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CTS Corporation
Definition of Financial Term - "Controllable Working Capital as a Percentage of Annualized Sales"
($ in millions)
Controllable working capital is defined as accounts receivable plus inventories less accounts payable
March 31
2016
2015
2015
As of December 31
2014
2013
2012
2011
Net accounts receivable
Acquisition adjustments - D&R
Adjusted net accounts receivable
$
$
$
64.8 $
$
64.8 $
67.1
67.1
$
$
$
54.6 $
$
54.6 $
56.9 $
$
56.9 $
62.7 $
$
62.7 $
89.4 $
(8.1) $
81.3 $
88.4
88.4
Net inventory
Acquisition adjustments - D&R
Adjusted net inventory
$
$
$
26.1 $
$
26.1 $
28.6
28.6
$
$
$
24.6 $
$
24.6 $
27.9 $
$
27.9 $
32.2 $
$
32.2 $
82.6 $
(6.7) $
75.9 $
92.5
92.5
Accounts payable
Acquisition adjustments - D&R
Adjusted accounts payable
$
$
$
44.0 $
$
44.0 $
44.2
44.2
$
$
$
40.3 $
$
40.3 $
43.3 $
$
43.3 $
47.1 $
$
47.1 $
67.7 $
(3.7) $
64.1 $
80.5
80.5
Controllable working capital
$
46.9 $
51.5
$
38.9 $
41.5 $
47.8 $
93.1 $ 100.4
Fourth quarter sales
Multiplied by 4
Annualized sales
$
96.7 $ 98.3
4
4
$ 386.8 $ 393.2
$
Controllable working capital as a % of annualized sales
12.1%
13.1%
93.3 $ 100.4 $ 102.4 $ 138.3 $ 144.0
4
4
4
4
4
$ 373.2 $ 401.6 $ 409.5 $ 553.2 $ 576.0
10.4%
10.3%
11.7%
16.8%
17.4%