| Free Cash Flow (1) Represents the impact of total cash flows associated with the change in accounts receivable, inventory and accounts payable, as per the Consolidated Statements of Cash Flows (2) Represents cash payments made for the Field Group Pension Plan in the United Kingdom The Compa ny defines Free Cash Flow as cash provided by operating activities (a GAAP measure) less capital expenditures, plus proceeds from sale of assets. The Company views Free Cash Flow as an important measure because it is one factor in evaluating the amount of cash available for discretionary investments and repayment of outstanding borrowings. For the three and trailing twelve months ended September 30, 2016 and 2015, Free Cash Flow was calculated as follows: Three Months Ended September 30, Trailing 12 Months Ended September 30, (amounts in thousands) 2016 2015 2016 2015 Net cash and cash equivalents provided by operating activities $ 15,064 $ 33,019 $ 114,717 $ 139,788 Additions to property, plant and equipment (6,645) (12,321) (53,278) (61,370) Proceeds from sale of assets 45 325 3,946 6,572 Free Cash Flow $ 8,464 $ 21,023 $ 65,385 $ 84,990 As supplemental information, the Company also provides Adjusted Free Cash Flow, which is def ined as Adjusted EBITDA less capital expenditures , plus proceeds from sale o f assets , less cash interest paid, cash tax paid, core working capital changes (accounts reveivable, accounts payable, inventory) and payments made related to the funding of the UK Field pension plan. The Company views Adjusted Free Cash Flow as an important measure because it is one factor in evaluating the amount of cash generated by the core business operations. Three Months Ended September 30, Trailing 12 Months Ended September 30, (amounts in thousands) 2016 2015 2016 2015 Adjusted EBITDA $ 60,056 $ 77,196 $ 237,163 $ 246,988 Less: Capital Expenditures (6,645) (12,321) (53,278) (61,370) Plus: Proceeds from sale of assets 45 325 3,946 6,572 Less: Cash Interest (13,696) (17,087) (57,091) (70,133) Less: Cash Taxes (2,028) (2,891) (11,705) (7,557) Less: Change in Core Working Capital (1) (19,012) (12,889) (10,406) 29,645 Less: Pension Payments (2) (1,312) (2,322) (7,813) (9,288) Adjusted Free Cash Flow $ 17,408 $ 30,011 $ 100,817 $ 134,858 |