Best Buy Co., Inc. · NYSE:BBY
Best Buy — Investor Day (September 2017)
98 slides from Best Buy's investor day presentation, Sep 19, 2017
Slide 1: Best Buy 2020: The New Blue
THE NEW BLUE 2020: T L SEPTEMBER 19, 2017
Slide 2: Forward-Looking and Cautionary Statements
FORWARD-LOOKING AND CAUTIONARY STATEMENTS: This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect management's current views regarding future financial conditions, results of operations, business initiatives, grow
Slide 3: Presenters
PRESENTERS Hubert Joly Chairman and Chief Executive Officer ay Shari Ballard Senior Executive Vice President and President of Multichannel Retail Geek rel Corie Barry Chief Financial ‘ticer Mike Mohan Senior Executive Vice President and Chief Merchandising and Marketing Officer
Slide 4: Key Questions
KEY QUESTIONS What were the results of Renew Blue? What have we learned? How attractive is the environment in which Best Buy operates? How does Best Buy win in this environment, and how does this lead to strong value creation for our shareholders?
Slide 5: Investment Thesis
INVESTMENT THESIS . Opportunity-rich environment driven by innovation and customers’ need for help . Market share leader with unique opportunities to expand what we sell and evolve how we sell . Proven ability to execute and compete successfully 4. Significant sources of competitive advantage and di
Slide 6: Renew Blue
RENEW BLUE Geek 6
Slide 7: Five years ago, Best Buy faced two problems
FIVE YEARS AGO, BEST BUY FACED TWO PROBLEMS. PROBLEM #1 PROBLEM #2 NEGATIVE DECLINING COMPS OPERATING MARGIN
Slide 8: November 2012: launch of Renew Blue strategy
IN NOVEMBER 2012, THE COMPANY LAUNCHED ITS RENEW BLUE STRATEGY TO ADDRESS THESE TWO PROBLEMS. BLUE THE PREFERRED AUTHORITY AND DESTINATION Reinvigorate and Work with Continue leadership rejuvenate the role in positively . to innovate and N impacting L _ = drive value = — —! ia Attract and inspire Y
Slide 9: The strategy worked: comparable sales and operating income are up
THE STRATEGY WORKED: COMPARABLE SALES AND OPERATING INCOME ARE UP. SOLVED PROBLEM #1 SOLVED PROBLEM #2 DOMESTIC COMPARABLE SALES" DOMESTIC NON-GAAP ce a0m OPERATING INCOME RATE" 45% 1 _ (1.7%) (1.7%) (2.1%) FY11 FY12 FY13 FY14 FY15 FY16 FY17 approx. 45% FY18 est.
Slide 10: Earnings and ROIC are up materially
EARNINGS AND ROIC ARE UP MATERIALLY, AND TOTAL SHAREHOLDER RETURN HAS BEEN IN THE TOP 10% OF THE S&P 500. Non-GAAP Diluted EPS’ Non-GAAP ROIC' Total Shareholder Return2 263% per year $351 aOR S&P avg. $2.54 10.8% FY13 FY17 FY13 FY17 S&P Top Average Quartile ancial schedules posted on the company’s s
Slide 11: The last five years validated our core strategic beliefs
THE LAST FIVE YEARS HAVE VALIDATED OUR CORE STRATEGIC BELIEFS. It is possible to win financially with competitive prices and a higher level of service. Multichannel is a great asset. single competitor. Winning is not a zero-sum game against a ey Geek 11
Slide 12: One more thing we have learned
ONE MORE THING WE HAVE LEARNED ... Technology is amazing, but buyin Many customers are looking for more and using electronics is still, too often, than a transaction; they are looking for a not an ideal experience. solution to their human needs. Geek)
Slide 13: Renew Blue Over
RENEW BLUE OVER Geek 13
Slide 14: Best Buy 2020: Building the New Blue
Slide 15: Step back and look at our market strategically
BEFORE WE DISCUSS THE STRATEGY, IT IS IMPORTANT TO STEP BACK AND LOOK AT OUR MARKET STRATEGICALLY. Traditional concerns about the market:
Slide 16: We operate in a strategically attractive market
OUR ANALYSIS IS THAT WE ARE OPERATING INA STRATEGICALLY ATTRACTIVE MARKET. Opportunity-rich environment Material room for differentiation Industry is more stable than it may seem
Slide 17: Technology innovation is vibrant and exciting
TECHNOLOGY INNOVATION IS VIBRANT AND EXCITING. INVESTMENT IN CONSUMER ELECTRONICS STARTUPS! U a 5x FROM 2010 TO 2016 SQUARE FOOTAGE AT 2012 2017 CONSUMER ELECTRONICS MILLION MILLION SHOW (CES)? 1 9 SQ. FT. 2.6% FT. Source CEP) ihe ote ee ee inceotinemamorcberenitalodmoseap mows \Qwre) 2 CES Press Re
Slide 18: Millennials are finally investing on their own
MILLENNIALS ARE FINALLY INVESTING ON THEIR OWN, ... Millennials have become the largest group of homebuyers, and almost half live in the suburbs. — Bloomberg, 2017 The number of Millennials purchasing consumer electronics increased 27% year over year, compared with 18% of the rest of the population.
Slide 19: Best Buy is well positioned to take advantage
_.. AND BEST BUY IS WELL POSITIONED TO a TAKE ADVANTAGE OF THIS. Best Buy Market Share Millennials & Younger Gen X 15.1% Baby Boomers 14.0% Geek) Source: NPD Consumer / Age Breakdown: Millenni: \s of FY18 year to date, does not include major appliances, music or m Younger (16-38), Gen X (39-53), Bab
Slide 20: The aging population seeks ways to remain healthy
THE AGING POPULATION IS FOR WAYS TO REMAIN HEA AND INDEPENDENT. seniors in the U.S. population; number projected to grow by 36% by 20271 Geek) Source: 1U 2NARP Unite LOOKING LTHY, ACTIVE of seniors want to stay in their homes as they age; however, their No. 1 concern in doing so is not being a burde
Slide 21: Latent demand is waiting to be unlocked
LATENT DEMAND IS WAITING TO BE UNLOCKED, AS THE AVERAGE SPEND PER PERSON BARELY VARIES ACROSS CUSTOMER GROUPS. Industrywide Annual Consumer Electronics Spend Per Person By Income By Generation < $50K Millennial $50K - $100K Gen X $100K - $150K Boomer > $150K Silent
Slide 22: Best Buy's share of wallet has significant upside
BEST BUY’S SHARE OF WALLET OF EXISTING SHOPPERS HAS SIGNIFICANT UPSIDE. Best Buy’s Share of Its Customers’ Consumer Electronics Spend
Slide 23: Underpenetrated categories have significant upside
WHILE BEST BUY COMMANDS A HIGH MARKET SHARE IN CERTAIN CATEGORIES, ITS PRESENCE WITHIN UNDERPENETRATED CATEGORIES HAS SIGNIFICANT UPSIDE. Best Buy Market Share Notebooks & Desktops Major Appliances Mobile Phones
Slide 24: Customers are spending more on services
AS IS THE CASE IN MANY INDUSTRIES, CUSTOMERS ARE SPENDING MORE ON SERVICES, A LARGELY UNTAPPED OPPORTUNITY FOR BEST BUY. Consumer Spending on Technology Products and Services ($ Billion) 790 1,000+ 85 240 Hardware Tech Services Managed Services Total
Slide 25: Material room for differentiation
OUR ANALYSIS IS THAT WE ARE OPERATING INA STRATEGICALLY ATTRACTIVE MARKET. Material room for differentiation
Slide 26: The market is not a commodity market
THE MARKET IS NOT A COMMODITY MARKET, AND IT OFFERS MATERIAL ROOM FOR DIFFERENTIATION. Buying technology Many customers Best Buy is products is often a need help with: growing share with major, complex * Finding the a differentiated decision. right product value proposition. * Making it all work tog
Slide 27: How we define our market amplifies differentiation
THE WAY WE DEFINE OUR MARKET AMPLIFIES THE OPPORTUNITIES FOR DIFFERENTIATION. "but. connecting human needs Nort vist Selling) [WSIS -o with technology solutions. oy eer] (Geek
Slide 28: Industry is more stable than it may seem
OUR ANALYSIS IS THAT WE ARE OPERATING INA STRATEGICALLY ATTRACTIVE MARKET. Industry is more stable than it may seem
Slide 29: Volatility of consumer technology spend is comparable
VOLATILITY OF CONSUMER TECHNOLOGY SPEND IS COMPARABLE TO OTHER CATEGORIES. Personal Consumption ($ Billion) 900 800 700 600 Groceries Clothing & Footwear 500 == Auto 400 = Electronics & Appliances Education 300 — Furniture _ 200 100 0 1996 2001 2006 2011 2016 audio equipment and services, informatio
Slide 30: Overall industry volatility is low
OVERALL INDUSTRY VOLATILITY IS LOW, EVEN THOUGH VOLATILITY AT THE CATEGORY LEVEL IS HIGH. Standard Deviation of Quarterly Growth Rates (June 2014 to June 2017) Industry Total +/-106 Small Appliances Computing & Tablets Mobile Phones Home Theater Major Appliances Digital Imaging Gaming Dealing with c
Slide 31: Strategically attractive market summary
OUR ANALYSIS IS THAT WE ARE OPERATING IN A STRATEGICALLY ATTRACTIVE MARKET. Opportunity-rich environment Material room for differentiation Industry is more stable than it may seem
Slide 32: Best Buy 2020: Building the New Blue
Slide 33: Key Growth Opportunities
KEY GROWTH OPPORTUNITIES Geek 33
Slide 34: Best Buy has a clear, exciting purpose
BEST BUY HAS A CLEAR, EXCITING PURPOSE. “We dream of a Best Buy that truly helps customers pursue their passions and enrich their lives with the help of technology.” — BEST BUY STATEMENT OF PURPOSE
Slide 35: Best Buy 2020 addresses key human needs
BEST BUY 2020 IS FOCUSED ON ADDRESSING KEY HUMAN NEEDS. Health & Wellness
Slide 36: Complete the stack
A WAY FOR US TO ADDRESS THESE NEEDS IS TO “COMPLETE THE STACK.” Tech Managed Services Services Hardware Entertainment Productivity Communication Food Security Health & Wellness Cay | ee) NE 36
Slide 37: Designed with a specific customer segment in mind
BEST BUY 2020 IS DESIGNED WITH A SPECIFIC CUSTOMER SEGMENT IN MIND. High-Touch Tech Fans are highly engaged consumers who love technology. They enjoy showing it off to others. They seek the latest tech, especially emerging categories, and are multichannel shoppers. They want high-touch service.
Slide 38: High-Touch Tech Fans
HIGH-TOUCH TECH FANS DEMOGRAPHICS 50/50 Male/Female 50% Millennial $87,000 Houechold Income BEHAVIORS * High expectations Early adopters Brand seekers Looking for best price Buy across categories Willing to pay for service Geek 38
Slide 39: Two pillars: Expand and Evolve
BEST BUY 2020 GROWTH STRATEGY ENTAILS TWO PILLARS: EXPAND EVOLVE Geek 39
Slide 40: Expand: what we sell
BEST BUY 2020 GROWTH STRATEGY ENTAILS TWO PILLARS: EXPAND WHAT WE SELL
Slide 41: Expand: leveraging unique skills and assets
EXPAND BEST BUY IS LEVERAGING UNIQUE SKILLS AND. [gy ASSETS TO ACCELERATE GROWTH IN NEW AREAS. Best Buy has a strong set of unique skills and assets that, when deployed together, have led to creating markets and achieving market-leading positions in many categories. There are three specific examples
Slide 42: Strong set of unique skills and assets
BEST BUY HAS A STRONG SET OF UNIQUE SKILLS AND wast ASSETS THAT, WHEN DEPLOYED TOGETHER, HAVE LED TO CREATING MARKETS AND ACHIEVING MARKET-LEADING POSITIONS IN MANY CATEGORIES. Joint product development with top technology vendors, expert curation based on deep understanding of customer needs Desira
Slide 43: Successful product innovations such as 4K TV
THESE SKILLS HAVE ALLOWED BEST BUY TO SUCCESSFULLY LAUNCH MEANINGFUL PRODUCT INNOVATIONS, SUCH AS 4K TV.
Slide 44: Revitalizing the computing market with vendors
SIMILARLY, THIS APPROACH HAS ENABLED = BEST BUY TO REVITALIZE THE COMPUTING MARKET IN PARTNERSHIP WITH KEY VENDORS. Si
Slide 45: Smart home management is a large and growing market
SMART HOME MANAGEMENT ISALARGEAND [gg GROWING MARKET. Smart Home Market ($ Billion) 31 2017 2020 are, and installation for entertainment, home control, and home safety and security. This information does not include monitoring revenue. 45
Slide 46: Best Buy is uniquely positioned in smart home
BEST BUY IS UNIQUELY POSITIONED TO SUCCEED IN THE SMART HOME MARKET. EXPAND
Slide 47: Growth strategy leverages assortment expertise
OUR GROWTH STRATEGY LEVERAGES OUR = ASSORTMENT EXPERTISE.
Slide 48: Demonstrating new technology solutions
IT ALSO ENTAILS DEMONSTRATING NEW a TECHNOLOGY SOLUTIONS IN A MEANINGFUL WAY, —
Slide 49: Entering managed services in security
... AND ENTERING THE MANAGED SERVICES PART OF THE SECURITY-CUSTOMER-NEED STACK. S58 mre | SMARTHOME Managed Services afi 35 Geek FG SQUAD n e amazon o ——T Z nest 5 700gle = vivint. Security
Slide 50: Market-leading smart home presence by end of October
BEST BUY WILL HAVE MARKET-LEADING SMART wa HOME PRESENCE BY THE END OF OCTOBER. WILL HAVE ENHANCED SMART HOME AREAS STORES SELLING BEST BUY SMART HOME POWERED BY VIVINT ADDITIONAL DEDICATED SMART HOME STAFF
Slide 51: Assured Living
THE SECOND ILLUSTRATION OF HOW WE ARE = ADDRESSING KEY HUMAN NEEDS AND EXPANDING WHAT WE SELL IS “ASSURED LIVING.” Connected Health and Wellness Market ($ Billion) 48 i Bay | AssuReD UvING Managed Services uw 28 a g Be | (Geek 19 n 2 © Sensors & 3 Voice 5 Assistants = so zon 2020 Health & Wellness
Slide 52: Assured Living pilot
ASSURED LIVING PILOT = WE SELL Stay Connected to the Ones You Love With a busy life, you can't always be near your loved ones. Best Buy Assured Living uses non intrusive sensors that provide insight into daily activities, such as movernent and sleep patterns. Youll learn about activity trends and re
Slide 53: Assured Living status update
ASSURED LIVING STATUS UPDATE a MARKETS
Slide 54: Total Tech Support
THE THIRD ILLUSTRATION OF HOW WE ARE a. EXPANDING WHAT WE SELL IS TOTAL TECH SUPPORT. 3 £8 o> Fo °) Geek Geek Geek Geek Geek Geek SQUAD” SQUAD” SQUAD SQUAD” SQUAD SQUAD
Slide 55: Evolving our approach to tech support
IN LINE WITH TECHNOLOGY TRENDS AND CUSTOMER NEEDS, WE ARE EVOLVING OUR APPROACH. FROM eee eee TO Single product All products Attach to a product Attach to a household Repair Get the most out of technology Fixed term Evergreen
Slide 56: Total Tech Support pilot
TOTAL TECH SUPPORT PILOT on FOR ALL YOUR TECH, ALL THE TIME. NO MATTER WHEN AND WHERE YOU BOUGHT IT. INSTALL/ » pROTECT REPAIR SET UP i — 1 ay TECHNOLOGY HELPS YOU LIVE — ANNUALLY OR =| PHONE ONLINE | Inriome | extresa THE LIFE YOU LOVE. WE'LL HELP & IN-STORE YOU GET THE MOST OUT OF IT PER VISIT | A
Slide 57: Total Tech Support leverages Geek Squad
TOTAL TECH SUPPORT LEVERAGES GEEK SQUAD. [i TOTAL TECH SUPPORT Powered by Geek Squad” YEARS EXPERIENCE MILLION INTERACTIONS PER YEAR AVERAGE IN-HOME AGENT TENURE OF YEARS Geek
Slide 58: Early customer and employee feedback is positive
EARLY CUSTOMER AND EMPLOYEE FEEDBACK mae FROM PILOT MARKETS IS POSITIVE. CUSTOMERS * Total Tech Support coming from Best Buy is credible. * Support for purchases made today and in the future is the top reason for buying into the membership. EMPLOYEES * Total Tech Support is not only easier to sell,
Slide 59: Total Tech Support status update
TOTAL TECH SUPPORT STATUS UPDATE a. STORES IN IN CANADA 10 U.S. CITIES AS OF SEPT. 10 Geek 59
Slide 60: Evolve: how we sell
BEST BUY 2020 GROWTH STRATEGY ENTAILS TWO PILLARS: EVOLVE HOW WE SELL
Slide 61: More than doubled our online business
OVER THE LAST FIVE YEARS, WE HAVE ae WE SELL MORE THAN DOUBLED OUR ONLINE BUSINESS. Domestic Online Revenue ($ Billion) —P 5+ 18% 4-year 48 +27% —— CAGR 2 YTD 3.5 FY13' FY14 FY15 FY16 FY17 FY18 est.’ Geek 1 FY13 and FY18 est. online revenue has been adjusted to rem va week in order to accurately ref
Slide 62: Improvements to the online customer experience
THIS GROWTH IS THE RESULT OF A SERIES OF IMPROVEMENTS TO THE CUSTOMER EXPERIENCE. OQ, Ete POWERED BY of Cela Integrated with Google Smartlock, shopping history, save for later a z SS POWERED BY | Modernized digital platform POWERED BY Geek POWERED BY POWERED BY Store pickup, order-sourcing logic, sh
Slide 63: Investing in the in-store customer experience
IN PARALLEL, WE INVESTED IN THE CUSTOMER EXPERIENCE = IN STORES BY FOCUSING ON EMPLOYEE TRAINING, weseu. COACHING AND QUALITY INTERACTIONS. * Drove higher store leadership stability and associate tenure * Revamped quality and quantity of training and coaching * Improved customer satisfaction Geek 63
Slide 64: Three opportunities to accelerate multichannel growth
LOOKING AHEAD, WE ARE FOCUSED ON THREE OPPORTUNITIES TO ACCELERATE MULTICHANNEL GROWTH.
Slide 65: Understanding how customers use each channel
IMPROVING THE MULTICHANNEL EXPERIENCE =. STARTS WITH UNDERSTANDING HOW CUSTOMERS USE EACH OF THE CHANNELS. * Nearly all customers use both channels throughout their shopping journeys. * Customers have different expectations of each channel. * Those expectations are primarily driven by customers’ lev
Slide 66: Customer expectations of each channel
SHARPENING THE FOCUS ON CUSTOMER ow EXPECTATIONS OF EACH CHANNEL CREATES OPPORTUNITIES TO UNLOCK GROWTH. BEST BUY: UNDER INDEXES OVER INDEXES MAKES IT EASIER in “certain” customer ._ in “uncertain” for customers to occasions, creating occasions, but an move seamlessly an opportunity opportunity rema
Slide 67: Priorities across channels: online and stores
SPECIFICALLY, WE HAVE IDENTIFIED A NUMBER OF PRIORITIES ACROSS THE CHANNELS TO CONTINUE TO DRIVE MOMENTUM. ONLINE * Seamlessly and intuitively navigate our site from entry to purchase and delivery ¢ Narrow the product or service selection quickly and intelligently * Provide ease of product or servic
Slide 68: Priorities across channels: multichannel
SPECIFICALLY, WE HAVE IDENTIFIED A NUMBER OF PRIORITIES ACROSS THE CHANNELS TO CONTINUE TO DRIVE MOMENTUM. MULTICHANNEL ¢ Provide options for customers to get their product when, where and how they want * Begin the purchase journey anywhere and carry research across channels * Choose the most conven
Slide 69: Driving growth in mobile phones
WE ARE APPLYING THIS APPROACH TO DRIVE GROWTH IN UNDERPENETRATED CATEGORIES, SUCH AS MOBILE PHONES. Pain Points I'm not confident | am getting the best deal. | don‘t know how much the total price of the device is. | don’t know what my monthly bill will be (carrier bill). I'm overwhelmed with too man
Slide 70: Driving growth in appliances
WE ARE APPLYING THIS APPROACH TO DRIVE GROWTH IN UNDERPENETRATED CATEGORIES, SUCH AS APPLIANCES. Pain Points It is difficult to find a fair price and get a good value. When | go into the store they don't have the model or assortment | am looking for The delivery date and window don't meet my needs.
Slide 71: Deeper in-home capability
TRULY SOLVING THE FULL RANGE OF CUSTOMERS’ NEEDS REQUIRES A DEEPER IN-HOME CAPABILITY.
Slide 72: In-Home Advisor role
THE CORNERSTONE OF THE IN-HOME CHANNEL IS OUR IN-HOME ADVISOR ROLE. * Free of charge, an In-Home Advisor meets customers in the comfort of their own homes. Listens to their needs, gives expert advice and shares recommendations on products, services or solutions. + Provides a single point of contact
Slide 73: Pilot market results positive on all fronts
PILOT MARKET RESULTS WERE POSITIVE ON ALL THREE FRONTS: CUSTOMER, EMPLOYEE AND FINANCIAL. FEEDBACK INITIAL RESULTS Customers * Higher average order value — Value interaction in familiar Higher margin rates environment — Enjoy innovative ways to shop lngless hile) ner on Serviaes — Are highly satisfi
Slide 74: In-home advisors scaled to all major U.S. cities
AS A RESULT, WE HAVE SCALED IN-HOME cau ADVISORS TO ALL MAJOR U.S. CITIES. IN-HOME AS OF SEPT. 10 ADVISORS Geek 74
Slide 75: Enablers needed to deliver Best Buy 2020
BEST BUY 2020: TRULY HELP CUSTOMERS PURSUE THEIR PASSIONS AND ENRICH THEIR LIVES WITH THE HELP OF TECHNOLOGY TO DELIVER ON THE STRATEGY, WE WILL NEEDA RANGE OF ENABLERS
Slide 76: Investing in capabilities to implement Best Buy 2020
INVESTING IN OUR CAPABILITIES WILL BE KEY TO SUCCESSFULLY IMPLEMENTING BEST BUY 2020. EXPAND WHAT WE SELL EVOLVE HOW WE SELL * Services platform * Strategic partnerships * Ongoing innovation pipeline * Customer Relationship Management (CRM) * Knowledge management ¢ Needs-based solution selling * Cli
Slide 77: Technology investments: CRM, services platform, knowledge management
KEY TECHNOLOGY INVESTMENTS INCLUDE CRM, SERVICES PLATFORM AND KNOWLEDGE MANAGEMENT, FOCUSED ON MOVING FROM TRANSACTIONS TO RELATIONSHIPS. ENTERPRISE CRM PLATFORM SERVICES PLATFORM AND REMOTE MONITORING GEEK SQUAD AGENTS & 3®° PARTIES SALES ASSOCIATES & IN-HOME ADVISORS KNOWLEDGE MANAGEMENT Geek 77
Slide 78: Investing in our people
NEEDS-BASED SOLUTION SELLING AND CLIENTELING AT SCALE WILL REQUIRE INVESTMENT IN OUR PEOPLE. CAREER TRAINING & PATHS DEVELOPMENT] | COMPENSATION
Slide 79: Store footprint will continue to be rationalized
THE STORE FOOTPRINT WILL CONTINUE TO BE RATIONALIZED OVER TIME, AS WE CONTINUE TO INVEST IN THE IN-STORE EXPERIENCE. * Rigorous review to stay Lease Maturity of Large Format Stores se start of FY18) in fleet 188 Average lease term approx. 5 years compared with approx. 8 years in FY12 25 Closed 30 la
Slide 80: Supply chain network must evolve
OUR SUPPLY CHAIN NETWORK MUST EVOLVE TO ENABLE CHOICE AND SPEED. * Automation of the receiving process in our rye distribution centers @; * Robot-assisted order packing and shipping, both for store replenishment and online orders e dense markets iw * New small-footprint fulfillment centers in | e *
Slide 81: • • • • •
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Slide 82: These investments will require incremental spend
Slide 83: We are committed to continuing to create efficiencies
Slide 84: In addition to investments, we face potential pressures
Slide 85: Strong track record of cost reduction
Slide 86: Financial Discussion
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Slide 87: Improved operating performance since Renew Blue
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Slide 88: Financial Discussion
Slide 89: Improved operating performance since Renew Blue transformation
Slide 90: Cash flow and $5.3 billion returned to shareholders
Slide 91: First half of FY18 strong financial performance
Slide 92: FY18 full-year expectations
Slide 93: Aspire to solve a new financial equation
Slide 94: FY21 targets and shareholder value creation
Slide 95: Thoughtful capital allocation strategy
Slide 96: In Conclusion
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