Investor Presentaiton
Cash flow generation and capital allocation
$78
•
We intend to reduce net leverage to our ~2.0x target in
the near-term through both cash flow generation and
adjusted EBITDA growth
•
Over time, we expect to resume share repurchases
through our Board-authorized program while maintaining
a strong balance sheet
Non-GAAP adjusted free cash flow¹
$168
$154
$200
2020
2021
2022
2023
Net leverage²
3.3x
3.2x
1.8x
2020
2021
2022
~2.0x
2023
1 FY 2023 figure reflects midpoint of guidance. Non-GAAP adjusted free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software and content development, capital expenditures for property and equipment, plus
cash outflows, net of insurance, related to the previously disclosed Security Incident discovered in May 2020.
2 Calculation of net debt over TTM EBITDA is based on credit agreement in place at the end of the respective reporting period. Current covenant for leverage ratio is less than or equal to 4.0x through Q4 2023.
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