Forward-Looking Statements



This Quarterly Report on Form 10-Q, particularly the following discussion and
analysis of our results of operations, financial condition and liquidity in this
"Management's Discussion and Analysis of Financial Condition and Results of
Operations," contains forward-looking statements within the meaning of the
Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995. Such
statements relate to, among other things, income, earnings, cash flows, changes
in operations, operating improvements, businesses in which we operate and the
United States and global economies. Statements in this Quarterly Report on Form
10-Q that are not historical are hereby identified as "forward-looking
statements" and may be indicated by words or phrases such as "anticipates,"
"supports," "plans," "projects," "expects," "believes," "should," "would,"
"could," "hope," and "forecast," and use of the future tense and similar words
or phrases.

These forward-looking statements are based largely on management's expectations,
which are subject to a number of known and unknown risks, uncertainties and
other factors described under the caption "Item 1A. Risk Factors" in Part II of
this Report, elsewhere herein and in other documents filed by the Company with
the Securities and Exchange Commission, including Part I, Item 1A. Risk Factors
of the Company's   Annual Report on Form 10-K   for the year ended December 31,
2021, which may cause actual results, financial or otherwise, to be materially
different from those anticipated, expressed or implied by the forward-looking
statements. All forward-looking statements included in this document are based
on information available to us on the date hereof, and we assume no obligation
to update any such forward-looking statements to reflect future events or
circumstances, except as required by law.

The financial condition, results of operations and cash flows discussed in this
Management's Discussion and Analysis of Financial Condition and Results of
Operations are those of Astec Industries, Inc. and its consolidated
subsidiaries, collectively, the "Company," "Astec," "we," "our" or "us." The
following discussion and analysis of our financial condition and results of
operations should be read in conjunction with our unaudited consolidated
financial statements and related notes included in Item 1 of Part I of this
Quarterly Report on Form 10-Q and with our audited consolidated financial
statements and related notes included in our   Annual Report on Form 10-K   for
the year ended December 31, 2021. The financial position, results of operations,
cash flows and other information included herein are not necessarily indicative
of the financial position, results of operations and cash flows that may be
expected in future periods.

Overview



We design, engineer, manufacture and market equipment and components used
primarily in road building and related construction activities, as well as
certain other products. Our products are used in each phase of road building,
from quarrying and crushing the aggregate to application of the road surface for
both asphalt and concrete. We also manufacture certain equipment and components
unrelated to road construction, including equipment for the mining, quarrying,
construction and demolition industries and port and rail yard operators;
industrial heat transfer equipment; commercial whole-tree pulpwood chippers;
horizontal grinders; blower trucks; commercial and industrial burners; and
combustion control systems.

Our products are marketed both domestically and internationally primarily to
asphalt producers; highway and heavy equipment contractors; utility contractors;
sand and gravel producers; construction, demolition, recycle and crushing
contractors; mine and quarry operators; port and inland terminal authorities;
power stations and domestic and foreign government agencies. In addition to
equipment sales, we manufacture and sell replacement parts for equipment in each
of our product lines and replacement parts for some competitors' equipment. The
distribution and sale of replacement parts is an integral part of our business.

See Note 10. "Segment Information," of the Notes to Unaudited Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further discussion of our reportable segments.

Executive Summary

Highlights of our financial results for the three months ended March 31, 2022 as compared to the same period of the prior year include the following:

•Net sales were $291.2 million, an increase of 2.4%

•Gross profit was $66.1 million, a decrease of 3.1%

•Income from operations decreased $4.1 million to $5.4 million

•Net income attributable to Astec decreased to $4.1 million, or 51.8%

•Diluted earnings per share were $0.18, a decrease of 51.4%


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During the first quarter of 2022, we identified errors in our previously issued
financial statements and based on a quantitative and qualitative assessment
determined the correction of these errors to be immaterial to the prior period
consolidated financial statements taken as a whole. To reflect the correction of
the above errors, we have revised the previously issued consolidated financial
statements and prior period information included in Management's Discussion and
Analysis of Financial Condition and Results of Operations in this Quarterly
Report on Form 10-Q.

See Note 2. Immaterial Error Correction of the Notes to Unaudited Consolidated
Financial Statements included in Part I, Item 1 of this Quarterly Report on Form
10-Q for additional details of the revision impact on the prior period.

Significant Items Impacting Operations in 2022



Simplify, Focus and Grow Strategic Transformation ("SFG") - Our ongoing
strategic transformation initiative focused on implementing new business
strategies and a new operating structure is concentrated on aligning our
operations under the OneASTEC business model with the strategic pillars of
Simplify, Focus and Grow. SFG is a multi-year program with the primary goals of
optimizing our manufacturing footprint and centralizing our business into common
platforms and operating models to reduce complexity and cost, improve
productivity and embed continuous improvement in our processes. These efforts
are considered critical to enabling us to operate competitively and supporting
future growth, which are expected to broadly benefit our customers, partners,
employees and shareholders. Currently, we have two elements of the SFG program
in operation, which include the implementation of a standardized enterprise
resource planning ("ERP") system and a gross margin-generating lean
manufacturing initiative.

Our multi-year phased implementation of a standardized ERP system across our
global organization will replace much of our existing disparate core financial
systems. The upgraded ERP will initially convert our internal operations,
manufacturing, finance, human capital resources management and customer
relationship systems to cloud-based platforms. This new ERP system will provide
for standardized processes and integrated technology solutions that enable us to
better leverage automation and process efficiency. An implementation of this
scale is a major financial undertaking and has required, and will continue to
require, substantial time and attention of management and key employees. We
expect to complete the ERP global design in 2022 and convert the operations of
one site in 2023 to set the foundation before accelerating the implementation at
additional sites.

Beginning in the first quarter of 2022, a lean manufacturing initiative at one
of our largest sites was initiated and is expected to drive improvement in gross
margin at that site. This improvement is intended to serve as the optimal
blueprint for our other manufacturing facilities.

Costs incurred, during the three months ended March 31, 2022 and March 31, 2021,
were $5.3 million and $3.2 million, respectively, which represent costs directly
associated with the SFG initiative and which cannot be capitalized in accordance
with U.S. GAAP. These costs are included in "Selling, general and administrative
expenses" in the Consolidated Statements of Operations.

COVID-19 Pandemic - The COVID-19 pandemic has caused significant disruptions to
national and global economies and to our business. Our business has been
significantly affected by the contributory effects of the pandemic such as
fluctuations in demand for our products, material price increases, increased
shipping costs and lead times from production materials, supplies and parts,
labor shortages and increased labor costs. These trends continue to impact our
business today and may continue to impact our business in the near-term.
Furthermore, while our business operations were fully operational during the
first quarter of 2022, they were not at optimal manufacturing efficiency due to
a spike in the COVID-19 omicron variant impacting our labor force.

The COVID-19 pandemic and its contributory effect on the economy may continue to
negatively disrupt our business and results of operations in the future. The
ongoing impact of the COVID-19 pandemic on our operations and the markets we
serve remains uncertain due to constantly evolving developments and cannot be
accurately predicted.

Tacoma Site Closure - In January 2021, we announced plans to close the Tacoma
facility in order to simplify and consolidate operations. The Tacoma facility
ceased manufacturing operations at the end of 2021. The transfer of the
manufacturing and marketing of Tacoma product lines to other facilities within
the Infrastructure Solutions segment was completed during the first quarter of
2022. We recorded the Tacoma facility's land, building and certain equipment
assets of $15.4 million, which are currently being marketed for sale, as held
for sale at March 31, 2022 in our Consolidated Balance Sheets.

Industry and Business Condition



Our financial performance is affected by a number of factors, including the
cyclical nature and varying conditions of the markets we serve. Demand in these
markets fluctuates in response to overall economic conditions and is
particularly sensitive to the amount of public sector spending on infrastructure
development, privately funded infrastructure development and changes in the
prices of liquid asphalt, oil, natural gas and steel. In addition, many of our
markets are highly competitive, and our products compete worldwide with a number
of other manufacturers and dealers that produce and sell similar products.

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We experienced continual strengthening of our backlog of orders throughout 2021,
which has grown again during the first quarter of 2022 in both the
Infrastructure Solutions and Materials Solutions segments. The backlog of orders
as of March 31, 2022 was $834.7 million compared to $420.8 million as of March
31, 2021, an increase of $413.9 million or 98.4%. Increased orders are driven by
(i) continuation of the pent-up demand experienced in 2021, (ii) both customer
retail and dealer inventory replenishment following economic uncertainty as a
result of COVID-19 and (iii) the infrastructure investment by the United States'
government under the Infrastructure Investment and Jobs Act ("IIJA") enacted in
November 2021. In addition, we are continuing to experience constrained
production cycles due to increased lead times for certain production materials,
parts and supplies and manufacturing labor shortages which have and may continue
to impact our ability to satisfy the orders in our backlog in a manner that
meets the timelines of our customers.

Federal funding provides a significant portion of all highway, street, roadway
and parking construction in the United States. We believe that federal highway
funding influences the purchasing decisions of our customers, who are typically
more amenable to making capital equipment purchases with long-term federal
legislation in place. As noted above, the U.S. government enacted the IIJA in
November 2021. The IIJA allocates $548 billion in government spending to new
infrastructure over the five-year period concluding in 2026, with certain
amounts specifically allocated to fund highway and bridge projects. We believe
that multi-year highway programs (such as the IIJA) will have the greatest
positive impact on the road construction industry and allow our customers to
plan and execute longer-term projects.

Significant portions of our revenues from the Infrastructure Solutions segment
relate to the sale of equipment involved in the production, handling, recycling
or application of asphalt mix. Liquid asphalt is a by-product of oil refining.
An increase or decrease in the price of oil impacts the cost of asphalt, which
is likely to alter demand for asphalt and therefore affect demand for certain of
our products. While increasing oil prices may have a negative financial impact
on many of our customers, our equipment can use a significant amount of
reclaimed asphalt pavement, thereby partially mitigating the effect of increased
oil prices on the final cost of asphalt for the customer. We continue to develop
products and initiatives to reduce the amount of oil and related products
required to produce asphalt. While oil prices have increased throughout the
prior year, its price volatility makes it difficult to predict the costs of
oil-based products used in road construction such as liquid asphalt and
gasoline. Oil prices have routinely fluctuated in recent years and are expected
to continue to fluctuate in the future. Based on the current macroeconomic
environment, including the ongoing impact of the conflict in Ukraine, we expect
prices will continue to increase in 2022.

Steel is a major component of our equipment. With a drop in supply, similar to
oil, steel prices increased throughout the prior year. As a result, we have
experienced a rising cost of steel. We anticipate that steel demand will remain
strong throughout 2022, bolstered by the IIJA domestically and impacted by
international production capacity being restricted by the conflict in Ukraine.
However, we expect new steelmaking capacity to enter the market during 2022 that
will move us towards a more historical balance of supply and demand, thus
slowing the pace of price inflation we have recently experienced. In response to
these factors, we continue to employ flexible strategies to ensure supply and
minimize the impact of price volatility. Ongoing constraints in the supply of
certain steel products will continue pressuring the availability of other
components used in our manufacturing process. Furthermore, given the recent
volatility of steel prices and the nature of our customers' orders, we may not
be able to pass through all of the increases in steel costs to our customers,
which negatively impacts our gross profit.

We actively manage our global supply chain for any identified constraints and
volatility. Challenges related to our supply chain, including potential labor
shortages at our vendors and logistics partners and the availability of shipping
containers, cargo ships and unloading space, have continued to drive increased
lead times and expenses for certain components used in our manufacturing
processes. We cannot estimate the full impact that any future disruptions might
have on our operations. We continually monitor potential future supply costs and
availability.

In addition, we have experienced a shortage of necessary production personnel
and increasing labor costs to attract staff in our manufacturing operations.
Furthermore, we experienced a spike in the COVID-19 omicron variant impacting
our labor force in December 2021 and in the beginning of the first quarter. This
has resulted in a variety of challenges in running our operations efficiently to
meet strong customer demand. We continue to adjust our production schedules and
manufacturing workload distribution, outsource components, implement efficiency
improvements and actively modify our recruitment process and compensation and
benefits to attract and retain production personnel in our manufacturing
facilities.

Whenever possible, we attempt to cover increased costs of production by
adjusting the prices of our products. Backlog fulfillment times from the initial
order to completing the contracted sale vary and can extend past twelve months
with the growth we have experienced in the backlog. For this reason, we have
limitations on our ability to pass on cost increases to our customers on a
short-term basis. In addition, the markets we serve are competitive in nature,
and competition limits our ability to pass through cost increases in many cases.
Through our operational excellence initiatives, we also strive to minimize the
effect of inflation through cost reductions and improved manufacturing
efficiencies.

Results of Operations

Net Sales

Net sales increased $6.8 million or 2.4% to $291.2 million in the first quarter of 2022 from $284.4 million in the first quarter of 2021. The increase was primarily driven by changes in the volume, pricing and mix of sales that generated increases in (i) parts


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and component sales of $8.6 million, (ii) service and equipment installation
revenue of $1.4 million and (iii) freight revenue of $0.9 million partially
offset by decreased equipment sales of $2.3 million and $1.6 million in lower
used equipment sales. Sales reported by our foreign subsidiaries in U.S. dollars
for the first quarter of 2022 would have been $1.7 million higher had foreign
exchange rates been the same as 2021 rates.

Domestic sales for the first quarter of 2022 were $234.5 million or 80.5% of net
sales compared to $225.6 million or 79.3% of net sales for 2021, an increase of
$8.9 million or 3.9%. Domestic sales increased primarily due to: (i) $7.6
million higher parts and component sales, (ii) $1.1 million higher service and
equipment installation revenue and (iii) $1.1 million higher freight revenue.
These increases were partially offset by lower used equipment sales of $1.3
million.

International sales for the first quarter of 2022 were $56.7 million or 19.5% of
net sales compared to $58.8 million or 20.7% of net sales for 2021, a decrease
of $2.1 million or 3.6%. International sales decreased primarily due to $3.0
million lower equipment sales partially offset by $1.1 million increased parts
and component sales.

Gross Profit

Consolidated gross profit for the first quarter of 2022 was $66.1 million or
22.7% of net sales as compared to $68.2 million or 24.0% of net sales for the
first quarter of 2021, a decrease of $2.1 million or 3.1%. The decrease was
primarily driven by the impact of inflation on materials, labor and overhead of
$25.5 million, partially offset by the impact of net favorable volume, pricing
and mix that generated $23.7 million higher gross profit.

Selling, General and Administrative Expenses



Selling, general and administrative expenses for the first quarter of 2022 were
$52.7 million or 18.1% of net sales compared to $51.7 million or 18.2% of net
sales for the first quarter of 2021, an increase of $1.0 million, or 1.9%,
primarily due to: (i) $2.4 million of exhibit, promotional and travel costs due
to the return of in-person industry conferences and business activities, (ii)
$2.1 million increased costs related to our SFG transformation program, (iii)
increased technology expenses of $0.6 million and (iii) $0.6 million of
transaction costs primarily associated with the acquisition of MINDS Automation
Group, Inc. ("MINDS") that was completed in April 2022. These increases were
partially offset by lower health insurance claims experience of $2.6 million,
reduced deferred compensation program cost driven by our stock price changes of
$1.6 million and reduced depreciation and amortization expense of $0.9 million.

Income Tax



Our income tax expense for the first quarter of 2022 was $0.9 million compared
to $0.8 million for the first quarter of 2021. Our effective income tax rate was
18.0% for the first quarter of 2022 compared to 8.6% for the first quarter of
2021. The income tax expense for 2022 was higher compared to 2021 primarily due
to lower net discrete benefits from the vesting of employee shared-based
compensation awards offset by an increased net benefit for foreign-derived
income.

Backlog



The backlog of orders as of March 31, 2022 was $834.7 million compared to $420.8
million as of March 31, 2021, an increase of $413.9 million or 98.4%. Domestic
backlog increased $384.1 million or 119.0% to $707.0 million and international
backlog increased $29.8 million or 30.4% to $127.7 million. The backlog
increased $263.1 million to $517.7 million in the Infrastructure Solutions
segment and increased $150.8 million to $317.0 million in the Materials
Solutions segment. Increased orders were driven by (i) continuation of the
pent-up demand experienced in 2021, (ii) both customer retail and dealer
inventory replenishment following economic uncertainty as a result of COVID-19
and (iii) the infrastructure investment by the United States' government under
the IIJA enacted in November 2021.

Segment Net Sales:

                                  Three Months Ended March 31,
(in millions)                           2022                   2021        $ Change       % Change
Infrastructure Solutions   $        197.5                    $ 201.5      $    (4.0)        (2.0) %
Materials Solutions                  93.7                       82.9           10.8         13.0  %



Infrastructure Solutions

Sales in this segment were $197.5 million for the first quarter of 2022 compared
to $201.5 million for the same period in 2021, a decrease of $4.0 million or
2.0%. The decrease was primarily driven by unfavorable net volume, pricing and
the mix of sales that resulted in lower new and used equipment sales of $8.0
million and $1.2 million, respectively. These decreases were partially offset by
higher (i) parts and component sales of $3.6 million, (ii) service and equipment
installation sales of $1.1 million and (iii) freight revenue of $0.7 million,
respectively.
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Domestic sales for the Infrastructure Solutions segment increased $1.7 million
or 1.0% for the first quarter of 2022 compared to the same period in 2021
primarily due to (i) increased parts and component sales of $4.4 million, (ii)
increased freight revenue of $1.0 million and (iii) increased service and
equipment installation sales of $0.9 million. These increases were partially
offset by lower new and used equipment sales of $3.2 million and $1.3 million,
respectively.

International sales for the Infrastructure Solutions segment decreased $5.7 million or 15.6% for the first quarter of 2022 compared to the same period in 2021 primarily due to lower equipment and parts and component sales of $4.8 million and $0.9 million, respectively.

Materials Solutions



Sales in this segment were $93.7 million for the first quarter of 2022 compared
to $82.9 million for the same period in 2021, an increase of $10.8 million or
13.0% driven by the favorable impact of volume, pricing and the mix of sales
that generated increases in equipment and parts and component sales of $5.7
million and $5.1 million, respectively.

Domestic sales for the Materials Solutions segment increased by $7.2 million or 11.9% for the first quarter of 2022 compared to the same period in 2021 primarily due to increased equipment and parts and component sales of $3.9 million and $3.1 million, respectively.

International sales for the Materials Solutions segment increased $3.6 million or 16.1% for the first quarter of 2022 compared to the same period in 2021 primarily due to increased parts and component and equipment sales of $2.0 million and $1.8 million, respectively.

Segment Operating Adjusted EBITDA:



Segment Operating Adjusted EBITDA is the measure of segment profit or loss used
by our Chief Executive Officer, whom is determined to be the chief operating
decision maker ("CODM"), to evaluate performance and allocate resources to the
operating segments. Segment Operating Adjusted EBITDA, a non-GAAP financial
measure, is defined as net income or loss before the impact of interest income
or expense, income taxes, depreciation and amortization and certain other
adjustments that are not considered by the CODM in the evaluation of ongoing
operating performance. This non-GAAP financial measure can be useful to
investors in understanding operating results and the performance of our core
business from management's perspective. Our presentation of Segment Operating
Adjusted EBITDA may not be comparable to similar measures used by other
companies and are not necessarily indicative of the results of operations that
would have occurred had each reportable segment been an independent, stand-alone
entity during the periods presented. See Note 10. "Segment Information," of the
Notes to Unaudited Consolidated Financial Statements included in Part I, Item 1
of this Quarterly Report on Form 10-Q for a reconciliation of Segment Operating
Adjusted EBITDA to total consolidated net income attributable to controlling
interest.

                                   Three Months Ended March 31,
(in millions)                            2022                     2021       $ Change       % Change
Infrastructure Solutions   $          16.4                      $ 26.2      $    (9.8)       (37.4) %
Materials Solutions                   12.2                         9.7            2.5         25.8  %
Corporate                             (9.8)                      (15.0)           5.2         34.7  %



Infrastructure Solutions segment: Segment Operating Adjusted EBITDA for the
Infrastructure Solutions segment was $16.4 million for the first quarter of 2022
compared to $26.2 million for the same period in 2021, a decrease of $9.8
million or 37.4%. The decrease in Segment Operating Adjusted EBITDA resulted
primarily from: (i) the impact of higher inflation on materials, labor and
overhead costs of $17.3 million, (ii) increased general and administrative costs
of $3.5 million and (iii) $0.7 million in manufacturing inefficiencies due to
supply chain and logistics disruptions as well as pandemic related labor
restrictions. Annual incentive compensation was recorded in Corporate in the
prior year period and has been reflected in the Infrastructure Solutions segment
in the current year resulting in a $1.5 million impact. These increased costs
were partially offset by the impact of favorable volume, pricing and mix that
generated $11.7 million higher gross profit.

Materials Solutions segment: Segment Operating Adjusted EBITDA for the Materials
Solutions segment was $12.2 million for the first quarter of 2022 compared to
$9.7 million for the same period in 2021, an increase of $2.5 million or
25.8%. The increase in Segment Operating Adjusted EBITDA between periods
resulted primarily from the impact of favorable volume, pricing and mix that
generated $12.0 million higher gross profit. These increases were partially
offset by the impact of higher inflation on materials, labor and overhead costs
of $8.2 million and increased general and administrative costs of $1.5 million.
Annual incentive compensation was recorded in Corporate in the prior year period
and has been reflected in the Materials Solutions segment in the current year
resulting in a $0.7 million impact.

Corporate: Corporate operations had net expenses of $9.8 million for the first
quarter of 2022 compared to $15.0 million for the first quarter of 2021, a
decrease of $5.2 million or 34.7%. The decrease in expenses was driven by lower
health insurance claims
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experience of $2.6 million, $2.2 million of annual incentive compensation that
was recorded within the reportable segments in the current year as compared to
at Corporate in the prior year period and reduced deferred compensation program
cost driven by our stock price changes of $1.6 million. These decreases were
partially offset by increases in consultant costs and stock compensation
expenses.

Liquidity and Capital Resources



Our primary sources of liquidity and capital resources are cash and cash
equivalents on hand, borrowing capacity under a $150.0 million revolving credit
facility (the "Credit Facility") and cash flows from operations. We had $111.4
million of cash and cash equivalents available for operating purposes as of
March 31, 2022, of which $21.8 million was held by our foreign subsidiaries. Our
future cash requirements include working capital needs, capital expenditures,
vendor hosted software arrangements including the related implementation costs,
unrecognized tax benefits and operating lease payments. In addition, we intend
to fund other initiatives of our business including the SFG transformation and
may identify strategic acquisitions which cash uses are variable in nature.

In April 2022, we acquired MINDS with a total cash consideration payable to the
selling shareholders of $18.2 million, subject to adjustment for cash,
indebtedness and net working capital and was funded from cash on hand. We
believe that our current working capital, cash flows generated from future
operations and available capacity under our credit facility will be sufficient
to meet working capital and capital expenditure requirements for at least the
next 12 months.

We did not have any outstanding borrowings on the Credit Facility at March 31,
2022 or December 31, 2021. In addition, no borrowings have been made under the
Credit Facility during 2022. Our outstanding letters of credit totaling $2.5
million decreased borrowing availability to $147.5 million under the revolving
credit facility as of March 31, 2022. The Credit Facility agreement contains
certain financial covenants, including provisions concerning required levels of
annual net income and minimum tangible net worth. We were in compliance with the
financial covenants of the Credit Facility at March 31, 2022.

Certain of our international subsidiaries in South Africa, Australia, Brazil and
the United Kingdom each have separate credit facilities with local financial
institutions to finance short-term working capital needs, as well as to cover
foreign exchange contracts, performance letters of credit, advance payment and
retention guarantees. In addition, the Brazilian subsidiary maintains an
independent credit facility at a separate financial institution and also enters
into order anticipation agreements on a periodic basis. Both the outstanding
borrowings under the credit facilities of the international subsidiaries and the
order anticipation agreements are recorded in "Short-term debt" in our
Consolidated Balance Sheets. Each of the credit facilities are generally
guaranteed by Astec Industries, Inc. and/or secured with certain assets of the
local subsidiary.

We regularly enter into agreements primarily to purchase inventory in the
ordinary course of business. As of March 31, 2022, open purchase obligations
totaled $298.5 million, of which $274.4 million are expected to be fulfilled
within one year.

We estimate that our capital expenditures will be between $40 and $50 million
for the year ending December 31, 2022, which may be impacted by general
economic, financial or operational changes, including the impact of COVID-19 on
our operating results, and competitive, legislative and regulatory factors,
among other considerations.

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