| ← Back to Cover | |||||||||
| CASH FLOW STATEMENT | |||||||||
| Consolidated Statement of Cash Flows ($mm) | |||||||||
| Historical | Projected | ||||||||
| ($mm) | FY2023 | FY2024 | FY2025 | FY2026 | FY2027 | FY2028 | FY2029 | FY2030 | |
| CASH FROM OPERATING ACTIVITIES | |||||||||
| Net Income | 31.1 | 38.8 | 46.4 | 56.6 | 68.2 | 81.6 | 96.0 | 109.6 | |
| (+) Depreciation & Amortization | 17.6 | 19.1 | 20.4 | 22.0 | 23.2 | 24.4 | 25.5 | 26.5 | |
| (-) Change in Accounts Receivable | (3.6) | (2.9) | (3.5) | (3.9) | (4.0) | (3.4) | (5.4) | ||
| (-) Change in Inventory | (1.4) | (1.6) | (1.2) | (2.2) | (2.2) | (1.8) | (1.8) | ||
| (+) Change in Accounts Payable | 2.8 | 2.6 | 3.2 | 3.6 | 3.8 | 2.7 | 3.8 | ||
| (+/-) Change in Accrued Expenses | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | ||
| (-) Change in Prepaid & Other | (1.0) | (1.0) | (1.0) | (1.0) | (1.0) | (1.0) | (1.0) | ||
| (+/-) Change in Other Current Liabilities | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | ||
| (+/-) Change in Other Non-Current Liabilities | (1.0) | (1.0) | (1.0) | (1.0) | (1.0) | (1.0) | (1.0) | ||
| (+) Change in Goodwill & Intangibles | 2.0 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | ||
| (-) Change in Other Non-Current Assets | (2.0) | (3.0) | (2.0) | (2.0) | (2.0) | (2.0) | (2.0) | ||
| Cash from Operating Activities | 48.7 | 55.8 | 65.0 | 78.0 | 89.9 | 104.7 | 119.9 | 133.7 | |
| CASH FROM INVESTING ACTIVITIES | |||||||||
| (-) Capital Expenditures | (22.0) | (23.9) | (25.5) | (27.5) | (28.6) | (29.6) | (31.0) | (32.3) | |
| Cash from Investing Activities | (22.0) | (23.9) | (25.5) | (27.5) | (28.6) | (29.6) | (31.0) | (32.3) | |
| CASH FROM FINANCING ACTIVITIES | |||||||||
| (-) Debt Repayment | (15.0) | (15.0) | (15.0) | (20.0) | (20.0) | (25.0) | (25.0) | (30.0) | |
| (-) Dividends Paid | (12.0) | (13.0) | (14.0) | (15.0) | (16.0) | (17.0) | (18.0) | (20.0) | |
| (-) Share Buybacks | (10.0) | (12.0) | (15.0) | (18.0) | (20.0) | (22.0) | (25.0) | (28.0) | |
| Cash from Financing Activities | (37.0) | (40.0) | (44.0) | (53.0) | (56.0) | (64.0) | (68.0) | (78.0) | |
| CASH BALANCE RECONCILIATION | |||||||||
| Net Change in Cash | (10.3) | (8.0) | (4.5) | (2.5) | 5.3 | 11.1 | 20.9 | 23.4 | |
| Beginning Cash Balance | 75.0 | 64.7 | 56.7 | 52.2 | 49.7 | 55.0 | 66.1 | 87.1 | |
| Ending Cash Balance | 64.7 | 56.7 | 52.2 | 49.7 | 55.0 | 66.1 | 87.1 | 110.5 | |
| FREE CASH FLOW | |||||||||
| Free Cash Flow (CFO + Capex) | 26.7 | 32.0 | 39.5 | 50.5 | 61.3 | 75.1 | 88.9 | 101.4 | |
| FCF Margin (%) | 6.1% | 6.7% | 7.7% | 9.2% | 10.3% | 11.7% | 12.9% | 13.8% | |
| FCF Conversion (FCF/Net Income) | 85.9% | 82.3% | 85.1% | 89.3% | 89.9% | 92.0% | 92.6% | 92.5% | |
| Notes: | |||||||||
| - Ending cash balance flows to Balance Sheet as Cash & Cash Equivalents | |||||||||
| - FY2023 operating changes (WC, accruals) not shown as no prior year baseline | |||||||||
| - FCF = Cash from Operations less Capital Expenditures | |||||||||