Slides
Page 1
1 THIRD QUARTER 2025 EARNINGS PRESENTATION NOVEMBER 10, 2025
Page 2
2 DISCLAIMER – FORWARD LOOKING STATEMENTS & NON-GAAP DISCLOSURE This presentation contains forward-looking statements that involve substantial risks and uncertainties. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 27A of the Securities Act of 1933, as amended (the “Securities Act”). In some cases, you can identify forward-looking statements by the words “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “foreseeable,” “future,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” or “would” and/or the negative of these terms, or other comparable terminology intended to identify statements about the future. They appear in a number of places throughout this presentation and include statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations for the fiscal year ended December 31, 2025, our long-term leverage target, the estimated net tariff impact on Adjusted EBITDA, financial condition, liquidity, prospects, growth, strategies, the industry in which we operate and other information that is not historical information. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this presentation, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. Factors that could cause actual results to differ materially from those forward-looking statements included in this presentation include, among others: risks related to conditions that affect the commercial and business aviation industries; decreases in budget, spending or outsourcing by our military end-users; risks from any supply chain disruptions or loss of key suppliers; increased costs of labor, equipment, raw materials, freight and utilities due to inflation; future outbreaks and infectious diseases; risks related to competition in the market in which we participate; loss of an OEM authorization or license; risks related to a significant portion of our revenue being derived from a small number of customers; our ability to remediate effectively the material weaknesses identified in our internal control over financial reporting; our ability to respond to changes in GAAP; our or our third-party partners’ failure to protect confidential information; data security incidents or disruptions to our IT systems and capabilities; our ability to comply with laws relating to the handling of information about individuals; changes to United States tariff and import/export regulations; failure to maintain our regulatory approvals; risks relating to our operations outside of North America; failure to comply with government procurement laws and regulations; any work stoppage, hiring, retention or succession issues with our senior management team and employees; any strains on our resources due to the requirements of being a public company; risks related to our indebtedness; our success at managing the risks of the foregoing, and the other factors described in our Annual Report on Form 10-K for the year ended December 31, 2024 and our other filings with the SEC. As a result of these factors, we cannot assure you that the forward-looking statements in this presentation will prove to be accurate. You should understand that it is not possible to predict or identify all such factors. We operate in a competitive and rapidly changing environment. New factors emerge from time to time, and it is not possible to predict the impact of all of these factors on our business, financial condition or results of operations. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives, plans or cost savings in any specified time frame or at all. In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate, are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods. We caution you not to place undue reliance on these forward-looking statements. All forward looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. Forward-looking statements speak only as of the date of this presentation. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data. This presentation includes “non-GAAP financial measures,” which are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), including Adjusted EBITDA, Adjusted EBITDA Margin, Net Debt to Adjusted EBITDA, and Free Cash Flow. We use these non-GAAP financial measures to evaluate our business operations. Certain of the non-GAAP financial measures presented in this presentation are supplemental measures of our performance, in the case of Adjusted EBITDA and Adjusted EBITDA Margin, that we believe help investors understand our financial condition and operating results and assess our future prospects. We believe that presenting these non-GAAP financial measures, in addition to the corresponding GAAP financial measures, are important supplemental measures that exclude non-cash or other items that may not be indicative of or are unrelated to our core operating results and the overall health of our company. We believe that these non-GAAP financial measures provide investors greater transparency to the information used by management for its operational decision-making and allow investors to see our results “through the eyes of management.” We further believe that providing this information assists our investors in understanding our operating performance and the methodology used by management to evaluate and measure such performance. We also present Net Debt to Adjusted EBITDA and Free Cash Flow, which are liquidity measures, that we believe are useful to investors because it is also used by our management for measuring our operating cash flow, liquidity and allocating resources. We believe it is important to measure the free cash flows we have generated from operations, after accounting for routine capital expenditures required to generate those cash flows. When read in conjunction with our GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as one basis for financial, operational and planning decisions. Finally, these measures are often used by analysts and other interested parties to evaluate companies in our industry. We define Adjusted EBITDA as net income (loss) before interest expense, income tax expense (benefit), depreciation and amortization, further adjusted for certain non-cash items that we may record each period, as well as non-recurring items such as acquisition costs, integration and severance costs, refinance fees, business transformation costs and other discrete expenses, when applicable. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. We define organic revenue growth as revenue excluding the contributions from acquisitions that closed in the last twelve months. We believe that Adjusted EBITDA and Adjusted EBITDA Margin are important metrics for management and investors as they remove the impact of items that we do not believe are indicative of our core operating results or the overall health of our company and allows for consistent comparison of our operating results over time and relative to our peers. We define Net Debt to Adjusted EBITDA as long-term debt, less cash and cash equivalents divided by Adjusted EBITDA. We define free cash flow as cash from operating activities cash flows from investing activities excluding acquisitions. Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their comparability from company to company. In order to compensate for these and the other limitations discussed below, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with GAAP. Readers should review the reconciliations of our non-GAAP financial measures to the corresponding GAAP measures included in this presentation and should not rely on any single financial measure to evaluate our business. We define Adjusted EBITDA as net income (loss) before interest expense, income tax expense (benefit), depreciation and amortization, further adjusted for certain non-cash items that we may record each period, as well as non-recurring items such as acquisition costs, integration and severance costs, refinance fees, business transformation costs and other discrete expenses, when applicable. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. We believe that Adjusted EBITDA and Adjusted EBITDA Margin are important metrics for management and investors as they remove the impact of items that we do not believe are indicative of our core operating results or the overall health of our company and allows for consistent comparison of our operating results over time and relative to our peers. We have presented forward-looking statements regarding Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow. These non-GAAP financial measures are derived by excluding certain amounts, expenses or income, from the corresponding financial measure determined in accordance with GAAP. The determination of the amounts that are excluded from this non-GAAP financial measure is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period in reliance on the exception provided by item 10(e)(1)(i)(B) of Regulation S-K. We are unable to present a quantitative reconciliation of each of forward-looking Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow to its most directly comparable forward-looking GAAP financial measure because such information is not available, and management cannot reliably predict the necessary components of such GAAP measure without unreasonable effort or expense. In addition, we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the company's future financial results. These non-GAAP financial measures are preliminary estimates and subject to risks and uncertainties, including, among others, changes in connection with quarter-end and year-end adjustments. Any variation between the Company's actual results and preliminary financial data set forth above may be material.
Page 3
3 $3,828 $4,462 YTD 2024 YTD 2025 YTD 2025 $504 $598 $1,245 $1,498 Q3 2024 Q3 2025 Q3 2025 $168 $196 +18.6% YoY2 FINANCIAL HIGHLIGHTS +16.1% YoY2 Note: $ in millions 1. These are non-GAAP financial measures, see appendix. 2. 3Q24 included a one-time liability extinguishment that increased Engine Services segment Revenues and Adj. EBITDA by $9.3m +20.4% YoY2 13.5%2 13.1% Revenue Adj. EBITDA 1 X% Adj. EBITDA Margin 1 +16.6% YoY2 13.2%2 13.4%(40) bps2 YoY +20 bps2 YoY Strong mix performance in CRS Strong ramp of growth programs (LEAP and CFM56 DFW) more than offset productivity gains on other programs Q3 PERFORMANCE DRIVERS Strong Top Line Growth + Commercial Aerospace: +18% YoY + Military & Helicopter: +21% YoY + Business Aviation: +28% YoY Margin Performance
Page 4
4 BUSINESS HIGHLIGHTS EXECUTING ON 2025 STRATEGIC PRIORITIESMARKET ENVIRONMENT Continuing Aftermarket Strength Robust commercial aero demand Continued growth on key business jet and military platforms Supply chain challenges persist RAISING 2025 GUIDANCE Expansion of CRS Another record margin quarter Reached 450 LEAP component repairs Continued growth from insourcing Capitalize on Investments Progressing through learning curve CFM56 wins continue Winnipeg expansion for CF34 and CFM56 Pursue Accretive M&A ATI2 synergies above plan Robust M&A pipeline Ample balance sheet capacity LEAP LEAP revenue grew ~2x QoQ Robust RFP environment and growing backlog On track for 60+ inductions for 2025 vs 10 in 2024 Revenue $5,970 - $6,030 +14% to +15% YoY Adjusted EBITDA1 $795 – $815 ~13.4% margin Free Cash Flow1 $170 – $190 +$225m YoY Note: $ in millions 1. These are non-GAAP financial measures, see appendix. 2. Aero Turbine, Inc.
Page 5
5 THIRD QUARTER 2025 RESULTS – CONSOLIDATED ($ in millions) Q3 2025 Performance Commentary Revenue % Change YoY $1,498 +20.4% Growth across end markets: Commercial Aerospace (+18% YoY), Military & Helicopter (+21% YoY), and Business Aviation (+28% YoY) Growth in both Engine Services (+21% YoY) and Component Repair Services (+14% YoY) Adjusted EBITDA1 % Change YoY $196 +16.1% Growth driven by revenue growth, mix, pricing and improved productivity Adjusted EBITDA1 % Margin ∆ bps YoY 13.1% (40) bps Strong volume growth from ramping LEAP and CFM56 DFW platforms in Engine Services more than offset productivity improvements on other platforms Favorable mix with continued ATI synergy realization at CRS drove record segment margins Net Income $ Change YoY $68 +$52 million Driven by revenue growth, margin expansion, lower public company expenses and reduced interest expense from debt paydown and refinancing Free Cash Flow1 $ Change YoY $(4) Supply chain constraints on certain parts continue to hamper cash conversion, but these headwinds have significantly abated since the end of Q3 2025 1. These are non-GAAP financial measures, see appendix.
Page 6
6 $3,399 $3,941 YTD 2024 YTD 2025 YTD 2025 $451 $518 $1,090 $1,322 Q3 2024 Q3 2025 Q3 2025 $147 $165 THIRD QUARTER 2025 RESULTS – ENGINE SERVICES Note: $ in millions 1. These are non-GAAP financial measures, see appendix. 2. 3Q24 included a one-time liability extinguishment that increased Engine Services segment Revenues and Adj. EBITDA by $9.3m +21.3% YoY2 13.5%2 12.5% Revenue Adj. EBITDA 1 X% Adj. EBITDA Margin 1 13.3%2 13.1%(100) bps2 YoY (20) bps2 YoY QUARTERLY HIGHLIGHTS +21.3% YoY Revenue growth Commercial aftermarket demand strong LEAP revenues nearly doubled QoQ Continued ramp of CFM56 DFW facility HTF7000 business aviation platform Strong recovery of AE 1107 military volumes +12.2% YoY2 Segment Adjusted EBITDA growth, driven by revenue growth Volume growth and favorable mix in all end-markets Coming down the learning curve as new growth programs ramp (LEAP and CFM56 DFW expansion) +15.9% YoY2 +12.2% YoY2 +14.8% YoY2
Page 7
7 $154 $176 Q3 2024 Q3 2025 Q3 2025 $41 $54 THIRD QUARTER 2025 RESULTS – COMPONENT REPAIR SERVICES Note: $ in millions 1. These are non-GAAP financial measures, see appendix. Revenue Adj. EBITDA 1 X% Adj. EBITDA Margin 1 $428 $521 YTD 2024 YTD 2025 YTD 2025 $111 $153 25.9% 29.3%+340 bps YoY +13.9% YoY 26.4% 30.7%+430 bps YoY +13.9% YoY Revenue growth Growth accelerating on new commercial engine platforms Robust growth on land & marine platforms ATI acquisition contribution Mix and timing of some commercial volumes +32.4% YoY Segment Adjusted EBITDA Growth and +430 bps YoY margin expansion Positive engine mix and strong pricing growth Synergy realization and margin expansion at ATI QUARTERLY HIGHLIGHTS +32.4% YoY +37.7% YoY +21.7% YoY
Page 8
8 Sequential Free Cash improvement vs prior quarter, in-line with expectations Strong earnings offset by working capital increase (nearly half from growth platforms), with supply chain challenges elevating Contract Assets (up ~$300MM from Q3 2024) FREE CASH FLOW 1. Excludes accrued interest and tax liabilities captured in Cash Interest and Cash Taxes. 2. These are non-GAAP financial measures, see appendix. Q3 2025 Adjusted EBITDA 1 $196 (+/-) Δ in Net Working Capital 1 (108) (-) Capex Excluding Major Investments (11) (-) Major Platform Expansion Investments (11) (-) Capital Markets / Business Transformation Costs / Other Non-Recurring Professional Fees (4) (-) Other (Non-Cash Expense/Gain, FX, Other Non-Recurring) - (-) Cash Interest (43) (-) Cash Taxes (23) Free Cash Flow 2 $(4) COMMENTARY CF34 License: $15MM Primarily driven by professional services costs Cash Taxes include US estimated payments for 2025 ($ in millions) LEAP: $6MM CFM56 DFW Facility: $5MM Increase in working capital associated with the continued ramp on growth platforms and continued industry-wide supply chain delays Raising FY 2025 FCF Guidance to $170MM - $190MM
Page 9
9 5.3x 2.9x Q3 2024 Q3 2025 FY 2025+ BALANCE SHEET & LIQUIDITY NET DEBT TO ADJUSTED EBITDA LEVERAGE RATIO1 SIGNIFICANTLY STRENGTHENED BALANCE SHEET Leverage ratio improved to 2.9x, driven by organic Adjusted EBITDA growth Second quarter in a row <3x Benefiting from refinancing of capital structure Ample balance sheet capacity for acquisitions and other growth investments 2.0-3.0x Target Capital Allocation Focused On Creating Shareholder Value With Long-Term Leverage Target Of 2-3x 1. These are non-GAAP financial measures, see appendix.
Page 10
10 FY 2025 COMPANY & SEGMENT OUTLOOK Note: $ in millions; These are non-GAAP financial measures, see disclaimer-forward looking statements & non-GAAP disclosure. End Market Drivers +Mid-Teens Growth YoY +HSD Growth YoY +Low Double Digit to Mid-Teens Growth YoY COMMERCIAL AEROSPACE BUSINESS AVIATION MILITARY & HELICOPTERS ($ in millions) Prior FY 2025 Current FY 2025 Commentary Revenue % Change YoY $5,875 – $6,025 +12% to +15% $5,970 - $6,030 +14% to +15% Engine Services: $5,270 - $5,310 Component Repair Services: $700 - $720 Adjusted EBITDA1 % Margin $790 – $810 ~13.4% $795 – $815 ~13.4% ES: ~13.2% Adj. EBITDA Margin CRS: ~29% Adj. EBITDA Margin Includes estimated tariff impact Free Cash Flow1 $155 – $175 $170 – $190 Includes major platform expansion investments of $90MM Other: 26% to 27% Effective Tax Rate +$50 MM +$5 MM +$15 MM
Page 11
11 APPENDIX
Page 12
12 RECONCILIATION OF NON-GAAP FINANCIAL METRICS ADJUSTED EBITDA AND ADJUSTMENTS WALK Note: Figures may not sum due to rounding 1) Represents new product industrialization costs with the business transformation of the LEAP 1A/1B engine line in San Antonio, Texas and the expansion of the Company's CFM56 capabilities into Dallas, Texas. 2) Represents integration costs incurred, including any facility or platform consolidation associated with the integration of an acquisition that does not meet capitalization criteria and severance related to reduction in workforce or acquisitions. Examples of integration costs may include lease breakage or run-off fees, consulting costs, demolition costs or training costs. 3) Represents transaction costs incurred in connection with completed acquisitions, including legal and professional fees, debt arrangement fees and other third-party costs. 4) Represents other non-recurring costs including professional fees related to business transformation and quarterly management fees payable to Carlyle Investment Management L.L.C. and Beamer Investment Inc. under consulting services agreements, representation and warranty insurance costs associated with acquisitions, and other non- comparable events to measure operating performance as these events arise outside of the Company's ordinary course of continuing operations. . Three Months Ended September 30, 2025 2024 (in millions, except percentages) Net income $68.1 $16.4 Income tax expense 24.7 0.2 Depreciation and amortization 48.1 47.1 Interest expense 44.6 79.9 Business transformation costs (LEAP and CFM) (1) 3.3 10.5 Refinancing costs --- 1.5 Non-cash stock compensation expense 4.1 --- Integration costs and severance (2) 1.9 0.3 Acquisition costs (3) --- 1.3 Insurance recovery (3.0) --- Secondary offering costs 0.6 --- Other (4) 3.3 11.1 Adjusted EBITDA $195.7 $168.3 Revenue $1,498.0 $1244.6 Net income margin 4.5% 1.3% Adjusted EBITDA Margin 13.1% 13.5%
Page 13
13 SEGMENT DISCLOSURE SEGMENT ADJUSTED EBITDA Note: Figures may not sum due to rounding Three Months Ended September 30, 2025 2024 (in millions, except percentages) Engine Services Segment Revenue $1,322.2 $1,090.3 Segment Adjusted EBITDA $165.4 $147.4 Segment Adjusted EBITDA Margin 12.5% 13.5% Component Repair Services Segment Revenue $175.8 $154.3 Segment Adjusted EBITDA $54.0 $40.8 Segment Adjusted EBITDA Margin 30.7% 26.4%
Page 14
14 SEGMENT DISCLOSURE (CONTINUED) SEGMENT REVENUE AND SEGMENT ADJUSTED EBITDA TO PROFIT BEFORE TAX WALK _______________ Note: Figures may not sum due to rounding 1) Other segment items for each reportable segment primarily includes cost of sales and other selling, general and administrative expenses. 2) Corporate primarily consists of costs related to executive and staff functions, including Information Technology, Human Resources, Legal, Finance, Marketing, Corporate Supply Chain and Corporate Engineering Services finance, which benefit the enterprise as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies, and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. The Corporate function also includes expenses associated with the Company's debt. 3) Represents new product industrialization costs with the business transformation of the LEAP 1A/1B engine line in San Antonio, Texas and the expansion of the Company's CFM56 capabilities into Dallas, Texas. 4) Represents integration costs incurred, including any facility or platform consolidation associated with the integration of an acquisition that does not meet capitalization criteria and severance related to reduction in workforce or acquisitions. Examples of integration costs may include lease breakage or run-off fees, consulting costs, demolition costs or training costs. 5) Represents quarterly management fees payable to Carlyle Investment Management L.L.C. and Beamer Investment Inc. under consulting services agreements, representation and warranty insurance costs associated with acquisitions, that are the result of other, non-comparable events to measure operating performance as these events arise outside of the Company's ordinary course of continuing operations. Note: Figures may not sum due to rounding 1) Other segment items for each reportable segment primarily includes cost of sales and other selling, general and administrative expenses. 2) Corporate primarily consists of costs related to executive and staff functions, including Information Technology, Human Resources, Legal, Finance, Marketing, Corporate Supply Chain and Corporate Engineering Services finance, which benefit the enterprise as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies, and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. The Corporate function also includes expenses associated with the Company's debt. 3) Represents new product industrialization costs with the business transformation of the LEAP 1A/1B engine line in San Antonio, Texas and the expansion of our CFM56 capabilities into Dallas, Texas. 4) Represents integration costs incurred, including any facility or platform consolidation associated with the integration of an acquisition that does not meet capitalization criteria and severance related to reduction in workforce or acquisitions. Examples of integration costs may include lease breakage or run-off fees, consulting costs, demolition costs or training costs. 5) Represents professional fees related to business transformation, secondary offering costs and quarterly management fees payable to Carlyle Investment Management L.L.C. and Beamer Investment Inc. under consulting services agreements, representation and warranty insurance costs associated with acquisitions, that are the result of other, non-comparable events to measure operating performance as these events arise outside of the Company's ordinary course of continuing operations. Three Months Ended September 30, 2025 Engine Services Component Repair Services Total Segments (In thousands) Revenue from external customers $1,342,716 $155,246 $1,497,962 Intersegment revenue (20,531) 20,531 --- Total segment revenue 1,322,185 175,777 1,497,962 Other segment items (1) 1,156,809 121,802 1,278,611 Segment Adjusted EBITDA $165,376 $53,975 219,351 Corporate (2) 23,791 Depreciation and amortization 48,106 Interest expense 44,566 Business transformation costs (LEAP and CFM) (3) 3,252 Stock compensation 4,142 Integration costs and severance (4) 1,891 Other (5) 827 Profit before tax $92,776 Three Months Ended September 30, 2024 Engine Services Component Repair Services Total Segments (In thousands) Revenue from external customers $1,109,804 $134,823 $1,244,627 Intersegment revenue (19,495) 19,495 --- Total segment revenue 1,090,309 154,318 1,244,627 Other segment items (1) 942,895 113,559 1,056,454 Segment Adjusted EBITDA $147,414 $40,759 $188,173 Corporate (2) 19,756 Depreciation and amortization 47,145 Interest expense 79,898 Business transformation costs (LEAP and CFM) (3) 10,535 Refinancing costs 1,503 Acquisition costs 1,323 Integration costs and severance (4) 308 Other (5) 11,058 Profit before tax $16,647
Page 15
15 RECONCILIATION OF NET DEBT AND NET DEBT TO ADJUSTED EBITDA LEVERAGE RATIO Three Months Ended September 30, 2025 2024 (in millions, except percentages) New 2024 Term Loan Facilities $2,233.1 $ --- New 2024 Revolving Credit Facility 110.0 --- Prior 2024 Term Loan Facilities --- 2,947.8 Prior ABL Credit Facility --- 25.0 Prior Senior Notes --- 475.5 Financing leases 18.6 19.7 Other 1.1 1.3 Total Funded Debt $2,362.8 $3,469.3 Less Cash 97.5 51.3 Net Debt $2,265.3 $3,418.0 LTM Adjusted EBITDA $784.6 $640.1 Net Debt to Adjusted EBITDA 2.9x 5.3x
Page 16
16 FREE CASH FLOW DISCLOSURE RECONCILIATION OF FREE CASH FLOW Three Months Ended September 30, 2025 2024 (in millions) Cash Flow from Operations $14.8 $(13.8) Purchase of Property, Plant and Equipment (19.4) (25.3) Proceeds from Disposal of Property, Plant and Equipment 0.7 0.1 (-) Total Capital Expenditures (18.7) (25.2) Free Cash Flow $(3.9) $(39.0)