Commercial Metals Company · NYSE:CMC
Commercial Metals — Investor Day (August 2020)
79 slides from Commercial Metals's investor day presentation, Aug 13, 2020
Slide 1: Strategically Transformed, Delivering Superior Shareholder Value
Strategically Transformed, Delivering Superior Shareholder Value AUGUST 13, 2020
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements regarding CMC’s expectations relating to the construction, commissioning, and operation of its new Mesa, Arizona micro mill, and associated general economic conditions and key macroeconomic drivers that impact our busin
Slide 3: Agenda
Agenda TIME TITLE PRESENTED BY: 8:30 – 8:35 AM Welcome and Introduction Jason Brocious CMC’s Value Proposition Video 8:35 – 9:05 AM Strategic Overview Barbara Smith 9:05 – 9:20 AM Macro and Demand Drivers Billy Milligan 9:20 – 9:45 AM Overview of Operations Ty Garrison 9:45 – 9:55 AM Overview of SIO
Slide 4: Today's Speakers
Today’s Speakers Over 100 Years of Combined Steel Industry Experience Barbara R. Smith Paul Lawrence Chairman of the Board, President Vice President and Chief Financial Officer and Chief Executive Officer Tracy L. Porter Ty Garrison Executive Vice President and Vice President, East Region Chief Oper
Slide 5: Diverse, Highly Qualified Board
Diverse, Highly Qualified Board Barbara R. Smith Richard B. Kelson J. David Smith Chairman of the Board, President and Chief Retired Chairman, President and CEO, President and CEO, ServCo, LLC Executive Officer Euromax International, Inc. Vicki Avril-Groves Peter R. Matt Charles L. Szews Retired – F
Slide 6: Strategic Overview
Strategic Overview BARBARA SMITH CMC Investor Day | August 2020 6
Slide 7: A Leader in Concrete Reinforcement
A Leader in Concrete Reinforcement • Highly focused producer of long steel products serving North America and Eastern Europe • Completely repositioned, poised for growth • Leader in attractive rebar and merchant bar markets • Vertical integration is a key to our success • Strong balance sheet and di
Slide 8: CMC's Values Drive Our Company
CMC’s Values Drive Our Company WHAT WE DO • Place the customer at the core of all we do • Stay committed to our employees • Give back to our communities • Create value for our investors WHAT WE BELIEVE • Act with integrity • Make safety a top priority • Promote collaboration to provide exceptional r
Slide 9: CMC's Focus on Growth
CMC’s Focus on Growth Execute on Opportunities for Organic and Acquired Growth A leader in attractive and CULTURE growing U.S. rebar market Strong relationships with customers, MBQ opportunities suppliers, the community, the environment and each other VALUES Next phase of network • Dedicate ourselve
Slide 10: Our Strategic Repositioning Transformed CMC
Our Strategic Repositioning Transformed CMC 2017 2017 2017 2018 GROWTH Durant, OK Associated 7 Yards in Gerdau's micro mill Steel Southeast rebar Workers U.S. assets DIVESTITURES 2012 2012 2013 2014 2015 2017 2018 2018 2018 Sisak pipe Rosslau Trinecke Howell Australia Cometals Cometals Australia Str
Slide 11: CMC Today
CMC Today U.S. AND POLAND SHARE THE SAME STRUCTURE STRONG POSITIONS IN ALL MAJOR PRODUCTS Recycling • 42 U.S. locations, 12 Poland locations #1 Rebar #2 Rebar • Profitable, low-cost source of raw materials for our mills, with additional upside #3 MBQ #1 MBQ Mills • 10 U.S. locations, 1 Poland locati
Slide 12: Vertical Integration is a Key to Our Success
Vertical Integration is a Key to Our Success Our Business is Managed Vertically to Maximize Returns ROLE OF EACH LINK Recycling Mills Fabrication 1. Economically supply Mills 1. Economic heart of value chain 1. Baseload for Mills 2. Ensure scrap availability in certain 2. Most profitable at high ope
Slide 13: Rebar Asset Acquisition Exceeded Our Expectations
Rebar Asset Acquisition Exceeded Our Expectations WHAT WE EXPECTED WHAT WE FOUND WHAT WE ACHIEVED MOVING FORWARD… Assets & Operations Assets & Operations Enhanced safety Continue Network Optimization • Good asset base • Assets in better condition • SIOP Improved employee complementing existing than
Slide 14: CMC's Growth Strategy
CMC’s Growth Strategy It’s What’s Inside That Counts CRITICAL COMPETENCIES LEADER IN ATTRACTIVE AND GROWING CONCRETE REINFORCEMENT MARKET • Relationships & Service • Highly efficient, well-positioned assets • Operational Excellence • Track record of innovation and customer service • Innovation • Ver
Slide 15: CMC's Growth Strategy: Attractive Adjacencies
CMC’s Growth Strategy Identify Attractive Adjacencies that Complement Concrete Reinforcement POTENTIAL CRITICAL COMPETENCIES STRATEGIC WINNERS OPPORTUNITIES MBQ growth MBQ growth Triple M Triple M Flat Products Downstream products Downstream products Poland expansion Tubular Products Concrete produc
Slide 16: Well-Positioned for Continued Success
Well-Positioned for Continued Success Section 232 actions helpful but not Fears of excess-supply may be essential to our success exaggerated • Tariffs have normalized the competitive • Measured industry long-product capacity environment coming onstream • Enable U.S. manufacturers to benefit from • R
Slide 17: Core Strength Makes CMC a Core Holding
Core Strength Makes CMC a Core Holding • Highly profitable leader in attractive end markets • High-quality assets, best-in-class customer service, $634M track-record of revenue-generating product innovation • Proven ability to deploy capital effectively TTM Core EBITDA (1)(3) – Acquire, integrate an
Slide 18: Macro and Demand Drivers
Macro and Demand Drivers BILLY MILLIGAN CMC Investor Day | August 2020 18
Slide 19: CMC is Well-Positioned in Attractive Markets
CMC is Well-Positioned in Attractive Markets • CMC serves growing demand from attractive end markets and geographies • Demand for CMC’s products is underpinned by steady need for infrastructure repair and improvement, non-residential and residential construction and the industrial economy – Demand i
Slide 20: Mills Strategically Located Near Rebar and MBQ Demand
Mills Strategically Located Near Rebar and MBQ Demand HIGH DEMAND LOW DEMAND CMC Investor Day | August 2020 20
Slide 21: End Markets We Serve
End Markets We Serve INFRASTRUCTURE NON-RESIDENTIAL RESIDENTIAL OEM / AGRICULTURE 37% 32% 16% 15% of shipments of shipments of shipments of shipments Consistent Through the Cycle, Mid-to-Late Cycle Early-to-Mid Cycle Mid-to-Late Cycle With Late and Early Cycle Bias IMG IMG IMG CMC Investor Day | Aug
Slide 22: Steadily Increasing End Market Demand
Steadily Increasing End Market Demand U.S. Non-Residential Construction Spending U.S. Industrial Spending $600,000 $250,000 2.2% 7.6% CAGR $500,000 CAGR $200,000 Millions Millions $400,000 $150,000 $300,000 $100,000 $200,000 $100,000 $50,000 $0 $0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2011 20
Slide 23: COVID-19 Expected to be a Near-Term Disruption
COVID-19 Expected to be a Near-Term Disruption CMC Bidding Activity Remains Near Historic Highs Cement Consumption Expected to Rebound Quickly 225% CONSUMPTION BY END MARKET 120,000 200% 90,000 Tons 60,000 175% 30,000 Tons (Indexed) 0 150% 2020 2021 2022 2023 2024 2025 Infrastructure Residential Non
Slide 24: Enormous Infrastructure Potential
– 1.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 2.0% 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 Infrastructure % of Government Spending 1966 1967 Source: U.S. Census Bureau, Bureau of Economic Analysis 1968 1969 1970 1971 1972 Peak = 8.1% 1973 1974 1975
Slide 25: Emerging Congressional Consensus on Increased Infrastructure Spending
Emerging Congressional Consensus on Need for Increased Infrastructure Spending CURRENT STATE: HOUSE BILL: THE FAST ACT THE MOVING FORWARD ACT • Expires September 30, 2020 Incremental 1.4M Tons per Year • Administration and Congress must • 46% increase over current FAST Act spending levels reach agre
Slide 26: CMC Has Performed Well Regardless of Trade Environment
CMC Has Performed Well Regardless of Trade Environment OVER THE CYCLE Low costs and fabrication pull-through have kept our Mill utilizations high Import market share Mill volumes 1,400,000 35% 1,200,000 30% 1,000,000 25% 800,000 20% Tons 600,000 15% 400,000 10% 200,000 5% - NA Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 27: Recap
Recap Strong position in an attractive Favorable demand dynamics Upside potential from new Tariffs have changed market, supplying growing (US, Europe, other end infrastructure authorization trade regime, but CMC has geographies and end markets markets) performed well regardless of market environment
Slide 28: Overview of Operations
Overview of Operations TY GARRISON CMC Investor Day | August 2020 28
Slide 29: Safety is Our Top Priority
Safety is Our Top Priority • We take the safety and well-being of our employees very seriously • No amount of production or profit is worth injury to any employee • Reduced incidents from 16.2 per 1000 person hours in 1997 to 1.5 in 2019 • Comparable to best-in-industry • Committed to improving even
Slide 30: Complementary Segments
Complementary Segments WEST CENTRAL EAST CMC Mills CMC Recycling CMC Fabrication CMC Investor Day | August 2020 30
Slide 31: Strategic Benefits of Vertical Integration
Strategic Benefits of Vertical Integration RECYCLING MILLS FABRICATION Reliable low-cost source of scrap Economic engine of CMC High-visibility demand pull-through 40% 60% 60% 40% 100% Recycling Americas Mills Fabrication Tons Shipped Internally Tons Shipped Externally Note: Shipment data as of 3Q20
Slide 32: Americas Recycling
Americas Recycling • Profitable, low-cost source of scrap for our mills with additional upside • We continue to optimize this segment • Invested $100M over past five years to expand recycling capabilities and improve profitability – Lexington non-ferrous separation, which captures additional value f
Slide 33: Americas Mills
Americas Mills • The economic engine of CMC 6 Mini Mills • Capacity to produce ~6 million tons of finished long steel products annually • World-class commercial and manufacturing flexibility Widest range of customer solutions 2 • in the industry Micro Mills • Consistently exceed nameplate capacity •
Slide 34: Americas Fabrication
Americas Fabrication • Fabrication provides Mills with: – Baseload demand – Insights/visibility into end market demand – Optimized production planning – CMC volumes protected from imports • Enable us to understand the customer, because we interact with them directly CMC Investor Day | August 2020 34
Slide 35: Strategic Benefits of Rebar Asset Acquisition
Strategic Benefits of Rebar Asset Acquisition Transaction Applied Best Practices After • Acquired 2.7M tons of finished steel • Transferred best practices to • Concentrated rebar production capacity for ~$700 million the acquired talent in underutilized mills – Added flexibility to network – Focused
Slide 36: Unlocking Human Capital
Unlocking Human Capital • We kept the same talented steelmakers, but transformed the culture • Provided employees with more data • As a result, costs are down significantly CMC Investor Day | August 2020 36
Slide 37: Poland is Core to Our Business
Poland is Core to Our Business I N T E R N A T I O N A L M I L L S E G M E N T A D J U S T E D E B I T D A (1) $140 $120 20.1% $100 CAGR Adjusted EBITDA ($M) • Highly profitable, world-class presence in growing region $80 – Invested $275M to improve operations $131.7 and expand product line $60 $100
Slide 38: We Have Enhanced the Earnings Power of Our Polish Operations
We Have Enhanced the Earnings Power of Our Polish Operations N O N - M A T E R I A L C O G S P E R T O N (1) HISTORICAL PRODUCT MIX 110 100% 90% 21% 22% 25% VALUE-ADD PRODUCTS 100 28% 80% 90 70% 80 30% 60% 38% 37% 35% 70 50% 40% 60 30% 50 48% 20% 40% 38% 37% 40 10% 30 0% FY2013 FY2014 FY2015 FY2016
Slide 39: CMC is Well-Positioned in Europe, With Significant Growth Potential
CMC is Well-Positioned in Europe, With Significant Growth Potential • Polish and German economies remain among the most attractive in Europe EAF BLAST – GDP expected to return to growth in 2021, following COVID- United # # 19 impact in 2020 CMC States 100% N/A – German construction activity expected
Slide 40: Recap
Recap • Safety is our Top Priority • Vertical integration is key to success in U.S. and Europe • Our businesses are complementary, both operationally and financially • Acquisition unleashed human capital • Poland is CMC’s testing ground, and our European expansion strategy has further to run CMC Inv
Slide 41: Overview of SIOP
Overview of SIOP BRAD COTTRELL CMC Investor Day | August 2020 41
Slide 42: SIOP Function and Mandate
SIOP Function and Mandate CHANGE OF MINDSET: • Sales Inventory & Operations Planning (SIOP) – Structured planning process to achieve consensus between sales, finance, procurement, manufacturing and logistics Operating Individual Mills to Optimizing a Network to – More-efficiently utilize assets, mai
Slide 43: Expanded Network Provides Opportunity for Nationally Coordinated SIOP
Expanded Network Provides Opportunity for Nationally Coordinated SIOP PRE-ACQUISITION, EACH OF OUR SIX MILLS POST-ACQUISITION, WE HAVE A MUCH LARGER SERVED ITS OWN REGION NETWORK THAT WE CAN OPTIMIZE WEST CENTRAL EAST WEST CENTRAL EAST CMC Investor Day | August 2020 43
Slide 44: SIOP Areas of Opportunity
SIOP Areas of Opportunity Optimize production, to increase higher Support MBQ expansion margin products and reduce costs Optimize logistics costs Increase overall cost flexibility Improve in-stock availability Decrease working capital and customer service CMC Investor Day | August 2020 44
Slide 45: Example: Duplicate Safety Inventory
Example: Duplicate Safety Inventory PRE-SIOP • Individual mills hold safety inventory to satisfy customers • Good for customer service, but effectively holding 2x-4x the inventory of certain key items across our 10 mills POST-SIOP • Optimize inventory of key items across our network • Example: Knoxv
Slide 46: Example: Optimizing Logistics Lanes
Example: Optimizing Logistics Lanes CMC Investor Day | August 2020 46
Slide 47: SIOP: What Can Be Expected
SIOP: What Can Be Expected • Already seeing early-stage improvements in reduced conversion costs and higher margins • Future evidence of success – Improved service levels & working capital allocation – Growth in merchant bar tonnage – Higher mill utilization rates – Purchasing initiative • SIOP is a
Slide 48: Triple M and CMC's Growth Strategy
Triple M and CMC’s Growth Strategy TRACY PORTER CMC Investor Day | August 2020 48
Slide 49: CMC's Triple M
CMC’s Triple M • CMC today announced its third micro mill, i.e. Project Triple M • Will be world’s first MBQ capable micro mill • New facility to be located on same site as existing Steel Arizona operation and will serve West Coast market • Adds ~$50 million of incremental EBITDA • Investment paired
Slide 50: Triple M Has Significant Strategic and Financial Benefits
Triple M Has Significant Strategic and Financial Benefits Low Net Investment Helps Optimize CMC’s Asset Portfolio Environmentally Friendly • Monetizes land value from • Low-cost, more efficient micro mill • Win on emissions and energy usage California site replacing outdated high-cost capacity • Rep
Slide 51: Triple M Will Take CMC's Micro Mill Technology to the Next Level
Triple M Will Take CMC’s Micro Mill Technology to Mesa, AZ the Next Level • First in the world continuous- continuous MBQ capability • First steel mill in North America to adopt groundbreaking new power system • Learning and innovating from our Durant, OK previous micro mill experiences • CMC mercha
Slide 52: Overview of Triple M
Overview of Triple M • Commissioning to begin in 2023 • Net project investment of ~$300 million • Adds ~$50 million of incremental EBITDA • Capacity of 500k tons, including 150k tons of merchant • To be located in Mesa, AZ Mesa Site Selection • Business friendly jurisdiction • Existing infrastructur
Slide 53: Triple M is a "Smart Growth" Initiative
Triple M is a “Smart Growth” Initiative Feeds underlying demand for rebar and merchant bar in large West Coast market Meaningful bottom line growth by replacing Steel California with more efficient capacity Monetizes significant value in California real estate, lowering capital requirements and incr
Slide 54: Merchant Bar is a Growth Opportunity
Merchant Bar is a Growth Opportunity • Expansion of MBQ directly supported by optimization of acquired rebar assets, i.e. SIOP, and Triple M project – Strategically adding capacity to the West Coast • Enhancing capabilities at existing mills – Produced 65 new products in South Carolina, expanding pr
Slide 55: Array of Organic Initiatives Will Spur Growth
Array of Organic Initiatives Will Spur Growth • Poland mill project • Continued investments in spooled rebar – Replacing coiled rebar in the marketplace – Potential for long-term market adoption • Fabrication shop automation • Consistent stream of smaller improvements – Mesa, AZ micro mill producing
Slide 56: Sustainability
Sustainability BILLY MILLIGAN CMC Investor Day | August 2020 56
Slide 57: Sustainability Is Integral to Our Business
Environmental Responsible stewardship Social Commitment to Company Culture Sustainability Is Integral Ethics and integrity our people and local communities to Our Business Good Governance Values/guiding principles Governance Safety, customer service and product responsibility CMC Investor Day | Augu
Slide 58: CMC's Operations "Tilt Green"
CMC’s Operations “Tilt Green” CMC’s steel has the lowest energy intensity and scope 1 emissions of any domestic producer Recycling was our First Business, Steel is Infinitely Recyclable Using less energy in our facilities translates into a lower carbon footprint. Mills ENERGY INTENSITY (GI/TON) 20 3
Slide 59: Good Business Goes Hand-in-Hand With Good Environmental Stewardship
Good Business Goes Hand-in-Hand With Good Environmental Stewardship Committed to a Best-in-Class, Minimal Carbon Footprint ENVIRONMENTALLY FRIENDLY INITIATIVES • Triple M replaces an outdated, inefficient mill with state-of-the-art EAF micro mill; will be first steel plant in North America with dire
Slide 60: We Safeguard Our Most Important Assets: Our People
We Safeguard Our Most Important Assets: Our People COMMITMENT STARTS WITH PROACTIVE SAFETY MEASURES • Predict and prevent incidents before they happen • Structure management teams to identify and manage potential risks CMC’s Global Total Recordable Incident Rate CMC’s U.S. Mills’ incidence rate is c
Slide 61: We Invest in Our Employees and Communities
We Invest in Our Employees and Communities FOCUSED ON ENGAGED EMPLOYEES AND STRONG COMPANY CULTURE • Expanded leadership development programs • Significant investment in Commercial Excellence training – High Jacobson survey scores direct result of CMC’s commitment to our people CMC Investor Day | Au
Slide 62: Financial Discussion
Financial Discussion PAUL LAWRENCE CMC Investor Day | August 2020 62
Slide 63: CMC's Strategic Actions Have Repositioned Our Portfolio
CMC’s Strategic Actions Have Repositioned Our Portfolio… FROM FY ‘18 TO Q3 FY ’20 Exited Marketing and Distribution business Opened second micro mill, with first rebar spooling line in the United States, in Durant, OK Installed second rebar spooling line in Mesa, AZ Acquired rebar assets (4 steel mi
Slide 64: Driving Our Financial Transformation
… Driving Our Financial Transformation $600 $500 $80 $400 $120 $Millions $40 $300 $540 $200 $300 $100 $0 FY 2018 - Through-the-Cycle EBITDA Steel Oklahoma Acquisition Synergies Post-Acquisition - Through-the-Cycle EBITDA … Creating a more sustainable and durable cash generation capability Note: Esti
Slide 65: We Have Additional EBITDA Potential
We Have Additional EBITDA Potential $700 $15 $650 $20 $50 $600 $50 $550 $500 $ Millions $675 $450 $400 $540 $350 $300 $250 Post-Acquisition - Through- Network Optimation Triple M Poland Mill Project Identified Organic Projects Long-Term Through-the-Cycle the-Cycle EBITDA EBITDA Note: Estimated Adjus
Slide 66: Leverage Profile
Leverage Profile CMC has worked to maintain a capital structure that allows for operational flexibility N E T D E B T (1) / E B I T D A (2) N E T D E B T (1) 4.5x $1,400 4.0x $1,200 3.5x $1,000 3.0x 2.5x $800 $1,332 2.0x 3.9x $600 $1,241 3.2x $1,052 1.5x $968 $935 2.5x $400 $718 1.0x 1.9x 1.6x 1.2x
Slide 67: Balance Sheet Strength
Balance Sheet Strength Debt maturity profile provides strategic flexibility DEBT MATURITY SCHEDULE Q3 FY’20 LIQUIDITY (US$ in millions) (US$ in millions) $1,066 5.750% 4.875% Notes Notes $462 Cash and Cash Equivalents 5.375% Revolving Notes Credit Facility $350 347 Revolving Credit Facility $350 $33
Slide 68: Relationship Between Mills and Fab Promotes Stability Over Time
Relationship Between Mills and Fab Promotes Stability Over Time Together, They Dampen Cyclical Impact WHEN STEEL PRICES FALL WHEN STEEL PRICES RISE Mill margins Fab margins Mill margins Fab margins compress expand expand compress Mills Fabrication CMC Investor Day | August 2020 68
Slide 69: Integrated Model Helps Minimize the Cyclical Impact
Integrated Model Helps Minimize TIMES OF MARKET VOLATILITY the Cyclical Impact 1 12-month change in earnings after mill peak Fabrication effectively locks in a portion of future mill demand at fixed final prices, $80 significantly reducing volatility $60 $40 +$35 FULL CYCLE VIEW SEGMENT ADJUSTED EBI
Slide 70: Common Questions
Common Questions WHAT WE’VE HEARD WHAT WE BELIEVE ✓ Triple M will replace existing rebar capacity at a lower cost and add MBQ capability to support share growth “Is now the right time to invest in a new steel mill, adding additional market capacity?” ✓ Positions us strategically on the West Coast ✓
Slide 71: Capital Allocation Strategy
Capital Allocation Strategy GROWTH SHAREHOLDER RETURNS • Triple M and Polish expansion project are • 222 consecutive quarterly dividend; “smart growth” returned $310 million (including buybacks) – Funding, EBITDA, ROIC to shareholders over last 5 years. • Opportunistically execute on in-place • Ongo
Slide 72: Financial Guidance Framework
Financial Guidance Framework OVER THE CYCLE, CMC SEEKS TO: • Optimize production between Mills and Fab to maximize company earnings from continuing operations; and • Achieve through-the-cycle ROIC (1) above 10%. IN ADDITION, CMC SEEKS TO: • Keep leverage at approximately 2x through-the-cycle EBITDA,
Slide 73: Q&A Session
Q&A Session To ask a question, please visit the following website to register and obtain dial-in details: http://www.directeventreg.com/registration/event/8197233 CMC Investor Day | August 2020 73
Slide 74: Q&A Session
Q&A Session CMC Investor Day | August 2020 74
Slide 75: Closing Remarks
Closing Remarks BARBARA SMITH CMC Investor Day | August 2020 75
Slide 76: Appendix
Appendix CMC Investor Day | August 2020 76
Slide 77: Net Debt to EBITDA and Adjusted EBITDA Reconciliations
Net Debt to EBITDA and Adjusted EBITDA Reconciliations 3 MONTHS ENDED $ in Thousands 5/31/2018 8/31/2018 11/30/2018 2/28/2019 5/31/2019 8/31/2019 11/30/2019 2/29/2020 5/31/2020 Long-Term Debt $1,310,150 $1,306,863 $1,227,214 $1,179,443 $1,144,573 $1,153,800 Current Maturities of Long-Term Debt and $
Slide 78: Core EBITDA from Continuing Operations Reconciliation
Core EBITDA from Continuing Operations Reconciliation 3 MONTHS ENDED 8/31/2019 11/30/2019 2/29/2020 5/31/2020 Earnings from Continuing Operations $85,879 $82,755 $63,596 $64,169 Interest Expense 17,702 16,578 15,888 15,409 Income Taxes 16,826 27,332 22,845 23,804 Depreciation and Amortization 41,050
Slide 79: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 3 MONTHS ENDED 8/31/2019 11/30/2019 2/29/2020 5/31/2020 Net cash flows from (used by) operating activities $255,501 $146,418 $106,998 $278,417 Capital expenditures (47,083) (45,559) (51,033) (37,500) Free Cash Flow $208,418 $100,859 $55,965 $240,917 Trailing 12 Months F
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