Investor Presentaiton
Q1'21 EARNINGS PRESENTATION
LIQUIDITY
($ in millions)
Q1'21 CASH FLOW BRIDGE
$1,680
$102
$60
$1,285
$1,400
$1,120
$840
$560
$280
Unlevered FCF: $94 million
($15)
($15)
($12)
($26)
($24)
($12)
$1,343
Total Cash
Q4'20
Adj.
Working Capital
Capex
Taxes
EBITDA
Severance & Other FCF Items
Restr.
Cash
Interest
Other Non-FCF
Items
Total Cash
Q1'21 [1]
Q1'21 Results
■ Unlevered FCF consistent sequentially on lower revenues.
■ Working capital initiatives continue to be a positive source of cash.
LONG TERM DEBT MATURITIES
$3,000
■ Lower Capex run rate due to Q4'20 acceleration of growth investments.
■ Net Debt to Adj. EBITDA at ~ 3.3x[2].
$2,000
■ Cash balance well above covenant requirements.
[1] Includes cash and cash equivalents and restricted cash
[2] Computed based on Net Debt (Total debt less cash and cash equivalents) divided by LTM Adj. EBITDA
NO MATURITIES UNTIL 2024
$1,000
$13
$8
$8
2021
2022
2023
$2,608
$500
2024
$2,108
$24
Thereafter
9
Unsecured Secured
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