Investor Presentaiton
FY'21 VF cash evolution
Net proceeds from Occupational
Work divestiture incremental to
liquidity estimates below
$2.7B
>$0.7B
~($0.4B)
~($2.0B)
$0.5B
>$1.5B
H1'21 Ending Cash
YTG Free Cash Flow
YTG Dividends
SupremeⓇ Transaction
Short-Term Borrowings
FY'21 Ending Cash Balance
Total
Liquidity1
$4.9B
Net
Leverage²
~ 3.3x
2
4.0x
> $3.0B*
Expect net
leverage below
3.0x by end of
FY'22
*Includes anticipated revolver capacity.
1: Liquidity represents total balance sheet cash and investments in addition to undrawn capacity under $2.25B senior unsecured revolving line of credit which is subject to a $750M reserve requirement.
2: The net leverage metric represents adjusted debt, reduced by total balance sheet cash, relative to adjusted EBITDA. Debt and EBITDA adjustments are consistent with published rating agency methodology.
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