Investor Presentaiton
Capital Allocation Framework, Balance Sheet and Liquidity
Capital allocation framework supports Aristocrat's long-term growth strategy and maximises shareholder returns
Investment drives
future growth
Portfolio growth and performance
•
.
•
Free cash flow funds growth investment (organic and inorganic)
Cash returns to shareholders via:
o Dividends (discretionary dividend policy with periodic review)
。 On-market share buy-back dependent on leverage profile and market
conditions
Targeting net debt leverage ratio of 1.0 - 2.0x over the medium-term
Design &
Development
User Acquisition
Capex/ growth
capabilities
Free cash flow
Strong balance sheet to provide full strategic optionality
KEY METRICS
FY23
FY22
D&D Investment
- as % of revenue
$820m
13%
$667m
12%
UA Investment
- as % of Pixel United revenue
Total Capex
US$433m
25%
$453m
US$480m
26%
$269m
30 Sep 23
30 Sep 22
Medium-term debt leverage
Total Debt
$2,342m
$2,457m
Net (Cash)
($809m)
($564m)
Net (Cash) to EBITDA
(0.4)x
(0.3)x
Inorganic growth
On-market share
Dividends
Interest Cover
17.5×
19.7x
/ M&A
buy-back
Liquidity
$3.9bn
$3.8bn
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