monsanto 02-20-07


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monsanto 02-20-07

  2. 2. Forward-Looking Statements Certain statements contained in this presentation are quot;forward-looking statements,quot; such as statements concerning the company's anticipated financial results, current and future product performance, regulatory approvals, business and financial plans and other non-historical facts. These statements are based on current expectations and currently available information. However, since these statements are based on factors that involve risks and uncertainties, the company's actual performance and results may differ materially from those described or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, among others: continued competition in seeds, traits and agricultural chemicals; the company's exposure to various contingencies, including those related to intellectual property protection, regulatory compliance and the speed with which approvals are received, and public acceptance of biotechnology products; the success of the company's research and development activities; the outcomes of major lawsuits, including proceedings related to Solutia Inc.; developments related to foreign currencies and economies; successful completion and operation of recent and proposed acquisitions, including Delta and Pine Land Company; fluctuations in commodity prices; compliance with regulations affecting our manufacturing; the accuracy of the company's estimates related to distribution inventory levels; the company's ability to fund its short-term financing needs and to obtain payment for the products that it sells; the effect of weather conditions, natural disasters and accidents on the agriculture business or the company's facilities; and other risks and factors detailed in the company's most recent periodic report to the SEC. Undue reliance should not be placed on these forward-looking statements, which are current only as of the date of this presentation. The company disclaims any current intention or obligation to update any forward-looking statements or any of the factors that may affect actual results. Trademarks Trademarks owned by Monsanto Company and its wholly-owned subsidiaries are italicized in this presentation. Mavera™ is a trademark of Renessen. All other trademarks are the property of their respective owners. © 2007 Monsanto Company 2
  3. 3. Non-GAAP Financial Information This presentation may use the non-GAAP financial measures of “free cash flow,” and earnings per share (EPS) on an ongoing basis. We define free cash flow as the total of cash flows from operating activities and investing activities. A non-GAAP EPS financial measure, which we refer to as on-going EPS, excludes certain after-tax items that we do not consider part of ongoing operations, which are identified in the reconciliation. ROC means net income (without the effect of certain items) exclusive of after-tax interest expenses, divided by the average of the beginning year and ending year net capital employed, as defined in the reconciliation. Our presentation of non- GAAP financial measures is intended to supplement investors’ understanding of our operating performance. These non-GAAP financial measures are not intended to replace net income (loss), cash flows, financial position, or comprehensive income (loss), as determined in accordance with accounting principles generally accepted in the United States. Furthermore, these non-GAAP financial measures may not be comparable to similar measures used by other companies. The non-GAAP financial measures used in this presentation are reconciled to the most directly comparable financial measures calculated and presented in accordance with GAAP, which can be found at the end of this presentation. FISCAL YEAR: References to year, or to fiscal year, are on a fiscal year basis and refer to the 12-month period ending August 31. 3
  4. 4. OVERVIEW Building From Established Platform, Monsanto Has a Window of Opportunity to Extend Our Leadership R&D LEADERSHIP STRATEGIC PERFORMANCE SEEDS & TRAITS COMMERCIAL PLATFORM In the 10 years since the introduction of Integrated platform with commonality the first biotech trait, Monsanto has of technology and commercial invested >$5B in seeds-and-traits R&D approach among crop platforms TRAITS Monsanto developed and CHANNELS TO MARKET commercialized the first Industry’s only company to broad-acre biotech traits; widely employ dual market First to launch stacked approach of branded and traits and second- licensed seed and trait sales generation traits SEEDS Global germplasm library COMMERCIAL COORDINATION unmatched in scale – with Roundup, world’s best- 36 integrated breeding SEED & TRAIT selling herbicide brand, programs from 12 PLATFORM uniquely complements countries for corn and soy seed-and-trait platform and the world’s leading vegetable seed company BREEDING >100 breeding research FINANCIAL PERFORMANCE High-margin technology centers worldwide, business that generates underpinning companywide sustainable free cash flow focus around molecular breeding 4
  5. 5. OVERVIEW Monsanto’s Success Is Rooted in Seeds and Traits, Creating Platform for Future Growth FOCUS: SEEDS & GENOMICS GROSS PROFIT FOCUS: ONGOING EPS PERFORMANCE The EPS performance of the overall business reflects Higher margins in the seed-and-trait business focus the growth trajectory of the seeds-and-traits Monsanto’s opportunity on accelerating gross profit business, Monsanto’s leadership in the industry, and growth the commercial potential of our proven R&D pipeline $3,000 2007 EPS GUIDANCE: $1.60 15-20% GROWTH SEEDS & GENOMICS ANNUAL GROSS PROFIT $2,500 CAGR 2003-2006: 32% $1.50-$1.57 $1.40 ($ IN MILLIONS) $2,000 $1.31 $1.20 $1,500 $1.00 $1.04 $1,000 AGRICULTURAL PRODUCTIVITY $0.80 CAGR 2003-2006: $500 $0.80 (3)% $0.72 $0.60 $0 2003 2004 2005 2006 2007F 2003 2004 2005 2006 2007F 11% GROWTH 30% GROWTH 26% GROWTH 5
  6. 6. OVERVIEW “Rising Tide Lifts All Boats” Across Corn Industry, But Performance Will Still Determine Long-Term Winners GROWTH AVENUES IN A FOCUS: HISTORICAL U.S. PLANTED ACRES STRONG CORN MARKET TOTAL PLANTED ACRES OF CORN, WHEAT, SOY 90 240 Growth from additional acres 230 CORN 80 220 Additional acres provide a “rising tide” that benefits 210 ACRES (IN MILLIONS) ACRES (IN MILLIONS) SOY most ag companies 70 200 TOTAL PLANTED Depending on source of incremental acre, there can 190 be a trade-off in profit opportunity. For example, WHEAT 60 180 within Monsanto that trade-off is: 170 50 160 Favors corn, but a trade-off because of high SOYBEANS 150 Roundup Ready penetration 40 140 Favors corn, but essentially indifferent as 130 COTTON cotton acres are highly penetrated with 30 120 higher-priced stacked traits 110 WHEAT OR 20 100 COTTON Additive OTHER 90 10 80 Growth from performance 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 COTTON WHEAT SOY CORN TOTAL PLANTED ACRES Farmers want to maximize productivity in high- return environment – creating opportunity for seed companies who deliver total performance Key Factors: Average swing of corn acres over the last decade is GERMPLASM Ultimate yield potential is reflected in roughly 1 percent; Last significant acre swing PERFORMANCE the core seed occurred in mid-1980s With yield focus, stacks – and triples TRAIT 2007 could represent the largest acreage swing in especially – are the trait package of AVAILABILITY decades because of the new dynamic of ethanol on choice top of the established export demand 6 Source: USDA, FAPRI and Monsanto estimates
  7. 7. OVERVIEW Farmers Buy Yield; Our Business Strategy Is Oriented Around Meeting That Customer Need R&D APPROACH PERCENT OF GENETIC YIELD GENETIC POTENTIAL FARM APPROACH GAIN PRESERVED = X Farmer’s Purchase Inherent yield possible from the seed Amount of yield potential Decision BREEDING GERMPLASM protected = SEED • Starting point of all agriculture; farmers maximize genetics in seed for yield • 60% of farmers select • Germplasm library • >2,000 genetic seed first, then • Monsanto is only assembled from markers used by decide on biotech company to develop 36 programs in 12 traits breeders for corn and commercialize countries X today complete above- • >100 breeding • 50% of breeding ground, below-ground research centers population comes insect-control and worldwide from intra-company, TECHNOLOGY weed-control traits inter-country crosses • Technology is used to protect and maximize • Molecular breeding yield potential of seed improves genetic potential by 2X versus conventional breeding 7
  8. 8. U.S. CORN First Decision Farmers Make Is Seed Germplasm; More and More Farmers Have Been Choosing Monsanto Seed U.S. CORN MARKET SHARE EVOLUTION MONSANTO BRANDS AND LICENSEES U.S. Corn LICENSEES’ BRANDS 60% AMERICAN SEEDS, INC. BRANDS SITUATION: ASGROW AND DEKALB BRANDS • In 2006, Monsanto’s DEKALB 50% In 2007, and Asgrow brands grew by 3 national market share points 40% brands • Over 5 years, comparable market share gain was 9 points expected to 30% OUTLOOK: grow at upper end of 20% • In 2007, DEKALB and Asgrow 1 – 2 share brands expected to gain at the upper end of 1 - 2 share points 10% points • ASI companies expected to 0% gain up to 0.5 share points 2001 2002 2003 2004 2005 2007F through organic growth 2006 ACREAGE EXPANSION In 2006, the addition of 1 market share point in a Monsanto national brand translated into an average incremental value of approximately $10M-$15M in gross profit opportunity for Monsanto for the seed alone 8
  9. 9. U.S. CORN Breeding Strength Translates to Commercial Growth Opportunity 2006 TESTING: YIELD DIFFERENCE VERSUS COMPETITIVE CHECKS BY CHANNEL1 U.S. Corn 12.00 SITUATION: 10.00 • In 2006, yield data across all BUSHELS PER ACRE three channels and essentially 8.00 across all maturity zones indicates a yield advantage 6.00 over best-in-class competitors1 4.00 OUTLOOK: 2.00 • Gains in the 110-day market are most significant, both 0.00 from a breeding perspective 110 2 and a sales growth 95 100 105 110 115 perspective RELATIVE MATURITIES (DAYS) 2006-TO-2007 CHANGE IN ORDERS BY MATURITY ZONE IN EACH CHANNEL LICENSED BRANDS 1. For purposes of this testing, the competitive REGIONAL BRANDS checks excluded any Monsanto or Monsanto licensed germplasm NATIONAL BRANDS 2. In the 100 day maturity zone, ASI’s bushels per acre are statistically indifferent when compared to best Increased orders Flat orders Decreased orders competitive checks 9
  10. 10. U.S. CORN With Higher Demand for Stacks, the “Average” DEKALB Acre Now Contains More Than Two Traits TRAIT PENETRATION TRENDS U.S. Corn ACROSS KEY COMMERCIAL CHANNELS SITUATION: • With increased stacking, DEKALB/ASGROW 2.5 2007F TRAIT there is a positive mix (AVERAGE NUMBER OF TRAITS PER INTENSITY: > 2.0 TRAIT INTESITY INDEX effect across the 2 portfolio OUTLOOK: TRAIT ACRE) 2007F TOTAL 1.5 MARKET TRAIT • In 2007, the trait intensity INTENSITY LESS for DEKALB and Asgrow BRANDED: 1.7 1 will surpass 2.0 for the first time – reflecting that 0.5 the average corn acre now contains more than 0 2 biotech traits 2003 2004 2005 2006 2007F • With an infusion of TRIPLE STACKED technology, ASI’s trait TRAIT PENETRATION STACKED PENETRATION PENETRATION penetration levels are closing in on DEKALB 2006 2007F 2006 2007F 2006 2007F and Asgrow LICENSED BRANDS • In our DEKALB and 55% 60 - 65% 43% 55 - 60% 7% 10 - 15% Asgrow brands, our triple-stacks are sold out REGIONAL BRANDS 75% 80 - 85% 55% 65 - 70% 15% >30% NATIONAL BRANDS 90% 90 - 95% 69% 70 - 75% 20% >35% 10
  11. 11. U.S. CORN Multi-Generational Drought-Tolerant Corn Creates Value Across Multiple Market Segments KEY MARKET ACRES U.S. BRAZIL ARGENTINA AVAILABLE MARKET 80M 30M 6M Drought-Tolerant Corn PERCENT PENETRATED 0% 0% 0% P R O JE CT SEGMENTED VALUE OPPORTUNITY ACROSS MARKETS: U.S. EXAMPLE R&D Pipeline Drought-Tolerant Corn High annual PROJECT CONCEPT: precipitation First-generation drought tolerance is targeted to minimize uncertainty in farming by buffering against the effects of water limitation, primarily in areas of annual water stress 2006 PERFORMANCE UPDATE: Low annual precipitation Phase 2 2006 STATUS: Source: Spatial Climate Analysis VALUE CONSIDERATIONS: Service, Oregon State University • Farmers value water-use in “acre-inches WESTERN IRRIGATED STABILITY DRYLAND of water” needed to support yield potential – farmers need 18-20 inches of 8-12M acres 10-12M acres 50-60M acres moisture from natural or irrigated sources during growing season 14-18” typical 14-18” typical 17-19” typical precipitation in growing precipitation in growing precipitation in growing • Value of trait is in better yields under season season season moisture stressed conditions: Varies by Irrigated Non-irrigated Non-irrigated region Value is in replacing Value is in improved Value is in improved VALUE CATEGORIES: irrigation, reducing the yields annually, by yields when moisture is RETAIL variable costs of improving water-use less than optimal $10 - $30/acre VALUE/ACRE: irrigation efficiency 11
  12. 12. U.S. CORN Nitrogen Utilization Corn Change the Dynamics of Corn Production for Farmers KEY MARKET ACRES U.S. BRAZIL EUROPE AVAILABLE MARKET 80M 30M 24M Nitrogen Utilization PERCENT PENETRATED 0% 0% 0% Corn 2006 TESTING: 2006 FIELD RESULTS CONFIRM CONTINUED R&D Pipeline PERFORMANCE OF LEADS IDENTIFIED IN 2005 Nitrogen Utilization Corn LEAD NITROGEN UTILIZATION GENE (ACROSS 3 LOCATIONS: ILLINOIS AND IOWA) PROJECT CONCEPT: 175 Targets ways that corn plants can use nitrogen more efficiently, exploring the 170 potential to boost yield under normal 165 EVENT 1 nitrogen conditions or stabilize yield in YIELD PER ACRE EVENT 2 low nitrogen environments 160 KEY RESULTS CONTROL 2006 PERFORMANCE UPDATE: 155 Phase 1 2006 STATUS: 150 Reduction in Applied Nitrogen • Second year proof-of-concept 145 testing confirmed 2005 lead genes 140 across multiple locations and 0 40 80 180 nitrogen rates and added new NITROGEN INPUT: LBS/ACRE gene candidates for further testing VALUE CATEGORIES: Reading right to left, what scientists will look for to RETAIL $10 - $30/acre VALUE/ACRE: establish proof of concept is when nitrogen application is decreased, the total yield per acre remains stable. In 2006 data, the 2 events show no yield drop off as the nitrogen application levels decrease from 180 lbs/ac to 40 lbs/ac 12
  13. 13. U.S. CORN Renessen Corn Processing System May Rebalance Ethanol Energy Equation R&D Pipeline RENESSEN OPPORTUNITY Renessen Corn Processing As more plants come on line following the ramp-up phase, ethanol plant Technology profitability will revolve around efficiency and value streams created. Renessen’s PLATFORM CONCEPT: process provides a bolt-on addition that makes ethanol plants more efficient and more profitable. Renessen’s technology seeks to utilize the components of corn more #2 YELLOW ELEVATOR HAMMER MILL FERMENTATION DISTILLATION ETHANOL CORN effectively to generate higher value products 2007 UPDATE: RENESSEN FRACTIONATION • Pilot plant construction HIGHLY AND FERMENTABLE DRYING complete FRACTIONATION FRACTION EXTRACTION • Integrated fractionation PROCESS and extraction testing to begin by the end of HIGH OIL HIGH-PROTEIN, Bolts on to FRACTION LOW-OIL DDG February existing ethanol plants • High value feed trials to CORN OIL FOR FOOD OR Creates 4 begin with swine in BIODIESEL additional OIL March; testing to value streams EXTRACTION VALUE STREAMS continue throughout year HIGH-VALUE SWINE AND RENESSEN PROCESS STEPS POULTRY FEED • High value DDG trials for CONVENTIONAL ETHANOL PROCESS cattle to take place during year 13
  14. 14. U.S. SOYBEANS Growth in Demand for Feed, Food and Fuel Will Create New Specialty Opportunities for Soybeans in U.S. U.S. VERSUS SOUTH AMERICAN SOYBEAN PLANTED ACREAGE U.S. Soybeans 120 SITUATION: • U.S. soybean acreage is SOUTH AMERICAN trending flat to down 100 PLANTED ACRES because of favorable corn economics 80 • South American soybean acreage is expected to grow U.S. PLANTED ACRES to support increasing global 60 demand for protein especially from China 40 OUTLOOK: • Domestic demand for feed, food and fuel products will 20 remain strong creating opportunity for specialty 0 markets in the U.S • With acres trending lower, 2004 2005 2006 2007F 2008F 2009F 2010F productivity is key and will be highly dependent on technology and germplasm U.S. PLANTED SOUTH AMERICAN ACRES PLANTED ACRES Source: USDA, FAPRI and Monsanto estimates 14
  15. 15. U.S. SOYBEANS Molecular Breeding Increasing Performance Benefit in Soybeans Versus Competitors Soybean Breeding SOYBEAN BREEDING: 2006 U.S. COMPETITIVE SOYBEAN YIELD R&D Pipeline ASGROW / DEKALB Soybean Breeding COMPETITORS 60 PLATFORM CONCEPT: 58 Monsanto is using the most 56 advanced tools of genomics, BUSHELS/ACRE molecular markers and IT resources 54 to more efficiently select for the best base germplasm for soybeans 52 2006 PERFORMANCE UPDATE: 50 • Yield data from 2006 indicates 48 continued yield advantage for national brands versus best-in- 46 class competitors 44 42 40 RELATIVE MATURITIES 4 5 0 1 2 3 15
  16. 16. U.S. SOYBEANS Roundup RReady2Yield Soybeans Advance to Phase 4, Beginning Pre-Launch Activities KEY MARKET ACRES U.S. BRAZIL ARGENTINA Roundup RReady2Yield AVAILABLE MARKET 70M 60M 35M Soybeans PERCENT PENETRATED 0% 0% 0% P R O JE CT R&D Pipeline 2006 TESTING: RELATIVE PERFORMANCE OF ROUNDUP READY AND ROUNDUP RREADY2YIELD EXPERIMENTAL LINES Roundup RReady2Yield Soybeans PROJECT CONCEPT: Second-generation of Monsanto’s PERCENT OF POPULATION 50 ROUNDUP READY popular herbicide-tolerant ROUNDUP EXPERIMENTAL platform in soybeans that will RREADY2YIELD LINES 40 EXPERIMENTAL LINES provide farmers with soybeans that have enhanced yield, with a 30 target of up to 5 bushel-per-acre KEY RESULTS yield increase over comparable 20 Roundup Ready soybeans 10 2006 PERFORMANCE UPDATE: Phase 4 2006 STATUS: -10 -5 0 5 10 15 VALUE CONSIDERATIONS: YIELD DIFFERENCE (BU/AC) • Value is additive with target of up 2006 breeding trials compared Roundup RReady2Yield to 5 bushel-per-acre yield experimental lines with Roundup Ready experimental lines that improvement over comparable were in the same stage of development. The Roundup Roundup Ready soybeans RReady2Yield lines averaged 3 to 5 bushels per acre higher than VALUE CATEGORIES: Roundup Ready experimental lines – shifting the entire yield curve positively and providing further validation for the product RETAIL $10 - $30/acre VALUE/ACRE: concept target of up to a 5 bushel-per-acre yield increase 16
  17. 17. U.S. SOYBEANS Vistive III Soybeans Continue To Meet or Exceed Commercial Targets KEY MARKET ACRES U.S. AVAILABLE MARKET 12-15M Vistive III Soybeans PERCENT PENETRATED 0% P R O JE CT IMPROVING THE NUTRITIONAL PROFILE OF R&D Pipeline SOYBEAN OIL Vistive III Soybeans LINOLENIC LINOLEIC OLEIC SATS PROJECT CONCEPT: 18:3 18:2 18:1 18:0 / 16:0 Combining both breeding and biotechnology, Vistive III is designed to lower linolenic and saturate content while boosting oleic content for a profile similar to olive oil 2006 PERFORMANCE UPDATE: Phase 2 2006 STATUS: Major market segments for U.S. soybean oil VALUE CONSIDERATIONS: NON- HYDROGENATED- HYDROGENATED- HYDROGENATED FRYING BAKING • Approximately 40M acres of U.S. soybean crop For salad oils, For various frying For various baking is crushed for oil; Vistive III is optimal for Non- household use applications applications hydrogenated and Hydrogenated-Frying segments (see table at right) Uses 50% of total Uses 25% of total Uses 25% of total crushing (~20M crushing (~10M crushing (~10M • Vistive III has replacement value; To be priced acres) acres) acres) at a premium to conventional soybean oil • Market opportunity assumes competition from other sources for different needs of different Source: Soyatech, USDA food applications VALUE CATEGORIES: RETAIL VALUE/ACRE: $10 - $30/acre 17
  18. 18. U.S. COTTON Profitability in Cotton Favors Farmers Who Adopt Best Technologies GROWER PROFITABILITY ESTIMATE BASED ON 2006 YIELDS AND INPUT COSTS AND 2007 U.S. Cotton 600 COMMODITY PRICES SITUATION: • Growers will grow the 500 most profitable crops OUTLOOK: 400 DOLLARS / ACRE • Monsanto’s second generation traits including Bollgard II and 300 Roundup Ready Flex should help cotton 200 farmers improve profitability 100 0 COTTON CORN SOY WHEAT RETAIL VALUE COST Source: University Studies, USDA and Monsanto estimates 18
  19. 19. U.S. COTTON Upgrade to Second-Generation Cotton Traits Flourishes, Highlighted by 2007 Roundup Ready Flex Growth PENETRATION RATE OF SECOND-GENERATION TRAITS PENETRATION TREND OF COTTON TRAITS AS A PERCENT OF ANNUAL PLANTED ACRES1 U.S. Cotton 2006 RESULTS SITUATION: • Cotton trait platform is the first 17% Bollgard II to move forward on complete replacement of first-generation 14% Roundup traits with second-generation Ready Flex upgrades • Roundup Ready Flex cotton 2007 FORECAST launched in the U.S. in 2006; 25-30% Launched in Australia for Bollgard II FY2007 planting 25-30% Roundup OUTLOOK: Ready Flex • Transition to second- generation traits continues in 2007 0% 5% 10% 15% 20% 25% 30% • Roundup Ready Flex was planted on ~14% of planted ROUNDUP READY FLEX acres in 2005 – that should double in 2007 Even on potentially lower total planted acres, Roundup Ready Flex penetration rate should double in 2007 to >25% of total cotton crop 1. Percent of annual planted acres reflects the ratio of number of actual trait acres planted to total planted acres in the identified year for the specified geography 19
  20. 20. U.S. COTTON Upgrade to Double-Double Stacks in Cotton Significantly Enhances Value Versus Seed Alone INCREASED U.S. COTTON TRAIT RETAIL VALUE EXAMPLE: VALUE PROGRESSION OF COTTON TRAITS IN NORTH DELTA REGION OF U.S. U.S. Cotton 2 SITUATION: • Cotton trait platform is first to TRAIT RETAIL VALUE PER ACRE 1.50 move forward on complete 1.5 replacement of first-generation 1.17 traits with second-generation 1.00 upgrades (INDEXED) 1 • Roundup Ready Flex cotton launched in the U.S. in 2006; Launched in Australia for 0.5 FY2007 planting OUTLOOK: • From the base of a single trait, 0 move to second-generation SEED ONLY FIRST-GEN SINGLE FIRST-GEN DOUBLE-DOUBLE stack – ‘double-double’ – can STACKED increase retail value by 50 ADDITIVE VALUE IN STACKS percent Each trait in a stacked combination adds functionality and value for the farmer. Second-generation stacks further enhance that added performance 20
  21. 21. SUMMARY All Six Growth Drivers Are On Track in 2007, Setting Stage for Continued Growth Through End of Decade MONSANTO’S OPPORTUNITY FY2007 PRIORITIES FACTOR FOCUS: GROSS PROFIT AS A PERCENT OF SALES • Drive trait penetration, especially triple-stacks 54% U.S. corn • Seed market share growth in U.S. national and ASI brands GROSS MARGIN ‘PULL’ 52% International • Grow market share in key international market corn • Achieve 2.5-5 cents EPS for 50% Global biotech Roundup Ready soybeans in traits Brazil • Complete Delta & Pine Land 48% acquisition Cotton CURRENT LEVEL platform • Continue penetration of second- generation stacked traits in U.S. 46% • Achieve 10-12.5 cents EPS Seminis contribution 44% 2003 2004 2005 2006 2007F 2008F 2009F 2010F • Emphasis on “HIT” projects R&D pipeline 21
  22. 22. Reconciliation of Non-GAAP Financial Measures Reconciliation of Free Cash Flow Fiscal Year 2007 $ Millions Target Net Cash Provided (Required) by Operations $1,375 - $1,450 Net Cash Provided (Required) by Investing Activities (500) Free Cash Flow $875 - $950 Net Cash Provided (Required) by Financing Activities N/A Effect of Exchange Rate Changes on Cash and Cash Equivalents N/A Net Increase (Decrease) in Cash and Cash Equivalents N/A 22