Brunswick Corporation · Earnings release · 8-K Exhibit 99

News Release

Release:

IMMEDIATE

Contact:

Neha Clark

Senior Vice President Enterprise Finance

Phone:

Contact:

Lee Gordon

Vice President - Brunswick Global Communications & Public Affairs

Phone:

Email:

lee.gordon@brunswick.com

Brunswick Reports Fourth Quarter and Full-Year Results

Resilient 2024 Despite Challenging Environment

Outstanding Full-Year Operating and Free Cash Flow Generation

Full-Year GAAP Diluted EPS of $2.21 and As Adjusted Diluted EPS of $4.57

2025 Guidance: Net Sales Between $5.2 and $5.6 Billion; Adjusted Diluted EPS Range of $3.50 - $5.00

METTAWA, Ill., January 30, 2025 -- Brunswick Corporation (NYSE: BC) today reported full-year and fourth quarter results for 2024:

2024 Full-Year Financial Results:

in millions (except per share data)

GAAP

Change vs FY'23

As Adjusted

Change vs FY'23

Net Sales

$

$

Operating Earnings

$

$

Operating Margin

bps

bps

Diluted EPS from Continuing Operations

$

$

bps = basis points

Fourth Quarter 2024 Financial Results:

in millions (except per share data)

GAAP

As Adjusted

Net Sales

$

$

Operating Earnings

$

NM

$

Operating Margin

NM

Diluted EPS from Continuing Operations

$

NM

$

bps = basis points

NM = not meaningful

"We had a very solid finish to 2024 characterized by significant cash generation in the fourth quarter, further outboard engine market share gains, T1successful new product launches, and optimal operating performance in the circumstances, all of which enabled us to conclude full-year 2024 slightly ahead of our recent expectations," said David Foulkes, Brunswick Chief Executive Officer. "Our ongoing diligent management of field inventory and production volumes resulted in well-balanced levels exiting the year, with T236.8 weeks on hand of boats in the U.S. dealer pipeline.

In line with prior expectations, U.S. new boat retail sales ended 2024 down a high single-digit percent versus 2023, with Brunswick performing slightly better than the industry in important premium segments. With dealer and retailer inventories well positioned, our channel partners have shifted their focus towards early season boat shows, which have been fairly encouraging to date.

Our T3continued focus on cost containment, robust capital strategy execution, and successful efforts to manage working capital resulted in T4full-year free cash flow conversion of 92%, even as we continued to invest in new products and technologies to support strategic growth initiatives.

As anticipated, reduced production in our propulsion business resulted in lower net sales and operating earnings in the fourth quarter versus 2023, however, we continue to outperform the market and T5gained 110 basis points of retail outboard engine share in the U.S. during the year.

Our engine parts and accessories businesses delivered slightly lower net sales and earnings in the fourth quarter versus prior year. However, this segment grew earnings and operating margins for the full-year, led by the Products portion of the business and the operational efficiencies resulting from the completed transition to the Brownsburg, Indiana distribution center.

Navico Group sales were essentially flat versus the fourth quarter of 2023, with well received and positioned new products supporting higher net sales in the Aftermarket business versus prior year, and a solid holiday season performance which, together with continued cost control and complexity reduction, resulted in sequentially higher sales and adjusted earnings versus the third quarter. Navico Group continues to invest in market leading technologies and expand its customer base for advanced integrated and connected solutions.

Our boat business delivered sales and earnings in the quarter consistent with expectations, while continuing to ensure healthy pipeline inventory levels as we enter 2025. Strong demand for premium products, together with market share gains in several categories, helped to provide a stable baseline for 2025. Finally, Freedom Boat Club had another strong quarter, continuing to integrate its recent acquisitions while growing membership and attracting a younger and increasingly diverse customer base. Over the past twelve months Freedom added many new locations in the U.S., Europe, Australia, and New Zealand, and plans to continues on a path to add more regions enabled by its convenient, synergistic, and cycle-resilient business model," Foulkes concluded.

2024 Fourth Quarter Results

For the fourth quarter of 2024, Brunswick reported consolidated net sales of $1,154.9 million, down from $1,361.9 million in the fourth quarter of 2023. Diluted EPS for the quarter was $(1.07) on a GAAP basis and $0.24 on an as adjusted basis. Sales were below prior year as anticipated as the impact of continued lower wholesale ordering by dealers, OEMs and retailers, coupled with higher discounts in select segments, and unfavorable changes in foreign currency exchange rates, were only partially offset by annual price increases and well received new products. Operating earnings and margin declined versus the fourth quarter of 2023 resulting from the impact of lower net sales, T6intangible asset impairment charges related to Navico Group, and lower absorption from decreased production levels, partially offset by ongoing cost control efforts.

Additionally, versus the fourth quarter of 2023:

Propulsion segment reported a 24 percent decrease in sales due to the enterprise factors listed above, partially offset by continued market share gains in outboard engines. Segment operating earnings were below prior year due to the impact of sales declines, lower absorption, and higher labor and material inflation, partially offset by cost control measures.

Engine Parts and Accessories segment reported a 5 percent decrease in sales as the impact from slightly lower domestic sales were only partially offset by higher sales in certain International markets versus prior year. Segment operating margins decreased slightly in the quarter versus prior year, but increased 80 and 90 basis points for the full-year on a GAAP and as adjusted basis, respectively, as the impact of annual pricing and lower operating expenses more than offset lower volumes and higher material inflation.

Navico Group segment reported a 1 percent decrease in sales as the business experienced softer marine OEM orders and the continued weak RV manufacturing environment in the quarter which were mostly offset by the higher net sales in the resilient Aftermarket business. GAAP and adjusted segment operating earnings decreased in the quarter due to the factors stated above, however, adjusted operating earnings increased sequentially versus the third quarter driven by strong performance in the Aftermarket business and ongoing cost control measures.

Boat segment reported an 18 percent decrease in sales resulting from softer wholesale orders, as we continued to manage healthy pipeline levels ahead of 2025, with higher levels of selective discounting offsetting the impact of pricing actions taken earlier in the year. Freedom Boat Club delivered another strong quarter, contributing approximately 12 percent of sales to the segment. Segment operating earnings declined resulting from the net sales declines and lower absorption due to reduced production levels.

Review of Cash Flow and Balance Sheet

Cash and marketable securities totaled $286.7 million at the end of 2024, down $193.0 million from year-end 2023 levels.

Net cash provided by operating activities of continuing operations, which includes net earnings net of non-cash items, totaled $449.5 million during the year, down $295.7 million from prior year, primarily due to lower net earnings.

Investing and financing activities resulted in net cash usage of $611.6 million during 2024, primarily including $613.2 million of long-term debt repayments, T7$200.0 million of share repurchases, $167.4 million of capital expenditures, $112.3 million of dividend payments, $87.4 million of short-term debt repayments, and $80.9 million of purchases of marketable securities, net of $396.9

million of proceeds from the issuance of long-term debt, $201.1 million of proceeds from the issuance of short-term debt, and $82.1 million of sales or maturities of marketable securities.

"2025 has the potential to be a year of steadily easing financial conditions, and while T8we enter the year with a cautious outlook, particularly for the first quarter, we have already launched many new products across our businesses and we remain extremely focused on delivering steady free cash flow and resilient EPS, and driving continued strong shareholder returns. Our disciplined pipeline management, strong operational performance and continued investments in new products and growth, coupled with prudent cost containment actions, strong cash management and generation, and a thoughtful capital strategy, provide what we believe to be the necessary controllable levers in this uncertain consumer and business environment.

We are extremely pleased with the enormous excitement generated by Brunswick's presence at the Consumer Electronics Show in early January, where we presented our full portfolio of already commercialized and upcoming new ACES and Boating IntelligenceTM products, technologies, and concepts, and at the positive momentum and sentiment coming out of the early-season boat shows, including Dusseldorf, Toronto and Minneapolis, all of which position us well entering 2025." said Foulkes.

"Accordingly, we are providing the following guidance for 2025, anticipating:

1.U.S. marine industry retail unit sales to be flat versus 2024;

2.T9Net sales between $5.2 billion and $5.6 billion;

3.Adjusted operating margin of between 7.5 and 9.0 percent;

4.Free cash flow in excess of $350 million;

5.Adjusted diluted EPS in the range of $3.50 - $5.00; and

6.First quarter 2025 revenue of between $1.0 to $1.2 billion, and adjusted diluted EPS of between $0.15 and $0.25.

Let me close by expressing my extreme appreciation and gratitude to all Brunswick employees around the world as well as our many partners for their commitment, strong execution, innovation and support to deliver such a terrific year in a challenging environment.

Finally, I hope you will join us on Thursday afternoon, February 13 at the Miami Boat Show for an Investor and Analyst Event as we showcase our many exciting new products and demonstrate the power of our technology and our enterprise synergies," Foulkes concluded.

Use of Non-GAAP Financial Information

A reconciliation of GAAP to non-GAAP financial measures used in this release, including adjusted operating earnings, adjusted operating margin, free cash flow, free cash flow conversion, and adjusted diluted EPS, is provided in the reconciliation sections of the consolidated financial statements accompanying this release.

In order to better align Brunswick's reported results with the internal metrics used by Brunswick's management to evaluate business performance as well as to provide better comparisons to prior periods and peer data, non-GAAP measures used in this release exclude the impact of purchase accounting amortization related to acquisitions, among other adjustments.

Brunswick does not provide forward-looking guidance for certain financial measures on a GAAP basis because it is unable to predict certain items contained in the GAAP measures without unreasonable efforts. These items may include restructuring, exit and impairment costs, special tax items, acquisition-related costs, and certain other unusual adjustments.

Conference Call Scheduled

Brunswick will host a conference call today at 10 a.m. CST, hosted by David M. Foulkes, chief executive officer, Ryan M. Gwillim, executive vice president and chief financial and strategy officer, and Neha Clark, senior vice president enterprise finance. The call will be broadcast over the Internet at www.brunswick.com/investors. To listen to the call, go to the website at least 15 minutes before the call to register, download, and install any needed audio software.

See Brunswick’s website for slides used to supplement conference call remarks at www.brunswick.com/investors.

Security analysts and investors wishing to participate via telephone should call 877-900-9524 (no password needed). Callers outside of North America should call 412-902-0029 (no password

needed) to be connected. These numbers can be accessed 15 minutes before the call begins, as well as during the call. A replay of the conference call will be available through 1 p.m. CST Thursday February 6, 2025, by calling 877-660-6853 or 201-612-7415 (Access ID: 13743636). The replay will also be available at www.brunswick.com/investors.

Forward-Looking Statements

Certain statements in this news release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations, estimates, and projections about Brunswick’s business and by their nature address matters that are, to different degrees, uncertain. Words such as “may,” “could,” “should,” “expect,” "anticipate," "project," "position," “intend,” “target,” “plan,” “seek,” “estimate,” “believe,” “predict,” “outlook,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this news release. These risks include, but are not limited to: the effect of adverse general economic conditions, including rising interest rates, and the amount of disposable income consumers have available for discretionary spending; changes in currency exchange rates; fiscal and monetary policy changes; adverse capital market conditions; competitive pricing pressures; higher energy and fuel costs; managing our manufacturing footprint and operations; loss of key customers; international business risks, geopolitical tensions or conflicts, sanctions, embargoes, or other regulations; actual or anticipated increases in costs, disruptions of supply, or defects in raw materials, parts, or components we purchase from third parties; supplier manufacturing constraints, increased demand for shipping carriers, and transportation disruptions; adverse weather conditions, climate change events and other catastrophic event risks; our ability to develop new and innovative products and services at a competitive price; our ability to meet demand in a rapidly changing environment; absorbing fixed costs in production; public health emergencies or pandemics; risks associated with joint ventures that do not operate solely for our benefit; our ability to successfully implement our strategic plan and growth initiatives; attracting and retaining skilled labor, implementing succession plans for key leadership, and executing organizational and leadership changes; our ability to integrate acquisitions and the risk for associated disruption to our business; our ability to identify, complete, and integrate targeted acquisitions; the risk that restructuring or strategic divestitures will not provide business benefits; maintaining effective distribution; dealers and customers being able to access adequate financing; inventory reductions by dealers, retailers, or independent boat builders;

requirements for us to repurchase inventory; risks related to the Freedom Boat Club franchise business model; outages, breaches, or other cybersecurity events regarding our technology systems, which have affected and could further affect manufacturing and business operations and could result in lost or stolen information and associated remediation costs; our ability to protect our brands and intellectual property; T10changes to trade policy and tariffs; an impairment to the value of goodwill and other assets; product liability, warranty, and other claims risks; legal, environmental, and other regulatory compliance, including increased costs, fines, and reputational risks; changes in income tax legislation or enforcement; managing our share repurchases; and risks associated with certain divisive shareholder activist actions.

Additional risk factors are included in the Company’s Annual Report on Form 10-K for 2023 and in subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and Brunswick does not undertake any obligation to update them to reflect events or circumstances after the date of this news release.

About Brunswick

Brunswick Corporation (NYSE: BC) is the global leader in marine recreation, delivering innovation that transforms experiences on the water and beyond. Our unique, technology-driven solutions are informed and inspired by deep consumer insights and powered by our belief that “Next Never Rests™”. Brunswick is dedicated to industry leadership, to being the best and most trusted partner to our many customers and to building synergies and ecosystems that enable us to challenge convention and define the future. Brunswick is home to more than 60 industry-leading brands. In the category of Marine Propulsion, these brands include Mercury Marine, Mercury Racing, MerCruiser and Flite. Brunswick’s comprehensive collection of parts, accessories, distribution and technology brands includes Mercury Parts & Accessories, Land ‘N’ Sea, Lowrance, Simrad, B&G, Mastervolt, RELiON, Attwood and Whale.

Our boat brands are some of the best known in the world, including Boston Whaler, Lund, Sea Ray, Bayliner, Harris Pontoons, Princecraft and Quicksilver. Our service, digital and shared-access businesses include Freedom Boat Club, Boateka and a range of financing, insurance and extended warranty businesses. While focused primarily on the marine industry, Brunswick also successfully leverages its portfolio of advanced technologies to deliver an exceptional suite of solutions in mobile and industrial applications. Headquartered in Mettawa, IL, Brunswick has approximately 14,500 employees operating in 26 countries. In 2024, Brunswick was named America's Best Large Employers for 2024 by Forbes Magazine for the sixth consecutive year in addition to winning more than 100 awards across the enterprise for the third straight year. For more information, visit www.Brunswick.com.

Brunswick Corporation

Comparative Condensed Consolidated Statements of Operations

(in millions, except per share data)

(unaudited)

Three Months Ended

Twelve Months Ended

% Change

% Change

Net sales

$

$

%

$

$

%

Cost of sales

%

%

Selling, general and administrative expense

(9)

%

(8)

%

Research and development expense

(8)

%

(8)

%

Restructuring, exit and impairment charges

NM

NM

Operating (loss) earnings

NM

%

Equity earnings (loss)

7

%

NM

Other income, net

NM

%

(Loss) earnings before interest and income taxes

NM

%

Interest expense

%

%

Interest income

%

%

Loss on early extinguishment of debt

—

NM

—

NM

(Loss) earnings before income taxes

NM

%

Income tax (benefit) provision

NM

%

Net (loss) earnings from continuing operations

$

$

NM

$

$

%

Net loss from discontinued operations, net of tax

%

%

Net (loss) earnings

$

$

NM

$

$

%

Earnings per common share:

Basic

(Loss) earnings from continuing operations

$

$

NM

$

$

%

Loss from discontinued operations

%

%

Net (loss) earnings

$

$

NM

$

$

%

Diluted

(Loss) earnings from continuing operations

$

$

NM

$

$

%

Loss from discontinued operations

%

%

Net (loss) earnings

$

$

NM

$

$

%

Weighted average shares used for computation of:

Basic earnings per common share

Diluted earnings per common share

Effective tax rate (A)

%

%

%

%

NM = not meaningful

(A) The decrease in the effective tax rate for the year ended December 31, 2024 compared to the prior year is due to the discrete income tax expense recorded in connection with intercompany sales of intellectual property rights during the first and third quarters of 2023.

Brunswick Corporation

Reconciliation of Non-GAAP Measures - Consolidated

(in millions, except per share data)

(unaudited)

Three Months Ended

Operating Earnings

Diluted Earnings Per Share

GAAP

$

$

$

$

Restructuring, exit and impairment charges

Purchase accounting amortization

Acquisition, integration, and IT related costs

—

IT security incident costs

—

—

Loss on Early Extinguishment of Debt

—

—

—

Special tax items

—

—

Gain on sale of business

—

—

—

As Adjusted

$

$

$

$

GAAP operating margin

%

%

Adjusted operating margin

%

%

Twelve Months Ended

Operating Earnings

Diluted Earnings Per Share

GAAP

$

$

$

$

Restructuring, exit and impairment charges

Purchase accounting amortization

Acquisition, integration, and IT related costs

IT security incident costs

—

—

Special tax items

—

—

Loss on early extinguishment of debt

—

—

—

Release of dissolved entity foreign currency translation

—

—

—

TN-BC Holdings LLC joint venture impairment

—

—

—

Gain on sale of business

—

—

—

As Adjusted

$

$

$

$

GAAP operating margin

%

%

Adjusted operating margin

%

%

Brunswick Corporation

Selected Financial Information

(in millions)

(unaudited)

Segment Information - GAAP

Three Months Ended

Net Sales

Operating Earnings (Loss)

Operating Margin

% Change

% Change

Propulsion

$

$

%

$

$

%

%

%

Engine Parts & Accessories

%

%

%

%

Navico Group

%

NM

%

%

Boat

%

%

%

%

Corporate/Other

—

—

%

Segment Eliminations

%

—

—

Total

$

$

%

$

$

NM

%

%

Segment Information - As Adjusted (Non-GAAP)

Three Months Ended

Net Sales

Operating Earnings (Loss)

Operating Margin

% Change

% Change

Propulsion

$

$

%

$

$

%

%

%

Engine Parts & Accessories

%

%

%

%

Navico Group

%

%

%

%

Boat

%

%

%

%

Corporate/Other

—

—

%

Segment Eliminations

%

—

—

Total

$

$

%

$

$

%

%

%

Segment Information - GAAP

Twelve Months Ended

Net Sales

Operating Earnings (Loss)

Operating Margin

% Change

% Change

Propulsion

$

$

%

$

$

%

%

%

Engine Parts & Accessories

%

%

%

%

Navico Group

%

NM

%

%

Boat

%

%

%

%

Corporate/Other

—

—

%

Segment Eliminations

%

—

—

Total

$

$

%

$

$

%

%

%

Segment Information - As Adjusted (Non-GAAP)

Twelve Months Ended

Net Sales

Operating Earnings (Loss)

Operating Margin

% Change

% Change

Propulsion

$

$

%

$

$

%

%

%

Engine Parts & Accessories

%

%

%

%

Navico Group

%

%

%

%

Boat

%

%

%

%

Corporate/Other

—

—

%

Segment Eliminations

%

—

—

Total

$

$

%

$

$

%

%

%

NM = not meaningful

Brunswick Corporation

Reconciliation of Non-GAAP Measures - Segment Information

(in millions)

(unaudited)

Propulsion Segment

Three Months Ended

$

Change

%

Change

Net sales

$

$

$

%

GAAP operating earnings

$

$

$

%

Restructuring, exit and impairment charges

—

NM

Acquisition, integration, and IT related costs

%

Purchase accounting amortization

%

Adjusted operating earnings

$

$

$

%

GAAP operating margin

%

%

NM

Adjusted operating margin

%

%

NM

Engine Parts & Accessories Segment

Three Months Ended

$

Change

%

Change

Net sales

$

$

$

%

GAAP operating earnings

$

$

$

%

Restructuring, exit and impairment charges

—

NM

Adjusted operating earnings

$

$

$

%

GAAP operating margin

%

%

Adjusted operating margin

%

%

Navico Group Segment

Three Months Ended

$

Change

%

Change

Net sales

$

$

$

%

GAAP operating loss

$

$

$

NM

Restructuring, exit and impairment charges

NM

Purchase accounting amortization

—

NM

Acquisition, integration and IT related costs

—

%

Adjusted operating earnings

$

$

$

%

GAAP operating margin

%

%

NM

Adjusted operating margin

%

%

NM = not meaningful

bps = basis points

Brunswick Corporation

Reconciliation of Non-GAAP Measures - Segment Information

(in millions)

(unaudited)

Boat Segment

Three Months Ended

$

Change

%

Change

Net sales

$

$

$

%

GAAP operating earnings

$

$

$

%

Restructuring, exit and impairment charges

NM

Purchase accounting amortization

%

Acquisition, integration and IT related costs

—

%

Adjusted operating earnings

$

$

$

%

GAAP operating margin

%

%

Adjusted operating margin

%

%

Corporate/Other

Three Months Ended

$

Change

%

Change

GAAP operating loss

$

$

$

%

Restructuring, exit and impairment charges

%

Acquisition, integration and IT related costs

—

%

IT security incident costs

%

Adjusted operating loss

$

$

$

%

Propulsion Segment

Twelve Months Ended

$

Change

%

Change

Net sales

$

$

$

%

GAAP operating earnings

$

$

$

%

Restructuring, exit and impairment charges

NM

IT security incident costs

—

%

Acquisition, integration, and IT related costs

%

Purchase accounting amortization

%

Adjusted operating earnings

$

$

$

%

GAAP operating margin

%

%

Adjusted operating margin

%

%

NM = not meaningful

bps = basis points

Brunswick Corporation

Reconciliation of Non-GAAP Measures - Segment Information

(in millions)

(unaudited)

Engine Parts & Accessories Segment

Twelve Months Ended

$

Change

%

Change

Net sales

$

$

$

%

GAAP operating earnings

$

$

$

%

Restructuring, exit and impairment charges

%

Acquisition, integration and IT related costs

—

%

IT security incident costs

—

%

Adjusted operating earnings

$

$

$

%

GAAP operating margin

%

%

Adjusted operating margin

%

%

Navico Group Segment

Twelve Months Ended

$

Change

%

Change

Net sales

$

$

$

%

GAAP operating (loss) earnings

$

$

$

NM

Restructuring, exit and impairment charges

NM

Purchase accounting amortization

—

NM

Acquisition, integration and IT related costs

%

IT security incident costs

—

%

Adjusted operating earnings

$

$

$

%

GAAP operating margin

%

%

NM

Adjusted operating margin

%

%

Boat Segment

Twelve Months Ended

$

Change

%

Change

Net sales

$

$

$

%

GAAP operating earnings

$

$

$

%

Restructuring, exit and impairment charges

%

Acquisition, integration and IT related costs

%

Purchase accounting amortization

%

IT security incident costs

—

%

Adjusted operating earnings

$

$

$

%

GAAP operating margin

%

%

Adjusted operating margin

%

%

NM = not meaningful

bps = basis points

Brunswick Corporation

Reconciliation of Non-GAAP Measures - Segment Information

(in millions)

(unaudited)

Corporate/Other

Twelve Months Ended

$

Change

%

Change

GAAP operating loss

$

$

$

%

Restructuring, exit and impairment charges

%

IT security incident costs

—

%

Acquisition, integration and IT related costs

—

%

Adjusted operating loss

$

$

$

%

Brunswick Corporation

Comparative Condensed Consolidated Balance Sheets

(in millions)

(unaudited)

Assets

Current assets

Cash and cash equivalents, at cost, which approximates fair value

$

$

Restricted cash

Short-term investments in marketable securities

Total cash and short-term investments in marketable securities

Accounts and notes receivable, net

Inventories

Finished goods

Work-in-process

Raw materials

Net inventories

Prepaid expenses and other

Current assets

Net property

Other assets

Goodwill

Other intangibles, net

Deferred income tax asset

Operating lease assets

Equity investments

Other long-term assets

Other assets

Total assets

$

$

Liabilities and shareholders' equity

Current liabilities

Short-term debt and current maturities of long-term debt

$

$

Accounts payable

Accrued expenses

Current liabilities

Debt

Other long-term liabilities

Shareholders' equity

Total liabilities and shareholders' equity

$

$

Supplemental Information

Debt-to-capitalization rate

%

%

Brunswick Corporation

Comparative Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)

Twelve Months Ended

Cash flows from operating activities

Net earnings

$

$

Less: net loss from discontinued operations, net of tax

Net earnings from continuing operations

Depreciation and amortization

Stock compensation expense

Asset impairment charges

Deferred income taxes

Impairment of equity method investment

—

Changes in certain current assets and current liabilities

Extended warranty contracts and other deferred revenue

Income taxes

Other, net

Net cash provided by operating activities of continuing operations

Net cash used for operating activities of discontinued operations

Net cash provided by operating activities

Cash flows from investing activities

Capital expenditures

Purchases of marketable securities

—

Sales or maturities of marketable securities

Investments

Acquisition of businesses, net of cash acquired

Proceeds from the sale of property, plant and equipment

Proceeds from the sale of business

—

Cross currency swap settlements

—

Net cash used for investing activities

Cash flows from financing activities

Proceeds from issuances of short-term debt

Payments of short-term debt

Net proceeds from issuances of long-term debt

—

Payments of long-term debt including current maturities

Net premium paid on early extinguishment of debt

—

Common stock repurchases

Cash dividends paid

Tax withholding associated with shares issued for share-based compensation

Other, net

—

Net cash used for financing activities

Effect of exchange rate changes

Net decrease in Cash and cash equivalents and Restricted cash

Cash and cash equivalents and Restricted cash at beginning of period

Cash and cash equivalents and Restricted cash at end of period

Less: Restricted cash

Cash and cash equivalents at end of period

$

$

Reconciliation

Free cash flow

Net cash provided by operating activities of continuing operations

$

$

Net cash (used for) provided by:

Capital expenditures

Proceeds from the sale of property, plant and equipment

Effect of exchange rate changes on cash and cash equivalents

Free cash flow

$

$

Brunswick Corporation

Reconciliation of Non-GAAP Measures - Free Cash Flow Conversion

(in millions)

(unaudited)

Twelve Months Ended

Free cash flow

$

GAAP net earnings from continuing operations

$

Restructuring, exit and impairment charges

Purchase accounting amortization

Loss on early extinguishment of debt

Acquisition, integration and IT related costs

Release of dissolved entity foreign currency translation

Gain on sale of business

Tax impact of items above

Special tax items

Adjusted net earnings from continuing operations

$

Free cash flow conversion (A)

%

(A) Free cash flow conversion is calculated as Free cash flow divided by Adjusted net earnings from continuing operations.