4Q and FY 2022 Investor Presentation
Disciplined Approach to Capital Management
Capital Allocation Priorities
INVESTING FOR
Increasing Dividends Through Market Cycles
COVID-19
$3.50
Recession
GROWTH
$3.00
$2.50
1
Reinvestment
$2.00
2001
Accelerating organic growth
$1.50
Recession
Great
Recession
17% CAGR
$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
2023F1
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
2.50x
2.40x
2.30x
2.34x
1.80x
1.82x
1.50x
2019
2020
2021
2022
2023F
1.
2.
3.
Annualized dividend of $0.77.
Gross leverage represents outstanding debt on the balance sheet divided by adjusted TTM EBITDA and is intended to approximate leverage as calculated by Fitch.
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 2022 Investor Presentation
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