Albemarle Growth and Economic Outlook
Committed to Maintaining Investment Grade Credit Rating¹
NET CASH FROM
OPERATIONS ($M)
LEVERAGE³ (x)
CAPITAL EXPENDITURES
($M)
$4,000
$3,000
$2,000
$1,000
$0
-$1,000
-$2,000
-$3,000
$M
2022A
■D&A
■Net Income
Other²
0.5x
1.2x-1.3x
$1.3B
$1.9B - $2.1B
2023E
2022A
2023E
2022A
2023E
As of Q3 2023:
$1.6B cash and cash equivalents
.
$3.7B total debt (99% fixed rate)
•
3.7% weighted average interest
0.4x Net Debt to Adj. EBITDA4
Financial covenant of TTM net debt to
EBITDA less than or equal to 3.5x
Working capital typically averages
~25% of net sales
Change in Working Capital
Significant operating cash flow and financial flexibility to fund high-return growth investments
1 Estimates as of November 1, 2023 2 Includes settlement of prior legal matter
3 Leverage defined as consolidated net funded debt to consolidated EBITDA ratio; 2023E leverage assumes FY 2023E Adjusted EBITDA guidance of $3.2B to $3.4B
4 Bank covenant definition, see Appendix
AAlbemarle
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