Investor Presentaiton
CAPITAL ALLOCATION
FY22E FREE CASH FLOW OF >$1.3 BILLION
M&A
✓ Bolt-on focus aligned to
strategy
✓ Returns above Cost of
Capital by Year 3
Џ
ONGOING CAPITAL
INVESTMENT
$900M to $1B invested per year
✓ $818 million in Capital Investments
over last 12 months (1)
✓ FY22 CAPEX Guidance of $900 million
to $1 billion
RECENT DEPLOYMENT OF
CAPITAL
Repurchased 2.1 million shares
totaling $100 million in Q1 FY22
Announced Longview box plant
investment
STRATEGIC
CAPITAL
INVESTMENTS
Improve competitive
position and supports
organic growth in
attractive end markets
✓
TT
Completed Florence
and Tres Barras projects
Announced new
corrugated box plant in
Longview Washington
SHARE REPURCHASES
Opportunistic when share price
trades below intrinsic value
Up to $500 million of stock
repurchase over the next
several months
CAPITAL
ALLOCATION
FOUNDATION BUILT ON:
Strong Cash Flow Generation
Core Principles
Flexibility
90
DIVIDEND
Sustainable and growing dividend
✓ Raised dividend 25% since
February including October
announced increase
DEBT AND LEVERAGE
Maintain leverage target ratio (2) of 2.25 to 2.5X
✓ Paid down $1.3 billion of adjusted net debt in
FY21(2)
✓ Net leverage of 2.40 times (2)
NEAR TERM CAPITAL
DEPLOYMENT PRIORITIES
■ Invest in our business through
high-return, organic projects
Opportunistically and
aggressively repurchase shares
Maintain target leverage ratio
COMPLETED FIRST PHASE
OF STRATEGIC REVIEW
More details around strategic
review at Investor Day
8
1)
2)
TTM as of December 31, 2021
Non-GAAP Financial Measure. See Non-GAAP Financial Measures in the Appendix.
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