Investor Presentaiton
Net Debt and Leverage
Net Debt
Significant capacity for acquisitions
$612
$1,214
G4S
acquisition
purchase
price and
related
costs
$1,349
(Non-GAAP, $ Millions)
Adjusted EBITDA and Financial Leverage
Leverage Ratio¹
1.4
2.4
2.4
Adjusted EBITDA
~ $2,150
$1,250
~2.9
$745
Fully-
Synergized
G4S
-$610 Acquisition
$564
$512
$425
2017
Actual
2018
Actual
2019
Actual
Pro Forma
2020 Target
2017
2
Actual
2018
Actual
2019
Actual
Pro Forma
2020 Target 3
123
1.
2.
3.
Targeting reduction in leverage to 2019 levels within three years
Net Debt divided by Adjusted EBITDA (fully synergized).
Includes $860 million purchase price plus estimated fees, financing costs and integration costs related to the G4S acquisition.
Includes fully-synergized Adjusted EBITDA from the G4S acquisition.
Note: See detailed reconciliations of non-GAAP to GAAP results in the appendix
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