4Q and FY 2023 Investor Presentation
Disciplined Approach to Capital Management
Capital Allocation Priorities
Increasing Dividends Through Market Cycles
$3.50
COVID-19
Recession
INVESTING FOR GROWTH
$3.00
$2.50
CAGR
1
Reinvestment
$2.00
2001
Great
Recession
17%
Accelerating organic growth
$1.50
Recession
$1.00
2
Acquisitions
$0.50
Advance global integrated
$0.00
risk assessment strategy
2001
2003 2005
2007
2009
2011
2013 2015
2017
2019
2021
2023 20241
RETURNING CAPITAL
3
Dividends
Positioning as a
"growth" stock
4
Share Repurchases
Mechanism to return excess
cash to stockholders
Leverage Anchored to BBB+ Rating
Gross Leverage²
Net Leverage³
BBB+ threshold
2.96x
2.26x
2.51x
2.50x
2.40x
2.30x
2.34x
1.80x
1.82x
1.84x
1.50x
2019
2020
2021
2022
2023
1.
Assumes quarterly dividend of $0.85 in 2024 based on the first quarter dividend declared on February 5, 2024, and historical practice.
2. Gross leverage represents outstanding debt on the balance sheet divided by adjusted TTM EBITDA and is intended to approximate leverage as calculated by Fitch.
3.
Net leverage represents outstanding debt (net of cash) on the balance sheet divided by adjusted TTM EBITDA and is intended to approximate leverage as calculated by S&P.
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4Q and FY 2023 Investor Presentation
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