Climate and Infrastructure Business Opportunities
Historical cash flow conversion at ~100%
$ Millions
$180.0
106%
$160.0
$140.0
$120.0
$100.0
$80.0
$60.0
$40.0
$20.0
$84.8
94%
$0.0
2016A
$80.1
$101.7
$117.2
$100.1
95%
$112.9
110%
$173.1
106%
104%
105%
$116.3
100%
$110.2
$106.3
$91.4
$74.7
91%
2017A
2018 A
2019A
2020A
95%
90%
85%
80%
2021A
Historical cash conversion
2016A
2017A 2018A
2019A
2020A 2021A
Net Income
$46.6
$62.9
$61.4
$68.9
$55.0
$71.1
Non-Cash Comp
$9.1
$10.3
$11.5
$15.8
$17.6
$13.2
Depr & Amort
$29.1
$28.6
$27.2
$28.2
$33.7
$32.0
Adj. Net Income*
$84.8
$101.7
$100.1
$112.9
$106.3
$116.3
Operating Cash Flow (Op CF)
$80.1
$117.2
$74.7
$91.4
$173.1
$110.2
ICF
Cum. Op CF as % of Adj. Net Inc.
94%
106%
95%
91%
106%
104%
•
Over past six years, we have
converted ~100% of our net income
(adjusted for non-cash items) and
generated strong Operating Cash
Flow...
⚫ ...While growing our top line from $1.2B
in 2016 to $1.6B in 2021 at a 5.6% CAGR
(which required an investment in
working capital)
• We continue to expect our Operating
Cash Flow in 2022 to remain strong at
~$140M, maintaining our conversion
trend of ~100%.
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