DALLAS, July 30, 2020 (GLOBE NEWSWIRE) -- Builders FirstSource, Inc. (Nasdaq: BLDR) today reported its results for the second quarter ending June 30, 2020.
Second Quarter 2020 Highlights:
CEO Chad Crow said, “We are incredibly proud of our team’s ability to overcome the challenges presented by the COVID-19 pandemic and produce record-setting second quarter EBITDA results. During the quarter, we carefully monitored local business conditions in order to safely and effectively deliver critical products and services to our customers, all while preserving as many jobs as possible. As we look at our markets, improvement in housing data, record low mortgage rates, and shifts toward suburban living are all encouraging and continue to support demand for our integrated services. To that end, in June, we experienced a sharp sequential rebound in sales. Going forward, we remain confident in our ability to outperform the market as well as mitigate business disruptions outside of our control related to the COVID-19 pandemic.”
CFO Peter Jackson added, “Our proactive actions and focused execution at the onset of the COVID-19 pandemic allowed us to operate effectively throughout a challenging environment. During the first half of the year, we actively enhanced our financial flexibility, liquidity, and cash flow to better position our business for continued success. We are pleased with our progress in de-leveraging and fortifying our balance sheet as we reduced our net leverage ratio to 2.3x, which is below the low end of our targeted range.”
Second Quarter 2020 Compared to Second Quarter 2019
Net Sales
Gross Margin
Selling, General and Administrative Expenses
Interest Expense
Income Tax Expense
Adjusted Net Income
Adjusted EBITDA
Year to Date June 30, 2020 Financial Information:
Net Sales
Gross Margin
Adjusted Net Income
Adjusted EBITDA
Capital Structure, Leverage, and Liquidity Information:
Outlook
Mr. Crow concluded, “Our first half results demonstrate a positive overall homebuilding environment, supported by tailwinds and rising demand across our diverse, national footprint. We are focusing our efforts on disciplined cost management while we work to efficiently meet customer demand, manage the impact of accelerating commodity inflation and generate additional cash flow in the third quarter. We are exceptionally well-positioned to execute on organic and inorganic value-enhancing growth opportunities that advance our long-range plan, and help us win in our markets. I especially thank our fifteen thousand team members for the milestones achieved and the ongoing safety-first emphasis in an unprecedented environment.”
The Company has provided supplemental non-GAAP financial information for the consolidated company that is adjusted to exclude one-time integration, one-time refinancing, and other costs (“Adjusted”). As the information included herein includes non-GAAP financial information, please refer to the accompanying financial schedules for non-GAAP reconciliations to their GAAP equivalents.
Please refer to the accompanying financial schedules for more information.
Conference Call
Builders FirstSource will host a conference call Friday, July 31, 2020, at 9:00 a.m. Central Time (CT) and will simultaneously broadcast it live on the Internet. The earnings release presentation will be posted at www.bldr.com under the “investors” section after the market closes on Thursday, July 30th. To participate in the teleconference, please dial into the call a few minutes before the start time: 800-458-4121 (U.S. and Canada) and 323-794-2093 (international), Conference ID: 3901667. A replay of the call will be available at 1:00 p.m. Central Time through August 15th. To access the replay, please dial 888-203-1112 (U.S. and Canada) and 719-457-0820 (international) and refer to pass code 3901667. The live webcast and archived replay can also be accessed on the Company's website at www.bldr.com under the “Investors” section. The online archive of the webcast will be available for approximately 90 days.
About Builders FirstSource
Headquartered in Dallas, Texas, Builders FirstSource is the largest U.S. supplier of building products, prefabricated components, and value-added services to the professional market segment for new residential construction and repair and remodeling. We provide customers an integrated homebuilding solution, offering manufacturing, supply, delivery and installation of a full range of structural and related building products. We operate in 40 states with approximately 400 locations and have a market presence in 77 of the top 100 Metropolitan Statistical Areas, providing geographic diversity and balanced end market exposure. We service customers from strategically located distribution and manufacturing facilities (certain of which are co-located) that produce value-added products such as roof and floor trusses, wall panels, stairs, vinyl windows, custom millwork and pre-hung doors. Builders FirstSource also distributes dimensional lumber and lumber sheet goods, millwork, windows, interior and exterior doors, and other building products. For more information about Builders FirstSource, visit the Company’s website at www.bldr.com.
Cautionary Notice
Statements in this news release and the schedules hereto that are not purely historical facts or that necessarily depend upon future events, including statements about expected market share gains, forecasted financial performance or other statements about anticipations, beliefs, expectations, hopes, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, oral statements made by our directors, officers and employees to the investor and analyst communities, media representatives and others, depending upon their nature, may also constitute forward-looking statements. As with the forward-looking statements included in this release, these forward-looking statements are by nature inherently uncertain, and actual results may differ materially as a result of many factors. All forward-looking statements are based upon information available to Builders FirstSource, Inc. on the date this release was submitted. Builders FirstSource, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to the recent novel coronavirus disease 2019 (also known as “COVID-19”) pandemic, the Company’s growth strategies, including gaining market share, or the Company’s revenues and operating results being highly dependent on, among other things, the homebuilding industry, lumber prices and the economy. Builders FirstSource, Inc. may not succeed in addressing these and other risks. Further information regarding factors that could affect our financial and other results can be found in the risk factors section of Builders FirstSource, Inc.’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission. Consequently, all forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein.
Contact:
Binit Sanghvi
VP Investor Relations
Builders FirstSource, Inc.
(214) 765-3804
Financial Schedules to Follow
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(Unaudited) | |||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Net sales | $ | 1,945,643 | $ | 1,904,523 | $ | 3,732,664 | $ | 3,535,823 | |||||||
Cost of sales | 1,428,311 | 1,387,367 | 2,749,919 | 2,576,692 | |||||||||||
Gross margin | 517,332 | 517,156 | 982,745 | 959,131 | |||||||||||
Selling, general and administrative expenses | 388,077 | 401,511 | 792,543 | 771,595 | |||||||||||
Income from operations | 129,255 | 115,645 | 190,202 | 187,536 | |||||||||||
Interest expense, net | 26,812 | 29,382 | 78,743 | 54,283 | |||||||||||
Income before income taxes | 102,443 | 86,263 | 111,459 | 133,253 | |||||||||||
Income tax expense | 23,519 | 19,659 | 23,768 | 30,941 | |||||||||||
Net income | $ | 78,924 | $ | 66,604 | $ | 87,691 | $ | 102,312 | |||||||
Comprehensive income | $ | 78,924 | $ | 66,604 | $ | 87,691 | $ | 102,312 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.68 | $ | 0.58 | $ | 0.75 | $ | 0.89 | |||||||
Diluted | $ | 0.67 | $ | 0.57 | $ | 0.75 | $ | 0.88 | |||||||
Weighted average common shares: | |||||||||||||||
Basic | 116,634 | 115,757 | 116,446 | 115,592 | |||||||||||
Diluted | 117,547 | 116,919 | 117,520 | 116,726 | |||||||||||
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
June 30, | December 31, | ||||||
2020 | 2019 | ||||||
(Unaudited) | |||||||
(In thousands, except per share amounts) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 385,461 | $ | 14,096 | |||
Accounts receivable, less allowances of $16,834 and $13,492 at June 30, 2020 and December 31, 2019, respectively | 719,684 | 614,946 | |||||
Other receivables | 45,164 | 77,447 | |||||
Inventories, net | 615,142 | 561,255 | |||||
Other current assets | 36,136 | 39,123 | |||||
Total current assets | 1,801,587 | 1,306,867 | |||||
Property, plant and equipment, net | 743,542 | 721,887 | |||||
Operating lease right-of-use assets, net | 286,354 | 292,684 | |||||
Goodwill | 777,283 | 769,022 | |||||
Intangible assets, net | 126,519 | 128,388 | |||||
Deferred income taxes | 7,693 | 8,417 | |||||
Other assets, net | 21,700 | 22,225 | |||||
Total assets | $ | 3,764,678 | $ | 3,249,490 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 554,394 | $ | 436,823 | |||
Accrued liabilities | 292,851 | 308,950 | |||||
Current portion of operating lease liabilities | 61,887 | 61,653 | |||||
Current maturities of long-term debt | 23,974 | 13,875 | |||||
Total current liabilities | 933,106 | 821,301 | |||||
Noncurrent portion of operating lease liabilities | 230,634 | 236,948 | |||||
Long-term debt, net of current maturities, debt discount, and debt issuance costs | 1,577,884 | 1,277,398 | |||||
Deferred income taxes | 38,169 | 36,645 | |||||
Other long-term liabilities | 68,951 | 52,245 | |||||
Total liabilities | 2,848,744 | 2,424,537 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Preferred stock, $0.01 par value, 10,000 shares authorized; zero shares issued and outstanding | - | - | |||||
Common stock, $0.01 par value, 200,000 shares authorized; 116,701 and 116,052 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively | 1,167 | 1,161 | |||||
Additional paid-in capital | 578,239 | 574,955 | |||||
Retained earnings | 336,528 | 248,837 | |||||
Total stockholders' equity | 915,934 | 824,953 | |||||
Total liabilities and stockholders' equity | $ | 3,764,678 | $ | 3,249,490 | |||
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
Six Months Ended | ||||||||
June 30, | ||||||||
2020 | 2019 | |||||||
(Unaudited) (In thousands) | ||||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 87,691 | $ | 102,312 | ||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||
Depreciation and amortization | 57,875 | 47,390 | ||||||
Amortization of debt issuance costs and debt discount | 1,587 | 2,132 | ||||||
Loss on extinguishment of debt, net | 5,349 | 1,498 | ||||||
Deferred income taxes | 2,248 | 21,390 | ||||||
Stock compensation expense | 6,720 | 6,038 | ||||||
Net gain on sale of assets and asset impairments | (188 | ) | (1,023 | ) | ||||
Changes in assets and liabilities, net of assets acquired and liabilities assumed: | ||||||||
Receivables | (69,991 | ) | (47,113 | ) | ||||
Inventories | (53,685 | ) | (20,631 | ) | ||||
Other current assets | 2,987 | 7,271 | ||||||
Other assets and liabilities | 39,452 | 1,057 | ||||||
Accounts payable | 108,152 | 90,050 | ||||||
Accrued liabilities | (18,311 | ) | (31,586 | ) | ||||
Net cash provided by operating activities | 169,886 | 178,785 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (54,809 | ) | (45,392 | ) | ||||
Proceeds from sale of property, plant and equipment | 1,451 | 4,620 | ||||||
Cash used for acquisitions | (15,893 | ) | — | |||||
Net cash used in investing activities | (69,251 | ) | (40,772 | ) | ||||
Cash flows from financing activities: | ||||||||
Borrowings under revolving credit facility | 791,000 | 594,000 | ||||||
Repayments under revolving credit facility | (818,000 | ) | (700,000 | ) | ||||
Proceeds from issuance of notes | 895,625 | 400,000 | ||||||
Repayments of long-term debt and other loans | (557,964 | ) | (423,743 | ) | ||||
Payments of debt extinguishment costs | (22,686 | ) | — | |||||
Payments of loan costs | (13,800 | ) | (7,278 | |||||
Exercise of stock options | 708 | 1,883 | ||||||
Repurchase of common stock | (4,153 | ) | (2,450 | ) | ||||
Net cash provided by (used in) financing activities | 270,730 | (137,588 | ) | |||||
Net change in cash and cash equivalents | 371,365 | 425 | ||||||
Cash and cash equivalents at beginning of the period | 14,096 | 10,127 | ||||||
Cash and cash equivalents at end of the period | $ | 385,461 | $ | 10,552 | ||||
Supplemental disclosure of non-cash activities
Purchases of property, plant and equipment included in accounts payable were $1.9 million and $4.0 million for the six months ended June 30, 2020 and 2019, respectively.
The Company acquired assets under operating lease obligations of $26.0 million and $35.9 million for the six months ended June 30, 2020 and 2019, respectively. Additionally, the Company acquired assets under finance lease obligations of $10.1 million and $7.0 million for the six months ended June 30, 2020 and 2019, respectively.
The Company made cash payments for interest of $55.4 million and $50.0 million for the six months ended June 30, 2020 and 2019, respectively. Additionally, the Company made cash payments for taxes of $0.3 million and $2.8 million for the six months ended June 30, 2020 and 2019, respectively.
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES
Reconciliation of Adjusted Non-GAAP Financial Measures to their GAAP Equivalents
(unaudited)
Note: The company provided detailed explanations of these non-GAAP financial measures in its Form 8K filed with the Securities and Exchange Commission on July 30, 2020.
Three months ended | Six months ended | Twelve months ended | |||||||||||||||||
June 30, | June 30, | June 30, | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | |||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||
Reconciliation to Adjusted EBITDA: | |||||||||||||||||||
GAAP Net Income | $ | 78.9 | $ | 66.6 | $ | 87.7 | $ | 102.3 | $ | 207.2 | |||||||||
Acquisition and Integration Expense | 0.3 | 3.2 | 3.7 | 8.0 | 8.7 | ||||||||||||||
Debt issuance and refinancing cost (1) | - | 4.3 | 28.0 | 3.6 | 34.6 | ||||||||||||||
Adjusted Net Income | 79.2 | 74.1 | 119.4 | 113.9 | 250.5 | ||||||||||||||
Weighted average diluted common shares (in millions) | 117.5 | 116.9 | 117.5 | 116.7 | |||||||||||||||
Diluted adjusted net income per share: | $ | 0.67 | $ | 0.63 | $ | 1.02 | $ | 0.98 | |||||||||||
Reconciling items: | |||||||||||||||||||
Depreciation and amortization expense | 28.5 | 23.8 | 57.9 | 47.4 | 110.5 | ||||||||||||||
Interest expense, net | 26.8 | 25.1 | 50.7 | 50.7 | 99.4 | ||||||||||||||
Income tax (benefit) expense | 23.5 | 19.7 | 23.8 | 30.9 | 53.8 | ||||||||||||||
Stock compensation expense | 3.5 | 3.4 | 6.7 | 6.0 | 12.9 | ||||||||||||||
(Gain)/loss on sale and asset impairments | 0.1 | (0.6 | ) | - | (3.0 | ) | (0.2 | ) | |||||||||||
Other management-identified adjustments (2) | 0.3 | 0.1 | 0.4 | 0.6 | 1.6 | ||||||||||||||
Adjusted EBITDA | $ | 161.9 | $ | 145.6 | $ | 258.9 | $ | 246.5 | $ | 528.5 | |||||||||
Adjusted EBITDA Margin | 8.3 | % | 7.6 | % | 7.0 | % | 7.0 | % | 7.1 | % | |||||||||
(1) Costs associated with issuing and extinguishing long term debt in 2020 and 2019. | |||||||||||||||||||
(2) Primarily relates to severance and one time cost. | |||||||||||||||||||
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES | |||||||||||||||
Financial Data | |||||||||||||||
(adjusted and unaudited) | |||||||||||||||
Three months ended | Six months ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(in millions except share amounts) | |||||||||||||||
Net sales | 1,945.6 | 1,904.5 | 3,732.7 | 3,535.8 | |||||||||||
Cost of sales | 1,428.3 | 1,387.3 | 2,750.0 | 2,576.7 | |||||||||||
Gross margin | 517.3 | 517.2 | 982.7 | 959.1 | |||||||||||
Gross margin % | 26.6 | % | 27.2 | % | 26.3 | % | 27.1 | % | |||||||
Adjusted SG&A/Other (excluding depreciation and amortization) as a % of sales (1) | 18.3 | % | 19.5 | % | 19.4 | % | 20.1 | % | |||||||
Adjusted EBITDA | 161.9 | 145.6 | 258.9 | 246.5 | |||||||||||
Adjusted EBITDA margin % | 8.3 | % | 7.6 | % | 6.9 | % | 7.0 | % | |||||||
Depreciation and amortization | (28.5 | ) | (23.8 | ) | (57.9 | ) | (47.4 | ) | |||||||
Interest expense, net of debt issuance cost and refinancing | (26.8 | ) | (25.1 | ) | (50.7 | ) | (50.7 | ) | |||||||
Income tax expense | (23.5 | ) | (19.7 | ) | (23.8 | ) | (30.9 | ) | |||||||
Other adjustments | (3.9 | ) | (2.9 | ) | (7.1 | ) | (3.6 | ) | |||||||
Adjusted Net Income | $ | 79.2 | $ | 74.1 | $ | 119.4 | $ | 113.9 | |||||||
Basic adjusted net income per share: | $ | 0.68 | $ | 0.64 | $ | 1.03 | $ | 0.99 | |||||||
Diluted adjusted net income per share: | $ | 0.67 | $ | 0.63 | $ | 1.02 | $ | 0.98 | |||||||
Weighted average common shares (in millions) | |||||||||||||||
Basic | 116.6 | 115.8 | 116.4 | 115.6 | |||||||||||
Diluted | 117.5 | 116.9 | 117.5 | 116.7 | |||||||||||
Note: The company provided detailed explanations of these non-GAAP financial measures in its Form 8-K filed with the Securities and Exchange Commission on July 30, 2020. | |||||||||||||||
(1) Adjusted SG&A and other as a percentage of sales is defined as GAAP SG&A less depreciation and amortization, stock comp, acquisition, integration and other expenses. GAAP SG&A in Q2-20 of $388.0M less $28.5M depreciation and amortization, less $0.3M of acquisition and integration expenses, less $3.5M of stock comp. | |||||||||||||||
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
Sales by Product Category | |||||||||||||||||||||||||||||||||
(adjusted and unaudited) | |||||||||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Net Sales | % of Net Sales | Net Sales | % of Net Sales | % Change | % Core Organic (1) | Net Sales | % of Net Sales | Net Sales | % of Net Sales | % Change | % Change Per Day | % Core Organic (1) | |||||||||||||||||||||
Manufactured Products | $ | 365.8 | 18.8 | % | $ | 374.3 | 19.7 | % | -2.3 | % | -6.3 | % | $ | 720.2 | 19.3 | % | $ | 691.7 | 19.6 | % | 4.1 | % | 3.3 | % | -1.7 | % | |||||||
Windows, Doors & Millwork | 404.0 | 20.8 | % | 391.0 | 20.5 | % | 3.3 | % | 1.1 | % | 795.4 | 21.3 | % | 744.4 | 21.1 | % | 6.9 | % | 6.0 | % | 3.9 | % | |||||||||||
Value-Added Products | 769.8 | 39.6 | % | 765.3 | 40.2 | % | 0.6 | % | -2.5 | % | 1,515.6 | 40.6 | % | 1,436.1 | 40.7 | % | 5.5 | % | 4.7 | % | 1.2 | % | |||||||||||
Gypsum, Roofing & Insulation | 125.8 | 6.5 | % | 138.4 | 7.3 | % | -9.1 | % | -9.3 | % | 236.6 | 6.3 | % | 259.3 | 7.3 | % | -8.8 | % | -9.5 | % | -9.6 | % | |||||||||||
Siding, Metal & Concrete Products | 200.6 | 10.3 | % | 191.3 | 10.0 | % | 4.9 | % | 2.6 | % | 369.5 | 9.9 | % | 341.2 | 9.6 | % | 8.3 | % | 7.4 | % | 4.8 | % | |||||||||||
Other | 227.3 | 11.6 | % | 208.0 | 10.9 | % | 9.3 | % | 1.6 | % | 436.3 | 11.7 | % | 380.0 | 10.7 | % | 14.8 | % | 13.9 | % | 3.7 | % | |||||||||||
Specialized Products & Other | 553.7 | 28.4 | % | 537.7 | 28.2 | % | 3.0 | % | -0.8 | % | 1,042.4 | 27.9 | % | 980.5 | 27.6 | % | 6.3 | % | 5.5 | % | 0.6 | % | |||||||||||
Lumber & Lumber Sheet Goods | $ | 622.1 | 32.0 | % | $ | 601.5 | 31.6 | % | 3.4 | % | -2.9 | % | $ | 1,174.7 | 31.5 | % | $ | 1,119.2 | 31.7 | % | 5.0 | % | 4.1 | % | -0.1 | % | |||||||
Total adjusted net sales | $ | 1,945.6 | 100.0 | % | $ | 1,904.5 | 100.0 | % | 2.2 | % | -2.1 | % | $ | 3,732.7 | 100.0 | % | $ | 3,535.8 | 100.0 | % | 5.6 | % | 4.7 | % | 0.6 | % | |||||||
(1) Core Organic Growth excludes acquisitions, commodity price fluctuations and differences in selling days between periods. | |||||||||||||||||||||||||||||||||
BUILDERS FIRSTSOURCE, INC. AND SUBSIDIARIES | |||||||||||
Interest Reconciliation | |||||||||||
(unaudited) | |||||||||||
Three months ended | Six months ended | ||||||||||
June 30, | June 30, | ||||||||||
2020 | 2020 | ||||||||||
Interest Expense | Interest Expense | Net Debt Outstanding | |||||||||
(in millions) | (in millions) | ||||||||||
2030 Secured Notes @ 5% | $ | 6.9 | $ | 10.6 | $ | 550.0 | |||||
2027 Secured Notes @ 6.75% | 11.6 | 19.3 | 777.5 | ||||||||
2024 Secured Notes @ 5.625% | - | 3.9 | - | ||||||||
2024 Term Loan @ 4.5% Floating LIBOR | 0.6 | 1.2 | 52.0 | ||||||||
Revolving Credit Facility @ 3.8% Floating LIBOR | 1.7 | 3.6 | - | ||||||||
Amortization of debt issuance costs, discount and premium | 0.9 | 1.6 | - | ||||||||
Finance leases and other finance obligations | 5.2 | 10.5 | 243.0 | ||||||||
Loss on debt extinguishment | - | 28.0 | - | ||||||||
Other | (0.1 | ) | - | 0.0 | |||||||
Cash | - | - | (385.5 | ) | |||||||
Total | $ | 26.8 | $ | 78.7 | $ | 1,237.0 | |||||
Three months ended | Six months ended | ||||||||||
June 30, | June 30, | ||||||||||
2020 | 2020 | ||||||||||
Free Cash Flow | (in millions) | (in millions) | |||||||||
Operating activities | $ | 221 | $ | 170 | |||||||
Less: Capital expenditures | (26 | ) | (55 | ) | |||||||
Free Cash Flow | $ | 194 | $ | 115 | |||||||