Slide 1: Investor Day
Investor Day May 18, 2015 PolyOne Corporation Page 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements In this presentation, statements that are not reported financial results or other historical information are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or f
Slide 3: Use of Non-GAAP Measures
Use of Non-GAAP Measures This presentation includes the use of both GAAP (generally accepted accounting principles) and non-GAAP financial measures. The non-GAAP financial measures include: adjusted EPS, earnings before interest, tax, depreciation and amortization (EBITDA), adjusted EBITDA, net de
Slide 4: Agenda
Agenda 1:00 Introduction Robert M. Patterson 1:30 Global Color, Additives and Inks John V. Van Hulle 2:00 Global Specialty Engineered Materials Craig M. Nikrant 2:30 Designed Structures and Solutions Michael E. Kahler 3:00 Break 3:10 Performance Products and Solutions Michael A. Garratt 3:40 PolyOne
Slide 5: Introduction
Introduction Robert M. Patterson President and Chief Executive Officer PolyOne Corporation Page 5
Slide 6: Collaboration. Innovation. Excellence
Collaboration. Innovation. Excellence:
Slide 7: The Leaders Behind the Team
The Leaders Behind the Team Robert M. Patterson Bradley C. Richardson President and Chief Executive Officer Executive Vice President and Chief Financial Officer John V. Van Hulle Michael E. Kahler Senior Vice President, President of Global Senior Vice President and Color, Additives & Inks Chief Comm
Slide 8: Commodity to Specialty Transformation
Commodity to Specialty Transformation 2000-2005 2006 - 2009 2010 – 2014 2015 and beyond • Accelerating growth • Substantial EPS growth from $0.13 to all-time • Deliver consistent • Steve Newlin double digit annual high of $1.80 appointed, Chairman, EPS growth President and CEO • Shift to faster grow
Slide 9: Proof of Performance
Proof of Performance 2006 2014 “Where we were” “Where we are” Operating Income % Specialty: Global Color, Additives & Inks 1.7% 14.7% Global Specialty Engineered Materials 1.1% 12.1% Designed Structures & Solutions 1.4%(2012) 7.3% Performance Products & Solutions 5.5% 7.7% Distribution 2.6% 6.1% Spe
Slide 10: Mix Shift Highlights Specialty Transformation
Mix Shift Highlights Specialty Transformation Old New PolyOne Transformation PolyOne 100% % of Operating Income* 80% 60% 40% 62% 65% 43% 34% 20% 0% 2% 2005 2008 2010 2013 2014 Specialty OI $5M $46M $87M $195M $242M JV's Performance Products & Solutions Distribution Specialty *Operating Income exclud
Slide 11: Proof of Performance
Proof of Performance 2014 2015 Target “Where we are” (Est. in 2012) Operating Income % Specialty: Global Color, Additives & Inks 14.7% 12 – 16% Global Specialty Engineered Materials 12.1% 12 – 16% Designed Structures & Solutions 7.3% 8 – 10% Performance Products & Solutions 7.7% 9 – 12% Distribution
Slide 12: Successfully Navigating Change Since 2012
Successfully Navigating Change Since 2012 • Sold non-core resin assets – EPS dilutive • Completed acquisition of Spartech • Housing starts below 1.25 million units Single family units 30% below expectations • Longstanding weakness in Europe, and decline in Euro PolyOne Corporation Page 12
Slide 13: Strategy and Execution Drive Results
Strategy and Execution Drive Results Adjusted EPS Share Price vs. S&P 500 600% $1.80 500% $1.31 400% 300% $1.00 $0.82 200% $0.68 100% $0.27 $0.21 0% $0.12 $0.13 -100% '06 '07 '08 '09 '10 '11 '12 '13 '14 ‘06-‘14 Adjusted EPS CAGR = 40% POL S&P 500 PolyOne Corporation Page 13
Slide 14: Well Positioned for Accelerated Growth
Well Positioned for Accelerated Growth $40 billion of market potential • Megatrends favor our solutions $1.9 billion of opportunities in our specialty innovation pipeline • Increased $200m from a year ago 44% of Specialty products introduced in the last 5 years World class leadership team drives nex
Slide 15: Global Color, Additives & Inks
Global Color, Additives & Inks John V. Van Hulle President, Global Color, Additives & Inks PolyOne Corporation Page 15
Slide 16: At a Glance
At a Glance 2014 Revenues: 2014 Revenue by $0.9 Billion Industry Segment Packaging United States 31% Textiles 44% 7% Industrial Transportation Europe 14% 8% 36% Healthcare 6% Wire & Cable Asia Consumer Building & 12% 12% 7% Construction 12% Latin America Electrical & 6% Electronics Appliances 1% 2%
Slide 17: A Case Study for Transformational Success
A Case Study for Transformational Success Operating Income ($M) $125 $104 • Cultural mindset shift from volume to value $75 $50 $43 $26 $28 $25 • Customer centric focus $9 and training 2006 2007 2008 2009 2010 2011 2012 2013 2014 Operating Margin • Differentiation with innovation and service 14.7% 1
Slide 18: From Volume… To Value
From Volume… To Value (lbs in millions) Gross Margin ($ in millions) $293 395 -34% +210% 262 $94 2006 2014 2006 2014 PolyOne Corporation Global Color, Additives & Inks Page 18
Slide 19: Accelerating Growth
Accelerating Growth Collaboration Geographic Expansion Market Growth/ Megatrends Innovation PolyOne Corporation Global Color, Additives & Inks Page 19
Slide 20: Who We Are Growing With
Who We Are Growing With PolyOne Corporation Global Color, Additives & Inks Page 20
Slide 21: Innovation Pipeline Potential
Innovation Pipeline Potential Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Breakthrough 5 1 3 5 1 Platform 1 1 3 0 8 Derivative 1 0 1 1 3 Frame Build Prototype Scale-up & Test Commercial Opportunity Business Case Market Launch Addressable Market $300 $500 $400 ($ millions) PolyOne Corporation Global Colo
Slide 22: Megatrends Aligned with Key End Markets
Megatrends Aligned with Key End Markets Megatrend End Markets Improving Health & Health and Wellness Wellness Protecting the Transportation Environment Globalizing and Packaging Localizing Increasing Energy Consumer Efficiency PolyOne Corporation Global Color, Additives & Inks Page 22
Slide 23: Key Initiatives
Key Initiatives $500M Revenue Potential Additive InVisiOSM Color & Technologies Design Services $150M Revenue Potential PolyOne Corporation Global Color, Additives & Inks Page 23
Slide 24: Platinum Vision
Platinum Vision Accelerating Growth Innovation Market Growth / Geographic Collaboration Megatrends Expansion World Class Operating Margin 20%+ 14.7% 7.2% 1.7% 2006 2010 2014 2020 Platinum Vision PolyOne Corporation Global Color, Additives & Inks Page 24
Slide 25: Color Matters
Summary • Global Capabilities • Innovation Leader • Collaboration – One PolyOne Color Matters PolyOne Corporation Global Color, Additives & Inks Page 25
Slide 26: Global Specialty Engineered Materials
Global Specialty Engineered Materials Craig M. Nikrant President, Global Specialty Engineered Materials PolyOne Corporation Page 26
Slide 27: What We Do
What We Do Concept to Specialty Design Formulations PolyOne Corporation Global Specialty Engineered Materials Page 27
Slide 28: At a Glance
At a Glance 2014 Revenues: 2014 Revenue by $0.6 Billion Industry Segment Appliances 4% Building & Wire & Cable Construction Packaging 3% United States 5% Transportation 12% 44% 20% Europe Consumer 33% Industrial 18% 8% Electrical & Asia Healthcare Electronics 19% 12% 16% Latin America 2% Canada 2% P
Slide 29: A Case Study for Transformational Success
A Case Study for Transformational Success Operating Income ($M) $72 • Globally harmonized specialty strategy and $57 $50 $47 culture $46 $21 $18 $5 • Value proposition and $4 customer centric selling 2006 2007 2008 2009 2010 2011 2012 2013 2014 Operating Margin • Differentiation with innovation and
Slide 30: From Volume… To Value
From Volume… To Value (lbs in millions) Gross Margin ($ in millions) +6% $163 269 286 +292% $42 2006 2014 2006 2014 PolyOne Corporation Global Specialty Engineered Materials Page 30
Slide 31: Accelerating Growth
Accelerating Growth Collaboration Geographic Expansion Market Growth Innovation PolyOne Corporation Global Specialty Engineered Materials Page 31
Slide 32: Who We Are Growing With
Who We Are Growing With PolyOne Corporation Global Specialty Engineered Materials Page 32
Slide 33: Innovation Pipeline Potential
Innovation Pipeline Potential Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Breakthrough 3 3 3 2 4 Platform 3 2 6 3 4 Derivative 1 1 2 1 2 Frame Build Prototype Scale-up & Test Commercial Opportunity Business Case Market Launch Addressable Market $400 $100 $200 ($ millions) PolyOne Corporation Global Spec
Slide 34: Megatrends Aligned with Key End Markets
Megatrends Aligned with Key End Markets Megatrend End Markets Improving Health & Health and Wellness Wellness Protecting the Transportation Environment Globalizing and Packaging Localizing Increasing Energy Consumer Efficiency PolyOne Corporation Global Specialty Engineered Materials Page 34
Slide 35: Key Initiatives
Key Initiatives Advanced Composites >$100M Revenue Potential Healthcare >$150M Revenue Potential Light-weighting PolyOne Corporation Global Specialty Engineered Materials Page 35
Slide 36: Platinum Vision
Platinum Vision Accelerating Growth Innovation Market Geographic Collaboration Growth Expansion World Class Operating Margin 20%+ 12.1% 8.0% 1.1% 2006 2011 2014 2020 Platinum Vision PolyOne Corporation Global Specialty Engineered Materials Page 36
Slide 37: Summary
Summary Accelerating growth is #1 priority • Collaboration across PolyOne • Market-driven Innovation • Commercial and Operational Excellence PolyOne Corporation Global Specialty Engineered Materials Page 37
Slide 38: Designed Structures and Solutions
Designed Structures and Solutions PolyOne Corporation Page 38
Slide 39: At a Glance
At a Glance 2014 Revenues: 2014 Revenue by $0.6 Billion Industry Segment Packaging 27% Custom Packaging Industrial Engineered Transportation Solutions 23% 30% Solutions 29% 71% Healthcare Appliances 6% Consumer Building & 2% 5% Construction 8% PolyOne Corporation Designed Structures and Solutions Pa
Slide 40: Early Progress
Early Progress Operating Income ($M) • Cultural shift from $45 volume to value $33 • Emphasis on $16 commercial excellence 2012 2013 2014 • Mix shift to profitable Operating Margin portfolio of offerings 7.3% • “Rightsizing” the 5.6% operational footprint 1.4% • Deploy Lean Six Sigma 2012 2013 2014
Slide 41: A Lot of Work Remains with Tremendous Upside Potential
A Lot of Work Remains with Tremendous Upside Potential Focused on improving: Specialization Globalization • Quality • On-time Delivery Operational Commercial Excellence Excellence • Operational Efficiency Guided by our Four Pillar Strategy PolyOne Corporation Designed Structures and Solutions Page 4
Slide 42: Innovating with Cross-Business Unit Technologies
Innovating with Cross-Business Unit Technologies • Flame retardant solutions Specialty Engineered Materials • Flexible sound abatement materials • Energy dissipation Color and Additives • Replacement of leaded glass GLS • Foaming technologies • Improved renewable packaging ColorMatrix • Next generat
Slide 43: Who We Are Growing With
Who We Are Growing With PolyOne Corporation Designed Structures and Solutions Page 43
Slide 44: Key Initiatives
Key Initiatives Security Solutions $80M Addressable Market Architectural Solutions Aerospace $30M Addressable Market $85M Addressable Market PolyOne Corporation Designed Structures and Solutions Page 44
Slide 45: Platinum Vision
Platinum Vision Accelerating Growth On-Time Improving Customer Centric Market Growth Innovation & Delivery Quality Selling Collaboration World Class Operating Margin 12-14% 7.3% 5.6% 1.4% 2012 2013 2014 2020 Platinum Vision PolyOne Corporation Designed Structures and Solutions Page 45
Slide 46: Summary
Summary • Operational improvements to drive quality and service excellence • Continue to invest to optimize and upgrade capabilities to better serve our customers • Execution of four pillar strategy will drive sustained earnings performance • Collaboration will accelerate our success PolyOne Corpora
Slide 47: Performance Products and Solutions
Performance Products and Solutions Michael A. Garratt President, Performance Products and Solutions PolyOne Corporation Page 47
Slide 48: At a Glance
At a Glance 2014 Revenues: 2014 Revenue by $0.8 Billion Industry Segment Packaging 5% Transportation United States 18% 80% Wire & Cable 16% Industrial 11% Appliances Healthcare 8% 1% Building & Canada Electrical & Construction 14% Electronics 33% 3% Consumer Latin 5% America Asia 4% 2% PolyOne Corpo
Slide 49: What We Have Delivered
What We Have Delivered Operating Income ($M) • Relentless focus on $63 portfolio mix optimization $56 $39 $28 • Lean Six Sigma drives operational excellence 2011 2012 2013 2014 Operating Margin • Innovating in new markets 7.7% such as healthcare 7.2% 6.3% 4.3% • Expanding presence in Mexico and Chin
Slide 50: From Volume… To Value
From Volume… To Value (lbs in millions) Gross Margin ($ in millions) +13% $109 1,431 -21% $96 1,124 2006* 2014 2006* 2014 *2006 = Near peak housing PolyOne Corporation Performance Products & Solutions Page 50
Slide 51: Accelerating Growth
Accelerating Growth Geographic Expansion Collaboration Innovation Market Growth/ Megatrends PolyOne Corporation Performance Products & Solutions Page 51
Slide 52: Who We Are Growing With
Who We Are Growing With PolyOne Corporation Performance Products & Solutions Page 52
Slide 53: Geographic Growth Opportunities
Geographic Growth Opportunities Mexico represents growth, spurred by: • Robust demand in Automotive • Re-shoring from Asia • PolyOne collaboration China is a $2B PVC market; 2nd largest in the world: • A new tax license enables domestic (vs. export) business • We have expanded capacity • We are inve
Slide 54: Innovation Pipeline Potential
Innovation Pipeline Potential Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Breakthrough 1 1 0 0 0 Platform 5 1 2 1 3 Derivative 3 1 1 1 0 Frame Build Prototype Scale-up & Test Commercial Opportunity Business Case Market Launch Addressable Market $300 $150 $200 ($ millions) PolyOne Corporation Performance
Slide 55: Megatrends Aligned with Key End Markets
Megatrends Aligned with Key End Markets Megatrend End Markets Improving Health & Health and Wellness Wellness Protecting the Transportation Environment Globalizing and Packaging Localizing Increasing Energy Consumer Efficiency PolyOne Corporation Performance Products & Solutions Page 55
Slide 56: Key Initiatives
Key Initiatives Healthcare Solutions $30M Revenue Eco-Conscious potential Solutions LED Lighting $25M Revenue potential $60M Revenue Potential PolyOne Corporation Performance Products & Solutions Page 56
Slide 57: Platinum Vision
Platinum Vision Accelerating Growth Market Growth/ Innovation Collaboration Geographic Megatrends Expansion World Class Operating Margin 10-12% 7.2% 7.7% 6.3% 4.3% 2011 2012 2013 2014 2020 Platinum Vision PolyOne Corporation Performance Products & Solutions Page 57
Slide 58: Summary
Summary • Business evolution from volume to value • Business is at an inflection point • Growth will be driven by: Economic & Megatrend alignment Innovation Collaboration across PolyOne Geographic sales expansion in China and Mexico PolyOne Corporation Performance Products & Solutions Page 5
Slide 59: PolyOne Distribution
PolyOne Distribution Mark Crist President, Distribution PolyOne Corporation Page 59
Slide 60: At a Glance
At a Glance 2014 Revenues: $1.1 Billion Key Suppliers Electrical & Electronics 6% Healthcare 23% Consumer 13% Industrial Building & 15% Construction 5% Appliances Transportation 6% 25% Packaging 4% Wire & Cable 3% ROIC 52% 15% 2006 2014 PolyOne Corporation PolyOne Distribution Page 60
Slide 61: What We Do
What We Do Deep Customer Relationships Market Consultation Processing Expertise World-Class Supply Chain Right the First Time… Every Time PolyOne Corporation Page 61
Slide 62: What We Have Delivered
What We Have Delivered Operating Income ($M) • World class supplier $66 $68 line card $42 $19 $28 • Differentiating with service and operational excellence 2006 2008 2010 2012 2014 Operating Margin • Key portfolio additions 6.4% 6.1% with DuPont, Bayer 4.6% and Ineos 3.5% 2.6% • Value based selling
Slide 63: Accelerating Growth
Accelerating Growth Growth in Targeted Areas Cross-Selling & Collaboration Commercial Investment Market Growth/ Megatrends PolyOne Corporation PolyOne Distribution Page 63
Slide 64: Who We Are Growing With
Who We Are Growing With PolyOne Corporation PolyOne Distribution Page 64
Slide 65: Megatrends Aligned with Key End Markets
Megatrends Aligned with Key End Markets Megatrend End Markets Improving Health & Health and Wellness Wellness Protecting the Transportation Environment Globalizing and Packaging Localizing Increasing Energy Consumer Efficiency PolyOne Corporation PolyOne Distribution Page 65
Slide 66: Geographic Growth Opportunities
Geographic Growth Opportunities • Currently 10% of POD’s revenue is generated from Mexico • Existing business is served “from the border” • New Mexico district & warehouse will drive transportation growth in Central Mexico • Expansion in China resulted from growing with our NA HC customers • Investi
Slide 67: Going Beyond Distribution
Going Beyond Distribution WeatherTech® – Polymer BumpStep® CeQur PaQ – Type 2 Insulin Delivery Device BEDRUG™ – Tri-fold Truck Bed Cover PolyOne Corporation PolyOne Distribution Page 67
Slide 68: Platinum Vision
Platinum Vision Accelerating Growth Market Growth/ Commercial Investment Cross-Selling & Growth in Megatrends Collaboration Targeted Areas World Class Distribution Margin 6.5 - 7.5% 6.1% 4.6% 2.6% 2006 2010 2014 2020 Platinum Vision PolyOne Corporation PolyOne Distribution Page 68
Slide 69: Summary
Summary • Motivated and well trained POD sellers making the calls / collaborating with other PolyOne businesses • Representing a world class supplier line card • Delighted customers and suppliers who choose us to represent them PolyOne Corporation PolyOne Distribution Page 69
Slide 70: Financial Highlights
Financial Highlights Bradley C. Richardson Executive Vice President and Chief Financial Officer PolyOne Corporation Page 70
Slide 71: Who We Are Growing With
Who We Are Growing With PolyOne Corporation Page 71
Slide 72: 2014 Awards and Recognitions
2014 Awards and Recognitions PolyOne Corporation Page 72
Slide 73: 2014 Financial Highlights
2014 Financial Highlights Adjusted Operating Adjusted EPS Income $1.80 $320 $262 $1.31 $191 $1.00 $0.82 $151 $0.68 $131 ($ millions) PolyOne Corporation Page 73
Slide 74: Proof of Performance & 2015 Targets
Proof of Performance & 2015 Targets 2006 2015 Target 2014 “Where we were” (Est. in 2012) “Where we are” Operating Income % Specialty: Global Color, Additives & Inks 1.7% 12 – 16% 14.7% Global Specialty Engineered Materials 1.1% 12 – 16% 12.1% Designed Structures & Solutions 1.4%(2012) 8 – 10% 7.3% P
Slide 75: Ours is Not a Cost Cutting Story
Ours is Not a Cost Cutting Story Investment in Drives Mix Improvement AND Commercial Resources… Gross Profit $ Expansion Commercial Investment Volume Adjusted ($M) (lbs in millions) Gross Margin ($M) 2,883 $770 $451 -11% +154% +105% 2,565 $219 $303 2006 2014 2006 2014 2006 2014 *Total SG&A PolyOne
Slide 76: Financial Strength
Financial Strength Adjusted Cash Flow from Working Capital % Operations of Sales ($ in millions) $230 18.9% $222 $176 $179 $154 11.7% 10.8% 10.9% 9.6% 9.6% 9.9% $105 $76 2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 2014 PolyOne Corporation Page 76
Slide 77: Financial Flexibility
Financial Flexibility Net Debt / Adjusted EBITDA Debt Maturities As of December 31, 2014 ($ millions) $600 2.6x 2.0x 1.9x 1.8x $317 $49 2011 2012 2013 2014 2015 2020 2023 Coupon: 7.500% 7.375% 5.250% PolyOne Corporation Page 77
Slide 78: Cash to Generate Value
Cash to Generate Value Expand marketing, Shares Purchased commercial and technical (M) capabilities 2012 1.2 2013 5.0 Leverage supplier 2014 6.3 partnerships for Organic Share innovation Growth Repurchases Acquisitions Dividends Targets that expand: Annual Dividend • Specialty offerings • End
Slide 79: PolyOne Corporation Page 79
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Slide 80: PolyOne Corporation Page 80
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Slide 81: 2020 Platinum Vision
2020 Platinum Vision Robert M. Patterson President and Chief Executive Officer PolyOne Corporation Page 81
Slide 82: PolyOne Core Values
PolyOne Core Values Excellence Innovation Collaboration PolyOne Corporation Page 82
Slide 83: Confirmation of Our Strategy
Confirmation of Our Strategy Specialization Globalization Operational Commercial Excellence Excellence The World’s Premier Provider of Specialized Polymer Materials, Services and Solutions PolyOne Corporation Page 83
Slide 84: Strategy and Execution Drive Results
Strategy and Execution Drive Results Adjusted EPS Share Price vs. S&P 500 600% $1.80 500% $1.31 400% 300% $1.00 $0.82 200% $0.68 100% $0.27 $0.21 0% $0.12 $0.13 -100% '06 '07 '08 '09 '10 '11 '12 '13 '14 ‘06-‘14 Adjusted EPS CAGR = 40% POL S&P 500 PolyOne Corporation Page 84
Slide 85: Formula for Success
Formula for Success Excellence in Execution Market Beating Innovation Performance PolyOne Corporation Page 85
Slide 86: Track Record of Successful Acquisitions
Track Record of Successful Acquisitions GLS ColorMatrix Spartech $69 $50 $39 $22 $24 $12 2007 2014 2012 2014 2012 2014 OI in $ millions PolyOne Corporation Page 86
Slide 87: Driving Toward Premier Profitability
Driving Toward Premier Profitability EBIT Margins for top tier Victrex 41% companies IFF 19% Albemarle 18% Eastman 17% Hexcel 17% FMC 16% Ecolab 14% Celanese 13% 12% Specialty EBIT Margin – 2014 PolyOne Corporation Page 87
Slide 88: 2020 Platinum Vision
2020 Platinum Vision 2006 2014 2020 “Where we were” “Where we are” Platinum Vision Operating Income % Specialty: Global Color, Additives & Inks 1.7% 14.7% 20%+ Global Specialty Engineered Materials 1.1% 12.1% 20%+ Designed Structures & Solutions 1.4%(2012) 7.3% 12 – 14% Performance Products & Soluti
Slide 89: Platinum Vision: Pathway to Accelerated Growth
Platinum Vision: Pathway to Accelerated Growth Organic Margin Share Acquisitions Sales Growth Expansion Repurchases PolyOne Corporation Page 89
Slide 90: Driving Toward a Premium Specialty Multiple
Driving Toward a Premium Specialty Multiple 14x+ Premium POL Specialty 10x Mid-Tier POL Specialty Multiple 8x POL Hybrid 6x POL Commodity 4x 2006 2010 2014 2020 PolyOne Corporation Page 90
Slide 91: Why Invest In PolyOne?
Why Invest In PolyOne? • Addressable market exceeds $40 billion • Strong performance demonstrates that our strategy and execution are working • Megatrends and emerging opportunities align with our strengths • Innovation and services provide differentiation, incremental pricing power, and competitive
Slide 92: Questions & Answers
Questions & Answers PolyOne Corporation Page 92
Slide 93: Schedule I Reconciliation of Non-GAAP Financial Measures
Schedule I Reconciliation of Non-GAAP Financial Measures (Unaudited) (Dollars in millions, except per share data) Below is a reconciliation of non-GAAP financial measures to the most directly comparable measures calculated and presented in accordance with U.S. GAAP. Senior management uses operating
Slide 94: Adjusted net cash provided by operating activities reconciliation
Adjusted net cash provided by operating activities is calculated as follows: 2008Y 2009Y 2010Y 2011Y 2012Y 2013Y 2014Y Net cash provided by operating activities $ 72.5 $ 229.7 $ 140.8 $ 72.5 $ 106.9 $ 109.0 $ 208.4 Dividends and distributions received from joint ventures (32.9) (36.5) (24.2) (6.0) -