315.9
363.2
258.4
286.7
251.2
265.0
249.8
U.S. tax law
Total non-U.S. GAAP adjustments
Amortization of Intangibles
41.9
39.5
56.0
44.7
25.8
27.5
29.2
33.6
Adjusted net earnings per share
0.17
0.17
0.06
0.22
0.86
1.03
$ 3.24
$ 3.96
$ 4.88
$ 3.85
$ 3.16 $ 2.85
Depreciation Expense
87.6
91.7
86.0
71.4
55.1
41.6
46.0
43.8
EBITDA as reported
$ 408.1
$447.1
$ 505.2
$ 374.5
$ 367.6
$ 320.3
$340.3
$ 327.1
Restructuring and other charges
5.0
27.2
39.7
57.9
EBITDA as adjusted
$413.1
$ 474.3
$ 544.9
$ 432.4
$ 367.6
$ 320.3
$340.3
$ 327.1
* Includes, as applicable, (i) the gain on sale of assets associated with the sale of the Company's real property,
(ii) the charge from the impairment of assets held for sale, and the losses, associated with the Company's
divestiture of its renewable power systems and related businesses, (iii) Duarte move related costs, (iv) the
purchase accounting impacts related to the amortization of the backlog intangible acquired in connection with
the acquisition of Woodward L'Orange on June 1, 2018 (the "L'Orange Acquisition"), (v) the transition impacts of
the change in U.S. federal tax legislation in December 2017, (vi) costs associated with the previously proposed
merger with Hexcel Corporation, which merger agreement was terminated on April 5, 2020, (vii) transaction costs
associated with the completed divestiture of renewable power systems and related businesses, (viii) restructuring
charges, (ix) acceleration of stock compensation expense related to restructuring activities, (x) the net gain on
settlement of cross-currency interest rate swaps, and (xi) costs related to the fourth quarter of fiscal year 2019
impairment of accounts receivable, inventory and certain other assets in connection with Senvion, a significant
customer of Woodward renewables business, which declared insolvency in fiscal year 2019.
Cash From Operations
Payments for PP&E
Free Cash Flow
Cash proceeds from the sale of the Duarte facility
Cash paid for merger and divestiture transaction costs
Cash paid for restructuring costs
Net cash proceeds from cross-currency interest rate swaps
Net after-tax payments from formation of joint venture with GE
Adjusted Free Cash Flow
YTD FY 21
(mils)
$ 464.7
YTD FY 20
(mils)
YTD FY 19
(mils)
YTD FY 18
(mils)
YTD FY 17
(mils)
YTD FY16
(mils)
$ 349.5
$ 390.6
$ 299.3
$ 307.5
$ 435.4
(37.7)
(47.1)
(99.1)
$ 427.0
$ 302.4
$ 291.5
(127.1)
$172.2
(92.3)
(175.7)
$215.2
$ 259.7
30.1
19.9
18.1
(55.2)
(155.0)
$ 427.0
$ 315.2
$291.5
$ 172.2
$215.2
$104.7
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