Q1 FY2021 Earnings Summary
CONSERVATIVE FINANCIAL POLICY
Key Credit Metrics
Financial Policy Highlights
Historical Debt / Adjusted EBITDA
FY20
Commitment to maintain our
1.4
Revenue
$10.92B
Adjusted EBITDA
$4.11B
historically modest leverage,
consistent with investment grade
credit ratings
1.2
1
Free Cash Flow
$4.27B
0.8
Disciplined capital return policy
Cash & Cash Equivalents and
0.6
$10.90B
Marketable Securities
Principal Value of Debt
$2.00B
Solid balance sheet with
substantial liquidity, and positive
net cash position
0.4
0.2
Net Cash
$8.90B
0
Disciplined approach to M&A
FY16
FY17
FY18
FY19
FY20
Principal Value of Debt / Adjusted EBITDA
0.5x
Source: SEC filings and public disclosures
1 Adjusted EBITDA and Free Cash Flow are Non-GAAP measures. Refer to Appendix for reconciliation of Non-GAAP measures
2 Net Cash is defined as Cash & Cash Equivalents and Marketable Securities less principal value of debt
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