Investor Presentaiton
Reconciliation of Net Debt to Adjusted EBITDA and Free Cash Flow
($'s in millions)
(unaudited)
As of
Pro Forma
September 30,
2018(1)
December 31,
2018
December 31,
2019
December 31,
2020(1)
December 31,
December 31,
2021(1)
2022(1)
September 30,
2023
Total debt excluding debt issuance costs
$
0.4 $
Cash and cash equivalents
210.4
185.5
99.4
$
107.3
240.4
$
254.5
$
685.7
$
555.9
$
514.8
95.8
72.9
160.4
155.3
Net Debt
Adjusted EBITDA (trailing twelve months)
178.1
(210.0) $
$
86.1 $
186.5
(133.1) $
240.7 $
158.7 $
612.8
$
395.5 $
359.5
291.4 $
298.4
$
329.1 $
345.0
Net Debt to Adjusted EBITDA
-1.2
0.5
-0.6
0.5
2.1
1.2
1.0
Year Ended
December 31,
Twelve Months Ended
September 30,
2018
2019
2020
2021
2022
2023
Cash Provided by Operating Activities
Capital expenditures
$
118.5
$
358.8
$
259.9
$
166.5
$
174.3
$
190.5
Proceeds from the disposition of property, plant, equipment, and other assets
Net Capital Expenditures
(44.8)
10.2
(34.6)
(85.4)
(82.1)
(85.1)
(138.0)
(196.9)
8.9
(76.5)
9.6
20.0
32.2
(72.5)
(65.1)
(105.8)
Free Cash Flow
83.9
282.3
187.4
$
101.4
$
68.5
30.8
(166.1)
24.4
(1) These periods include pro forma adjustments for acquisitions completed during the period, as previously disclosed.
33 I MOVING INFRASTRUCTURE FORWARD | 2023
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