TIDMAML
RNS Number : 9954E
Aston Martin Lagonda Glob.Hldgs PLC
02 November 2022
2 November 2022
Aston Martin Lagonda Global Holdings plc
Results for the nine months to 30 September 2022
-- Successfully completed strategic GBP654 million equity capital raise
-- Year to date revenue increased by 16%, driven by record core ASPs
-- Impressive demand continued across the portfolio with
GT/Sports sold out into Q2 2023, DBX orders up by more than 40%
year-on-year
-- Supply chain challenges continued to moderate potential
growth & impact working capital through Q3
-- Medium-term targets re-iterated, 2022 outlook modestly
revised to reflect the impact of new, temporary supply chain
challenges in H2
GBPm YTD 2022 YTD 2021 % change Q3 2022 Q3 2021 % change
--------- --------- -------- --------
Total wholesale
volumes(1) 4,060 4,250 (4%) 1,384 1,349 3%
Revenue 857.2 736.4 16% 315.5 237.6 33%
Adjusted EBITDA(2) 79.8 72.3 10% 21.2 23.5 (10%)
Adjusted operating
loss(2) (128.2) (65.1) n.m. (55.5) (29.1) n.m.
Operating loss (148.4) (68.2) n.m. (58.5) (30.2) n.m.
Loss before tax (511.3) (188.6) n.m. (225.9) (97.9) n.m.
Net debt(2) 833.4 808.6 3% 833.4 808.6 3%
-------------------- --------- --------- --------- -------- -------- ---------
1. Number of vehicles including specials; 2. For definition of
alternative performance measures please see Appendices
Financial highlights
-- Retails [1] continued to outpace wholesales [2] with strong
demand across product lines. GT/Sports cars now sold out into Q2
2023 and DBX orders up by more than 40% year-on-year
-- Due to supply chain challenges and logistics disruptions
wholesale volumes decreased by 4% year-on-year to 4,060 (YTD 2021:
4,250), most notably impacting DBX deliveries in Q2 and Q3.
GT/Sports wholesales of 2,184 increased by 9% year-on-year (YTD
2021: 2,002)
-- Despite lower wholesale volumes, revenue increased by 16%
year-on-year to GBP857m and Q3 revenue increased by 33% to GBP316m,
driven by
- strong pricing dynamics throughout the core portfolio
-- Core ASP of GBP173k YTD in 2022, up 15% vs GBP150k YTD in
2021
-- Core ASP of GBP189k in Q3 2022, up 28% vs GBP148k in Q3
2021
- Aston Martin Valkyrie deliveries of 44 vehicles YTD in 2022,
of which 17 vehicles were delivered in Q3 2022
- Foreign exchange tailwinds
-- Gross profit increased by 29% year-on-year to GBP286m (YTD
2021: GBP222m) and gross margin increased to 33% (YTD 2021: 30%)
reflecting improved pricing and core mix, partially offset by
higher logistics and manufacturing costs, particularly in Q3
2022
-- Adjusted EBITDA increased by 10% year-on-year to GBP80m,
primarily driven by revenue growth and higher gross profit,
partially offset by higher operating expenses including
reinvestments into brand, marketing and new product launch
activities, as well as inflationary impacts on general costs
-- Operating loss of GBP148m included a GBP71m year-on-year
increase in depreciation and amortisation, driven by accelerated
amortisation of capitalised development costs ahead of next
generation GT/sports vehicles starting in 2023
-- Loss before tax of GBP511m was materially impacted by a
GBP245m negative non-cash FX revaluation of US dollar-denominated
debt as the GBP significantly weakened against the US dollar during
the period
-- Free cash outflow [3] of GBP336m included:
- Capital expenditure of GBP213m, primarily related to new model
development including the next-generation of front-engine sports
cars, starting in 2023
- Working capital outflow of GBP106m driven by temporary supply
chain and logistics disruptions. Similar to Q2, this dynamic pushed
planned deliveries towards and beyond the end of the period,
resulting in elevated receivables as well as more than 400 ordered
vehicles awaiting final parts at the end of September, which are
now expected to be delivered in Q4
- Net cash interest payments of GBP65m
-- Significantly enhanced liquidity with cash balance of GBP772m
(December 2021: GBP419m) including net proceeds from the equity
capital raise
-- Net debt of GBP833m (December 2021: GBP892m) including
GBP245m impact of non-cash FX revaluation of US dollar-denominated
debt as the GBP significantly weakened against the US dollar during
the period
-- Announced and completed $200m debt tender in early Q4
Operational Highlights
-- Strategy aligned with ultra-luxury positioning
- Retail customer demand continuing to run ahead of
wholesales
- Record core average selling price of GBP173k (year-to-date)
and GBP189k in Q3 2022
- New V12 Vantage Roadster fully sold-out following unveiling at
Pebble Beach
- Ultra-exclusive DBR22, limited to 22 units, declared Best of
Show at the influential Chantilly Arts & Elegance Richard
Mille, priced at GBP1.75m and sold out, with deliveries expected to
start in 2023
- New V12 Vantage Coupe launched, with all 333 units sold before
the car's reveal in March
- Development upgrades to hybrid supercar Valhalla showcased to
customer acclaim
-- Active management of supply chain and logistics challenges is
expected to minimise the impact on the Group as we enter FY 2023
and beyond
-- Bold new brand strategy generating heightened brand awareness and salience
- New creative identity unveiled, as part of strategic
repositioning to accelerate growth
- 48.8 million online impressions generated for new
Intensity.Driven. brand campaign
-- Expanding customer reach and appeal to new audiences
- More than 60% of customers new to the brand
- Year-on-year sales leads up by more than 20%
- Aston Martin Aramco Cognizant Formula One(TM) Team connecting
brand with engaged audience,1.8bn impressions since March; brand
equity research shows increasing perception and buying intent among
luxury car buyers, particularly in China and the US; double-digit
percentage uplift to website traffic on race weekends
-- Racing.Green., new ESG strategy, reiterating electrification
plans and sustainability targets;
- First PHEV deliveries in 2024 and first BEV targeted for
launch in 2025
- Fully electrified front-engine and SUV portfolio by 2030
- Targeting net-zero emissions within our manufacturing
facilities by 2030, entire supply chain by 2039
- GBP2.9m raised for charitable causes from sale of DB5 James
Bond stunt car
Lawrence Stroll, Executive Chairman of Aston Martin Lagonda
commented:
"We have continued to make excellent progress through the first
nine months of the year in our vision to become the world's most
desirable, ultra-luxury British performance brand.
"On one hand, we have continued to see very impressive demand
across our product range and the underlying fundamentals of Aston
Martin are very strong. Retails continue to outpace wholesales,
front-engine sports cars are now sold out into the second quarter
of 2023 and we have seen an acceleration in orders for our DBX707 -
the premier ultra-luxury performance SUV on the market - as we
increase its availability to dealers. We have also seen substantial
revenue growth, driven by record average selling prices, and
continued excitement around our iconic brand.
"On the other hand, and in the context of supply chain and
logistics disruption as well as inflationary pressures impacting
the broader automotive industry, over the last two quarters we have
encountered specific supply chain challenges that have delayed our
ability to meet customer demand. Whilst we moved quickly to resolve
the shortages that affected our Q2 performance, our Q3 growth was
hindered by new supply chain challenges, impacting more than 400
vehicles that had been planned to be delivered in the quarter.
Although these headwinds, which are already improving in Q4, have
disrupted our near-term financial performance and modestly impacted
our full year guidance, the medium and long-term outlook is robust.
I remain extremely confident in our strategy and ability to deliver
the targets we have set.
"The third quarter also saw the successful completion of our
equity capital raise, which saw the arrival of the Public
Investment Fund (PIF) as a new anchor shareholder, along with fresh
investments from both the Yew Tree Consortium and Mercedes-Benz. As
I commented back in July, I strongly believe that the capital raise
is the last foundation we need to realise our vision and start to
unlock long-term shareholder value creation. We have already taken
action to deleverage our balance sheet and have clarity on our
pathway to become sustainably free cash flow positive from
2024."
Amedeo Felisa, Chief Executive Officer of Aston Martin Lagonda
commented:
"Our year-to-date performance has seen us continue to build the
foundations for our long-term growth. We have refreshed our brand,
further strengthening our ultra-luxury positioning and launched a
number of breath-taking new products with strong consumer
desirability. In addition to the DBX707 and V12 Vantage Coupe,
which were announced earlier this year, we unveiled the
ultra-exclusive DBR22 as well as the stunning V12 Vantage Roadster,
both of which are fully sold out, in Q3 at Pebble Beach.
"We have also made good progress enhancing our operational
capabilities and processes to support our longer-term growth. This
has included simplifying and addressing some of the legacy
complexities which will both improve our execution and reduce
costs.
"At the same time, I am personally involved in the steps we are
taking to address the supply chain issues we have encountered
during the course of the year. Whilst this has created short-term
impacts on our performance, I am confident that with the actions we
are taking, we will exit the year in a stronger position to deliver
on our goals for 2023 and beyond."
Outlook
We remain on our pathway to achieving our medium-term targets of
c.10,000 wholesales, c.GBP2bn revenue and c.GBP500m adjusted EBITDA
by 2024/25.
For 2022, we continue to expect to deliver growth on 2021.
Driven by sustained demand, we continue to expect a significant
increase in volumes, profitability and cashflows in Q4, supported
by the continued ramp up of deliveries of the DBX707 and V12
Vantage. In addition, 75-90 Aston Martin Valkyrie programme
vehicles remain on track for shipment in 2022.
The Group is updating its outlook for 2022 to reflect impacts of
new supply chain and logistical disruption we have encountered in
the second half which we expect to be short-term in nature
following active management of the relevant issues.
We now expect total wholesales to be more in-line with current
consensus expectations and in the range of 6,200 to 6,600. In
addition to this revision to our volume outlook, we are also
incurring incremental costs specifically associated with mitigating
these issues, impacting margin expansion. We now have visibility on
resolution to these isolated supply chain disruptions, including
the associated incremental costs, which we expect to be in the
range of approximately GBP20m, and are confident of optimising Q4
to ensure the best transition into 2023.
Given the new supply chain disruptions experienced in Q3, and
the more prolonged impact on working capital than previously
assumed, we now expect the cash inflows from more normalised
working capital dynamics to only become visible towards the end of
Q4 2022 and into early 2023.
2022 guidance :
-- Wholesales: growth to 6,200-6,600 units (revised from > 6,600 units)
-- Adjusted EBITDA margin: c.100-300bps expansion (revised from
c.350 to 450bps expansion)
-- Capex and R&D: c.GBP300m
-- Depreciation and amortisation: c.GBP315m-GBP330m
Reflecting Aston Martin Valkyrie programme shipments and a full
year of accelerated depreciation of capitalised development costs
ahead of next generation GT/sports vehicles starting in 2023
-- Interest costs updated for FX movements (assuming GBP:$1.12,
versus previous assumption of GBP:$1.21):
-- c.GBP425m (P&L), GBP135m higher than previous guidance of
c.GBP290m largely driven by non-cash FX revaluation of
dollar-denominated debt in Q3, as well as the redemption premium
paid on second lien notes
-- c. GBP130m (cash), unchanged from previous guidance
The financial information contained herein is unaudited.
All metrics and commentary in this announcement exclude
adjusting items unless stated otherwise and certain financial data
within this announcement have been rounded.
Enquiries
Investors and Analysts
Sherief Bakr Director of Investor Relations +44 (0) 7789
177547
sherief.bakr@astonmartin.com
Holly Grainger Deputy Head of Investor Relations +44 (0)7442
989551
holly.grainger@astonmartin.com
Media
Kevin Watters Director of Communications +44 (0)7764 386683
kevin.watters@astonmartin.com
Paul Garbett Head of Corporate & Brand Communications +44
(0)7501 380799
paul.garbett@astonmartin.com
Grace Barnie Corporate Communications Manager +44 (0)7880
903490
grace.barnie@astonmartin.com
Tulchan Communications
Harry Cameron and Simon Pilkington + 44 (0)20 7353 4200
-- There will be a call for investors and analysts today at 08:30am GMT
-- The conference call can be accessed live via the corporate website https://www.astonmartinlagonda.com/investors/calendar
-- A replay facility will be available on the website later in the day
-- Full year Results for the twelve months ending 31 December
2021 will be announced on 1 March 2022
No representations or warranties, express or implied, are made
as to, and no reliance should be placed on, the accuracy, fairness
or completeness of the information presented or contained in this
release. This release contains certain forward-looking statements,
which are based on current assumptions and estimates by the
management of Aston Martin Lagonda Global Holdings plc ("Aston
Martin Lagonda"). Past performance cannot be relied upon as a guide
to future performance and should not be taken as a representation
that trends or activities underlying past performance will continue
in the future. Such statements are subject to numerous risks and
uncertainties that could cause actual results to differ materially
from any expected future results in forward-looking statements.
These risks may include, for example, changes in the global
economic situation, and changes affecting individual markets and
exchange rates.
Aston Martin Lagonda provides no guarantee that future
development and future results achieved will correspond to the
forward-looking statements included here and accepts no liability
if they should fail to do so. Aston Martin Lagonda undertakes no
obligation to update these forward-looking statements and will not
publicly release any revisions that may be made to these
forward-looking statements, which may result from events or
circumstances arising after the date of this release.
This release is for informational purposes only and does not
constitute or form part of any invitation or inducement to engage
in investment activity, nor does it constitute an offer or
invitation to buy any securities, in any jurisdiction including the
United States, or a recommendation in respect of buying, holding or
selling any securities.
Sales & Revenue analysis
Despite strong demand across the portfolio, total wholesales
declined by 4% year-on-year in the first nine months of 2022 due to
the continued challenging operating environment, most notably
disruptions to both supply chain and logistics. Total wholesales of
4,060 units included 50 Specials, compared to 4,250 units and 56
Specials in the first nine months of 2021. Total wholesales in the
third quarter of 2022 increased by 3% year-on-year despite
significant supply chain and logistics disruptions which delayed
our ability to meet consumer demand.
Geographically, APAC was the strongest and largest region,
representing 35% of wholesales, driven by strong year-on-year DBX
growth. Within APAC, China grew by 27% year-on-year over the
comparative period, and represented 21% of total wholesales.
Year-on-year wholesale volumes in the Americas were
disproportionately impacted by the supply chain and logistics
disruptions experienced in the second and third quarters,
particularly for the DBX707. Our home market, the UK, and EMEA saw
5% and 13% year-on-year declines in wholesales due to supply chain
shortages, particularly in Q3, which delayed our ability to meet
strong customer demand for both GT/Sports and SUVs.
Revenues of GBP857m increased by 16% over the comparative
period, primarily driven by strong pricing and mix dynamics, Aston
Martin Valkyrie programme deliveries and foreign exchange
tailwinds. Revenues in the third quarter of 2022 of GBP316m
increased by 33% year-on-year, driven by strong wholesale average
selling price (ASP) growth, and to a lesser extent, by modestly
higher wholesale volumes.
The strong year-on-year pricing dynamics enjoyed in the first
nine months of 2022 were supported by price increases implemented
across the range during late 2021 and in the first half of 2022,
reflecting the strong pricing power of the Aston Martin brand. In
addition, favourable mix, lower customer and retail financing
support as well as improved residual values in market contributed
to strong year-on-year and sequential ASP growth. Year-to-date
total wholesale ASP of GBP195k (2021 YTD total ASP: GBP157k)
included 50 Specials in the period, compared with 56 in the
comparative period. Year-to-date core ASP was GBP173k (2021 YTD
core ASP: GBP150K). Q3 ASP was a record level for Aston Martin,
with total ASP of GBP211K (Q3 2021: GBP160K) and core ASP of
GBP189K (Q3 2021: GBP148k).
Income statement
Gross profit of GBP286m increased by GBP64m, or 29%
year-on-year. This translated to a gross margin of 33%, a
year-on-year expansion of approximately 330 basis points. The
strong gross margin expansion was primarily driven by favourable
pricing and core mix dynamics, and to a lesser extent, by FX
benefits. This was partially offset by higher logistics and
manufacturing costs, particularly in Q3 2022. Starting with the V12
Vantage and DBX707, the Company continues to target a 40%+
contribution margin from its future products.
Adjusted EBITDA was GBP80m, an improvement of GBP8m on the
comparative period, or 10% year-on-year. This translated to an
adjusted EBITDA margin of 9%, a decline of approximately 50 basis
points compared to the prior year period. The increase in adjusted
EBITDA was primarily due to higher year-on-year gross profit, as
described above; and a GBP21m benefit from exchange rate movements,
partially offset by increased brand and product launch investments
such as the DBX707, V12 Vantage and Valhalla, marketing initiatives
at events such as the Goodwood Festival of Speed and Pebble Beach,
as well as higher general costs.
Adjusting operating items of GBP20m (2021 YTD: GBP3m)
predominantly related to the closure to future accrual of the
pension scheme disclosed at the Full Year 2021 results, ERP
implementation costs, as well as one-time expenses related to the
change of CEO and appointment of other new executives.
Net adjusted financing costs of GBP382m were significantly
higher than the GBP133m prior year period, reflecting the
revaluation of the US dollar-denominated debt as the GBP weakened
against the US dollar during the period, which resulted in a
non-cash FX charge of GBP245m (2021 YTD included a GBP18m FX
charge). The GBP19m adjusted finance credit was primarily due to
movements in the fair value of outstanding warrants (2021 YTD:
GBP13m credit).
The loss before tax was GBP511m (2021 YTD: GBP189m loss) and the
loss for the period was GBP518m (2021 YTD: GBP161m loss), both
impacted by the significant revaluation of the US
dollar-denominated debt.
Cash flow and net debt
Cash flow from operating activities was an outflow of GBP57m
(2021 YTD: GBP151m inflow), primarily due to a working capital
outflow of GBP106m (2021 YTD: GBP89m inflow). The largest driver of
the working capital outflow was a GBP137m increase in inventories
(2021 YTD: GBP7m decrease), reflecting a significant number of
ordered vehicles awaiting final parts at the end of the third
quarter. In addition, there was a GBP37m increase in receivables
(2021 YTD: GBP28m decrease) as supply chain and logistics
disruptions pushed planned deliveries towards the end of the third
quarter.
Demand for Specials remains strong with a GBP9m increase in the
deposit balance in the first nine months of 2022, as new deposits
more than offset the unwind from Specials delivered in the
period.
Capital expenditure was GBP213m, an increase of GBP78m
year-on-year with investment focused on the future product
pipeline, particularly, the next generation GT/Sports vehicles, as
well as development of the mid-engine PHEV programme.
Free cash outflow of GBP336m compared to a GBP39m outflow in the
prior year period. This was primarily due to the significant
year-on-year movement in working capital related cash flows as
detailed above, as well as the GBP78m year-on-year increase in
capital expenditure.
Cash at 30 September 2022 of GBP772m was significantly higher
(31 December 2021: GBP419m) including GBP641m of net proceeds from
the equity capital raise. Net debt of GBP833m, down from GBP892m at
31 December 2021, despite a GBP245m impact of non-cash FX
revaluation of US dollar-denominated debt as the pound weakened
against the US dollar during the period.
APPICES
Wholesale number of vehicles
YTD 2022 YTD 2021 change Q3 2022 Q3 2021 change
--------- --------- -------- --------
Total 4,060 4,250 (4%) 1,384 1,349 3%
Core (excluding Specials) 4,010 4,194 (4%) 1,366 1,313 4%
By region:
UK 694 728 (5%) 206 294 (30%)
Americas 1,152 1,438 (20%) 432 382 13%
EMEA ex. UK 785 898 (13%) 171 298 (43%)
APAC 1,429 1,186 20% 575 375 53%
By model:
Sport 1,219 959 27% 398 289 38%
GT 965 1,043 (7%) 225 433 (48%)
SUV 1,826 2,186 (16%) 743 591 26%
Other 0 6 nm 0 0
Specials 50 56 (11%) 18 36 (50%)
--------------------------- --------- --------- ------- -------- -------- -------
Note: Sport includes Vantage, GT includes DB11 and DBS, SUV
includes DBX and Other includes prior generation models
Summary Income Statement
GBPm YTD 2022 YTD 2021 Q3 2022 Q3 2021
--------- --------
Revenue 857.2 736.4 315.5 237.6
Cost of sales (571.0) (514.5) (217.4) (159.0)
Gross profit 286.2 221.9 98.1 78.6
Gross margin % 33.4% 30.1% 31.1% 33.1%
Operating expenses(2) (414.4) (287.0) (153.6) (107.7)
of which depreciation &
amortisation 208.0 137.4 76.7 52.6
Adjusted EBIT (2) (128.2) (65.1) (55.5) (29.1)
Adjusting operating items (20.2) (3.1) (3.0) (1.1)
Operating loss (148.4) (68.2) (58.5) (30.2)
Net financing expense (362.9) (120.4) (167.4) (67.7)
of which adjusting financing
income 19.0 12.9 (5.4) (1.1)
Loss before tax (511.3) (188.6) (225.9) (97.9)
Taxation (6.7) 28.0 (2.3) 8.4
Loss for the period (518.0) (160.6) (228.2) (89.5)
Adjusted EBITDA (1,2) 79.8 72.3 21.2 23.5
Adjusted EBITDA margin 9.3% 9.8% 6.7% 9.9%
Adjusted loss before tax
(2) (510.1) (198.4) (217.5) (95.7)
EPS (pence) (2,3) (156.1) (49.8)
Adjusted EPS (pence) (2,3) (155.7) (57.0)
--------------------------------------- --------- --------- -------- --------
1. For definition of alternative performance measures please see
Appendices; 2. Excludes adjusting items; 3. EPS has been restated
in the comparative period to reflect the 4 for 1 rights issue in
September 2022
Summary Cash Flow
GBPm YTD 2022 YTD 2021 Q3 2022 Q3 2021
--------- --------
Cash (used in)/generated from
operating activities (56.9) 151.4 (23.8) 47.6
Cash used in investing activities
(excl. interest) (213.4) (136.2) (75.2) (45.2)
Net cash interest (paid) / received (65.3) (54.3) (2.8) 2.8
--------- -------- --------
Free cash (outflow)/inflow (335.6) (39.1) (101.8) 5.2
Cash inflow / (outflow) from
financing activities (excl.
interest) 666.7 44.0 707.7 (18.4)
Increase / (decrease) in net
cash 331.1 4.9 605.9 (13.2)
--------- --------
Effect of exchange rates on
cash and cash equivalents 21.8 0.9 9.7 2.8
------------------------------------- --------- --------- -------- --------
Cash balance 771.8 495.2 771.8 495.2
------------------------------------- --------- --------- -------- --------
Net Debt Overview
GBPm 30-Sep-22 31-Dec-21 30-Sep-21
---------- ----------
Loan notes (1,339.5) (1,074.9) (1,074.1)
Inventory financing (39.5) (19.7) (19.3)
Bank loans and overdrafts (126.9) (114.3) (113.5)
Lease liabilities (IFRS 16) (101.3) (103.4) (98.4)
Gross debt (1,607.2) (1,312.3) (1,305.3)
---------- ----------
Cash balance 771.8 418.9 495.2
Cash not available for short term
use 2.0 1.8 1.5
----------------------------------- ---------- ---------- ----------
Net debt (833.4) (891.6) (808.6)
----------------------------------- ---------- ---------- ----------
Summary Balance Sheet
GBPm 30-Sep-22 31-Dec-21 30-Sep-21
---------- ----------
Non-current assets 1,978.2 1,974.6 1,978.1
Current assets 1,416.0 867.9 856.8
Total assets 3,394.2 2,842.5 2,834.9
Current liabilities 1,082.8 905.2 878.4
Non-current liabilities 1,526.4 1,276.9 1,267.4
Total liabilities 2,609.2 2,182.1 2,145.8
Total equity 785.0 660.4 689.1
---------- ----------
Alternative performance measures
In the reporting of financial information, the Directors have
adopted various Alternative Performance Measures ("APMs"). APMs
should be considered in addition to IFRS measurements. The
Directors believe that these APMs assist in providing useful
information on the underlying performance of the Group, enhance the
comparability of information between reporting periods, and are
used internally by the Directors to measure the Group's
performance.
-- Adjusted EBIT is loss from operating activities before adjusting items
-- Adjusted EBITDA removes depreciation, loss/(profit) on sale
of fixed assets and amortisation from adjusted operating loss
-- Adjusted EBITDA margin is adjusted EBITDA (as defined above) divided by revenue
-- Adjusted Earnings Per Share is loss after income tax before
adjusting items, divided by the weighted average number of ordinary
shares in issue during the reporting period
-- Net Debt is current and non-current borrowings in addition to
inventory financing arrangements, lease liabilities recognised
following the adoption of IFRS 16, less cash and cash equivalents,
excluding cash held not available for short-term use
-- Free cashflow is represented by cash (outflow)/inflow from
operating activities plus the cash used in investing activities
(excluding interest received) plus interest paid in the year less
interest received.
[1] Dealers' sales to customers (some Specials are direct to
customer)
[2] Company sales to dealers (some Specials are direct to
customer)
[3] Operating cashflow less capital investment and net cash
interest; note cash interest payments are in Q2 and Q4
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