2Q 2023 Investor Presentation
Disciplined Approach to Capital Management
Capital Allocation Priorities
Increasing Dividends Through Market Cycles
$3.50
COVID-19
Recession
INVESTING FOR GROWTH
$3.00
$2.50
CAGR
1
Reinvestment
$2.00
2001
Great
Recession
17%
Accelerating organic growth
$1.50
Recession
$1.00
2
Acquisitions
$0.50
Advance global integrated
$0.00
risk assessment strategy
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021 2023F¹
RETURNING CAPITAL
Leverage Anchored to BBB+ Rating
Gross Leverage²
3
Dividends
Net Leverage³
BBB+ threshold
2.96x
Positioning as a
"growth" stock
2.26x
2.50x
2.40x
4
Share Repurchases
2.30x
2.34x
Mechanism to return excess
cash to stockholders
1.80x
1.82x
1.50x
2019
2020
2021
2022
2023F
1.
Quarterly dividend of $0.77.
2.
3.
Gross leverage represents outstanding debt on the balance sheet divided by adjusted TTM EBITDA and is intended to approximate leverage as calculated by Fitch.
Net leverage represents outstanding debt (net of cash) on the balance sheet divided by adjusted TTM EBITDA and is intended to approximate leverage as calculated by S&P.
Moody's
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2Q 2023 Investor Presentation
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