2020 Financial Performance
⑥Strong Operating and Free Cash Flow
Our business model exhibits high operating leverage and relatively stable capex needs which leads to strong cash
flow conversion
Strong cash flow generation ($mil)
450
400
350
300
$250.1
250
$213.7
200
150
150
100
00
50
50
0
$150.9
■Operating Cash Flow
■Free cash flow 1
$314.8
$238.7
$183.5
$334.4
$254.4
$384.3
$307.6
2016
2017
2018
2019
2020
1 Free cash flow, which the Company defines as cash provided by operating activities less capital expenditures, is considered a non-GAAP financial measure. This measure is not equivalent to any measure required to be reported under U.S. generally accepted accounting principles
(GAAP) and may not be comparable to similarly titled measures reported by other companies.
19
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