Investor Presentaiton slide image

Investor Presentaiton

Proactive Capital and Liquidity Management Bond portfolio WAC1 Balanced maturity schedule 5 $ in millions 4.7% 4.3% 4.3% 3.9% 3.5% 3.3% 3.3% 4.2% 3.9% 4.0% 3.3% 300 3.4% 3.4% 250 2.4% 330 593 2.1% 2.4% 500 500 400 400 250 170 2014 2015 2016 WAC With Hedges 2017 2018 2019 2020 2021 WAC Excluding Hedges T 889 300 500 400 300 300 # # Н 2044 2048 2050 2060 ■EUR Floating 2022 2023 2024 2025 2026 2027 2028 2029 2030 ■USD Fixed ■USD Floating ■ EUR Fixed Annualized Dividend Per Share » Strong liquidity with $2.9B in cash and short-term investments, and a $1.0B revolving credit facility² $2.48 $2.24 $2.00 $1.76 1.1x net debt to adjusted operating income³ $1.48 $1.52 $1.36 » Leverage well below maximum 4.0x total debt / EBITDA covenant4 2. 1. WAC = Weighted Average Coupon. 2014-2020 data as of year-end. 2021 data as of June 30, 2021. As of June 30, 2021. 2015 2016 2017 2018 3. Trailing twelve months adjusted operating income. Amounts are adjusted measures, see Appendix for reconciliations from adjusted financial measures to U.S. GAAP and gross debt to net debt. 4. Total debt (gross debt less $100M of cash and equivalents) to EBITDA ratio threshold is normally 4.0x but elevated to 4.5x for three quarters after an acquisition of >$500 million. 5. Certain USD denominated debt has been synthetically converted to EUR via cross-currency swaps. EUR bonds converted to USD as of June 30, 2021. Moody's | Better decisions 2019 2020 2021F2 2Q 2021 Investor Presentation 72
View entire presentation