Glatfelter (NYSE:GLT)

Similar documents
Glatfelter (NYSE: GLT) 2014 Second Quarter Earnings Conference Call July 29, 2014

2016 Second Quarter Earnings Conference Call

Glatfelter (NYSE: GLT) 2012 Third Quarter Earnings Conference Call October 31, 2012

2016 Third Quarter Earnings Conference Call

Deutsche Bank Global Industrials and Basic Materials Conference

Glatfelter (NYSE: GLT) Investor Presentation February 2011

Glatfelter (NYSE: GLT) Vertical Research Partners Global Paper & Packaging Conference March 8, 2012

GLT (NYSE: GLT) Investor Meetings December 2011

N E W S R E L E A S E

N E W S R E L E A S E

N E W S R E L E A S E

N E W S R E L E A S E

N E W S R E L E A S E

P. H. Glatfelter Company

N E W S R E L E A S E

Forward-looking statements

Fiscal Year nd Quarter Earnings Conference Call Presentation April 27, 2011

EARNINGS RESULTS 2nd Quarter 2015

EARNINGS RESULTS 3rd Quarter 2015

Third Quarter 2018 Earnings I October 25, 2018

Appvion, Inc. Earnings Review Second Quarter August 10, 2016

First Quarter 2016 Business Update

Q Earnings Conference Call July 31, Key Metrics and Non-GAAP to GAAP Reconciliations

Executing Our Strategy, Delivering Exceptional Value

CLEARWATER PAPER CORPORATION

CLEARWATER PAPER CORPORATION

WEYERHAEUSER EARNINGS RESULTS: 3rd Quarter October 31, 2014

DOMTAR CORPORATION FOURTH QUARTER 2018 EARNINGS CALL February 5, 2019

Third Quarter 2017 Earnings October 25, 2017

Q3 Fiscal Year 2019 Financial Highlights

RESOLUTE FOREST PRODUCTS Q RESULTS RICHARD GARNEAU, PRESIDENT & CEO JO-ANN LONGWORTH, SVP & CFO

DOMTAR CORPORATION THIRD QUARTER 2018 EARNINGS CALL November 1st, 2018

Q Earnings Conference Call February 7, 2012

Fourth Quarter and Full- Year 2017 Earnings February 1, 2018

Q4 FY16 Results. November 7, Steve Voorhees Chief Executive Officer. Ward Dickson Chief Financial Officer

RESOLUTE FOREST PRODUCTS Q RESULTS RICHARD GARNEAU, PRESIDENT & CEO JO-ANN LONGWORTH, SVP & CFO

WEYERHAEUSER. EARNINGS RESULTS: 4th Quarter January 30, 2015

WestRock KeyBanc's Basic Materials and Packaging Conference. September 14, 2016

Second Quarter 2016 Earnings July 28, 2016

Q3 FY18 Results August 2, 2018

Rayonier Advanced Materials Reports Second Quarter Results. July 30, :01 AM ET

Q3 FY17 Results August 3, 2017

Momentive Performance Materials Inc. 22 Corporate Woods Blvd. Albany, NY 12211

DOMTAR CORPORATION FOURTH QUARTER 2017 EARNINGS CALL February 8, 2018

Q1 Fiscal Year 2019 Financial Highlights

Third Quarter 2016 Earnings October 27, 2016

Fiscal 2019 First Quarter Results. October 30, 2018

Second Quarter 2018 Earnings I July 26, 2018

IPG Investor Presentation

CFO Commentary. Third Quarter. Third-quarter diluted earnings per. share increased 33% year over year; non- GAAP diluted. earnings per share

WEYERHAEUSER Earnings Release 4th Quarter 2012

J P M O R G A N J P M O R G A N G L O B A L H I G H Y I E L D C O N F E R E N C E

First Quarter 2019 Earnings Presentation February 6, 2019

Q Quarterly Earnings Call Presentation. August 13, 2015

RESOLUTE FOREST PRODUCTS Q RESULTS YVES LAFLAMME, PRESIDENT & CEO JO-ANN LONGWORTH, SVP & CFO

Third Quarter 2017 Earnings Call October 24, 2017

WEYERHAEUSER EARNINGS RESULTS. 1 ST QUARTER 2017 April 28, 2017

Q Earnings. October 29, 2018

Rayonier Advanced Materials Reports Second Quarter Results. August 1, :45 PM ET

Q2 FY17 Results April 26, 2017

Second Quarter 2011 Review. July 28, John V. Faraci Chairman & Chief Executive Officer

Masco Corporation Second Quarter 2018 Earnings Presentation. July 31, 2018

Albemarle Corporation Second Quarter 2018 Earnings and Non-GAAP Reconciliations Conference Call/Webcast Wednesday, August 8 th, :00am ET

WEYERHAEUSER EARNINGS RESULTS

First Quarter 2016 Earnings April 27, 2016

2Q 2018 Presentation. August 7, Presented by: Jerry Volas, CEO. Robert Buck. President & COO. John Peterson, CFO

Westlake Chemical Corporation. Fourth Quarter 2018 Earnings Presentation

Veritiv Corporation Second Quarter 2016 Financial Results August 9, 2016

CLEARWATER PAPER CORPORATION

DOMTAR CORPORATION REPORTS PRELIMINARY FOURTH QUARTER AND FISCAL YEAR 2017 FINANCIAL RESULTS; ANNOUNCES INCREASE TO ITS QUARTERLY DIVIDEND

Kraton Performance Polymers, Inc.

Q Investor Highlights. May 8, 2018

RESOLUTE FOREST PRODUCTS Q RESULTS

Northern Trust Corporation

WEYERHAEUSER EARNINGS RESULTS: 1st Quarter April 25, 2014

WEYERHAEUSER EARNINGS RESULTS

MYERS INDUSTRIES, INC. MARCH 9, 2017 FOURTH QUARTER & FULL YEAR EARNINGS PRESENTATION

Investor Presentation. February 2019

SECOND QUARTER 2017 EARNINGS CONFERENCE CALL. August 2, 2017

Financial and Operating Results. Second Quarter and First Half 2016

MYERS INDUSTRIES, INC. Third Quarter 2018 Earnings Presentation

Third Quarter Presentation

NOVELIS Q2 FISCAL 2018 EARNINGS CONFERENCE CALL

SENSATA FOURTH QUARTER AND FULL YEAR 2017 EARNINGS PRESENTATION FEBRUARY 1, 2018

Veritiv Corporation Third Quarter 2017 Financial Results November 7, 2017

Fiscal 2014 Second Quarter Earnings Conference Call Presentation. April 29, 2014

MYERS INDUSTRIES, INC. First Quarter 2018 Earnings Presentation

W. R. Grace & Co. Fourth Quarter 2014 Business Update. Investor Presentation February 5, 2015

Q2 FY18 Results April 27, 2018

Q Earnings Conference Call

Masco Corporation Third Quarter 2018 Earnings Presentation. October 30, 2018

Northern Trust Corporation

Daseke, Inc. Q Earnings Presentation

October 26, Earnings Summary Third Quarter FY 2016

Q3 FY16 FINANCIAL RESULTS CONFERENCE CALL May 10, 2016 at 5:00 pm ET

Second Quarter 2009 Financial Presentation Material. Rayonier Proprietary Information

DOMTAR CORPORATION JOHN D. WILLIAMS PRESIDENT & CHIEF EXECUTIVE OFFICER. Jefferies Industrials Conference New York, August 9 th, 2016

News Release. Second quarter 2018 Gain on disposal of property, plant & equipment. Pulp & Paper Other operating income $3 $2 $0.03

THIRD QUARTER 2016 CONFERENCE CALL AND WEBCAST. November 1, 2016

UBS Global Paper & Forest Products Conference September 13, 2012

Transcription:

Glatfelter (NYSE:GLT) 2011 Second Quarter Earnings Conference Call August 2, 2011 Dante C. Parrini Chairman & Chief Executive Officer John P. Jacunski Senior Vice President & Chief Financial Officer

Forward-Looking Statements and Use of non-gaap Financial Measures Certain statements included in this presentation, which pertain to future financial and business matters, are forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These statements are based on management s current expectations and are subject to numerous risks, uncertainties and other unpredictable or uncontrollable factors, which may cause actual results or performance to differ materially from the Company s expectations. Various risks and factors that could cause future results to differ materially from those expressed in the forwardlooking statements include, but are not limited to: changes in industry, business, market, political and economic conditions in the U.S. and other countries in which Glatfelter does business; demand for or pricing of its products; changes in tax legislation, governmental laws, regulations and policies; initiatives of regulatory authorities; acquisition integration risks; technological changes and innovations; market growth rates; cost reduction initiatives; and other factors. In light of these risks, uncertainties and other factors, the forward-looking events discussed in this presentation may not occur, and readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date of this presentation and Glatfelter undertakes no obligation, and does not intend, to update these forward-looking statements to reflect events or circumstances occurring after the date of this presentation. More information about these factors is contained in Glatfelter s filings with the U.S. Securities and Exchange Commission, which are available at www.glatfelter.com. During the course of this presentation, certain non-u.s. GAAP financial measures will be presented. A reconciliation of these measures to U.S. GAAP financial measures is included in the appendix of this presentation.

Q2 2011 Highlights Adjusted EPS (EPS Before Special Items) $0.34 Record quarterly net sales 10% increase in net sales to $398 million in Q2 2011 Led by growth of 20% in single-serve coffee and 15% in feminine hygiene products Advanced Airlaid Materials operating income nearly doubles $0.02 $0.07 Q2'10 Q1'11 Q2'11 Year-over-year earnings growth Favorable tax adjustments added $0.06/share Specialty Papers annual mill outages cost $0.29/share in Q2 2011 and $0.28/share in Q2 2010 3

Adjusted EPS Q2 2011 vs. Q2 2010 $0.06 $0.07 Resolution of foreign tax audits, partially offset by state tax law changes $0.02 ($0.04) $0.03 $0.00 Q2-10 SPBU CFBU AMBU Tax Rate Q2-11 Note: See appendix of this presentation for the reconciliation of adjusted EPS to its nearest GAAP measure. 4

Specialty Papers Q2 2011 Highlights Dollars in Thousands Q2 2010 Q1 2011 Q2 2011 $7.4 ($0.3) ($6.5) Tons shipped 187,847 198,754 191,763 Net sales $208,740 $220,454 $216,708 Energy and related sales, net $1,915 $2,986 $2,060 Operating income (loss) $2,729 $22,218 $(92) $2.7 ($3.3) ($0.1) ($0.1) Operating margin 1.3% 10.1% Q2'10 Operating Income Selling Price Volume & Mix RM and Energy Costs Operations Other Q2'11 Operating Income Net sales were up 3.8% y/y, driven by higher selling prices and 2.1% increase in shipping volume Increase in shipments led by Forms, Envelope and Engineered Products Volumes shipped by Specialty Papers outperformed the broader UFS market, which was down 3.2% compared to Q2 2010 Selling prices were higher across all market segments, generating $7.4 million Input costs increased by $6.5 million, primarily driven by higher costs for wood, starch, caustic and energy Operations was a net negative in the quarter of $3.3 million Operating difficulties in the pulp mill and the recovery boiler at Spring Grove Annually scheduled maintenance outages adversely impacted operating income by $20.6 million in Q2 2011, compared with $19.6 million in Q2 2010 5

Composite Fibers Q2 2011 Highlights Dollars in Thousands Q2 2010 Q1 2011 Q2 2011 $3.6 $1.4 $(4.9) Tons shipped 22,966 22,909 22,938 Net sales $101,999 $115,235 $116,372 $8.9 $0.5 $(0.2) $9.3 Operating income $8,913 $12,406 $9,250 Operating margin 8.7% 10.8% 7.9% Q2'10 Operating Income Selling Price Volume & Mix RM and Energy Costs Operations and CI FX & Other Q2'11 Operating Income Net sales increased 7% y/y, on a constant currency basis Shipments were higher in Food & Beverage (+1.9%), and Technical Specialties (+4.0%), but down in Composite Laminates (-2.5%) and Metallized Products (-2.3%) Operating margins negatively impacted in Q2 2011 Cost inflation outpaced selling price increases Operational inefficiencies from product qualifications Downtime to manage inventory levels due to increased machine productivity Favorable product mix Food & Beverage growing faster than other segments Selling prices were higher in all segments, but lagging increases in input cost Input costs were up by $4.9 million, driven by higher prices for abaca pulp, wood pulp, synthetic fiber, and metallized base paper 6

Advanced Airlaid Materials Q2 2011 Highlights Dollars in Thousands Q2 2010 Q1 2011 Q2 2011 $3.9 $0.1 $(3.5) Tons shipped 20,111 21,542 22,281 Net sales $52,042 $61,083 $64,904 $1.8 $(0.5) $3.7 Operating income $1,926 $1,745 $3,727 $1.9 Operating margin 3.7% 2.9% 5.7% Operating Income $3.7 Q2'10 Operating Income Selling Price Volume & Mix RM and Energy Costs Operations FX & Other Higher selling prices across most product lines improved results by $3.9 million Q2'11 Operating Income $1.9 $1.7 Shipping volume increased 10.8% over Q2 2010 Higher costs for all primary raw materials impacted results by $3.5 million in Q2 2011 Q2'10 Q1'11 Q2'11 Continuous Improvement initiatives, including supply chain synergies, waste reduction and higher machine output, delivered $1.8 million to operating income during the quarter 7

Q2 2011 Other Financial Highlights Recorded a $2.9 million income tax benefit (net) $3.4 million benefit for resolution of certain foreign tax audits $0.5 million negative adjustment to deferred taxes in connection with changes in state tax laws Acquisition and integration expenses were $0.7 million in Q2 2011 and $2.0 million in Q2 2010 $50 million share buyback program authorized in April Repurchased 318,608 shares of common stock for approximately $4.7 million 8

Free Cash Flow $67.2 Alternative Fuel Mixture and Cellulosic Bio-fuel credits impacted cash flow in both years $20.4 1H'10 1H'11 (in millions) 1H 10 1H 11 Cash Flow from Operations $82.7 $48.3 Less: Capital Expenditures (15.4) (27.9) Free Cash Flow $67.2 $20.4 $54.9 million in 1H 2010 and $20.7 million from in 1H 2011 Capital expenditures in 1H 2011 were $12.4 million higher than in 1H 2010, reflecting investment in growth businesses Invested $16.8 million in working capital for growth in 2011 Overall working capital days in line with December 2010 Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding. 9

Pension Expense and Funded Status (in millions) 2008 2009 2010 2011 Estimate 1H 10 1H 11 Service and interest costs $31.4 $32.0 $33.4 $33.6 $16.7 $17.0 Expected return on plan assets (50.1) (39.8) (40.3) (41.8) (20.1) (20.9) Amortization of prior service and actuarial costs 2.6 14.8 16.1 15.8 8.1 7.9 One-time charge 2.0 Pension (Income) / Expense $(16.1) $7.0 $9.2 $9.6 $4.7 $4.0 Funded status $14.3 $79.6 $92.1 N/A N/A N/A Cash contributions* $0 $0 $0 $0 $0 $0 * Qualified plans only During the third quarter of 2011, the Company will record a $2.0 million one-time pre-tax charge for the normal pension accounting expense associated with the retirement of the Company s former CEO. 10

Strong Balance Sheet (in millions) 31-Dec-10 30-Jun-11 Cash $95.8 $108.3 Total Debt 333.0 332.6 Collateralized Debt (36.7) (36.7) Net Debt $200.5 $187.6 Shareholder's Equity $552.4 $585.2 TTM Adj. EBITDA (excl. Pension) $150.9 $161.4 Leverage * 1.3x 1.2x Cash available under Bank facility $218.3 $220.5 Note: *The above calculation is not intended to be used for purposes of calculating debt covenant compliance. 11

Q3 2011 Outlook Specialty Papers Shipping volume in Q3 2011 is expected to be approximately 5% higher than in Q2 2011. Selling prices are expected to increase at a faster pace than input costs. Normal 3 rd quarter maintenance outage estimated at $2.5 million. Composite Fibers Shipping volume in Q3 2011 is expected to be approximately 5% higher than in Q2 2011. Shipments of tea and coffee products expected to increase approximately 10%. Selling prices for the third quarter are expected to be in-line with the second quarter. Input costs rising modestly. Advanced Airlaid Materials Shipping volume in Q3 2011 is expected to increase approximately 5% compared with Q2 2011. Selling prices and input costs are expected to be largely in-line with Q2 2011 levels. Other During the third quarter of 2011, the Company will record a $2.0 million one-time pre-tax charge for the normal pension accounting expense associated with the retirement of the Company s former CEO. 12

Appendix

Financial Highlights Net Sales (in millions) Adj. EBITDA / Margin % (in millions) 8.9% 9.7% 10.0% 10.7% 10.4% 10.4% $986 $1,148 $1,264 $1,184 $1,455 $1,550 $88.4 $111.7 $125.5 $126.2 $150.9 $161.4 2006 2007 2008 2009 2010 Q2'11 TTM 2006 2007 2008 2009 2010 Q2'11 TTM Adj. EBITDA Adj. EBITDA % of Net Sales GLT net sales exceeded $1.5 billion for the trailing twelve months. EBITDA continues to grow, driven by organic growth, execution of continuous improvement initiatives and strategic acquisitions. 14

Financial Overview (in millions) Q2 10 Q2 11 Net Sales $362.8 $398.0 Adjusted Operating Income, excl. Pension Adjusted EBITDA, excl. Pension $10.9 $8.5 $27.7 $25.7 Free Cash Flow $53.0 $0.9 Net Debt $258.5 $187.6 Cash Balance $42.6 $108.3 Note: See appendix of this presentation for the reconciliation of adjusted EPS to its nearest GAAP measure. 15

Details of Other and Unallocated The following sets forth details of Other and Unallocated amounts presented in the Company s Business Unit Financial Information included in the earnings release. (in millions) Q2 10 Q2 11 Gains on dispositions of plant, equipment and timberlands Acquisition and integration expenses $ 0.2 $ (2.0) (0.7) Net pension expense (2.4) (1.6) Other costs* (2.7) (4.4) Operating income (loss) ($6.8) ($6.7). * Increase in other costs for Q2 2011 vs. Q2 2010 due primarily to higher professional services fees. Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding. 16

Adjusted EPS (EPS Before Special Items) $0.43 $0.25 $0.30 $0.24 $0.33 $0.29 $0.36 $0.31 $0.34 $0.19 $0.06 $0.02 $0.07 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $(0.22) 2008 2009 2010 2011 Note: See appendix of this presentation for the reconciliation of adjusted EPS to its nearest GAAP measure. 17

Adjusted EPS excluding Pension (EPS Before Special Items and Net Pension Expenses) $0.38 $0.35 $0.32 $0.39 $0.34 $0.37 $0.20 $0.24 $0.26 $0.22 $0.00 $0.05 $0.09 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $(0.19) 2008 2009 2010 2011 Note: See appendix of this presentation for the reconciliation of adjusted EPS to its nearest GAAP measure. 18

Specialty Papers Operating Income $ in millions $22.8 $20.9 $23.1 Includes onetime items totaling $8.2 $23.0 $22.2 $15.6 $18.4 $15.9 $16.8 $11.4 $2.7 $(0.1) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $(0.7) $(6.4) 2008 2009 2010 2011 19

Composite Fibers Operating Income $ in millions $12.4 $6.1 $6.8 $8.4 $5.5 $5.8 $7.1 $6.3 $8.9 $9.7 $8.0 $9.3 $3.7 $3.6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 2010 2011 20

Reconciliation of Non-GAAP Adjusted Earnings Per Share 2009 2010 2011 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net income (loss) $0.25 $0.43 $1.00 $1.00 ($0.01) $0.00 $0.85 $0.33 $0.38 $0.05 Cellulosic bio-fuel and alternative fuel mixture credits - (0.67) (0.72) (0.70) - - (0.50) - - Gains from sales of timberland and related transaction costs (0.01) 0.01 - (0.00) - - - (0.02) (0.04) Acquisition and integration related costs - - - 0.04 0.15 0.03 0.01 0.01 0.01 0.01 Foreign currency hedge on acquisition price - - - - 0.05 (0.01) - - - Adjusted earnings (loss) $ 0.24 $ (0.22) $ 0.29 $ 0.33 $ 0.19 $ 0.02 $ 0.36 $ 0.31 $ 0.34 $ 0.07 Pension Impact on Adjusted EPS $ 0.02 $ 0.03 $ 0.03 $ 0.02 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.02 Adjusted earnings (loss) excl. pension $ 0.26 $ (0.19) $ 0.32 $ 0.35 $ 0.22 $ 0.05 $ 0.39 $ 0.34 $ 0.37 $ 0.09 Note: The sum of individual per share amounts set forth above may not agree to adjusted income per share due to rounding. 21

Reconciliation of Non-GAAP Measures Adjusted EBITDA, Excluding Pension Adjusted Operating Income, Excluding Pension In millions Q2 2010 Q2 2011 Income before Income Taxes $ 0.5 $ (0.4) Net Pension Expenses 2.4 1.6 Depreciation and Amortization 16.4 17.4 Net Interest Expense 6.7 6.3 EBITDA, excluding pension $ 25.9 $ 25.0 Adjustments / exclusions Gains on Timberland Sales and Transaction Related Costs (0.2) - Acquisition and Integration Related Costs 2.0 0.7 Adjusted EBITDA, excluding pension $ 27.7 $ 25.7 Less: Depreciation and Amortization (16.4) (17.4) Less: Other Income / (Deductions) (0.4) 0.2 Adjusted Operating Income, excluding pension $ 10.9 $ 8.5 Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding. 22

Reconciliation of Non-GAAP Measures Adjusted EBITDA, Excluding Pension In millions 2006 2007 2008 2009 2010 Q2'11 TTM Income before Income Taxes $ (22.2) $ 93.9 $ 81.0 $ 143.1 $ 33.5 $ 57.9 Net Pension Expenses (17.0) (12.9) (16.1) 7.0 9.2 8.5 Depreciation and Amortization 50.0 56.0 60.6 61.3 65.8 67.9 Net Interest Expense 21.3 25.1 18.2 17.3 24.7 25.2 EBITDA, excluding pension $ 32.1 $ 162.1 $ 143.8 $ 228.8 $ 133.4 $ 159.5 Adjustments / exclusions Gains on Timberland Sales and Transaction Related Costs (15.7) (79.0) (18.6) (0.5) (0.4) (3.4) Gains from Insurance Recoveries (0.2) - - - - - Environmental Remediation - 26.0 - - - - Debt Redemption Costs 2.9 - - - - - Cellulosic Bio-fuel and Alternative Fuel Mixture Credits - - - (105.5) 0.1 0.1 Acquisition and Integration Related Costs 69.3 2.5 0.4 3.5 11.9 2.6 Write-off of Concert Indemnification Receivable - - - - 2.5 2.5 Foreign Currency Hedge on Acquisition Price - - - - 3.4 - Adjusted EBITDA, excluding pension $ 88.4 $ 111.7 $ 125.5 $ 126.2 $ 150.9 $ 161.4 Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding. 23

Reconciliation of Non-GAAP Measure Net Debt and Free Cash Flow Net debt excluding collateralized debt December 31 June 30 In thousands 2010 2011 Short term debt $0.8 $0.0 Long term debt 332.2 332.6 Total debt 333.0 332.6 (-) Cash (95.8) (108.3) Total debt less cash 237.2 224.3 (-) Collateralized debt from Timberland note (36.7) (36.7) Net debt excluding collateralized debt $200.5 $187.6 Free Cash Flow Six months ended June 30 In thousands 2010 2011 Cash from operations $82,675 $48,313 Less: Capital expenditures (15,445) (27,877) Free cash flow $67,230 $20,436 Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding. 24