Appendix: GAAP to Non-GAAP reconciliation
The tables below present a reconciliation of the Company’s presented GAAP measures to the most directly comparable non -GAAP measures (unaudited; in millions, except per share amounts):
2025 January Estimate and 2028 Target
Twelve months ended December 31, 2022
Low
High 2028
Consolidated
2025
2028
Access
Vocational $ 154.4
Transport
Operating income (GAAP)
9.3% 11.6%
13.6% 0.4% 14.0%
Operating income (GAAP)
$ 313.2
$
53.2
Amortization of purchased intangibles Adjusted operating income (Non-GAAP)
0.6%
0.4%
Amortization of purchased intangibles
0.4
5.1 2.1
- - -
9.9% 12.0%
Intangible asset impairments Foreign entity liquidation
-
4.6
-
Low
High 2028
Adjusted operating income (non-GAAP)
$ 318.2
$ 161.6
$
53.2
Consolidated
2025
2028
Earnings per share (GAAP)
$ 10.30
$ 17.40
$ 21.40
Amortization of purchased intangibles Adjusted earnings per share (Non-GAAP)
0.70
0.60
0.60
$ 11.00
$ 18.00
$ 22.00
2025
Free Cash Flow
Low
High
Net cash provided by operating activities Additions to property, plant, and equipment
$ 550
$ 650
(250)
(250)
Free cash flow
$ 300
$ 400
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