Investor Presentaiton
Theoretical AEBITDA to FCF Bridge (FTM)
Before Acquisition Related Expenses in Millions
$120
$100-
$80
$60
$40
$20
$97
$(30)
$(5)
$(8)
$(1)
$-
AEBITDA (¹)
Cash Interest (2)
Cash Taxes (3)
Cash Commissions (4)
Capex (5)
Source: Company information and management
(1) Based on the midpoint of full year 2021 guidance in the May 5, 2021 Form 8-K.
(2) Annual net cash interest based on $532MM of gross debt outstanding at 5.4% interest rate.
(3) Annual cash taxes estimated based on cash taxes disclosed in the supplemental information of the Statement of Cash Flows for full year 2020 in the February 25, 2021 10-K and forecasting additional cash taxes for recent acquisitions.
(4)Estimated annual sales commissions to be paid, net of amortization of deferred commissions (i.e. annual increase in prepaid sales commissions).
(5)Annual capital expenditures for purchases of plant, property, and equipment based on full year 2020 in the February 25, 2021 10-K.
Note: The above bridge is representative of FCF prior to any Acquisition related expenses, which vary based on acquisition activity. See definition and reconciliation of FCF as non-GAAP measure in the appendix.
Note: This chart is for illustrative purposes only, does not constitute guidance and is based solely on assumptions. There can be no assurance that these illustrative amounts will represent future results. For example, annual cash taxes
are estimated with high level assumptions and have not been determined by bottoms-up analysis around taxable income by jurisdiction and tax NOL usage over time. Similarly, cash interest could change with debt levels, cash
commissions are dependent upon levels of future bookings, capex could vary, and acquisition related expenses vary based on the size and timing of acquisitions.
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