Table:
|  | 2019 | 2018 |
| --- | --- | --- |
| Cash flows provided by operating activities | $115.3 | $66.8 |
| Payments for property, plant and equipment | (90.6) | (62.8) |
| Free cash flow | 24.7 | 4.0 |
Paragraphs:
Free Cash Flow. We define free cash flow ("FCF"), a non-GAAP financial measure, as cash flow provided by operations less capital expenditures. FCF was$ 24.7 million for fiscal 2019 compared to $4.0 million for fiscal 2018, an increase of $20.7 million.
Non-GAAP financial measures, including FCF, are used for internal management assessments because such measures provide additional insight to investors into ongoing financial performance. In particular, we provide FCF because we believe it offers insight into the metrics that are driving management decisions. We view FCF as an important financial metric as it demonstrates our ability to generate cash and can allow us to pursue opportunities that enhance shareholder value. FCF is a non-GAAP financial measure that should be considered in addition to, not as a substitute for, measures of our financial performance prepared in accordance with GAAP.
A reconciliation of FCF to our financial statements that were prepared using GAAP follows (in millions):
Question:
How was Free Cash Flow defined by the company?
Answer: as cash flow provided by operations less capital expenditures