Investor Presentaiton
CASH FLOW AND BALANCE SHEET
Disciplined 'cash culture' and increased balance sheet flexibility post storage tanks divesture to support expansion through
organic growth initiatives and opportunistic acquisitions
Free Cash Flow Strength
Leverage Below Targeted Range
Free Cash Flow ($M)
Transportation Products segment generated $159M
of Cash Flow from 2018 to 2020 that funded growth
in other segments¹
Net Debt/ Adjusted EBITDA (ratio at end of period)
Targeted Range of 2.0-2.5x
2.1
282
187
24
101
69
Spun debt
free with
$200M of
cash
1.2
1
0.5
0.5
359
84
260.
167
174
191
Avg.
$125M
119
-35
(0.6)
-77
-73
-65
-106
-166
(1.2)
Pro Forma
FY-18
FY-19
FY-20
FY-21
FY-22
Q3-23
2018
2019
2020
2021
2022
LTM 9/30/23
at Spin
ORAMCO
Operating Cash Flow
Net Capital Expenditures
Decline reflects end market softness in
cyclical businesses and increased capital
expenditures for organic growth projects
A
ACG MATERIALS
CHERRY STONEPOINT
S
STRATA
MATERIALS
Tanks for
SOUTHWEST ROCK $275M
PRODUCTS
Sale of
Storage
¹Cash Flow defined as Adjusted Segment EBITDA less CapEx. See 2020 10-K for CapEx by Segment.
See Free Cash Flow and Net Debt to Adjusted EBITDA reconciliation in Appendix.
23 I MOVING INFRASTRUCTURE FORWARD I 2023
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