Q1 2023 Financial Performance
Q1 2023 Financial Performance
($M, Excluding Leverage)
Free Cash Flow¹
Cash Flows from Operations less Capex
$170
Op. Cash Flow
($22)
Capex
$148
Leverage
(Net Debt/ LTM Adjusted EBITDA)
1.9x
1.2x
1.1x
Free Cash Flow
Q1 2021
Q1 2022
Q1 2023
Free Cash Flow¹ up 359% YoY
12
1 Non-GAAP measure (definitions and/or reconciliations in appendix).
Liquidity & Leverage
.
Upgraded by S&P to investment grade rating
of BBB- and affirmed a positive outlook
indicating potential future upgrades
• Total available liquidity of $2.2B including:
•
•
•
•
Cash and cash equivalents: $1.1B
Available Revolving Credit Facility (RCF)
Balance: $1.1B (as of Q1 '23 end)
RCF amended, extended and upsized to
$2.0B to support the company's growth
strategy
Leverage improvement of 0.1x vs prior year
Q1 Cash outflows primarily driven by:
•
$566M deployed to M&A (includes -$520M of
cash which was deployed for SPX Flow Air Treatment
acquisition on Jan. 3, 2023)
Returned $85M to shareholders through
share repurchases ($77M) and dividend
issuance ($8M)
(IR) Ingersoll RandView entire presentation