Investor Presentaiton
Free Cash Flow
Trend
Growth Drivers
Free Cash Flow (1)
($ in millions)
4 Year CAGR:
81%(2)
Accretive acquisitions
AEBITDA margin expansion from
17% in 2016 to 32% in 2021(3)
Increasing annual acquisition activity
masked growing FCF until 2020
Due to the nature of our
compounding business model, with
conservative assumptions, our
annual FCF growth rate could
exceed our total revenue growth rate
target of 15% while increasing ROIC
and ROE over the next 5 years
$3.2
2016
$7.3
$6.4
$11.0
$34.5
2017
2018
2019
2020
Actuals
Source: Company information and management
(1) See definition of FCF and non-GAAP reconciliation table in appendix.
(2) Calculated based on FCF for the years ended December 31, 2016 and 2020.
(3) Based on the mid-point of our guidance range for the year ended December 31, 2021, as disclosed in our May 5, 2021
Form 8-K.
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