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Modine Manufacturing Company
Investor Presentation
November 2017
2
Forward-Looking Statements
This presentation contains statements, including information about future financial performance and market conditions,
accompanied by phrases such as “believes,” “estimates,” “expects,” “plans,” “anticipates,” “intends,” and other similar
“forward-looking” statements, as defined in the Private Securities Litigation Reform Act of 1995. Modine's actual results,
performance or achievements may differ materially from those expressed or implied in these statements because of certain
risks and uncertainties, including, but not limited to those described under “Risk Factors” in Item 1A of Part I of the
Company's Annual Report on Form 10-K for the year ended March 31, 2017 and under Forward-Looking Statements in Item
7 of Part II of that same report and in the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2017
and September 30, 2017. Other risks and uncertainties include, but are not limited to, the following: Modine’s ability to
integrate the former Luvata HTS operations into Modine, to harness the anticipated synergies associated with the
transaction, and to achieve projected cash flows sufficient to enable Modine to maintain a desirable leverage ratio; the
overall health and price-down focus of Modine’s customers, particularly in light of economic and market-specific challenges;
uncertainties regarding the costs and benefits of Modine’s restructuring activities; operational inefficiencies as a result of
program launches, unexpected volume increases and product transfers; economic, social and political conditions, changes
and challenges in the markets where Modine operates and competes, including foreign currency exchange rate fluctuations
(particularly the value of the euro, Brazilian real and British pound relative to the U.S. dollar), tariffs, inflation, changes in
interest rates, recession, restrictions associated with importing and exporting and foreign ownership, and in particular, the
continuing recovery and/or instability of certain markets in China and North America, and the general uncertainties about the
impact of potential regulatory and/or policy changes in the U.S. as a result of a change in administration, and continuing
uncertainty regarding “Brexit”; the impact on Modine of any significant increases in commodity prices, particularly aluminum
and copper, and our ability to pass these prices on to customers; Modine's ability to successfully execute its strategic and
operational plans; the nature of and Modine’s significant exposure to the vehicular industry and the dependence of this
industry on the health of the economy; the concentration of sales within our CIS segment attributed to one customer, and our
ability to manage troughs and take advantage of peaks; costs and other effects of environmental investigation, remediation
or litigation; and other risks and uncertainties identified by the Company in public filings with the U.S. Securities and
Exchange Commission. The Company does not assume any obligation to update any forward-looking
statements.
3
Ticker MOD (NYSE)
Founded 1916 in Racine, WI
FY 2017 Pro Forma Net Sales*
$1.9 billion
Employees 11,200 Worldwide
Manufacturing Locations in 16 Countries
Global Footprint: Racine, WI HQ• Americas 49% of sales• EMEA 42% of sales• Asia 9% of sales
Businesses:• Vehicular Thermal Solutions (VTS) 59% of sales• Commercial & Industrial Solutions (CIS*) 32% of sales• Building HVAC (BHVAC) 9% of sales
Modine at a Glance
Modine Manufacturing Company has been
leading the way in thermal management
since 1916. We design, manufacture and
test heat transfer products for a wide
variety of applications and markets.
We're at work in practically every corner
of the world, delivering the solutions our
customers need, where they need them.
* Includes sales from Luvata HTS and coils sales that are reported in the Americas segment.
4
Investment Overview
Diversified industrial business with
product portfolio positioned for global
market trends
Improved profitability through Strengthen, Diversify and Grow initiative
TransformationalLuvata HTS acquisition
Focused on strong global trends of reducing
vehicle emissions, improving indoor air
quality and increasing energy efficiency
Strategic transformation to expand operating
margins and diversify customer base and
end-markets
Acquisition of Luvata HTS offers expanded
margin profile, growth and synergy
opportunities and immediate accretion to
earnings
End-Markets and Customer Profile
5
VTS
CIS
BH
VA
C
Heating Ventilation Air Conditioning
6
Diverse End-Markets Profile
Pro Forma Net Sales FY’17
* Includes sales from Luvata HTS and coils sales that are reported in the Americas segment.
7
$172M (9%)FY’17 NET SALES
----------------------
• Large install base, barrier to
entry
• Long-term distributor
relationships
• Increased focus on energy
efficiency and total cost of
ownership
• Demand for free-cooling and
full product-line solutions
BuildingHVAC
$604M (32%)FY’17 PRO FORMA NET SALES*
----------------------
• Growing global demand
across multiple verticals:
— AC in commercial and
residential markets
— Chilled and frozen food
consumption
— Data storage
• New regulations driving
demand for energy efficiency
and alternative refrigerants
Commercial & Industrial Solutions
(CIS)
$1.1B (59%)FY’17 NET SALES
----------------------
• Engine Product solutions and
Powertrain Cooling (PTC)
• Fuel economy requires higher
efficiency and lower weight
products
• New heat exchangers needed
to meet emissions standards
• Customers demand global
support & innovation
Vehicular Thermal Solutions (VTS)
Best-in Class Thermal Management Solutions
* Includes sales from Luvata HTS and coils sales that are reported in the Americas segment.
8
Strengthen, Diversify & Grow Transformation
• Become more diversified, global thermal management leader
• Better optimize global manufacturing and operational capabilities
• Execute global procurement project and SG&A expense reductionsGO
ALS
SDG Transformation
Goal (Launched October 2015)
Achieve $40-$50 million of gross cost reductions by FY 2018
Reduce customer concentration & cyclical exposure
Acquire at least $100 million of incremental industrial sales (Luvata HTS acquired November 2016)
FY’18 Guidance
• Net sales up 32% to 36%
• Adjusted EBITDA of $182 to $192 million
• Adjusted operating income of $107 to $117 million
• Adjusted EPS of $1.30 to $1.45
Modine Financial Results and Outlook
9* See Appendix for Non-GAAP reconciliations
FY’17 Results
• Net sales up 11% to $1.5 billion
• Adjusted operating income up 10% to $69.3 million
• Adjusted EPS up $0.02 to $0.78 $1,000
$1,250
$1,500
$1,750
$2,000
$2,250
FY'13 FY'14 FY'15 FY'16 FY'17 FY'18
Net sales
$-
$0.25
$0.50
$0.75
$1.00
$1.25
$1.50
FY'13 FY'14 FY'15 FY'16 FY'17 FY'18
Adjusted EPS
$-
$20
$40
$60
$80
$100
$120
FY'13 FY'14 FY'15 FY'16 FY'17 FY'18
Adjusted OpInc
(In ‘000s)
$(25)
$-
$25
$50
$75
FY'13 FY'14 FY'15 FY'16 FY'17 FY'18
10
Cash Flow and Balance Sheet Review
Debt Leverage Ratio
• FY’18 free cash flow outlook
driven by projected adjusted
EBITDA growth
Capital Allocation Priorities
• Maximize free cash flow from
operations
• Apply disciplined approach to
allocating capital to highest
returning areas
• Reduce leverage to target range
- below 2.5x debt to adjusted
EBITDA by the end of FY’18
* See Appendix for Non-GAAP reconciliations
Free Cash Flow
2.9x 3.0x
2.6x
1.50
2.00
2.50
3.00
3.50
4.00
Q4FY'17
Q1FY'18
Q2FY'18
Q3FY'18
Q4FY'18
Q1FY'19
Q2FY'19
Q3FY'19
Q4FY'19
Leverage Ratio Covenant Requirement
Target Leverage Range
(In millions)
Q2 FY2018 vs. Prior Year
11* See Appendix for the full GAAP income statement and Non-GAAP reconciliations
(In millions, except per share amounts) Q2 Q2 Better
2018 2017 (Worse)
Net sales 508.3$ 317.7$ 190.6$
Gross profit 86.1 48.0 38.1
% of net sales 17.0% 15.1% 190 bp
SG&A expenses 62.2 48.2 (14.0)
% of net sales 12.2% 15.2% 300 bp
Adjusted operating income * 26.8 4.4 22.4
% of net sales 5.3% 1.4% 390 bp
Adjusted earnings (loss) per share * 0.36$ (0.01)$ 0.37$
• Sales increased $183M or 58% on a
constant-currency basis– Excluding CIS up $34M or 11% constant-
currency
• Gross profit up 79% on 190 bps improvement– Excluding CIS, gross profit increased $15.6M– Improvement by all business segments
• SG&A increase is primarily due to the addition
of CIS of $14.4M
• Current quarter includes $3.3M of
adjustments to operating income
• Adjusted operating income increased $22.4M
• Benefitting from a development tax credit in
Hungary
• Adjusted EPS improved $0.37 from a $0.01
loss in the prior year
Operating income (loss) 23.5$ (1.1)$ 24.6$
Acquisition and integration costs 2.2 3.0
Restructuring expenses 0.4 2.1
Environmental and legal charges 0.7 1.6
Gain on sale of facility - (1.2)
Adjusted operating income* 26.8$ 4.4$ 22.4$
Appendix
Automotive42%
Truck/ Specialty Vehicle
35%
Off-Highway15%
Aftermarket/Genset/
Other8%
Americas43%
Europe47%
Asia10%
13
Vehicular (Engine & Powertrain) Overview
Engine Products
• Fuel economy & emissions standards drive new heat exchangers
• Customers want innovation to create own competitive advantage
Powertrain Cooling (PTC)
• Need for higher-efficiency and lower-weight products to achieve
fuel economy
• Global support to meet customer demands
• Accelerate low-cost manufacturing
footprint; leverage global
production scale
• Focus product development on
supporting lower fuel economy
standards and emissions targets
End-MarketGeography
Industry Trends and Drivers Modine Priorities
Globally Diverse End-Markets (59% of FY’17 Sales*)
* Pro forma fiscal 2017 net sales.
Cooling
Modules
Used for a variety of cooling needs, such as engine, transmission, hydraulic oil, and fuel cooling
Condensers efficiently cool high-pressure refrigerant vapor by condensing it into a liquid refrigerant
Controlled atmosphere brazing (CAB) products provide excellent corrosion resistance and flexible design capabilities
with low pressure-drop
Oil Coolers
Engineered to efficiently and economically reduce the high oil and fuel temperatures encountered in modern vehicles
Designed to permit adjacent installation at the oil filter location on most engines or transmissions
Compactly constructed to form into custom-designed plate profiles to match customer specifications and integration
needs
Provide lightweight, high-performance and high-value cooling regardless of the design or material
Charge-air
Coolers (CACs)
Used to cool engine intake air after it passes through the compressor, either turbocharger or supercharger, prior to the
engine intake manifold for increased power and fuel economy
Performance and pressure drop characteristics can be optimized to meet any specific application needs through
variations in the ambient fin and insert density and type
Liquid-cooled
Charge-air
Coolers
(LCACs)
Developed to help enable diesel and gasoline engine manufacturers to meet stringent emission regulations and improve
fuel economy
Typically used as an aftercooler to cool the hot charge air to an acceptable level before entering the engine
Series turbocharging has necessitated intercooling functions to reduce charge air temperatures prior to being directed to
the second compressor stage, allowing OEMs to use lower cost materials for the second compressor
Used as an alternative or in addition to an air-to-air charge-air cooler in conjunction with a low-temperature coolant to
reduce the temperature of the charge air into the intake manifold to help meet engine emission requirements and achieve
enhanced fuel economy
Radiators
Designed to maximize efficiency in a compact frontal area to meet modern vehicle aero-dynamic and safety
specifications
Aluminum welded construction removes generated heat from various sources on the vehicle in a variety of automotive
applications
Deliver the highest efficiency at the lowest installation cost by integrating complex designs into compact solutions
Battery Cooling
& Heating
Regulate the battery’s temperature, in order to maximize life and optimize performance, within an optimal operating
range in all conditions by transferring heat in the two phase heat transfer process from the battery coolant through a
battery chiller
Control battery temperature through the use of vacuum-brazed Layered-Core (LC) heat exchangers, which ensure
dependable temperature regulation and ultimately contribute to battery longevity and expanded driving cycles
Exhaust Gas
Recirculation
Coolers
(EGR-C)
Critical component in diesel engine systems to reduce NOx (nitrous oxide) emissions by returning cooled exhaust gas
back to the engine in order to meet stringent emissions regulations
Designed to cool recirculated exhaust gas with coolant, thereby reducing its volume and increasing its density
Vacuum-brazed, stainless steel tube-and-insert design efficiently recirculates exhaust gas to meet durability and
performance requirements of the market
EGR-C can be optimized for performance in addition to being customized for installation with formed or cast housings
Vehicular Product Portfolio – PTC and Engine
Americas56%
Europe35%
Asia9%
15
Commercial & Industrial Solutions Overview
• Integration of Luvata HTS business
into Modine
• Identifying and implementing cost
savings synergies
• Sustain significant exposure with
important players in the market
End-MarketGeography
Industry Trends and Drivers Modine Priorities
Globally Diverse End-Markets (32% of FY’17 Sales*)
• Increased demand for energy efficiency and alternative
refrigerants to meet new regulations
• Growing demand for AC in commercial and residential markets
and refrigeration for chilled and frozen food consumption
• Global growth in data storage
Commercial &
Residential AC
38%
Refrigeration27%
Precision17%
Industrial9%
Mobile AC9%
* Includes sales from Luvata HTS and coils sales that are reported in the Americas segment.
Commercial & Industrial Solutions Product
PortfolioC
oil
sC
oo
lers
Co
ati
ng
s
Products
Heat-exchanger
coils
Microchannel
Unit coolers
Remote
condensers
Fluid coolers
Transformer oil coolers
Brine coolers
ElectroFin®
coating solutions
Insitu® spray coating solutions
Description and application
• Air-to-liquid fin packed heat exchangers, including custom-designed condensers, evaporators,
round-tube solutions, as well as steam and water/fluid coils for various HVAC&R applications
• CIS is a pioneer in bringing microchannel technology to the HVAC&R industry, a technology that
has been used in the auto industry for more than 20 years. In microchannel coils the tubes are
flat and instead of one large port, they contain multiple micro ports thereby improving energy
efficiency
• Commercial refrigeration coolers, used across the food supply chain as well as for precision
climate control for other applications, such as data centers
• Unit coolers, brine coolers and CO2 coolers to suit various kinds of cooling requirements
• Air-cooled condensers to meet the needs of any size of installation
• Dry coolers (utilize air as a secondary fluid) for the cooling of processing liquids, generally pure
or brine water, particularly in refrigeration applications, air-conditioning or industrial processes
such as free-cooling and the cooling of liquids that circulate inside industrial moulding dies
• Transformer oil coolers for transformer projects (power generation and distribution) offering a
wide range of capacity variants with different installation arrangements
• CIS designs and manufactures cleanable coolers for electrical motors and generator cooling
where untreated sea or lake water is used
• Key brand: ECO™ heat transfer coolers, Coiltech® industrial heat transfer
• ElectroFin® is a proprietary coating solution for CIS products (10% of finished coated coils) and
third-party equipment, prolonging the life of heat-transfer equipment
• Insitu® is a spray-applied corrosion resistant coating solution with a growing market and a
business model that could be rolled out globally
Key
brands
16
North America
59%
EMEA35%
ROW6%
NA Heating41%
EMEA Air Conditioning
27%
NA Ventilation
13%
UK Ventilation
5%
Aftersales14%
Building HVAC Overview
• Increased focus on energy efficiency and total cost of
ownership
• Demand for free-cooling and full product line solutions
• Large install base, which creates barrier to entry
• Long-term distributor relationships
• Drive organic growth through expanded
product offering and geographic reach
• Develop and maintain strong
relationships
• Achieve and maintain large install base
to leverage replacement business
Industry Trends and Drivers Modine Priorities
Product GroupGeography
Globally Diverse End-Markets (9% of FY‘17 Sales*)
17* Pro forma fiscal 2017 net sales.
Unit Heaters
Designed with two tiers of efficiency to give customer best choice based on application and location
Conservicore Technology® mitigates risk of corrosion and extends investment lifespan
Maintains uniform wall-to-wall temperatures with consistent air circulation to prevent mold growth
significantly reduces CO2 emissions while safely venting harmful combustion fumes outside
Duct Furnaces Constructed for use with a building’s heating, heating/cooling and make-up air systems
Separated combustion duct furnaces are specifically designed for buildings with hostile atmosphere conditions, such as
high humidity or negative pressures
Infrared Heaters Direct radiant heat efficiently to the desired area for increased comfort over wider areas
Low Intensity single-burner positive pressure infrared heater approved for commercial and industrial applications.
High intensity heaters operate without using fans, eliminating noise and draft distractions
Commercial
Hydronic Units
Cabinet unit heaters create independent heating zones so temperature conditions can be varied to suit diverse
requirements or activities
Fin tube radiation heaters and convectors are ergonomically constructed to maximize heat transfer
Single Packaged
Vertical Units
Classroom cooling/heating/ventilation units designed to provide a healthy and safe school environment
Engineered for efficiency, noise reduction and a small footprint
Available in direct expansion, ground source heat pump, and chilled/hot water.
Geothermal
Heat Pumps
Deliver forced-air heating and cooling in addition to hot and chilled water
Constructed to offer heating and cooling solutions 400% more efficiently than conventional systems
Oversized heat exchangers provide greater cost savings by further increasing operating efficiency
Building HVAC Product Portfolio
Data Center
Cooling
Data Center cooling is performed with a variety of different types of equipment. Equipment selection is driven by size of
installation, capital budget, climate, and existing infrastructure.
Working on technology for Direct chip cooling that removes the heat directly from the chip to an outside sink through a
pumped, intermediate cooling medium.
The trend seems to be toward increased containment of hot and cold air streams, as well as bringing the cold sinks
closer to the equipment (heat sources).
Make-up Air
Units
Cooling, heating and ventilating configurations available
Designed to provide an economical and efficient means of supplying tempered make-up air
Natural or propane gas manifolds provide flexible fuel options and reduce field-installation costs
18
Q2 GAAP Income Statement
19
(In millions, except per share amounts)
Q2 Q2 Better
2018 2017 (Worse)
Net sales 508.3$ 317.7$ 190.6$
Cost of sales 422.2 269.7 (152.5)
Gross profit 86.1 48.0 38.1
SG&A expenses 62.2 48.2 (14.0)
Restructuring expenses 0.4 2.1 1.7
Gain on sale of facility - (1.2) (1.2)
Operating income (loss) 23.5 (1.1) 24.6
Interest expense (6.6) (3.0) (3.6)
Other expense - net (1.1) (0.9) (0.2)
Earnings (loss) before income taxes 15.8 (5.0) 20.8
Benefit for income taxes 0.5 1.0 (0.5)
Net earnings (loss) 16.3 (4.0) 20.3
Net earnings attributable to noncontrolling interest (0.4) (0.1) (0.3)
Net earnings (loss) attributable to Modine 15.9$ (4.1)$ 20.0$
Earnings (loss) per share - diluted 0.31$ (0.09)$ 0.40$
Modine Manufacturing Company
Adjusted financial results (unaudited) (In millions, except per share amounts)
2017 2016 2017 2016
Operating income (loss) 23.5$ (1.1)$ 51.1$ 14.7$
Acquisition and integration costs (a)
2.2 3.0 4.3 4.4
Restructuring expenses - Americas (b)
0.1 1.6 1.5 3.8
Restructuring expenses (income) - Europe (b)
0.3 - 0.6 (0.3)
Restructuring expenses - other (b)
- 0.5 - 0.9
Environmental and legal charges (c)
0.7 1.6 0.9 1.6
Gain on sale of facility (d)
- (1.2) - (1.2)
Adjusted operating income 26.8$ 4.4$ 58.4$ 23.9$
Net earnings (loss) per share attributable to Modine shareholders - diluted: 0.31$ (0.09)$ 0.65$ 0.09$
Acquisition and integration costs (a)
0.03 0.04 0.06 0.06
Restructuring expenses (b)
0.01 0.03 0.03 0.06
Environmental and legal charges (c)
0.01 0.04 0.01 0.04
Gain on sale of facility (d)
- (0.03) - (0.03)
Adjusted earnings (loss) per share 0.36$ (0.01)$ 0.75$ 0.22$
Net earnings (loss) 16.3$ (4.0)$ 33.7$ 4.9$
Net earnings attributable to noncontrolling interest (0.4) (0.1) (0.8) (0.4)
Interest expense 6.6 3.0 13.2 6.0
(Benefit) prov ision for income taxes (0.5) (1.0) 2.2 2.0
Depreciation and amortization expense (e)
19.3 12.9 37.8 25.4
Acquisition and integration costs (a)
2.2 3.0 4.3 4.4
Restructuring expenses (b) (e)
0.4 1.8 2.1 3.9
Environmental and legal charges (c)
0.7 1.6 0.9 1.6
Gain on sale of facility (d)
- (1.2) - (1.2)
Adjusted EBITDA 44.6$ 16.0$ 93.4$ 46.6$
Three months ended September 30, Six months ended September 30,
Non-GAAP Reconciliations
20(d)
During the second quarter of fiscal 2017, the Company sold a facility within its Europe segment for cash proceeds of $4.3 million, and as a result, recorded a gain of $1.2 million.(e)
Fiscal 2017 restructuring expenses included accelerated depreciation totaling of $0.5 million, which is included within depreciation expense for this schedule and the cash flow statement.
(a) On November 30, 2016, the Company acquired Luvata Heat Transfer Solutions and has since operated the business as its Commercial and Industrial Solutions segment. Acquisition
and integration costs in fiscal 2018, recorded as SG&A expenses at Corporate, primarily consisted of incremental costs directly associated with integration activ ities, including legal and
accounting professional serv ices and severance expenses. In addition, the fiscal 2018 costs include $1.6 million of third party strategy advisory fees related to both the acquired and base
businesses. Acquisition costs in fiscal 2017 primarily consisted of due diligence costs. The tax benefit related to acquisition and integration costs for the six months ended September 30,
2017 and 2016 was $1.6 million and $1.7 million, respectively.(b)
Restructuring amounts primarily relate to equipment transfer and plant consolidation costs and employee severance expenses. For the six months ended September 30, 2016,
restructuring expenses(c)
The fiscal 2018 adjustment relates to environmental charges and related legal costs associated with a previously-owned manufacturing facility in the Americas segment. The fiscal 2017
adjustment related to a legal reserve in Brazil (Americas segment), which has since been settled.
Adjusted operating income and margin(In millions)
2013 2014 2015 2016 2017
Operating income 0.7$ 39.8$ 54.4$ 37.1$ 42.3$
Restructuring related expenses 17.0 20.4 4.7 16.6 10.9
Impairment charges 25.9 3.2 7.8 9.9 -
Acquisition-related costs and adjustments - - - 0.5 19.1
Gain on sale of facilities - - (3.2) - (2.0)
Other adjustments (a)- 0.5 3.2 1.6 1.9
Adjusted operating income 43.6$ 63.9$ 66.9$ 65.7$ 72.2$
Net sales 1,376.0$ 1,477.6$ 1,496.4$ 1,352.5$ 1,503.0$
Adjusted operating margin 3.2% 4.3% 4.5% 4.9% 4.8%
Years ended March 31,
Non-GAAP Reconciliations
21
(a) In fiscal 2017, other adjustments consisted of a $1.6 million legal charge in Brazil and $0.3 million of environmental charges
related to a previously -owned manufacturing facility. In fiscal 2016, other adjustments consisted of $1.6 million of environmental
charges. In fiscal 2015, other adjustments consisted of a $3.2 million legal charge in Brazil. In fiscal 2014, other adjustments
included $0.5 million of losses and costs incurred as a result of the Airedale fire which were not reimbursed by the Company's
insurance provider. In addition, fiscal 2017 adjusted earnings per share excludes a $2.0 million income tax valuation allowance on
deferred tax assets in Brazil and fiscal 2016 adjusted earnings per share excludes the reversal of a $3.0 million tax vaulation
allowance in India.
Adjusted EPS
2013 2014 2015 2016 2017
Earnings (loss) per share attributable to
Modine shareholders - diluted (0.52)$ 2.72$ 0.44$ (0.03)$ 0.29$
U.S. tax valuation allowance reversal - (2.50) - - -
Restructuring related expenses 0.36 0.43 0.08 0.27 0.17
Impairment charges 0.56 0.07 0.11 0.21 -
Gain from fire insurance recovery - - - (0.19) -
Pension settlement losses 0.54 -
Acquisition-related costs and adjustments - - - 0.01 0.28
Gain on sale of facilities - - (0.07) - (0.04)
Other adjustments (a) - 0.01 0.07 (0.04) 0.08
Adjusted EPS - diluted 0.40$ 0.73$ 0.63$ 0.76$ 0.78$
Years ended March 31,
22
Non-GAAP Reconciliations
Our fiscal 2018 guidance includes adjusted EBITDA, adjusted operating income and adjusted EPS. These are non-GAAP measures, which exclude certain cash and non-cash charges or gains. These charges and gains may be significant and include items such as restructuring expenses (including severance costs and plant consolidation and relocation expenses), acquisition and integration costs, impairment charges and certain other items. The adjustments for fiscal 2017 are presented on slide 21 of this presentation. The adjustments for the first six months of fiscal 2018 are presented on slide 20. Estimates of these adjustments for the remainder of fiscal 2018 are not available due to the low visibility and unpredictability of these items.
Forward-Looking Non-GAAP Financial Measures
Free cash flow(In millions)
2013 2014 2015 2016 2017
Net cash provided by operating activities 48.8$ 104.5$ 63.5$ 72.4$ 41.6$
Capital expenditures (49.8) (53.1) (58.3) (62.8) (64.4)
Free cash flow (1.0)$ 51.4$ 5.2$ 9.6$ (22.8)$
Years ended March 31,