Investor Presentaiton
Historical cash flow conversion at ~100%
$ Millions
$200.0
$180.0
$160.0
$140.0
$120.0
93%
$101.7
$100.0
91%
$83.6
$84.8
$80.1
$80.0
$76.3
$60.0
$40.0
$20.0
$0.0
2015A
2016A
101%
2017A
94%
$117.2
$112.9
$100.1
$74.7
2018A
91%
$91.4
2019A
$106.3
Historical Cash Conversion
Net Income
Non-Cash Comp
Depr & Amort
Adj. Net Income
Operating Cash Flow (Op CF)
Cum. Op CF as % of Adj. Net Inc.
2015A 2016A
$39.4 $46.6 $62.9 $61.4 $68.9 $55.0
$10.9 $9.1 $10.3 $11.5 $15.8 $17.6
$33.4 $29.1 $28.6 $27.2 $28.2 $33.7
$83.6 $84.8 $101.7 $100.1 $112.9 $106.3
$76.3 $80.1 $117.2 $74.7
91%
93% 101% 94%
2017A 2018A
2019A 2020A
$91.4
91%
$173.1
104%
2020A
104%
$173.1
105%
100%
95%
90%
85%
80%
•
Over the past five years, we have had very
strong cash conversion of our net income
(adjusted for non-cash items) and
generated strong Operating Cash Flow........
..While growing our top line from $1.1B in
2015 to $1.5B in 2020 at a 5.9% CAGR
(which required an investment in working
capital)
• We are generating more cash flow over
time, despite timing/volatility across FYS
Although 2021 Operating Cash Flow guidance
of $100M is below 2020 results, the average
operating cash flow for the three years
ending 2021 is 34% higher than the average
for the previous three-year period
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