Investor Presentaiton
OUR CAPITAL ALLOCATION POLICY
3.4
1. Our overriding objective is to generate value for our shareholders, through both share price appreciation and
eventually by returning cash to shareholders.
2. We expect that the business will continue to generate robust cash flow.
3. We also believe that EDR is well positioned to pursue growth opportunities, and for the time being our top
financial priority is to reinvest in organic and inorganic growth opportunities that enhance shareholder value.
4. We will maintain a solid balance sheet to be able to pursue these opportunities as they arise. We do not
anticipate that Net Debt to Adjusted EBITDA will exceed 3x except in unusual circumstances such as to finance a
large acquisition, following which we would prioritize reducing leverage in line with our long term objectives.
5. We believe it is appropriate to finance the business in part with debt, which enhances our cost of capital, and do
not expect leverage to fall below 1.5x.
6. At any point, depending on market conditions, we may undertake opportunistic share repurchases to provide for
equity compensation programs, to enhance market liquidity, or for such other purposes as our Board may
determine.
7. Given our growth outlook, we don't anticipate paying a dividend in the near or medium term. If at any point we no
longer believe that there are value accretive investment opportunities available over a medium term horizon, we
will return cash to shareholders through dividends or share repurchases.
eDreams ODIGEO
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INVESTOR PRESENTATIONView entire presentation